Home / CompanyIntelligence / Iron & Steel / National Steel Corp.

National Steel Corp. ▼

Business
Corporate
Employment
Financing
Legal
Loans
Miscellany
Plans
Purchase & Sale

Page 1 of 41 2 3 4

Preview Full Doc	2002	Agreement Agreement (11K) Doc #378632: Click preview link for longer preview. AGREEMENT --------- This Agreement is made and entered into, effective as of the 27/th/ day of February, 2002 ("Effective Date"), by and between NKK Steel Engineering, Inc. ("Contractor") and National Steel Corporation, Great Lakes Division ("National"). W I T N E S S E T H WHEREAS, Contractor and National are parties to a certain No. 1 Continuous Galvanizing Line Turnkey Engineering And Construction Contract dated as of October 23, 1998, as amended from time to time to date (the "Contact"), pursuant to which Contractor and National agreed to certain rights and obligations as set forth in the Contract in connection with the supply of a continuous galvanizing facility at National's Ecorse, Michigan Plant (the "Project"); WHEREAS, Contractor and National desire to address and resolve, in accordance with the terms of this Agreement, various issues and matters as part of the close-out of the Project. NOW THEREFORE, in consideration of the exchange of the promises herein, whose sufficiency as consideration hereby is acknowledged, and with the express intent to be legally bound, Contractor and National agree as follows: 1. Contractor shall pay to National the sum of $5,471,000 (U.S.) (the "Close-Out Sum"), in accordance with and subject to the following terms and conditions: (a) Promptly after the Effective Date, Contractor and National shall take all actions and sign all documents, including the execution and delivery of any documents reasonably requested by Contractor and/or by Bank of Tokyo-Mitsubishi, Ltd ("Issuer") as issuer of an Irrevocable Letter of Credit No. T-001-9834211R, dated June 20, 2000, in the amount of $3,023,700 (U.S.) ("First Letter of Credit") to amend the First Letter of Credit to reduce its amount from $3,023,700 to (U.S.) to $1,326,313 (U.S.). The First Letter of Credit as so amended to the reduced amount of $1,326,313 (U.S.) is referred herein as the Amended First Letter of Credit; (b) Immediately after the Document Delivery (as defined in paragraph 3 below), National shall be entitled to make a draw and demand for payment in the amount of $1,326,313 under the Amended First Letter of Credit and also shall be entitled to make a draw and demand for payment in the amount of $3,944,687 (U.S.) under an Irrevocable Letter of Credit No. T-001-9834210R of Issuer, dated June 20, 2000, in the amount of $3,944,687 (U.S.) ("Second Letter of Credit"); (c) National also shall be entitled to withhold payment {PAGE} ("Contract Balance Withholding") of $200,000 (U.S.) ("Contract Balance") alleged by Contract to be due and owing to Contractor pursuant to Paragraph 5.1 of the Contract. Such Contract Balance is part of a total outstanding balance of $201,840.15 (U.S.) referred to on Contractor's invoice Nos. 010014 and 010025 ("Contract Balance Invoice"). The $1,840.15 (U.S.) difference shall be paid by National to Contractor at the time of the Document Delivery. For purposes of this Agreement, the Contract Balance Withholding shall be deemed to be a payment by Contractor of the Contract Balance as part of the Close-Out Sum and, upon completion by National of the Document Delivery, National shall be forever released and discharged from all liability and obligation to pay the Contract Balance to Contractor. Promptly after the time of Document Delivery, Contractor shall cancel the Contractor Balance Invoice; (d) National shall be entitled, under subparagraphs 1(a), 1(b) and 1(c) above, to a total payment under the Amended First Letter of Credit, the Second Letter of Credit and the Contract Balance Withholding in the amount of the Close-Out Sum and Contractor will cooperate fully in National's 378632	National Steel National Steel Corp. ( Iron & Steel ) As referenced in this Agreement: National Steel --------------------------------- Corp. – type described in paragraph 54 of the Contract which survives termination of the Contract; and (v) concerning its pending request for defense/indemnity with respect to Sedoryk, et ux. v, National Steel --------------------------------- Corp. , et al., Case No. 02-200623 (Cir. Ct., Wayne Cty., Mich.). Such claims by ------------- National referred to in subsection (i)-(v) in the previous sentence are referred to collectively _____________ dt 1542008
Preview Full Doc	2003	Asset Purchase Agreement Asset Purchase Agreement (481K) Doc #101701: Click preview link for longer preview. {DOCUMENT} {TYPE}EX-2.1 {SEQUENCE}3 {PAGE} EXHIBIT 2.1 ASSET PURCHASE AGREEMENT dated as of January 9, 2003 by and among UNITED STATES STEEL CORPORATION and NATIONAL STEEL CORPORATION and THE SUBSIDIARIES OF NATIONAL STEEL CORPORATION SET FORTH ON THE SIGNATURE PAGES HERETO {PAGE} {TABLE} {S} {C} Article 1 DEFINITIONS...........................................................................1 1.1 Defined Terms.........................................................................1 1.2 Interpretation.......................................................................12 Article 2 TRANSFER OF ASSETS AND ASSUMPTION OF LIABILITIES.....................................12 2.1 Assets to be Acquired................................................................12 2.2 Excluded Assets......................................................................15 2.3 Liabilities to be Assumed by Buyer...................................................16 2.4 Excluded Liabilities.................................................................16 2.5 Changes in List of Assumed Contracts.................................................18 Article 3 CLOSING; PURCHASE PRICE..............................................................18 3.1 Closing; Transfer of Possession; Certain Deliveries..................................18 3.2 Deposit Escrow.......................................................................19 3.3 Purchase Price.......................................................................19 3.4 Purchase Price Adjustment............................................................19 3.5 Allocation of Purchase Price.........................................................21 3.6 Designation of Affiliates by Buyer...................................................21 3.7 Section 338(h)(10) Election..........................................................21 3.8 Designation of Exchange Accommodation Titleholder....................................21 Article 4 INDEMNITY ESCROW.....................................................................22 4.1 Creation of Escrow...................................................................22 4.2 Duration and Term....................................................................22 Article 5 REPRESENTATIONS AND WARRANTIES OF SELLER.............................................22 5.1 Due Organization.....................................................................22 5.2 Authorization; Validity..............................................................22 5.3 No Violation.........................................................................23 5.4 Third Party Approvals................................................................23 5.5 Title to Assets; Sufficiency and Condition of Assets.................................23 5.6 Intellectual Property................................................................24 5.7 Compliance with Laws.................................................................24 5.8 Title to Property....................................................................24 5.9 Brokers and Finders..................................................................25 5.10 Taxes................................................................................25 5.11 Labor Matters; Employee Relations....................................................25 5.12 ERISA Compliance; Absence of Changes in Benefits Plans...............................26 5.13 Litigation...........................................................................26 5.14 Customers and Suppliers..............................................................26 5.15 Accounts Receivable..................................................................26 5.16 Inventory............................................................................27 5.17 Financial Statements and SEC Filings.................................................27 5.18 Contracts............................................................................28 5.19 Permits..............................................................................28 {/TABLE} {PAGE} {TABLE} {S} {C} 5.20 Environmental Matters................................................................28 5.21 Capital Expenditures.................................................................29 5.23 Securities Law Matters...............................................................29 Article 6 REPRESENTATIONS AND WARRANTIES OF BUYER..............................................30 6.1 Due Organization.....................................................................30 6.2 Authority; Validity..................................................................30 6.3 No Violation.........................................................................30 6.4 Third Party Approvals................................................................30 6.5 Brokers and Finders..................................................................31 6.6 Financial Statements and SEC Filings.................................................31 6.7 Compliance with Laws.................................................................31 6.8 Buyer Stock..........................................................................31 6.9 Litigation...........................................................................31 Article 7 COVENANTS OF THE PARTIES.............................................................32 7.1 Conduct of Business Pending the Closing..............................................32 7.2 Bankruptcy Court Order...............................................................33 7.3 Notification of Certain Matters......................................................34 7.4 Access...............................................................................34 7.5 Public Announcements.................................................................35 7.6 Cure of Defaults.....................................................................35 101701	National Steel National Steel Corp. ( Iron & Steel ) As referenced in this Asset Purchase Agreement: NATIONAL STEEL CORPORATION – AGREEMENT dated as of January 9, 2003 by and among UNITED STATES STEEL CORPORATION and NATIONAL STEEL CORPORATION and THE SUBSIDIARIES OF NATIONAL STEEL CORPORATION SET FORTH ON THE SIGNATURE PAGES HERETO { NATIONAL STEEL CORPORATION – by and among UNITED STATES STEEL CORPORATION and NATIONAL STEEL CORPORATION and THE SUBSIDIARIES OF NATIONAL STEEL CORPORATION SET FORTH ON THE SIGNATURE PAGES HERETO {PAGE} {TABLE} {S} {C} Article 1 DEFINITIONS........................................................................... National Steel Corporation – PURCHASE AGREEMENT is dated as of January 9, 2003 (the "Agreement Date") by and among National Steel Corporation , a Delaware corporation (the "Company"), the Subsidiaries of the Company set forth on the National Steel Corporation – following timely deposit of such Notice with an overnight delivery service: If to any Seller: National Steel Corporation 4100 Edison Lakes Parkway Mishawaka, IN 46545 Attention: Kirk Sobecki Senior Vice President and National Steel Corporation – and Chief Financial Officer Tel: 574.273.7444 Fax: 574.273.7868 With copies to: National Steel Corporation 4100 Edison Lakes Parkway Mishawaka, IN 46545 Attention: Ronald J. Werhnyak Senior Vice President, dt 26458 ; U.S. Steel United States Steel Corp. ( Iron & Steel ) As referenced in this Asset Purchase Agreement: UNITED STATES STEEL CORPORATION – EXHIBIT 2.1 ASSET PURCHASE AGREEMENT dated as of January 9, 2003 by and among UNITED STATES STEEL CORPORATION and NATIONAL STEEL CORPORATION and THE SUBSIDIARIES OF NATIONAL STEEL CORPORATION SET FORTH ON United States Steel Corporation – and in Schedule 1 (collectively with the Company, the "Sellers" and each a "Seller") and United States Steel Corporation , a Delaware corporation (together with any designated Subsidiaries, "Buyer"). WITNESSETH: WHEREAS, Sellers are engaged United States Steel Corporation – Timothy R. Pohl, Esq. Telephone: 312.407.0700 Fax: 312.407.0411 If to Buyer: United States Steel Corporation 600 Grant Street Pittsburgh, PA 15219 Attention: John P. Surma Vice Chairman and Chief United States Steel Corporation – and Chief Financial Officer Tel: 412.433.1146 Fax: 412.433.1167 With copies to: United States Steel Corporation 600 Grant Street Pittsburgh, PA 15219 Attention: Robert M. Stanton Assistant General Counsel Tel: UNITED STATES STEEL CORPORATION – the duly authorized officers of Sellers and Buyer as of the date first above written. UNITED STATES STEEL CORPORATION By: /s/ John P. Surma -------------------------------- Name: John P. Surma Title: Vice Chairman and Chief dt 26517 ; USWA United Steelworkers of America ( Unions ) As referenced in this Asset Purchase Agreement: United Steelworkers of America. – shall, once per week, update the Company on the status of its negotiations with the United Steelworkers of America. 7.4 Access. (a) Subject to applicable Law, from the date hereof until the _____________ United Steelworkers of America – to propose a collective bargaining agreement, initiate negotiations of a collective bargaining agreement with the United Steelworkers of America and keep the Company reasonably informed of the progress of the negotiations with the United _____________ United Steelworkers of America. – America and keep the Company reasonably informed of the progress of the negotiations with the United Steelworkers of America. Such collective bargaining agreement shall include those items set forth on Schedule 7.16. _____________ United Steelworkers of America – in accordance with Section 7.6 hereof. 41 {PAGE} (f) USWA Agreement. Buyer and the United Steelworkers of America shall have negotiated, and the United Steelworkers of America shall have executed, delivered and ratified, _____________ United Steelworkers of America – f) USWA Agreement. Buyer and the United Steelworkers of America shall have negotiated, and the United Steelworkers of America shall have executed, delivered and ratified, collective bargaining agreements relating to represented employees of the _____________ dt 84837 ;	Morgan Lewis Morgan, Lewis & Bockius ( Legal ) As referenced in this Asset Purchase Agreement: Morgan, Lewis – Robert M. Stanton Assistant General Counsel Tel: 412.433.2877 Fax: 412.433.1145 and Morgan, Lewis & Bockius LLP 301 Grant Street, Thirty-Second Floor Pittsburgh, PA 15219 Attention: Marlee S. Morgan, Lewis – Robert M. Stanton Assistant General Counsel Tel: 412.433.2877 Fax: 412.433.1145 and Morgan, Lewis & Bockius LLP 301 Grant Street, Thirty-Second Floor 7 {PAGE} Pittsburgh, PA 15219 Attention: Morgan, Lewis – Stanton Assistant General Counsel Tel: 412.433.2877 Fax: 412.433.1145 and 13 {PAGE} Morgan, Lewis & Bockius LLP 301 Grant Street, Thirty-Second Floor Pittsburgh, PA 15219 Attention: Marlee S. Morgan, Lewis – Stanton Assistant General Counsel Tel: 412.433.2877 Fax: 412.433.1145 and 8 {PAGE} Morgan, Lewis & Bockius LLP 301 Grant Street, Thirty-Second Floor Pittsburgh, PA 15219 Attention: Marlee S. Morgan, Lewis – Robert M. Stanton Assistant General Counsel Tel: 412.433.2877 Fax: 412.433.1145 and Morgan, Lewis & Bockius LLP 301 Grant Street, Thirty-Second Floor Pittsburgh, PA 15219 Attention: Marlee S. dt 32417 ; Skadden Skadden, Arps, Slate, Meagher & Flom LLP ( Legal ) As referenced in this Asset Purchase Agreement: Skadden, – the parties hereto shall mutually agree. The Closing shall be held at the offices of Skadden, Arps, Slate, Meagher & Flom (Illinois), at 10:00 a.m., local time, unless the Skadden, – Vice President, General Counsel and Secretary Tel: 574.273.7601 Fax: 574.273.7868 and Skadden, Arps, Slate, Meagher & Flom (Illinois) 333 West Wacker Drive Chicago, IL 60606 51 {PAGE} Skadden, – Vice President, General Counsel and Secretary Tel: 574.273.7601 Fax: 574.273.7868 and Skadden, Arps, Slate, Meagher & Flom (Illinois) 333 West Wacker Drive Chicago, IL 60606 Attention: Gary Skadden, – Vice President, General Counsel and Secretary Tel: 574-273-7601 Fax: 574-273-7868 and Skadden, Arps, Slate, Meagher & Flom (Illinois) 333 West Wacker Drive Chicago, IL 60606 Attention: Gary Skadden, – Vice President, General Counsel and Secretary Tel: 574.273.7601 Fax: 574.273.7868 and Skadden, Arps, Slate, Meagher & Flom (Illinois) 333 West Wacker Drive Chicago, IL 60606 Attention: Gary dt 34104
Preview Full Doc	2003	Asset Purchase Agreement Asset Purchase Agreement (174K) Doc #378566: Click preview link for longer preview. ASSET PURCHASE AGREEMENT dated as of April 21, 2003 by and among UNITED STATES STEEL CORPORATION and NATIONAL STEEL CORPORATION and THE SUBSIDIARIES OF NATIONAL STEEL CORPORATION SET FORTH ON THE SIGNATURE PAGES HERETO {PAGE} ARTICLE 1 DEFINITIONS................................................1 1.1 Defined Terms..............................................1 1.2 Interpretation............................................11 ARTICLE 2 TRANSFER OF ASSETS AND ASSUMPTION OF LIABILITIES..........11 2.1 Assets to be Acquired.....................................12 2.2 Excluded Assets...........................................14 2.3 Liabilities to be Assumed by Buyer........................15 2.4 Excluded Liabilities......................................15 2.5 Changes in List of Assumed Contracts......................17 ARTICLE 3 CLOSING; PURCHASE PRICE...................................17 3.1 Closing; Transfer of Possession; Certain Deliveries.......17 3.2 Deposit Escrow............................................18 3.3 Purchase Price............................................18 3.4 Purchase Price Adjustment.................................18 3.5 Allocation of Purchase Price..............................20 3.6 Designation of Affiliates by Buyer........................20 3.7 Section 338(h)(10) Election...............................20 3.8 Designation of Exchange Accommodation Titleholder.........20 ARTICLE 4 REMOVED...................................................21 ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF SELLER..................21 5.1 Due Organization..........................................21 5.2 Authorization; Validity...................................21 5.3 No Violation..............................................22 5.4 Third Party Approvals.....................................22 5.5 Title to Assets; Sufficiency and Condition of Assets......22 5.6 Intellectual Property.....................................22 5.7 Compliance with Laws......................................23 5.8 Title to Property.........................................23 5.9 Brokers and Finders.......................................24 5.10 Taxes.....................................................24 5.11 Labor Matters; Employee Relations.........................24 5.12 ERISA Compliance; Absence of Changes in Benefits Plans....24 5.13 Litigation................................................25 5.14 Customers and Suppliers...................................25 5.15 Accounts Receivable.......................................25 5.16 Inventory.................................................26 5.17 Financial Statements and SEC Filings......................26 5.18 Contracts.................................................26 5.19 Permits...................................................27 5.20 Environmental Matters.....................................27 5.21 Capital Expenditures......................................27 i {PAGE} ARTICLE 6 REPRESENTATIONS AND WARRANTIES OF BUYER...................27 6.1 Due Organization..........................................28 6.2 Authority; Validity.......................................28 6.3 No Violation..............................................28 6.4 Third Party Approvals.....................................28 6.5 Brokers and Finders.......................................28 6.6 Compliance with Laws......................................29 6.7 Litigation................................................29 ARTICLE 7 COVENANTS OF THE PARTIES..................................29 7.1 Conduct of Business Pending the Closing...................29 7.2 Bankruptcy Court Order....................................30 7.3 Notification of Certain Matters...........................30 7.4 Access....................................................30 7.5 Public Announcements......................................32 7.6 Cure of Defaults..........................................32 7.7 ERISA and Employment Matters..............................32 7.8 Further Agreements........................................32 7.9 Payment of Transfer Taxes and Tax Filings.................32 7.10 Utilities.................................................33 7.11 Proration of Taxes and Certain Charges....................33 7.12 Regulatory Approvals; Reasonable Efforts; Notification; Consent.................................................34 7.13 [Removed].................................................35 7.14 Rejected Contracts........................................35 7.15 Further Assurances........................................35 7.16 Union Negotiations........................................35 7.17 Closing Financial Certificate.............................35 7.18 Transition Services Agreement.............................36 7.19 Credit Support Arrangements...............................36 ARTICLE 8 CONDITIONS TO OBLIGATIONS OF THE PARTIES..................36 8.1 Conditions Precedent to Obligations of Buyer..............36 8.2 Conditions Precedent to the Obligations of Sellers........39 ARTICLE 9 TERMINATION...............................................40 9.1 Termination of Agreement..................................40 9.2 Consequences of Termination...............................40 ARTICLE 10 INDEMNIFICATION...........................................41 10.1 [Removed].................................................41 10.2 Indemnification of Sellers................................41 10.3 Indemnification Procedures................................41 10.4 Survival of Representations and Warranties................43 10.5 Termination of Indemnification............................43 10.6 Limitations on Indemnification............................43 ARTICLE 11 MISCELLANEOUS.............................................44 ii {PAGE} 11.1 Expenses..................................................44 11.2 Assignment................................................44 11.3 Parties in Interest.......................................44 11.4 Notices...................................................44 11.5 Choice of Law.............................................46 11.6 Entire Agreement; Amendments and Waivers..................46 11.7 Counterparts..............................................46 11.8 Invalidity................................................46 11.9 Headings..................................................46 11.10 Exclusive Jurisdiction....................................46 11.11 WAIVER OF RIGHT TO TRIAL BY JURY..........................47 11.12 Beneficiaries.............................................47 11.13 Counting..................................................47 11.14 Preparation of this Agreement.............................47 Exhibit A Form of Assignment and Assumption Agreement Exhibit B Deposit Escrow Agreement Exhibit C Form of Headquarters Lease Exhibit D Form of Trademark License Agreement Exhibit E Form of Bill of Sale Exhibit F Bankruptcy Court Approval iii {PAGE} ASSET PURCHASE AGREEMENT This ASSET PURCHASE AGREEMENT is dated as of April __, 2003 (the "Agreement Date") by and among National Steel Corporation, a Delaware corporation (the "Company"), the Subsidiaries of the Company set forth on the signature pages hereto and in Schedule 1 (collectively with the Company, the "Sellers" and each a "Seller") and United States Steel Corporation, a Delaware corporation (together with any designated Subsidiaries, "Buyer"). WITNESSETH: WHEREAS, Sellers are engaged in, among other things, the production, transportation and sale of coke and steel products; WHEREAS, Sellers each commenced a case (collectively, the "Chapter 11 Case") on March 6, 2002 under chapter 11 of title 11 of the United States Code, 11 U.S.C. Sections 101 et seq. (the "Bankruptcy Code") in the United States Bankruptcy Court for the Northern District of Illinois, Eastern Division (the "Bankruptcy Court"); and WHEREAS, Sellers wish to sell to Buyer the assets of the Business as are specified herein, and Buyer wishes to purchase such assets and to assume those liabilities relating to the Business as are specified herein, all in the manner and subject to the terms and conditions set forth in this Agreement and pursuant to, inter alia, Sections 363 and 365 of the Bankruptcy Code. NOW, THEREFORE, in consideration of the premises, and the representations, warranties, covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows: ARTICLE 1 DEFINITIONS 1.1 Defined Terms. As used herein, the terms below shall have the following respective meanings: "Accounts Payable" shall mean those trade accounts payable of Sellers relating to the Business or the Acquired Assets, incurred in bona fide business transactions in the ordinary course of business after the commencement of the Chapter 11 Case. Accounts Payable shall not include any Cure Amounts or any Excluded Liabilities. "Accounts Receivable" shall mean: (i) all of Sellers' trade accounts receivable relating to the Business and other rights to payment from customers of the Business and the full benefit of all security for such accounts or rights to payment, including all trade accounts receivable representing amounts receivable in respect of goods shipped or products sold or services rendered to customers of the Business; (ii) all other accounts or notes receivable of Sellers and the full benefit of all security for such accounts or notes receivable arising in the conduct of the Business; and (iii) any claim, remedy or other right related to any of the foregoing, in each case existing on the Agreement Date or arising in the ordinary course of the conduct of the Business after the Agreement Date and in each case that have not been satisfied or discharged prior to the {PAGE} close of business on the Business Day immediately preceding the Closing Date or have not been written off or sent to collection prior to the close of business on the Business Day immediately preceding the Closing Date (it being understood that the receipt of a check prior to the close of business on the Business Day immediately preceding the Closing Date shall constitute satisfaction or discharge of the applicable account or note receivable to the extent of the payment represented thereby). "Acquired Assets" shall have the meaning specified in Section 2.1. "Acquired Entities" shall have the meaning specified in Section 2.1(o). "Acquired Facilities" shall mean the following plants and facilities of Sellers: Great Lakes Plant; Midwest Plant; Granite City Plant; Seller headquarters (Mishawaka, IN); ProCoil processing and distribution center (Canton, MI); and National Steel Pellet Company (Mesabi Iron Range, MN). "Acquired Real Property" shall mean collectively the Owned Real Property and the Leased Real Property. "Adjustment Payment Date" shall have the meaning specified in Section 3.4(f). "Affiliate" shall mean, with respect to any Person, any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such Person, including any officer, director or greater than 10% shareholder of such Person. For the purposes of this definition, "control" when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative to the foregoing. "Agreement" shall mean this Asset Purchase Agreement, together with the Exhibits, Schedules and the Disclosure Schedule, in each case as amended, restated, supplemented or otherwise modified from time to time. "Agreement Date" shall have the meaning specified in the preamble. "Allocation" shall have the meaning specified in Section 3.5. "Antitrust Law" shall mean the Sherman Act, as amended, the Clayton Act, as amended, the HSR Act, the Federal Trade Commission Act, as amended, and all other federal, state and foreign Laws or Orders that require notification to a Governmental Entity of mergers and acquisitions or that are designed or intended to prohibit, restrict or regulate mergers and acquisitions and actions having the purpose or effect of monopolization or restraint of trade. "Assignment and Assumption Agreement" shall mean the assignment and assumption agreement to be entered into by Sellers and Buyer concurrently with the Closing, substantially in the form of Exhibit A. "Assumed Contracts" shall have the meaning specified in Section 2.1(c). 2 {PAGE} "Assumed Liabilities" shall have the meaning specified in Section 2.3. "Bad Debts Reserve" shall mean the Company's provision for doubtful accounts, determined in accordance with GAAP and the Company's accounting policies, attached hereto as Schedule 1.1(a), consistently applied by the Company. "Bankruptcy Code" shall have the meaning specified in the recitals. "Bankruptcy Court" shall have the meaning specified in the recitals. "Bankruptcy Court Approval" shall have the meaning specified in Section 8.1(d). "Basket Amount" shall have the meaning specified in Section 10.6(a). "Benefits Plan" shall mean any employee welfare benefit plan (as defined in Section 3(1) of ERISA) sponsored, maintained, contributed to or required to be contributed to at any time by the Company or any of its Subsidiaries for any of their respective present or former employees, retirees or spouses, dependents or other beneficiaries of present or former employees or retirees. "Business" shall mean the production, sale and transportation of coke and steel products carried on by Sellers, including the mining of ore and the production of iron ore pellets at National Steel Pellet Company, but excluding any other production of iron ore pellets and mining of ore and excluding the mining of coal. "Business Day" shall mean any day other than a Saturday, Sunday or a legal holiday on which banking institutions in the State of New York are not required to open. "Buyer" shall have the meaning specified in the preamble. "Buyer Material Adverse Effect" shall mean any state of facts, events, changes or effects, that, individually or aggregated with other states 378566	National Steel National Steel Corp. ( Iron & Steel ) ; USWA United Steelworkers of America ( Unions ) As referenced in this Asset Purchase Agreement: United Steelworkers of America – and records (financial and otherwise) relating to, or otherwise used or useful in the Business, and not otherwise included in the Acquired Assets. 7.16 Union Negotiations. Buyer and the United Steelworkers of America have entered into a letter of agreement (the "Letter of Agreement") which includes a tentative collective bargaining agreement including those items set forth on Schedule 7.16. Buyer and the _____________ dt 1422415 ;	Morgan Lewis Morgan, Lewis & Bockius ( Legal ) As referenced in this Asset Purchase Agreement: Morgan, Lewis & Bockius – With copies to: United States Steel Corporation 600 Grant Street Pittsburgh, PA 15219 Attention: Robert M. Stanton Assistant General Counsel Tel: 412.433.2877 Fax: 412.433.1145 and 45 Morgan, Lewis & Bockius LLP 301 Grant Street, Thirty-Second Floor Pittsburgh, PA 15219 Attention: Marlee S. Myers, Esq. Tel: 412.560.3300 Fax: 412.560.3399 Rejection of or refusal to accept _____________ dt 1372976 ; Skadden Skadden, Arps, Slate, Meagher & Flom LLP ( Legal ) As referenced in this Asset Purchase Agreement: Skadden, Arps – thereof by the party entitled to waive that condition) or on such other date as the parties hereto shall mutually agree. The Closing shall be held at the offices of Skadden, Arps , Slate, Meagher & Flom (Illinois), at 10:00 a.m., local time, unless the parties hereto otherwise agree. The actual date of the Closing is herein called the "Closing Date." _____________ Skadden, Arps – National Steel Corporation 4100 Edison Lakes Parkway Mishawaka, IN 46545 Attention: Ronald J. Werhnyak Senior Vice President, General Counsel and Secretary Tel: 574.273.7601 Fax: 574.273.7868 and Skadden, Arps , Slate, Meagher & Flom (Illinois) 333 West Wacker Drive Chicago, IL 60606 Attention: Gary P. Cullen, Esq. Timothy R. Pohl, Esq. Telephone: 312.407.0700 Fax: 312.407.0411 If _____________ dt 1430910
Preview Full Doc	2003	Asset Purchase Agreement Asset Purchase Agreement (175K) Doc #378569: Click preview link for longer preview. ASSET PURCHASE AGREEMENT dated as of April __, 2003 by and among UNITED STATES STEEL CORPORATION and NATIONAL STEEL CORPORATION and THE SUBSIDIARIES OF NATIONAL STEEL CORPORATION SET FORTH ON THE SIGNATURE PAGES HERETO {table} {s} {c} {c} ARTICLE 1 DEFINITIONS..............................................................1 1.1 Defined Terms............................................................1 1.2 Interpretation...........................................................11 ARTICLE 2 TRANSFER OF ASSETS AND ASSUMPTION OF LIABILITIES.........................11 2.1 Assets to be Acquired....................................................12 2.2 Excluded Assets..........................................................14 2.3 Liabilities to be Assumed by Buyer.......................................15 2.4 Excluded Liabilities.....................................................15 2.5 Changes in List of Assumed Contracts.....................................17 ARTICLE 3 CLOSING; PURCHASE PRICE..................................................17 3.1 Closing; Transfer of Possession; Certain Deliveries......................17 3.2 Deposit Escrow...........................................................18 3.3 Purchase Price...........................................................18 3.4 Purchase Price Adjustment................................................18 3.5 Allocation of Purchase Price.............................................20 3.6 Designation of Affiliates by Buyer.......................................20 3.7 Section 338(h)(10) Election..............................................20 3.8 Designation of Exchange Accommodation Titleholder........................20 ARTICLE 4 [REMOVED]................................................................21 ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF SELLER.................................21 5.1 Due Organization.........................................................21 5.2 Authorization; Validity..................................................21 5.3 No Violation.............................................................22 5.4 Third Party Approvals....................................................22 5.5 Title to Assets; Sufficiency and Condition of Assets.....................22 5.6 Intellectual Property....................................................22 5.7 Compliance with Laws.....................................................23 5.8 Title to Property........................................................23 5.9 Brokers and Finders......................................................24 5.10 Taxes....................................................................24 5.11 Labor Matters; Employee Relations........................................24 5.12 ERISA Compliance; Absence of Changes in Benefits Plans...................24 5.13 Litigation...............................................................25 5.14 Customers and Suppliers..................................................25 5.15 Accounts Receivable......................................................25 5.16 Inventory................................................................26 5.17 Financial Statements and SEC Filings.....................................26 5.18 Contracts................................................................26 5.19 Permits..................................................................27 5.20 Environmental Matters....................................................27 i 5.21 Capital Expenditures.....................................................27 ARTICLE 6 REPRESENTATIONS AND WARRANTIES OF BUYER..................................27 6.1 Due Organization.........................................................28 6.2 Authority; Validity......................................................28 6.3 No Violation.............................................................28 6.4 Third Party Approvals....................................................28 6.5 Brokers and Finders......................................................28 6.6 Compliance with Laws.....................................................29 6.7 Litigation...............................................................29 ARTICLE 7 COVENANTS OF THE PARTIES.................................................29 7.1 Conduct of Business Pending the Closing..................................29 7.2 Bankruptcy Court Order...................................................30 7.3 Notification of Certain Matters..........................................30 7.4 Access...................................................................30 7.5 Public Announcements.....................................................32 7.6 Cure of Defaults.........................................................32 7.7 ERISA and Employment Matters.............................................32 7.8 Further Agreements.......................................................32 7.9 Payment of Transfer Taxes and Tax Filings................................32 7.10 Utilities................................................................33 7.11 Proration of Taxes and Certain Charges...................................33 7.12 Regulatory Approvals; Reasonable Efforts; Notification; Consent..........34 7.13 [Removed]................................................................35 7.14 Rejected Contracts.......................................................35 7.15 Further Assurances.......................................................35 7.16 Union Negotiations.......................................................35 7.17 Closing Financial Certificate............................................35 7.18 Transition Services Agreement............................................36 7.19 Credit Support Arrangements..............................................36 ARTICLE 8 CONDITIONS TO OBLIGATIONS OF THE PARTIES.................................36 8.1 Conditions Precedent to Obligations of Buyer.............................36 8.2 Conditions Precedent to the Obligations of Sellers.......................39 ARTICLE 9 TERMINATION..............................................................40 9.1 Termination of Agreement.................................................40 9.2 Consequences of Termination..............................................40 ARTICLE 10 INDEMNIFICATION..........................................................41 10.1 Indemnification of Buyer.................................................41 10.2 Indemnification of Sellers...............................................41 10.3 Indemnification Procedures...............................................41 10.4 Survival of Representations and Warranties; Sellers' Liability...........43 10.5 Termination of Indemnification...........................................43 10.6 Limitations on Indemnification...........................................43 ii ARTICLE 11 MISCELLANEOUS............................................................44 11.1 Expenses.................................................................44 11.2 Assignment...............................................................44 11.3 Parties in Interest......................................................44 11.4 Notices..................................................................44 11.5 Choice of Law............................................................46 11.6 Entire Agreement; Amendments and Waivers.................................46 11.7 Counterparts.............................................................46 11.8 Invalidity...............................................................46 11.9 Headings.................................................................46 11.10 Exclusive Jurisdiction...................................................46 11.11 WAIVER OF RIGHT TO TRIAL BY JURY.........................................47 11.12 Beneficiaries............................................................47 11.13 Counting.................................................................47 11.14 Preparation of this Agreement............................................47 Exhibit A Form of Assignment and Assumption Agreement Exhibit B Deposit Escrow Agreement Exhibit C Form of Headquarters Lease Exhibit D Form of Trademark License Agreement Exhibit E Form of Bill of Sale Exhibit F Bankruptcy Court Approval {/table} iii ASSET PURCHASE AGREEMENT This ASSET PURCHASE AGREEMENT is dated as of April __, 2003 (the "Agreement Date") by and among National Steel Corporation, a Delaware corporation (the "Company"), the Subsidiaries of the Company set forth on the signature pages hereto and in Schedule 1 (collectively with the Company, the "Sellers" and each a "Seller") and United States Steel Corporation, a Delaware corporation (together with any designated Subsidiaries, "Buyer"). WITNESSETH: WHEREAS, Sellers are engaged in, among other things, the production, transportation and sale of coke and steel products; WHEREAS, Sellers each commenced a case (collectively, the "Chapter 11 Case") on March 6, 2002 under chapter 11 of title 11 of the United States Code, 11 U.S.C. Sections 101 et seq. (the "Bankruptcy Code") in the United States Bankruptcy Court for the Northern District of Illinois, Eastern Division (the "Bankruptcy Court"); and WHEREAS, Sellers wish to sell to Buyer the assets of the Business as are specified herein, and Buyer wishes to purchase such assets and to assume those liabilities relating to the Business as are specified herein, all in the manner and subject to the terms and conditions set forth in this Agreement and pursuant to, inter alia, Sections 363 and 365 of the Bankruptcy Code. NOW, THEREFORE, in consideration of the premises, and the representations, warranties, covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows: ARTICLE 1 DEFINITIONS 1.1 Defined Terms. As used herein, the terms below shall have the following respective meanings: "Accounts Payable" shall mean those trade accounts payable of Sellers relating to the Business or the Acquired Assets, incurred in bona fide business transactions in the ordinary course of business after the commencement of the Chapter 11 Case. Accounts Payable shall not include any Cure Amounts or any Excluded Liabilities. "Accounts Receivable" shall mean: (i) all of Sellers' trade accounts receivable relating to the Business and other rights to payment from customers of the Business and the full benefit of all security for such accounts or rights to payment, including all trade accounts receivable representing amounts receivable in respect of goods shipped or products sold or services rendered to customers of the Business; (ii) all other accounts or notes receivable of Sellers and the full benefit of all security for such accounts or notes receivable arising in the conduct of the Business; and (iii) any claim, remedy or other right related to any of the foregoing, in each case existing on the Agreement Date or arising in the ordinary course of the conduct of the Business after the Agreement Date and in each case that have not been satisfied or discharged prior to the close of business on the Business Day immediately preceding the Closing Date or have not been written off or sent to collection prior to the close of business on the Business Day immediately preceding the Closing Date (it being understood that the receipt of a check prior to the close of business on the Business Day immediately preceding the Closing Date shall constitute satisfaction or discharge of the applicable account or note receivable to the extent of the payment represented thereby). "Acquired Assets" shall have the meaning specified in Section 2.1. "Acquired Entities" shall have the meaning specified in Section 2.1(o). "Acquired Facilities" shall mean the following plants and facilities of Sellers: Great Lakes Plant; Midwest Plant; Granite City Plant; Seller headquarters (Mishawaka, IN); ProCoil processing and distribution center (Canton, MI); and National Steel Pellet Company (Mesabi Iron Range, MN). "Acquired Real Property" shall mean collectively the Owned Real Property and the Leased Real Property. "Adjustment Payment Date" shall have the meaning specified in Section 3.4(f). "Affiliate" shall mean, with respect to any Person, any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such Person, including any officer, director or greater than 10% shareholder of such Person. For the purposes of this definition, "control" when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative to the foregoing. "Agreement" shall mean this Asset Purchase Agreement, together with the Exhibits, Schedules and the Disclosure Schedule, in each case as amended, restated, supplemented or otherwise modified from time to time. "Agreement Date" shall have the meaning specified in the preamble. "Allocation" shall have the meaning specified in Section 3.5. "Antitrust Law" shall mean the Sherman Act, as amended, the Clayton Act, as amended, the HSR Act, the Federal Trade Commission Act, as amended, and all other federal, state and foreign Laws or Orders that require notification to a Governmental Entity of mergers and acquisitions or that are designed or intended to prohibit, restrict or regulate mergers and acquisitions and actions having the purpose or effect of monopolization or restraint of trade. "Assignment and Assumption Agreement" shall mean the assignment and assumption agreement to be entered into by Sellers and Buyer concurrently with the Closing, substantially in the form of Exhibit A. "Assumed Contracts" shall have the meaning specified in Section 2.1(c). 2 "Assumed Liabilities" shall have the meaning specified in Section 2.3. "Bad Debts Reserve" shall mean the Company's provision for doubtful accounts, determined in accordance with GAAP and the Company's accounting policies, attached hereto as Schedule 1.1(a), consistently applied by the Company. "Bankruptcy Code" shall have the meaning specified in the recitals. "Bankruptcy Court" shall have the meaning specified in the recitals. "Bankruptcy Court Approval" shall have the meaning specified in Section 8.1(d). "Basket Amount" shall have the meaning specified in Section 10.6(a). "Benefits Plan" shall mean any employee welfare benefit plan (as defined in Section 3(1) of ERISA) sponsored, maintained, contributed to or required to be contributed to at any time by the Company or any of its Subsidiaries for any of their respective present or former employees, retirees or spouses, dependents or other beneficiaries of present or former employees or retirees. "Business" shall mean the production, sale and transportation of coke and steel products carried on by Sellers, including the mining of ore and the production of iron ore pellets at National Steel Pellet Company, but excluding any other production of iron ore pellets and mining of ore and excluding the mining of coal. "Business Day" shall mean any day other than a Saturday, Sunday or a legal holiday on which banking institutions in the State of New York are not required to open. "Buyer" shall have the meaning specified in the preamble. "Buyer Material Adverse Effect" shall mean any state of facts, events, changes or effects, that, individually or aggregated with other states 378569	National Steel National Steel Corp. ( Iron & Steel ) ; USWA United Steelworkers of America ( Unions ) As referenced in this Asset Purchase Agreement: United Steelworkers of America – and records (financial and otherwise) relating to, or otherwise used or useful in the Business, and not otherwise included in the Acquired Assets. 7.16 Union Negotiations. Buyer and the United Steelworkers of America have entered into a letter of agreement (the "Letter of Agreement") which includes a tentative collective bargaining agreement including those items set forth on Schedule 7.16. Buyer and _____________ dt 1422416 ;	Morgan Lewis Morgan, Lewis & Bockius ( Legal ) As referenced in this Asset Purchase Agreement: Morgan, Lewis & Bockius – With copies to: United States Steel Corporation 600 Grant Street Pittsburgh, PA 15219 Attention: Robert M. Stanton Assistant General Counsel Tel: 412.433.2877 Fax: 412.433.1145 and 45 Morgan, Lewis & Bockius LLP 301 Grant Street, Thirty-Second Floor Pittsburgh, PA 15219 Attention: Marlee S. Myers, Esq. Tel: 412.560.3300 Fax: 412.560.3399 Rejection of or refusal to accept _____________ dt 1372977 ; Skadden Skadden, Arps, Slate, Meagher & Flom LLP ( Legal ) As referenced in this Asset Purchase Agreement: Skadden, Arps – thereof by the party entitled to waive that condition) or on such other date as the parties hereto shall mutually agree. The Closing shall be held at the offices of Skadden, Arps , Slate, Meagher & Flom (Illinois), at 10:00 a.m., local time, unless the parties hereto otherwise agree. The actual date of the Closing is herein called the "Closing Date." _____________ Skadden, Arps – National Steel Corporation 4100 Edison Lakes Parkway Mishawaka, IN 46545 Attention: Ronald J. Werhnyak Senior Vice President, General Counsel and Secretary Tel: 574.273.7601 Fax: 574.273.7868 and Skadden, Arps , Slate, Meagher & Flom (Illinois) 333 West Wacker Drive Chicago, IL 60606 Attention: Gary P. Cullen, Esq. Timothy R. Pohl, Esq. Telephone: 312.407.0700 Fax: 312.407.0411 If _____________ dt 1430911
Preview Full Doc	2003	Asset Purchase Agreement Asset Purchase Agreement (193K) Doc #378571: Click preview link for longer preview. ASSET PURCHASE AGREEMENT dated as of April 10, 2003 by and among AK STEEL CORPORATION and NATIONAL STEEL CORPORATION and THE SUBSIDIARIES OF NATIONAL STEEL CORPORATION SET FORTH ON THE SIGNATURE PAGES HERETO {PAGE} {TABLE} {S} {C} ARTICLE 1 DEFINITIONS ............................................................................ 1 1.1 Defined Terms .............................................................................. 1 1.2 Interpretation ............................................................................. 12 ARTICLE 2 TRANSFER OF ASSETS AND ASSUMPTION OF LIABILITIES ....................................... 12 2.1 Assets to be Acquired ...................................................................... 12 2.2 Excluded Assets ............................................................................ 15 2.3 Liabilities to be Assumed by Buyer ......................................................... 15 2.4 Excluded Liabilities ....................................................................... 16 2.5 Changes in List of Assumed Contracts ....................................................... 17 ARTICLE 3 CLOSING; PURCHASE PRICE ................................................................ 18 3.1 Closing; Transfer of Possession; Certain Deliveries ........................................ 18 3.2 Deposit Escrow ............................................................................. 19 3.3 Purchase Price ............................................................................. 19 3.4 Purchase Price Adjustment .................................................................. 19 3.5 Allocation of Purchase Price ............................................................... 20 3.6 Designation of Affiliates by Buyer ......................................................... 21 3.7 Section 338(h)(10) Election ................................................................ 21 3.8 Designation of Exchange Accommodation Titleholder .......................................... 21 ARTICLE 4 INDEMNITY ESCROW ....................................................................... 21 4.1 Creation of Escrow ......................................................................... 21 4.2 Duration and Term .......................................................................... 21 ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF SELLER ............................................... 22 5.1 Due Organization ........................................................................... 22 5.2 Authorization; Validity .................................................................... 22 5.3 No Violation ............................................................................... 23 5.4 Third Party Approvals ...................................................................... 23 5.5 Title to Assets; Sufficiency and Condition of Assets ....................................... 23 5.6 Intellectual Property ...................................................................... 24 5.7 Compliance with Laws ....................................................................... 24 5.8 Title to Property .......................................................................... 24 5.9 Brokers and Finders ........................................................................ 25 5.10 Taxes ...................................................................................... 25 5.11 Labor Matters; Employee Relations .......................................................... 25 {/TABLE} i {PAGE} {TABLE} {S} {C} 5.12 ERISA Compliance; Absence of Changes in Benefits Plans ...................................... 25 5.13 Litigation .................................................................................. 26 5.14 Customers and Suppliers ..................................................................... 26 5.15 Accounts Receivable ......................................................................... 26 5.16 Inventory ................................................................................... 27 5.17 Financial Statements and SEC Filings ........................................................ 27 5.18 Contracts ................................................................................... 27 5.19 Permits ..................................................................................... 28 5.20 Environmental Matters ....................................................................... 28 5.21 Capital Expenditures ........................................................................ 28 ARTICLE 6 REPRESENTATIONS AND WARRANTIES OF BUYER ................................................. 28 6.1 Due Organization ............................................................................ 29 6.2 Authority; Validity ......................................................................... 29 6.3 No Violation ................................................................................ 29 6.4 Third Party Approvals ....................................................................... 29 6.5 Brokers and Finders ......................................................................... 30 6.6 Compliance with Laws ........................................................................ 30 6.7 Litigation .................................................................................. 30 ARTICLE 7 COVENANTS OF THE PARTIES ................................................................ 30 7.1 Conduct of Business Pending the Closing ..................................................... 30 7.2 Bankruptcy Court Order ...................................................................... 31 7.3 Notification of Certain Matters ............................................................. 32 7.4 Access ...................................................................................... 32 7.5 Public Announcements ........................................................................ 33 7.6 Cure of Defaults ............................................................................ 33 7.7 ERISA and Employment Matters ................................................................ 34 7.8 Further Agreements .......................................................................... 34 7.9 Payment of Transfer Taxes and Tax Filings ................................................... 34 7.10 Utilities ................................................................................... 35 7.11 Proration of Taxes and Certain Charges ...................................................... 35 7.12 Regulatory Approvals; Reasonable Efforts; Notification; Consent ............................. 36 7.13 Railroad Assets ............................................................................. 37 7.14 Rejected Contracts .......................................................................... 37 {/TABLE} ii {PAGE} {TABLE} {S} {C} 7.15 Further Assurances .......................................................................... 37 7.16 Union Negotiations .......................................................................... 37 7.17 Closing Financial Certificate ............................................................... 38 7.18 Transition Services Agreement ............................................................... 38 7.19 Credit Support Arrangements ................................................................. 38 ARTICLE 8 CONDITIONS TO OBLIGATIONS OF THE PARTIES ................................................ 39 8.1 Conditions Precedent to Obligations of Buyer ................................................ 39 8.2 Conditions Precedent to the Obligations of Sellers .......................................... 41 ARTICLE 9 TERMINATION ............................................................................. 42 9.1 Termination of Agreement .................................................................... 42 9.2 Consequences of Termination ................................................................. 43 ARTICLE 10 INDEMNIFICATION ......................................................................... 44 10.1 Indemnification of Buyer .................................................................... 44 10.2 Indemnification of Sellers .................................................................. 44 10.3 Indemnification Procedures .................................................................. 45 10.4 Survival of Representations and Warranties .................................................. 47 10.5 Termination of Indemnification .............................................................. 47 10.6 Limitations on Indemnification .............................................................. 47 ARTICLE 11 MISCELLANEOUS ........................................................................... 48 11.1 Expenses .................................................................................... 48 11.2 Assignment .................................................................................. 48 11.3 Parties in Interest ......................................................................... 48 11.4 Notices ..................................................................................... 49 11.5 Choice of Law ............................................................................... 50 11.6 Entire Agreement; Amendments and Waivers .................................................... 50 11.7 Counterparts ................................................................................ 50 11.8 Invalidity .................................................................................. 50 11.9 Headings .................................................................................... 51 11.10 Exclusive Jurisdiction ...................................................................... 51 11.11 WAIVER OF RIGHT TO TRIAL BY JURY ............................................................ 51 11.12 Beneficiaries ............................................................................... 51 11.13 Counting .................................................................................... 51 11.14 Preparation of this Agreement ............................................................... 51 {/TABLE} iii {PAGE} Exhibit A Form of Assignment and Assumption Agreement Exhibit B Deposit Escrow Agreement Exhibit C Form of Headquarters Lease Exhibit D Form of Indemnity Escrow Agreement Exhibit E RESERVED Exhibit F Form of Trademark License Agreement Exhibit G Form of Bill of Sale Exhibit H Bankruptcy Court Approval iv {PAGE} ASSET PURCHASE AGREEMENT This ASSET PURCHASE AGREEMENT is dated as of April 10, 2003 (the "Agreement Date") by and among National Steel Corporation, a Delaware corporation (the "Company"), the Subsidiaries of the Company set forth on the signature pages hereto and in Schedule 1 (collectively with the Company, the "Sellers" and each a "Seller") and AK Steel Corporation, a Delaware corporation (together with any designated Subsidiaries, "Buyer"). WITNESSETH: WHEREAS, Sellers are engaged in, among other things, the production, transportation and sale of coke and steel products; WHEREAS, Sellers each commenced a case (collectively, the "Chapter 11 Case") on March 6, 2002 under chapter 11 of title 11 of the United States Code, 11 U.S.C. Sections 101 et seq. (the "Bankruptcy Code") in the United States Bankruptcy Court for the Northern District of Illinois, Eastern Division (the "Bankruptcy Court"); and WHEREAS, Sellers wish to sell to Buyer the assets of the Business as are specified herein, and Buyer wishes to purchase such assets and to assume those liabilities relating to the Business as are specified herein, all in the manner and subject to the terms and conditions set forth in this Agreement and pursuant to, inter alia, Sections 363 and 365 of the Bankruptcy Code. NOW, THEREFORE, in consideration of the premises, and the representations, warranties, covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows: ARTICLE 1 DEFINITIONS 1.1 Defined Terms. As used herein, the terms below shall have the following respective meanings: "Accounts Payable" shall mean those trade accounts payable of Sellers relating to the Business or the Acquired Assets, incurred in bona fide business transactions in the ordinary course of business after the commencement of the Chapter 11 Case. Accounts Payable shall not include any Cure Amounts or any Excluded Liabilities. "Accounts Receivable" shall mean: (i) all of Sellers' trade accounts receivable relating to the Business and other rights to payment from customers of the Business and the full benefit of all security for such accounts or rights to payment, including all trade accounts receivable representing amounts receivable in respect of goods shipped or products sold or services rendered to customers of the Business; (ii) all other accounts or notes receivable of Sellers and the full benefit of all security for such accounts or notes receivable arising in the conduct of the Business; and (iii) any claim, remedy or other right related to any of the foregoing, in each case existing on January 30, 2003 or arising in the ordinary course of the conduct of the Business after January 30, 2003 and in each case that have not been satisfied or discharged prior to the close of {PAGE} business on the Business Day immediately preceding the Closing Date or have not been written off or sent to collection prior to the close of business on the Business Day immediately preceding the Closing Date (it being understood that the receipt of a check prior to the close of business on the Business Day immediately preceding the Closing Date shall constitute satisfaction or discharge of the applicable account or note receivable to the extent of the payment represented thereby). "Acquired Assets" shall have the meaning specified in Section 2.1. "Acquired Entities" shall have the meaning specified in Section 2.1(o). "Acquired Facilities" shall mean the following plants and facilities of Sellers: Great Lakes Plant; Midwest Plant; Granite City Plant; Seller headquarters (Mishawaka, IN); ProCoil processing and distribution center (Canton, MI); and National Steel Pellet Company (Mesabi Iron Range, Minnesota). "Acquired Real Property" shall mean collectively the Owned Real Property and the Leased Real Property. "Adjustment Payment Date" shall have the meaning specified in Section 3.4(f). "Affiliate" shall mean, with respect to any Person, any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such Person, including any officer, director or greater than 10% shareholder of such Person. For the purposes of this definition, "control" when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative to the foregoing. "Agreement" shall mean this Asset Purchase Agreement, together with the Exhibits, Schedules and the Disclosure Schedule, in each case as amended, restated, supplemented or otherwise modified from time to time. "Agreement Date" shall have the meaning specified in the preamble. "Allocation" shall have the meaning specified in Section 3.5. "Alternative Transaction" shall have the meaning specified in Section 7.2(b). "Antitrust Law" shall mean the Sherman Act, as amended, the Clayton Act, as amended, the HSR Act, the Federal Trade Commission Act, as amended, and all other federal, state and foreign Laws or Orders that require notification to a Governmental Entity of mergers and acquisitions or that are designed or intended to prohibit, restrict or regulate mergers and acquisitions and actions having the purpose or effect of monopolization or restraint of trade. "Assignment and Assumption Agreement" shall mean the assignment and assumption agreement to be entered into by Sellers and Buyer concurrently with the Closing, substantially in the form of Exhibit A. 2 {PAGE} "Assumed Contracts" shall have the meaning specified in Section 2.1(c). "Assumed Liabilities" shall have the meaning specified in Section 2.3. "Auction Date" shall mean the date of the commencement of the "Auction" contemplated by the Sales Procedures Order. "Bad Debts Reserve" shall mean the Company's provision for doubtful accounts, determined in accordance with GAAP and the Company's accounting policies, attached hereto as Schedule 1.1(a), consistently applied by the Company. "Bankruptcy Code" shall have the meaning specified in the recitals. "Bankruptcy Court" shall have the meaning specified in the recitals. "Bankruptcy Court Approval" shall have the meaning specified in Section 8.1(d). "Basket Amount" shall have the meaning specified in Section 10.6(a). "Benefits Plan" shall mean any employee welfare benefit plan (as defined in Section 3(1) of ERISA) sponsored, maintained, contributed to or required to be contributed to at any time by the Company or any of its Subsidiaries for any of their respective present or former employees, retirees or spouses, dependents or other beneficiaries of present or former employees or retirees. "Business" shall mean the production, sale and transportation of coke and steel products carried on by Sellers, including the mining of ore and the production of iron ore pellets at National Steel Pellet Company but excluding any other production of iron ore pellets or mining of ore and excluding the mining of coal. "Business Day" shall mean any day other than a Saturday, Sunday or a legal holiday on which banking institutions in the State of New York are not 378571	National Steel National Steel Corp. ( Iron & Steel ) ; USWA United Steelworkers of America ( Unions ) As referenced in this Asset Purchase Agreement: United Steelworkers of America. – the date of the entry of the Sale Procedures Order until the Closing Date, Buyer shall, once per week, update the Company on the status of its negotiations with the United Steelworkers of America. 7.4 Access. (a) Subject to applicable Law, from the date hereof until the Closing Date, Sellers (i) shall give Buyer and its Representatives reasonable access during normal business _____________ United Steelworkers of America – cured in accordance with Section 7.6 hereof. (f) USWA Agreement. Unless otherwise agreed to by the Buyer, all collective bargaining agreements and Retiree Benefits among the Sellers and the United Steelworkers of America shall have been rejected in accordance with Sections 1113 and 1114 of the Bankruptcy Code. (g) No Material Adverse Change. (i) Since September 30, 2002, no event, occurrence, fact, condition, _____________ United Steelworkers of America – entered and such judgment, injunction, order or decree shall become final; or (iii) if the Bankruptcy Court denies a request to reject the collective bargaining agreements and Retiree Benefits with United Steelworkers of America under, as applicable, Sections 1113 and 1114 of the Bankruptcy Code. (c) by Buyer: (i) if there shall have been a breach by any Seller of any of its representations, _____________ dt 1422417 ;	Skadden Skadden, Arps, Slate, Meagher & Flom LLP ( Legal ) As referenced in this Asset Purchase Agreement: Skadden, Arps – thereof by the party entitled to waive that condition) or on such other date as the parties hereto shall mutually agree. The Closing shall be held at the offices of Skadden, Arps , Slate, Meagher & Flom (Illinois), at 10:00 a.m., local time, unless the parties hereto otherwise agree. The actual date of the Closing is herein called the "Closing Date." _____________ Skadden, Arps – National Steel Corporation 4100 Edison Lakes Parkway Mishawaka, IN 46545 Attention: Ronald J. Werhnyak Senior Vice President, General Counsel and Secretary Tel: 574.273.7601 Fax: 574.273.7868 and Skadden, Arps , Slate, Meagher & Flom (Illinois) 333 West Wacker Drive Chicago, IL 60606 Attention: Gary P. Cullen, Esq. Timothy R. Pohl, Esq. Telephone: 312.407.0700 Fax: 312.407.0411 If _____________ dt 1430912 ; Weil Gotshal Weil, Gotshal & Manges LLP ( Legal ) As referenced in this Asset Purchase Agreement: Weil, Gotshal – AK Steel Corporation 49 {PAGE} 703 Curtis Street Middletown, Ohio 45043 Attention: James L. Wainscott, Senior Vice President and Chief Financial Officer Facsimile: (513) 425-5958 With a copy to: Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, New York 10153 Attention: Deryck A. Palmer, Esq. Facsimile: (212) 310-8007 Rejection of or refusal to accept any Notice, or the _____________ dt 1366428
Preview Full Doc	2003	Asset Purchase Agreement Asset Purchase Agreement (181K) Doc #378572: Click preview link for longer preview. ASSET PURCHASE AGREEMENT dated as of April __, 2003 by and among UNITED STATES STEEL CORPORATION and NATIONAL STEEL CORPORATION and THE SUBSIDIARIES OF NATIONAL STEEL CORPORATION SET FORTH ON THE SIGNATURE PAGES HERETO {PAGE} {TABLE} {S} {C} ARTICLE 1 DEFINITIONS ....................................................... 1 1.1 Defined Terms ..................................................... 1 1.2 Interpretation .................................................... 11 ARTICLE 2 TRANSFER OF ASSETS AND ASSUMPTION OF LIABILITIES .................. 12 2.1 Assets to be Acquired ............................................. 12 2.2 Excluded Assets ................................................... 14 2.3 Liabilities to be Assumed by Buyer ................................ 15 2.4 Excluded Liabilities .............................................. 15 2.5 Changes in List of Assumed Contracts .............................. 17 ARTICLE 3 CLOSING; PURCHASE PRICE ........................................... 17 3.1 Closing; Transfer of Possession; Certain Deliveries ............... 17 3.2 Deposit Escrow .................................................... 18 3.3 Purchase Price .................................................... 18 3.4 Purchase Price Adjustment ......................................... 19 3.5 Allocation of Purchase Price ...................................... 20 3.6 Designation of Affiliates by Buyer ................................ 20 3.7 Section 338(h)(10) Election ....................................... 21 3.8 Designation of Exchange Accommodation Titleholder ................. 21 ARTICLE 4 INDEMNITY ESCROW .................................................. 21 4.1 Creation of Escrow ................................................ 21 4.2 Duration and Term ................................................. 21 ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF SELLER .......................... 21 5.1 Due Organization .................................................. 22 5.2 Authorization; Validity ........................................... 22 5.3 No Violation ...................................................... 22 5.4 Third Party Approvals ............................................. 22 5.5 Title to Assets; Sufficiency and Condition of Assets .............. 23 5.6 Intellectual Property ............................................. 23 5.7 Compliance with Laws .............................................. 23 5.8 Title to Property ................................................. 24 5.9 Brokers and Finders ............................................... 24 5.10 Taxes ............................................................. 24 5.11 Labor Matters; Employee Relations ................................. 25 5.12 ERISA Compliance; Absence of Changes in Benefits Plans ............ 25 5.13 Litigation ........................................................ 25 5.14 Customers and Suppliers ........................................... 25 5.15 Accounts Receivable ............................................... 26 5.16 Inventory ......................................................... 26 5.17 Financial Statements and SEC Filings .............................. 26 5.18 Contracts ......................................................... 27 5.19 Permits ........................................................... 27 5.20 Environmental Matters ............................................. 27 {/TABLE} i {PAGE} {TABLE} {S} {C} 5.21 Capital Expenditures .............................................. 28 ARTICLE 6 REPRESENTATIONS AND WARRANTIES OF BUYER ........................... 28 6.1 Due Organization .................................................. 28 6.2 Authority; Validity ............................................... 28 6.3 No Violation ...................................................... 28 6.4 Third Party Approvals ............................................. 29 6.5 Brokers and Finders ............................................... 29 6.6 Compliance with Laws .............................................. 29 6.7 Litigation ........................................................ 29 ARTICLE 7 COVENANTS OF THE PARTIES .......................................... 30 7.1 Conduct of Business Pending the Closing ........................... 30 7.2 Bankruptcy Court Order ............................................ 31 7.3 Notification of Certain Matters ................................... 31 7.4 Access ............................................................ 31 7.5 Public Announcements .............................................. 32 7.6 Cure of Defaults .................................................. 33 7.7 ERISA and Employment Matters ...................................... 33 7.8 Further Agreements ................................................ 33 7.9 Payment of Transfer Taxes and Tax Filings ......................... 33 7.10 Utilities ......................................................... 34 7.11 Proration of Taxes and Certain Charges ............................ 34 7.12 Regulatory Approvals; Reasonable Efforts; Notification; Consent ... 35 7.13 [Removed]. ........................................................ 36 7.14 Rejected Contracts ................................................ 36 7.15 Further Assurances ................................................ 36 7.16 Union Negotiations ................................................ 36 7.17 Closing Financial Certificate ..................................... 36 7.18 Transition Services Agreement ..................................... 36 7.19 Credit Support Arrangements ....................................... 37 ARTICLE 8 CONDITIONS TO OBLIGATIONS OF THE PARTIES .......................... 37 8.1 Conditions Precedent to Obligations of Buyer ...................... 37 8.2 Conditions Precedent to the Obligations of Sellers ................ 40 ARTICLE 9 TERMINATION ....................................................... 41 9.1 Termination of Agreement .......................................... 41 9.2 Consequences of Termination ....................................... 42 ARTICLE 10 INDEMNIFICATION ................................................... 42 10.1 Indemnification of Buyer .......................................... 42 10.2 Indemnification of Sellers ........................................ 42 10.3 Indemnification Procedures ........................................ 43 10.4 Survival of Representations and Warranties ........................ 45 10.5 Termination of Indemnification .................................... 45 10.6 Limitations on Indemnification .................................... 45 {/TABLE} ii {PAGE} {TABLE} {S} {C} ARTICLE 11 MISCELLANEOUS ..................................................... 46 11.1 Expenses .......................................................... 46 11.2 Assignment ........................................................ 46 11.3 Parties in Interest ............................................... 47 11.4 Notices ........................................................... 47 11.5 Choice of Law ..................................................... 48 11.6 Entire Agreement; Amendments and Waivers .......................... 48 11.7 Counterparts ...................................................... 49 11.8 Invalidity ........................................................ 49 11.9 Headings .......................................................... 49 11.10 Exclusive Jurisdiction ............................................ 49 11.11 WAIVER OF RIGHT TO TRIAL BY JURY .................................. 49 11.12 Beneficiaries ..................................................... 49 11.13 Counting .......................................................... 49 11.14 Preparation of this Agreement ..................................... 49 {/TABLE} Exhibit A Form of Assignment and Assumption Agreement Exhibit B Deposit Escrow Agreement Exhibit C Form of Headquarters Lease Exhibit D Form of Indemnity Escrow Agreement Exhibit E Form of Trademark License Agreement Exhibit F Form of Bill of Sale Exhibit G Bankruptcy Court Approval iii {PAGE} ASSET PURCHASE AGREEMENT This ASSET PURCHASE AGREEMENT is dated as of April __, 2003 (the "Agreement Date") by and among National Steel Corporation, a Delaware corporation (the "Company"), the Subsidiaries of the Company set forth on the signature pages hereto and in Schedule 1 (collectively with the Company, the "Sellers" and each a "Seller") and United States Steel Corporation, a Delaware corporation (together with any designated Subsidiaries, "Buyer"). WITNESSETH: WHEREAS, Sellers are engaged in, among other things, the production, transportation and sale of coke and steel products; WHEREAS, Sellers each commenced a case (collectively, the "Chapter 11 Case") on March 6, 2002 under chapter 11 of title 11 of the United States Code, 11 U.S.C. Sections 101 et seq. (the "Bankruptcy Code") in the United States Bankruptcy Court for the Northern District of Illinois, Eastern Division (the "Bankruptcy Court"); and WHEREAS, Sellers wish to sell to Buyer the assets of the Business as are specified herein, and Buyer wishes to purchase such assets and to assume those liabilities relating to the Business as are specified herein, all in the manner and subject to the terms and conditions set forth in this Agreement and pursuant to, inter alia, Sections 363 and 365 of the Bankruptcy Code. NOW, THEREFORE, in consideration of the premises, and the representations, warranties, covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows: ARTICLE 1 DEFINITIONS 1.1 Defined Terms. As used herein, the terms below shall have the following respective meanings: "Accounts Payable" shall mean those trade accounts payable of Sellers relating to the Business or the Acquired Assets, incurred in bona fide business transactions in the ordinary course of business after the commencement of the Chapter 11 Case. Accounts Payable shall not include any Cure Amounts or any Excluded Liabilities. "Accounts Receivable" shall mean: (i) all of Sellers' trade accounts receivable relating to the Business and other rights to payment from customers of the Business and the full benefit of all security for such accounts or rights to payment, including all trade accounts receivable representing amounts receivable in respect of goods shipped or products sold or services rendered to customers of the Business; (ii) all other accounts or notes receivable of Sellers and the full benefit of all security for such accounts or notes receivable arising in the conduct of the Business; and (iii) any claim, remedy or other right related to any of the foregoing, in each case existing on the Agreement Date or arising in the ordinary course of the conduct of the Business after the Agreement Date and in each case that have not been satisfied or discharged prior to the {PAGE} close of business on the Business Day immediately preceding the Closing Date or have not been written off or sent to collection prior to the close of business on the Business Day immediately preceding the Closing Date (it being understood that the receipt of a check prior to the close of business on the Business Day immediately preceding the Closing Date shall constitute satisfaction or discharge of the applicable account or note receivable to the extent of the payment represented thereby). "Acquired Assets" shall have the meaning specified in Section 2.1. "Acquired Entities" shall have the meaning specified in Section 2.1(o). "Acquired Facilities" shall mean the following plants and facilities of Sellers: Great Lakes Plant; Midwest Plant; Granite City Plant; Seller headquarters (Mishawaka, IN); ProCoil processing and distribution center (Canton, MI); and National Steel Pellet Company (Mesabi Iron Range, MN). "Acquired Real Property" shall mean collectively the Owned Real Property and the Leased Real Property. "Adjustment Payment Date" shall have the meaning specified in Section 3.4(f). "Affiliate" shall mean, with respect to any Person, any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such Person, including any officer, director or greater than 10% shareholder of such Person. For the purposes of this definition, "control" when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative to the foregoing. "Agreement" shall mean this Asset Purchase Agreement, together with the Exhibits, Schedules and the Disclosure Schedule, in each case as amended, restated, supplemented or otherwise modified from time to time. "Agreement Date" shall have the meaning specified in the preamble. "Allocation" shall have the meaning specified in Section 3.5. "Antitrust Law" shall mean the Sherman Act, as amended, the Clayton Act, as amended, the HSR Act, the Federal Trade Commission Act, as amended, and all other federal, state and foreign Laws or Orders that require notification to a Governmental Entity of mergers and acquisitions or that are designed or intended to prohibit, restrict or regulate mergers and acquisitions and actions having the purpose or effect of monopolization or restraint of trade. "Assignment and Assumption Agreement" shall mean the assignment and assumption agreement to be entered into by Sellers and Buyer concurrently with the Closing, substantially in the form of Exhibit A. "Assumed Contracts" shall have the meaning specified in Section 2.1(c). 2 {PAGE} "Assumed Liabilities" shall have the meaning specified in Section 2.3. "Bad Debts Reserve" shall mean the Company's provision for doubtful accounts, determined in accordance with GAAP and the Company's accounting policies, attached hereto as Schedule 1.1(a), consistently applied by the Company. "Bankruptcy Code" shall have the meaning specified in the recitals. "Bankruptcy Court" shall have the meaning specified in the recitals. "Bankruptcy Court Approval" shall have the meaning specified in Section 8.1(d). "Basket Amount" shall have the meaning specified in Section 10.6(a). "Benefits Plan" shall mean any employee welfare benefit plan (as defined in Section 3(1) of ERISA) sponsored, maintained, contributed to or required to be contributed to at any time by the Company or any of its Subsidiaries for any of their respective present or former employees, retirees or spouses, dependents or other beneficiaries of present or former employees or retirees. "Business" shall mean the production, sale and transportation of coke and steel products carried on by Sellers, including the mining of ore and the production of iron ore pellets at National Steel Pellet Company, but excluding any other production of iron ore pellets and mining of ore and excluding the mining of coal. "Business Day" shall mean any day other than a Saturday, Sunday or a legal holiday on which banking institutions in the State of New York are not required to open. "Buyer" shall have the meaning specified in the preamble. "Buyer Indemnitees" shall have the meaning specified in Section 10.1. "Buyer Material Adverse Effect" shall mean any state of facts, events, 378572	National Steel National Steel Corp. ( Iron & Steel ) ; USWA United Steelworkers of America ( Unions ) As referenced in this Asset Purchase Agreement: United Steelworkers of America – and records (financial and otherwise) relating to, or otherwise used or useful in the Business, and not otherwise included in the Acquired Assets. 7.16 Union Negotiations. Buyer and the United Steelworkers of America have entered into a letter of agreement (the "Letter of Agreement") which includes a tentative collective bargaining agreement including those items set forth on Schedule 7.16. Buyer agrees that _____________ dt 1422418 ;	Morgan Lewis Morgan, Lewis & Bockius ( Legal ) As referenced in this Asset Purchase Agreement: Morgan, Lewis & Bockius – 1167 With copies to: United States Steel Corporation 600 Grant Street Pittsburgh, PA 15219 Attention: Robert M. Stanton Assistant General Counsel Tel: 412.433.2877 Fax: 412.433.1145 and Morgan, Lewis & Bockius LLP 301 Grant Street, Thirty-Second Floor Pittsburgh, PA 15219 Attention: Marlee S. Myers, Esq. Tel: 412.560.3300 Fax: 412.560.3399 Rejection of or refusal to accept _____________ dt 1372978 ; Skadden Skadden, Arps, Slate, Meagher & Flom LLP ( Legal ) As referenced in this Asset Purchase Agreement: Skadden, Arps – thereof by the party entitled to waive that condition) or on such other date as the parties hereto shall mutually agree. The Closing shall be held at the offices of Skadden, Arps , Slate, Meagher & Flom (Illinois), at 10:00 a.m., local time, unless the parties hereto otherwise agree. The actual date of the Closing is herein called the "Closing Date." _____________ Skadden, Arps – National Steel Corporation 4100 Edison Lakes Parkway Mishawaka, IN 46545 Attention: Ronald J. Werhnyak Senior Vice President, General Counsel and Secretary Tel: 574.273.7601 Fax: 574.273.7868 and Skadden, Arps , Slate, Meagher & Flom (Illinois) 333 West Wacker Drive Chicago, IL 60606 47 {PAGE} Attention: Gary P. Cullen, Esq. Timothy R. Pohl, Esq. Telephone: 312.407.0700 Fax: 312.407. _____________ dt 1430913
Preview Full Doc	2003	Asset Purchase Agreement [Amendment No. 1] Asset Purchase Agreement [Amendment No. 1] (242K) Doc #378575: Click preview link for longer preview. FIRST AMENDMENT TO ASSET PURCHASE AGREEMENT THIS FIRST AMENDMENT TO ASSET PURCHASE AGREEMENT, dated as of February 21, 2003 (this "Amendment"), is entered into by and among AK Steel Corporation, a Delaware corporation ("Buyer"), and National Steel Corporation, a Delaware corporation (the "Company"). WHEREAS, Buyer, the Company and certain of the Company's subsidiaries (collectively with the Company, "Sellers" and each a "Seller") are parties to that certain Asset Purchase Agreement, dated as of January 30, 2003 (the "Purchase Agreement") pursuant to which Buyer has agreed to purchase the assets and assume the liabilities relating to the Business (as defined in the Purchase Agreement) as are specified in the Purchase Agreement, all in the manner and subject to the terms and conditions set forth in the Purchase Agreement and pursuant to, inter alia, Sections 363 and 365 of the Bankruptcy Code; and WHEREAS, pursuant to Section 7.20 of the Purchase Agreement, Buyer and the Company desire to amend the Purchase Agreement and the schedules thereto to reflect that National Steel Pellet Company is a Seller and Buyer's purchase of all assets related thereto and to add as Sellers other parties necessary to effectuate the foregoing. WHEREAS, pursuant to Section 11.6 of the Purchase Agreement, Buyer and the Company desire to amend the Purchase Agreement as set forth herein. NOW, THEREFORE, in consideration of the premises, and the representations, warranties, covenants and agreements contained in the Purchase Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows: 1. Amendment of Section 1.1. (a) Accounts Payable. The definition of the term "Accounts Payable" is hereby amended and restated in its entirety to read as follows: ""Accounts Payable" shall mean those trade accounts payable of Sellers relating to the Business or the Acquired Assets, incurred in bona fide business transactions in the ordinary course of business after the commencement of the Chapter 11 Case. Accounts Payable shall not include any Cure Amounts or any Excluded Liabilities." (b) Estimated Inventory Value. The definition of the term "Estimated Inventory Value" is hereby amended and restated in its entirety to read as follows: ""Estimated Inventory Value" shall mean the Inventory Value (excluding the Inventory Value of the Inventory of National Steel Pellet {PAGE} Company) determined as of the close of business on the last day of the month immediately prior to the Closing Date." (c) Estimated Net Receivables Amount. The definition of the term "Estimated Net Receivables Amount" is hereby amended and restated in its entirety to read as follows: ""Estimated Net Receivables Amount" shall mean the aggregate amount of Accounts Receivable (excluding the amount of Accounts Receivable of National Steel Pellet Company) minus the aggregate amount of Accounts Payable (excluding the amount of Accounts Payable of National Steel Pellet Company) minus the Company Reserves (excluding the amount of Company Reserves related to National Steel Pellet Company) calculated as of the close of business on the last day of the month immediately prior to the Closing Date." 2. Amendment of Section 3.4(e). Section 3.4(e) of the Purchase Agreement is hereby amended and restated in its entirety to read as follows: "(e) If the aggregate amount of Accounts Receivable included in the Acquired Assets (excluding the amount of Accounts Receivable of National Steel Pellet Company included in the Acquired Assets) minus (i) the aggregate amount of Accounts Payable included in the Assumed Liabilities (excluding the amount of Accounts Payable of National Steel Pellet Company included in the Assumed Liabilities) and (ii) the Company Reserves, excluding the amount of Company Reserves related to National Steel Pellet Company (the "Net Receivables Amount"), plus the Inventory Value, excluding the Inventory Value of the Inventory of National Steel Pellet Company included in the Acquired Assets (the "Working Capital Amount"), is less than $450 million then the Purchase Price shall be decreased by the amount of the shortfall (the "Working Capital Adjustment"). Any Working Capital Adjustment resulting from this Section 3.4(e) shall be offset by any reduction to the Purchase Price made at the Closing based on the Estimated Working Capital Adjustment." 3. Amendment of Section 7.20. Section 7.20 of the Purchase Agreement is hereby amended and restated in its entirety to read as follows: "7.20 Pellet Company Modification. On or prior to February 21, 2003, Sellers shall prepare and deliver amendments, modifications or supplements to the exhibits and schedules hereto in a form reasonably satisfactory to Buyer to reflect that National Steel Pellet Company is a Seller and Buyer's purchase of all assets related thereto (the "Pellet Company Modification"), and to add as Sellers other parties as necessary to effectuate the foregoing." 2 {PAGE} 4. Addition of Hanna Ore Mining Company as Seller. By executing this Amendment, the parties hereto hereby agree that the Purchase Agreement is amended to include Hanna Ore Mining Company as a Seller and to add Hanna Ore Mining Company as a signatory to the Purchase Agreement. 5. Amendment of Schedule 1. Schedule 1 to the Purchase Agreement is hereby amended as set forth on Exhibit A attached hereto. 6. Amendment of Schedule 2.1(a)-1. Schedule 2.1(a)-1 to the Purchase Agreement is hereby amended as set forth on Exhibit B attached hereto. 7. Amendment of Schedule 2.1(c). Schedule 2.1(c) to the Purchase Agreement is hereby amended as set forth on Exhibit C attached hereto. 8. Amendment of Schedule 2.1(i). Schedule 2.1(i) to the Purchase Agreement is hereby amended as set forth on Exhibit D attached hereto. 9. Amendment of Schedule 2.1(k). Schedule 2.1(k) to the Purchase Agreement is hereby amended as set forth on Exhibit E attached hereto. 10. Amendment of Schedule 2.1(n). Schedule 2.1(n) to the Purchase Agreement is hereby amended as set forth on Exhibit F attached hereto. 11. Amendment of Schedule 2.2(i). Schedule 2.2(i) to the Purchase Agreement is hereby amended as set forth on Exhibit G attached hereto. 12. Amendment of Schedule 2.2(k). Schedule 2.2(k) to the Purchase Agreement is hereby amended as set forth on Exhibit H attached hereto. 13. Amendment of Schedule 7.16. Schedule 7.16 to the Purchase Agreement is hereby amended as set forth on Exhibit I attached hereto. 14. Amendment of Schedule 10.1(c). Schedule 10.1(c) to the Purchase Agreement is hereby amended as set forth on Exhibit J attached hereto. 15. Amendment of Schedule 5.1 of the Disclosure Schedule. Schedule 5.1 of the Disclosure Schedule is hereby amended as set forth on Exhibit K attached hereto. 16. Amendment of Schedule 5.4 of the Disclosure Schedule. Schedule 5.4 of the Disclosure Schedule is hereby amended as set forth on Exhibit L attached hereto. 17. Amendment of Schedule 5.6(a) of the Disclosure Schedule. Schedule 5.6(a) of the Disclosure Schedule is hereby amended as set forth on Exhibit M attached hereto. 18. Amendment of Schedule 5.6(b) of the Disclosure Schedule. Schedule 5.6(b) of the Disclosure Schedule is hereby amended as set forth on Exhibit N attached hereto. 3 {PAGE} 19. Amendment of Schedule 5.7 of the Disclosure Schedule. Schedule 5.7 of the 378575	National Steel National Steel Corp. ( Iron & Steel ) ; Adaptec Adaptec Inc. ( Semiconductors ) As referenced in this Asset Purchase Agreement [Amendment No. 1]: Adaptec, Inc – Steel Pellet Company and Microsoft Corp. 12. Software License Agreement between National Steel Pellet Company and Rasterex (International) a.s 13. Software License Agreement between National Steel Pellet Company and Adaptec, Inc . Section V of Schedule 5.4 of the Disclosure Schedule is hereby amended to include the following items: L-2 {PAGE} 18. Software License Agreement (WeatherLink) between National Steel _____________ dt 1515883 ; Adaptec Adaptec Inc. ( Semiconductors ) As referenced in this Asset Purchase Agreement [Amendment No. 1]: Adaptec, Inc. – Steel Pellet Company and Microsoft Corp. 12. Software License Agreement between National Steel Pellet Company and Rasterex (International) a.s 13. Software License Agreement between National Steel Pellet Company and Adaptec, Inc. Section V of Schedule 5.4 of the Disclosure Schedule is hereby amended to include the following items: L-2 {PAGE} 18. Software License Agreement (WeatherLink) between National Steel _____________ dt 1457156 ;	Adobe Adobe Systems Inc. ( Software & Programming ) As referenced in this Asset Purchase Agreement [Amendment No. 1]: Adobe Systems Inc. – Pellet Company and Lotus Development Corporation 20. License Agreements between National Steel Pellet Company and International Business Machines Corporation***** 21. License Agreements (Adobe Acrobat) between National Steel Pellet Company and Adobe Systems Inc. 22. Open License Agreements between National Steel Pellet Company and Microsoft Corporation* **** 23. License Agreement between National Steel Pellet Company and Dazzle Inc. 24. Program License Agreement between National _____________ dt 1323215 ; AGCO AGCO Corp. ( Agricultural Machinery ) As referenced in this Asset Purchase Agreement [Amendment No. 1]: Agco Corp – 29 54,597.00 9,795.30 - - Sheet Sales Ratner Steel Supply Co 68,537.16 45,511.87 23,025.29 - - Sheet Sales Tektube 68,413.69 - - - - Sheet Sales Agco Corp 66,586.38 43,004.66 23,581.72 - - Sheet Sales National Metalwares Inc 64,460.50 64,460.50 - - - Sheet Sales Steel Mfg & Whse Co 59,240.78 _____________ Agco Corp – Sales Northwest Steel Corp - - 3,099.10 Sheet Sales Metal Products Of Alabama - - 6,666.99 Sheet Sales Ratner Steel Supply Co - - - Sheet Sales Tektube - - 68,413.69 Sheet Sales Agco Corp - - - Sheet Sales National Metalwares Inc - - - Sheet Sales Steel Mfg & Whse Co - - - Sheet Sales Jericho Steel Sales Corp - - - Sheet Sales Jame Steel Corp - - 8,757.39 Sheet Sales Century Steel _____________ dt 1396320 ; More...
Preview Full Doc	2003	Asset Purchase Agreement Asset Purchase Agreement (433K) Doc #378594: Click preview link for longer preview. ASSET PURCHASE AGREEMENT dated as of January 30, 2003 by and among AK STEEL CORPORATION and NATIONAL STEEL CORPORATION and THE SUBSIDIARIES OF NATIONAL STEEL CORPORATION SET FORTH ON THE SIGNATURE PAGES HERETO {PAGE} {TABLE} {CAPTION} {S} {C} ARTICLE 1 DEFINITIONS.................................................................................1 1.1 Defined Terms..................................................................................1 1.2 Interpretation................................................................................12 ARTICLE 2 TRANSFER OF ASSETS AND ASSUMPTION OF LIABILITIES...........................................12 2.1 Assets to be Acquired.........................................................................12 2.2 Excluded Assets...............................................................................15 2.3 Liabilities to be Assumed by Buyer............................................................15 2.4 Excluded Liabilities..........................................................................16 2.5 Changes in List of Assumed Contracts..........................................................17 ARTICLE 3 CLOSING; PURCHASE PRICE....................................................................18 3.1 Closing; Transfer of Possession; Certain Deliveries...........................................18 3.2 Deposit Escrow................................................................................19 3.3 Purchase Price................................................................................19 3.4 Purchase Price Adjustment.....................................................................19 3.5 Allocation of Purchase Price..................................................................20 3.6 Designation of Affiliates by Buyer............................................................21 3.7 Section 338(h)(10) Election...................................................................21 3.8 Designation of Exchange Accommodation Titleholder.............................................21 ARTICLE 4 INDEMNITY ESCROW...........................................................................21 4.1 Creation of Escrow............................................................................21 4.2 Duration and Term.............................................................................21 ARTICLE 5 REPRESENTATIONS AND WARRANTIES OF SELLER...................................................22 5.1 Due Organization..............................................................................22 5.2 Authorization; Validity.......................................................................22 5.3 No Violation..................................................................................23 5.4 Third Party Approvals.........................................................................23 5.5 Title to Assets; Sufficiency and Condition of Assets..........................................23 5.6 Intellectual Property.........................................................................24 5.7 Compliance with Laws..........................................................................24 {/TABLE} i {PAGE} {TABLE} {CAPTION} {S} {C} 5.8 Title to Property.............................................................................24 5.9 Brokers and Finders...........................................................................25 5.10 Taxes.........................................................................................25 5.11 Labor Matters; Employee Relations.............................................................25 5.12 ERISA Compliance; Absence of Changes in Benefits Plans........................................25 5.13 Litigation....................................................................................26 5.14 Customers and Suppliers.......................................................................26 5.15 Accounts Receivable...........................................................................26 5.16 Inventory.....................................................................................27 5.17 Financial Statements and SEC Filings..........................................................27 5.18 Contracts.....................................................................................27 5.19 Permits.......................................................................................28 5.20 Environmental Matters.........................................................................28 5.21 Capital Expenditures..........................................................................28 ARTICLE 6 REPRESENTATIONS AND WARRANTIES OF BUYER....................................................29 6.1 Due Organization..............................................................................29 6.2 Authority; Validity...........................................................................29 6.3 No Violation..................................................................................29 6.4 Third Party Approvals.........................................................................29 6.5 Brokers and Finders...........................................................................30 6.6 Compliance with Laws..........................................................................30 6.7 Litigation....................................................................................30 ARTICLE 7 COVENANTS OF THE PARTIES...................................................................30 7.1 Conduct of Business Pending the Closing.......................................................30 7.2 Bankruptcy Court Order........................................................................31 7.3 Notification of Certain Matters...............................................................32 7.4 Access........................................................................................32 7.5 Public Announcements..........................................................................33 7.6 Cure of Defaults..............................................................................34 {/TABLE} ii {PAGE} {TABLE} {CAPTION} {S} {C} 7.7 ERISA and Employment Matters..................................................................34 7.8 Further Agreements............................................................................34 7.9 Payment of Transfer Taxes and Tax Filings.....................................................34 7.10 Utilities.....................................................................................35 7.11 Proration of Taxes and Certain Charges........................................................35 7.12 Regulatory Approvals; Reasonable Efforts; Notification; Consent...............................36 7.13 Railroad Assets...............................................................................37 7.14 Rejected Contracts............................................................................37 7.15 Further Assurances............................................................................37 7.16 Union Negotiations............................................................................38 7.17 Closing Financial Certificate.................................................................38 7.18 Transition Services Agreement.................................................................38 7.19 Credit Support Arrangements...................................................................38 7.20 Pellet Company Modification...................................................................39 ARTICLE 8 CONDITIONS TO OBLIGATIONS OF THE PARTIES...................................................39 8.1 Conditions Precedent to Obligations of Buyer..................................................39 8.2 Conditions Precedent to the Obligations of Sellers............................................42 ARTICLE 9 TERMINATION................................................................................43 9.1 Termination of Agreement......................................................................43 9.2 Consequences of Termination...................................................................44 ARTICLE 10 INDEMNIFICATION............................................................................44 10.1 Indemnification of Buyer......................................................................44 10.2 Indemnification of Sellers....................................................................45 10.3 Indemnification Procedures....................................................................45 10.4 Survival of Representations and Warranties....................................................47 10.5 Termination of Indemnification................................................................47 10.6 Limitations on Indemnification................................................................47 ARTICLE 11 MISCELLANEOUS..............................................................................49 11.1 Expenses......................................................................................49 {/TABLE} iii {PAGE} {TABLE} {CAPTION} {S} {C} 11.2 Assignment....................................................................................49 11.3 Parties in Interest...........................................................................49 11.4 Notices.......................................................................................49 11.5 Choice of Law.................................................................................50 11.6 Entire Agreement; Amendments and Waivers......................................................50 11.7 Counterparts..................................................................................51 11.8 Invalidity....................................................................................51 11.9 Headings......................................................................................51 11.10 Exclusive Jurisdiction........................................................................51 11.11 WAIVER OF RIGHT TO TRIAL BY JURY..............................................................51 11.12 Beneficiaries.................................................................................51 11.13 Counting......................................................................................52 11.14 Preparation of this Agreement.................................................................52 {/TABLE} Exhibit A Form of Assignment and Assumption Agreement Exhibit B Deposit Escrow Agreement Exhibit C Form of Headquarters Lease Exhibit D Form of Indemnity Escrow Agreement Exhibit E Sale Procedures Order Exhibit F Form of Trademark License Agreement Exhibit G Form of Bill of Sale Exhibit H Bankruptcy Court Approval iv {PAGE} ASSET PURCHASE AGREEMENT This ASSET PURCHASE AGREEMENT is dated as of January 30, 2003 (the "Agreement Date") by and among National Steel Corporation, a Delaware corporation (the "Company"), the Subsidiaries of the Company set forth on the signature pages hereto and in Schedule 1 (collectively with the Company, the "Sellers" and each a "Seller") and AK Steel Corporation, a Delaware corporation (together with any designated Subsidiaries, "Buyer"). WITNESSETH: WHEREAS, Sellers are engaged in, among other things, the production, transportation and sale of coke and steel products; WHEREAS, Sellers each commenced a case (collectively, the "Chapter 11 Case") on March 6, 2002 under chapter 11 of title 11 of the United States Code, 11 U.S.C. Sections 101 et seq. (the "Bankruptcy Code") in the United States Bankruptcy Court for the Northern District of Illinois, Eastern Division (the "Bankruptcy Court"); and WHEREAS, Sellers wish to sell to Buyer the assets of the Business as are specified herein, and Buyer wishes to purchase such assets and to assume those liabilities relating to the Business as are specified herein, all in the manner and subject to the terms and conditions set forth in this Agreement and pursuant to, inter alia, Sections 363 and 365 of the Bankruptcy Code. NOW, THEREFORE, in consideration of the premises, and the representations, warranties, covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows: ARTICLE 1 DEFINITIONS 1.1 Defined Terms. As used herein, the terms below shall have the following respective meanings: "Accounts Payable" shall mean those trade accounts payable of Sellers relating to the Business or the Acquired Assets, incurred in bona fide business transactions in the ordinary course of business. Accounts Payable shall not include any Cure Amounts or any Excluded Liabilities. "Accounts Receivable" shall mean: (i) all of Sellers' trade accounts receivable relating to the Business and other rights to payment from customers of the Business and the full benefit of all security for such accounts or rights to payment, including all trade accounts receivable representing amounts receivable in respect of goods shipped or products sold or services rendered to customers of the Business; (ii) all other accounts or notes receivable of Sellers and the full benefit of all security for such accounts or notes receivable arising in the conduct of the Business; and (iii) any claim, remedy or other right related to any of the foregoing, in each case existing on the Agreement Date or arising in the ordinary course of the conduct of the Business after the Agreement Date and in each case that have not been satisfied or discharged prior to the {PAGE} close of business on the Business Day immediately preceding the Closing Date or have not been written off or sent to collection prior to the close of business on the Business Day immediately preceding the Closing Date (it being understood that the receipt of a check prior to the close of business on the Business Day immediately preceding the Closing Date shall constitute satisfaction or discharge of the applicable account or note receivable to the extent of the payment represented thereby). "Acquired Assets" shall have the meaning specified in Section 2.1. "Acquired Entities" shall have the meaning specified in Section 2.1(o). "Acquired Facilities" shall mean the following plants and facilities of Sellers: Great Lakes Plant; Midwest Plant; Granite City Plant; Seller headquarters (Mishawaka, IN); ProCoil processing and distribution center (Canton, MI); and National Steel Pellet Company (Mesabi Iron Range, Minnesota). "Acquired Real Property" shall mean collectively the Owned Real Property and the Leased Real Property. "Adjustment Payment Date" shall have the meaning specified in Section 3.4(f). "Affiliate" shall mean, with respect to any Person, any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such Person, including any officer, director or greater than 10% shareholder of such Person. For the purposes of this definition, "control" when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative to the foregoing. "Agreement" shall mean this Asset Purchase Agreement, together with the Exhibits, Schedules and the Disclosure Schedule, in each case as amended, restated, supplemented or otherwise modified from time to time. "Agreement Date" shall have the meaning specified in the preamble. "Allocation" shall have the meaning specified in Section 3.5. "Alternative Transaction" shall have the meaning specified in Section 7.2(b). "Antitrust Law" shall mean the Sherman Act, as amended, the Clayton Act, as amended, the HSR Act, the Federal Trade Commission Act, as amended, and all other federal, state and foreign Laws or Orders that require notification to a Governmental Entity of mergers and acquisitions or that are designed or intended to prohibit, restrict or regulate mergers and acquisitions and actions having the purpose or effect of monopolization or restraint of trade. "Assignment and Assumption Agreement" shall mean the assignment and assumption agreement to be entered into by Sellers and Buyer concurrently with the Closing, substantially in the form of Exhibit A. 2 {PAGE} "Assumed Contracts" shall have the meaning specified in Section 2.1(c). "Assumed Liabilities" shall have the meaning specified in Section 2.3. "Auction Date" shall mean the date of the commencement of the "Auction" contemplated by the Sales Procedures Order. "Bad Debts Reserve" shall mean the Company's provision for doubtful accounts, determined in accordance with GAAP and the Company's accounting policies, attached hereto as Schedule 1.1(a), consistently applied by the Company. "Bankruptcy Code" shall have the meaning specified in the recitals. "Bankruptcy Court" shall have the meaning specified in the recitals. "Bankruptcy Court Approval" shall have the meaning specified in Section 8.1(d). "Basket Amount" shall have the meaning specified in Section 10.6(a). "Benefits Plan" shall mean any employee welfare benefit plan (as defined in Section 3(1) of ERISA) sponsored, maintained, contributed to or required to be contributed to at any time by the Company or any of its Subsidiaries for any of their respective present or former employees, retirees or spouses, dependents or other beneficiaries of present or former employees or retirees. "Bid Deadline" shall mean the date that is four Business Days prior to the Auction Date. "Business" shall mean the production, sale and transportation of coke and steel products carried on by Sellers, including the mining of ore and the production of iron ore pellets at National Steel Pellet Company but excluding any other production of iron ore pellets or mining of ore and excluding the mining of coal. "Business Day" shall mean any day other than a Saturday, Sunday or a 378594	National Steel National Steel Corp. ( Iron & Steel ) ; USWA United Steelworkers of America ( Unions ) As referenced in this Asset Purchase Agreement: United Steelworkers of America. – the date of the entry of the Sale Procedures Order until the Closing Date, Buyer shall, once per week, update the Company on the status of its negotiations with the United Steelworkers of America. 7.4 Access. (a) Subject to applicable Law, from the date hereof until the Closing Date, Sellers (i) shall give Buyer and its Representatives reasonable access during normal business _____________ United Steelworkers of America – Assets. 7.16 Union Negotiations. Buyer agrees that, promptly following the entry of the Sale Procedures Order, it shall use all reasonable efforts to propose a collective bargaining agreement with United Steelworkers of America and keep the Company reasonably informed of the progress of the negotiations with the United Steelworkers of America. Such collective bargaining agreement shall include those items set forth on _____________ United Steelworkers of America. – shall use all reasonable efforts to propose a collective bargaining agreement with United Steelworkers of America and keep the Company reasonably informed of the progress of the negotiations with the United Steelworkers of America. Such collective bargaining agreement shall include those items set forth on Schedule 7.16. If, by March 17, 2003, the United Steelworkers of America shall not have executed and _____________ United Steelworkers of America – progress of the negotiations with the United Steelworkers of America. Such collective bargaining agreement shall include those items set forth on Schedule 7.16. If, by March 17, 2003, the United Steelworkers of America shall not have executed and delivered collective bargaining agreements relating to represented employees of the Business in form and substance satisfactory to Buyer, in its sole discretion, then Buyer and _____________ United Steelworkers of America – represented employees of the Business in form and substance satisfactory to Buyer, in its sole discretion, then Buyer and Sellers may mutually agree to permit Buyer to continue negotiations with United Steelworkers of America of such collective bargaining agreements until such date as is mutually agreed upon, which date shall be no later than the date which is five Business Days prior to the _____________ dt 1422419 ;	Skadden Skadden, Arps, Slate, Meagher & Flom LLP ( Legal ) As referenced in this Asset Purchase Agreement: Skadden, Arps – thereof by the party entitled to waive that condition) or on such other date as the parties hereto shall mutually agree. The Closing shall be held at the offices of Skadden, Arps , Slate, Meagher & Flom (Illinois), at 10:00 a.m., local time, unless the parties hereto otherwise agree. The actual date of the Closing is herein called the "Closing Date." _____________ Skadden, Arps – National Steel Corporation 4100 Edison Lakes Parkway Mishawaka, IN 46545 Attention: Ronald J. Werhnyak Senior Vice President, General Counsel and Secretary Tel: 574.273.7601 Fax: 574.273.7868 and Skadden, Arps , Slate, Meagher & Flom (Illinois) 333 West Wacker Drive Chicago, IL 60606 Attention: Gary P. Cullen, Esq. Timothy R. Pohl, Esq. Telephone: 312.407.0700 Fax: 312.407.0411 If _____________ Skadden, Arps – National Steel Corporation 4100 Edison Lakes Parkway Mishawaka, IN 46545 Attention: Ronald J. Werhnyak Senior Vice President, General Counsel and Secretary Tel: 574.273.7601 Fax: 574.273.7868 and Skadden, Arps , Slate, Meagher & Flom (Illinois) 333 West Wacker Drive Chicago, IL 60606 Attention: Gary P. Cullen, Esq. Timothy R. Pohl, Esq. Tel: 312.407.0700 Fax: 312.407.0411 If _____________ Skadden, Arps – Corporation 4100 Edison Lakes Parkway Mishawaka, IN 46545 Attention: Ronald J. Werhnyak, Senior Vice President, General Counsel and Secretary Tel: 574-273-7601 Fax: 574-273-7868 12 {PAGE} and Skadden, Arps , Slate, Meagher & Flom (Illinois) 333 West Wacker Drive Chicago, IL 60606 Attention: Gary P. Cullen, Esq. Timothy R. Pohl, Esq. Tel: 312.407.0700 Fax: 312.407.0411 If _____________ Skadden, Arps – Corporation 4100 Edison Lakes Parkway Mishawaka, IN 46545 Attention: Ronald J. Werhnyak Senior Vice President, General Counsel and Secretary Tel: 574.273.7601 Fax: 574.273.7868 and 7 {PAGE} Skadden, Arps , Slate, Meagher & Flom (Illinois) 333 West Wacker Drive Chicago, IL 60606 Attention: Gary P. Cullen, Esq. Timothy R. Pohl, Esq. Tel: 312.407.0700 Fax: 312.407.0411 If _____________ dt 1430914 ; Weil Gotshal Weil, Gotshal & Manges LLP ( Legal ) As referenced in this Asset Purchase Agreement: Weil, Gotshal – to Buyer: AK Steel Corporation 703 Curtis Street Middletown, Ohio 45043 Attention: James L. Wainscott, Senior Vice President and Chief Financial Officer Facsimile: (513) 425-5958 With a copy to: Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, New York 10153 Attention: Deryck A. Palmer, Esq. Facsimile: (212) 310-8007 Rejection of or refusal to accept any Notice, or the _____________ Weil, Gotshal – to Buyer: AK Steel Corporation 703 Curtis Street Middletown, OH 45043 Attention: James L. Wainscott Senior Vice President and Chief Financial Officer Fax: 513.425.5958 With a copy to: Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, NY 10153 Attention: Deryck A. Palmer, Esq. Fax: 212.310.8007 7 {PAGE} If to the Escrow Fifth Third Bank Agent: Corporate _____________ Weil, Gotshal – to Landlord: AK Steel Corporation 703 Curtis Street Middletown, OH 45043 Attention: James L. Wainscott Senior Vice President and Chief Financial Officer Fax: 513.425.5958 With a copy to: Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, NY 10153 Attention: Deryck A. Palmer, Esq. Fax: 212.310.8007 or to such other name and address as furnished in writing _____________ Weil, Gotshal – to Buyer: AK Steel Corporation 703 Curtis Street Middletown, OH 45043 Attention: James L. Wainscott Senior Vice President and Chief Financial Officer Fax: 513.425.5958 With a copy to: Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, NY 10153 Attention: Deryck A. Palmer, Esq. Fax: 212.310.8007 If to the Escrow Fifth Third Bank Agent: Corporate Trust, MD _____________ Weil, Gotshal – to Licensor: AK Steel Corporation 703 Curtis Street Middletown, OH 45043 Attention: James L. Wainscott Senior Vice President and Chief Financial Officer Fax: 513-425-5958 With a copy to: Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, NY 10153 Attention: Deryck A. Palmer, Esq. Fax: 212-310-8007 Rejection of or refusal to accept any Notice, or the inability _____________ dt 1366429
Preview Full Doc	2003	Asset Purchase Agreement Asset Purchase Agreement (481K) Doc #378597: Click preview link for longer preview. ASSET PURCHASE AGREEMENT dated as of January 9, 2003 by and among UNITED STATES STEEL CORPORATION and NATIONAL STEEL CORPORATION and THE SUBSIDIARIES OF NATIONAL STEEL CORPORATION SET FORTH ON THE SIGNATURE PAGES HERETO {PAGE} {TABLE} {S} {C} Article 1 DEFINITIONS...........................................................................1 1.1 Defined Terms.........................................................................1 1.2 Interpretation.......................................................................12 Article 2 TRANSFER OF ASSETS AND ASSUMPTION OF LIABILITIES.....................................12 2.1 Assets to be Acquired................................................................12 2.2 Excluded Assets......................................................................15 2.3 Liabilities to be Assumed by Buyer...................................................16 2.4 Excluded Liabilities.................................................................16 2.5 Changes in List of Assumed Contracts.................................................18 Article 3 CLOSING; PURCHASE PRICE..............................................................18 3.1 Closing; Transfer of Possession; Certain Deliveries..................................18 3.2 Deposit Escrow.......................................................................19 3.3 Purchase Price.......................................................................19 3.4 Purchase Price Adjustment............................................................19 3.5 Allocation of Purchase Price.........................................................21 3.6 Designation of Affiliates by Buyer...................................................21 3.7 Section 338(h)(10) Election..........................................................21 3.8 Designation of Exchange Accommodation Titleholder....................................21 Article 4 INDEMNITY ESCROW.....................................................................22 4.1 Creation of Escrow...................................................................22 4.2 Duration and Term....................................................................22 Article 5 REPRESENTATIONS AND WARRANTIES OF SELLER.............................................22 5.1 Due Organization.....................................................................22 5.2 Authorization; Validity..............................................................22 5.3 No Violation.........................................................................23 5.4 Third Party Approvals................................................................23 5.5 Title to Assets; Sufficiency and Condition of Assets.................................23 5.6 Intellectual Property................................................................24 5.7 Compliance with Laws.................................................................24 5.8 Title to Property....................................................................24 5.9 Brokers and Finders..................................................................25 5.10 Taxes................................................................................25 5.11 Labor Matters; Employee Relations....................................................25 5.12 ERISA Compliance; Absence of Changes in Benefits Plans...............................26 5.13 Litigation...........................................................................26 5.14 Customers and Suppliers..............................................................26 5.15 Accounts Receivable..................................................................26 5.16 Inventory............................................................................27 5.17 Financial Statements and SEC Filings.................................................27 5.18 Contracts............................................................................28 5.19 Permits..............................................................................28 {/TABLE} {PAGE} {TABLE} {S} {C} 5.20 Environmental Matters................................................................28 5.21 Capital Expenditures.................................................................29 5.23 Securities Law Matters...............................................................29 Article 6 REPRESENTATIONS AND WARRANTIES OF BUYER..............................................30 6.1 Due Organization.....................................................................30 6.2 Authority; Validity..................................................................30 6.3 No Violation.........................................................................30 6.4 Third Party Approvals................................................................30 6.5 Brokers and Finders..................................................................31 6.6 Financial Statements and SEC Filings.................................................31 6.7 Compliance with Laws.................................................................31 6.8 Buyer Stock..........................................................................31 6.9 Litigation...........................................................................31 Article 7 COVENANTS OF THE PARTIES.............................................................32 7.1 Conduct of Business Pending the Closing..............................................32 7.2 Bankruptcy Court Order...............................................................33 7.3 Notification of Certain Matters......................................................34 7.4 Access...............................................................................34 7.5 Public Announcements.................................................................35 7.6 Cure of Defaults.....................................................................35 7.7 ERISA and Employment Matters.........................................................35 7.8 Further Agreements...................................................................36 7.9 Payment of Transfer Taxes and Tax Filings............................................36 7.10 Utilities............................................................................37 7.11 Proration of Taxes and Certain Charges...............................................37 7.12 Regulatory Approvals; Reasonable Efforts; Notification; Consent......................38 7.13 Railroad Assets......................................................................38 7.14 Rejected Contracts...................................................................39 7.15 Further Assurances...................................................................39 7.16 Union Negotiations...................................................................39 7.17 Closing Financial Certificate........................................................40 7.18 Transitions Services Agreement.......................................................40 7.19 Credit Support Arrangements..........................................................40 Article 8 CONDITIONS TO OBLIGATIONS OF THE PARTIES.............................................40 8.1 Conditions Precedent to Obligations of Buyer.........................................40 8.2 Conditions Precedent to the Obligations of Sellers...................................43 Article 9 TERMINATION..........................................................................45 9.1 Termination of Agreement.............................................................45 9.2 Consequences of Termination..........................................................45 Article 10 INDEMNIFICATION......................................................................46 10.1 Indemnification of Buyer.............................................................46 10.2 Indemnification of Seller............................................................46 {/TABLE} ii {PAGE} {TABLE} {S} {C} 10.3 Indemnification Procedures...........................................................47 10.4 Survival of Representations and Warranties...........................................49 10.5 Termination of Indemnification.......................................................49 10.5 Termination of Indemnification.......................................................49 Article 11 MISCELLANEOUS........................................................................50 11.1 Expenses.............................................................................50 11.2 Assignment...........................................................................50 11.3 Parties in Interest..................................................................51 11.4 Notices..............................................................................51 11.5 Choice of Law........................................................................52 11.6 Entire Agreement; Amendments and Waivers.............................................52 11.7 Counterparts.........................................................................53 11.8 Invalidity...........................................................................53 11.9 Headings.............................................................................53 11.10 Exclusive Jurisdiction...............................................................53 11.11 Waiver of Right to Trial By Jury.....................................................53 11.12 Beneficiaries........................................................................53 11.13 Counting.............................................................................53 11.14 Preparation of this Agreement........................................................53 {/TABLE} Exhibit A Form of Assignment and Assumption Agreement Exhibit B Deposit Escrow Agreement Exhibit C Form of Headquarters Lease Exhibit D Form of Indemnity Escrow Agreement Exhibit E Form of Lock-up Agreement Exhibit F Form of Registration Rights Agreement Exhibit G Sale Procedures Order Exhibit H Form of Trademark License Agreement Exhibit I Form of Bill of Sale Exhibit J Bankruptcy Court Approval iii {PAGE} ASSET PURCHASE AGREEMENT This ASSET PURCHASE AGREEMENT is dated as of January 9, 2003 (the "Agreement Date") by and among National Steel Corporation, a Delaware corporation (the "Company"), the Subsidiaries of the Company set forth on the signature pages hereto and in Schedule 1 (collectively with the Company, the "Sellers" and each a "Seller") and United States Steel Corporation, a Delaware corporation (together with any designated Subsidiaries, "Buyer"). WITNESSETH: WHEREAS, Sellers are engaged in, among other things, the production, transportation and sale of coke and steel products; WHEREAS, Sellers each commenced a case (collectively, the "Chapter 11 Case") on March 6, 2002 under chapter 11 of title 11 of the United States Code, 11 U.S.C. Sections 101 et seq. (the "Bankruptcy Code") in the United States Bankruptcy Court for the Northern District of Illinois, Eastern Division (the "Bankruptcy Court"); and WHEREAS, Sellers wish to sell to Buyer the assets of the Business as are specified herein, and Buyer wishes to purchase such assets and to assume those liabilities relating to the Business as are specified herein, all in the manner and subject to the terms and conditions set forth in this Agreement and pursuant to, inter alia, Sections 363 and 365 of the Bankruptcy Code. NOW, THEREFORE, in consideration of the premises, and the representations, warranties, covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the parties hereto agree as follows: ARTICLE 1 DEFINITIONS 1.1 Defined Terms. As used herein, the terms below shall have the following respective meanings: "Accounts Payable" shall mean those trade accounts payable of Sellers relating to the Business or the Acquired Assets, incurred in bona fide business transactions in the ordinary course of business. Accounts Payable shall not include any Cure Amounts or any Excluded Liabilities. "Accounts Receivable" shall mean: (i) all of Sellers' trade accounts receivable relating to the Business and other rights to payment from customers of the Business and the full benefit of all security for such accounts or rights to payment, including all trade accounts receivable representing amounts receivable in respect of goods shipped or products sold or services rendered to customers of the Business; (ii) all other accounts or notes receivable of Sellers and the full benefit of all security for such accounts or notes receivable arising in the conduct of the Business; and (iii) any claim, remedy or other right related to any of the foregoing, in each case existing on the Agreement Date or arising in the ordinary course of the conduct of the Business after the Agreement Date and in each case that have not been satisfied or discharged prior to the {PAGE} close of business on the Business Day immediately preceding the Closing Date or have not been written off or sent to collection prior to the close of business on the Business Day immediately preceding the Closing Date (it being understood that the receipt of a check prior to the close of business on the Business Day immediately preceding the Closing Date shall constitute satisfaction or discharge of the applicable account or note receivable to the extent of the payment represented thereby). "Acquired Assets" shall have the meaning specified in Section 2.1. "Acquired Entities" shall have the meaning specified in Section 2.1(o). "Acquired Facilities" shall mean the following plants and facilities of Sellers: Great Lakes Plant; Midwest Plant; Granite City Plant; Seller headquarters (Mishawaka, IN); and ProCoil processing and distribution center (Canton, MI). "Acquired Real Property" shall mean collectively the Owned Real Property and the Leased Real Property. "Adjustment Payment Date" shall have the meaning specified in Section 3.4(f). "Affiliate" shall mean, with respect to any Person, any other Person, directly or indirectly, controlling or controlled by or under direct or indirect common control with such Person, including any officer, director or greater than 10% shareholder of such Person. For the purposes of this definition, "control" when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms "controlling" and "controlled" have meanings correlative to the foregoing. "Agreement" shall mean this Asset Purchase Agreement, together with the Exhibits, Schedules and the Disclosure Schedule, in each case as amended, restated, supplemented or otherwise modified from time to time. "Agreement Date" shall have the meaning specified in the preamble. "Allocation" shall have the meaning specified in Section 3.5. "Alternative Transaction" shall have the meaning specified in Section 7.2(b). "Antitrust Law" shall mean the Sherman Act, as amended, the Clayton Act, as amended, the HSR Act, the Federal Trade Commission Act, as amended, and all other federal, state and foreign Laws or Orders that require notification to a Governmental Entity of mergers and acquisitions or that are designed or intended to prohibit, restrict or regulate mergers and acquisitions and actions having the purpose or effect of monopolization or restraint of trade. "Assignment and Assumption Agreement" shall mean the assignment and assumption agreement to be entered into by Sellers and Buyer concurrently with the Closing, substantially in the form of Exhibit A. 2 {PAGE} "Assumed Contracts" shall have the meaning specified in Section 2.1(c). "Assumed Liabilities" shall have the meaning specified in Section 2.3. "Bad Debts Reserve" shall mean the Company's provision for doubtful accounts, determined in accordance with GAAP and the Company's accounting policies, attached hereto as Schedule 1.1(a), consistently applied by the Company. "Bankruptcy Code" shall have the meaning specified in the recitals. "Bankruptcy Court" shall have the meaning specified in the recitals. "Bankruptcy Court Approval" shall have the meaning specified in Section 8.1(d). "Basket Amount" shall have the meaning specified in Section 10.6(a). "Benefits Plan" shall mean any employee welfare benefit plan (as defined in Section 3(1) of ERISA) sponsored, maintained, contributed to or required to be contributed to at any time by the Company or any of its Subsidiaries for any of their respective present or former employees, retirees or spouses, dependents or other beneficiaries of present or former employees or retirees. "Business" shall mean the production, sale and transportation of coke and steel products carried on by Sellers but excluding the production of iron ore pellets or the mining of coal and ore. "Business Day" shall mean any day other than a Saturday, Sunday or a legal holiday on which banking institutions in the State of New York are not required to open. "Buyer" shall have the meaning specified in the preamble. "Buyer Financial Statements" shall have the meaning specified in Section 6.6(a). "Buyer Indemnitees" shall have the meaning specified in Section 10.1. "Buyer Material Adverse Effect" shall mean any state of facts, events, changes or effects, that, individually or aggregated with other states of facts, 378597	National Steel National Steel Corp. ( Iron & Steel ) ; USWA United Steelworkers of America ( Unions ) As referenced in this Asset Purchase Agreement: United Steelworkers of America. – the date of the entry of the Sale Procedures Order until the Closing Date, Buyer shall, once per week, update the Company on the status of its negotiations with the United Steelworkers of America. 7.4 Access. (a) Subject to applicable Law, from the date hereof until the Closing Date, Sellers (i) shall give Buyer and its Representatives reasonable access during normal business _____________ United Steelworkers of America – promptly following the entry of the Sale Procedures Order, it shall use all reasonable efforts to propose a collective bargaining agreement, initiate negotiations of a collective bargaining agreement with the United Steelworkers of America and keep the Company reasonably informed of the progress of the negotiations with the United Steelworkers of America. Such collective bargaining agreement shall include those items set forth on Schedule _____________ United Steelworkers of America. – collective bargaining agreement, initiate negotiations of a collective bargaining agreement with the United Steelworkers of America and keep the Company reasonably informed of the progress of the negotiations with the United Steelworkers of America. Such collective bargaining agreement shall include those items set forth on Schedule 7.16. Buyer agrees that, should it successfully complete negotiations of such collective bargaining agreement, it shall, _____________ United Steelworkers of America – obtained, and (ii) have had all of any Seller's breaches and defaults thereunder cured in accordance with Section 7.6 hereof. 41 {PAGE} (f) USWA Agreement. Buyer and the United Steelworkers of America shall have negotiated, and the United Steelworkers of America shall have executed, delivered and ratified, collective bargaining agreements relating to represented employees of the Business, in form and substance satisfactory _____________ United Steelworkers of America – s breaches and defaults thereunder cured in accordance with Section 7.6 hereof. 41 {PAGE} (f) USWA Agreement. Buyer and the United Steelworkers of America shall have negotiated, and the United Steelworkers of America shall have executed, delivered and ratified, collective bargaining agreements relating to represented employees of the Business, in form and substance satisfactory to Buyer, in its sole discretion, to be effective _____________ dt 1422420 ;	Morgan Lewis Morgan, Lewis & Bockius ( Legal ) As referenced in this Asset Purchase Agreement: Morgan, Lewis & Bockius – 1167 With copies to: United States Steel Corporation 600 Grant Street Pittsburgh, PA 15219 Attention: Robert M. Stanton Assistant General Counsel Tel: 412.433.2877 Fax: 412.433.1145 and Morgan, Lewis & Bockius LLP 301 Grant Street, Thirty-Second Floor Pittsburgh, PA 15219 Attention: Marlee S. Myers, Esq. Tel: 412.560.3300 Fax: 412.560.3399 Rejection of or refusal to accept _____________ Morgan, Lewis & Bockius – 1167 With copies to: United States Steel Corporation 600 Grant Street Pittsburgh, PA 15219 Attention: Robert M. Stanton Assistant General Counsel Tel: 412.433.2877 Fax: 412.433.1145 and Morgan, Lewis & Bockius LLP 301 Grant Street, Thirty-Second Floor 7 {PAGE} Pittsburgh, PA 15219 Attention: Marlee S. Myers, Esq. Tel: 412.560.3300 Fax: 412.560.3399 If to the Escrow _____________ Morgan, Lewis & Bockius – copies to: United States Steel Corporation 600 Grant Street Pittsburgh, PA 15219 Attention: Robert M. Stanton Assistant General Counsel Tel: 412.433.2877 Fax: 412.433.1145 and 13 {PAGE} Morgan, Lewis & Bockius LLP 301 Grant Street, Thirty-Second Floor Pittsburgh, PA 15219 Attention: Marlee S. Myers, Esq. Tel: 412.560.3300 Fax: 412.560.3399 or to such other name and _____________ Morgan, Lewis & Bockius – copies to: United States Steel Corporation 600 Grant Street Pittsburgh, PA 15219 Attention: Robert M. Stanton Assistant General Counsel Tel: 412.433.2877 Fax: 412.433.1145 and 8 {PAGE} Morgan, Lewis & Bockius LLP 301 Grant Street, Thirty-Second Floor Pittsburgh, PA 15219 Attention: Marlee S. Myers, Esq. Tel: 412.560.3300 Fax: 412.560.3399 If to the Escrow J.P. _____________ Morgan, Lewis & Bockius – 1167 With copies to: United States Steel Corporation 600 Grant Street Pittsburgh, PA 15219 Attention: Robert M. Stanton Assistant General Counsel Tel: 412.433.2877 Fax: 412.433.1145 and Morgan, Lewis & Bockius LLP 301 Grant Street, Thirty-Second Floor Pittsburgh, PA 15219 Attention: Marlee S. Myers, Esq. Tel: 412.560.3300 Fax: 412.560.3399 If to a Holder, at the _____________ dt 1372979 ; Skadden Skadden, Arps, Slate, Meagher & Flom LLP ( Legal ) As referenced in this Asset Purchase Agreement: Skadden, Arps – thereof by the party entitled to waive that condition) or on such other date as the parties hereto shall mutually agree. The Closing shall be held at the offices of Skadden, Arps , Slate, Meagher & Flom (Illinois), at 10:00 a.m., local time, unless the parties hereto otherwise agree. The actual date of the Closing is herein called the "Closing Date." _____________ Skadden, Arps – National Steel Corporation 4100 Edison Lakes Parkway Mishawaka, IN 46545 Attention: Ronald J. Werhnyak Senior Vice President, General Counsel and Secretary Tel: 574.273.7601 Fax: 574.273.7868 and Skadden, Arps , Slate, Meagher & Flom (Illinois) 333 West Wacker Drive Chicago, IL 60606 51 {PAGE} Attention: Gary P. Cullen, Esq. Timothy R. Pohl, Esq. Telephone: 312.407.0700 Fax: 312.407. _____________ Skadden, Arps – National Steel Corporation 4100 Edison Lakes Parkway Mishawaka, IN 46545 Attention: Ronald J. Werhnyak Senior Vice President, General Counsel and Secretary Tel: 574.273.7601 Fax: 574.273.7868 and Skadden, Arps , Slate, Meagher & Flom (Illinois) 333 West Wacker Drive Chicago, IL 60606 Attention: Gary P. Cullen, Esq. Timothy R. Pohl, Esq. Tel: 312.407.0700 Fax: 312.407.0411 If _____________ Skadden, Arps – National Steel Corporation 4100 Edison Lakes Parkway Mishawaka, IN 46545 Attention: Ronald J. Werhnyak, Senior Vice President, General Counsel and Secretary Tel: 574-273-7601 Fax: 574-273-7868 and Skadden, Arps , Slate, Meagher & Flom (Illinois) 333 West Wacker Drive Chicago, IL 60606 Attention: Gary P. Cullen, Esq. Timothy R. Pohl, Esq. Tel: 312.407.0700 Fax: 312.407.0411 If _____________ Skadden, Arps – National Steel Corporation 4100 Edison Lakes Parkway Mishawaka, IN 46545 Attention: Ronald J. Werhnyak Senior Vice President, General Counsel and Secretary Tel: 574.273.7601 Fax: 574.273.7868 and Skadden, Arps , Slate, Meagher & Flom (Illinois) 333 West Wacker Drive Chicago, IL 60606 Attention: Gary P. Cullen, Esq. Timothy R. Pohl, Esq. Tel: 312.407.0700 Fax: 312.407.0411 If _____________ dt 1430915
Preview Full Doc	2003	Order Order (32K) Doc #171052: Click preview link for longer preview. IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION In re: ) Case No. 02-08697 ) through 02-08738 ) (Jointly Administered) NATIONAL STEEL CORPORATION ) Chapter 11 et al., ) Hon. John H. Squires ) Debtors. ) ORDER UNDER 11 U.S.C. (SS) 105(a) AND FED. R. BANKR. P. 2002, 6004, 6006, AND 9014 APPROVING (A) BIDDING PROCEDURES; (B) THE FORM AND MANNER OF NOTICE OF (i) THE SALE OF CERTAIN ASSETS, AND (ii) THE ASSUMPTION AND ASSIGNMENT OF CERTAIN EXECUTORY CONTRACTS AND UNEXPIRED LEASES; AND (C) THE TOPPING FEE This matter having come before the Court on the Motion for Orders Pursuant to 11 U.S.C. (SS) 105(a), 363, 365, 1145, and 1146(c) and Fed. R. Bankr. P. 2002, 6004, 6006 and 9014 (A) Approving (i) Bidding Procedures, (ii) the Form and Manner of Sale Notices, and (iii) Topping Fee and (B) Authorizing and Approving (i) the Sale of Certain of the Debtors' Assets Free and Clear of Liens, Claims and Encum-brances, (ii) the Assumption and Assignment of Certain Executory Contracts and Unexpired Leases, and (iii) the Assumption of Certain Liabilities (the "Motion")1 of the above captioned, debtors and debtors-in-possession (the "Debtors"), for, inter alia, entry of an order (the "Procedures Order") (a) scheduling a hearing (the "Sale Hearing") with --------------- /1/ Unless otherwise defined, capitalized terms used herein shall have the meanings ascribed to them in the Motion or the Agreement, as the case may be. {PAGE} respect to the Debtors' motion (the "Sale Motion") for an order authorizing (i) the sale of certain of the Debtors' Assets relating to the Business, free and clear of all liens, claims, interests, and encumbrances (the "Sale"), pursuant to and as described in the Purchase Agreement, dated as of January 30, 2003 (the "Agreement"), by and among the Debtors and AK Steel Corporation (the "Buyer"), (ii) the Debtors' assumption and assignment to the Buyer of certain executory contracts and unexpired leases (the "Assumed Contacts"), pursuant to, limited by, and as described in the Agreement, free and clear of liens, claims, interests, and encumbrances, and (iii) the assumption by the Buyer of certain liabilities of the Debtors (the "Assumed Liabilities"), pursuant to and as described in the Agreement; and (b) approving (i) the Debtors' proposed bidding procedures (the "Bidding Procedures"), (ii) the form and manner of notice of the Sale, (iii) the form and manner of the Notices of the Assumption of the Assumed Contracts and (iv) the Topping Fee; and the Court having reviewed the Motion; and it appearing that notice of the Motion was good and sufficient under the particular circumstances and that no other or further notice need be given; and the Court having considered the arguments of counsel at the hearing held on February 6, 2003 (the "Hearing"); and it appearing that the relief requested in the Motion is in the best interests of the Debtors, their estates and creditors and other parties in interest; and upon the record of the Hearing; and after due deliberation thereon; and good cause appearing therefor, it is hereby 171052	National Steel National Steel Corp. ( Iron & Steel ) ; Heller Financial Heller Financial Leasing, Inc. ( Rental & Leasing ) As referenced in this Order: Heller Financial Leasing, – D Bonds due 2009 and 8-3/8% Series Bonds due 2006 (each, an "Indenture Trustee"), Mitsubishi, Marubeni, General Electric Capital Corporation ("GECC"), Heller Financial Leasing, Inc. ("Heller"), and BCC Equipment Leasing Corporation ("BCC," together with GECC and Heller, the "Lessors") are each hereby deemed to be Qualified _____________ dt 104329 ;	Skadden Skadden, Arps, Slate, Meagher & Flom LLP ( Legal ) As referenced in this Order: Skadden, – a written copy of its bid to (1) Gary P. Cullen and Timothy R. Pohl, Skadden, Arps, Slate, Meagher & Flom (Illinois) ("Skadden"), 333 West Wacker Drive, Suite 2100, Chicago, IL "Skadden" – to (1) Gary P. Cullen and Timothy R. Pohl, Skadden, Arps, Slate, Meagher & Flom (Illinois) ("Skadden" ), 333 West Wacker Drive, Suite 2100, Chicago, IL 60606; and (2) Frank (Terry) A. Skadden – the Auction, however, the Indenture Trustee, Mitsubishi, Marubeni or the Lessors must notify Lazard and Skadden of its respective intention to credit bid. Bid Protection -------------- Recognizing the Proposed Purchaser's expenditure Skadden, – to the Assets. The Auction shall commence on April 2, 2003 at the offices of Skadden, Arps, Slate, Meagher & Flom (Illinois), 333 West Wacker Drive, 19th Floor, Chicago, Illinois. The dt 34263 ; John H. Squires
Preview Full Doc	2002	Chapter 11 Retention Programs Chapter 11 Retention Programs (24K) Doc #378618: Click preview link for longer preview. National Steel Corporation Chapter 11 Retention Programs The Board of Directors of National Steel Corporation (?National Steel? or the ?Company?) has approved the following Chapter 11 retention programs to cover certain employees throughout the bankruptcy period and until the date of the Company?s emergence: ? Retention and Emergence Incentive Compensation Program: This program covers 95 key employees and provides periodic fixed retention payments on specified dates and a one-time payment upon the Company?s successful emergence from bankruptcy. The CEO and COO will not receive interim retention payments, instead their payments will accrue and will only be paid upon emergence. ? General Severance Program (non-union employees without employment contracts): This program covers approximately 1,500 non-union employees without employment contracts and provides severance benefits linked to seniority and pay levels upon an involuntary termination of employment without cause; provided, however, that the Company has not severed the employee in connection with or after announcement of the closing or substantial closing of a major facility of the Company. ? Senior Management Severance Program (non-union employees with employment contracts): This program covers 20 key employees that have prepetition employment contracts with the Company. The Company is not seeking to assume or reject these employment contracts at this time. However, the Company is seeking to provide these employees with the same severance and indemnity benefits as provided under their respective employment agreements as modified herein. ? National Steel Corporation Executive Deferred Compensation Plan: National Steel covers 11 executives under a non-qualified deferred compensation plan that is funded through a ?Rabbi Trust?. The Company is seeking to exempt funds contained in the Rabbi Trust from the claims of creditors and to maintain the deferred compensation plan and Rabbi Trust during the pendency of the bankruptcy. Each of these arrangements is discussed below. 378618	National Steel National Steel Corp. ( Iron & Steel )
Preview Full Doc	2001	Credit Agreement Credit Agreement (707K) Doc #378655: Click preview link for longer preview. {DOCUMENT} {TYPE}EX-4.(A) {SEQUENCE}3 {FILENAME}dex4a.txt {DESCRIPTION}CREDIT AGREEMENT DATED SEPTEMBER 28, 2001 {TEXT} {PAGE} Exhibit 4(a) U.S. $500,000,000 CREDIT AGREEMENT Dated as of September 28, 2001 among NATIONAL STEEL CORPORATION as Borrower, THE LENDERS AND ISSUERS PARTY HERETO, CITICORP USA, INC. as Administrative Agent, FLEET CAPITAL CORPORATION and THE CITGROUP/BUSINESS CREDIT, INC., as Documentation Agents, HELLER FINANCIAL, INC. and GMAC BUSINESS CREDIT, LLC as Syndication Agents, THE FUJI BANK, LIMITED as Co-Arranger and SALOMON SMITH BARNEY INC. as Sole Book Manager and Sole Lead Arranger WEIL, GOTSHAL & MANGES LLP 767 Fifth Avenue New York, NY 10153-0119 {PAGE} TABLE OF CONTENTS {TABLE} {CAPTION} Page {S} {C} {C} ARTICLE I DEFINITIONS, INTERPRETATION AND ACCOUNTING TERMS......................................1 Section 1.1 Defined Terms...............................................................1 Section 1.2 Computation of Time Periods................................................31 Section 1.3 Quantities.................................................................31 Section 1.4 Accounting Terms and Principles............................................31 Section 1.5 Certain Terms and References...............................................32 ARTICLE II THE FACILITIES.......................................................................33 Section 2.1 The Commitments............................................................33 Section 2.2 Borrowing Procedures.......................................................33 Section 2.3 Swing Loans................................................................34 Section 2.4 Letters of Credit..........................................................36 Section 2.5 Reduction and Termination of the Commitments...............................41 Section 2.6 Repayment of Loans.........................................................41 Section 2.7 Evidence of Indebtedness...................................................41 Section 2.8 Optional Prepayments.......................................................42 Section 2.9 Mandatory Prepayments......................................................42 Section 2.10 Interest...................................................................43 Section 2.11 Conversion and Continuation Options........................................44 Section 2.12 Fees.......................................................................44 Section 2.13 Payments and Computations; Protective Advances.............................45 Section 2.14 Special Provisions Governing Eurodollar Rate Loans.........................48 Section 2.15 Capital Adequacy...........................................................50 Section 2.16 Taxes......................................................................50 Section 2.17 Substitution of Lenders....................................................52 Section 2.18 Collateral Audits..........................................................53 ARTICLE III CONDITIONS PRECEDENT TO THE EFFECTIVENESS OF THIS AGREEMENT AND TO LOANS AND LETTERS OF CREDIT.........................................53 Section 3.1 Conditions Precedent to the Effectiveness of this Agreement................53 Section 3.2 Conditions Precedent to Each Loan and Letter of Credit.....................56 Section 3.3 Determinations of Initial Borrowing Conditions.............................57 {/TABLE} - i - {PAGE} TABLE OF CONTENTS (CONTINUED) {TABLE} {CAPTION} Page {S} {C} {C} Section 3.4 Post Closing Conditions....................................................57 ARTICLE IV REPRESENTATIONS AND WARRANTIES.......................................................58 Section 4.1 Corporate Existence; Compliance with Law...................................58 Section 4.2 Corporate Power; Authorization; Enforceable Obligations....................58 Section 4.3 Financial Statements.......................................................59 Section 4.4 Legal Proceedings..........................................................60 Section 4.5 Material Adverse Change....................................................60 Section 4.6 Solvency...................................................................60 Section 4.7 Litigation.................................................................60 Section 4.8 Taxes......................................................................60 Section 4.9 Full Disclosure............................................................61 Section 4.10 Margin Regulations.........................................................61 Section 4.11 Ownership of the Material Subsidiaries.....................................61 Section 4.12 ERISA......................................................................62 Section 4.13 Liens and Encumbrances.....................................................62 Section 4.14 Related Documents..........................................................63 Section 4.15 No Burdensome Restrictions; No Defaults....................................63 Section 4.16 No Other Ventures..........................................................63 Section 4.17 Investment Company Act.....................................................64 Section 4.18 Insurance..................................................................64 Section 4.19 Labor Matters..............................................................64 Section 4.20 Use of Proceeds............................................................64 Section 4.21 Environmental Matters......................................................64 Section 4.22 Intellectual Property......................................................65 Section 4.23 Title; Real Property.......................................................65 Section 4.24 Existing Indebtedness......................................................66 Section 4.25 Deposit Accounts...........................................................66 ARTICLE V FINANCIAL COVENANTS..................................................................66 Section 5.1 Capital Expenditures.......................................................66 Section 5.2 Available Credit...........................................................67 {/TABLE} - ii - {PAGE} TABLE OF CONTENTS (CONTINUED) {TABLE} {CAPTION} Page {S} {C} {C} ARTICLE VI REPORTING COVENANTS..................................................................68 Section 6.1 Financial Statements.......................................................68 Section 6.2 Default Notices............................................................70 Section 6.3 Expected Net Cash Proceeds.................................................70 Section 6.4 ERISA Matters..............................................................70 Section 6.5 Litigation.................................................................71 Section 6.6 Notices under Related Documents............................................71 378655	National Steel National Steel Corp. ( Iron & Steel ) ; Citibank Citibank, NA As referenced in this Credit Agreement: Citibank, N.A. – cease to own and control, directly or indirectly, all of the economic and voting rights associated with all of the outstanding Stock of any of its Material Subsidiaries. "Citibank" means Citibank, N.A. , a national banking association. "Code" means the United States Internal Revenue Code of 1986 (or any successor legislation thereto). "Collateral" means all property and interests in property and proceeds _____________ CITIBANK, N.A. – THE CIT GROUP/ BUSINESS CREDIT, INC. as Documentation Agent By: ------------------------------------------ Title: THE FUJI BANK, LIMITED as Co-Arranger By: ------------------------------------------ Title: [SIGNATURE PAGE TO CREDIT AGREEMENT FOR NATIONAL STEEL CORPORATION] {PAGE} CITIBANK, N.A. as Issuer By: ------------------------------------------ Title: Lenders: CITICORP USA, INC. By: ------------------------------------------ Title: NATIONAL CITY COMMERCIAL FINANCE, INC. By: ------------------------------------------ Title: THE FUJI BANK, LIMITED By: ------------------------------------------ Title: HELLER FINANCIAL, INC. By: ------------------------------------------ Title: FLEET _____________ Citibank, N.A. – XXXXXXXXXXX] National City Commercial Finance, Inc. [XXXXXXXXXXX] TOTAL $450,000,000 ----- ------------ {PAGE} Schedule II - Applicable Lending Offices & Addresses for Notices Lender Domestic Lending Office Eurodollar Lending Office ------ ----------------------- ------------------------- Citicorp USA, Inc. Citibank, N.A. Citibank, N.A. 2 Penns Way 2 Penns Way Suite 200 Suite 200 New Castle, DE 19720 New Castle, DE 19720 Attn: Robert Partee Attn: Robert Partee T: 302- _____________ Citibank, N.A. – Commercial Finance, Inc. [XXXXXXXXXXX] TOTAL $450,000,000 ----- ------------ {PAGE} Schedule II - Applicable Lending Offices & Addresses for Notices Lender Domestic Lending Office Eurodollar Lending Office ------ ----------------------- ------------------------- Citicorp USA, Inc. Citibank, N.A. Citibank, N.A. 2 Penns Way 2 Penns Way Suite 200 Suite 200 New Castle, DE 19720 New Castle, DE 19720 Attn: Robert Partee Attn: Robert Partee T: 302-894-6017 T: _____________ Citibank, N.A. – acceptable to you and the Administrative Agent) to the Agent, in same day funds, on each business day, the entire balance in the Account to the following account: ABA Number: Citibank, N.A. 388 Greenwich Street New York, New York 10013 Account Name: _______________________ Concentration Account Account Number: _____________________ Reference: __________________________ Attn: _______________________________ or to such other account as the Administrative Agent _____________ dt 1478212 ; Citicorp USA Citicorp USA, Inc. As referenced in this Credit Agreement: CITICORP USA, INC – TEXT} {PAGE} Exhibit 4(a) U.S. $500,000,000 CREDIT AGREEMENT Dated as of September 28, 2001 among NATIONAL STEEL CORPORATION as Borrower, THE LENDERS AND ISSUERS PARTY HERETO, CITICORP USA, INC . as Administrative Agent, FLEET CAPITAL CORPORATION and THE CITGROUP/BUSINESS CREDIT, INC., as Documentation Agents, HELLER FINANCIAL, INC. and GMAC BUSINESS CREDIT, LLC as Syndication Agents, THE FUJI BANK, _____________ CITICORP USA, INC – dated as of September 28, 2001, is entered into by and among NATIONAL STEEL CORPORATION, a Delaware corporation (the "Borrower"), the Lenders (as defined below), the Issuers (as defined below), CITICORP USA, INC . ("CUSA"), as agent for the Lenders and the Issuers (in such capacity, the "Administrative Agent"), FLEET CAPITAL CORPORATION ("FLEET") and THE CIT GROUP/BUSINESS CREDIT, INC. ("CIT") as Documentation _____________ CITICORP USA, INC – c) if to any Issuer, at the address set forth under its name on Schedule II (Applicable Lending Offices and Addresses for Notices); and (d) if to the Administrative Agent: CITICORP USA, INC . 388 Greenwich Street, 19th Floor New York, New York 10013 Attention: Keith R. Karako Telecopy no: (212) 816-2613 E-Mail Address: keith.karako@citi.com with a copy _____________ CITICORP USA, INC – parties hereto have caused this Agreement to be executed by their respective officers thereunto duly authorized, as of the date first above written. NATIONAL STEEL CORPORATION, as Borrower By: ------------------------------------------ Title: CITICORP USA, INC ., as Administrative Agent By: ------------------------------------------ Title: HELLER FINANCIAL, INC. as Syndication Agent By: ------------------------------------------ Title: GMAC BUSINESS CREDIT, LLC as Syndication Agent By: ------------------------------------------ Title: FLEET CAPITAL CORPORATION as Documentation Agent By: ------------------------------------------ _____________ CITICORP USA, INC – Agent By: ------------------------------------------ Title: THE FUJI BANK, LIMITED as Co-Arranger By: ------------------------------------------ Title: [SIGNATURE PAGE TO CREDIT AGREEMENT FOR NATIONAL STEEL CORPORATION] {PAGE} CITIBANK, N.A. as Issuer By: ------------------------------------------ Title: Lenders: CITICORP USA, INC . By: ------------------------------------------ Title: NATIONAL CITY COMMERCIAL FINANCE, INC. By: ------------------------------------------ Title: THE FUJI BANK, LIMITED By: ------------------------------------------ Title: HELLER FINANCIAL, INC. By: ------------------------------------------ Title: FLEET CAPITAL CORPORATION By: ------------------------------------------ Title: THE CIT GROUP/BUSINESS _____________ dt 1368127 ;	BNY Bank of New York ( Money Center Banks ) As referenced in this Credit Agreement: Bank of New York – the three-week period ending on the previous Friday by Citibank on the basis of such rates reported by certificate of deposit dealers to, and published by, the Federal Reserve Bank of New York or, if such publication shall be suspended or terminated, on the basis of quotations for such rates received by Citibank from three (3) New York certificate of deposit dealers of _____________ Bank of New York, – System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day that is a Business Day, the average of the quotations for such day on such transactions received by _____________ dt 1583445 ; Chase Manhattan Chase Manhattan Bank ( Financial ) As referenced in this Credit Agreement: Chase Manhattan Bank – section of the Eleventh Supplemental Indenture, dated as of March 31, 1999 to the Indenture of Mortgage and Deed of Trust, dated May 1, 1952, between the Borrower and The Chase Manhattan Bank and Frank J. Grippo, as Trustees as in effect on the date hereof. - 32 - {PAGE} NATIONAL STEEL CORPORATION CREDIT AGREEMENT ARTICLE II THE FACILITIES Section 2.1 The Commitments On _____________ dt 1425405 ; More...
Preview Full Doc	2001	National Steel Credit Agreement [Amendment No. 3] National Steel Credit Agreement [Amendment No. 3] (49K) Doc #378677: Click preview link for longer preview. AMENDMENT NO. 3 TO NATIONAL STEEL CREDIT AGREEMENT AMENDMENT No. 3 (this "Amendment"), dated as of December 8, 2000, by and among National Steel Corporation (the "Borrower"), the financial institutions parties hereto (the "Consenting Lenders"), Citicorp USA, Inc., as agent for the Lenders and Issuers under the Credit Agreement defined below (the "Administrative Agent"), and The Fuji Bank, Limited as syndication agent for the Lenders and Issuers under the Credit Agreement (defined below) (the "Syndication Agent"), to that certain Credit Agreement dated as of November 19, 1999 by and among the Borrower, the Administrative Agent, the Syndication Agent and the financial institutions and other entities from time to time party thereto as a Lender or Issuer (such Credit Agreement, as heretofore amended, the "Credit Agreement"; capitalized terms used herein but not defined herein being used herein as defined in the Credit Agreement). W I T N E S S E T H: WHEREAS, the Borrower, the Consenting Lenders, the Administrative Agent and the Syndication Agent are parties to the Credit Agreement and, as of the date hereof, the Consenting Lenders collectively hold Commitments aggregating more than sixty-six and two-thirds percent (66-2/3%) of the aggregate outstanding amounts of the Commitments; and WHEREAS, the parties hereto wish to amend the terms of the Credit Agreement as set forth herein; NOW, THEREFORE, in consideration of the foregoing, the mutual covenants and obligations herein set forth and other good and valuable consideration, the adequacy and receipt of which is hereby acknowledged, and in reliance upon the representations, warranties and covenants herein contained, the parties hereto, intending to be legally bound, hereby agree as follows: Section 1. Amendments. (a) Amendments to Article 1 (Definitions, Interpretations and Accounting Terms). Article 1 of the Credit Agreement is hereby amended as follows: (1) the definition of "Cash Dominion Event" in Section 1.1 (Defined Terms) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: "Cash Dominion Event" means (a) the occurrence of an Event of Default, (b) the failure of the Combined Availability to exceed thirty million Dollars ($30,000,000) or (c) the occurrence of a Reduced Availability Period. {PAGE} Amendment No. 3 to Credit Agreement National Steel Corporation Citicorp USA, Inc. (2) a new definition of "Combined Availability" is hereby inserted in Section 1.1 (Defined Terms) immediately prior to the definition of "Commitment" to read as follows: "Combined Availability" means, at any date, the sum of (i) Available Credit at such date plus (ii) Receivables Availability at such date plus (iii) the amount of all cash and Cash Equivalents deposited in the account of the Borrower, No. 1370855, at Mellon Bank, N.A. or at any other investment accounts summarized in writing to the Administrative Agent either prior to December 8, 2000 or as updated in writing thereafter. (3) the definition of "EBITDA" in Section 1.1 (Defined Terms) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: "EBITDA" means, with respect to any Person for any period, an amount equal to (a) Consolidated Net Income of such Person for such period plus (b) the sum of, in each case to the extent included in the calculation of Consolidated Net Income of such Person for such period in accordance with GAAP, but without duplication, (i) any provision for income taxes, (ii) Interest Expense, (iii) loss from extraordinary items, (iv) depreciation, depletion and amortization of intangibles or financing or acquisition costs, (v) all other non-cash charges and non-cash losses for such period, including the amount of any compensation deduction as the result of any grant of Stock or Stock Equivalents to employees, officers, directors or consultants and (vi) the excess, if any, of pension expenses over actual cash contributions to pension plans (in accordance with Statement of Financial Accounting Standards No. 87 (Employers' Accounting for Pensions) of the Financial Accounting Standards Board) minus (c) the sum of, in each case to the extent included in the calculation of Consolidated Net Income of such Person for such period in accordance with GAAP, but without duplication, (i) any credit for income tax, (ii) gains from extraordinary items for such period, (iii) any aggregate net gain (but not any aggregate net loss) from the sale, exchange or other disposition of capital assets by such Person, (iv) any other non-cash gains which have been added in determining Consolidated Net Income, (v) cash payments in respect of employee or retiree benefits (but only to the extent not reflected in Consolidated Net Income in accordance with Statement of Financial Accounting Standards No. 106 (Employer's Accounting for Postretirement Benefits Other than Pensions) of the Financial Accounting Standards Board) and (vi) the excess, if any, of actual cash contributions to pension plans over pension expenses (in accordance with Statement of Financial Accounting Standards No. 87 (Employers' Accounting for Pensions) of the Financial Accounting Standards Board). (4) new definitions of "EG Lease Agreement," "EG Line", "EG Line Financing" and "EG Line Subsidiary" are hereby inserted in this order in Section 1.1 (Defined Terms) of the Credit Agreement immediately prior to the definition of "Eligibility Reserves" to read as follows: -2- {PAGE} Amendment No. 3 to Credit Agreement National Steel Corporation Citicorp USA, Inc. "EG Lease Agreement" means the Amended and Restated Lease Agreement, dated as of December 20, 1985, between the Borrower and Wilmington Trust Company, as amended as of November 1, 2000. "EG Line" means the electrolytic-galvanizing line servicing the facilities of the Borrower in Ecorse, Michigan and subject to the EG Lease Agreement, or a replacement financing arrangement with the EG Line Subsidiary on terms at least as favorable to the EG Line Subsidiary on an annual cash basis as those of the EG Lease Agreement were to the Borrower. "EG Line Financing" has the meaning specified in Section 5.3(a) (Capital Expenditures). "EG Line Subsidiary" means the Subsidiary of the Borrower (a) that is wholly-owned and controlled by the Borrower, (b) the sole business of which is owning and operating the EG Line and (c) the sole assets of which are the EG Line and other assets used directly in relation to the ownership or operation thereof. (5) a new definition of "Gross Receivables Availability" is hereby inserted in Section 1.1 (Defined Terms) of the Credit Agreement immediately prior to the definition of "Guarantor" to read as follows: "Gross Receivables Availability" means, at any date, the sum of (a) Receivables Availability at such date, plus (b) the undrawn amount of any outstanding letters of credit issued under the Receivables Purchase Agreement at such date plus (c) the principal amount outstanding as of such date of the accounts receivables sold to the participating financial institutions pursuant to the Receivables Purchase Agreement. (6) the definition of "Material Subsidiary" in Section 1.1 (Defined Terms) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: "Material Subsidiary" means (a) the Guarantor, (b) NSFC and the EG Line Subsidiary (when formed) and (c) any Subsidiary of the 378677	National Steel National Steel Corp. ( Iron & Steel ) ; Citibank Citibank, NA As referenced in this National Steel Credit Agreement [Amendment No. 3]: CITIBANK, N.A. – the date first above written. NATIONAL STEEL CORPORATION By: ------------------------------ Name: Title: CITICORP USA, INC., as Administrative Agent By: ------------------------------ Name: Title: THE FUJI BANK, LIMITED, as Syndication Agent By: ------------------------------ Name: Title: CITIBANK, N.A. , as Issuer By: ------------------------------ Name: Title: [SIGNATURE PAGE FOR AMENDMENT 3 TO THE CREDIT AGREEMENT] {PAGE} Lenders: BANK OF AMERICA, N.A. By: ------------------------------ Name: Title: CITICORP USA, INC. By: ------------------------------ Name: _____________ dt 1478213 ; Citicorp USA Citicorp USA, Inc. As referenced in this National Steel Credit Agreement [Amendment No. 3]: Citicorp USA, Inc – STEEL CREDIT AGREEMENT AMENDMENT No. 3 (this "Amendment"), dated as of December 8, 2000, by and among National Steel Corporation (the "Borrower"), the financial institutions parties hereto (the "Consenting Lenders"), Citicorp USA, Inc ., as agent for the Lenders and Issuers under the Credit Agreement defined below (the "Administrative Agent"), and The Fuji Bank, Limited as syndication agent for the Lenders and Issuers _____________ Citicorp USA, Inc – the Combined Availability to exceed thirty million Dollars ($30,000,000) or (c) the occurrence of a Reduced Availability Period. {PAGE} Amendment No. 3 to Credit Agreement National Steel Corporation Citicorp USA, Inc . (2) a new definition of "Combined Availability" is hereby inserted in Section 1.1 (Defined Terms) immediately prior to the definition of "Commitment" to read as follows: "Combined Availability" _____________ Citicorp USA, Inc – 1 (Defined Terms) of the Credit Agreement immediately prior to the definition of "Eligibility Reserves" to read as follows: -2- {PAGE} Amendment No. 3 to Credit Agreement National Steel Corporation Citicorp USA, Inc . "EG Lease Agreement" means the Amended and Restated Lease Agreement, dated as of December 20, 1985, between the Borrower and Wilmington Trust Company, as amended as of November 1, _____________ Citicorp USA, Inc – 1.1 (Defined Terms) of the Credit Agreement immediately prior to the definition of "Refinancing" to read as follows: -3- {PAGE} Amendment No. 3 to Credit Agreement National Steel Corporation Citicorp USA, Inc . "Reduced Availability Period" means any period for which (a) at the end of the last preceding Quarter, the Borrower did not maintain the Leverage Ratio required by Section 5. _____________ Citicorp USA, Inc – operations of the Borrower and its Subsidiaries for the period ended on such dates, all in conformity with GAAP. -4- {PAGE} Amendment No. 3 to Credit Agreement National Steel Corporation Citicorp USA, Inc . (2) Section 4.8 (Ownership of the Material Subsidiaries) of the Credit Agreement is hereby amended and restated in its entirety to read as follows: Section 4.8. Ownership _____________ dt 1368128 ;	BofA Bank of America, NA ( Money Center Banks ) As referenced in this National Steel Credit Agreement [Amendment No. 3]: BANK OF AMERICA, N.A. – Title: THE FUJI BANK, LIMITED, as Syndication Agent By: ------------------------------ Name: Title: CITIBANK, N.A., as Issuer By: ------------------------------ Name: Title: [SIGNATURE PAGE FOR AMENDMENT 3 TO THE CREDIT AGREEMENT] {PAGE} Lenders: BANK OF AMERICA, N.A. By: ------------------------------ Name: Title: CITICORP USA, INC. By: ------------------------------ Name: Title: COMERICA BANK By: ------------------------------ Name: Title: MORGAN GUARANTY TRUST COMPANY OF NEW YORK By: ------------------------------ Name: Title: LASALLE BUSINESS CREDIT, INC. By: ------------------------------ _____________ dt 1554022 ; Comerica Bank Comerica Bank ( Regional Banks ) As referenced in this National Steel Credit Agreement [Amendment No. 3]: COMERICA BANK – as Issuer By: ------------------------------ Name: Title: [SIGNATURE PAGE FOR AMENDMENT 3 TO THE CREDIT AGREEMENT] {PAGE} Lenders: BANK OF AMERICA, N.A. By: ------------------------------ Name: Title: CITICORP USA, INC. By: ------------------------------ Name: Title: COMERICA BANK By: ------------------------------ Name: Title: MORGAN GUARANTY TRUST COMPANY OF NEW YORK By: ------------------------------ Name: Title: LASALLE BUSINESS CREDIT, INC. By: ------------------------------ Name: Title: [SIGNATURE PAGE FOR AMENDMENT 3 TO THE CREDIT AGREEMENT] { _____________ dt 1423919 ; LBCI LaSalle Business Credit, Inc. ( Financial ) As referenced in this National Steel Credit Agreement [Amendment No. 3]: LASALLE BUSINESS CREDIT, INC – Lenders: BANK OF AMERICA, N.A. By: ------------------------------ Name: Title: CITICORP USA, INC. By: ------------------------------ Name: Title: COMERICA BANK By: ------------------------------ Name: Title: MORGAN GUARANTY TRUST COMPANY OF NEW YORK By: ------------------------------ Name: Title: LASALLE BUSINESS CREDIT, INC . By: ------------------------------ Name: Title: [SIGNATURE PAGE FOR AMENDMENT 3 TO THE CREDIT AGREEMENT] {PAGE} MELLON BANK, N.A. By: ------------------------------ Name: Title: NATIONAL CITY COMMERCIAL FINANCE, INC. By: ------------------------------ Name: Title: THE _____________ dt 1429351
Preview Full Doc	2000	Credit Agreement Credit Agreement (544K) Doc #378702: Click preview link for longer preview. {DOCUMENT} {TYPE}EX-4.(A) {SEQUENCE}2 {FILENAME}0002.txt {DESCRIPTION}CREDIT AGREEMENT {TEXT} {PAGE} U.S. $200,000,000 CREDIT AGREEMENT Dated as of November 19, 1999 by and among National Steel Corporation as Borrower and The Lenders and Issuers Party hereto and Citicorp USA, Inc. as Administrative Agent and The Fuji Bank, Limited as Syndication Agent and Arranger and Salomon Smith Barney Inc. as Book Manager and Arranger Weil, Gotshal & Manges LLP 767 Fifth Avenue New York, NY 10153-0119 {PAGE} Table of Contents {TABLE} {CAPTION} Page {S} {C} Article I Definitions, Interpretation and Accounting Terms............................. 1 Section 1.1 Defined Terms................................................................ 1 Section 1.2 Accounting Terms and Principles.............................................. 29 Section 1.3 Certain Terms and References................................................. 30 Section 1.4 Time Periods................................................................. 31 Section 1.5 Quantities................................................................... 31 Section 1.6 Pronouns..................................................................... 32 Section 1.7 Construction................................................................. 32 Section 1.8 Certain Computations......................................................... 32 Article II The Facilities............................................................... 32 Section 2.1 The Commitments.............................................................. 32 Section 2.2 Borrowing Procedures......................................................... 33 Section 2.3 Swing Loans.................................................................. 34 Section 2.4 Letters of Credit............................................................ 36 Section 2.5 Reduction and Termination of the Commitments................................. 42 Section 2.6 Repayment of Loans........................................................... 42 Section 2.7 Evidence of Indebtedness..................................................... 42 Section 2.8 Optional Prepayments......................................................... 43 Section 2.9 Mandatory Prepayments........................................................ 44 Section 2.10 Interest..................................................................... 45 Section 2.11 Conversion and Continuation Options.......................................... 46 Section 2.12 Fees......................................................................... 47 Section 2.13 Payments and Computations; Protective Advances............................... 47 Section 2.14 Cash Collateral Account...................................................... 50 Section 2.15 Special Provisions Governing Eurodollar Rate Loans........................... 50 Section 2.16 Capital Adequacy............................................................. 52 Section 2.17 Taxes........................................................................ 53 Section 2.18 Substitution of Lenders...................................................... 54 Section 2.19 Collateral Audits............................................................ 55 {/TABLE} -i- {PAGE} Table of Contents (CONTINUED) {TABLE} {CAPTION} Page {S} {C} Article III Conditions Precedent to the Effectiveness of this Agreement and to Loans and Letters of Credit........................................................ 55 Section 3.1 Conditions Precedent to the Effectiveness of this Agreement.................. 55 Section 3.2 Conditions Precedent to Each Loan and Letter of Credit....................... 58 Article IV Representations and Warranties............................................... 59 Section 4.1 Corporate Existence; Compliance with Law..................................... 59 Section 4.2 Corporate Power; Authorization; Enforceable Obligations...................... 60 Section 4.3 Financial Statements......................................................... 61 Section 4.4 Legal Proceedings............................................................ 62 Section 4.5 Taxes........................................................................ 62 Section 4.6 Full Disclosure.............................................................. 63 Section 4.7 Margin Regulations........................................................... 63 Section 4.8 Ownership of the Material Subsidiaries....................................... 63 Section 4.9 ERISA........................................................................ 63 Section 4.10 Liens and Encumbrances....................................................... 64 Section 4.11 Related Documents............................................................ 64 Section 4.12 No Burdensome Restrictions; No Defaults...................................... 65 Section 4.13 No Other Ventures............................................................ 65 Section 4.14 Investment Company Act....................................................... 66 Section 4.15 Public Utility Holding Company Act........................................... 66 Section 4.16 Insurance.................................................................... 66 Section 4.17 Labor Matters................................................................ 66 Section 4.18 Use of Proceeds.............................................................. 66 Section 4.19 Environmental Matters........................................................ 67 Section 4.20 Ownership of Properties...................................................... 67 Section 4.21 Existing Indebtedness........................................................ 68 Section 4.22 Solvency..................................................................... 68 Section 4.23 Year 2000 Compliance......................................................... 69 Article V Financial Covenants.......................................................... 69 Section 5.1 Leverage Ratio............................................................... 69 {/TABLE} -ii- {PAGE} Table of Contents (CONTINUED) {TABLE} {CAPTION} Page {S} {C} Section 5.2 Minimum Interest Coverage Ratio............................................. 70 Section 5.3 Capital Expenditures........................................................ 71 Article VI Reporting Covenants......................................................... 72 Section 6.1 Financial Statements........................................................ 72 Section 6.2 Default Notices............................................................. 74 Section 6.3 Asset Sales................................................................. 75 378702	National Steel National Steel Corp. ( Iron & Steel ) ; Citibank Citibank, NA As referenced in this Credit Agreement: Citibank, N.A. – cease to own and control, directly or indirectly, all of the economic and voting rights associated with all of the outstanding Stock of any of its Material Subsidiaries. "Citibank" means Citibank, N.A. , a national banking association. "Citicorp" has the meaning specified at the beginning of this Agreement. "Code" means the United States Internal Revenue Code of 1986, as amended. "Collection Account" _____________ Citibank, N.A. – first above written. National Steel Corporation By: ________________________ Title: Citicorp U.S.A., Inc. as Administrative Agent By: ________________________ Title: The Fuji Bank, Limited as Syndication Agent By: ________________________ Title: Citibank, N.A. as Issuer By: ________________________ Title: -110- {PAGE} Lenders Bank of America, N.A. By: ________________________ Title: Citicorp USA, Inc. By: ________________________ Title: Comerica Bank By: ________________________ Title: Morgan Guaranty _____________ Citibank, N.A. – National Steel Corporation By:________________________ Name: Title: Citicorp U.S.A., Inc. as Administrative Agent By:________________________ Title: The Fuji Bank, Limited as Syndication Agent By:________________________ Title: 2 {PAGE} Citibank, N.A. as Issuer By:_______________________ Title: Lenders Bank of America, N.A. By:_______________________ Title: Citicorp USA, Inc. By:_______________________ Title: Comerica Bank By:_______________________ Title: Morgan Guaranty Trust Company _____________ Citibank, N.A. – A., Inc., as Administrative Agent By:_________________________ Name: Title: The Fuji Bank, Limited, as Syndication Agent By:_________________________ Name: Title: [Signature Page for Amendment 1 to the Credit Agreement] {PAGE} Citibank, N.A. , as Issuer By:_________________________ Name: Title: Lenders: Bank Of America, N.A. By:_________________________ Name: Title: Citicorp USA, Inc. By:_________________________ Name: Title: Comerica Bank By:_________________________ Name: Title: _____________ Citibank, N.A. – Inc., as Administrative Agent By:_________________________ Name: Title: The Fuji Bank, Limited, as Syndication Agent By:_________________________ Name: Title: [Signature Page for Amendment No. 2 to the Credit Agreement] {PAGE} Citibank, N.A. , as Issuer By:_________________________ Name: Title: Lenders: Bank of America, N.A. By:_________________________ Name: Title: Citicorp USA, Inc. By:_________________________ Name: Title: Comerica Bank By:_________________________ Name: Title: _____________ dt 1478214 ; Citicorp USA Citicorp USA, Inc. As referenced in this Credit Agreement: Citicorp USA, Inc – PAGE} U.S. $200,000,000 CREDIT AGREEMENT Dated as of November 19, 1999 by and among National Steel Corporation as Borrower and The Lenders and Issuers Party hereto and Citicorp USA, Inc . as Administrative Agent and The Fuji Bank, Limited as Syndication Agent and Arranger and Salomon Smith Barney Inc. as Book Manager and Arranger Weil, Gotshal & Manges LLP 767 Fifth _____________ Citicorp USA, Inc – CREDIT AGREEMENT, dated as of November 19, 1999, by and among National Steel Corporation, a Delaware corporation (the "Borrower"), the Lenders (as defined below), the Issuers (as defined below) and Citicorp USA, Inc . ("Citicorp"), as agent for the Lenders and the Issuers (in such capacity, the "Administrative Agent") and The Fuji Bank, Limited ("Fuji Bank"), as syndication agent for the Lenders and _____________ Citicorp USA, Inc – Title: The Fuji Bank, Limited as Syndication Agent By: ________________________ Title: Citibank, N.A. as Issuer By: ________________________ Title: -110- {PAGE} Lenders Bank of America, N.A. By: ________________________ Title: Citicorp USA, Inc . By: ________________________ Title: Comerica Bank By: ________________________ Title: Morgan Guaranty Trust Company Of New York By: ________________________ Title: LaSalle Business Credit, Inc. By: ________________________ Title: Mellon Bank, N.A. _____________ Citicorp USA, Inc – interest rates, and payable at such times, as are specified in the Credit Agreement. Both principal and interest are payable in lawful money of the United States of America to Citicorp USA, Inc ., as Administrative Agent, at 399 Park Avenue, New York, New York 10043, in immediately available funds. The Revolving Loans made by the Lender to the Borrower, and all payments _____________ Citicorp USA, Inc – benefits of, the Credit Agreement, dated as of November 19, 1999, with the financial institutions and other entities from time to time party thereto as a Lender or Issuer and Citicorp USA, Inc . as agent for the Lenders and Issuers, and Fuji Bank, Limited as syndication agent for the Lenders and Issuers (said Credit Agreement, as it may be amended or otherwise _____________ dt 1368130 ;	BofA Bank of America, NA ( Money Center Banks ) As referenced in this Credit Agreement: Bank of America, N.A. – S.A., Inc. as Administrative Agent By: ________________________ Title: The Fuji Bank, Limited as Syndication Agent By: ________________________ Title: Citibank, N.A. as Issuer By: ________________________ Title: -110- {PAGE} Lenders Bank of America, N.A. By: ________________________ Title: Citicorp USA, Inc. By: ________________________ Title: Comerica Bank By: ________________________ Title: Morgan Guaranty Trust Company Of New York By: ________________________ Title: LaSalle Business Credit, Inc. By: _____________ Bank of America, N.A. – S.A., Inc. as Administrative Agent By:________________________ Title: The Fuji Bank, Limited as Syndication Agent By:________________________ Title: 2 {PAGE} Citibank, N.A. as Issuer By:_______________________ Title: Lenders Bank of America, N.A. By:_______________________ Title: Citicorp USA, Inc. By:_______________________ Title: Comerica Bank By:_______________________ Title: Morgan Guaranty Trust Company of New York By:_______________________ Title: LaSalle Business Credit, Inc. By: _____________ Bank Of America, N.A. – Fuji Bank, Limited, as Syndication Agent By:_________________________ Name: Title: [Signature Page for Amendment 1 to the Credit Agreement] {PAGE} Citibank, N.A., as Issuer By:_________________________ Name: Title: Lenders: Bank Of America, N.A. By:_________________________ Name: Title: Citicorp USA, Inc. By:_________________________ Name: Title: Comerica Bank By:_________________________ Name: Title: Morgan Guaranty Trust Company Of New York By:_________________________ Name: Title: [Signature _____________ Bank of America, N.A. – Bank, Limited, as Syndication Agent By:_________________________ Name: Title: [Signature Page for Amendment No. 2 to the Credit Agreement] {PAGE} Citibank, N.A., as Issuer By:_________________________ Name: Title: Lenders: Bank of America, N.A. By:_________________________ Name: Title: Citicorp USA, Inc. By:_________________________ Name: Title: Comerica Bank By:_________________________ Name: Title: Morgan Guaranty Trust Company of New York By:_________________________ Name: Title: [Signature _____________ dt 1554023 ; BNY Bank of New York ( Money Center Banks ) As referenced in this Credit Agreement: Bank of New York – the three-week period ending on the previous Friday by Citibank on the basis of such rates reported by certificate of deposit dealers to, and published by, the Federal Reserve Bank of New York or, if such publication shall be suspended or terminated, on the basis of quotations for such rates received by Citibank from three (3) New York certificate of deposit dealers of _____________ Bank of New York – System arranged by Federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York or, if such rate is not so published for any day which is a Business Day, the average of the quotations for such day on such transactions received by the _____________ dt 1583447 ; More...
Preview Full Doc	2003	Declaration Under Penalty of Perjury Declaration Under Penalty of Perjury (11K) Doc #378544: Click preview link for longer preview. IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: NATIONAL STEEL CORPORATION, ET AL. CASE NO: 02-08697 THROUGH 02-08738 DECLARATION UNDER PENALTY OF PERJURY I, Kirk A. Sobecki, acting as the duly authorized agent for the Debtor in Possession declare under penalty of perjury under the laws of the United States that I have read and I certify that the figures, statements, disbursement itemizations, and account balances as listed in this Monthly Report of the Debtor are true and correct as of the date of this report to the best of my knowledge, information and belief. 378544	National Steel National Steel Corp. ( Iron & Steel )
Preview Full Doc	2003	Declaration Under Penalty of Perjury Declaration Under Penalty of Perjury (11K) Doc #378545: Click preview link for longer preview. IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: NATIONAL STEEL CORPORATION, ET AL. CASE NO: 02-08697 THROUGH 02-08738 DECLARATION UNDER PENALTY OF PERJURY I, Kirk A. Sobecki, acting as the duly authorized agent for the Debtor in Possession declare under penalty of perjury under the laws of the United States that I have read and I certify that the figures, statements, disbursement itemizations, and account balances as listed in this Monthly Report of the Debtor are true and correct as of the date of this report to the best of my knowledge, information and belief. 378545	National Steel National Steel Corp. ( Iron & Steel )
Full Doc	2003	Declaration Under Penalty of Perjury Declaration Under Penalty of Perjury (1K) Doc #378556: This document is immediately available for purchase, but does not have a preview available for viewing. 378556	National Steel National Steel Corp. ( Iron & Steel )
Full Doc	2003	Declaration Under Penalty of Perjury Declaration Under Penalty of Perjury (12K) Doc #378562: This document is immediately available for purchase, but does not have a preview available for viewing. 378562	National Steel National Steel Corp. ( Iron & Steel )
Preview Full Doc	2002	Declaration Under Penalty of Perjury Declaration Under Penalty of Perjury (29K) Doc #378623: Click preview link for longer preview. IN THE UNITED STATES BANKRUPTCY COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION CASE NAME: NATIONAL STEEL CORPORATION, ET AL. ---------------------------------- CASE NO: 02-08697 THROUGH 02-08738 ------------------------- DECLARATION UNDER PENALTY OF PERJURY ------------------------------------ I, Kirk A. Sobecki, acting as the duly authorized agent for the . . . 378623	National Steel National Steel Corp. ( Iron & Steel )
Preview Full Doc	2002	Deed of Trust Deed of Trust (65K) Doc #137645: Click preview link for longer preview. THIS DEED OF TRUST IS JUNIOR TO A DEED OF TRUST FOR THE BENEFIT OF FLEET CAPITAL CORPORATION, AS AGENT, FILED WITH THE CLERK OF THE COUNTY COMMISSION OF HANCOCK COUNTY, WEST VIRGINIA IN BOOK 445, AT PAGE 508, UNTIL SUCH DEED OF TRUST IS RELEASED. THE RIGHTS OF THE TRUSTEE AND THE BENEFICIARIES OF THIS DEED OF TRUST ARE SUBJECT TO THE RIGHTS OF THE FIRST BENEFICIARY UNDER THE FIRST LIEN INTERCREDITOR AGREEMENT REFERRED TO BELOW TO THE EXTENT THEN IN EFFECT. DEED OF TRUST THIS DEED OF TRUST ("DEED OF TRUST"), made as of June 18, 2002, is made and executed by WEIRTON STEEL CORPORATION, a Delaware corporation ("GRANTOR"), having its principal offices at 400 Three Springs Drive, Weirton, West Virginia 26062, to Joyce Ofsa, being a resident of Kanawha County, West Virginia, as Trustee ("TRUSTEE"), having an address of Spilman Center, 300 Kanawha Boulevard, East, P.O. Box 273, Charleston, West Virginia 25321-0273, for the benefit of (i) J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION, a national banking association ("J.P. MORGAN"), as trustee under the Notes Indenture (as hereinafter defined) ("NOTES BENEFICIARY"), having an address of One Oxford Center, 301 Grant Street, Suite 1100, Pittsburgh, Pennsylvania 15219 and (ii) the CITY OF WEIRTON, WEST VIRGINIA, a municipal corporation duly organized and existing under the Constitution and laws of the State of West Virginia ("BOND ISSUER"), having an address of 200 Municipal Plaza, Weirton, West Virginia 26062 (the Bond Issuer or any other holder of the Bond Issuer's interest in this Deed of Trust including, without limitation, the Bond Trustee (as hereinafter defined), shall sometimes hereinafter be referred to as the "BOND BENEFICIARY"; the Notes Beneficiary and the Bond Beneficiary are hereinafter sometimes collectively referred to as the "BENEFICIARIES" and individually referred to as a "BENEFICIARY"). RECITALS WHEREAS, Grantor is the owner of the fee simple interest in the Land (as hereinafter defined); and WHEREAS, in connection with the Grantor's issuance of its 10% Senior Secured Notes Due 2008 in the original aggregate principal amount of $118,242,300 (the "NOTES"), Grantor and Notes Beneficiary executed that certain Indenture, dated as of even date herewith (the "NOTES INDENTURE"); and WHEREAS, the Bond Issuer has entered into an Indenture of Trust, dated as of even date herewith (the "BOND INDENTURE"), with J.P. Morgan, as trustee (the "BOND TRUSTEE") for the purpose of issuing and securing the Bond Issuer's Secured Pollution Control Revenue Refunding Bonds (Weirton Steel Corporation Project) Series 2002 in the original aggregate principal amount of $27,348,000 (the "BONDS"); and {PAGE} WHEREAS, contemporaneously with the execution of the Bond Indenture, the Bond Issuer and Grantor have entered into that certain Agreement, dated as of even date herewith (the "BOND LOAN AGREEMENT"), whereby the Bond Issuer has agreed to make a loan to Grantor in the original principal amount of $27,348,000 from the proceeds of the issuance or exchange of the Bonds (the "BOND LOAN"); and WHEREAS, Fleet Capital Corporation, a Rhode Island corporation, as agent for various co-lenders ("First Beneficiary") and J.P. Morgan, in its capacity as collateral agent (the "COLLATERAL AGENT") under the Second Lien Intercreditor Agreement (as hereinafter defined), Notes Beneficiary, and Bond Beneficiary have entered into that certain Intercreditor Agreement, dated of even date herewith (as amended from time to time, the "FIRST LIEN INTERCREDITOR AGREEMENT"), that, among other things, governs the relative rights, responsibilities and obligations among First Beneficiary, Collateral Agent, and each Beneficiary, with respect to, among other things, the Property (as hereinafter defined); and WHEREAS, Notes Beneficiary, Bond Beneficiary and Collateral Agent have entered into that certain Collateral Agency and Second Lien Intercreditor Agreement, dated of even date herewith (as amended from time to time, the "SECOND LIEN INTERCREDITOR AGREEMENT"), that, among other things, governs the relative rights, responsibilities and obligations between Notes Beneficiary and Bond Beneficiary with respect to, among other things, the Property; and WHEREAS, the Grantor desires to execute and deliver this Deed of Trust to Trustee as additional security for the faithful and timely performance of the obligations of Grantor under the Notes Indenture and the Bond Loan Agreement (the Notes Indenture and the Bond Loan Agreement are hereinafter sometimes collectively referred to as the "LOAN AGREEMENTS"). GRANTING CLAUSES To secure (i) the payment of amounts owing under the Notes (the "NOTES DEBT") and the performance and observance of all covenants and conditions contained in this Deed of Trust, the Notes Indenture and any other documents and instruments now or hereafter executed by Grantor to evidence, secure or guarantee the payment of all or any portion of the Notes Debt under the Notes Indenture or this Deed of Trust, and any and all renewals, extensions, amendments and replacements of this Deed of Trust, the Notes Indenture and any such other documents and instruments (the Notes, the Notes Indenture, this Deed of Trust and any other documents and instruments now or hereafter executed and delivered in connection with the Notes, the Notes Indenture and any and all amendments, renewals, extensions and replacements hereof and thereof, being sometimes referred to collectively as the "NOTES INSTRUMENTS"), and (ii) the payment of amounts owing under the Bond Loan Agreement and the performance and observance of all covenants and conditions contained in this Deed of Trust, the Bond Loan Agreement and any other documents and instruments now or hereafter executed by Grantor to evidence, secure or guarantee the payment of all or any portion of the Bond Loan under the Bond Loan Agreement or this Deed of Trust, and any and all renewals, extensions, amendments and replacements of this Deed of Trust, the Bond Loan Agreement and any such other documents and instruments (the Bond Loan Agreement, this Deed of Trust and any other documents and 137645	National Steel National Steel Corp. ( Iron & Steel ) As referenced in this Deed of Trust: National Steel Corporation – tract of land (of which the herein described is a part), that was conveyed by National Steel Corporation to Weirton Steel Corporation by deed dated January 10, 1984 and recorded in the National Steel Corporation – part of the 796 and 52/100 acre tract of land that was conveyed by National Steel Corporation to Weirton Steel Corporation by deed dated January 10, 1984 and recorded in the dt 26464 ; Weirton Steel Weirton Steel Corp. ( Iron & Steel ) As referenced in this Deed of Trust: WEIRTON STEEL – TRUST ("DEED OF TRUST"), made as of June 18, 2002, is made and executed by WEIRTON STEEL CORPORATION, a Delaware corporation ("GRANTOR"), having its principal offices at 400 Three Springs Drive, Weirton, (Weirton Steel – purpose of issuing and securing the Bond Issuer's Secured Pollution Control Revenue Refunding Bonds (Weirton Steel Corporation Project) Series 2002 in the original aggregate principal amount of $27,348,000 (the " (Weirton Steel – the proceeds of the City of Weirton, West Virginia's Pollution Control Revenue Refunding Bonds (Weirton Steel Corporation Project) Series 1989 issued by the City of Weirton, West Virginia. TO HAVE AND WEIRTON STEEL – executed by its duly authorized officer as of the day and year first above written. WEIRTON STEEL CORPORATION, a Delaware corporation By /s/ Mark E. Kaplan ------------------------------------------ Name: Mark E. Kaplan Title: Senior WEIRTON STEEL – LEGAL DESCRIPTION DESCRIPTION OF THE 25 AND 105/1000 ACRE TRACT OF LAND SURROUNDING THE WEIRTON STEEL CORPORATION'S TIN MILL SITE The following tract of land situate in the City of dt 26533 ; Kirkpatrick Kirkpatrick & Lockhart ( Legal ) As referenced in this Deed of Trust: Kirkpatrick & Lockhart – RECORDING RETURN TO: THIS INSTRUMENT WAS REVIEWED BY: ------------------------------ ------------------------------- Daniel G. Fayock, Esq. Joyce Ofsa, Esq. Kirkpatrick & Lockhart LLP Spilman, Thomas & Battle, PLLC Henry W. Oliver Building Spilman Center 535 Smithfield Street 300 dt 37872 ;	J.P. Morgan Trust Company, National Association; City of Weirton, West Virginia

Page 1 of 41 2 3 4

Your cart is empty.

National Steel Corp. ▼

Subscriptions

Services