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Title: |
Restructure Agreement |
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Entities: |
Health Grades, Inc.; Baker, Donelson, Bearman & Caldwell; Katten Muchin Zavis Rosenman; Health Grades Inc. |
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Date: |
1999 |
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Size: |
Preview shows 14KB of 93KB total |
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Price: |
$56 |
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ID: |
#109199 |
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RESTRUCTURE AGREEMENT
BY AND AMONG
SPECIALTY CARE NETWORK, INC.,
ORLIN & COHEN ORTHOPEDIC ASSOCIATES, LLP,
HARVEY ORLIN, M.D.,
ISAAC COHEN, M.D.,
JOHN M. FEDER, M.D.
GREGORY LIEBERMAN, M.D.,
SEBASTIAN LATTUGA, M.D.
HARVEY ORLIN, M.D., P.C.
AND
ROCKVILLE CENTRE ARTHROSCOPIC ASSOCIATES, P.C.
DATED AS OF DECEMBER 31, 1998
{PAGE} 2
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
{S} {C}
ARTICLE I
DEFINITIONS.......................................................................................................1
ARTICLE II
BASIC TRANSACTION.................................................................................................4
2.1 Purchase and Sale of Assets.........................................................................4
2.2 Amendment and Restatement of Service Agreement......................................................5
2.3 Assumption of Term Debt and Assumed Liabilities.....................................................5
2.4 Purchase of Promissory Note and SCN Shares..........................................................5
2.5 The Closing.........................................................................................5
2.6 Deliveries at Closing...............................................................................5
2.7 Taxes and Expenses..................................................................................6
2.8 Employees...........................................................................................6
ARTICLE III
REPRESENTATIONS AND WARRANTIES OF SCN.............................................................................6
3.1 Organization, Qualification, and Power..............................................................6
3.2 Authorization of Transaction........................................................................6
3.3 Noncontravention....................................................................................6
3.4 Title; Condition....................................................................................6
3.5 Tax Matters.........................................................................................6
3.6 Brokers' Fees.......................................................................................7
ARTICLE IV
REPRESENTATIONS AND WARRANTIES OF OCOA AND THE PHYSICIAN OWNERS...................................................7
4.1 Organization........................................................................................7
4.2 Ownership Interest of OCOA..........................................................................7
4.3 Authorization of Transaction........................................................................7
4.4 Noncontravention....................................................................................7
4.5 Brokers' Fees.......................................................................................7
4.6 Title to SCN Shares and Promissory Note..............................................................7
ARTICLE V
COVENANTS.........................................................................................................8
5.1 General.............................................................................................8
5.2 Notices and Consents................................................................................8
5.3 Regulatory Matters and Approvals....................................................................8
5.4 Operation of Business...............................................................................8
5.5 Further Acts and Assurances.........................................................................8
5.6 Full Access.........................................................................................8
5.7 Notice of Developments..............................................................................8
5.8 Collection of Accounts Receivable...................................................................9
5.9 Employee Benefit Plans..............................................................................9
{/TABLE}
i
{PAGE} 3
{TABLE}
{S} {C}
ARTICLE VI
CONDITIONS TO OBLIGATIONS TO CLOSE................................................................................9
6.1 Conditions to Obligation of OCOA and the Physician Owners...........................................9
6.2 Conditions to Obligation of SCN....................................................................10
ARTICLE VII
PRE-CLOSING AND CLOSING DELIVERIES...............................................................................10
7.1 By SCN.............................................................................................11
7.2 By OCOA and the Physician Owners...................................................................11
ARTICLE VIII
TERMINATION......................................................................................................12
8.1 Termination of Agreement...........................................................................12
8.2 Effect of Termination..............................................................................12
ARTICLE IX
INDEMNIFICATION..................................................................................................12
9.1 Indemnification by OCOA and the Physician Owners...................................................12
9.2 Notice to OCOA and the Physician Owners; Opportunity to Defend.....................................13
9.3 General Indemnification by SCN.....................................................................13
9.4 Notice to SCN; Opportunity to Defend...............................................................13
ARTICLE X
MISCELLANEOUS....................................................................................................13
10.1 Survival...........................................................................................13
10.2 No Third-Party Beneficiaries......................................................................13
10.3 Entire Agreement..................................................................................13
10.4 Succession and Assignment.........................................................................14
10.5 Counterparts......................................................................................14
10.6 Headings..........................................................................................14
10.7 Notices...........................................................................................14
10.8 Governing Law.....................................................................................14
10.9 Amendments and Waivers............................................................................15
10.10 Severability.....................................................................................15
10.11 Expenses.........................................................................................15
10.12 Construction.....................................................................................15
10.13 No Referrals Required............................................................................15
10.14 Incorporation of Exhibits and Schedules..........................................................15
SCHEDULE 1.1 EXCLUDED ASSETS...........................................................Schedule 1.1-1
SCHEDULE 1.2 PHYSICIAN OWNERS..........................................................Schedule 1.2-1
SCHEDULE 1.3 TERM DEBT.................................................................Schedule 1.3-1
SCHEDULE 2.3 ASSUMED LIABILITIES.......................................................Schedule 2.3-1
SCHEDULE 3.3 CONSENTS..................................................................Schedule 3.3-1
EXHIBIT 2.1(a) OCOA NOTE...............................................................Exhibit 2.1(a) - 1
EXHIBIT 2.1(b) PURCHASE PRICE ALLOCATION AGREEMENT.....................................Exhibit 2.1(b) - 1
EXHIBIT 2.4 SCN NOTES...............................................................Exhibit 2.4 - 1
{/TABLE}
ii
{PAGE} 4
{TABLE}
{S} {C}
EXHIBIT 7.1(c) BILL OF SALE............................................................Exhibit 7.1(c)-1
EXHIBIT 7.1(d) ASSIGNMENT AND ASSUMPTION AGREEMENT.....................................Exhibit 7.1(d)-1
EXHIBIT 7.1(e) MANAGEMENT SERVICES AGREEMENT...........................................Exhibit 7.1(e)-1
EXHIBIT 7.2(c) RELEASE.................................................................Exhibit 7.2(c)-1
{/TABLE}
iii
{PAGE} 5
RESTRUCTURE AGREEMENT
THIS AGREEMENT (this "Agreement") is made and entered into as of
December 31, 1998, by and among ORLIN & COHEN ORTHOPEDIC ASSOCIATES, LLP, a New
York limited liability partnership ("OCOA") the undersigned Physician Owners
(as defined herein), and the Sellers (as defined herein), on the one hand, and
SPECIALTY CARE NETWORK, INC., a Delaware corporation ("SCN"), on the other
hand. OCOA, the Physician Owners, the Sellers, and SCN are referred to
individually herein as a "Party" or collectively herein as the "Parties."
R E C I T A L S:
WHEREAS, OCOA is engaged in the practice of medicine at its offices in
Rockville Centre, New York;
WHEREAS, the Parties entered into an Asset Purchase Agreement, as
amended, dated March 31, 1998, pursuant to which SCN acquired certain assets of
OCOA, and, in connection therewith, the Parties entered into that certain
Service Agreement and Agreement, each dated March 31, 1998 (collectively,
the"Service Agreement");
WHEREAS, OCOA has been managed by SCN pursuant to the Service
Agreement;
WHEREAS, the Parties intend to amend and restate the Service Agreement
as a Management Services Agreement;
WHEREAS, the Parties intend that OCOA purchase, or repurchase, as the
case may be, certain assets heretofore utilized by SCN in its management of
OCOA's medical practice; and
WHEREAS, the Parties intend that OCOA assume certain liabilities of
SCN which were generated or incurred by SCN in connection with its management
of OCOA's medical practice, and to make certain other agreements among
themselves, all on the terms and conditions as set forth herein.
NOW, THEREFORE, for and in consideration of the premises above, the
mutual covenants and agreements contained herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the Parties hereto, intending to be legally bound, agree as follows:
ARTICLE I
DEFINITIONS
For purposes of this Agreement, the following definitions shall apply:
"Accounts Receivable" means the Purchased A/R (as defined in the
Service Agreement) of OCOA, including collections on Purchased A/R which have
not been transferred to SCN as of the Closing Date that have been purchased by
SCN prior to the Closing Date.
"Affidavit of Lost Promissory Note" has the meaning set forth in
SECTION 2.4.
"Agreement" has the meaning set forth in the preface above.
"Applicable Law" means all federal, state, county, municipal or other
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