REPRESENTATIONS AND WARRANTIES OF BUYER 27. 4.1 Status of Buyer 27 4.2 Authorization; No Conflicts 27 4.3 Litigation 28 4.4 Independent Investigation 28 4.5 Brokers and Commissions 28 Article 5 COVENANTS 29 5.1 Conduct of Business by Seller 29 5.2 Affirmative Covenants Relating to Seller 30 5.3 Consents and Closing Conditions 30 5.4 Access to Information 31 5.5 Confidentiality 32 5.6 Exclusivity 32 5.7 Maintenance of Books and Records 33 5.8 Update of Disclosure Schedules 33 5.9 Restrictive Covenants 33 5.10 Further Assurances 34 Article 6 TAX MATTERS 34 6.1 Proration of Taxes 34 6.2 Cooperation on Tax Matters 35 6.3 Tax Proceedings 36 Article 7 EMPLOYEE MATTERS 36 7.1 Employment of Transferred Employees 36 7.2 Third Party Rights; Amendments to Employee Plans 36 Article 8 BUYER’S CONDITIONS TO CLOSING 37 8.1 Representations and Warranties 37 8.2 Performance of Covenants 37 8.3 No Litigation 37 8.4 No Orders 37 8.5 Material Adverse Effect 37 8.6 Consents 37 8.7 Closing Documents 37 8.8 Financing 37 8.9 Audit Financials 37 Article 9 SELLER’S CONDITIONS TO CLOSING 38 9.1 Representations and Warranties 38 9.2 Performance of Covenants 38 9.3 No Litigation 38 9.4 No Orders 38 9.5 Closing Documents 38
REPRESENTATIONS AND WARRANTIES OF BUYER 27. Making of Representations and Warranties 27 4.2 Organization, Standing and Authority 27 4.3 Capitalization 28 4.4 Subsidiaries 28 4.5 Power 28 4.6 Authority 28 4.7 Non-Contravention 29 4.8 Organizational Documents 29 4.9 Compliance with Laws 30 4.10 Litigation 30 4.11 SEC Documents; Financial Reports; and Regulatory Reports 31 4.12 Absence of Certain Changes or Events 32 4.13 Tax Treatment 32 4.14 Regulatory Capitalization 32 4.15 CRA, Anti-money Laundering and Customer Information Security 32 4.16 Deposit Insurance 33 4.17 Employee Benefit Plans 33 4.18 Brokers 33 4.19 Sufficient Funds 33 4.20 Disclosure 33 5.1 Company Forbearances 33 5.2 Buyer Forbearances 36 6.1 Reasonable Best Efforts 37 6.2 Company Shareholder Approval 37 6.3 Buyer Shareholder Approval 38 6.4 Registration Statement 38 6.5 Press Releases 39 6.6 Access; Information 40 6.7 No Solicitation 40 6.8 Affiliate Agreements 43 6.9 Takeover Laws 44 6.10 Shares Listed 44 6.11 Regulatory Applications; Filings; Consents; Other Regulatory Matters 44
REPRESENTATIONS AND WARRANTIES OF BUYER 27. Section 4.1 Organization of Buyer 27 Section 4.2 Authority; No Conflict 27 Section 4.3 Proceedings 28 Section 4.4 Brokers or Finders 28 Section 4.5 Financing 28 Section 4.6 Investment Representation 28 ARTICLE 5. PRE-CLOSING COVENANTS 28 Section 5.1 Access and Investigation 28 Section 5.2 Conduct of Business 30 Section 5.3 Required Consents and Approvals; Separation of Contracts 33 Section 5.4 Notification 35 Section 5.5 No Negotiation 35 Section 5.6 Intercompany Arrangements 36 Section 5.7 Commercially Reasonable Efforts 36 Section 5.8 Replacement of Bonds, Letters of Credit and Guarantees 36
REPRESENTATIONS AND WARRANTIES OF BUYER 27. 5.01 Organization and Power 27 5.02 Authorization; Valid and Binding Agreement 27 5.03 No Conflict 27 5.04 Consents, etc 27 5.05 Brokers 28
REPRESENTATIONS AND WARRANTIES OF BUYER 27. 5.1 Organization 27 5.2 Due Authorization, Execution and Delivery; Enforceability 27 5.3 Governmental Approvals 28 5.4 No Conflicts 28 5.5 Sufficiency of Funds 28 5.6 Adequate Assurances Regarding Executory Contracts 28 5.7 Exclusive Representations and Warranties 28 5.8 No Outside Reliance 29
REPRESENTATIONS AND WARRANTIES OF BUYER 27. 5.1 Organization and Good Standing 27 5.2 Authority; No Conflict 27 5.3 Investment Intent 27 5.4 Certain Proceedings 27 5.5 Buyer’s Investigation 27 5.6 Brokers or Finders 27
REPRESENTATIONS AND WARRANTIES OF BUYER 27. 5.1. Organization 27 5.2. Corporate Power and Authority 27 5.3. No Conflict 28 5.4. Consents 28 5.5. Brokers 28 5.6. Purchase for Investment 28 6.1. Ongoing Management of the Company 29 6.2. Access to Information; Retention of Company Information 30 6.3. Cooperation 31 6.4. Exclusivity 31 6.5. Resignations 32 6.6. Confidentiality 32 6.7. Non-Compete 32 6.8. Further Assurances 33 6.9. Termination of Contracts 33 6.10. D&O Insurance 34 6.11. Release of Encumbrances 34 6.12. Notification of Events 34
REPRESENTATIONS AND WARRANTIES OF BUYER 27. 6.1 Organization 27
REPRESENTATIONS AND WARRANTIES OF BUYER 27. 6.1 Organization 27 6.2 Authority Relative to this Agreement 27
REPRESENTATIONS AND WARRANTIES OF BUYER 27. 6.1 Organization 27 6.2 Due Authorization 27 6.3 No Violation 27 7.1 Feasibility Study Period 28 7.2 Environmental Documents 29 7.3 Seller’s Retained Environmental Liabilities 29 7.4 Buyer’s Assumed Environmental Liabilities 29 7.5 Seller’s Environmental Indemnity 30 7.6 Buyer’s Environmental Indemnities 31 7.7 Buyer’s Release of Seller for Environmental Liabilities 33 7.8 Seller’s Access to the Terminal 33 7.9 Other Environmental Issues and Related Use Restrictions 34 7.10 Arbitration Procedures 39 7.11 Environmental Notices 40 8.1 Obligation of Buyer to Close 42 8.2 Obligation of Seller to Close 43 9.1 Definitions 45 9.2 Indemnification By Seller 45 9.3 Indemnification By Buyer 46 9.4 Conflict 46 9.5 Procedures 46 10.1 Representations and Warranties 48 10.2 Covenants 48
