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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 15KB of 170KB total |
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$56 |
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ID: |
#1206046 |
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<SEQUENCE>3
<FILENAME>doc2.txt
<TEXT>
Dated as of March 19, 2003
ASSET PURCHASE AGREEMENT
BY AND AMONG
PRIMAVERA SOFTWARE, INC.
PRIMAVERA SYSTEMS, INC.
AND
EVOLVE SOFTWARE, INC.
<PAGE>
<TABLE>
<CAPTION>
TABLE OF CONTENTS
PAGE
----
<S> <C> <C>
ARTICLE I DEFINED TERMS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
1.1 Definitions . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1
1.2 Certain Rules of Construction . . . . . . . . . . . . . . . . . . . . . . . . . . 1
ARTICLE II PURCHASE AND SALE OF ASSETS . . . . . . . . . . . . . . . . . . . . . . . . 2
2.1 Acquired and Excluded Assets. . . . . . . . . . . . . . . . . . . . . . . . . . . 2
2.2 Purchase Price. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
2.3 Accounts Receivable Adjustment. . . . . . . . . . . . . . . . . . . . . . . . . . 2
2.4 Contract and Asset Rejection and Assumption . . . . . . . . . . . . . . . . . . . 4
2.5 Amounts Due Under Executory Contracts and Unexpired Leases; Cure Costs . . . . . 5
2.6 Assumed and Excluded Liabilities. . . . . . . . . . . . . . . . . . . . . . . . . 5
2.7 Allocation of Adjusted Purchase Price . . . . . . . . . . . . . . . . . . . . . . 6
2.8 Transfer Taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
2.9 Prorations . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 6
2.10 Reconciliation and Allocations . . . . . . . . . . . . . . . . . . . . . . . . . 6
2.11 Accrued Vacation. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
2.12 Federal Reserve Credit. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
ARTICLE III CONDITIONS TO CLOSING . . . . . . . . . . . . . . . . . . . . . . . . . . . 7
3.1 Conditions Precedent to Obligations of Seller, Parent and Purchaser . . . . . . . 7
3.2 Conditions Precedent to Obligations of Seller . . . . . . . . . . . . . . . . . . 7
3.3 Conditions Precedent to the Obligations of Parent and Purchaser . . . . . . . . . 8
ARTICLE IV THE CLOSING. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
4.1 Closing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
4.2 Deliveries by Seller at Closing. . . . . . . . . . . . . . . . . . . . . . . . . 10
4.3 Deliveries by Purchaser at Closing . . . . . . . . . . . . . . . . . . . . . . . 11
4.4 Delivery of Acquired Assets . . . . . . . . . . . . . . . . . . . . . . . . . . 11
ARTICLE V REPRESENTATIONS AND WARRANTIES OF SELLER . . . . . . . . . . . . . . . . . 11
5.1 Organization; Standing and Power; Information; Charter Documents; Subsidiaries . 11
5.2 Capital Structure . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
5.3 Authority. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 12
5.4 Non-Contravention. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
5.5 Corporate Records. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
5.6 Accounts Receivable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13
5.7 Tangible Property. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 14
5.8 Software and Other Intangibles . . . . . . . . . . . . . . . . . . . . . . . . . 14
5.9 Compliance; Permits. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
5.10 Questionable Payments. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 19
5.11 Brokers' and Finders' Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . 20
5.12 Employees and Independent Contractors. . . . . . . . . . . . . . . . . . . . . . 20
5.13 Environmental Matters. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 21
i
<PAGE>
5.14 Contracts. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
5.15 Real Estate. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23
5.16 Customers. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 24
5.17 Proceedings and Judgments. . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
ARTICLE VI REPRESENTATIONS AND WARRANTIES OF PARENT AND PURCHASER . . . . . . . . . . 25
6.1 Organization . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
6.2 Agreement. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 25
6.3 Brokers' and Finders' Fees . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
6.4 Available Funds. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
ARTICLE VII COVENANTS. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
7.1 Bankruptcy Court Approvals . . . . . . . . . . . . . . . . . . . . . . . . . . . 26
7.2 Closing . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 27
7.3 Conduct of Business by Seller Pending the Closing. . . . . . . . . . . . . . . . 27
7.4 Access and Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
7.5 Notification . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
7.6 No Inconsistent Action . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
7.7 Satisfaction of Conditions . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
7.8 Filings. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 28
7.9 Employment Matters . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 29
7.10 Additional Matters and Further Assurances. . . . . . . . . . . . . . . . . . . . 30
7.11 Confidentiality. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31
7.12 Competitive Offers and Inquiries . . . . . . . . . . . . . . . . . . . . . . . . 31
7.13 Seller's Submissions to Bankruptcy Court . . . . . . . . . . . . . . . . . . . . 31
7.14 Restriction on Acceptance of Other Offers. . . . . . . . . . . . . . . . . . . . 31
7.15 Public Disclosure. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
7.16 Third-Party Consents . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
7.17 Release of Source Code Escrow. . . . . . . . . . . . . . . . . . . . . . . . . . 32
7.18 Customer Information . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
ARTICLE VIII TERMINATION. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
8.1 Termination. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 32
8.2 Termination Payments . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 33
8.3 Procedure and Effect of Termination. . . . . . . . . . . . . . . . . . . . . . . 34
ARTICLE IX GENERAL PROVISIONS . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
9.1 Notices. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 35
9.2 Interpretation; Knowledge. . . . . . . . . . . . . . . . . . . . . . . . . . . . 36
9.3 Counterparts; Facsimile. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
9.4 Entire Agreement; Third-Party Beneficiaries. . . . . . . . . . . . . . . . . . . 37
9.5 Severability . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 37
9.6 Other Remedies; Specific Performance . . . . . . . . . . . . . . . . . . . . . . 37
9.7 Governing Law; Jurisdiction. . . . . . . . . . . . . . . . . . . . . . . . . . . 38
9.8 Rules of Construction. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
9.9 Assignment . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
9.10 Waiver of Jury Trial . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 38
9.11 Court Approval . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39
</TABLE>
ii
<PAGE>
ASSET PURCHASE AGREEMENT
THIS ASSET PURCHASE AGREEMENT, dated as of March 19, 2003 (this
"Agreement"), is made among Primavera Software, Inc., a Pennsylvania corporation
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("Parent"), Primavera Systems, Inc., a Pennsylvania corporation and a
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wholly-owned subsidiary of Parent ("Purchaser"), and Evolve Software, Inc., a
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Delaware corporation ("Seller"). Each of Parent, Purchaser and Seller shall
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individually be referred to as a "Party" and collectively as the "Parties".
RECITALS
WHEREAS, upon the execution of this Agreement, the Seller intends to
file a voluntary petition for relief under Chapter 11 of the Bankruptcy Code in
the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy
----------
Court"); Seller contemplates continuing to operate its business as a
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debtor-in-possession;
WHEREAS, Purchaser desires to purchase certain assets and business
operations of Seller as set forth below and assume certain liabilities from
Seller in connection therewith, and Seller desires to sell, convey, assign, and
transfer to Purchaser the Acquired Assets together with the Assumed Liabilities,
pursuant to the terms and conditions of this Agreement;
WHEREAS, subject to the provision for higher and better offers from
third parties, the Acquired Business will be sold pursuant to the terms of this
Agreement and an order of the Bankruptcy Court approving such sale under section
363 of the Bankruptcy Code and the assumption of certain executory contracts and
unexpired leases and liabilities under section 365 of the Bankruptcy Code (the
"Approval Order");
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NOW, THEREFORE, in consideration of the foregoing and the respective
representations, warranties, covenants, and agreements set forth herein, and
intending to be legally bound, the Parties hereto agree as follows:
ARTICLE I
DEFINED TERMS
1.1 Definitions. As used in this Agreement, unless the context
-----------
otherwise requires, capitalized terms used in this Agreement shall have the
meanings set forth in Annex A hereto.
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1.2 Certain Rules of Construction.
-----------------------------
(a) Any term defined herein in the singular form shall have a
comparable meaning when used in the plural form, and vice versa.
(b) When used herein, the words "hereof," "herein" and "hereunder"
and words of similar import shall refer to this Agreement as a whole and not to
any particular provision of this Agreement. References to the Preamble,
Recitals, Sections, Articles, Schedules, Exhibits or Annexes shall refer
respectively to the preamble, recitals, articles, sections, schedules, exhibits
or annexes of this Agreement, unless otherwise expressly provided.
(c) When used herein, the terms "include," "includes," and
"including" are not limiting.
<PAGE>
(d) Unless the context requires otherwise, derivative forms of any
term defined herein shall have a comparable meaning to that of such term.
(e) When a Party's consent is required hereunder, such Party's
consent may be granted or withheld in such Party's sole discretion, unless
otherwise specified.
ARTICLE II
PURCHASE AND SALE OF ASSETS
2.1 Acquired and Excluded Assets. Subject to the terms and conditions
----------------------------
herein set forth, at the Closing, Seller shall sell, assign, transfer, convey,
and deliver to Purchaser, free and clear of all Liens (other than Liens created
after the Closing Date by or against Purchaser), and Purchaser shall purchase
and accept from Seller, free and clear of all Liens (other than Liens created
after the Closing Date by or against Purchaser), good, valid and marketable
title to and under the Acquired Assets, wherever located, whether real, personal
or mixed, tangible or intangible, as the same shall exist on the Closing Date.
All other assets and properties of Seller, including the assets and properties
listed on Schedule2.1 shall be referred to herein as the "Excluded Assets." The
----------- ---------------
Parties expressly agree and understand that Seller shall not sell, assign,
transfer, convey, or deliver to Purchaser any of the Excluded Assets.
2.2 Purchase Price. Subject to the adjustment provisions of Sections
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2.3, 2.4, 2.5, 2.9, 2.11 and 2.12 in consideration for the transfer of the
Acquired Business, Purchaser shall pay to Seller consideration equal to
$13,000,000 (the "Purchase Price"), consisting of a cash payment at Closing and
--------------
the assumption of the Assumed Liabilities. Subject to the adjustment provisions
of Sections 2.3, 2.4, 2.5, 2.9, 2.11 and 2.12, at Closing, Purchaser shall pay
$10,000,000, less the Receivables Holdback, by wire transfer of immediately
available funds to Seller, or as otherwise directed by Seller (the "Closing
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