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MEMBERSHIP UNIT PURCHASE AGREEMENT

LLC Membership Agreement

MEMBERSHIP UNIT PURCHASE AGREEMENT You are currently viewing:
This LLC Membership Agreement involves

Alpha Natural Resources, | PREMIUM ENERGY, LLC | THE UNITHOLDERS OF BUCHANAN ENERGY COMPANY, LLC

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Title: MEMBERSHIP UNIT PURCHASE AGREEMENT
Governing Law: Virginia     Date: 9/26/2005
Law Firm: Bartlit Beck Herman Palenchar & Scott LLP    

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EX-2.2
 

EXHIBIT 2.2

 

THIS AGREEMENT CONTAINS REPRESENTATIONS AND WARRANTIES THE PARTIES HERETO MADE TO AND SOLELY FOR THE BENEFIT OF EACH OTHER. THE ASSERTIONS EMBODIED IN THOSE REPRESENTATIONS AND WARRANTIES ARE QUALIFIED BY INFORMATION IN CONFIDENTIAL DISCLOSURE SCHEDULES THAT THE PARTIES HAVE EXCHANGED IN CONNECTION WITH SIGNING THE AGREEMENT. WHILE THE REGISTRANT BELIEVES THAT THE SECURITIES LAWS DO NOT REQUIRE THE INFORMATION CONTAINED IN THE DISCLOSURE SCHEDULES TO BE PUBLICLY DISCLOSED, THE DISCLOSURE SCHEDULES DO CONTAIN INFORMATION THAT MODIFIES, QUALIFIES AND CREATES EXCEPTIONS TO THE REPRESENTATIONS AND WARRANTIES SET FORTH IN THIS AGREEMENT. ACCORDINGLY, INVESTORS AND SECURITY HOLDERS SHOULD NOT RELY ON THE REPRESENTATIONS AND WARRANTIES AS CHARACTERIZATIONS OF THE ACTUAL STATE OF FACTS. MOREOVER, INFORMATION CONCERNING THE SUBJECT MATTER OF THE REPRESENTATIONS AND WARRANTIES MAY CHANGE AFTER THE DATE OF THE AGREEMENT, WHICH SUBSEQUENT INFORMATION MAY OR MAY NOT BE FULLY REFLECTED IN THE REGISTRANT’S PUBLIC DISCLOSURES.

THE ATTACHMENTS TO THIS EXHIBIT LISTED IN THE TABLE OF CONTENTS HEREOF ARE NOT FILED HEREWITH, AS PROVIDED IN ITEM 601(b)(2) OF REGULATION S-K PROMULGATED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THE REGISTRANT AGREES TO FURNISH SUPPLEMENTALLY A COPY OF ANY SUCH OMITTED ATTACHMENT TO THE SECURITIES AND EXCHANGE COMMISSION UPON REQUEST.

Execution Version

MEMBERSHIP UNIT PURCHASE AGREEMENT

among

PREMIUM ENERGY, LLC

and

THE UNITHOLDERS OF BUCHANAN ENERGY COMPANY, LLC

Dated as of
September 23, 2005

 


 

Table of Contents

 

 

 

 

 

ARTICLE I — DEFINITIONS

 

 

1

 

 

 

 

 

 

ARTICLE II – PURCHASE AND SALE OF ACQUIRED INTERESTS

 

 

12

 

2.1 Basic Transaction

 

 

12

 

2.2 Purchase Price

 

 

12

 

2.3 [Reserved]

 

 

12

 

2.4 Retained Liabilities

 

 

13

 

2.5 Attempted Assignment of Acquired Interests

 

 

13

 

2.6 Intercompany Transactions

 

 

13

 

2.7 Closing

 

 

13

 

2.8 Deliveries at Closing

 

 

14

 

 

 

 

 

 

ARTICLE III — REPRESENTATIONS AND WARRANTIES OF SELLERS REGARDING THE TRANSACTION

 

 

14

 

3.1 Organization

 

 

14

 

3.2 Authorization of Transaction

 

 

14

 

3.3 Noncontravention

 

 

15

 

3.4 Brokers’ Fees

 

 

15

 

3.5 Ownership

 

 

15

 

 

 

 

 

 

ARTICLE IV — REPRESENTATIONS AND WARRANTIES OF BUYER REGARDING THE TRANSACTION

 

 

15

 

4.1 Organization of Buyer

 

 

15

 

4.2 Authorization of Transaction

 

 

15

 

4.3 Noncontravention

 

 

16

 

4.4 Brokers’ Fees

 

 

16

 

4.5 Investment

 

 

16

 

4.6 Financial Ability to Perform

 

 

16

 

4.7 Permit Blocking

 

 

16

 

 

 

 

 

 

ARTICLE V — REPRESENTATIONS AND WARRANTIES OF SELLERS REGARDING THE COMPANY

 

 

16

 

5.1 Organization, Qualification, and Power

 

 

16

 

5.2 Capitalization

 

 

17

 

5.3 Noncontravention

 

 

17

 

5.4 Brokers’ Fees

 

 

18

 

5.5 Real Property

 

 

18

 

5.6 Other Assets

 

 

18

 

5.7 Subsidiaries

 

 

19

 

5.8 Financial Statements

 

 

19

 

5.9 Events Subsequent to Most Recent Fiscal Month End

 

 

19

 

5.10 Undisclosed Liabilities

 

 

21

 

5.11 Legal Compliance

 

 

21

 

5.12 Environmental Compliance

 

 

21

 

i


 

 

 

 

 

 

5.13 Taxes

 

 

23

 

5.14 Intellectual Property

 

 

24

 

5.15 Inventory

 

 

24

 

5.16 Contracts

 

 

25

 

5.17 Notes and Accounts Receivable

 

 

25

 

5.18 Powers of Attorney

 

 

25

 

5.19 Insurance

 

 

26

 

5.20 Litigation

 

 

26

 

5.21 [Reserved]

 

 

27

 

5.22 Restrictions on Business Activities

 

 

27

 

5.23 Employees

 

 

27

 

5.24 Employee Benefits

 

 

27

 

5.25 Guaranties

 

 

28

 

5.26 Reclamation

 

 

28

 

5.27 Permit Blocking

 

 

28

 

5.28 Certain Business Relationships with the Subject Companies

 

 

29

 

5.29 Absence of Certain Payments

 

 

29

 

5.30 Disclosure

 

 

29

 

 

 

 

 

 

ARTICLE VI – PRE-CLOSING COVENANTS OF THE PARTIES

 

 

29

 

6.1 General

 

 

29

 

6.2 Notices and Consents

 

 

29

 

6.3 Operation of Business

 

 

30

 

6.4 Preservation of Business

 

 

30

 

6.5 Full Access

 

 

30

 

6.6 Notice of Developments

 

 

31

 

6.7 Exclusivity

 

 

32

 

6.8 Financial Statement Delivery

 

 

33

 

6.9 [Reserved]

 

 

33

 

6.10 Retained Debt

 

 

33

 

 

 

 

 

 

ARTICLE VII – POST-CLOSING COVENANTS OF THE PARTIES

 

 

33

 

7.1 General

 

 

33

 

7.2 Transition

 

 

34

 

7.3 Litigation Support

 

 

34

 

7.4 Confidentiality

 

 

34

 

7.5 [Reserved]

 

 

34

 

7.6 [Reserved]

 

 

34

 

7.7 Financial Statement Assistance

 

 

34

 

7.8 Financing

 

 

36

 

7.9 Retained Claim

 

 

36

 

 

 

 

 

 

ARTICLE VIII — CONDITIONS PRECEDENT

 

 

36

 

8.1 Conditions to Obligation of Buyer

 

 

36

 

8.2 Conditions to Obligation of Sellers

 

 

39

 

 

 

 

 

 

ARTICLE IX – [RESERVED]

 

 

40

 

ii


 

 

 

 

 

 

ARTICLE X — CERTAIN TAX MATTERS

 

 

40

 

10.1 Post-Closing Tax Returns

 

 

40

 

10.2 Pre-Closing Tax Returns

 

 

41

 

10.3 Straddle Periods

 

 

41

 

10.4 Straddle Returns

 

 

41

 

10.5 Claims for Refund

 

 

42

 

10.6 Cooperation on Tax Matters

 

 

42

 

10.7 Certain Taxes

 

 

42

 

10.8 Confidentiality

 

 

43

 

10.9 Audits

 

 

43

 

10.10 Control of Proceedings

 

 

43

 

10.11 Powers of Attorney

 

 

44

 

10.12 Remittance of Refunds

 

 

44

 

10.13 Allocation

 

 

44

 

10.14 Closing Tax Certificate

 

 

45

 

10.15 Property Taxes

 

 

45

 

10.16 [Reserved]

 

 

45

 

10.17 Sales and Use Taxes

 

 

45

 

 

 

 

 

 

ARTICLE XI – [RESERVED]

 

 

45

 

 

 

 

 

 

ARTICLE XII — TERMINATION

 

 

46

 

12.1 Termination of Agreement

 

 

46

 

12.2 Effect of Termination

 

 

46

 

 

 

 

 

 

ARTICLE XIII — MISCELLANEOUS

 

 

46

 

13.1 Nature of Certain Obligations

 

 

46

 

13.2 Press Releases and Public Announcements

 

 

47

 

13.3 No Third-Party Beneficiaries

 

 

47

 

13.4 Entire Agreement

 

 

47