ExchangeAgreement换股协议完整篇doc.docx
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ExchangeAgreement换股协议完整篇doc.docx
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ExchangeAgreement换股协议完整篇doc
ExchangeAgreement换股协议-
9.1TerminationRights.ThisAgreementmaybeterminatedandtheExchangemaybeabandonedatanytimepriortotheClosing(providedthattherightofCCCtoterminatepursuanttoclause(iii)ofSection9.1(c)shallnotbeexercisablebyCCCsubsequenttothefifthdayfollowingthedateonwhichtheConfirmationOrderbecomesaFinalOrder),whetherbeforeoraftertheapprovaloftheExchangeorPlanofReorganizationbytheAAASecurityholdersasfollows:
(a)BymutualwrittenconsentofCCCandAAA;
(b)ByeitherCCCorAAAif:
(i)theClosinghasnotoccurredonorbeforethefirstanniversaryofthecommencementofAAA’sReorganizationCase(provided,however,thattherighttoterminatethisAgreementpursuanttothisclause(i)shallnotbeavailabletoanypartywhosebreachofthisAgreementhasbeenthecauseoforresultedinthefailureoftheClosingtooccuronorbeforesuchdate);or
(ii)anyGovernmentalAuthorityshallhaveissuedaninjunction,order,decree,orrulingortakenanyotheractionrestrainingorpreventingtheconsummationofthetransactionscontemplatedbythisAgreementandsuchorder,decree,ruling,orotheractionshallhavebecomefinalandnon-appealable;
(c)ByCCCif:
(i)theboardofdirectorsofAAAshallfailtorecommendapprovaloftheExchangeatthetimetheDisclosureStatementisfirstmailedtotheAAASecurityholdersorifsuchrecommendationofapproval,ifmade,isamendedinamanneradversetoCCCorwithdrawnthereafterorifAAAelectsnottoconsummatetheExchangeasaresultoftheconditionsetforthinSection8.1(i)nothavingbeensatisfied;
(ii)AAAhasnotifiedCCCthatitispreparedtoenterintoabindingagreementtoeffectanAlternativeTransactiondescribedinSection4.20(c);
(iii)(x)therehasbeenoneormorebreachesoftherepresentationsandwarrantiesmadebyAAAinArticleVofthisAgreementorafailureofAAAtoperformorcomplywithoneormorecovenantsoragreementscontainedinthisAgreement,(y)CCChasgivenAAAwrittennoticeoftheexistenceofeachsuchbreachorfailureatleastten(10)businessdayspriortothethenscheduledConfirmationDateandsuchbreachorfailureisnotresolvedorcuredonorbeforetheConfirmationDateand(z)iftheExchangeweretobeconsummatedwithoutsuchbreachesorfailures(individuallyortogetherwithanyotherbreachesorfailures)beingsoresolvedorcuredand,asaresultthereof,suchbreachorfailurewouldcauseCCCtosufferorsustaindamagesinanamountgreaterthan$,_________,(forpurposesofthisclause(iii),theamountofdamagesthatwouldbesufferedorsustainedbyCCCshallbecalculated
(1)aftertakingintoconsiderationandreducing(totheextentthatsuchhavenotpreviouslybeenconsideredindeterminingtheexistenceofsuchbreachorfailure)suchdamagesfor(A)amountsthathavebeenreimbursedorpaidunderinsurancecoveragemaintainedbytheAAAPartiesoranyotherpersonoramountsastowhichaninsurancecompanyorotherinsuringentityhasacknowledgeditsobligationtoreimburseorpayand(B)theamountofanyreservesestablishedintheAAAFinancialStatementsfortheLiabilityoreventgivingrisetodamagesand
(2)bynettingagainsttheaggregateofallsuchdamages(A)theamountbywhich(I)theactualrecovery(throughthedateofanysuchdeterminationofaggregatedamages)ofaccountsreceivablereflectedonthebalancesheetformingapartoftheAAAFinancialStatementsexceeds(II)thestatedvalueofsuchaccountsreceivableonsuchbalancesheet,and(B)theamountbywhich(I)anyLiabilityreflectedonsuchbalancesheetexceeds(II)theamountforwhichsuchLiabilityisliquidatedpriortothedateofanysuchdeterminationofaggregatedamages);
(iv)INTENTIONALLYLEFTBLANK;
(v)theCCCTradingValueismorethan120%oftheCommonShareValue;provided,however,CCCshallnothavetherighttoterminatethisAgreementpursuanttothisclause(v)ifpriortotheClosingDateAAAelectstoreducethenumberofsharesofExchangeCommonStocktoanumberofsharesequaltothequotientobtainedbydividing(A)theAggregateCommonShareValueby(B)120%oftheCommonShareValue;
(vi)theInitialOrder(A)shallnothavebeenenteredwithinfifteen(15)businessdaysaftertheoccurrenceofaBankruptcyEventand(B)shallnothavebecomeaFinalOrderwithintwenty-five(25)businessdaysafteraBankruptcyEvent;or
(vii)theConfirmationOrder,informandsubstancereasonablyacceptabletoCCCandconfirmingthePlanofReorganization,shallnothavebeenenteredbytheBankruptcyCourtonorbefore_________(M,D,Y)ortheConfirmationOrdershallnothavebecomeaFinalOrderonorbefore_________(M,D,Y)(aseitherofsuchdatesshallbeextendedbythenumberofdays,ifany,thatAAA’ssolicitationoftheacceptancebytheAAASecurityholdersofthePlanofReorganizationmaybedelayedorextendedbyreasonof(x)anymaterialchangeinormaterialeventsregardingCCCandwhichoccurafterthedateofthisAgreementandwhicharerequiredtobedisclosedintheDisclosureStatementorinanyamendmentorsupplementtotheDisclosureStatementor(y)theprovidingofanyadditionaldisclosureconcerningCCCorconcerningthepost-ClosingbusinessorfinancialconditionofanyAAAParty);provided,thatCCCshallnotbeentitledtoterminatethisAgreementpursuanttothisclause
(vii)unlessCCChasgivenAAApriorwrittennoticeofitsintentiontoterminatethisAgreementpursuanttothisclause(vii)withinthirty(30)daysaftertheaboveapplicabledescribeddate;or
(viii)theReorganizationCasesshallnothavebeencommencedonorbeforeAugust6,1996.
(d)ByAAAif:
(i)therehasbeenabreachoftherepresentationsandwarrantiesmadebyCCCinArticleVIofthisAgreementwhichismaterialtothefinancialconditionofCCCoritsabilitytoperformitsobligationsunderthisAgreementorwhichadverselyaffectsthebenefitstobereceivedbyAAAunderthisAgreementatClosingorafailuretoperformorcomplywithanycovenantoragreementcontainedinthisAgreementwhichadverselyaffectsAAAoritsabilitytoobtainthebenefitscontemplatedbythisAgreementorwhichadverselyaffectsthebenefitstobereceivedbyAAAunderthisAgreementatClosing;providedthatAAAshallnotbeentitledtoterminatethisAgreementpursuanttothisclause(i)unless(A)AAAhasgivenCCCwrittennoticeoftheexistenceofsuchbreachorfailureand(B)CCChasnotresolvedorcuredsuchbreachorfailurewithinten(10)daysofsuchnotice;
(ii)AAAhasnotifiedCCCthatAAAispreparedtoenterintoabindingdefinitiveagreementtoeffectanAlternativeTransactiondescribedinSection4.20(c);
(iii)theCCCTradingValueislessthan80%oftheCommonShareValue;provided,however,AAAshallnothavetherighttoterminatethisAgreementpursuanttothisclause(iii)ifpriortotheClosingDateCCCelectstoincreasethenumberofsharesofExchangeCommonStocktoanumberofsharesequaltothequotientobtainedbydividing(A)theAggregateCommonShareValueby(B)80%oftheCommonShareValue;or
(iv)AAAhasnotifiedCCCthattheboardofdirectorsofAAA,intheexerciseoftheirfiduciaryduties,hasdeterminednottorecommendortowithdrawtheirpriorrecommendationoftheExchangetotheAAASecurityholdersorifAAAelectsnottoconsummatetheExchangeasaresultoftheconditionsetforthinSection8.1(i)nothavingbeensatisfied.
9.2PaymentofTerminationExpensesandFee.
(a)IfthisAgreementisterminatedpursuanttoeitherclause(i)or(ii)ofSection9.1(c)orclauses(ii)or(iv)ofSection9.1(d),thenAAAshallpayCCCanamountequalto$6,000,000(theTerminationFee).
(b)IfthisAgreementisterminatedpursuanttoeitherclauses(i),(ii),(iii)or(vi)ofSection9.1(c)orclauses(ii)or
(iv)ofSection9.1(d),thenAAAshallpayCCCanamountequaltothedocumentedout-of-pocketcostsandexpenses(includingattorneys’,financialadvisors’,accountants’,engineers’andotherconsultants’fees)incurredbyCCCfromandafterNovember15,1995(theTerminationExpenses)inconnectionwith(x)thepreparation,negotiationofthePlanofReorganization,theDisclosureStatementandthisAgreement,(y)theduediligenceeffortsofCCCandtheirprofessionalsandadvisorsinconnectionwiththecontemplatedtransactionsand(z)thepursuitofthetransactionscontemplatedherebyandthereby;provided,however,thattheaggregatedamountofTerminationExpensesthatCCCshallbeentitledtorecouphereinshallnotexceed$,_________.
(c)SubjecttotheapprovaloftheBankruptcyCourt,theTerminationExpensesandTerminationFeeshallconstitutefirstpriorityadministrativeexpensesofAAApursuanttosection364(c)
(1)oftheBankruptcyCodeandshallbesecuredbyalienonpropertyoftheAAAestatepursuanttosection364(c)
(2)oftheBankruptcyCodeandshallbepaidupontheearlierof(i)theclosingofthetransactionscontemplatedbyanacceptedAlternativeTransactionand(ii)entryofanyorderoftheBankruptcyCourtdirectingpaymentbyAAAofsuchamounts.FromandafteraterminationbyAAApursuanttoSection9.1(d)(ii)untilpaymentinfulloftheTerminationFeeandtheTerminationExpenses,interestshallaccrueonanyunpaidportionoftheTerminationFeeandtheTerminationExpensesatarateperannumequaltotheprimecommerciallendingrateannouncedfromtimetotimebytheChaseManhattanBank,N.A.
(d)IftheInitialOrderhasnotbeenenteredbytheBankruptcyCourtascontemplatedinSection4.5(c),thenCCCshallbeentitledtoassertasliquidateddamagestheTerminationFe
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