SALE AND PURCHASE OF MEMBERSHIP Sample Clauses
SALE AND PURCHASE OF MEMBERSHIP. INTEREST 1 2.1 Agreement to Sell and Purchase 1 2.2 Purchase Price 1 2.3 Closing; Pre-Closing Date 2 2.4 Conditions Precedent to the Obligations of Purchaser 2 2.5 Conditions Precedent to the Obligations of Seller 6 ARTICLE 3 REPRESENTATIONS AND WARRANTIES 7 3.1 Representations and Warranties of Seller 7 3.2 Representations and Warranties of Purchaser 16 3.3 No Other Seller Representations 18 ARTICLE 4 CERTAIN OTHER REPRESENTATIONS, WARRANTIES AND COVENANTS 19 4.1 Confidentiality 19 4.2 Access to Information 19 4.3 Regulatory Matters 19 4.4 Transfer Taxes 19 4.5 Further Action 19 4.6 Regulatory and Other Approvals 20 4.7 Notices of Certain Events 20 4.8 Notices 21 4.9 Exclusive Dealing 21 4.10 Other Seller Actions 21 4.11 Division of ▇▇▇ ▇. ▇▇▇▇▇▇▇▇ and ▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Expansion 22 4.12 OREG Conversion; Tax Separation 22 4.13 Certain Credit Support Obligations 22 4.14 PGV II Interests 22 ARTICLE 5 INDEMNIFICATION 23 5.1 Indemnification 23
SALE AND PURCHASE OF MEMBERSHIP. INTERESTS 1 2.1. Sale and Purchase of Membership Interests 1 2.2. Method of Conveyance 1 ARTICLE 3 PURCHASE PRICE 2 3.1. Purchase Price 2 3.2. Payment of Purchase Price 2 ARTICLE 4 CLOSING 3 4.1. Closing 3 4.2. Closing Deliveries 3 ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF SELLER 6 5.1. Organization and Power 6 5.2. Authorization and Enforceability 7 5.3. Non-Contravention; Consent 7 5.4. Governmental Approvals 7 5.5. Capitalization of Company; Title to Membership Interests 8 5.6. Subsidiaries 8 5.7. Financial Statements 9 5.8. Title to Assets 10 5.9. Receivables 10 5.10. Real Property 10 5.11. Bank Accounts 11 5.12. Absence of Liabilities and Indebtedness 11 5.13. Absence of Changes or Events 12 5.14. Compliance with Laws; Permits 13 5.15. Litigation 14 5.16. Material Contracts 14 5.17. Taxes 16 5.18. Employee Benefit Matters 17 5.19. Employment and Labor Matters 18 5.20. Intellectual Property and Software 19 5.21. Insurance 21 5.22. Environmental Matters 21 5.23. No Broker 22 5.24. Regulatory Compliance 22 5.25. Absence of Certain Business Practices 22 5.26. Customers; Terminated Customers 22 5.27. Reserved 23 5.28. No Other Agreements to Sell Company 23 5.29. Powers of Attorney 23 5.30. Exclusivity of Representations and Warranties 23 ARTICLE 6 REPRESENTATIONS AND WARRANTIES OF PURCHASER AND NEWTEK 23 6.1. Organization 24 6.2. Authorization 24 6.3. No Violations; Required Consents 24 6.4. Governmental Approvals 24 6.5. Litigation 24 6.6. Brokers 24 6.7. Purchase for Investment; Investigation 25 ARTICLE 7 COVENANTS 25 7.1. Confidentiality and Announcements 25 7.2. Restrictive Covenants 26 7.3. Expenses 28 7.4. Tax Matters 29 7.5. Conduct of Business Pending Closing 32 7.6. Consents 35 7.7. Release 35 7.8. Further Assurances 36 7.9. Assistance in Defense 36 7.10. Waiver of Right of First Offer; Termination of Operating Agreement 36 7.11. Fulfillment of Agreements 36 7.12. Access, Information and Documents 37 7.13. Acquisition Proposals 37 7.14. Notice of Certain Events 37 7.15. Employees 38 7.16. Residuals 38 ARTICLE 8 CLOSING CONDITIONS 40 8.1. Purchaser Closing Conditions 40 8.2. Seller’s Closing Conditions 41 ARTICLE 9 INDEMNIFICATION 41 9.1. Indemnification by Seller 41 9.2. Indemnification by Purchaser 42 9.3. Claim Procedures 42 9.4. Limitation on Indemnification 44 9.5. Survival Period 45 9.6. Right of Setoff 46 9.7. Characterization of Indemnity Payments 46 9.8. Exclusive Remedy 46 ARTICLE 10 TERMINATION 47 10.1. Termination Events 47 10.2. Term...