EXHIBIT 10.36
QUOTA PURCHASE AGREEMENT
THIS QUOTA PURCHASE AGREEMENT (the "AGREEMENT") is made this 23rd day of
October, 2001, by and between
- SUREBEAM CORPORATION, a corporation organized and existing under the laws
of the State of Delaware, United States of America ("USA") with a
principal place of business at 0000 Xxxxxxx Xxxx Xxxx, Xxx Xxxxx,
Xxxxxxxxxx 00000, XXX (the "BUYER"); and
- TECHION INDUSTRIAL BRASIL S.A., a corporation organized and existing under
the laws of Brazil, with a principal place of business at Xx. Xxxxxxxx
x/x(x), Xxxxxxxxxx Xxxxxxxx, Xxxxxx, 00000-000, Xxxxxx (the "SELLER");
As Intervening Party,
SUREBEAM HOLDING COMPANY LTDA., a subsidiary of Buyer organized under the
laws of Brazil and registered with the National Registry of Legal
Entities ("CNPJ/MF") under No.03.965.698/0001-78, with principal place of
business at Rus Xxxx Xxxxxx, 223, 1' andar--sala 3, Sao Paulo, SP
(hereinafter referred to as "SUREBEAM HOLDING"); and
As Intervening Party and Guarantor,
XXXX FRANCISCO BUFARA XX XXXXXXXX, Brazilian individual, bearer of the
identity card n(o) RG 01.736.772-3, resident at Rua Xxxxxxx Irlandino
Xxxxxxxx n(o) 200, Sao Paulo, Brazil (hereinafter referred to as
"XXXXXXXX");
RECITALS
A. Buyer and Seller have entered into a Joint Venture and Strategic
Partnering Agreement on May 18, 2000 (the "JOINT VENTURE AGREEMENT") to
jointly establish SureBeam Brasil Ltda., a company organized under the
laws of Brazil and registered with the National Registry of Legal
Entities ("CNPJ/MF") under N.04.169.285/0001-40, (hereinafter the
"COMPANY"), with the desire to jointly engage in the business of
providing food and food product irradiation and pasteurization services
and industrial irradiation equipment to various food companies in Brazil,
including food producers and food wholesalers using Buyer's patented
electron beam and x-ray technology (the "JOINT VENTURE");
B. Previously to the organization of the Company, in order to accelerate
the start up of the joint businesses of the Parties in Brazil (i) The
Titan Corporation, a company within the economic group of Buyer, extended
a loan to Seller in the amount of US$5,000,000.00, regulated by a Line of
Credit Agreement executed on July 6, 2000, which remains unpaid; and
(ii) Seller imported from Buyer two (2) 10 MeV e-beams guns (the
"EQUIPMENT"), which have not been paid as well and are located at
Seller's facility in Manaus;
C. Seller is the owner of 80.1% of the outstanding quotas of the Company,
and SureBeam Holding owns the remaining 19.9% of the quotas of the
Company. Buyer and Seller have decided to restructure their Joint
Venture, transferring the indirect and direct control over the Company to
Buyer;
D. On the basis of the representations, warranties, covenants and agreements
and subject to the terms and conditions contained herein, Seller wishes
to sell to Buyer (or to one of its affiliates), 60.1% of the quotas of
the Company, consisting of 60,100 (sixty thousand and one
1.
hundred) quotas (the "QUOTAS"), and subject to such terms and conditions,
Buyer (by itself of through one of its affiliates) wishes to purchase
such Quotas.
E. The parties have agreed to amend the Joint Venture Agreement in the
terms and conditions set forth in the Term Sheet executed by the Parties
on October 15, 2001 (the "TERM SHEET").
In consideration of the mutual promises contained herein, Buyer and Seller
(collectively the "PARTIES") mutually agree as follows:
1. PURCHASE AND SALE OF QUOTAS; CLOSING.
1.1 PURCHASE AND SALE. On the terms and subject to the conditions set
forth in this Agreement, Seller agrees to sell, assign and transfer the Quotas
to Buyer, free and clear of any liens and encumbrances, on the date hereof (the
"CLOSING DATE"), and Buyer agrees to purchase, itself and/or through any of its
affiliates, the Quotas from Seller on the Closing Date.
1.2 CLOSING.
(a) Immediately after the execution of this Agreement, Seller and
SureBeam Holding shall enter into and deliver to Buyer (i) an Amendment to
the Articles of Organization of the Company evidencing the transfer of the
Quotas to Buyer (the "AMENDMENT"); and (ii) copy of the relevant empowerment
documents of Seller as necessary to authorize the execution of this
Agreement and the consummation of the transactions contemplated hereby.
(b) At the Closing, Buyer shall deliver to Seller (i) the Purchase
Price, in accordance with Section 2; and (ii) copy of the relevant
empowerment documents of Buyer as necessary to authorize the execution of
this Agreement and the consummation of the transactions contemplated hereby.
(c) The Parties agree to execute the amendment to the Joint Venture
Agreement in the terms and conditions set forth in the Term Sheet no later
than November 15, 2001.
(d) Immediately after Closing, Buyer shall have the Amendment referred
to above duly filed in the appropriate corporate registrar, presenting
evidence of such filing to Seller.
2. PURCHASE PRICE AND PAYMENT.
2.1 PURCHASE PRICE AND PAYMENT. The total purchase price for the Quotas
shall be the amount of US$1,000,000.00 (one million US Dollars) (the "PURCHASE
PRICE"). Payment of the Purchase Price shall be made as defined below, by means
of wire transfer of immediately available funds to the bank account designated
by Seller:
(a) US$ 750,000.00 (seven hundred and fifty thousand US Dollars) upon
execution of this Agreement, and simultaneously with the execution of the
Amendment and consequent transfer of the Quotas to Buyer; and
(b) US$ 250,000.00 (two hundred and fifty thousand US Dollars) upon
transfer of the Equipment from Seller to the Company at the Rio Facility (as
defined below), subsequent to the completion of its nationalization, in
accordance with Brazilian laws and approved by the competent Brazilian
authorities.
(b.1) The transfer referred to above shall (i) be effected against the
assumption by the Company of the debt for the Equipment, and additionally
(ii) result in the forgiveness of a portion of the Loan in the amount of
US$ 1,000,000.00.
(b.2) The risk of loss or damage in relation to the Equipment shall not
transfer from Seller to the Company until such Equipment is delivered and
accepted by the Company in the Rio Facility; Seller agrees to bear such
risk and to provide insurance to the Equipment, at its own expense
subsequent to the inspection and sign-off on the Equipment, to be
conducted jointly by Seller, Buyer and the insurer, at the Seller's
premises in the City of Manaus. In case Buyer
2.
does not accept all or part of the Equipment, the parties agree to submit
the inspection to arbitration, in accordance with Clause 12.7 of the
Joint Venture Agreement.
(b.3) The payment of this installment of the purchase price is
conditioned upon the acceptance of the Equipment by Buyer and its
delivery at the Rio Facility. In the event of non-acceptance of part or
all of the Equipment in accordance with Section 2.(b.2) above, this
portion of the Purchase Price will be recalculated accordingly and the
payment, if any, will be effected upon agreement by the Parties or
determination by the arbitrator on its amount, as applicable.
3. REPRESENTATIONS AND WARRANTIES OF SELLER
Seller hereby makes the following representations and warranties to Buyer:
3.1 CORPORATE STATUS. The Company is duly organized and validly existing
under the laws of Brazil, and has the corporate power to own its assets and
carry on its business as stated in its articles of incorporation. There are no
quotaholders' agreements to which Seller, Xxxxxxxx and/or any of their
affiliates or the Company may be bound, other than the Joint Venture Agreement.
None of Seller, Xxxxxxxx or their affiliates has been involved in any business
arrangement or relationship with the Company, nor entered into any contract with
the Company, and none of Seller, Xxxxxxxx or their affiliates owns any assets,
tangible or intangible, which are or will be used in the business of the
Company, except for the Equipment and the building that Seller is constructing
at the Company's facility in Rio de Janeiro (the "BUILDING" and the "RIO
FACILITY," respectively).
3.2 CAPITALIZATION. The total issued and outstanding capital of the
Company consists of 100,000 (one hundred thousand) quotas with a par value of
R$1.00 (one Real) each. The Company is properly capitalized and all of its
quotas are duly authorized, validly issued, fully paid and non-assessable. The
Quotas held by Seller are owned free and clear of any and all security
interests, agreements or claims of any kind whatsoever. Seller represents and
warrants that it is the owner, beneficially and of record, of 80,100 (eighty
thousand and one hundred) Quotas of the Company. There are no outstanding or
authorized options, purchase rights, or other contracts or commitments that
could oblige Seller, Xxxxxxxx and/or any of their Affiliates to issue, sell,
transfer, or otherwise dispose of any of the Quotas.
3.3 CORPORATE AUTHORITY. Seller has the legal right, power and authority
to enter into this Agreement and to transfer, assign and deliver the Quotas as
provided in this Agreement, subject to the terms hereof. The execution and
delivery of this Agreement and the consummation of the transactions contemplated
hereby have been duly authorized by all necessary corporate or other action of
Seller and this Agreement constitutes the legal, valid and binding obligation of
Seller, enforceable against Seller in accordance with its terms. The execution
on the Closing Date of the Amendment, in the form of Schedule 3.3 attached
hereto, subject to (i) the concurrent execution of the Amendment by SureBeam
Holding, and (ii) its filing in the appropriate corporate registrar, will convey
to Buyer good and marketable title to the Quotas, free and clear of any and all
security interests, agreements or claims of any kind whatsoever.
3.4 RESTRICTIONS. Neither the execution of this Agreement nor the
consummation of the transactions contemplated hereby shall conflict with or
result in a breach of, or give rise to a right of termination of, or accelerate
the performance required by any terms of any court order, consent decree,
license or other agreement or permit to which Seller, Xxxxxxxx or the Company is
subject or a party, or constitute a default thereunder, or result in the
creation of any security interest upon any of the Quotas or the assets of the
Company, or violate any of the provisions of the Company's articles of
organization. There is no lawsuit, proceeding or investigation pending or, to
the knowledge of Seller, threatened against Seller, Xxxxxxxx or the Company
which might prevent the consummation of any of the transactions contemplated by
this Agreement.
3.
3.5 FINANCIAL STATEMENTS. Attached hereto as Schedule 3.5 are the
financial statements of the Company since the date of its organization (the
"FINANCIAL STATEMENTS"). These Financial Statements have been prepared by the
Company in accordance with accounting principles derived from Brazilian
corporate law, applied on a consistent basis throughout the periods covered by
these financial statements, present fairly the financial position of the Company
as of the balance sheet dates and the results of its operations for the periods
then ended, are correct and complete and are consistent with the books and
records of the Company.
3.6 LITIGATION. There have been no judgments, decrees, suits, actions,
claims, proceedings or investigations pending or threatened against the Company
or involving any of its property or assets or any products or services made,
used or sold by it.
3.7 ENVIRONMENTAL MATTERS. The Company is, and at all times has been, in
compliance with all environmental, occupational health and safety statutes and
regulations. There is no environmental contamination caused by the Company,
including, but not limited to, soil or groundwater contamination, air emission
or water contamination, air emission or water discharge above applicable
standards. The Company has not engaged in any inappropriate management, storage,
transportation or final disposal of waste or by-products, hazardous and
non-hazardous. There are no (a) proceedings or governmental investigations
concerning or against the Company arising from or relating to environmental
matters pending before any court or tribunal or governmental instrumentality,
(b) citations, summons, directives, orders or notices of a threatened or actual
violation of any legal requirement concerning or against the Company relating to
environmental matters, or (c) liens arising from or related to environmental
matters, or any governmental actions resulting in the imposition of any such
lien on any of the real property referred to above.
3.8 EMPLOYEES; EMPLOYEE BENEFITS. The Company is, as of the date hereof,
in a pre-operational stage; therefore, it does not have on the date hereof, and
has not had, since the date of its incorporation until the date hereof, any
employees.
3.9 TAXES. The Company is, as of the date hereof, in a pre-operational
stage, and has been incorporated in the current fiscal year; therefore, it has
not had, since the date of its incorporation until the date hereof, any tax
liabilities, nor been required to file any tax return with any government
agency.
3.10 LEGAL COMPLIANCE. The Company is, [and the Seller (specifically with
respect to the importation of the Equipment and the construction of the
Building, including the permission of use by the Brazilian authorities of the
land for the installation of the Rio Facility) is,] in all respects in
compliance with all laws, regulations, orders and permits of all authorities or
agencies (including, without limitation, those relating to antitrust regulation,
health and safety, labor, employment, and zoning and building codes). Neither
the Company nor Seller (regarding the specific matters listed above) has
received any complaint, citation or notice of violation from any governmental
authority, nor none is to the best knowledge of the Seller threatened, alleging
that the Company has been in violation of any such laws.
3.11 ACCURACY OF STATEMENTS. None of the information contained in the
representations, warranties or covenants of Seller and Xxxxxxxx in this
Agreement (including the schedules hereto) contains any untrue statement of fact
or omits to state a fact necessary to make the statements contained herein, in
light of the circumstances under which they were made, not misleading. All
documents provided to Buyer by Seller are true, complete and correct copies of
the documents they purport to represent.
3.12 BOOKS AND RECORDS/ACCOUNTING CONTROLS. Each transaction is properly
and accurately recorded on the books and records of the Company, and the
importation of the Equipment and the construction of the Building are properly
and accurately recorded on the books and records of Seller,
4.
and each document on which entries in the Company's or Seller's (regarding the
specific matters listed above) books or records are based (such as purchase
orders, customer or company invoices, service agreements, etc.) is complete and
accurate in all respects.
4. REPRESENTATIONS AND WARRANTIES OF BUYER
Buyer hereby makes the following representations and warranties to Seller:
4.1 AUTHORITY. Buyer has the legal right, power and authority to enter
into this Agreement, the execution and delivery of this Agreement; and the
consummation of the transactions contemplated hereby have been duly authorized
by the necessary corporate action of Buyer; and this Agreement constitutes the
legal and binding obligation of Buyer, enforceable against Buyer in accordance
with its terms.
4.2 RESTRICTIONS. Neither the execution of this Agreement nor the
consummation of the transactions contemplated hereby will conflict with or
result in a breach of, or give rise to a right of termination of, or accelerate
the performance required by, any terms of any court order, consent decree,
agreement or permit to which Buyer is subject or a party, or constitute a
default thereunder, or result in the creation of any lien, claim or encumbrance
upon any of Buyer's assets, or violate any of the provisions of the Articles of
Organization of Buyer. There is no lawsuit, proceeding or investigation pending
or, to the knowledge of Buyer, threatened against Buyer, which might prevent the
consummation of any of the transactions contemplated by this Agreement.
4.3 GOVERNMENT APPROVALS. No action, consent or approval of, registration
or filing with, or any other action by, any governmental authority will be
required in connection with the performance by Buyer of this Agreement or in
connection with the transactions contemplated hereby.
5. INDEMNIFICATION
5.1 SCOPE OF SELLER'S INDEMNITY. Seller and Xxxxxxxx jointly and severally
agree to indemnify and hold Buyer and the Company and their respective
affiliates, predecessors, successors and assigns (and their respective officers,
directors, employees and agents) harmless from and against any and all loss,
liability, claim, damage, or expense (including costs of litigation and
reasonable fees and expenses of attorneys, accountants and other experts),
except for those as properly reflected in the Financial Statements
(collectively, a "LOSS" or "LOSSES"), suffered or incurred as a result of:
(a) any breach of any representation or warranty made by Seller and/or
Xxxxxxxx contained in this Agreement or any other document delivered by
Seller in connection with the transactions contemplated hereby;
(b) any breach by Seller of any covenant or agreement contained in this
Agreement or in any other agreement or document delivered by Seller in
connection with the transactions contemplated hereby;
(c) any act, fact or omission occurring prior to the Closing by the
Company or by any company deemed to be a predecessor of the Company for
which successor liability may be ascribed to Seller or the Company;
(d) any past liabilities of the Company not specifically assumed under
the terms of this Agreement.
Seller shall not be exempt from liability if Buyer or its advisors knew or
should have known from their review of the transaction that nay of the
covenants, representations or warranties contained in this agreement were not
accurate or complete. Seller shall be liable for losses whether or not Buyer
knew or had reason to know of the corresponding liabilities, as a result of
disclosure by Seller in this Agreement (including the schedules), or otherwise.
5.
5.2 INDEMNITY PROCEDURES. If Buyer shall become aware of facts which give
rise or threaten to give rise to Seller's obligations to indemnify Buyer
pursuant to this section ("EVENT SUBJECT TO INDEMNIFICATION"), regardless of
whether or not the Event Subject to Indemnification involves a third party,
Buyer shall send written notice (the "NOTIFICATION") to Seller promptly and in
no event later than within one half of the period granted for the settlement of
the obligation or the presentation of a defense after discovery of the Event
Subject to Indemnification disclosing the details thereof, and Seller shall
respond within 5 (five) calendar days as of the receipt of Notification (or
sooner, if circumstances require), PROVIDED, HOWEVER, that no delay in
delivering any Notification shall relieve Seller from its obligations hereunder
unless (and then solely to the extent that) Seller is prejudiced thereby,
especially (but not only) as a result of not being able to file the proper
defense because of the lack of time.
(a) If an Event Subject to Indemnification shall arise which does not
involve any third party, Seller shall send a written response to Buyer in
which it states its intention to either (i) pay the amount involved or
commence any required remedial measures in connection with the Event Subject
to Indemnification; (ii) refuse to accept the event as an Event Subject to
Indemnification; or (iii) discuss the matter. If (i), Seller will either pay
the amount involved or commence any required remedial measures, in either
case within 30 (thirty) days from the date of Notification. If (ii), Buyer
may, at its option, commence any required action to pursue or defend its
rights and remedies. If (iii), the Parties shall discuss the issues involved
during a period of 30 (thirty) days from the receipt of the Notification,
and if they reach an agreement, any payment required thereby shall be made
by Seller to Buyer (in the case of monetary loss) or commenced by Seller (in
the case of remedial measures) within 45 (forty-five) calendar days from the
receipt of Notification. If they do not reach an agreement, Buyer may
commence, at its option, any required action to pursue its rights and
remedies.
(b) If an Event Subject to Indemnification shall arise which involves
any third party, the Seller's response shall indicate its intention either
to (i) pay the amount involved; (ii) assume the defense of the litigation or
proceeding, which it shall have the right to do (in which case, Seller shall
be responsible for all costs, expenses, legal and court fees, as well as any
guaranties which may be required to be placed for the respective defense
("DEFENSE COSTS"), and Buyer shall have the right to retain its own counsel
at its own expense to monitor the defense); or (iii) not assume the defense
of the litigation or proceeding, in which case they shall nevertheless be
liable for the Defense Costs of Buyer and/or the Company in connection
therewith. Whichever Party assumes the defense shall be entitled to the
cooperation of the other Party in preparing the defense. Buyer agrees to
provide Seller with access to all of Buyer's files and records concerning
said defense.
(c) If an Event Subject to Indemnification involves the responsibility
of Buyer and Seller, the Company shall always be the one to take all actions
to defend its interests and the Parties shall pay all Defense Costs
proportionally to their respective responsibilities.
(d) If Buyer sends Notification in accordance with the foregoing
Section 5.2 and Seller fail to respond within the above-mentioned period,
such failure to respond shall be deemed as an acceptance to pay the amount
involved or carry out the required remedial measures in connection with the
Event Subject to Indemnification.
6. CONFIDENTIALITY
6.1 CONFIDENTIALITY. Each Party shall refrain from disclosing and shall
hold confidential the terms and conditions of this Agreement, including without
limitation, the consideration to be paid hereunder, except to the extent that
disclosure of such information is necessary or desirable for consummation of the
transactions contemplated hereby, demanded by any governmental authority,
required by applicable law or stock exchange regulations to which a Party is
subject, or with the consent of all other parties hereto.
6.
6.2 PUBLIC ANNOUNCEMENTS. Any public announcement or similar publicity with
respect to this Agreement or the transactions contemplated hereby will be
issued, if at all, at such time and in such form and manner as the Parties
determine. A Party may not unreasonably withhold its consent to a request by
another Party to make such public announcement or similar publicity. If a Party
is required by applicable law or stock exchange regulations to which such Party
is subject to make such public announcement or publicity, it may do so provided
such Party has delivered to the other Parties a copy of the proposed
announcement or publicity not less than 24 hours prior to making such proposed
announcement or publicity.
7. ANTITRUST LAW COMPLIANCE
7.1 APPROVAL OF TRANSACTION. Buyer and Seller shall, and shall promptly
cause the Company to, file such information and seek such government approvals
as shall be required with respect to the transactions contemplated herein under
the antitrust laws and regulations of Brazil. Buyer and Seller agree, at their
own cost and expense, to make available or cause to be made available to the
Company or each other (as applicable) such information as may reasonably be
requested relative to the businesses, assets and property of Buyer, Seller or
the Company (as the case may be), as may be required to prepare such filings and
to file any additional information requested by such agencies under such laws,
rules or regulations. Antitrust approval filing fees shall be borne equally by
the Parties.
7.2 EFFECT OF NON-APPROVAL. In the event that the Brazilian antitrust
authorities refuse to accept the transaction as contemplated hereunder or impose
restrictions on the transaction that are unacceptable to one or more of the
Parties hereunder, the Parties shall in good faith seek to modify their mutual
contractual arrangements to the extent reasonably necessary to satisfy the
requirements of the Brazilian antitrust authorities.
8. GENERAL PROVISIONS
8.1 FURTHER ASSURANCES. The Parties agree to execute such other documents
or agreements and do such other things as may be necessary or desirable for the
implementation of this Agreement and the consummation of the transactions
contemplated hereby and in the Term Sheet, attached hereto as Schedule 8.1.
8.2 NOTICES. Any notice required to be given under this Agreement must be
given in writing and will be effective on receipt when delivered by registered
airmail, hand delivery or by facsimile confirmed by the sending of the original
by registered airmail to the Party, at the address stated below or to such other
address as such Party may designate by written notice in accordance with the
provisions of this section.
To Seller:
Tech Ion Industrial Brasil S.A.
Av. Nove de Julho, 5966 - 1' andar
Sao Paulo-SP
At.: Xxxx Francisco Bufara xx Xxxxxxxx
Phone: (00 00) 0000.0000
Fax.: (00 00) 0000.0000
e-mail: xxxxxxxx@xxxxxxx.xxx.xx
to Buyer:
SureBeam Corporation
0000 Xxxxxxx Xxxx Xxxx
Xxx Xxxxx, Xxxxxxxxxx, 00000, XXX
At.: Xxxxx Xxxxxxx
Tel.: (0 000) 000-0000
Fax: (0 000) 000-0000
e-mail: xxxxxxxx@xxxxxxxx.xxx
7.
to SureBeam Holding:
SureBeam Corporation
0000 Xxxxxxx Xxxx Xxxx
Xxx Xxxxx, Xxxxxxxxxx 00000, XXX
At.: Xxxxx Xxxxxxx
Tel.: (0 000) 000-0000
Fax: (0 000) 000-0000
e-mail: xxxxxxxx@xxxxxxxx.xxx
to Xxxxxxxx:
Xx. Xxxx xx Xxxxx, 0000 - 1' andar
Sao Paulo-SP
Phone: (00 00) 0000.0000
Fax.: (00 00) 0000.0000
e-mail: xxxxxxxx@xxxxxxx.xxx.xx
8.3 WAIVER OF RIGHT OF FIRST REFUSAL BY SUREBEAM HOLDING. If the sale and
transfer of Quotas provided for in this Agreement is effected (i) to Buyer, or
(ii) to an affiliate of Buyer other than SureBeam Holding, then SureBeam Holding
hereby expressly waives its right of first refusal in the acquisition of such
Quotas, as provided for in CLAUSULA 11' of the Company's Articles of
Organization.
8.4 ENTIRE AGREEMENT. This Agreement, together with all schedules
referenced herein, is the Parties' entire agreement. It supersedes all prior or
contemporaneous oral or written communications, proposals and representations
with respect to its subject matter and prevails over any conflicting or
additional terms of any quote, order, acknowledgment or similar communications
between the Parties during the term of this Agreement. No modification to this
Agreement will be binding, unless in writing and signed by a duly authorized
representative of each Party.
8.5 GOVERNING LAW AND JURISDICTION. This Agreement shall be governed by and
construed and enforced in accordance with the laws of Brazil, and any disputes
arising hereunder shall be settled in accordance with Section 12.7 of the Joint
Venture Agreement.
8.6 EXPENSES AND TAXES. Except as otherwise expressly provided in this
Agreement, each Party to this Agreement will bear its respective expenses
incurred in connection with the preparation, execution, and performance of this
Agreement and the transactions contemplated hereby, including all fees and
expenses of agents, representatives, counsel and accountants.
8.7 SEVERABILITY. If at any time subsequent to the date hereof, any
provisions of this Agreement shall be held by any court of competent
jurisdiction to be illegal, void or unenforceable, such provision shall be of no
force and effect, but the illegality or unenforceability of such provision shall
have no effect upon and shall not impair the enforceability of any other
provision of this Agreement.
8.8 WAIVER. The rights and remedies of the Parties are cumulative and not
alternative. Neither the failure nor any delay by any Party in exercising any
right, power or privilege under this Agreement will operate as a waiver of such
right, power or privilege, and no single or partial exercise of any such right,
power or privilege will preclude any other or further exercise of such right,
power or privilege or the exercise of any other right, power or privilege. To
the maximum extent permitted by applicable law, (a) no claim or right arising
out of this Agreement can be discharged by one Party, in whole or in part, by a
waiver or renunciation of the claim or right unless in writing signed by the
other Party; (b) no waiver that may be given by a Party will be applicable
except in the specific instance for which it is given; and (c) no notice to or
demand on one Party will be deemed to be a waiver of any obligation of such
Party or of the right of the Party giving such notice or demand to take further
action without notice or demand as provided in this Agreement.
8.
8.9 ASSIGNMENT. The respective rights and obligations of the Parties under
this Agreement may not be assigned by Buyer or the Seller without the prior
written consent of the other; PROVIDED, HOWEVER, that Buyer may assign this
Agreement in whole or in part to any affiliate of Buyer upon prior written
notice to Seller, in which case Buyer shall continue jointly liable with the
respective assignee. In case the purchase is effected through an affiliate of
the Buyer, such affiliate shall also be required to make the representations and
warranties provided for in Section 4, hereunder.
8.10 GOVERNING LANGUAGE. This Agreement is executed in the English
language, and all of its terms and provisions shall be construed in accordance
with the English language, which shall prevail, notwithstanding any translation
thereof, which may have been submitted for regulatory approval purposes.
8.11 COUNTERPARTS. This Agreement may be executed in two (2) counterparts,
each of which shall be deemed an original, but all of which taken together shall
constitute one and the same instrument.
9.
IN WITNESS WHEREOF, the parties hereto have duly executed this Quota
Purchase Agreement as of the day and year first above written.
SUREBEAM CORPORATION
/s/ XXXXX X. XXXXXXXXX
----------------------------------
Name: Xxxxx X. Xxxxxxxxx
Title: President & CEO
TECHION INDUSTRIAL BRASIL S.A.
/s/ ILLEGIBLE
----------------------------------
Name: illegible
Title: Attorney-in-fact
SUREBEAM HOLDING COMPANY LTDA.
/s/ ILLEGIBLE
----------------------------------
Name: illegible
Title: Attorney-in-fact
XXXX FRANCISCO BUFARA XX XXXXXXXX
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WITNESSES:
1.
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Name:
Id:
2.
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Name:
Id:
10.