Back to top

COMMON UNIT REPURCHASE AGREEMENT

Stock Repurchase Agreement

COMMON UNIT REPURCHASE AGREEMENT | Document Parties: AMERICAN SPORTSMAN HOLDINGS CO | Bass Pro Group, LLC | BASS PRO, INC | BIG CEDAR, LLC | GAYLORD ENTERTAINMENT COMPANY | GAYLORD HOTELS, INC | JLM PARTNERS, LP | KB CAPITAL PARTNERS, LP | TRACKER MARINE RETAIL, LLC | TRACKER MARINE, LLC You are currently viewing:
This Stock Repurchase Agreement involves

AMERICAN SPORTSMAN HOLDINGS CO | Bass Pro Group, LLC | BASS PRO, INC | BIG CEDAR, LLC | GAYLORD ENTERTAINMENT COMPANY | GAYLORD HOTELS, INC | JLM PARTNERS, LP | KB CAPITAL PARTNERS, LP | TRACKER MARINE RETAIL, LLC | TRACKER MARINE, LLC

. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here.
Title: COMMON UNIT REPURCHASE AGREEMENT
Governing Law: Delaware     Date: 4/3/2007
Law Firm: Latham Watkins LLP;Bass Berry & Sims PLC    

COMMON UNIT REPURCHASE AGREEMENT, Parties: american sportsman holdings co , bass pro group  llc , bass pro  inc , big cedar  llc , gaylord entertainment company , gaylord hotels  inc , jlm partners  lp , kb capital partners  lp , tracker marine retail  llc , tracker marine  llc
50 of the Top 250 law firms use our Products every day
 

Exhibit 2.1

COMMON UNIT REPURCHASE AGREEMENT

     THIS COMMON UNIT REPURCHASE AGREEMENT (this “ Agreement ”) is made and entered into as of April 3, 2007 by and among GAYLORD HOTELS, INC., a Delaware corporation (“ Gaylord Hotels ”), GAYLORD ENTERTAINMENT COMPANY, a Delaware corporation (“ GEC ” and, together with Gaylord Hotels, sometimes referred to herein, collectively, as “ Gaylord ”), for the limited purposes set forth in Sections 2.1(d)(iii) and 5.1 of this Agreement, COLIN REED and DAVID KLOEPPEL, BASS PRO GROUP, LLC, a Delaware limited liability company (the “ Company ”), for the limited purposes set forth in Sections 1.5 and 2.2(d)(v) of this Agreement, AMERICAN SPORTSMAN HOLDINGS CO., a Missouri corporation (“ American Sportsman ”), JLM PARTNERS, LP, a Delaware limited partnership (“ JLM Partners ”), KB CAPITAL PARTNERS, LP, a Delaware limited partnership (“ KB Partners ”), and for the limited purposes set forth in Section 1.3(b) of this Agreement, BASS PRO, INC., a Delaware corporation (“ BPI ”), TRACKER MARINE, L.L.C., a Missouri limited liability company (“ Tracker Marine ”), TRACKER MARINE RETAIL, LLC, a Delaware limited liability company (“ Tracker Retail ”), and BIG CEDAR, L.L.C., a Missouri limited liability company (“ Big Cedar ”) (collectively, and together with other subsidiaries that join in the execution of this Agreement as contemplated by Section 2.2(d)(vi) , the “ Guarantors ”).

W I T N E S S E T H :

     WHEREAS, Gaylord Hotels, a wholly owned subsidiary of GEC, is the current owner of 43,333 common units of the Company, which common units were originally owned by GEC, pursuant to that certain Amended and Restated Limited Liability Company Operating Agreement of the Company, dated as of December 14, 2005, and subsequently transferred to Gaylord Hotels;

     WHEREAS, the Company, Gaylord Hotels, American Sportsman, JLM Partners, KB Partners and certain other parties are parties to that certain Amended and Restated Limited Liability Company Operating Agreement, dated as of December 14, 2005, as amended by that certain Joinder of Gaylord Hotels effective December 31, 2006 (the “ LLC Agreement ”);

     WHEREAS, the Company, Gaylord Hotels, American Sportsman, JLM Partners, KB Partners and certain other parties are parties to that certain Registration Rights Agreement, dated as of December 14, 2005, as amended by that certain Joinder of Gaylord Hotels effective December 31, 2006 (the “ Registration Rights Agreement ”);

     WHEREAS, GEC, the Company, American Sportsman and, solely with respect to Section 7 thereof, BPI are parties to that certain letter agreement, dated December 15, 2005 (the “ Letter Agreement ”);

     WHEREAS, the Company desires to repurchase from Gaylord Hotels, and Gaylord Hotels desires to sell and transfer to the Company, all common units owned by Gaylord Hotels for the consideration and upon the terms and conditions set forth herein;

 


 

     WHEREAS, the Company entered into confidentiality agreements with each of Colin Reed and David Kloeppel in December 2005 (the “ Confidentiality Agreements ”); and

     WHEREAS, in connection with the foregoing, the parties have agreed to terminate each of the LLC Agreement (except as otherwise provided in Section 1.5 below), Registration Rights Agreement, Letter Agreement, and Confidentiality Agreements (collectively, the “ Existing Agreements ”) with respect to Gaylord, Colin Reed, and David Kloeppel, as applicable.

     NOW, THEREFORE, in consideration of the foregoing, of the mutual covenants and agreements herein contained and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the parties hereby agree as follows:

ARTICLE I
PURCHASE AND SALE OF COMMON UNITS
ADDITIONAL TRANSACTION PAYMENT;
TERMINATION OF EXISTING AGREEMENTS

     1.1 Purchase and Sale . On the Closing Date (as defined below), Gaylord Hotels shall sell to the Company, and the Company shall purchase from Gaylord Hotels, all 43,333 common units currently owned or held by or on behalf of Gaylord Hotels or any of its Affiliates (as defined below) (collectively, the “ Common Units ”).

     1.2 Consideration and Payment .

          (a) In consideration for the Common Units, the Company shall pay to Gaylord Hotels an aggregate amount of Two Hundred Twenty-Two Million Dollars ($222,000,000) (the “ Repurchase Price ”) in cash.

          (b) The Company shall diligently pursue and use its reasonable best efforts to secure financing for the Repurchase Price upon commercially reasonable terms from third party, commercial lenders as soon as possible but in any event within 90 days of the date hereof; provided , however , that in no event shall the Company be obligated to incur or seek to obtain any public or quasi-public indebtedness to finance the Repurchase Price, including, without limitation, the issuance of any securities registered under the Securities Act of 1933, as amended (the “ Securities Act ”), or Rule 144A promulgated thereunder, or otherwise entitled or subject to the right to registration under the Securities Act.

          (c) In addition to the Repurchase Price payable under Section 1.2(a) , Gaylord Hotels shall also be eligible to receive an Additional Transaction Payment (as defined below) pursuant to the terms of Section 1.3 .

     1.3 Additional Transaction Payment .

          (a) In the event that during the period beginning on the date hereof and ending on the eighteen (18) month anniversary of the date hereof (the “ Relevant Period ”), the Company or BPI consummates or executes definitive documentation or a letter of intent or similar instrument in respect of a Change of Control Transaction (as defined below) or an IPO (as defined below) (each, an “ Additional Transaction ”) then the Company shall notify Gaylord

2


 

Hotels in writing of such Additional Transaction and, upon the consummation of such Additional Transaction, Gaylord Hotels shall be entitled to receive the positive amount, if any, as is equal to the product of (i) the Supplemental Per Common Unit Payment (as defined below), multiplied by (ii) 43,333 (such amount, the “ Additional Transaction Payment ”). The Additional Transaction Payment shall be paid to Gaylord Hotels concurrently with the closing of the Additional Transaction, in immediately available funds and/or in, the case of a Change of Control Transaction, in such other form of consideration as is payable to the other holders of equity securities of the Company in connection with the Change of Control Transaction. Gaylord Hotels shall be entitled to receive an Additional Transaction Payment, if any, in respect of any and all Additional Transactions during the Relevant Period. No Additional Transaction Payment shall be required upon the sale, lease, exchange, transfer or other disposition of any of the assets or equity securities of Tracker Marine, Tracker Retail or Big Cedar alone or together and any such sale, lease, exchange, transfer or other disposition whether alone or together shall not be taken into account for the purposes of determining whether a Change of Control Transaction has occurred with respect to the Company. For the avoidance of doubt, in no event shall Gaylord Hotels ever owe the Company any amount as a result of application of this Section 1.3 . In the event that Gaylord Hotels, GEC or any of their respective Affiliates consummates, executes definitive documentation or a letter of intent or similar instrument with respect to the financing (debt or equity) of a Competing Business during the Relevant Period, Gaylord shall no longer be entitled to Additional Transaction Payments; provided , however , that, notwithstanding the foregoing, nothing herein shall preclude or prohibit Gaylord Hotels, GEC or their respective Affiliates from maintaining a passive investment in publicly held entities provided that Gaylord Hotels, GEC or their respective Affiliates do not have more than a two percent (2%) beneficial ownership in any such entity.

          (b) Subject to the limitations set forth in the next sentence of this Section 1.3(b) , each of the Guarantors, hereby irrevocably and unconditionally guarantees payment, when due, to Gaylord Hotels of any Additional Transaction Payment, if any, arising under Section 1.3(a) of this Agreement. The guarantee obligation set forth in this Section 1.3(b) is one of collection, and not of payment or performance. Each of the Guarantors hereby absolutely, unconditionally and irrevocably waives, to the fullest extent permitted by law, notice of acceptance of its guarantee. Any successor to all or a material portion of the Company (on a consolidated basis) shall expressly assume all obligations and liabilities of a Guarantor set forth in this Section 1.3(b) . Other than as contemplated by the immediately preceding sentence, in the event that a Guarantor is no longer a subsidiary of the Company, such entity shall be released from its guarantee obligations hereunder without any further action on the part of any Person.

          (c) For the avoidance of doubt, any reference to the Company in this Section 1.3 shall include any successor to the Company as a result of a Corporate Conversion or otherwise.

          (d) For the purposes of this Agreement, the following terms shall have the meanings specified below:

          “ Additional Transaction Price Per Common Unit ” shall mean the price per common unit or other equity security for or into which the common units of the Company were previously exchanged or converted in the Additional Transaction, as applicable, as adjusted for

3


 

any equity split, equity combination, in-kind equity distribution, dividend, reverse equity split, or recapitalization, reorganization or similar event which occurs between the date hereof and the closing of the Additional Transaction so as to be measured in price per common unit on the date hereof, including (i) any additional amounts paid to any Person at such date under any non-compete agreements, employment agreements, severance agreements, service agreements, consulting agreements or other similar ancillary agreements executed specifically in connection with such transaction, but only to the extent that such additional amounts are on economic terms that are demonstrably above market for the type of transaction in question or are otherwise intended to be purchase price and (ii) in connection with a Change of Control Transaction, any dividend or distribution made by the Company to the Company’s equity holders between the Closing (as defined below) and the closing of a Change of Control Transaction (other than tax distributions made to the members of the Company in accordance with the terms of the LLC Agreement, including, without limitation, any distributions made pursuant to Section 1.7 hereof). Subject to the provisions of this Section 1.3 , with respect to (a) any Change of Control Transaction with respect to the Company that involves the sale, lease, exchange, transfer or other disposition of less than all of the Company’s assets (including the sale or disposition of all or less than all of the assets or equity securities of BPI) or (b) any Change of Control Transaction or IPO with respect to BPI, then the Additional Transaction Price Per Common Unit shall be determined by reference to the value in such Additional Transaction of the assets or equity securities actually being sold or disposed of as a percentage of the fair market value of all the assets of the Company (on a consolidated basis).

          The foregoing notwithstanding, in the event that a series of related transactions (each, a “ CoC Component Transaction ”) are cumulated to give rise to a Change of Control Transaction (i.e., a series of related transactions), then the Additional Transaction Price Per Common Unit shall be the average weighted price per common unit received in connection with such Change of Control Transaction, which shall be calculated as the quotient of (1) the aggregate amount received from all CoC Component Transactions (with respect to each CoC Component Transaction, such amount calculated by multiplying the actual price per common unit (or other equity security into which the common units of the Company were previously exchanged for or converted into) received in such CoC Component Transaction by the number of common units (or other equity security into which the common units of the Company were previously exchanged for or converted into) issued, sold or transferred at such price), divided by (2) the aggregate number of common units (or other equity security into which the common units of the Company were previously exchanged for or converted into) issued, sold or transferred in all such CoC Component Transactions (in each case adjusted for any equity split, equity combination, in-kind equity distribution, dividend, reverse equity split, or recapitalization, reorganization or similar event which occurs between the date hereof and the closing of the Additional Transaction so as to be measured in common units on the date hereof), which, taken together, constitute a Change of Control Transaction.

          “ Affiliate ” shall mean, with respect to any Person (i) any director, manager, partner, executive officer or stockholder or member holding 5% or more of the equity (on a fully-diluted basis) of such Person, (ii) any spouse, parent, sibling or descendant of such Person (or a spouse, parent, sibling or descendant of any director, manager, partner or officer of such Person), (iii) any other person that, directly or indirectly, through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person. The term “ control

4


 

means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

          “ Business ” means the business, as conducted by the Company on the Closing Date, of (a) the distribution, direct marketing and/or retailing (including, sales from store locations, catalogs and internet orders) of fishing, hunting, camping, and related outdoor merchandise (including, without limitation, footwear and apparel) and equipment, (b) the manufacture, distribution, marketing and/or sale of watercraft, and (c) the sale of all terrain vehicles.

          “ Competing Business ” means any Person which is engaged, as its principal activity, in any business or activity that is in direct competition with the Business.

          “ Change of Control Transaction ” shall mean with respect to the Company or BPI (i) the sale, lease, exchange, transfer or other disposition (including, without limitation, by merger, consolidation or otherwise) of 50% or more of the value of the properties or assets of the Company (but excluding the properties and assets of Tracker Marine, Tracker Retail and Big Cedar) or BPI, in one or a series of related transactions, to an individual or a corporation, partnership, limited liability company, joint venture, trust, unincorporated organization, association or other form of business or legal entity (each, a “ Person ”) or group of Persons (other than an internal restructuring involving the Company and/or BPI and one or more of their respective Affiliates), (ii) any merger, consolidation or other business combination, or refinancing or recapitalization, in one or a series of related transactions, that results in the holders of the issued and outstanding voting securities of the Company or BPI immediately prior to such transaction owning or controlling less than 50% of the equity securities of the continuing or surviving entity immediately following such transaction, or (iii) any Person or Persons acting together or which would constitute a “group” for the purposes of Section 13(d) of the Securities Exchange Act of 1934, as amended (the “ Exchange Act ”), together or with any Affiliates thereof (other than any of the holders of the equity securities of the Company or BPI immediately prior to the consummation of such transaction) beneficially owning (as defined in Rule 13d-3 of the Exchange Act) or controlling, directly or indirectly, in one or a series of related transactions, at least 50% of the total equity securities of the Company or BPI, as applicable.

          “ Corporate Conversion ” shall have the meaning ascribed to it in the LLC Agreement.

          “ IPO ” shall mean the closing of any offering (including any underwriters overallotment option), whether by the Company or selling equity holders, of the equity securities of the Company or BPI for sale to the public pursuant to an offering registered with the Securities and Exchange Commission (the “ Commission ”) under the Securities Act in an amount equal to 35% of the pre-offering equity securities of the Company or BPI, as the case may be; provided that for the purposes of this Agreement, the issuance by the Company or BPI of registration rights (or similar rights that if exercised would cause the Company or BPI to register its equity securities pursuant to an offering registered with the Commission under the Securities Act) to a financing source shall not give rise to an Additional Transaction Payment.

5


 

          “ Repurchase Price Per Common Unit ” shall mean $5,123.12.

          “ Supplemental Per Common Unit Payment ” shall mean the positive amount, if any, as is equal to (i) the Additional Transaction Price Per Common Unit less (ii) the Repurchase Price Per Common Unit.

     1.4 Full and Complete Payment . The parties acknowledge and agree that following the Closing (a) the Repurchase Price constitutes full and complete payment for the Common Units and all rights and attributes related thereto (including, without limitation, any amounts due in respect of any accrued but unpaid dividends or distributions), and (b) except for the Repurchase Price and, if applicable, the Additional Transaction Payment, Gaylord Hotels shall not be entitled to any other rights, payments, dividends and/or distributions, whether in cash or property, from the Company or any other Person in respect of the Common Units or other interests in or with respect to the Company, whether existing under (i) the Delaware Limited Liability Company Act, as now or hereafter amended, (ii) the Company’s Certificate of Formation, or (iii) any of the Existing Agreements, except, in all cases, as provided in Section 1.5 hereof. For the avoidance of doubt, the foregoing shall not preclude Gaylord Hotels from bringing an action for (A) fraud, (B) breach of this Agreement, or (C) breach of the General Release of Claims described in Sections 2.2(d)(iv) or 2.2(d)(v) below; provided that the remedy for any such action shall not include rescission of the transactions contemplated by this Agreement.

     1.5 Termination of Existing Agreements . Effective upon the Closing, (a) each of the Existing Agreements shall automatically terminate with respect to Gaylord Hotels, GEC, Colin Reed, and David Kloeppel, as applicable, and shall cease to be of any further force or effect as between Gaylord Hotels, GEC, Colin Reed, and David Kloeppel, as applicable, on the one hand, and the other party(ies) to such agreement, on the other hand, (b) Gaylord Hotels, GEC, Colin Reed, and David Kloeppel shall have no rights or obligations under any of the Existing Agreements with respect to the Company or any of the other parties thereto, and (c) neither the Company nor any of the other parties to any of the Existing Agreements shall have any further rights or obligations under any of the Existing Agreements with respect to Gaylord Hotels, GEC, Colin Reed, and David Kloeppel, provided, however , that the provisions of Section 8.11 of the LLC Agreement shall continue in full force and effect with respect to indemnification of Colin Reed as a manager of the Company and that the provisions of Section 4.1 of the LLC Agreement shall continue in full force and effect only to the extent necessary to fully effectuate Section 1.7 hereof. For the avoidance of doubt, notwithstanding anything to the contrary in Section 10.3 of the LLC Agreement, at the Closing Gaylord Hotels shall cease to be a Member (as such term is defined in the LLC Agreement) of the Company. For the avoidance of doubt and as provided under Section 13.1(b) of the LLC Agreement and Section 11.3 of the Registration Rights Agreement, this Section 1.5 shall be acknowledged by each of the other parties to each of such agreements to effect the termination of such agreements with respect to Gaylord Hotels as provided herein. To the extent necessary under the Existing Agreements, each of Gaylord Hotels, GEC, the Company, American Sportsman, JLM Partners, KB Partners and the other parties thereto hereby (or concurrently herewith) consent to (i) the execution and delivery of this Agreement and (ii) as of the Closing, the consummation of the transactions contemplated hereby. American Sportsman, JLM Partners, KB Partners and the other parties to the Existing Agreement hereby (or shall concurrently herewith): (i) agree that the payment of the Repurchase Price and

6


 

any Additional Transaction Payment shall not constitute a distribution under Section 4.1 of the LLC Agreement, and (ii) waive any right they may have under the LLC Agreement to any portion of the Repurchase Price or other payments made to Gaylord pursuant to this Agreement. Gaylord Hotels and GEC hereby waive any pre-emptive right they may have under Article VI of the LLC Agreement. Gaylord Hotels and GEC hereby authorize the Company to withhold (or pay to a third party) amounts from the Repurchase Price and any Additional Transaction Payment to the extent required by any applicable Law relating to tax withholding.

     1.6 The Closing . The closing of the transactions contemplated by this Agreement (the “ Closing ”) shall take place at the offices of Latham & Watkins LLP, Sears Tower, Suite 5800, Chicago, Illinois 60606 at 10:00 A.M. on the business day following the satisfaction or waiver of the last to occur of the closing conditions set forth in Article II hereof or on such other date as is mutually agreeable to Gaylord Hotels and the Company. The date on which the Closing takes place shall be referred to as the “ Closing Date .”

     1.7 Distributions of Cash Sufficient to Pay Taxes . Except to the extent such distributions have already been made to Gaylord Hotels or GEC pursuant to Section 4.1 of the LLC Agreement prior to the Closing Date, the Company shall distribute to Gaylord Hotels an amount of cash sufficient to pay any federal, state or local income taxes with respect to Gaylord Hotels’ or GEC’s respective share of the Company’s taxable income with respect to any tax year (or portion thereof) ending on or prior to the Closing Date. The Company shall make such distributions to Gaylord Hotels at the same time that tax distributions for the relevant tax period are made to the members of the Company pursuant to Section 4.1 of the LLC Agreement, but in no event later than 180 days after the Closing Date.

ARTICLE II
CONDITIONS TO CLOSING

     2.1 Conditions to the Company’s Obligations . The obligation of the Company to consummate the transactions contemplated by this Agreement is subject to the satisfaction of the following conditions as of the Closing Date:

          (a)  Representations and Warranties . The representations and warranties of Gaylord Hotels and GEC set forth in Article III hereof shall be true and correct in all material respects (except for any representations or warranties qualified by materiality, which shall be true and correct in all respects) at and as of the Closing Date as though then made and as though the Closing Date was substituted for the date of this Agreement throughout such representations and warranties.

          (b)  Covenants . Gaylord shall have performed in all material respects all of the covenants and agreements required to be performed by Gaylord under this Agreement at or prior to the Closing.

          (c)  Governmental Proceedings . No injunction exists or proceeding has been commenced that is reasonably likely to prevent, delay, make illegal, or otherwise interfere with, the performance of this Agreement or the consummation of any of the transactions contemplated

7


 

hereby, declare unlawful the transactions contemplated by this Agreement or cause such transactions to be rescinded.

          (d)  Financing . The Company shall have obtained financing in an amount at least equal to the Repurchase Price, in accordance with Section 1.2(b) .

          (e)  Consents and Approvals . The Company shall have obtained or made each consent, approval, authorization, or other order of, action by, filing with or notification to any governmental authority or third party, each of which shall be in full force and effect on and as of the Closing.

          (f)  Gaylord Deliveries . Gaylord shall have delivered to the Company each of the following:

     (i) a certificate, duly executed by an authorized officer of Gaylord and GEC, certifying that the conditions under Sections 2.1(a) and 2.1(b) have been satisfied in full;

     (ii) a certificate, duly executed by an authorized officer of Gaylord Hotels and GEC, certifying that attached thereto are true and complete copies of the resolutions of the Board of Directors of Gaylord Hotels and the Board of Directors of GEC, authorizing and approving the execution, delivery and performance by Gaylord Hotels and GEC, respectively, of this Agreement and each of the other documents or instruments contemplated hereby and that such resolutions are in full force and effect as of the Closing Date;

     (iii) a General Release of Claims in the form attached hereto as Exhibit A , duly executed by Gaylord Hotels, GEC, Colin Reed and David Kloeppel;

     (iv) resignation effective as of the Closing Date from Colin Reed, as a manager of the Company appointed by Gaylord; and

     (v) the Advertising Agreement as contemplated by Section 5.2 , duly executed by GEC.

          The Company may waive any condition specified in this Section 2.1 if it executes a writing so stating at or prior to the Closing; provided that if the Closing is consummated, all such conditions shall be deemed to have been satisfied.

     2.2 Conditions to Gaylord’s Obligations . The obligations of Gaylord to consummate the transactions contemplated by this Agreement are subject to the satisfaction of the following conditions as of the Closing Date:

          (a)  Representations and Warranties . The representations and warranties of the Company set forth in Article IV hereof shall be true and correct in all material respects (except for any representations or warranties qualified by materiality, which shall be true and correct in all respects) at and as of the Closing Date as though then made and as though the Closing Date was substituted for the date of this Agreement throughout such representations and warranties.

8


 

          (b)  Covenants . The Company shall have performed in all material respects all the covenants and agreements required to be performed by it under this Agreement at or prior to the Closing.

          (c)  Governmental Proceedings . No injunction exists or proceeding has been commenced that is reasonably likely to prevent, delay, make illegal, or otherwise interfere with, the performance of this Agreement or the consummation of any of the transactions contemplated hereby, declare unlawful the transactions contemplated by this Agreement or cause such transactions to be rescinded.

          (d)  Company Deliveries . The Company shall have delivered, or caused to be delivered, to Gaylord each of the following:

     (i) the Repurchase Price payable by the Company pursuant to Section 1.2(a) above by wire transfer of immediately available funds to the accounts (and in the amounts) designated in writing by Gaylord Hotels not less than three (3) business days prior to the Closing;

     (ii) a certificate, duly executed by an authorized officer of the Company, certifying that the conditions under Sections 2.2(a) and 2.2(b) have been satisfied in full;

     (iii) a certificate, duly executed by an authorized officer of the Company, certifying that attached thereto is a true and complete copy of the (A) the Certificate of Formation and limited liability company operating agreement, as in effect on the Closing Date and (B) resolutions of the Board of Managers of the Company authorizing and approving the execution, delivery and performance by the Company of this Agreement and each of the other documents or instruments contemplated hereby and that such resolutions are in full force and effect as of the Closing Date (it being agreed that the manager appointed by Gaylord shall be entitled to abstain from voting on such matter);

     (iv) a General Release of Claims in the form attached hereto as Exhibit B , duly executed by the Company;

     (v) a General Release of Claims in the form attached hereto as Exhibit C , duly executed by eac


 
SITE SEARCH

AGREEMENTS / CONTRACTS

Document Title:

Entire Document: (optional)

Governing Law:(optional)


Try our advanced search >>
 

CLAUSES

Search Contract Clauses >>

Browse Contract Clause Library>>

Get Email Updates
Email:
This is only a partial view of this document. We have millions of legal documents and clauses drafted by top law firms. learn more search for free browse for free learn more