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Business Transaction Agreement

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Business Transaction Agreement CLICK! BUSINESS TRANSACTION AGREEMENT by and between CITY OF TACOMA, DEPARTMENT OF PUBLIC UTILITIES, LIGHT DIVISION, D/B/A TACOMA POWER and MASHELL, INC., D/B/A RAINIER CONNECT and RAINIER CONNECT NORTH, LLC Dated as of _________________, 2019 EXECUTION COPY TABLE OF CONTENTS Page ARTICLE I DEFINITIONS AND TERMS ............................................................................ 2 Section 1.1 Certain Definitions ..................................................................................... 2 Section 1.2 Other Interpretive Provisions ..................................................................... 6 ARTICLE II TRANSFER OF OPERATIONAL CONTROL OF TACOMA POWER COMMERCIAL SYSTEM AND PURCHASE AND SALE OF RELATED SURPLUS ASSETS ........................................................................ 7 Section 2.1 Transfer of Operational Control................................................................. 7 Section 2.2 Purchase and Sale of Related Surplus Assets ............................................ 7 Section 2.3 Excluded Assets ......................................................................................... 8 Section 2.4 Assumption of Liabilities ........................................................................... 8 Section 2.5 Excluded Liabilities ................................................................................... 8 Section 2.6 Purchase Price. ........................................................................................... 8 Section 2.7 Allocation of Revenues and Prepaid Expenses. ......................................... 9 Section 2.8 Deliveries by Rainier. ................................................................................ 9 Section 2.9 Deliveries by Tacoma Power ................................................................... 10 ARTICLE III REPRESENTATIONS AND WARRANTIES OF TACOMA POWER .......... 10 Section 3.1 Organization and Qualification ................................................................ 10 Section 3.2 Municipal Authorization. ......................................................................... 10 Section 3.3 Non-Contravention .................................................................................. 11 Section 3.4 Binding Effect .......................................................................................... 11 Section 3.5 Assets ....................................................................................................... 11 Section 3.6 Finders’ Fees ............................................................................................ 11 Section 3.7 No Default ................................................................................................ 11 Section 3.8 Condition of Related Surplus Assets. ...................................................... 11 Section 3.9 No Other Representations or Warranties. ................................................ 12 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF RAINIER .......................... 12 Section 4.1 Organization and Qualification ................................................................ 12 Section 4.2 Corporate Authorization .......................................................................... 12 Section 4.3 Consents and Approvals .......................................................................... 12 Section 4.4 Non-Contravention .................................................................................. 13 Section 4.5 Binding Effect .......................................................................................... 13 EXECUTION COPY -i- TABLE OF CONTENTS (continued) Page Section 4.6 Finders’ Fees ............................................................................................ 13 Section 4.7 No Default ................................................................................................ 13 Section 4.8 Acceptance of Surplus Related Assets ..................................................... 13 Section 4.9 No Other Representations or Warranties ................................................. 13 ARTICLE V COVENANTS ................................................................................................... 13 Section 5.1 Access and Information ........................................................................... 13 Section 5.2 Conduct of Business ................................................................................ 14 Section 5.3 Commercially Reasonable Efforts ........................................................... 14 Section 5.4 Compensation and Benefits; Employees. ................................................ 14 Section 5.5 Tax Matters. ............................................................................................. 15 Section 5.6 IRU Agreement ........................................................................................ 15 Section 5.7 Post-Transfer of Operational Control Consents ....................................... 15 Section 5.8 Environmental Matters............................................................................. 15 Section 5.9 Name of Business .................................................................................... 16 ARTICLE VI CONDITIONS TO TRANSFER OF OPERATIONAL CONTROL ................ 16 Section 6.1 Conditions to the Obligations of Rainier and Tacoma Power ................. 16 Section 6.2 Conditions to the Obligation of Rainier ................................................... 16 Section 6.3 Conditions to the Obligation of Tacoma Power ...................................... 17 ARTICLE VII TERMINATION AND DEFAULT .................................................................. 18 Section 7.1 Termination by Mutual Consent .............................................................. 18 Section 7.2 Termination by Either Rainier or Tacoma Power .................................... 19 Section 7.3 Material Breaches .................................................................................... 19 Section 7.4 Effect of Termination. .............................................................................. 19 ARTICLE VIII MISCELLANEOUS .......................................................................................... 19 Section 8.1 Notices ..................................................................................................... 19 Section 8.2 Amendment; Waiver ................................................................................ 20 Section 8.3 No Assignment or Benefit to Third Parties.............................................. 20 Section 8.4 Entire Agreement ..................................................................................... 20 Section 8.5 Publicity ................................................................................................... 21 Section 8.6 Expenses .................................................................................................. 21 EXECUTION COPY -ii- TABLE OF CONTENTS (continued) Page Section 8.7 Bulk Sales. ............................................................................................... 21 Section 8.8 Governing Law ........................................................................................ 21 Section 8.9 Counterparts ............................................................................................. 21 Section 8.10 Headings .................................................................................................. 21 Section 8.11 Severability .............................................................................................. 21 Section 8.12 Confidentiality. ........................................................................................ 22 Section 8.13 Time of Essence. ...................................................................................... 23 Section 8.14 No Gratuities. ........................................................................................... 23 Section 8.15 Further Assurances................................................................................... 23 Section 8.16 Non-Discrimination. ................................................................................ 23 Section 8.17 Relationship of the Parties ....................................................................... 23 Section 8.18 Conflict of Interest ................................................................................... 23 Section 8.19 Representation.......................................................................................... 23 SCHEDULES AND EXHIBITS Exhibit A1 Transition Plan Narrative Exhibit A2 Transition Plan Gantt Chart Schedule 2.2.a (i) Equipment, Inventory, Vehicles Schedule 2.2 (a)(iv) Transferred Contracts Schedule 2.2 (a)(v) Transferred Authorizations Exhibit 5.6 Indefeasible Right Of Use Agreement Schedule 6.1(b) Governmental Authorizations (Other Than Franchises) EXECUTION COPY -iii- CLICK! BUSINESS TRANSACTION AGREEMENT THIS CLICK! BUSINESS TRANSACTION AGREEMENT, dated as of __________, 2019, is by and between the City of Tacoma, Department of Public Utilities, Light Division, a municipal corporation of the State of Washington (d/b/a and hereinafter referred to as “Tacoma Power”), and Mashell, Inc., d/b/a Rainier Connect, a Washington corporation, and its designated operating subsidiary, Rainier Connect North, LLC, a Washington limited liability company (hereinafter collectively referred to as “Rainier”). Tacoma Power and Rainier shall each individually be
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