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Asset Purchase and Sale Agreement

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Title:

Asset Purchase and Sale Agreement

Entities:

Huttig Building Products Inc.; Stoel Rives

Date:

2004

Size:

Preview shows 70KB of 200KB total

Price:

$80

ID:

#381512

► Purchase & Sale ► Purchase & Sale ► Asset Purchase & Sale Agreements
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ASSET PURCHASE AND SALE AGREEMENT

by and between

HUTTIG BUILDING PRODUCTS, INC., as Seller

AND

WOODGRAIN MILLWORK, INC., as Buyer

July 29, 2004

TABLE OF CONTENTS


			Page

ARTICLE 1.	DEFINITIONS		1

1.1	Definitions		1

1.2	Additional Definitions		7

1.3	Other Definitional Matters		8

	1.3.1	Accounting Terms and Determinations	8

	1.3.2	References	8

	1.3.3	Use of Defined Terms	8

	1.3.4	Terminology	8

	1.3.5	Rule of Construction	8

	1.3.6	Conflict in Terms	8

ARTICLE 2.	PURCHASE AND SALE OF PURCHASED ASSETS		8

2.1	Purchased Assets		8

	2.1.1	Fixed Assets	9

	2.1.2	Assigned Contracts and Prepaid Expenses	9

	2.1.3	Inventory	9

	2.1.4	Replacement Parts and Supplies	9

	2.1.5	Business Records	10

	2.1.6	Permits and Licenses	10

	2.1.7	Intangible Property	10

	2.1.8	Communication Addresses	10

	2.1.9	Goodwill	10

	2.1.10	Outside Customer Receivables	11

2.2	Excluded Assets		11

	2.2.1	Cash	11

	2.2.2	Huttig Receivables	11

	2.2.3	Tax Assets	11

	2.2.4	Consideration and Agreement Rights	11

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	2.2.5	Corporate Records	11

	2.2.6	Insurance Policies	11

	2.2.7	Other Excluded Assets	11

	2.2.8	Corporate Names	11

	2.2.9	Rights of the Business	11

	2.2.10	Excluded Inventory	11

2.3	Assumed Liabilities		12

	2.3.1	Purchase Orders	12

	2.3.2	Assigned Contracts	12

	2.3.3	Prorated Items	12

	2.3.4	Accrued Employee Liabilities	12

	2.3.5	Customer Rebate Obligations	12

	2.3.6	WARN Act	13

	2.3.7	Operation of Business After Closing	13

	2.3.8	Warranty and Other Product Claims	13

2.4	Excluded Liabilities		13

	2.4.1	Accounts Payable	13

	2.4.2	Employment Liabilities	13

	2.4.3	Workers Compensation	14

	2.4.4	Employee Benefit Plans	14

	2.4.5	Insurance	14

	2.4.6	Non-Assigned Contracts	14

	2.4.7	Taxes and Tax Compliance	14

	2.4.8	Transfer Taxes	14

	2.4.9	Litigation	14

	2.4.10	Compliance with Laws	14

	2.4.11	Severance	15

	2.4.12	Affiliate Obligations	15

	2.4.13	Bank Debt	15

	2.4.14	Other Liabilities	15

2.5	Conveyance of Title		15

2.6	Lease of Facility		16

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2.7	Risk of Loss		16

ARTICLE 3.	CONSIDERATION		16

3.1	Consideration		16

	3.1.1	Purchase Price	16

	3.1.2	Assumed Liabilities	16

	3.1.3	Holdback Amount	17

3.2	Purchase Price Allocation		17

	3.2.1	Allocation	17

	3.2.2	Adjustment to Allocation	18

	3.2.3	Reporting	18

3.3	Purchase Price Adjustments		18

	3.3.1	Physical Count	18

	3.3.2	Valuation Principles	18

	3.3.3	Purchase Price Adjustments	19

	3.3.4	Settlement Procedure	19

	3.3.5	Assumed Liabilities and Prepaid Expenses Purchase Price Adjustments	19

3.4	Holdback		20

	3.4.1	Holdback Amount	20

	3.4.2	Disbursement of Holdback Amount	20

	3.4.3	Claims in Excess of Holdback Amount	20

ARTICLE 4.	REPRESENTATIONS AND WARRANTIES OF SELLER		21

4.1	Corporate Organization		21

	4.1.1	Corporate Organization	21

	4.1.2	No Subsidiaries, etc.	21

4.2	Authority		21

4.3	Effect of Agreement; Consents		21

	4.3.1	Effect of Agreement	21

	4.3.2	Seller Consents	22

4.4	Financial Statements		22

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	4.4.1	Financial Statements	22

	4.4.2	Content of Financial Statements	23

4.5	Business Records		23

4.6	Tax Matters		23

4.7	No Undisclosed Liabilities		23

4.8	Legal Proceedings; Orders		23

	4.8.1	Legal Proceedings	23

	4.8.2	Orders	24

4.9	Compliance With Legal Requirements; Permits and Licenses		24

	4.9.1	Compliance With Legal Requirements	24

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