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Title: |
Asset Purchase Agreement |
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Entities: |
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Date: |
2003 |
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Size: |
Preview shows 14KB of 98KB total |
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Price: |
$48 |
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ID: |
#101746 |
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ASSET PURCHASE AGREEMENT
BY AND AMONG
BIG CITY RADIO, INC.,
BIG CITY RADIO-NY, L.L.C.
as Seller,
and
NASSAU BROADCASTING HOLDINGS, INC.
as Purchaser
Dated as of December 30, 2002
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
{S} {C}
ARTICLE 1. DEFINITIONS AND REFERENCES................................................... 1
ARTICLE 2. PURCHASE AND SALE............................................................ 2
2.1. Purchase and Sale of Assets.................................................... 2
2.1.1. FCC Licenses....................................................... 2
2.1.2. Leased Transmitter Sites........................................... 2
2.1.3. Transmitter Equipment.............................................. 2
2.1.4. Studio Sites....................................................... 2
2.1.5. Studio Equipment................................................... 2
2.1.7. Certain Intangible Property........................................ 3
2.1.8. Business Records................................................... 3
2.2. Excluded Assets................................................................ 3
2.2.1. Cash............................................................... 3
2.2.2. Accounts Receivables............................................... 3
2.2.3. Deposits and Prepaid Expenses...................................... 3
2.2.4. Intellectual Property.............................................. 3
2.2.5. Certain Books and Records.......................................... 4
2.2.6. Securities......................................................... 4
2.2.7. Insurance.......................................................... 4
2.2.8. Time Sales Agreements.............................................. 4
2.2.9. Pre-Closing Claims................................................. 4
2.2.10. Rights Under this Agreement........................................ 4
2.2.11. Employee Benefit Plans............................................. 4
2.2.12. Name............................................................... 4
2.2.13. Other Excluded Assets.............................................. 4
2.3. Assumed Contracts.............................................................. 5
ARTICLE 3. ESCROW DEPOSIT; PURCHASE PRICE; CLOSING...................................... 5
3.1. Escrow Deposit................................................................. 5
3.2. Purchase Price................................................................. 5
3.3. Time of Closing................................................................ 6
3.4. Closing Procedures............................................................. 6
3.5. Allocation of Purchase Price................................................... 6
3.6. Prorations..................................................................... 7
ARTICLE 4. REPRESENTATIONS AND WARRANTIES OF SELLER..................................... 7
4.1. Organization; Good Standing.................................................... 8
4.2. Due Authorization.............................................................. 8
4.3. Execution and Delivery......................................................... 8
4.4. Governmental Approvals......................................................... 8
4.5. Title to Personal Property..................................................... 9
4.6. Transmitter and Studio Sites................................................... 9
{/TABLE}
{PAGE}
{TABLE}
{S} {C}
4.7. Tangible Personal Property................................................ 9
4.8. FCC Licenses.............................................................. 9
4.9. Reports................................................................... 10
4.10. Taxes..................................................................... 10
4.11. Environmental Matters..................................................... 11
4.12. Litigation................................................................ 11
4.13. Contracts and Agreements.................................................. 12
4.14. Business Records.......................................................... 12
4.15. Third Party Consents...................................................... 12
4.16. Finders and Brokers....................................................... 12
4.17. Disclaimer of Warranties; Limitations of Warranties....................... 12
ARTICLE 5. REPRESENTATIONS AND WARRANTIES OF PURCHASER........................... 12
5.1. Organization and Good Standing............................................ 13
5.2. Due Authorization......................................................... 13
5.3. Execution and Delivery.................................................... 13
5.4. Consents.................................................................. 13
5.5. Finders and Brokers....................................................... 14
5.6. Purchaser's Qualification................................................. 14
5.7. Financial Ability......................................................... 14
5.8. HSR Matters............................................................... 15
ARTICLE 6. CERTAIN COVENANTS AND AGREEMENTS...................................... 15
6.1. Regulatory Approvals...................................................... 15
6.2. Third Party Consents and Notices.......................................... 17
6.3. Access to Information..................................................... 18
6.4. Confidentiality........................................................... 18
6.5. Public Announcements...................................................... 18
6.6. Ordinary Course of Business............................................... 19
6.7. Control of the Station.................................................... 19
6.8. Risk of Loss.............................................................. 19
6.9. Collection of Receivables................................................. 19
6.10. Employees................................................................. 20
6.11. Relocation of Transmitter Site............................................ 20
6.12. Requisite Consents to Assign this Agreement............................... 20
ARTICLE 7. CONDITIONS TO PURCHASER'S CLOSING..................................... 21
7.1. Representations and Warranties............................................ 21
7.2. Covenants................................................................. 21
7.3. FCC Order................................................................. 21
7.4. No Orders................................................................. 21
7.5. Third Party Consents...................................................... 21
7.6. Closing Deliveries........................................................ 22
ARTICLE 8. CONDITIONS TO SELLER'S CLOSING........................................ 22
8.1. Representations and Warranties............................................ 22
8.2 Covenants................................................................. 22
{/TABLE}
-ii-
{PAGE}
{TABLE}
{S} {C}
8.3. FCC Order............................................................. 22
8.4. No Orders............................................................. 22
8.5. Closing Deliveries.................................................... 22
ARTICLE 9. DOCUMENTS TO BE DELIVERED AT CLOSING.............................. 23
9.1. Delivery by Seller.................................................... 23
9.2. Delivery by Purchaser................................................. 23
ARTICLE 10. TERMINATION...................................................... 23
10.1. Termination Rights.................................................... 23
10.2. Additional Termination Rights......................................... 24
10.3. Effect of Termination................................................. 24
10.4. Release of Deposit.................................................... 25
ARTICLE 11. MISCELLANEOUS PROVISIONS......................................... 26
11.1. No Survival........................................................... 26
11.2. Specific Performance.................................................. 26
11.3. Additional Actions, Documents and Information......................... 26
11.4. Fees and Expenses..................................................... 26
11.5. Transfer Taxes........................................................ 27
11.6. Notices............................................................... 27
11.7. Waiver................................................................ 28
11.8. Benefit and Assignment................................................ 29
11.9. Entire Agreement; Amendment........................................... 29
11.10. Severability.......................................................... 30
11.11. Headings.............................................................. 30
11.12. Governing Law; Jurisdiction........................................... 30
11.13. Signature in Counterparts............................................. 30
{/TABLE}
-iii-
{PAGE}
ASSET PURCHASE AGREEMENT
THIS ASSET PURCHASE AGREEMENT (this "Agreement") is made as of the
30th day of December, 2002, by and among Big City Radio, Inc., a Delaware
corporation ("BCR"), BIG CITY RADIO-NY, L.L.C., a Delaware limited liability
company ("BCR License Sub"; BCR, together with BCR License Sub, "Seller") and
NASSAU BROADCASTING HOLDINGS, INC., a New Jersey corporation ("Purchaser").
WHEREAS, BCR License Sub is the licensee of the following radio
broadcast stations (collectively the "Stations"): (i) WYNY-FM, licensed to
Briarcliff Manor, New York, authorized by the FCC to operate at 107.1 MHz (FCC
Facility ID No. 50056); (ii) WWZY-FM, licensed to Long Branch, New Jersey,
authorized by the FCC to operate at 107.1 MHz (FCC Facility ID No. 32983); (iii)
WWXY-FM, licensed to Hampton Bays, New York, authorized by the FCC to operate at
107.1 MHz (FCC Facility ID No. 61089); and (iv) WWYY-FM, licensed to Belvidere,
New Jersey, authorized by the FCC to operate at 107.1 MHz (FCC Facility ID No.
54689);
WHEREAS, Seller owns the assets which are used in the operation of
the Stations; and
WHEREAS, Seller desires to sell to Purchaser, and Purchaser desires
to purchase from Seller, certain of the radio station properties and assets
relating to the Stations as described herein under the terms and conditions
herein set forth.
NOW, THEREFORE, in consideration of the premises and the mutual
covenants and agreements herein contained, the parties hereto agree as follows:
ARTICLE 1.
DEFINITIONS AND REFERENCES
Capitalized terms used herein without definition shall have the
respective meanings assigned thereto in Annex I attached hereto and incorporated
herein for all purposes of this Agreement (such definitions to be equally
applicable to both the singular and plural forms of the terms defined). Unless
otherwise specified, all references herein to "Articles" or "Sections" are to
Articles or Sections of this Agreement. The word "include", "includes" and
"including" shall be deemed to be followed by the phrase "without limitation".
{PAGE}
ARTICLE 2.
PURCHASE AND SALE
2.1. Purchase and Sale of Assets.
Subject to the conditions set forth in this Agreement, at the Closing,
Seller shall assign, transfer, convey and deliver to Purchaser (or, in the case
of the FCC Licenses, to Nassau License Sub), and Purchaser shall purchase and
accept from Seller, all right, title and interest of Seller in and to the
following assets relating to the Stations (the "Purchased Assets"), free and
clear of all Liens (other than Permitted Liens):
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