EXHIBIT 10.21
PURCHASE AND SALE AGREEMENT
(this “ Agreement
”), dated as of December 15, 2008, by and between BP Parallel
Corporation, a Delaware corporation (“ Berry ”),
and Apollo Management VI, L.P., a Delaware limited partnership
(“ Apollo ”).
WHEREAS, Apollo and its affiliates from time to
time purchase securities in open market or privately negotiated
transactions for their own account, including debt
securities;
WHEREAS, Apollo intends to facilitate from time
to time during the term of this Agreement certain purchases by
Berry of outstanding debt securities of Berry Plastics Corporation
or Berry Plastics Group, Inc. by purchasing such debt securities in
open market or privately negotiated transactions (any such debt
securities so purchased by Apollo, the “ Notes
”); and
WHEREAS, Apollo may propose to Berry that any
purchases by Apollo of Notes be subject to the terms of this
Agreement, on the terms contemplated by this Agreement, mutatis
mutandis .
NOW, THEREFORE, in consideration of the premises
and of the mutual covenants, agreements and warranties herein
contained, and for other good and valuable consideration, the
receipt and sufficiency of which is hereby acknowledged, the
parties agree as follows:
1.
Designation of Notes . From time to time Apollo
may propose to sell Notes to Berry in accordance with this
Agreement. In the event Berry desires to purchase any
such Notes, Apollo and Berry agree to execute a schedule of
designated notes (each a “Designated Notes Schedule”)
which shall describe, among other things, the Notes to be acquired,
the anticipated Closing Date and the Consideration (as defined
below) therefore. Notes set forth on a Designated Notes
Schedule are referred to herein as “Designated
Notes.” For avoidance of doubt (a) in the event
Apollo has acquired any Notes prior to the date of this Agreement,
such Notes shall not be Designated Notes unless included on a
Designated Notes Schedule signed by Berry and Apollo and (b) the
parties may execute a Designated Notes Schedule prior to the
purchase by Apollo of the applicable Designated Notes, in which
case the Designated Notes Schedule may provide (i) the range of
acceptable purchase prices with respect to Apollo’s purchase
of such Designated Notes and (ii) that such Designated Notes
Schedule shall be void and of no force and effect if Apollo has not
acquired any of such Designated Notes by the end of a specified
period.
2.
Purchase and Sale . (a) Subject to the terms and conditions
herein set forth, Berry agrees to purchase, or cause one of its
affiliates to purchase, from Apollo, and Apollo agrees to sell to
Berry or such affiliate, on a Closing Date (as hereinafter
defined), any Designated Notes held by Apollo as of such Closing
Date in exchange for the sum of Apollo’s purchase price of
such Designated Notes set forth in the applicable Designated Notes
Schedule, plus any reasonable out of pocket fees and expenses
incurred by Apollo (such amount to be provided to Berry in
reasonable detail) in connection with Apollo’s purchase
(collectively, the “ Consideration ”),
provided , however , that if the conditions set forth
in Section 7(b) or (c) are not satisfied prior to or on the fifth
day following the filing of the fiscal quarter results for the
third fiscal quarter following Apollo’s purchase of any
Designated Notes, then Apollo may sell such Notes to third parties
on terms and conditions reasonably acceptable to Apollo (a “
Third Party Sale ”). For the avoidance of doubt, any
interest on the Designated Notes accruing between the date of
Apollo’s purchase and the Closing Date (or any sale of
Designated Notes pursuant to the preceding proviso) shall be for
Apollo’s account.
(b) Upon the earlier of a binding agreement for
a Third Party Sale or consummation of a Third Party Sale, this
Agreement shall no longer be effective with respect to the Notes
that are the subject of the Third Party Sale, and neither party
shall have any liability or obligation to the other party hereto
with respect to such Designated Notes.
3.
Representations and Warranties of Berry . Berry hereby
represents and warrants to Apollo, as of the date of this Agreement
and as of any Closing Date, as follows:
(a)
Due Organization . Berry has been duly formed and is validly
existing as a corporation in good standing under the laws of the
State of Delaware.
(b)
Authorization . Berry has the requisite power to enter into
this Agreement and the transactions contemplated hereby and to
carry out its obligations hereunder and thereunder. This Agreement
has been duly authorized, and this Agreement has been duly executed
and delivered by Berry and constitutes a valid and binding
agreement enforceable in accordance with its terms, except, to the
extent that enforceability may be limited by applicable bankruptcy,
insolvency, reorganization or other laws affecting the enforcement
of creditors rights generally or by general equitable principles.
Neither the execution and delivery of this Agreement, the
consummation of the transactions contemplated hereby, nor
compliance with the terms, conditions or provisions of this
Agreement will be a violation of any of the terms, conditions or
provisions of Berry’s organizational documents (as amended
through the Closing Date).
4.
Representations and Warranties of Apollo . Apollo hereby
represents and warrants to Berry, as of the date of this Agreement
and as of any Closing Date, as follows:
(a)
Due Organization . Apollo is duly organized and is validly
existing as a limited partnership in good standing under the laws
of the State of Delaware.
(b)
Authorization . Apollo has the requisite power to enter into
this Agreement and the transactions contemplated hereby and to
carry out its obligations hereunder and thereunder. This Agreement
has been duly authorized, executed and delivered by Apollo and
constitutes a valid and binding agreement of Apollo enforceable in
accordance with its terms, except to the extent that enforceability
may be limited by applicable bankruptcy, insolvency, reorganization
or other laws affecting the enforcement of creditors rights
generally or by general equitable principles. Neither the execution
and delivery of this Agreement, consummation of the transactions
contemplated hereby, nor compliance with the terms, conditions or
provisions of this Agreement, will be a violation of any of the
terms, conditions or provisions of Apollo’s organizational
documents (as amended through the Closing Date).
(c)
Title . As of the Closing Date, Apollo will have good and
valid title to the Designated Notes, free and clear of any and all
liens, encumbrances, claims, security interests and other legal or
equitable encumbrances of any nature whatsoever, and at the Closing
Date, upon delivery of the Consideration therefor, Apollo will
deliver to Berry good, valid and marketable title to the Designated
Notes, free and clear of all liens, encumbrances, claims, security
interests and other legal or equitable encumbrances of any nature
whatsoever.
5.
Public Announcements . The pa
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