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Asset Purchase Agreement

 

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Title:

Asset Purchase Agreement

Entities:

Fleet National Bank; IMPAC Medical Systems, Inc.; IMPATH Inc.; Orrick, Herrington & Sutcliffe; Weil, Gotshal & Manges LLP

Date:

2003

Size:

Preview shows 70KB of 219KB total

Price:

$91

ID:

#1204175

 

 

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Start of Preview



 

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

Article I

   DEFINITIONS    1

1.1

   Certain Definitions    1

1.2

   Other Definitional and Interpretive Matters    8

Article II

   PURCHASE AND SALE OF ASSETS; ASSUMPTION OF LIABILITIES    9

2.1

   Purchase and Sale of Assets    9

2.2

   Excluded Assets.    10

2.3

   Assumption of Liabilities    11

2.4

   Excluded Liabilities    12

2.5

   Cure Amounts    13

2.6

   Further Conveyances and Assumptions; Consent of Third Parties    13

2.7

   Bulk Sales Laws    13

Article III

   CONSIDERATION    13

3.1

   Consideration    13

3.2

   Purchase Price Deposit    14

3.3

   Payment of Purchase Price    14

3.4

   Audit Escrow Amount    14

Article IV

   CLOSING AND TERMINATION    15

4.1

   Closing Date    15

4.2

   Deliveries by Sellers    15

4.3

   Deliveries by Purchaser    16

4.4

   Termination of Agreement    16

4.5

   Procedure Upon Termination    17

4.6

   Effect of Termination    17

Article V

   REPRESENTATIONS AND WARRANTIES OF SELLERS    18

5.1

   Organization and Good Standing    18

5.2

   Authorization of Agreement    18

5.3

   Conflicts; Consents of Third Parties    18

5.4

   Taxes    19

5.5

   Real Property    19

 

i


TABLE OF CONTENTS

(continued)

 

          Page

5.6  

   Tangible Personal Property    20

5.7  

   Intellectual Property    20

5.8  

   Material Contracts    20

5.9  

   Employee Benefits    21

5.10

   Labor    22

5.11

   Litigation    22

5.12

   Compliance with Laws; Permits    22

5.13

   Environmental Matters    23

5.14

   Financial Advisors    23

5.15

   Interim Financial Statements    23

5.16

   No Other Representations or Warranties; Schedules    23

Article VI

   REPRESENTATIONS AND WARRANTIES OF PURCHASER    24

6.1  

   Organization and Good Standing    24

6.2  

   Authorization of Agreement    24

6.3  

   Conflicts; Consents of Third Parties    25

6.4  

   Litigation    25

6.5  

   Financial Advisors    25

6.6  

   Financial Capability    25

6.7  

   Condition of the Businesses    26

Article VII

   BREAK-UP FEE; BANKRUPTCY COURT APPROVAL    26

7.1  

   Approval of Break-Up Fee    26

7.2  

   Competing Transaction    26

7.3  

   Bankruptcy Court Filings    27

Article VIII

   COVENANTS    28

8.1  

   Access to Information    28

8.2  

   Conduct of the Business Pending the Closing    28

8.3  

   Regulatory Approvals.    29

8.4  

   Further Assurances    30

8.5  

   Confidentiality    30

 

ii


TABLE OF CONTENTS

(continued)

 

          Page

8.6  

   Preservation of Records    31

8.7  

   Publicity    31

8.8  

   Contacts with Suppliers and Customers    31

8.9  

   Unaudited 2002 Financial Statements    31

8.10

   Audited Financial Statements    31

8.11

   Transition Services    33

8.12

   Escrow Agreement    33

8.13

   Employment Matters    33

8.14

   Non-Competition    34

Article IX

   CONDITIONS TO CLOSING    34

9.1  

   Conditions Precedent to Obligations of Purchaser    34

9.2  

   Conditions Precedent to Obligations of Sellers    35

9.3  

   Conditions Precedent to Obligations of Purchaser and Sellers    36

9.4  

   Frustration of Closing Conditions    36

Article X

   TAXES    36

10.1  

   Transfer Taxes    36

10.2  

   Prorations    37

10.3  

   Purchase Price Allocation    37

Article XI

   MISCELLANEOUS    38

11.1  

   No Survival of Representations and Warranties    38

11.2  

   Expenses    38

11.3  

   Injunctive Relief    38

11.4  

   Submission to Jurisdiction; Consent to Service of Process    38

11.5  

   Waiver of Right to Trial by Jury    39

11.6  

   Entire Agreement; Amendments and Waivers    39

11.7  

   Governing Law    39

11.8  

   Notices    39

11.9  

   Severability    40

11.10

   Binding Effect; Assignment    41

 

 

iii


TABLE OF CONTENTS

(continued)

 

          Page

11.11

   Non-Recourse.    41

11.12

   Counterparts.    41

 

 

iv


Schedules

 

1.1(a)

   Excluded Contracts

1.1(b)(i)

   Knowledge of Applicable Seller - Tamtron

1.1(b)(ii)

   Knowledge of Applicable Seller - MRS

1.1(c)

   Purchased Contracts

1.1(d)

   Excluded Intellectual Property Rights

2.1(c)

   Security Deposits, Prepaid Charges and Expenses

5.3(a)

   Conflicts

5.3(b)

   Consents

5.4(a)

   Taxes

5.5

   Real Property Leases

5.6

   Tangible Personal Property

5.7

   Intellectual Property

5.8(a)

   Material Contracts

5.8(b)

   Defaults

5.9(a)

   Employee Benefits

5.9(d)

   ERISA Compliance

5.11

   Litigation

5.12(a)

   Violation of Laws

5.12(b)

   Default of Permits

5.13

   Environmental Matters

5.14

   Financial Advisors

5.15

   Interim Financial Statements

6.3

   No Conflicts

8.2

   Exceptions to Conduct of Business

Exhibits

A

   Bidding Procedures Order

B

   Sale Order

C

   Transition Services Agreement

D

   Bill of Sale

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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