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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 18KB of 133KB total |
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$40 |
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ID: |
#1290660 |
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ASSET PURCHASE AGREEMENT
BY AND BETWEEN
NORTHLAND CABLE TELEVISION, INC
AND
G FORCE, LLC
DATED AS OF
DECEMBER 31, 2002
<PAGE>
TABLE OF CONTENTS
<TABLE>
<S> <C> <C>
1. Definitions................................................................................... 1
1.1. Defined Terms....................................................................... 1
1.2. Other Definitions................................................................... 6
1.3. Usage............................................................................... 6
2. Purchase and Sale of Assets................................................................... 7
3. Consideration................................................................................. 7
3.1. Purchase Price...................................................................... 7
3.2. Adjustments to Purchase Price....................................................... 7
3.3. Determination of Adjustments........................................................ 8
3.4. Allocation of Consideration......................................................... 9
4. Assumed Liabilities and Excluded Assets....................................................... 9
4.1. Assignment and Assumption........................................................... 9
4.2. Excluded Assets..................................................................... 9
5. Representations and Warranties of Seller...................................................... 10
5.1. Organization and Qualification...................................................... 10
5.2. Authority and Validity.............................................................. 10
5.3. No Breach or Violation.............................................................. 11
5.4. Assets.............................................................................. 11
5.5. Governmental Permits................................................................ 11
5.6. Seller Contracts.................................................................... 11
5.7. Real Property....................................................................... 12
5.8. Environmental Matters............................................................... 12
5.9. Compliance with Law................................................................. 13
5.10. Patents, Trademarks and Copyrights............................................... 14
5.11. Financial Statements............................................................. 14
5.12. Legal Proceedings................................................................ 15
5.13. Tax Returns...................................................................... 15
5.14. Employment Matters............................................................... 15
5.15. Systems Information.............................................................. 16
5.16. Finders and Brokers.............................................................. 17
5.17. Bonds............................................................................ 17
5.18. Disclosure....................................................................... 17
6. Buyer's Representations and Warranties........................................................ 17
6.1. Organization and Qualification...................................................... 17
6.2. Authority and Validity.............................................................. 18
6.3. No Breach or Violation.............................................................. 18
6.4. Financial Capability of Buyer....................................................... 18
6.5. Finders and Brokers................................................................. 18
7. Additional Covenants.......................................................................... 19
7.1. Access to Premises and Records...................................................... 19
7.2. Continuity and Maintenance of Operations; Financial Statements...................... 19
7.3. Employee Matters.................................................................... 20
7.4. Required Consents and Franchise Renewals............................................ 21
7.5. Title Commitments................................................................... 21
</TABLE>
i
<PAGE>
<TABLE>
<S> <C> <C>
7.6. No Shopping......................................................................... 21
7.7. Notification of Certain Matters..................................................... 22
7.8. Risk of Loss; Condemnation.......................................................... 22
7.9. Lien and Judgment Searches.......................................................... 22
7.10. Transfer Taxes................................................................... 22
7.11. Updated Schedules................................................................ 23
7.12. Use of Seller's Name............................................................. 23
7.13. [Reserved.]...................................................................... 23
7.14. Certain Notices.................................................................. 23
7.15. Confidentiality.................................................................. 24
7.16. Retention of Books and Records................................................... 24
7.17. Memoranda of Leases.............................................................. 24
7.18. HSR Notification................................................................. 24
7.19. Termination of Capital and Vehicle Leases........................................ 25
8. Closing....................................................................................... 25
8.1 Closing Date and Place.............................................................. 25
8.2 Seller's Obligations................................................................ 25
8.3 Buyer's Obligations................................................................. 26
9. Conditions to Closing......................................................................... 26
9.1. Conditions to the Obligations of Buyer and Seller................................... 26
9.2. Conditions to the Obligations of Buyer.............................................. 27
9.3. Conditions to Obligations of Seller................................................. 29
9.4. Waiver of Conditions................................................................ 29
10. Termination................................................................................... 29
10.1. Events of Termination............................................................ 29
10.2. Liabilities in Event of Termination.............................................. 30
10.3. Procedure Upon Termination....................................................... 30
11. Survival of Representations and Warranties; Indemnification................................... 30
11.1. Survival of Representations and Warranties....................................... 30
11.2. Indemnification by Seller........................................................ 30
11.3. Indemnification by Buyer......................................................... 31
11.4. Limitations on Indemnity......................................................... 31
11.5. Third Party Claims............................................................... 31
11.6 Escrow and Holdback Amount.......................................................... 32
11.7. Payments for Indemnification Amounts............................................. 32
11.8. Exclusive Remedy................................................................. 32
12. Miscellaneous................................................................................. 32
12.1. Parties Obligated and Benefited.................................................. 32
12.2. Attorneys' Fees.................................................................. 33
12.3. Notices.......................................................................... 33
12.4. Waiver........................................................................... 34
12.5. Captions......................................................................... 34
12.6. Choice of Law.................................................................... 34
12.7. Further Actions.................................................................. 34
12.8. Time............................................................................. 34
12.9. Late Payments.................................................................... 34
</TABLE>
ii
<PAGE>
<TABLE>
<S> <C> <C>
12.10. Counterparts..................................................................... 34
12.11. Entire Agreement................................................................. 34
12.12. Severability..................................................................... 34
12.13. Construction..................................................................... 34
12.14. Expenses......................................................................... 35
</TABLE>
EXHIBITS:
Exhibit A - Form of Escrow Agreement
Exhibit B - Bill of Sale & Assignment and Assumption Agreement
Exhibit C - Form of Lease Assignment
Exhibit D - Form of FIRPTA Certificate
Exhibit E - Form of Management Agreement
Exhibit F - Form of Noncompetition Agreement
Exhibit G - Form of Assumption Agreement
Exhibit H - Form of FCC Counsel Opinion
Exhibit I - Sellers' Counsel Opinion Matters
SCHEDULES:
Schedule 1 - Systems
Schedule 2 - Governmental Permits
Schedule 3 - Systems Contracts
Schedule 4 - Required Consents
Schedule 5 - Equipment
Schedule 6 - Real Property
Schedule 7 - Encumbrances
Schedule 8 - Compliance with Legal Requirements
Schedule 9 - Towers
Schedule 10 - Litigation
Schedule 11 - Tax Matters
Schedule 12 - Employees
Schedule 13 - Excluded Assets
Schedule 14 - Systems Information
Schedule 15 - System Rate Cards and Channel Lineups
Schedule 16 - Bonds
iii
<PAGE>
ASSET PURCHASE AGREEMENT
This Asset Purchase Agreement ("AGREEMENT") is made as of the 31st day
of December, 2002, by and between G Force, LLC, a North Carolina limited
liability company ("BUYER"), and NORTHLAND CABLE TELEVISION, INC., a Washington
corporation ("SELLER").
RECITALS
Seller is engaged in the business of providing cable television service
to subscribers in and around Aiken, South Carolina. Buyer desires to purchase
and Seller desires to sell substantially all of the assets of Seller used or
useful in connection with that business.
AGREEMENT
In consideration of the above recitals and the mutual agreements stated
in this Agreement, the parties agree as follows:
1. Definitions.
1.1. DEFINED TERMS. In addition to terms defined elsewhere in this
Agreement, the following capitalized terms, when used in this Agreement, will
have the meanings set forth below:
"AFFILIATE" shall mean with respect to any Person, any other
Person controlling, controlled by or under common control with such Person, with
"control" for such purpose meaning the possession, directly or indirectly, of
the power to direct or cause the direction of the management and policies of a
Person, whether through the ownership of voting securities or voting interests,
by contract or otherwise.
"ASSETS" shall mean all properties, privileges, rights,
interests and claims, real and personal, tangible and intangible, of every type
and description that are owned, leased, held, used or useful in the Business in
which Seller has any right, title or interest or in which Seller acquires any
right, title or interest on or before the Closing Date, including Governmental
Permits, Intangibles, Seller Contracts, Equipment, Books and Records, Real
Property and deposits relating to the Business that are held by third parties
for the account of Seller or for security for Seller's performance of its
obligations, but excluding any Excluded Assets.
"BASIC SERVICES" shall mean the lowest tier of service
currently offered to subscribers of a System.
"BASIC SUBSCRIBERS" shall mean any customer account that is
billed by individual unit and pays the standard monthly rate (without discount)
for Basic Service.
"BOOKS AND RECORDS" shall mean all engineering records, files,
data, drawings, blueprints, schematics, reports, lists, plans and processes and
all other files of correspondence, lists, records and reports to the extent
concerning Seller's Business, including subscribers and
1
<PAGE>
prospective subscribers of the System, signal and program carriage and dealings
with Governmental Authorities with respect to the System, including all reports
filed with respect to the System by or on behalf of Seller or any of its
Affiliates with the FCC and statements of account filed with respect to the
System by or on behalf of Seller or any of its Affiliates with the U.S.
Copyright Office, but excluding all documents, reports and records relating to
the employees of the System. Reference to any Books and Records will be deemed
to refer to the Books and Records included among the Assets.
"BUSINESS" shall mean the cable television business conducted
by Seller on the date of this Agreement through one or more Systems in the
Service Areas.
"BUSINESS DAY" shall mean any day other than Saturday, Sunday
or a day on which banking institutions in Seattle, Washington or New York, New
York are required or authorized to be closed.
"CABLE ACT" shall mean Title VI of the Communications Act of
1934, as amended, and all other provisions of the Cable Communications Policy
Act of 1984 and the Cable Television Consumer Protection and Competition Act of
1992, and the Telecommunications Act of 1996, as each may be amended from time
to time and the FCC rules and regulations promulgated thereunder.
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