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Title: |
Asset Purchase Agreement |
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Entities: |
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Date: |
2006 |
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Size: |
117KB total |
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Price: |
$62 |
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ID: |
#2487986 |
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Start of Preview |
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ASSET PURCHASE AGREEMENT
between
INLAND FIBER GROUP, LLC,
AMERICAN FOREST RESOURCES, LLC
and
RICHARD L. WENDT
Dated as of August 14, 2006
CONTENTS
ARTICLE I - PURCHASE OF ASSETS AND ASSUMPTION OF
SPECIFIED LIABILITY
1
1.1
Purchase of Assets
1
1.1.1
Equipment
2
1.1.2
Real Property
2
1.1.3
Leases
2
1.1.4
Permits
2
1.1.5
Books and Records
3
1.1.6
Timber Interests
3
1.1.7
Contracts
3
1.2
Liabilities
3
1.2.1
Taxes
3
1.2.2
Litigation
4
1.2.3
Affiliates
4
1.2.4
Indebtedness
4
1.3
Consideration
4
1.4
Allocation of Purchase Price
4
1.5
Closing
4
1.5.1
Closing
4
1.5.2
Seller's Deliverables at Closing
4
1.5.3
Purchaser's Deliverables at Closing
5
ARTICLE II - REPRESENTATIONS AND WARRANTIES OF SELLER
6
2.1
Organization; Good Standing
6
2.2
Authorization; Binding Effect
6
2.3
No Conflicts
7
2.4
Consents and Approvals
7
2.5
Claims and Legal Proceedings
7
2.6
Taxes
8
2.7
Real Property
9
2.8
Equipment
9
2.9
Leases and Contracts
9
2.10
Permits
9
2.11
Applicable Laws
10
2.12
Environmental and Safety Matters
10
2.13
Title to Assets
12
2.14
Conduct of Business
13
2.15
Timber Harvesting
13
2.16
WARN Act
15
2.17
Financial Statements
15
2.18
Insurance
15
-i-
2.19
Disclosure
15
ARTICLE III - REPRESENTATIONS AND WARRANTIES OF PURCHASER
16
3.1
Capacity
16
3.2
Binding Effect
16
3.3
No Conflicts
16
3.4
Consents and Approvals
17
3.5
Purchasers Knowledge
17
ARTICLE IV - OTHER COVENANTS AND AGREEMENTS
18
4.1
No-Shop
18
4.2
Covenants to Satisfy Conditions; Further Action
18
4.3
Other Cooperation After Closing
18
4.4
Seller Duties
19
4.5
Books and Records
20
4.6
Regulatory and Other Authorizations; Consents
20
4.7
Tax Matters
20
4.8
Oregon Forest Practices Act.
20
4.9
Title Issues
21
4.10
Non-Solicitation Waiver
22
ARTICLE V - CONDITIONS PRECEDENT
22
5.1
Conditions Precedent to Obligations of Purchaser
22
5.1.1
Representations and Warranties; Covenants
22
5.1.2
Consents and Approvals
23
5.1.3
Additional Documents
23
5.1.4
No Adverse Changes
23
5.1.5
Bankruptcy Court Approval
23
5.1.6
No Injunction or Litigation
23
5.1.7
Related Transactions
24
-ii-
5.2
Conditions Precedent to Obligations of Seller
24
5.2.1
Representations and Warranties; Covenants
24
5.2.2
Additional Documents
24
5.2.3
No Injunction or Litigation
24
5.2.4
Bankruptcy Court Approval
25
5.2.5
Governmental Approvals
25
5.2.6
Related Transactions
25
ARTICLE VI TAXES; EXPENSES; APPORTIONMENT
25
6.1
Transfer Taxes; Expenses; Pro-ration
25
6.1.1
Transfer Taxes
25
6.1.2
Expenses
25
6.1.3
Pro-ration
25
ARTICLE VII INDEMNITY
26
7.1
Survival
26
7.2
Seller Indemnification Obligation
26
7.3
Purchaser Indemnification Obligation
27
7.4
Additional Indemnification Provisions
27
7.4.1
Threshold Basket
27
7.4.2
Maximum Indemnity Liability
27
7.4.3
Exceptions
27
7.4.4
AFR Guarantee
28
ARTICLE VIII GENERAL
29
8.1
Default; Termination
29
8.1.1
Default by Seller
29
8.1.2
Default by the Purchaser
29
8.1.3
Termination
29
8.2
Modification and Waiver
30
8.3
Construction
30
8.4
Severability
30
8.5
Applicable Law
31
8.6
Parties in Interest; Assignment
31
8.7
No Third-Party Beneficiaries
31
8.8
Notices
31
8.9
Entire Understanding
32
8.10
Counterparts
32
8.11
Time is of the Essence
33
8.12
Broker Commissions
33
8.13
Confidentiality
33
8.14
Further Assurances
34
-iii-
SCHEDULES
|
Section | |
|
Equipment |
1.1.1 |
|
Real Property |
1.1.2 |
|
Leases |
1.1.3 |
|
Permits |
1.1.4 |
|
Timber Interests |
1.1.6 |
|
Contracts |
1.1.7 |
|
Fair Market Value of Assets |
1.4 |
|
Third-Party Timber Rights |
2.13 |
|
Permitted Exceptions |
4.9 |
DISCLOSURE MEMORANDUM
-iv-
|
EXHIBITS |
|
|
Bill of Sale and Assignment |
A |
|
Assignment and Assumption Agreement |
B |
|
Timber Warranty Deed |
C-1 |
|
Timber Quitclaim |
C-2 |
|
Statutory Warranty Deed |
D |
|
AFR Balance Sheet |
E |
-v-
|
INDEX OF DEFINED TERMS | |
|
Defined Terms |
Section Reference |
|
Additional Exceptions |
Section 4.9 |
|
AFR |
Introductory Paragraph |
|
AFR Agreement |
Recital B |
|
AFR Balance Sheet |
Section 2.17 |
|
Agreement |
Introductory Paragraph |
|
Assets |
Section 1.1 |
|
Assumption Agreement |
Section 1.5.2(c) |
|
Bankruptcy |
Recital C |
|
Bill of Sale |
Section 1.5.2(b) |
|
Business |
Recital A |
|
Cash Payment |
Section 1.3 |
|
Claim |
Section 2.5 |
|
Closing |
Section 1.5.1 |
|
Code |
Section 1.4 |
|
Contracts |
Section 1.1.7 |
|
Deeds |
Section 1.5.2(e) |
|
Disclosure Memorandum |
Article II Introductory Paragraph |
|
Effective Date |
Introductory Paragraph |
|
Encumbrance |
Section 1.1 |
|
Environmental and Safety Law |
Section 2.12(f) |
|
Equipment |
Section 1.1.1 |
|
Excess Harvest |
Section 2.15 |
|
Facilities |
Section 2.11 |
|
Financial Statements |
Section 2.17 |
|
Governmental Body |
Section 2.3 |
|
Harvest Account |
Section 2.15 |
|
Hazardous Materials |
Section 2.12(f) |
|
including |
Section 8.3 |
|
knowledge |
Article II Introductory Paragraph |
|
Leases |
Section 1.1.3 |
|
Leased Real Property |
Section 1.1.3 |
|
Losses |
Section 7.2 |
|
Off-site Locations |
Section 2.12(f) |
|
Permits |
Section 1.1.4 |
|
Permitted Exceptions |
Section 4.9 |
|
Plan of Reorganization |
Recital D |
|
Purchase Price |
Section 1.3 |
|
Purchaser |
Introductory Paragraph |
|
Purchaser Indemnified Parties |
Section 7.2 |
|
Real Property |
Section 1.1.2 |
|
Related Agreements |
Section 1.5.2(d) |
|
Related Transactions |
Section 5.1.7 |
|
Seller |
Introductory Paragraph |
|
Surviving Representations and Warranties |
Section 7.1 |
|
Seller Indemnified Parties |
Section 7.3 |
|
Tax |
Section 2.6 |
|
Timber Conveyance |
Section 1.5.2(d) |
|
Timber Interests |
Section 1.1.6 |
|
Title Commitments |
Section 4.9 |
|
Title Company |
Section 1.5.1 |
|
Title Policy |
Section 4.9 |
|
Title Update |
Section 4.9 |
|
TRS |
Recital B |
|
TRS Agreement |
Recital B |
|
WARN Act |
Section 2.16 |
-vi-
ASSET PURCHASE AGREEMENT
This Asset Purchase Agreement (this "Agreement") is entered into as of August 14, 2006 (the Effective Date) by and between RICHARD L. WENDT ("Purchaser") and INLAND FIBER GROUP, LLC, a Delaware limited liability company ("Seller"). American Forest Resources, LLC, a Delaware limited liability company (AFR) is also a signatory to this Agreement but only to evidence its agreement to its obligations under Section 2.15 and Article VII below.
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