REPRESENTATIONS AND WARRANTIES OF BUYER 27. Section 5.1. Organization and Qualification 27 Section 5.2. Corporate Authorization 27 Section 5.3. Binding Effect 27 Section 5.4. Regulatory Approvals and Third Party Consents 28 Section 5.5. Non-Contravention 28 Section 5.6. Actions 28 Section 5.7. Financial Capability 28 Section 5.8. Investment Representations 28 Section 5.9. Brokers’ Fees 29 Section 5.10. Solvency 29 ARTICLE 6 COVENANTS 29 Section 6.1. Access and Reports 29 Section 6.2. Efforts to Consummate; Certain Governmental Matters 29 Section 6.3. Interim Operation Covenants of the Company 30 Section 6.4. Public Disclosure; Confidentiality 32 Section 6.5. Exclusive Dealing 32 Section 6.6. Non-Competition 33 Section 6.7. Release 34 Section 6.8. Access to Records after Closing 34 Section 6.9. Tax Matters 35 Section 6.10. Further Assurances 37 Section 6.11. Directors’ and Officers’ Indemnification and Exculpation 37 Section 6.12. Notification of Certain Matters 38 Section 6.13. Internal Control over Financial Reporting 38 Section 6.14. Financial Reporting Cooperation 38 Section 6.15. Termination of 401(k) Retirement Plan 39 Section 6.16. Employees 39 Section 6.17. Discretionary Cash Bonus Plan 39 ARTICLE 7 CONDITIONS TO CLOSING 40 Section 7.1. Conditions to Mutual Obligations 40 Section 7.2. Conditions to Obligations of Buyer 40 Section 7.3. Conditions to Obligations of the Members 41 ARTICLE 8 INDEMNIFICATION 41 Section 8.1. Survival 41 Section 8.2. Indemnification by the Securityholders 42 Section 8.3. Indemnification by Buyer 43 Section 8.4. Limitations on Indemnification 43 Section 8.5. Other Provisions 44 Section 8.6. Third-Party Claim Indemnification Procedures 45 Section 8.7. Direct Claim Indemnification Procedures 46 Section 8.8. Indemnification Payment Priority 47 Section 8.9. Characterization of Indemnification Payments 47 Section 8.10. Investigation by Indemnifying Parties 47 Section 8.11. Exclusive Remedy 47 ARTICLE 9 TERMINATION 47 Section 9.1. Termination 48 Section 9.2. Effect of Termination 48 ARTICLE 10 MISCELLANEOUS 48 Section 10.1. Securityholder Representative 48 Section 10.2. Notices 50 Section 10.3. Entire Agreement 51 Section 10.4. Amendment; Waiver 51 Section 10.5. No Assignment or Benefit to Third Parties 51 Section 10.6. Expenses 51 Section 10.7. Disclosure Schedule 52 Section 10.8. Governing Law; Arbitration; Submission to Jurisdiction; Waiver of Jury Trial 52 Section 10.9. Interpretation 53 Section 10.10. Counterparts 54 Section 10.11. Severability 54 Section 10.12. Time ...
REPRESENTATIONS AND WARRANTIES OF BUYER 27. 4.1 Making of Representations and Warranties 27 4.2 Organization, Standing and Authority 28 4.3 Capitalization 28 4.4 Corporate Power 28 4.5 Corporate Authority 28 4.6 Non-Contravention 29 4.7 Articles of Incorporation; Bylaws 29 4.8 Compliance with Laws 29 4.9 Litigation 30 4.10 SEC Documents; Financial Reports; and Regulatory Reports 30 4.11 Absence of Certain Changes or Events 31 4.12 Tax Treatment 32 4.13 Employee Benefit Plans 32 4.14 Regulatory Capitalization 32 4.15 CRA, Anti-money Laundering and Customer Information Security 32 4.16 Brokers 33 4.17 Deposit Insurance 33 4.18 Sufficient Funds 33 4.19 Disclosure 33 ARTICLE V - COVENANTS RELATING TO CONDUCT OF BUSINESS 33 5.1 Company Forbearances 33 5.2 Buyer Forbearances 36 ARTICLE VI - ADDITIONAL AGREEMENTS 36 6.1 Reasonable Best Efforts 36 6.2 Shareholder Approval 37 6.3 Registration Statement 37 6.4 Press Releases 38 6.5 Access; Information 38 6.6 No Solicitation 39 6.7 Affiliate Agreements 42 6.8 Takeover Laws 42 6.9 Shares Listed 42
REPRESENTATIONS AND WARRANTIES OF BUYER 27. 6.1 Organization 27
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 29 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 Section 5.9 Title Insurance, Zoning Reports and Surveys 36 Section 5.10 Hull 242 37 Section 5.11 Transferred Drilling Assets; Assumed Drilling Liabilities; Retained Assets; Retained Liabilities 37
REPRESENTATIONS AND WARRANTIES OF BUYER 27. 6.1 Organization 27 6.2 Due Authorization 27 6.3 No Violation 27 ARTICLE VII ENVIRONMENTAL 28 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 ARTICLE VIII CONDITIONS PRECEDENT TO CLOSING 42 8.1 Obligation of Buyer to Close 42 8.2 Obligation of Seller to Close 43 ARTICLE IX INDEMNIFICATION 45 9.1 Definitions 45 9.2 Indemnification By Seller 45 9.3 Indemnification By Buyer 46 9.4 Conflict 46 9.5 Procedures 46 ARTICLE X SURVIVAL 48 10.1 Representations and Warranties 48 10.2 Covenants 48
REPRESENTATIONS AND WARRANTIES OF BUYER 27. Section 3.1 Corporate Status 27 Section 3.2 Corporate and Governmental Authorization 27 Section 3.3 Non-Contravention 27 Section 3.4 Sufficient Funds 27 Section 3.5 Investment Purpose 28 Section 3.6 Legal Proceedings 28 Section 3.7 Finders’ Fees 28 Section 3.8 R&W Policy 28
REPRESENTATIONS AND WARRANTIES OF BUYER 27. Section 4.1 ORGANIZATION AND GOOD STANDING 27 Section 4.2 AUTHORITY; NO CONFLICT. 27 Section 4.3 INVESTMENT INTENT; ACCREDITED INVESTOR 28 Section 4.4 CERTAIN PROCEEDINGS 28 Section 4.5 NO BROKERS OR FINDERS 28 ARTICLE 5 ADDITIONAL AGREEMENTS 28 Section 5.1 RESTRICTIVE COVENANTS 28 Section 5.2 CERTAIN TAX MATTERS 29 Section 5.3 EMPLOYEE COMPENSATION AND BENEFITS 30 Section 5.4 RELEASE 31
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. Section 5.1 Incorporation and Authority of Buyer; Due Authorization and Enforceability. 27
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
