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Asset Purchase Agreement

 

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Title:

Asset Purchase Agreement

Entities:

Nx Networks Inc.

Date:

2002

Size:

Preview shows 6KB of 78KB total

Price:

$51

ID:

#1182221

 

 

► Purchase & Sale ► Purchase ► Asset Purchase Agreements
► Technology ► Computer Networks

 

 

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<SEQUENCE>4

<FILENAME>asset.txt
<DESCRIPTION>ASSET PURCHASE AGREEMENT
<TEXT>
ASSET PURCHASE AGREEMENT

THIS ASSET PURCHASE AGREEMENT (this "Agreement") is made as of this 11th
day of February, 2002 (the "Effective Date"), between Nx Networks Inc., a
Delaware corporation, a debtor and debtor-in-possession ("Seller"), with a
principal place of business at 13595 Dulles Technology Drive, Herndon,
Virginia 20171, and nsgdata.com Inc., a Maryland corporation or its Permitted
Designee (as defined in Section 12(d)) ("Buyer"), with offices at 7435 New
Technology Way, Frederick, MD 21703. Seller and Buyer are sometimes referred
to as the "Parties."

RECITALS
WHEREAS, Seller is a provider of voice and data telecommunications
solutions to carriers, internet service providers and wireless telephony
service providers (collectively, the "Business"); and

WHEREAS, on November 1st, 2001, Seller filed a voluntary chapter 11
petition commencing a case in the United States Bankruptcy Court for the
Eastern District of Virginia (the "Bankruptcy Court"), Case Nos. 01-14223-RGM
(the "Chapter 11 Case"); and

WHEREAS, Buyer desires to purchase certain of the assets of Seller
related to or used by Seller in connection with the Business and to assume
selected executory contracts of Seller (the "Acquired Assets") (as more
particularly defined in Section 1) related to the Business on an expedited
basis, and Seller desires to sell, assign and transfer to Buyer the Acquired
Assets on an expedited basis, as more particularly described herein and in
accordance with Sections 105, 363 and 365 of the United States Bankruptcy Code
(the "Bankruptcy Code"); and

WHEREAS, the Seller has continued to operate the business since filing
for bankruptcy (the "Post Petition Period") as Debtor and Debtor-in-
Possession; and

WHEREAS, the Parties agree that time is of the essence in connection with
the sale of the Acquired Assets, and Buyer has stated that a rapid
consummation of the sale of the Acquired Assets is essential; and

WHEREAS, the Acquired Assets will be sold pursuant to an order of the
Bankruptcy Court approving such sale under Sections 105, 363 and 365 of the
Bankruptcy Code (the "Sale Order" defined in Section 6(c)(ii)(B) herein).

NOW, THEREFORE, for and in consideration of the foregoing and their
mutual covenants and agreements set forth below, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
the Parties, intending to be legally bound, hereby agree as follows:

1. SALE OF ASSETS

(a) Acquired Assets. At the Closing (as defined in Section 3(a)),
pursuant to Sections 105, 363, and 365 of the Bankruptcy Code and on the terms
and subject to the conditions precedent of this Agreement, Seller will sell,
assign and transfer to Buyer, and Buyer will purchase, all of Seller's right,
title and interest in and to the Acquired Assets. The Acquired Assets include
all of the following personal property of Company whether presently existing
or hereafter created, written, produced or acquired but shall not include the
Excluded Assets defined in Section 1. (a) (viii) below:
<PAGE>
<PAGE>
(i) all accounts receivable, operating bank accounts with
positive balance, chattel paper, contract rights (including, without
limitation, sales contracts, service contracts, maintenance agreements,
royalty agreements, license agreements and distribution agreements),
documents, instruments, money, cash on hand, deposit accounts, trade deposits,
court deposits and bonds, and general intangibles, including, without
limitation, returns, repossessions, books and records relating thereto, and
equipment containing said books and records, all investment property,
including securities and securities entitlements. Operating accounts shall
include but not be limited to those listed in Schedule 1(a) (i) attached.

(ii) all product technology including hardware designs and all
software, computer source codes and other computer programs (collectively, the
"Products", which includes but is not limited to those products listed in
Schedule 1(a) (ii) attached, which is the table of contents of the Sellers
Price List), and all common law and statutory copyrights and copyright
registrations, applications for registration, now existing or hereafter
arising, United States of America and foreign, obtained or to be obtained on
or in connection with the Products, or any parts thereof of any underlying or
component elements of the Products together with the right to copyright and
all rights to renew or extend such copyrights and the right to sue and/or
collect in its own name and/or the name of the Seller for past, present and
future infringements of copyright;

(iii) all goods, including, without limitation, equipment and
inventory, including all rights to inventory held by third parties (including,
without limitation, all export inventory);

(iv) all guarantees and other security therefor;

(v) all trademarks, service marks, trade names, internet web site
domain names, and service names and the goodwill associated therewith;

(vi) (a) all patents and patent applications filed in the United
States Patent and Trademark office or any similar office or any foreign
jurisdiction, including but not limited to the Patents listed in Schedule 1(a)

 

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