Exhibit 99.2
Termination of Purchase and Sale Agreement
Reference is made to the Purchase and Sale Agreement, dated as of
September 28, 2001, among Albany International Corp., Geschmay Corp., Albany
International Research Co., Albany International Techniweave, Inc., Albany
International Canada Inc., M&I Door Systems Ltd. and Albany International
Receivables Corporation (as amended, the "Purchase and Sale Agreement").
Capitalized terms used and not defined herein have the respective meanings
set forth in the Purchase and Sale Agreement.
In consideration of the Originators' payments to Buyer on the date hereof
of the respective amounts indicated in Exhibit A attached hereto, (i) the Buyer
hereby sells, transfers and conveys to each Originator the outstanding
receivables originated by such Originator and heretofore purchased by Buyer,
(ii) the undersigned hereby terminate the Purchase and Sale Agreement, which
will have no further force or effect, and (iii) the Originators agree that the
Limited Guaranty delivered by Albany International Corp., guarantying the
obligations of the Buyer under the Purchase and Sale Agreement, is hereby
terminated and will have no further force or effect.
Dated: September 20, 0000
XXXXXX INTERNATIONAL CORP. GESCHMAY CORP.
By: /s/ Xxxxxxx X. Xxxxx, Xx. By: /s/ Xxxxxxx X. Xxxxx, Xx.
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Xxxxxxx X. Xxxxx, Xx. , VP & Gen. Counsel Xxxxxxx X. Xxxxx, Xx., VP &
Secretary
ALBANY INTERNATIONAL ALBANY INTERNATIONAL TECHNIWEAVE,
RESEARCH CO. INC.
By: /s/ Xxxxxxx X. Xxxxx, Xx. By: /s/ Xxxxxxx X. Xxxxx, Xx.
----------------------------- -----------------------------
Xxxxxxx X. Xxxxx, Xx., Vice President Xxxxxxx X. Xxxxx, Xx.,
Secretary
ALBANY INTERNATIONAL M&I DOOR SYSTEMS LTD.
CANADA CORP.
By: /s/ Xxxxxxx X. Xxxxx, Xx. By: /s/ Xxxxxxx X. Xxxxx, Xx.
----------------------------- ----------------------------
Xxxxxxx X. Xxxxx, Xx., VP & Secretary Xxxxxxx X. Xxxxx, Xx., VP &
Secretary
ALBANY INTERNATIONAL RECEIVABLES
CORPORATION
By: /s/ Xxxxx X. Xxxxxxxx
-------------------------
Xxxxx X. Xxxxxxxx, President & Treasurer
EXHIBIT A
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(2)
Portion of Total Payment
effected by cancellation
(1) of debt owed to that Net Cash Payment
Originator Total Payment Originator by the Buyer [(1) - (2)]
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Albany International Corp. 38,025,012 14,819,961 23,205,051
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Geschmay Corp. 2,291,976 -40,347 2,332,323
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Albany International Research Co. 0 0 0
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Albany International 2,416,663 511,863 1,904,800
Techniweave, Inc.
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Albany International Canada Inc. 14,253,409 2,802,279 11,451,130
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M&I Door Systems Ltd. 1,068,923 294,334 774,589
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