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Title: |
Asset Purchase Agreement |
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Date: |
2002 |
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Preview shows 17KB of 166KB total |
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$48 |
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ID: |
#841235 |
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PLAINS MARKETING, L.P.
- AND -
PLAINS MARKETING CANADA, L.P.
- AND -
CANPET ENERGY GROUP INC.
- AND -
CANPET ENERGY GROUP (USA), INC.
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ASSET PURCHASE AGREEMENT
APRIL 9, 2001
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{PAGE}
TABLE OF CONTENTS
Page
ARTICLE I INTERPRETATION ................................................ 2
1.1 Defined Terms.................................................... 2
1.2 Gender and Number................................................ 11
1.3 Headings Etc..................................................... 11
1.4 Currency......................................................... 11
1.5 Severability..................................................... 11
1.6 Entire Agreement................................................. 12
1.7 Amendments....................................................... 12
1.8 Statutory References............................................. 12
1.9 Waiver........................................................... 12
1.10 Governing Law.................................................... 12
1.11 Attornment....................................................... 12
1.12 Inclusion........................................................ 12
1.13 Accounting....................................................... 12
1.14 Calculation of Time.............................................. 13
1.15 Business Day..................................................... 13
1.16 Incorporation of Schedules....................................... 13
1.17 Knowledge........................................................ 14
1.18 Canadian and United States Transactions.......................... 14
ARTICLE II PURCHASE AND SALE OF ASSETS................................... 15
2.1 Purchase and Sale of Assets...................................... 15
2.2 Purchase Price................................................... 15
2.3 Allocation of Initial Installment................................ 15
2.4 Payment at Closing............................................... 15
2.5 Closing Date Statement and Adjustment to Initial Installment..... 16
2.6 Payment of Deferred Installment.................................. 17
2.7 Units............................................................ 19
2.8 Allocation of Deferred Installment............................... 19
2.9 Alternative Payment of Deferred Installment...................... 20
2.10 Continued Employment of W. David Duckett......................... 20
2.11 Change of Condition.............................................. 20
2.12 Onus of Proof.................................................... 20
ARTICLE III ASSUMED LIABILITIES.......................................... 21
3.1 Assumed Liabilities.............................................. 21
3.2 Excluded Liabilities............................................. 21
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE VENDOR.................. 22
4.1 Organization and Standing........................................ 22
4.2 Authority........................................................ 22
4.3 Governmental and Third Party Consents............................ 23
4.4 No Violation..................................................... 23
4.5 Restrictions on Transfer......................................... 23
4.6 No Material Adverse Change....................................... 23
4.7 Compliance with Laws............................................. 25
4.8 Authorizations................................................... 25
4.9 Title to Assets.................................................. 25
4.10 No Options on Assets, Etc........................................ 25
4.11 Condition of Assets.............................................. 25
{PAGE}
2
4.12 Condition of Inventory........................................... 25
4.13 Valuation of Inventory........................................... 26
4.14 Real Property.................................................... 26
4.15 Financial Statements and Related Matters......................... 26
4.16 Commodity Contracts.............................................. 27
4.17 Other Contracts.................................................. 27
4.18 No Breach of Contracts........................................... 28
4.19 Intellectual Property Rights..................................... 28
4.20 Books and Records................................................ 29
4.21 Taxes............................................................ 29
4.22 Employees........................................................ 29
4.23 Environmental Matters............................................ 30
4.24 Insurance........................................................ 31
4.25 Litigation....................................................... 32
4.26 Letters of Credit and Other Security Instruments................. 32
4.27 Agents Fees...................................................... 32
4.28 Equipment........................................................ 32
4.29 Inventory........................................................ 32
4.30 Customers........................................................ 32
ARTICLE V REPRESENTATIONS AND WARRANTIES OF THE PURCHASER................ 33
5.1 Due Formation and Existence of the Purchaser..................... 33
5.2 Validity of Agreement............................................ 33
5.3 Restrictive Documents............................................ 33
5.4 Agent's Fee...................................................... 33
5.5 Financial Resources.............................................. 34
5.6 Units............................................................ 34
ARTICLE VI PRE-CLOSING COVENANTS OF THE PARTIES.......................... 34
6.1 Conduct of Business Prior to Closing............................. 34
6.2 Actions to Satisfy Closing Conditions............................ 36
6.3 Transfer of the Assets........................................... 37
6.4 Request for Consents............................................. 37
6.5 Filings and Authorizations....................................... 37
6.6 Access to Information and Assets................................. 38
6.7 Notice of Untrue Representation or Warranty...................... 38
6.8 Exclusive Dealing................................................ 38
ARTICLE VII CONDITIONS OF CLOSING........................................ 39
7.1 Conditions for the Benefit of the Purchaser...................... 39
7.2 Non-Performance by the Vendor.................................... 41
7.3 Conditions for the Benefit of the Vendor......................... 41
7.4 Non-Performance by the Purchaser................................. 42
7.5 Mutual Conditions Precedent...................................... 42
ARTICLE VIII CLOSING, TRANSFER OF POSSESSION, RISK OF LOSS............... 43
8.1 Date, Time and Place of Closing.................................. 43
8.2 Closing Procedures............................................... 43
8.3 Goods and Services Tax Election.................................. 43
8.4 Letters of Credit................................................ 43
ARTICLE IX SURVIVAL OF REPRESENTATIONS AND WARRANTIES; INDEMNITIES....... 44
9.1 Survival of Representations and Warranties....................... 44
9.2 Indemnification in Favour of the Purchaser....................... 44
{PAGE}
3
9.3 Indemnification in Favour of the Vendor.......................... 45
9.4 Indemnification Proceedings...................................... 45
9.5 Limitation on Indemnities........................................ 46
ARTICLE X EMPLOYMENT MATTERS............................................. 47
10.1 Employees........................................................ 47
10.2 Benefits......................................................... 48
10.3 Bonus Plan....................................................... 48
ARTICLE XI NON-COMPETITION AND CONFIDENTIALITY........................... 49
11.1 Non-Competition and Confidentiality.............................. 49
11.2 Shareholder Non-Competition Agreements........................... 49
11.3 Non-Use of Trade Marks and Trade Name............................ 49
11.4 Modification..................................................... 50
ARTICLE XII MISCELLANEOUS................................................ 50
12.1 Notices.......................................................... 50
12.2 Goods and Services Tax Numbers................................... 51
12.3 Publicity........................................................ 51
12.4 Time of the Essence.............................................. 51
12.5 Brokers.......................................................... 51
12.6 Expenses......................................................... 52
12.7 Enurement........................................................ 52
12.8 Assignment....................................................... 52
12.9 Non-Merger....................................................... 52
12.10 Further Assurances............................................... 53
12.11 No Third Party Beneficiaries..................................... 53
Schedule 1.1(b) - Permitted Encumbrances
Schedule 2.3 - Allocation of Purchase Price
Schedule 2.4(c) - Assigned Deposits and Prepaid Expenses
Schedule 4.3 - Governmental and Third Party Consents and
Restrictions on Transfer
Schedule 4.8 - Authorizations
Schedule 4.14(a) - Owned Properties
Schedule 4.14(b) - Leases and Leased Property
Schedule 4.14(c) - Rights of Way
Schedule 4.15 - Financial Statements
Schedule 4.16 - Commodity Contracts
Schedule 4.17 - Other Contracts
Schedule 4.19 - Intellectual Property Rights
Schedule 4.22 - Employees
Schedule 4.23 - Environmental Matters
Schedule 4.24 - Insurance
Schedule 4.25 - Litigation
Schedule 4.26 - Letters of Credit etc.
Schedule 4.28 - Equipment
Schedule 4.29 - Inventory
Schedule 4.30 - Customers
Schedule 6.1(b)(ix) - Capital Expenditures
Schedule 8.4 - Form of Letter of Credit
Schedule 10.1 - Key Employees
Schedule 10.1(a)(1) - Level One Key Employee Non-Competition
Agreement
Schedule 10.1(a)(2) - Level Two Key Employee Non-Competition
Agreement
Schedule 10.3 - Bonus Plan
Schedule 11.2 - Shareholder Non-Competition Agreements
{PAGE}
ASSET PURCHASE AGREEMENT
This Agreement made the 9th day of April, 2001.
AMONG:
PLAINS MARKETING CANADA, L.P., a limited partnership formed pursuant
to the laws of the Province of Alberta ("PMC")
- and -
PLAINS MARKETING, L.P., a limited partnership formed pursuant to the
laws of the State of Delaware ("PMLP")
- and -
CANPET ENERGY GROUP INC., a body corporate, incorporated under the
laws of the Province of Alberta and having offices at the City of
Calgary in the Province of Alberta ("Canpet Canada")
- and -
CANPET ENERGY GROUP (USA), INC., a body corporate, incorporated under
the laws of the State of Washington ("Canpet USA")
(PMC and PMLP being collectively referred to as the "Purchaser", and
Canpet Canada and Canpet USA being collectively referred to as the
"Vendor")
WHEREAS Canpet Canada desires to sell to PMC and PMC desires to purchase
from Canpet Canada all of the undertaking, property and assets of Canpet Canada;
AND WHEREAS Canpet USA desires to sell to PMLP and PMLP desires to purchase
from Canpet USA all of the undertaking, property and assets of Canpet USA;
AND WHEREAS PAA has agreed, subject to the terms and conditions of this
Agreement, to issue certain partnership units as part of the consideration to be
paid by the Purchaser hereunder;
NOW THEREFORE in consideration for the premises and the mutual agreements
contained in this Agreement, the receipt and adequacy of which are hereby
acknowledged, the Parties hereto agree as follows:
{PAGE}
2
ARTICLE I
INTERPRETATION
1.1 DEFINED TERMS
In this Agreement, including the premises hereto, this Section and each
Schedule, the following terms have the following meanings:
"AFFILIATE" has the meaning ascribed thereto in the Business Corporations Act
(Alberta);
"AGREEMENT" means this asset purchase agreement and all schedules and
instruments in amendment or confirmation of it, "HEREOF", "HERETO" and
"HEREUNDER" and similar expressions mean and refer to this Agreement and not to
any particular Article, Section, Subsection or other subdivision and "ARTICLE",
"SECTION", "SUBSECTION", "PARAGRAPH" or other subdivision followed by a number
means and refers to the specified Article, Section, Subsection, Paragraph or
other subdivision of this Agreement;
"ANCILLARY AGREEMENTS" means all agreements, certificates and other instruments
delivered or given pursuant to this Agreement, including the Closing Agreements;
and "ANCILLARY AGREEMENT" means any one of such agreements, certificates or
other instruments;
"ASSETS" means all of the property, assets and undertaking of the Vendor or to
which the Vendor is entitled of every kind and description and wheresoever
situate, excluding the Excluded Assets. Without limiting the generality of the
foregoing, "ASSETS" includes:
(a) the Equipment;
(b) all Inventory of the Vendor as of the Time of Closing;
(c) all supplies and all other tangible property of the Vendor, as of the Time
of Closing;
(d) all real property and improvements thereon owned by the Vendor as at the
Time of Closing, including the Owned Properties;
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