TABLE OF CONTENTS
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ARTICLE 1 DEFINITIONS AND RULES OF CONSTRUCTION | 2 | ||
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Section 1.01 |
| Definitions | 2 |
Section 1.02 |
| Rules of Construction | 2 |
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ARTICLE 2 PURCHASE AND SALE | 3 | ||
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Section 2.01 |
| Purchase and Sale of Transferred Interests | 3 |
Section 2.02 |
| Purchase Price | 3 |
Section 2.03 |
| Closing | 5 |
Section 2.04 |
| Closing Deliveries | 5 |
Section 2.05 |
| Post-Closing Adjustment | 6 |
Section 2.06 |
| Withholding Taxes | 8 |
Section 2.07 |
| Other Post-Closing Payments | 8 |
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ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF SELLERS | 9 | ||
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Section 3.01 |
| Organization and Existence | 9 |
Section 3.02 |
| Authorization | 9 |
Section 3.03 |
| Governmental Consents; Litigation | 9 |
Section 3.04 |
| Noncontravention | 10 |
Section 3.05 |
| Title to Transferred Interests; Claims | 10 |
Section 3.06 |
| Brokers | 10 |
Section 3.07 |
| Exclusive Representations and Warranties | 10 |
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ARTICLE 4 REPRESENTATIONS AND WARRANTIES RELATING TO THE ACQUIRED COMPANIES AND THE JV ENTITIES | 11 | ||
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Section 4.01 |
| Organization and Existence | 11 |
Section 4.02 |
| Capitalization | 11 |
Section 4.03 |
| Consents | 11 |
Section 4.04 |
| Noncontravention | 12 |
Section 4.05 |
| Title to Subsidiaries and JV Entities | 12 |
Section 4.06 |
| Financial Statements; Absence of Changes; No Undisclosed Liabilities | 13 |
Section 4.07 |
| Litigation | 13 |
Section 4.08 |
| Compliance with Laws and Permits | 13 |
Section 4.09 |
| Contracts | 14 |
Section 4.10 |
| Real Property; Ownership of Assets | 14 |
Section 4.11 |
| Employee Matters | 16 |
Section 4.12 |
| Environmental Matters | 17 |
Section 4.13 |
| Taxes | 18 |
Section 4.14 |
| Brokers | 20 |
Section 4.15 |
| Intercompany Obligations | 20 |
Section 4.16 |
| Insurance | 20 |
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Section 4.17 |
| Intellectual Property | 20 |
Section 4.18 |
| Regulatory Matters | 21 |
Section 4.19 |
| Exclusive Representations and Warranties | 21 |
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ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF PURCHASER | 22 | ||
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Section 5.01 |
| Organization and Existence | 22 |
Section 5.02 |
| Authorization | 22 |
Section 5.03 |
| Consents | 22 |
Section 5.04 |
| Guarantee | 23 |
Section 5.05 |
| Noncontravention | 23 |
Section 5.06 |
| Litigation | 23 |
Section 5.07 |
| Compliance with Laws | 23 |
Section 5.08 |
| Brokers | 23 |
Section 5.09 |
| Investment Intent | 24 |
Section 5.10 |
| Available Funds; Source of Funds | 24 |
Section 5.11 |
| Investigation | 25 |
Section 5.12 |
| Disclaimer Regarding Projections | 25 |
Section 5.13 |
| Legal Impediments | 25 |
Section 5.14 |
| Exclusive Representations and Warranties | 26 |
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ARTICLE 6 COVENANTS | 26 | ||
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Section 6.01 |
| Information Pending Closing | 26 |
Section 6.02 |
| Conduct of Business Pending the Closing | 27 |
Section 6.03 |
| Tax Matters | 29 |
Section 6.04 |
| Confidentiality; Publicity | 31 |
Section 6.05 |
| Post-Closing Books and Records | 32 |
Section 6.06 |
| Expenses | 32 |
Section 6.07 |
| Further Actions | 32 |
Section 6.08 |
| No Solicitation; Alternative Transactions | 34 |
Section 6.09 |
| R&W Insurance Policy | 34 |
Section 6.10 |
| Employee Matters | 34 |
Section 6.11 |
| IFRS Financial Statements; Cooperation | 35 |
Section 6.12 |
| [***] | 37 |
Section 6.13 |
| [***] | 37 |
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ARTICLE 7 CONDITIONS TO CLOSING | 38 | ||
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Section 7.01 |
| Conditions to Each Party’s Obligations | 38 |
Section 7.02 |
| Conditions to Obligations of Purchaser | 38 |
Section 7.03 |
| Conditions to Obligations of Sellers | 39 |
Section 7.04 |
| Frustration of Closing Conditions | 40 |
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ARTICLE 8 SURVIVAL AND RELEASE | 40 | ||
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Section 8.01 |
| No Survival of Representations and Warranties | 40 |
Section 8.02 |
| “As Is” Sale; Release | 40 |
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Section 8.03 |
| No Setoff | 42 |
Section 8.04 |
| No Recourse Against Non-Party Affiliates | 42 |
Section 8.05 |
| Indemnification for Fundamental Representations | 42 |
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ARTICLE 9 SUPPORT OBLIGATIONS | 43 | ||
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Section 9.01 |
| Replacement of Support Obligations | 43 |
Section 9.02 |
| Purchaser Backstop Credit Support | 44 |
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ARTICLE 10 TERMINATION | 45 | ||
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Section 10.01 |
| Termination | 45 |
Section 10.02 |
| Effect of Termination | 46 |
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ARTICLE 11 MISCELLANEOUS | 47 | ||
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Section 11.01 |
| Notices | 47 |
Section 11.02 |
| Severability | 48 |
Section 11.03 |
| Further Cooperation | 49 |
Section 11.04 |
| Amendments and Waivers | 49 |
Section 11.05 |
| Entire Agreement; No Third Party Beneficiaries | 49 |
Section 11.06 |
| Governing Law | 49 |
Section 11.07 |
| Consent to Jurisdiction; Waiver of Jury Trial | 49 |
Section 11.08 |
| Specific Performance | 50 |
Section 11.09 |
| Assignment | 51 |
Section 11.10 |
| Headings | 51 |
Section 11.11 |
| Exhibits, Annexes and Schedules | 51 |
Section 11.12 |
| Acknowledgement and Waiver | 51 |
Section 11.13 |
| Counterparts; Execution | 52 |
Exhibits |
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Exhibit A | Defined Terms |
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Annexes |
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Annex A | Operating Facilities |
Annex B | Development Projects |
Annex C | Managed Projects |
Annex D | Form of Purchaser Parent Guarantee |
Annex E | Illustrative Calculation of Closing Date Working Capital Amount, Closing Date Cash Amount and Closing Date Indebtedness Amount |
Annex F | Consents Required for Closing |
Annex G-1 | Form of Seller Note |
Annex G-2 | Form of Pledge Agreement |
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Schedules |
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Schedule A | Purchaser Disclosure Schedule |
Schedule B | Seller Disclosure Schedule |
iii
DEFINITIONS AND RULES OF CONSTRUCTION
PURCHASE AND SALE
REPRESENTATIONS AND WARRANTIES OF SELLERS
REPRESENTATIONS AND WARRANTIES OF PURCHASER
COVENANTS
CONDITIONS TO CLOSING
SURVIVAL AND RELEASE
SUPPORT OBLIGATIONS
TERMINATION
MISCELLANEOUS
c/o OPC Energy Ltd.
121 Menachem Begin Road
Tel-Aviv, P.O.B Israel 20709
Email: [***]
Attention: [***]
1440 New York Avenue, N.W.
Washington, DC 20005
Email: [***]
Attention: [***]
Skadden, Arps, Slate, Meagher & Flom LLP
40 Bank Street, Canary Wharf
London, E14 5DS
Email: [***]
Attention: [***]
1345 Avenue of the Americas, 30th Floor
New York, New York 10105
Email: [***]
Attention: [***]
885 Third Avenue
New York, New York 10022
Email: [***]
Attention: [***]
| SELLERS | |
| GIP II CPV INTERMEDIATE HOLDINGS | |
PARTNERSHIP, L.P. | ||
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| By: | Global Infrastructure GP II, L.P., its general partner |
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| By: | Global Infrastructure Investors II, LLC, its general partner |
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| By: | /s/ [***] |
Name: [***] | ||
Title: Partner |
| GIP II CPV INTERMEDIATE HOLDINGS | |
| PARTNERSHIP 2, L.P. | |
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By: | Global Infrastructure GP II, L.P., its general partner | |
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By: | Global Infrastructure Investors II, LLC, its general partner | |
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By: | /s/ [***] | |
Name: [***] | ||
Title: Partner |
| CPV POWER HOLDINGS GP, LLC | |
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By: | /s/ [***] | |
Name: [***] | ||
Title: Partner |
[Signature Page to Purchase and Sale Agreement]
PURCHASER | ||
CPV GROUP LP | ||
By: OPC US INC., its general partner | ||
By: | /s/ [***] | |
Name: [***] | ||
Title: [***] | ||
By: | /s/ [***] | |
Name: [***] | ||
Title: [***] | ||
Solely for purpose of Article 11: | ||
PURCHASER GP | ||
OPC US INC. | ||
By: | /s/ [***] | |
Name: [***] | ||
Title: [***] | ||
By: | /s/ [***] | |
Name: [***] | ||
Title: [***] |
Defined Terms
Defined Term | Section |
Accounting Principles | Section 2.02(b) |
Acquired Partnership | Section 6.03(g) |
Additional Support Obligation | Section 9.01(a) |
Agreement | Preamble |
Allocation | Section 2.02(d) |
Balance Sheet Date | Section 4.06(a) |
Base Purchase Price | Section 2.02(a)(ii) |
Business | Recitals |
CARES Act | Section 4.11(k) |
Closing | Section 2.03 |
Closing Date | Section 2.03 |
Closing Statement | Section 2.05(a) |
Confidentiality Agreement | Section 6.04(a) |
Consent | Section 3.03 |
Continuing Employees | Section 6.10(a) |
Continuing Support Obligation | Section 9.01(b) |
Counsel | Section 11.12(b) |
CPV REC | Recitals |
CPV REC Base Purchase Price | Section 2.02(a)(iii) |
CPV REC Purchase Price | Section 2.02(a)(iii) |
CPV Power Holdings | Recitals |
CPV Power Holdings Base Purchase Price | Section 2.02(a)(i) |
CPV Power Holdings Interests | Recitals |
CPV Power Holdings LP | Recitals |
CPV Power Holdings Note Amount | Section 2.02(a)(i) |
CPV Power Holdings Purchase Price | Section 2.02(a)(i) |
CPVI | Recitals |
CPVI Base Purchase Price | Section 2.02(a)(ii) |
CPVI Purchase Price | Section 2.02(a)(ii) |
CPVI Shares | Recitals |
Development Projects | Recitals |
Easement Real Property | Section 4.10(c) |
Effective Time | Section 2.03 |
Estimated Closing Date Statement | Section 2.02(b) |
Extended Outside Date | Section 10.01(b) |
Fairview Management Transition Fee | Section 2.07(a) |
Filing | Section 3.03 |
Financial Statements | Section 4.06(a) |
GIP II CPV | Recitals |
GIP II CPV 2 | Recitals |
GP Designee | Section 2.02(a) |
IFRS | Section 6.11(a)(i) |
Independent Accountant | Section 2.05(b) |
Insurance Policies | Section 4.16 |
Intellectual Property | Section 4.17 |
Interim Period | Section 6.01 |
Investors | Section 5.10 |
Investor Subscription Agreement | Section 5.10 |
ISA | Section 6.11(a)(i) |
ITC Transformer Contract | Section 4.13(g) |
ITC Transformer Supplier | Section 4.13(g) |
KPMG | Section 6.11(a)(i) |
Leases | Section 4.10(b) |
Leased Real Property | Section 4.10(b) |
Material Contracts | Section 4.09(a) |
MBR Tariff | Section 4.18(b) |
Mezzanine Credit Agreement | Section 6.13 |
Non-Party Affiliates | Section 8.04 |
Objection Notice | Section 2.05(b) |
OPC Power Ventures | Section 5.10 |
Operating Facilities | Recitals |
[***] | Section 2.07(a) |
Outside Date | Section 10.01(b) |
Owned Real Property | Section 4.10(a) |
Party; Parties | Preamble |
Pass-Through Tax Proceeding | Section 6.03(i) |
Pass-Through Tax Return | Section 6.03(g) |
Permits | Section 4.08 |
Permitted Liens | Section 4.10(a) |
Power Ventures Subscription Agreement | Section 5.10 |
Pre-Closing Tax Return | Section 2.02(d) |
PTC Transformer Contract | Section 4.13(h) |
PTC Transformer Supplier | Section 4.13(h) |
Purchaser | Preamble |
Purchaser GP | Preamble |
Purchase Price | Section 2.02(a)(ii) |
Purchaser Fundamental Representations | Section 7.03(b)(i) |
Purchaser Guarantor | Recitals |
Purchaser Parent Guarantee | Recitals |
Purchaser Plans | Section 6.10(b) |
Purchaser Termination Fee | Section 10.02(d) |
Purchasers’ Required Consents | Section 5.03 |
R&W Insurance Policy | Section 6.09 |
Real Property | Section 4.10(c) |
Regulatory Conditions | Section 10.01(b) |
Releasee | Section 8.02(c) |
Releasor | Section 8.02(c) |
Securities Act | Section 5.06 |
Sellers | Preamble |
Sellers’ Counsel | Section 11.11 |
Sellers’ Election Notice | Section 2.05(a) |
Sellers’ Required Consents | Section 3.03 |
Seller Fundamental Representations | Section 7.02(b)(i) |
Subscription Agreement | Section 5.10 |
Support Obligations | Section 9.01(a) |
Tangible Personal Property | Section 4.10(a) |
Three Rivers Promote | Section 2.07(b) |
Training and Support Agreement | Section 2.07(a) |
Transferred Interests | Recitals |
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