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Title: |
Asset Purchase Agreement |
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Entities: |
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Date: |
2002 |
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Preview shows 4KB of 15KB total |
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Price: |
$35 |
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ID: |
#888691 |
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ASSET PURCHASE AGREEMENT
ASSET PURCHASE AGREEMENT (the "Agreement") dated as of August 7, 2001, as
amended and restated as of November 30, 2001, between Textron Automotive
Exteriors Inc., a Delaware corporation ("Exteriors"), and JPS Automotive, Inc.,
a Delaware corporation ("JPS "). Except as expressly defined herein, capitalized
terms used in this Agreement shall have the meaning ascribed to them in the
Purchase Agreement dated as of August 7, 2001, as amended and restated as of
November 30, 2001 (the "Purchase Agreement"), by and among Textron Inc.
("Parent"), Collins & Aikman Products Co., a Delaware corporation ("C&A
Products"), and Collins & Aikman Corporation, a Delaware corporation.
WHEREAS, the Purchase Agreement provided for the sale of certain of
Parent's automotive trim operations currently managed as a unit of Textron
Automotive Company Inc. a Delaware corporation, to C&A Products and those
entities specified in the Purchase Agreement;
WHEREAS, Exteriors desires to sell and assign to JPS, and JPS desires to
purchase and assume from Exteriors, certain assets, Contracts, other obligations
and liabilities relating to the business conducted by Exteriors; and
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
contained herein and in the Purchase Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound, agree as follows:
1. Sale and Purchase of Assets. (a) On the terms and subject to the
conditions of this Agreement, at the Closing, Exteriors shall sell, transfer,
assign and deliver to JPS, or cause to be sold, transferred, assigned and
delivered to JPS, free and clear of any Liens (other than Permitted Liens), and
JPS shall purchase and assume from Exteriors, all of Exteriors' right, title and
interest in and to the Transferred Assets. To the extent that the Transferred
Assets consist of written documents (including microfilms and computer files)
which are necessary to the maintenance of Exteriors' records in accordance with
reasonable practice, Exteriors may either deliver to JPS a duplicate copy of
such documents and retain the original or deliver to JPS the original of such
documents and retain a duplicate copy; provided, however, that Exteriors shall
deliver the original of any such document when delivery of the original is
necessary to effectuate the transfer of any Transferred Asset.
(b) For purposes of this Agreement, "Transferred Assets" shall mean
(A) the Evart, Michigan and Americus, Georgia plants (the "Plants")
including, the following used primarily at or related primarily to the Plants:
(i) the real estate, buildings thereon, fixtures, equipment and other
personal property in the buildings,
<PAGE>
(ii) Contracts, to the extent their transfer is permitted by their terms,
for products produced at the Plants,
(iii) to the extent their transfer is permitted by Law, all Permits
relating to the Plants issued to Exteriors by any Governmental
Authority;
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