Exhibit 10.1
PURCHASE AND SALE AGREEMENT
THIS PURCHASE AND SALE AGREEMENT (this Agreement) made and entered into as of the 28th day of June, 2007 (the Effective Date), by and between EQUIFAX INC., a Georgia corporation (hereinafter referred to as Purchaser) and FIRST CHICAGO LEASING CORPORATION, a Delaware corporation (hereinafter referred to as Seller).
BACKGROUND STATEMENTS
A. Seller is the Owner Participant under that certain Trust Agreement dated as of March 17, 1994 (the Trust Agreement) of Equifax Business Trust No. 1994-A (the Trust), between Seller and Wilmington Trust Company. As the Owner Participant under the Trust Agreement, Seller 100% owns the beneficial interest of the Trust (the Beneficial Interest), which Beneficial Interest includes all of Sellers right, title and interest in and to the Project and the Trust Estate. In connection therewith, Seller will also transfer to Purchaser all of its rights and obligations from and after the time of the Closing under and in connection with the Trust Agreement, the Participation Agreement and each other Transaction Document to which Seller is a party or to which Seller is bound, excluding, however, the Seller Retained Rights and the Seller Retained Obligations (each as herein defined) (collectively, with the Beneficial Interest, the Owner Participant Interest).
B. The Trust is the owner of that certain improved real property known as the J.V. White Technology Center, located in the city of Alpharetta, and being a portion of Land Lot 1039 of the 2nd District, 1st Section of Fulton County, Georgia (said property, together with all rights, appurtenances and privileges thereto appertaining or belonging to such real property, including any right, title and interest of the Trust in and to adjacent streets, alleys, easements or rights-of-way, improvements on such real property, personal property on such real property, and agreements and intangibles pertaining to such real property (said real property, appurtenances and privileges are hereinafter referred to as the Property).
C. The Trust has incurred debt (the Notes), issued pursuant to the Trust Indenture dated as of March 18, 1994 (the Indenture) between the Owner Trustee and The Bank of New York, Trust Company, N.A. (as successor in interest to NationsBank of Georgia, National Association), as Indenture Trustee, which debt is further secured by the additional Security Documents, including that certain Deed to Secure Debt, Uniform Commercial Code Security Agreement, Financing Statement and Fixture Filing encumbering the Property dated as of March 18, 1994, held by SunTrust Bank (the SunTrust Mortgage). As of March 1, 2007, the outstanding principal amount of the Notes was Twelve Million Five Hundred Thirty-Nine Thousand Three Hundred Sixty-Four and No/100ths Dollars ($12,539,364.00).
D. Seller desires to sell and Purchaser desires to purchase the Owner Participant Interest.
E. The parties hereto desire to set forth the terms and conditions of their agreement with respect to the purchase and sale of the Owner Participant Interest.
F. Capitalized terms used but not defined in this Agreement have the meanings assigned to such terms in Appendix A to the Participation Agreement, dated as of March 18, 1994, among Alphafax, the Lessee, the General Partner, the Owner Participant, the Trust, the Individual Owner Trustee, the Corporate Owner Trustee, the Indenture Trustee and Trust Company Bank, as Lender (as amended, the Participation Agreement).
NOW, THEREFORE, for good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows:
AGREEMENTS
Seller agrees to sell and convey the Owner Participant Interest to Purchaser, and Purchaser agrees to purchase the Owner Participant Interest from Seller, all on the terms and conditions set forth in this Agreement. The Owner Participant Interest does not include and Seller is retaining the right to all Seller Retained Rights (as such term is defined in the Assignment and Assumption Agreement (as herein defined)). The Owner Participant Interest does not include and Seller is retaining the responsibility for the Seller Retained Obligations (as defined in the Assignment and Assumption Agreement).
The purchase price shall consist of the acquisition of the Owner Participant Interest subject to the debt outstanding under the Notes on the Closing Date (as such term is defined in the Assignment and Assumption Agreement) and a cash payment (the Cash Purchase Price) for the Owner Participant Interest of Twenty-Nine Million Nine Hundred Sixty-One Thousand and No/100ths Dollars ($29,961,000.00), payable in immediately available funds at the closing of purchase and sale hereunder (the Closing).
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Purchaser is, and at the time of the Closing will be, a Qualified Institution or an affiliate of a Qualified Institution which will guarantee the obligations of Purchaser in accordance with Section 8.01(a)(i)(B) of the Participation Agreement.
(i) The timely performance by Seller of each and every obligation imposed upon Seller under this Agreement.
(ii) The truth and accuracy as of the date hereof and as of the date of Closing, of each and every warranty and representation made by Seller.
(iii) Seller has delivered all necessary notices to the Trust, the Corporate Owner Trustee, the Indenture Trustee, the Lenders and the Lessee in accordance with Section 8.01(a)(iv) of the Participation Agreement.
(iv) The Indenture Trustee has provided all necessary approvals for the conveyance of the Owner Participant Interest from Seller to Purchaser. Purchaser and Seller both agree to use reasonable, good faith and diligent efforts to obtain all necessary approvals of such sale.
(v) The execution and delivery by Seller of the Assignment and Assumption Agreement in a form satisfactory to the Trust, the Corporate Owner Trustee, the Indenture Trustee and the Required Lenders in accordance with Section 8.01(a)(vi) of the Participation Agreement.
(i) The timely performance by Purchaser of each and every obligation imposed upon Purchaser under this Agreement.
(ii) The truth and accuracy as of the date hereof and as of the date of Closing, of each and every warranty and representation made by Purchaser.
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(iii) The payment by Purchaser of the Cash Purchase Price.
(iv) The execution and delivery by Purchaser of the Assignment and Assumption Agreement in a form satisfactory to the Trust, the Corporate Owner Trustee, the Indenture Trustee and the Required Lenders in accordance with Section 8.01(a)(vi) of the Participation Agreement.
(v) Counsel for Purchaser shall have delivered an opinion meeting the requirements of Section 8.01(a)(ix) of the Participation Agreement to the Indenture Trustee, the Lenders, the Trust and the Corporate Owner Trustee.
(c) In the event all or any part of the Property shall suffer an Event of Loss, then this Agreement shall automatically terminate and be of no further force or effect as of the date of such Event of Loss and the rights of the Purchaser and Seller shall be governed as to their respective interests by the Transaction Documents.
The obligations of Purchaser and Seller to close the purchase and sale of the Owner Participant Interest is subject in any case to the satisfaction by Seller and Purchaser of the conditions within the control of each to satisfy for the transfer of the Owner Participant Interest set forth in Section 8.01 of the Participation Agreement. Purchaser hereby waives the requirements that may otherwise be applicable to Seller under Section 8.02 of the Participation Agreement.
Purchaser may, at its own expense, order a title commitment and update any existing title insurance policy insuring title to, or Sellers interest in, the Property. Purchaser shall deliver a copy of any such title commitment to Seller promptly after receipt thereof. Seller agrees to cooperate with Purchaser and to execute such instruments and documents as may reasonably be required by Purchasers title insurer to update such title insurance policy.
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(b) Evidence of notice of the transfer of the of the Owner Participant Interest to the Trust, the Corporate Owner Trustee, the Indenture Trustee and the Lenders in accordance with Section 8.01(a)(iv) of the Participation Agreement; and
(c) Such instruments and documents as may reasonably be required by Purchasers title insurer to update any existing title insurance policy.
7.5 The Earnest Money shall be applied at Closing as a credit against the Cash Purchase Price.
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The parties acknowledge and agree that no brokers or other real estate agents have participated or have otherwise been involved in this transaction except Grub & Ellis Company, which has been engaged by Purchaser (the Broker), whose commission shall be paid by Purchaser pursuant to separate agreement between Broker and Purchaser. Seller shall indemnify and hold Purchaser harmless from all claims, losses, liabilities and expenses (including but not limited to reasonable attorneys fees actually incurred and court costs) which Purchaser may incur on account of any claim which may be asserted against Purchaser by any broker or any other person (other than Broker) on the basis of any agreements made or alleged to have been made by or on behalf of Seller. Purchaser shall indemnify and hold Seller harmless from all claims, losses, liabilities and expenses (including but not limited to reasonable attorneys fees actually incurred and court costs) which Seller may incur on account of any claim which may be asserted against Seller by any broker or other person except the Broker on the basis of any agreements made by or on behalf of Purchaser.
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Seller: |
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First Chicago Leasing Corporation c/o JPMorgan Capital Corporation Chase Tower Mail Suite IL1-0502 10 South Dearborn, 12th Floor Chicago, Illinois 60602-2003 Attn: Ms. Anne Pax Fax: 312-732-2569 |
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With a copy to: |
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Winston & Strawn LLP 35 W. Wacker Drive Chicago, Illinois 60601-9703 Attn: Arnold G. Gough, Jr. Fax: 312-558-5700 |
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Purchaser: |
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EquifaxInc. 1550 Peachtree Street, N.W. Atlanta, Georgia 30309 Attn: Paul L. Greear Fax: 770-740-6191 |
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With a copy to: |
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Alston & Bird LLP 1201 West Peachtree Street Atlanta, Georgia 30309-3424 Attn: Timothy J. Pakenham Fax: 404-253-8768 |
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11.10 Purchaser may assign this Agreement to any Person without Sellers consent provided, however, any such assignment shall not relieve Purchaser from the responsibility to cause performance of Purchasers obligations hereunder or from satisfying the requirements to be satisfied by a purchaser under Section 8.01 of the Participation Agreement.
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IN WITNESS WHEREOF, the parties hereto have executed this Agreement under seal as of the date first above written.
SELLER: |
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FIRST CHICAGO LEASING CORPORATION, |
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a Delaware corporation |
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PURCHASER: |
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EQUIFAX INC., a Georgia corporation |
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EXHIBIT A
TO PURCHASE AND SALE AGREEMENT
FORM OF
ASSIGNMENT AND ASSUMPTION AGREEMENT
THIS ASSIGNMENT AND ASSUMPTION AGREEMENT, dated July , 2007, is made between FIRST CHICAGO LEASING CORPORATION, a Delaware corporation (Seller), and EQUIFAX INC., a Georgia corporation (Purchaser).
RECITALS
A. Seller is the Owner Participant under the Participation Agreement dated as of March 18, 1994, as amended from time to time (the Participation Agreement) among Equifax Inc. (Lessee), Equifax Properties, Inc., First Chicago Leasing Corporation (FCLC), Equifax Business Trust No. 1994-A, Wilmington Trust Company, not in its individual capacity but solely as Corporate Owner Trustee, William J. Wade, not in his individual capacity but solely as Individual Owner Trustee, The Bank of New York, Trust Company, N.A. (successor in interest to Nationsbank of Georgia, National Association), as Indenture Trustee and the Lenders signatory thereto relating to the leveraged lease of the J.V. White Technology Center.
B. Seller and Purchaser have entered into a Purchase and Sale Agreement dated as of June , 2007 (the Sale Agreement) pursuant to which, subject to the terms and conditions set forth therein, Seller has agreed to assign and transfer, and Purchaser has agreed to accept and assume the Transferred Interests (as such term is defined below), including, without limitation, the Sellers obligations from and after the date hereof under the Transaction Documents to which Seller is a party.
C. It is a condition to the Closing, as defined in the Sale Agreement, that Seller and Purchaser enter into this Agreement.
ACCORDINGLY, for good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree as follows:
1. Definitions. The following capitalized terms used in this Agreement shall have the meanings set forth below. Such definitions shall be equally applicable to both the singular and plural forms of the terms defined. Capitalized terms used in this Agreement and not defined herein shall have the meaning given such terms in the Participation Agreement or the Sale Agreement, as the case may be.
Agreement shall mean this Assignment and Assumption Agreement.
Assignment shall mean the assignment of the Transferred Interests pursuant to Section 2 hereof.
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Beneficial Interest shall mean 100% of the Owner Participant Interest, the same being 100% of the beneficial interest in the Trust Estate.
Closing Date shall mean the date hereof.
Seller-Retained Obligations shall mean any and all liabilities and obligations of Seller under or with respect to any of the Transaction Documents in respect of the period prior to the Closing Date.
Seller-Retained Rights shall mean all accrued benefits and rights of Seller with respect to the Beneficial Interest or pursuant to any of the Transaction Documents in respect of the period prior to the Closing Date, including, without limitation, (a) all rights to indemnification and cost reimbursement in respect of Taxes and other matters with respect to such period, including, without limitation, under the Tax Indemnity Agreement and Article VII of the Participation Agreement; (b) all rights to any amount payable under the Transaction Documents or with respect to the Transferred Interests that accrue or become due and payable prior to the Closing Date, without regard to when the payment is actually made; and (c) all rights and claims in respect of obligations of other parties to the Transaction Documents due and owing prior to the Closing Date.
Transferred Interests shall have the meaning given such term in Section 2 hereof.
2. Assignment. Effective on and as of the Closing Date, Seller hereby GRANTS, BARGAINS, ASSIGNS, TRANSFERS, SELLS, DELIVERS AND CONVEYS UNTO PURCHASER, ITS SUCCESSORS AND ASSIGNS, TO HAVE AND TO HOLD FOREVER, all of Sellers right, title, interest and obligations in, to and under the Beneficial Interest and the Transaction Documents to which it is a party (including, without limitation, Sellers obligations under the Transaction Documents to which Seller is a party), subject to any debt outstanding on the Closing Date under the Notes relating to the Beneficial Interest, excluding the Seller-Retained Rights and the Seller-Retained Obligations (collectively, the Transferred Interests).
3. Acceptance and Assumption. Effective on and as of the Closing Date, Purchaser hereby (i) accepts the Assignment, and (ii) assumes and agrees to pay and perform all of the obligations of Seller contained in or relating to the Transferred Interests accruing from and after the Closing Date, and (iii) unconditionally and irrevocably agrees to be bound by all the terms of, and undertake all of the obligations of Seller, if any, contained in, the Transaction Documents to which Seller is a party, in each case, other than the Seller-Retained Obligations, and all references to Seller, or beneficial owner or owner participant as related to Seller, in the Transaction Documents shall be deemed to be references to Purchaser.
4. Representations of Purchaser. (a) Purchaser is a corporation validly existing and in good standing under the laws of the State of Georgia, and has the corporate power and authority to enter into this Agreement and to consummate the transactions contemplated hereby.
(b) The execution and delivery by Purchaser of this Agreement, and the performance by Purchaser of the transactions contemplated hereby, have been duly authorized by all requisite corporate action and proceedings of Purchaser. This Agreement has been duly executed and
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delivered by Purchaser, and is the legal, valid and binding obligation of Purchaser, enforceable against Purchaser in accordance with its terms, except as such enforceability may be limited by applicable bankruptcy, insolvency or similar laws from time to time in effect which affect creditors rights generally.
(c) Neither the execution and delivery of this Agreement by Purchaser, nor the performance by Purchaser of the transactions contemplated hereby, will (a) violate any provision of Purchasers organizational documents, (b) conflict with or result in a breach of any material agreement to which Purchaser is a party or by which Purchaser is bound, (c) violate any judgment, order, injunction, decree or award of any court, administrative agency or government body against, or binding upon, Purchaser, or (d) constitute a violation by Purchaser of any law or regulation applicable to Purchaser.
(d) The execution, delivery and performance by Purchaser of this Agreement do not require any shareholder approval or the approval or consent of any trustee or any holder of any indebtedness or obligation of Purchaser, or any filing or recording with, or any consent or approval of, or the taking of any other action with respect to, any government body, except such as have been obtained on or before the date hereof and except for filings, if any, made pursuant to routine recording or regulatory requirements applicable to it.
(e) There are no actions, suits or proceedings pending, or to the best of Purchasers knowledge, threatened, against Purchaser that, if adversely determined, would materially hinder or prevent Purchasers ability to carry out the transactions contemplated by this Agreement.
(f) Purchaser has a tangible net worth exclusive of good will, as determined in accordance with generally accepted accounting principles of at least $50 million.
(g) The Purchaser is not purchasing the Transferred Interests with the assets of an employee benefit plan (or its related trust) as defined in Section 3(3) of ERISA or with the assets of any plan (or its related trust) as defined in Section 4975(e)(1) of the Code.
5. Third Party Beneficiaries. Each of Indenture Trustee, Lender, the Trust, the Corporate Owner Trustee and Lessee (as defined in the Participation Agreement) and their respective successors and permitted assigns, is and shall be deemed a third party beneficiary of this Agreement and may rely on the representations and warranties contained herein and is entitled to enforce this Agreement directly and in its own name and enforce rights and claims hereunder.
6. Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns, subject to any limitations set forth in the Transaction Documents.
7. Governing Law. This Agreement shall be governed by and construed in accordance with the internal laws of the State of Georgia.
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8. Counterparts. This Agreement may be executed in separate counterparts, each of which when so executed and delivered shall be an original for all purposes, but all such counterparts shall constitute but one and the same instrument.
9. Headings. The section headings contained herein are for convenience only and shall not be construed as part of this Agreement.
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IN WITNESS WHEREOF, the parties hereto have each caused this Agreement to be duly executed on, and with effect from, the day and year first above written.
SELLER: |
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FIRST CHICAGO
LEASING |
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PURCHASER: |
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EQUIFAX INC. |
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