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Title: |
Asset Purchase Agreement |
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Date: |
2000 |
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Preview shows 16KB of 127KB total |
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$61 |
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ID: |
#1372674 |
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ASSET PURCHASE AGREEMENT
by and between
FACTUAL DATA CORP.
and
C.B. UNLIMITED, INC.
Dated as of September 5, 2000
--------------------------------------------------------------------------------
<PAGE>
ASSET PURCHASE AGREEMENT
TABLE OF CONTENTS
-----------------
Page
----
RECITALS.......................................................................1
ARTICLE I
DEFINITIONS...............................................................1
ARTICLE II
ACQUISITION OF THE ASSETS.................................................3
2.1 Delivery of Assets...........................................3
2.2 Purchase Price for Assets....................................4
2.3 No Assumption of Liabilities.................................5
ARTICLE III
REPRESENTATIONS AND WARRANTIES OF SELLER AND SHAREHOLDER..................5
3.1 Organization and Qualification of Seller.....................5
3.2 Authorized Capitalization....................................5
3.3 Authorization................................................6
3.4 Accrued Employee Benefits....................................6
3.5 Bulk Sale Law................................................6
3.6 No Conflicting Agreements....................................6
3.7 Compliance with Applicable Law...............................6
3.8 Material Misstatements or Omissions..........................7
3.9 No Known Adverse Effects.....................................7
3.10 Consents and Approvals.......................................7
3.11 Subsidiaries.................................................7
3.12 Litigation...................................................7
3.13 Brokers......................................................7
3.14 Taxes........................................................7
3.15 Ownership....................................................8
3.16 Accounts.....................................................8
3.17 License Agreements...........................................8
3.18 Intellectual Property........................................8
3.19 Customers....................................................9
3.20 Contracts....................................................9
3.21 Financial Statements.........................................9
3.22 Absence of Undisclosed or Contingent Liabilities.............9
3.23 No Material Adverse Changes..................................9
i
<PAGE>
3.24 Absence of Developments......................................9
3.25 Title to Properties.........................................10
3.26 Tax Matters.................................................10
3.27 Tax Notices.................................................11
3.28 Employees...................................................11
3.29 Employee Benefit Plans......................................11
3.30 Gifts.......................................................12
3.31 Employee Health and Safety..................................12
3.32 Representations as to Knowledge.............................12
3.33 Representations Concerning Solvency.........................13
ARTICLE IV
PRE-CLOSING COVENANTS OF SELLER..........................................13
4.1 Inspection of Properties and Books..........................13
4.2 Other Contracts.............................................14
4.3 Ongoing Operation...........................................14
4.4 Indebtedness................................................14
4.5 Records.....................................................14
4.6 Articles of Incorporation; Bylaws...........................14
4.7 Distributions or Dividends..................................14
4.8 Notice of Breach............................................14
4.9 Nondisclosure...............................................15
4.10 Employment Matters..........................................15
4.11 Insurance...................................................15
4.12 Preservation of Business....................................15
4.13 Regulatory Filings..........................................16
4.14 No Negotiations.............................................16
4.15 Assignment of Contracts, Leases and Other Agreements........16
4.16 Seller's Efforts............................................16
4.17 Additional Disclosure.......................................17
ARTICLE V
POST-CLOSING COVENANTS...................................................17
5.1 Further Assurances..........................................17
5.2 Litigation Support..........................................17
ii
<PAGE>
ARTICLE VI
REPRESENTATIONS AND WARRANTIES OF PURCHASER..............................17
6.1 Organization and Qualification of Purchaser.................17
6.2 Authorization...............................................17
6.3 No Conflicting Agreements...................................18
6.4 Compliance with Applicable Law..............................18
6.5 Litigation..................................................18
6.6 Material Misstatements or Omissions.........................18
6.7 Consents and Approvals......................................18
6.8 Brokers.....................................................18
6.9 Representations as to Knowledge.............................19
ARTICLE VII
COVENANTS OF PURCHASER...................................................19
7.1 Other Contracts.............................................19
7.2 Additional Disclosure.......................................19
7.3 Notice of Breach............................................19
7.4 Nondisclosure...............................................19
7.5 Best Efforts................................................19
7.6 Regulatory Filings..........................................19
7.7 Non-Compete and Confidentiality Agreements..................20
ARTICLE VIII
CONDITIONS PRECEDENT TO CLOSING..........................................20
8.1 Conditions Precedent to Obligations of Seller...............20
8.2 Conditions Precedent to Obligations of Purchaser............22
ARTICLE IX
SURVIVAL OF REPRESENTATIONS AND WARRANTIES...............................24
ARTICLE X
INDEMNIFICATION..........................................................25
10.1 Indemnification.............................................25
10.2 Limitation of Liability.....................................25
10.3 Method of Asserting Claims..................................25
10.4 Payment of Claim............................................26
10.5 Other Rights and Remedies Not Affected......................27
10.6 Post-Closing Adjustments and Right of Offset................27
ARTICLE XI
AMENDMENT, TERMINATION AND BREACH........................................27
11.1 Amendment and Modification..................................27
11.2 Termination and Abandonment.................................27
iii
<PAGE>
ARTICLE XII
CLOSING..................................................................28
12.1 Closing.....................................................28
12.2 Allocations.................................................28
12.3 Seller's Deliveries at Closing..............................28
12.4 Purchaser's Deliveries at Closing...........................29
12.5 Forwarding of Receivables...................................30
12.6 Removal of Personal Effects Following Closing...............30
12.7 Cooperation; Premises.......................................31
12.8 Interim Employee Benefits...................................31
12.9 Subleases of Miscellaneous Equipment........................31
ARTICLE XIII
MISCELLANEOUS............................................................31
13.1 Notice......................................................31
13.2 Entire and Sole Agreement...................................32
13.3 Successors and Assigns......................................32
13.4 Expenses....................................................32
13.5 Severability................................................32
13.6 Governing Law...............................................32
13.7 Counterparts................................................32
13.8 Amendments..................................................32
13.9 No Third Party Beneficiary..................................33
13.10 Headings....................................................33
13.11 Disputes....................................................33
13.12 Delivery of Exhibits........................................33
13.13 Access to Books and Records.................................33
iv
<PAGE>
ASSET PURCHASE AGREEMENT
THIS AGREEMENT is made and entered into this 5th day of September, 2000, by
and between Factual Data Corp., a Colorado corporation ("Purchaser"), and C.B.
Unlimited, Inc., an Ohio corporation ("Seller").
RECITALS
WHEREAS, on or about July 14, 2000, Purchaser issued a term sheet to Seller
("Term Sheet") pursuant to which Purchaser indicated its desire to proceed with
the acquisition of the assets of Seller; and
WHEREAS, the Term Sheet contemplated the parties would enter into a
definitive Asset Purchase Agreement which definitive agreement is as set forth
below (the "Agreement") and which shall supersede the Term Sheet in its
entirety; and
WHEREAS, Purchaser desires to purchase, and Seller desires to sell, the
assets of Seller as described on Exhibit 2.1(a) hereto (the "Assets") and
Purchaser will assume only the liabilities of Seller described on Exhibit 2.3
hereto ("Assumed Liabilities");
NOW, THEREFORE, in consideration of the mutual covenants and agreements
contained herein, and in reliance upon the representations and warranties
contained herein, the parties hereto agree as follows:
ARTICLE I
DEFINITIONS
The following terms used in this Agreement shall, unless the context
requires otherwise, have the meanings designated below:
Assets means the assets set forth on Exhibit 2.1(a) hereto.
Assumed Liabilities means the liabilities set forth on Exhibit 2.3
hereto.
Claim Notice has the meaning given to it in Section 10.3(a).
Closing has the meaning given to it in Section 12.1.
Code means the Internal Revenue Code of 1986, as amended.
Communication means collectively any publicity release, security
filing, private placement memorandum or any other communication.
1
<PAGE>
Damages means any and all damages, claims, deficiencies, losses and
expenses, as further defined in Section 10.1.
Effective Date has the meaning given to it in Section 12.1.
ERISA means the Employee Retirement Income Security Act of 1974, as
amended, and any regulations, rules or orders promulgated thereunder.
Evaluation Material means Seller's documents, financial statements,
information and materials which will be used in connection with Purchaser's due
diligence review.
Excluded Assets shall mean cash on hand, cash investments, notes receivable
and Retained Accounts Receivable.
Financial Statements has the meaning given to it in Section 3.21.
Indemnified Party means the party claiming indemnification under Article X.
Indemnifying Party means the party against whom indemnification claims are
asserted under Article X.
Intellectual Property means (a) all trademarks, services marks, logos and
trade names, together with all translations, adaptations, derivations and
combinations thereof and including all goodwill associated therewith, and all
applications, registrations and renewals, (b) all copyrightable works, all
copyrights and all applications, registrations and renewals, (c) all mask works
and all applications, registration and renewals, (d) all trade secrets and
confidential business information (including ideas, research and development,
know-how, technical data, designs, drawings, specifications, customer and
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