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Title:

Asset and Stock Purchase Agreement

Entities:

Bankers Trust Co.; Budget Group Inc.; Deutsche Bank Trust Company Americas; Ford Motor Co.; Pep Boys - Manny, Moe & Jack; Sears, Roebuck & Co.; Wal-Mart Stores Inc.; AFL-CIO; International Brotherhood of Teamsters; Sidley Austin Brown & Wood LLP; Skadden, Arps, Slate, Meagher & Flom LLP

Date:

2002

Size:

Preview shows 43KB of 412KB total

Price:

$85

ID:

#247616

► Purchase & Sale ► Purchase ► Stock ► Asset & Stock Purchase Agreements
► Miscellany ► Fortune 100
► Financial
► Consumer ► Auto & Truck Manufacturers
► Financial ► Regional Banks
► Services ► Rental & Leasing
► Retail ► Department & Discount
► Retail ► Specialty
► Services ► Legal
► Miscellany ► Unions

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ASSET AND STOCK PURCHASE AGREEMENT

BY AND AMONG

BUDGET GROUP, INC.

AND

CERTAIN OF ITS SUBSIDIARIES,

CENDANT CORPORATION

AND

CHEROKEE ACQUISITION CORPORATION

DATED AS OF AUGUST 22, 2002

{PAGE}

TABLE OF CONTENTS

{TABLE}

{CAPTION}

Page

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ARTICLE 1

DEFINITIONS

Section 1.1 Defined Terms.............................................................. 1

Section 1.2 Other Definitional and Interpretive Matters................................ 19

ARTICLE 2

PURCHASE AND SALE OF THE ACQUIRED ASSETS

Section 2.1 Purchase and Sale of Acquired Assets....................................... 20

Section 2.2 Consideration.............................................................. 20

Section 2.3 Acquired Assets............................................................ 20

Section 2.4 Excluded Assets............................................................ 25

Section 2.5 Assumed Liabilities........................................................ 26

Section 2.6 Excluded Liabilities....................................................... 27

Section 2.7 Closing.................................................................... 29

Section 2.8 Deliveries by Seller Parties............................................... 29

Section 2.9 Deliveries by Buyer........................................................ 30

Section 2.10 Cure Costs................................................................. 31

Section 2.11 Transition and Support Arrangements for Retained Business.................. 31

ARTICLE 3

REPRESENTATIONS AND WARRANTIES OF SELLER PARTIES

Section 3.1 Organization and Qualification............................................. 32

Section 3.2 Capitalization of the Acquired Companies................................... 32

Section 3.3 Corporate Power and Authority.............................................. 33

Section 3.4 Conflicts; Consents and Approvals.......................................... 33

Section 3.5 Title to Property; Adequacy of Assets...................................... 34

Section 3.6 SEC Filings; Seller Financial Statements................................... 35

Section 3.7 Vehicles, Etc.............................................................. 37

Section 3.8 Absence of Changes......................................................... 38

Section 3.9 No Undisclosed Liabilities................................................. 38

Section 3.10 Accounts Receivable; Accounts Payable...................................... 39

Section 3.11 Affiliate Transactions..................................................... 40

Section 3.12 Compliance with Laws....................................................... 40

Section 3.13 Litigation................................................................. 40

Section 3.14 Corporate Locations; Permits; Etc.......................................... 41

Section 3.15 Contracts.................................................................. 41

Section 3.16 Real Estate................................................................ 46

Section 3.17 Airport Concessions........................................................ 47

Section 3.18 Employee; Employee Benefit Matters......................................... 48

Section 3.19 Labor Relations and Employment............................................. 51

{/TABLE}

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{TABLE}

{S} {C} {C}

Section 3.20 Customers.................................................................. 52

Section 3.21 Environmental Matters...................................................... 52

Section 3.22 Intellectual Property...................................................... 53

Section 3.23 Taxes...................................................................... 55

Section 3.24 Compliance with Insurance Laws............................................. 57

Section 3.25 Insurance.................................................................. 58

Section 3.26 Books and Records.......................................................... 59

Section 3.27 Franchisee Matters......................................................... 59

Section 3.28 Vehicle Return Pursuant to Repurchase Programs; Vehicle Orders............. 60

Section 3.29 Disclosure................................................................. 60

Section 3.30 Brokers.................................................................... 61

Section 3.31 Use of Certain Funds....................................................... 61

ARTICLE 4

REPRESENTATIONS AND WARRANTIES OF PARENT AND BUYER

Section 4.1 Organization and Qualification............................................. 61

Section 4.2 Corporate Power and Authority; Authorization............................... 61

Section 4.3 Conflicts; Consents and Approvals.......................................... 62

Section 4.4 Brokers.................................................................... 62

Section 4.5 Sufficiency of Funds....................................................... 63

ARTICLE 5

CERTAIN COVENANTS

Section 5.1 Conduct of Business........................................................ 63

Section 5.2 Access and Information..................................................... 71

Section 5.3 Efforts to Effect Transaction; Certain Filings............................. 73

Section 5.4 Bankruptcy Filings......................................................... 74

Section 5.5 Bidding Procedures......................................................... 75

Section 5.6 Intercompany Amounts; Other Agreements..................................... 76

Section 5.7 Updates of Schedules....................................................... 76

Section 5.8 Tax Returns; Tax Sharing Agreements........................................ 77

Section 5.9 Purchase Price Allocation.................................................. 77

Section 5.10 Transfer Taxes............................................................. 78

Section 5.11 Vehicle Return Pursuant to Repurchase Programs; Disposition of Vehicles.... 79

Section 5.12 Cooperation in Connection with Refinancing................................. 79

Section 5.13 Confidentiality............................................................ 79

Section 5.14 No Solicitation of Employees............................................... 80

Section 5.15 Certain Tax Reporting...................................................... 81

Section 5.16 SEC Reports................................................................ 81

ARTICLE 6

ADDITIONAL POST-CLOSING COVENANTS

Section 6.1 Benefit and Employment Matters............................................. 81

{/TABLE}

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{TABLE}

{S} {C} {C}

Section 6.2 Books and Records; Personnel............................................... 84

Section 6.3 Section 338(h)(10) Elections............................................... 85

Section 6.4 Tax Cooperation............................................................ 86

Section 6.5 Use of Name................................................................ 86

Section 6.6 Remittance of Funds........................................................ 87

Section 6.7 Mail Received After the Closing............................................ 87

Section 6.8 Further Assurances......................................................... 87

ARTICLE 7

CONDITIONS PRECEDENT TO CLOSING

Section 7.1 General Conditions......................................................... 88

Section 7.2 Conditions Precedent to Buyer's Obligations................................ 88

Section 7.3 Conditions Precedent to Seller Parties' Obligations........................ 90

ARTICLE 8

TERMINATION; TERMINATION AMOUNT

Section 8.1 Termination by Mutual Consent.............................................. 90

Section 8.2 Termination by Either Buyer or Seller Parties.............................. 90

Section 8.3 Termination by Buyer....................................................... 91

Section 8.4 Termination by Seller Parties.............................................. 93

Section 8.5 Effect of Termination...................................................... 93

Section 8.6 Expenses; Termination Amount............................................... 94

ARTICLE 9

MISCELLANEOUS PROVISIONS

Section 9.1 Non-Survival of Representations, Warranties and Certain Covenants.......... 96

Section 9.2 Guarantee by Parent........................................................ 96

Section 9.3 Notices.................................................................... 96

Section 9.4 Bulk Sales Laws............................................................ 97

Section 9.5 Amendment of Agreement..................................................... 97

Section 9.6 Entire Agreement........................................................... 97

Section 9.7 Assignment................................................................. 97

Section 9.8 Parties in Interest; No Third Party Beneficiaries.......................... 98

Section 9.9 Severability............................................................... 98

Section 9.10 Governing Law; Consent to Jurisdiction..................................... 98

Section 9.11 Waiver of Jury Trial....................................................... 98

Section 9.12 Execution in Counterparts.................................................. 98

Section 9.13 Public Announcement........................................................ 98

Section 9.14 No Strict Construction..................................................... 99

Section 9.15 Disclaimer of Warranties................................................... 99

Section 9.16 Effect of Investigation.................................................... 99

{/TABLE}

{PAGE}

Schedules

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Schedule 1.1(a) Seller Parties

Schedule 1.1(b) Acquired Companies

Schedule 1.1(c) Five Months Forecast

Schedule 1.1(d) Assumed Benefit Plans

Schedule 1.1(e) Initial 13-Week Cash Flow Projections

Schedule 1.1(f) Minority Investees

Schedule 1.1(g) Operating Metric Forecast

Schedule 1.2(e) Officers of Seller Parties for Determination of Knowledge of Seller Parties

Schedule 2.4(a) Excluded Contracts

Schedule 2.4(j) Retained Insurance and Reinsurance Contracts

Schedule 2.5(a)(iii) Assumed Benefit Plans Contracts

Schedule 2.11(i) Support Services to be made Available to Retained Business

Schedule 2.11(ii) Retained Business Franchise Term Sheet

Schedule 5.1(k) Qualified Retention Plan

Schedule 6.1(f) Post-Closing Benefits Matters

Schedule 8.2(j) Form of Ford MV Lease

{/TABLE}

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Exhibits

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Exhibit A Form of Assignment and Bill of Sale

Exhibit B Form of Assignment and Assumption Agreement

Exhibit C Form of Lease Assignment

Exhibit D Form of Trademark Assignment

Exhibit E Overbid Procedures Order

Exhibit F Bidding Procedures

{/TABLE}

{PAGE}

Index of Defined Terms

{TABLE}

{CAPTION}

Term Section

---- -------

{S} {C}

13-Week Cash Flow Projections ......................................... 1.1

96-60 Election ........................................................ 5.15(a)

363 Order ............................................................. 1.1

365 Order ............................................................. 1.1

A.I. Credit Corporation Premium Finance Arrangement ................... 1.1

Accounting Firm ....................................................... 1.1

Acquired Assets ....................................................... 2.3

Acquired Business ..................................................... Preamble

Acquired Companies .................................................... 1.1

Acquired Company Employees ............................................ 3.18(a)

Acquired Insurance Contracts .......................................... 2.3(n)

Action ................................................................ 3.13(a)

Actuarial Valuation Report ............................................ 3.18(d)

Additional DIP Asset-Backed Fleet Financing ........................... 1.1

Adjusted EBITDAR ...................................................... 1.1

Affected Employees .................................................... 6.1(a)

Affiliate ............................................................. 1.1

Agreement ............................................................. Preamble

Airport Concessions ................................................... 3.17(a)

Alternative Procedure ................................................. 5.15(a)

Alternative Transaction ............................................... 1.1

Amended and Restated Credit Facility .................................. 1.1

Ancillary Agreements .................................................. 1.1

Applicable Waiting Period ............................................. 8.2(a)

Assignment and Bill of Sale ........................................... 1.1

Assumed Amended Benefit Plans ......................................... 7.2(g)

Assumed Benefit Plans Contracts ....................................... 2.5(a)(iii)

Assumed Contracts ..................................................... 1.1

Assumed Indebtedness .................................................. 1.1

Assumed Leases ........................................................ 1.1

Assumed Liabilities ................................................... 2.5(a)

Assumption Agreement .................................................. 1.1

Australian Financial Statements ....................................... 3.6(c)

Australian Seller Entities ............................................ 3.6(c)

Automotive Fleet Utilization Ratio .................................... 1.1

Automotive Rental Days ................................................ 1.1

Automotive Rental Fleet ............................................... 1.1

Automotive Rental Revenue ............................................. 1.1

Automotive Rental Revenue to Automotive Rental Days Ratio ............. 1.1

Bankruptcy Code ....................................................... Preamble

Bankruptcy Court ...................................................... Preamble

{/TABLE}

{PAGE}

{TABLE}

{S} {C}

Benefit Plan .......................................................... 1.1

Bidding Procedures .................................................... 5.5(a)

BRACI Administrative Services Agreement ............................... 1.1

BRACI License Agreement ............................................... 1.1

Budget Australia ...................................................... 3.6(c)

Budget Pension Plan ................................................... 3.18(d)

Bulk Sales Laws ....................................................... 1.1

Business Acquisition Agreements ....................................... 1.1

Business Contract ..................................................... 3.15(o)

Business Day .......................................................... 1.1

Business Records ...................................................... 1.1

Buyer ................................................................. Preamble

Buyer Closing Deadline ................................................ 8.2(a)

Buyer Plans ........................................................... 6.1(b)

Camfox ................................................................ 3.6(c)

Canadian Seller Entities .............................................. 3.6(d)

Cash Purchase Price ................................................... 1.1

Chapter 11 Cases ...................................................... Preamble

Closing ............................................................... 2.7

Closing Date .......................................................... 2.7

Closing Deadlines ..................................................... 8.2(a)

Code .................................................................. 1.1

Commercial Umbrella Premium Finance Arrangement ....................... 1.1

Competition Laws ...................................................... 1.1

Concessionaire ........................................................ 3.17(a)

Confidentiality Agreement ............................................. 1.1

Contract .............................................................. 1.1

control ............................................................... 1.1

Cure Costs ............................................................ 2.10

Dealer ................................................................ 1.1

Demand Notes .......................................................... 1.1

Derivative Agreement .................................................. 1.1

DIP Asset-Backed Fleet Financing ...................................... 1.1

DIP Financing ......................................................... 1.1

DIP L/C Rollover ...................................................... 1.1

Documents ............................................................. 1.1

Domestic Seller Entity ................................................ 5.1(aa)(iii)

Election .............................................................. 6.3(a)

Elections ............................................................. 6.3(a)

Encumbrance ........................................................... 1.1

Environmental Claim ................................................... 1.1

Environmental Law ..................................................... 1.1

Equity Security ....................................................... 1.1

ERISA ................................................................. 1.1

ERISA Affiliate ....................................................... 1.1

Exchange Act .......................................................... 1.1

{/TABLE}

{PAGE}

{TABLE}

{S} {C}

Excluded Assets ....................................................... 2.4

Excluded Companies .................................................... 1.1

Excluded Liabilities .................................................. 2.6

Existing Trucks ....................................................... 3.7(a)

Fair Market Value ..................................................... 1.1

Final Order ........................................................... 1.1

Final Order Deadline .................................................. 8.3(f)

FIRPTA Certificate .................................................... 2.8(e)

Five Months Forecast .................................................. 1.1

Fixtures .............................................................. 1.1

Ford Agreements ....................................................... 1.1

Ford Line of Credit ................................................... 1.1

Ford MV Lease ......................................................... 1.1

Foreign Benefit Plan .................................................. 1.1

Franchisee ............................................................ 1.1

Full-Time Equivalents ................................................. 1.1

GAAP .................................................................. 1.1

Governmental Body ..................................................... 1.1

Governmental Consents ................................................. 3.4(e)

Hyperion .............................................................. 5.2(c)

Initial 13-Week Cash Flow Projections ................................. 1.1

Insurance Laws ........................................................ 3.24(a)

Insurance Permit ...................................................... 3.24(b)

Intellectual Property ................................................. 3.22(a)

International Seller Entity ........................................... 5.1(aa)(iv)

Investment ............................................................ 1.1

IRS ................................................................... 1.1

June 30 Balance Sheet ................................................. 3.6(b)

June 30 Financial Statements .......................................... 3.6(b)

June 30 Income Statement .............................................. 3.6(b)

knowledge of Seller Parties ........................................... 1.2(e)

Law ................................................................... 1.1

Lease ................................................................. 1.1

Lease Assignment ...................................................... 1.1

Leased Premises ....................................................... 1.1

Liabilities ........................................................... 1.1

License Agreements .................................................... 3.22(c)

March 31 Financial Statements ......................................... 3.6(b)

Marks and Logos ....................................................... 6.5

Material Adverse Effect ............................................... 1.1

Materials of Environmental Concern .................................... 1.1

Minority Investees .................................................... 1.1

Multiemployer Plans ................................................... 6.1(g)

New Zealand Financial Statements ...................................... 3.6(e)

New Zealand Seller Entities ........................................... 3.6(e)

Nissan Facility ....................................................... 1.1

{/TABLE}

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{TABLE}

{S} {C}

Offering Circulars .................................................... 3.27(a)

Operating Metric Forecast ............................................. 1.1

Operations Pty. ....................................................... 3.6(c)

Overbid Procedures Order .............................................. 5.5(a)

Owned Real Property ................................................... 1.1

Owned Vehicles ........................................................ 1.1

Parent ................................................................ Preamble

Pension Plan .......................................................... 1.1

Permits ............................................................... 1.1

Permitted Encumbrances ................................................ 1.1

Permitted Property Encumbrances ....................................... 1.1

Person ................................................................ 1.1

Personal Information .................................................. 3.22(e)

Petitions ............................................................. Preamble

Premises .............................................................. 1.1

Proprietary Software .................................................. 3.22(b)

Prudent Industry Practices ............................................ 1.1

Qualified Fees ........................................................ 2.5(a)(vi)

Qualified Retention Plan .............................................. 5.1(k)

Real Estate Deed ...................................................... 1.1

Regulatory Challenge .................................................. 5.3(c)

Reimbursement Agreements .............................................. 1.1

Related Party Agreement ............................................... 1.1

Rental Transaction .................................................... 1.1

Rental Transactions to Full-Time Equivalents Ratio .................... 1.1

Rental Vehicle ........................................................ 1.1

Representation Failure ................................................ 7.2(a)

Representatives ....................................................... 5.2(a)

Repurchase Program .................................................... 1.1

Retained Business ..................................................... 1.1

Rev Proc 96-60 ........................................................ 5.15(a)

RSI ................................................................... 2.3(q)

Ryder License Agreement ............................................... 2.3(q)

SEC ................................................................... 1.1

Section 338(h)(10) Allocation Statement ............................... 6.3(b)

Seller ................................................................ Preamble

Seller Closing Deadline ............................................... 8.2(a)

Seller Entities ....................................................... 1.1

Seller Entities Employees ............................................. 3.18(a)

Seller Evaluation Material ............................................ 1.1

Seller Financial Statements ........................................... 3.6(a)

Seller Parties ........................................................ Preamble

Seller Parties Disclosure Schedule .................................... Article 3

Seller Parties Employees .............................................. 3.18(a)

Seller SEC Documents .................................................. 3.6(a)

Sixt .................................................................. 2.4(f)

{/TABLE}

{PAGE}

{TABLE}

{S} {C}

Software .............................................................. 3.22(a)

Subsidiaries .......................................................... 1.1

Support Vehicles ...................................................... 1.1

Tax ................................................................... 1.1

Tax Package ........................................................... 6.4

Tax Return ............................................................ 1.1

Telephone Numbers ..................................................... 1.1

Termination Amount .................................................... 8.6(b)

Testing Period ........................................................ 8.3(i)

TFFC .................................................................. 1.1

TFFC MV Leases ........................................................ 1.1

Third Party ........................................................... 1.1

Third Party Consents .................................................. 3.4(d)

Title IV Plan ......................................................... 3.18(e)

Trade Secrets ......................................................... 3.22(a)

Trademark Assignments ................................................. 1.1

Trademarks ............................................................ 3.22(a)

Transfer Taxes ........................................................ 5.10(b)

Transfer Tax Returns .................................................. 5.10(b)

Treasury Regulations .................................................. 1.1

Truck Rental Fleet .................................................... 1.1

Undisclosed Joint Liability ........................................... 1.1

UPAC Premium Finance Arrangement ...................................... 1.1

U.S. Benefit Plan ..................................................... 1.1

Vehicle Manufacturer .................................................. 1.1

WARN Act .............................................................. 1.1

Welfare Plan .......................................................... 1.1

{/TABLE}

{PAGE}

ASSET AND STOCK PURCHASE AGREEMENT (the "Agreement"), dated as of

August 22, 2002, by and among Budget Group, Inc., a Delaware corporation

("Seller"), the Subsidiaries of Seller listed on Schedule 1.1(a) (collectively

with Seller, the "Seller Parties"), Cendant Corporation, a Delaware corporation

("Parent") and Cherokee Acquisition Corporation, a Delaware corporation and a

wholly-owned subsidiary of Parent ("Buyer").

W I T N E S S E T H:

WHEREAS, Seller and its Subsidiaries conduct automotive rental

businesses and operations throughout the United States, Canada, the Caribbean

region, Latin America and the Asia-Pacific region, directly or through various

Franchisees, Dealers, licensees and sub-licensees under the brand names Budget

and Ryder, including the rental of automobiles, trucks and other vehicles in the

daily rental market (excluding any business conducted in Europe, the Middle East

and Africa, collectively, the "Acquired Business");

WHEREAS, on July 29, 2002, all of Seller Parties filed voluntary

petitions (the "Petitions") for relief commencing cases (the "Chapter 11 Cases")

under Chapter 11 of Title 11 of the United States Code, 11 U.S.C. sections 101

et seq. (as amended, the "Bankruptcy Code"), in the United States Bankruptcy

Court for the District of Delaware (the "Bankruptcy Court"); and

WHEREAS, Buyer desires to purchase and assume from Seller Parties,

and Seller Parties desire to sell, convey, assign and transfer to Buyer, the

assets and properties of Seller Parties relating to the Acquired Business

specified herein, together with certain specified obligations and liabilities

relating thereto, all in the manner and subject to the terms and conditions set

forth herein and in the Ancillary Agreements and in accordance with sections

105, 363 and 365 of the Bankruptcy Code.

NOW, THEREFORE, in consideration of the mutual agreements and

covenants herein contained and intending to be legally bound hereby, the parties

hereto hereby agree as follows:

ARTICLE 1

DEFINITIONS

Section 1.1 Defined Terms. For the purposes of this Agreement,

the following terms shall have the following meanings:

"13-Week Cash Flow Projections" means, with respect to the relevant

13-week period, a projected statement of cash flow for the operations of Seller

Entities for such period in respect of the Acquired Business, detailing the

sources and uses of such cash flow, in form and scope consistent with the

Initial 13-Week Cash Flow Projections.

"363 Order" means an order of the Bankruptcy Court, in substance and

form satisfactory to Buyer under this Agreement pursuant to sections 105 and 363

of the Bankruptcy Code and not inconsistent with the terms of this Agreement,

unless otherwise agreed among Buyer and Seller Parties. Subject, in the case of

clauses (a)(ii)(A) and (b) below to changes that are reasonably acceptable to

Buyer, the 363 Order shall provide, among other things: (a) that the transfer of

the Acquired Assets by Seller Parties to Buyer and the assumption of the Assumed

{PAGE}

Liabilities by Buyer from Seller Parties: (i) is or will be a legal, valid and

effective transfer of the Acquired Assets; (ii) vests or will vest Buyer with

good title to the Acquired Assets free and clear of all Liabilities and

Encumbrances (including Liabilities and Encumbrances (A) that purport to give to

any Person a right or option to retain any rights in or to Seller Parties'

Trademarks or Marks and Logos or other Intellectual Property, (B) that purport

to give to any Person a right or option to effect any forfeiture, modification,

right of first refusal, repurchase or termination of Seller Parties' or Buyer's

interest in the Acquired Assets or any similar rights or (C) in respect of

Taxes), except those expressly assumed or permitted by Buyer hereunder; and

(iii) constitutes reasonably equivalent value and fair consideration under the

Bankruptcy Code and under the laws of the United States, any state, territory,

possession, or the District of Columbia; (b) that all Persons, including, but

not limited to, all debt security holders, equity security holders,

governmental, tax and regulatory authorities, lenders, parties to or

beneficiaries under any Benefit Plan, trade and other creditors, asserting or

having Liabilities or Encumbrances of any kind or nature whatsoever against any

of Seller Parties or the Acquired Assets (whether legal or equitable, secured or

unsecured, matured or unmatured, contingent or non-contingent, senior or

subordinated), arising under or out of, in connection with, or in any way

relating to, Seller Parties, the Acquired Assets, the operation of Seller

Parties' businesses prior to the Closing Date, or the transfer of the Acquired

Assets to Buyer, other than the Assumed Liabilities and Permitted Encumbrances,

shall be forever barred, estopped and permanently enjoined from asserting,

prosecuting or otherwise pursuing against Buyer, Parent, their Affiliates, any

of the Acquired Companies or their Subsidiaries, or any of their respective

assets, property, successors or assigns, or the Acquired Assets, Seller Parties'

Liabilities (other than Assumed Liabilities) to such Persons or such Person's

Encumbrances (other than Permitted Encumbrances) against Seller Parties or their

respective property; (c) that the Bankruptcy Court retains jurisdiction to

enforce the provisions of this Agreement in all respects, including retaining

jurisdiction to protect Buyer and its Affiliates against any of the Excluded

Liabilities; (d) that the provisions of the 363 Order are nonseverable and

mutually dependent; (e) that the transactions contemplated by this Agreement are

undertaken by Buyer in good faith, as that term is used in section 363(m) of the

Bankruptcy Code; and (f)(i) a declaration that no Acquired Company nor any of

their respective assets or properties are directly or indirectly liable for or

subject to any Undisclosed Joint Liability or Liability relating to Taxes that

has been or may be asserted against any Seller Party, their estates, or any

Affiliate of Seller Parties (other than the Acquired Companies) or of the

Acquired Companies to the extent that any such Liability is based in whole or in

part upon the fact that any such Acquired Company was at any time an Affiliate

of Seller Parties or a member of the same affiliated group (within the meaning

of section 1504 of the Code) or state combined, unitary or similar group of

Seller Parties or any of their Affiliates (other than the Acquired Companies),

and enjoin any and all holders of any such Liability from asserting, prosecuting

or otherwise pursuing any such Liability against any Acquired Company or any of

their respective assets or properties; and (ii) provided, however, that if the

Bankruptcy Court will refuse to approve a 363 Order containing the declaration

specified above in clause (f)(i) above the 363 Order shall provide that Seller

Parties shall jointly and severally indemnify Buyer, Parent and their successors

and assigns, affiliates, employees, directors, agents and representatives from

and against and shall reimburse the same for and in respect of any and all

Liability relating to Taxes referred to in clause (f)(i) above, including,

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