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Title: |
Asset Purchase Agreement |
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Entities: |
Fleet National Bank; IMPAC Medical Systems, Inc.; IMPATH Inc.; Orrick, Herrington & Sutcliffe; Weil, Gotshal & Manges LLP |
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Date: |
2003 |
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Size: |
Preview shows 70KB of 219KB total |
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Price: |
$91 |
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ID: |
#1204175 |
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Start of Preview |
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ASSET PURCHASE AGREEMENT
BY AND AMONG
TAMTRON CORPORATION,
MEDICAL REGISTRY SERVICES, INC.
AND
IMPAC MEDICAL SYSTEMS, INC.
Dated as of November 24, 2003
TABLE OF CONTENTS
| Page | ||||
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Article I |
DEFINITIONS | 1 | ||
|
1.1 |
Certain Definitions | 1 | ||
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1.2 |
Other Definitional and Interpretive Matters | 8 | ||
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Article II |
PURCHASE AND SALE OF ASSETS; ASSUMPTION OF LIABILITIES | 9 | ||
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2.1 |
Purchase and Sale of Assets | 9 | ||
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2.2 |
Excluded Assets. | 10 | ||
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2.3 |
Assumption of Liabilities | 11 | ||
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2.4 |
Excluded Liabilities | 12 | ||
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2.5 |
Cure Amounts | 13 | ||
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2.6 |
Further Conveyances and Assumptions; Consent of Third Parties | 13 | ||
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2.7 |
Bulk Sales Laws | 13 | ||
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Article III |
CONSIDERATION | 13 | ||
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3.1 |
Consideration | 13 | ||
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3.2 |
Purchase Price Deposit | 14 | ||
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3.3 |
Payment of Purchase Price | 14 | ||
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3.4 |
Audit Escrow Amount | 14 | ||
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Article IV |
CLOSING AND TERMINATION | 15 | ||
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4.1 |
Closing Date | 15 | ||
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4.2 |
Deliveries by Sellers | 15 | ||
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4.3 |
Deliveries by Purchaser | 16 | ||
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4.4 |
Termination of Agreement | 16 | ||
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4.5 |
Procedure Upon Termination | 17 | ||
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4.6 |
Effect of Termination | 17 | ||
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Article V |
REPRESENTATIONS AND WARRANTIES OF SELLERS | 18 | ||
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5.1 |
Organization and Good Standing | 18 | ||
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5.2 |
Authorization of Agreement | 18 | ||
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5.3 |
Conflicts; Consents of Third Parties | 18 | ||
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5.4 |
Taxes | 19 | ||
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5.5 |
Real Property | 19 | ||
i
TABLE OF CONTENTS
(continued)
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5.6 |
Tangible Personal Property | 20 | ||
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5.7 |
Intellectual Property | 20 | ||
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5.8 |
Material Contracts | 20 | ||
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5.9 |
Employee Benefits | 21 | ||
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5.10 |
Labor | 22 | ||
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5.11 |
Litigation | 22 | ||
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5.12 |
Compliance with Laws; Permits | 22 | ||
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5.13 |
Environmental Matters | 23 | ||
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5.14 |
Financial Advisors | 23 | ||
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5.15 |
Interim Financial Statements | 23 | ||
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5.16 |
No Other Representations or Warranties; Schedules | 23 | ||
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Article VI |
REPRESENTATIONS AND WARRANTIES OF PURCHASER | 24 | ||
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6.1 |
Organization and Good Standing | 24 | ||
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6.2 |
Authorization of Agreement | 24 | ||
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6.3 |
Conflicts; Consents of Third Parties | 25 | ||
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6.4 |
Litigation | 25 | ||
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6.5 |
Financial Advisors | 25 | ||
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6.6 |
Financial Capability | 25 | ||
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6.7 |
Condition of the Businesses | 26 | ||
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Article VII |
BREAK-UP FEE; BANKRUPTCY COURT APPROVAL | 26 | ||
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7.1 |
Approval of Break-Up Fee | 26 | ||
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7.2 |
Competing Transaction | 26 | ||
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7.3 |
Bankruptcy Court Filings | 27 | ||
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Article VIII |
COVENANTS | 28 | ||
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8.1 |
Access to Information | 28 | ||
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8.2 |
Conduct of the Business Pending the Closing | 28 | ||
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8.3 |
Regulatory Approvals. | 29 | ||
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8.4 |
Further Assurances | 30 | ||
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8.5 |
Confidentiality | 30 | ||
ii
TABLE OF CONTENTS
(continued)
| Page | ||||
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8.6 |
Preservation of Records | 31 | ||
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8.7 |
Publicity | 31 | ||
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8.8 |
Contacts with Suppliers and Customers | 31 | ||
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8.9 |
Unaudited 2002 Financial Statements | 31 | ||
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8.10 |
Audited Financial Statements | 31 | ||
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8.11 |
Transition Services | 33 | ||
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8.12 |
Escrow Agreement | 33 | ||
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8.13 |
Employment Matters | 33 | ||
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8.14 |
Non-Competition | 34 | ||
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Article IX |
CONDITIONS TO CLOSING | 34 | ||
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9.1 |
Conditions Precedent to Obligations of Purchaser | 34 | ||
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9.2 |
Conditions Precedent to Obligations of Sellers | 35 | ||
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9.3 |
Conditions Precedent to Obligations of Purchaser and Sellers | 36 | ||
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9.4 |
Frustration of Closing Conditions | 36 | ||
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Article X |
TAXES | 36 | ||
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10.1 |
Transfer Taxes | 36 | ||
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10.2 |
Prorations | 37 | ||
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10.3 |
Purchase Price Allocation | 37 | ||
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Article XI |
MISCELLANEOUS | 38 | ||
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11.1 |
No Survival of Representations and Warranties | 38 | ||
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11.2 |
Expenses | 38 | ||
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11.3 |
Injunctive Relief | 38 | ||
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11.4 |
Submission to Jurisdiction; Consent to Service of Process | 38 | ||
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11.5 |
Waiver of Right to Trial by Jury | 39 | ||
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11.6 |
Entire Agreement; Amendments and Waivers | 39 | ||
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11.7 |
Governing Law | 39 | ||
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11.8 |
Notices | 39 | ||
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11.9 |
Severability | 40 | ||
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11.10 |
Binding Effect; Assignment | 41 | ||
iii
TABLE OF CONTENTS
(continued)
| Page | ||||
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11.11 |
Non-Recourse. | 41 | ||
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11.12 |
Counterparts. | 41 |
iv
Schedules
|
1.1(a) |
Excluded Contracts | |
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1.1(b)(i) |
Knowledge of Applicable Seller - Tamtron | |
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1.1(b)(ii) |
Knowledge of Applicable Seller - MRS | |
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1.1(c) |
Purchased Contracts | |
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1.1(d) |
Excluded Intellectual Property Rights | |
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2.1(c) |
Security Deposits, Prepaid Charges and Expenses | |
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5.3(a) |
Conflicts | |
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5.3(b) |
Consents | |
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5.4(a) |
Taxes | |
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5.5 |
Real Property Leases | |
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5.6 |
Tangible Personal Property | |
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5.7 |
Intellectual Property | |
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5.8(a) |
Material Contracts | |
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5.8(b) |
Defaults | |
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5.9(a) |
Employee Benefits | |
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5.9(d) |
ERISA Compliance | |
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5.11 |
Litigation | |
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5.12(a) |
Violation of Laws | |
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5.12(b) |
Default of Permits | |
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5.13 |
Environmental Matters | |
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5.14 |
Financial Advisors | |
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5.15 |
Interim Financial Statements | |
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6.3 |
No Conflicts | |
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8.2 |
Exceptions to Conduct of Business | |
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Exhibits | ||
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A |
Bidding Procedures Order | |
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B |
Sale Order | |
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C |
Transition Services Agreement | |
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D |
Bill of Sale | |
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E |
Assignment and Assumption Agreement | |
v
ASSET PURCHASE AGREEMENT
ASSET PURCHASE AGREEMENT, dated as of November 24, 2003, by and among Tamtron Corporation, a California corporation (Tamtron), Medical Registry Services, Inc., a Delaware corporation (MRS and together with Tamtron, each a Seller and, collectively, the Sellers), and IMPAC Medical Systems, Inc., a Delaware corporation (Purchaser).
W I T N E S S E T H:
WHEREAS, Sellers, and certain of their Affiliates, including IMPATH Inc., a Delaware corporation (IMPATH), each commenced a case (collectively, the Bankruptcy Case) under chapter 11 of title 11 of the United States Code, 11 U.S.C. Sections 101 et seq. (the Bankruptcy Code), on September 28, 2003 by filing a voluntary petition with the United States Bankruptcy Court for the Southern District of New York;
WHEREAS, Sellers presently conduct the Businesses;
WHEREAS, Sellers desire to sell, transfer and assign to Purchaser, and Purchaser desires to acquire and assume from Sellers, pursuant to Sections 363 and 365 of the Bankruptcy Code, all of the Purchased Assets and Assumed Liabilities, all as more specifically provided herein; and
WHEREAS, certain terms used in this Agreement are defined in Section 1.1;
NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements hereinafter contained, the parties hereby agree as follows:
ARTICLE I
DEFINITIONS
1.1 Certain Definitions.
For purposes of this Agreement, the following terms shall have the meanings specified in this Section 1.1:
Affiliate means, with respect to any Person, any other Person that, directly or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such Person, and the term control (including the terms controlled by and under common control with) means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities, by contract or otherwise.
Agreement means this Asset Purchase Agreement, dated as of November 24, 2003, by and among Tamtron, MRS and Purchaser (as the same may be amended, modified or supplemented from time to time in accordance with the terms and provisions hereof).
Allocation Schedule shall have the meaning set forth in Section 10.3.
Antitrust Laws shall have the meaning set forth in Section 8.3(b).
Assumed Liabilities shall have the meaning set forth in Section 2.3.
Audit Escrow Amount shall mean the amount of $440,000.
Audited Financial Statements shall have the meaning set forth in Section 8.10(a).
Bankruptcy Case shall have the meaning set forth in the Recitals.
Bankruptcy Code shall have the meaning set forth in the Recitals.
Bankruptcy Court means the United States Bankruptcy Court for the Southern District of New York or any other court having jurisdiction over the Bankruptcy Case from time to time.
Bidding Procedures Order means an order of the Bankruptcy Court, substantially in the form attached as Exhibit A, that, among other things, (i) approves the payment of the Break-Up Fee and expense reimbursement on the terms and conditions set forth in Section 7.1 hereof and (ii) establishes a date by which Competing Bids must be submitted by bidders and establishes procedures for the auction process.
Break-Up Fee shall have the meaning set forth in Section 7.1.
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