Exhibit 10.37
SALE AND PURCHASE AGREEMENT
between
CITGO Asphalt Refining Company,
a New Jersey General Partnership
and
NuStar Asphalt Refining, LLC,
a Delaware limited liability Company
dated
November 5, 2007
TABLE OF CONTENTS
-i-
Page #
Article I DEFINITIONS
1
Section 1.1 Definitions
1
Section 1.2 Construction
14
Article II SALE AND TRANSFER OF TRANSFERRED ASSETS; CLOSING
14
Section 2.1 Sale and Transfer of Transferred Assets
14
Section 2.2 Purchase Price
16
Section 2.3 Closing; Closing Date
16
Section 2.4 Deliveries at the Closing
16
Section 2.5 Closing Adjustments
17
Section 2.6 Excluded Assets
18
Section 2.7 Assumed Obligations and Retained Obligations
19
Section 2.8 Allocation
24
Article III REPRESENTATIONS AND WARRANTIES OF SELLER
24
Section 3.1 Organization and Qualification
24
Section 3.2 Due Authority
25
Section 3.3 Governmental Authorization
25
Section 3.4 Conflicts and Approvals
25
Section 3.5 No Brokers
26
Section 3.6 Absence of Undisclosed Liabilities
26
Section 3.7 Transferred Assets
26
Section 3.8 Material Contracts
27
Section 3.9 Authorizations
30
Section 3.10 Compliance with Laws
30
Section 3.11 Environmental
30
Section 3.12 Litigation
31
Section 3.13 Labor Matters
31
Section 3.14 Intellectual Property
31
Section 3.15 Tax Matters
32
Section 3.16 Employee Benefits
32
Section 3.17 No Knowledge of Breach
33
Section 3.18 Customer and Supplier Relations
33
Section 3.19 Books and Records
33
Section 3.20 Certain Payments
33
Section 3.21 Insurance
33
Section 3.22 Assumed Contracts
34
Section 3.23 No Material Adverse Effect
34
Section 3.24 Disclosure
34
Article IV REPRESENTATIONS AND WARRANTIES OF BUYER
34
Section 4.1 Organization and Qualification
34
Section 4.2 Due Authority
34