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Title: |
Asset Purchase Agreement |
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Date: |
2001 |
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Preview shows 17KB of 180KB total |
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$72 |
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#1524495 |
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<SEQUENCE>2
<FILENAME>apa_10q-033101.txt
<DESCRIPTION>ASSET PURCHASE AGREEMENT
<TEXT>
ASSET PURCHASE AGREEMENT
by and among
Outsourcing Solutions Inc.,
Coast to Coast Consulting, LLC,
PAE Leasing, LLC,
Coast to Coast Consulting, Incorporated,
Pioneer Auto Enterprises, Inc.
C2C Management, LTD.,
and
Robert Frasier
Dated March 12, 2001
<PAGE>
TABLE OF CONTENTS
ASSET PURCHASE AGREEMENT
SECTION PAGE
------- ----
ARTICLE I....................................................................1
DEFINITIONS...............................................................1
AAA Rules...............................................................1
Affiliate...............................................................1
Affiliated Group........................................................2
Agreement...............................................................2
Arbiter.................................................................2
Arbitration Demand......................................................2
Assignment and Assumption Agreement.....................................2
Assumed Liabilities.....................................................2
Average EBITDA..........................................................2
Bill of Sale............................................................2
Business................................................................2
Buyer...................................................................2
Buyer Indemnified Persons...............................................2
C2C.....................................................................2
C2C Assets..............................................................2
Coast to Coast..........................................................3
Coast to Coast Assets...................................................3
Coast to Coast Corporate Group..........................................4
Closing.................................................................4
Closing Balance Sheet...................................................4
Closing Date............................................................5
Closing Financial Statements............................................5
Closing Review..........................................................5
Closing Statement.......................................................5
Code....................................................................5
Confidential Information................................................5
Continuation Coverage...................................................5
Contract................................................................5
Controlled Affiliate....................................................5
Court...................................................................5
Covenant Not to Compete.................................................5
Current Assets..........................................................5
Current Liabilities.....................................................5
Customer Contract.......................................................5
Dispute Period..........................................................5
Disputes................................................................5
Disputed Matters........................................................6
Dollars.................................................................6
Earnings................................................................6
Earn-Out Payment........................................................6
EBITDA..................................................................6
Effective Time..........................................................6
Employee Plans/Agreements or Employee Plan/Agreement....................6
Employees...............................................................6
Employment Agreements...................................................6
Environmental Laws......................................................6
ERISA...................................................................6
Excluded Assets.........................................................6
Final Payment...........................................................6
Financial Statements....................................................6
Frasier.................................................................6
GAAP....................................................................6
Government..............................................................6
Hazardous Materials.....................................................7
Indemnified Losses......................................................7
Indemnified Party.......................................................7
Indemnifying Party......................................................7
Initial Payment.........................................................7
Intellectual Property...................................................7
Interim Balance Sheet...................................................7
Interim Statements......................................................7
IRCA....................................................................7
Law.....................................................................7
Liabilities.............................................................7
Lien....................................................................8
Losses..................................................................8
Net Worth...............................................................8
Net Worth Target........................................................8
Notice of Dispute.......................................................8
Notice of Objection.....................................................8
OSI.....................................................................8
Ordinary Course.........................................................8
PBGC....................................................................8
Party...................................................................8
Payment Period..........................................................8
Permitted Liens.........................................................8
Person..................................................................8
Pioneer.................................................................8
Pioneer Assets..........................................................8
Plan....................................................................9
Property...............................................................10
Purchased Assets.......................................................10
Restricted Period......................................................10
Returns................................................................10
Seller or Sellers......................................................10
Sellers Group Representative...........................................10
Sellers Indemnified Persons............................................10
Tax Affiliate..........................................................10
Taxes..................................................................10
Third Person...........................................................10
Third Person Claim.....................................................10
ARTICLE II..................................................................11
PURCHASE AND SALE OF ASSETS..............................................11
2.1 Assets to be Purchased.............................................11
2.2 Assumed Liabilities................................................11
2.3 Consideration......................................................11
2.4 Post-Closing Adjustments to the Initial Payment....................11
2.5 Allocation of Consideration........................................12
2.6 Closing............................................................12
2.7 Deliveries of Sellers at the Closing...............................12
2.8 Deliveries of Buyer at the Closing.................................12
2.9 The Closing Balance Sheet and the Closing Statement................12
2.10 Earn-Out Payment..................................................14
ARTICLE III.................................................................16
REPRESENTATIONS AND WARRANTIES OF SELLERS AND SHAREHOLDER................16
3.1 Corporate Existence and Power of
Coast to Coast Corporate Group...................................16
3.2 Approval and Enforceability of Agreement...........................17
3.3 Financial Statements...............................................18
3.4 Events Subsequent to December 31, 2000.............................18
3.5 Assets in Possession of Others.....................................19
3.6 Accounts and Notes Receivable......................................19
3.7 Undisclosed Liabilities............................................19
3.8 Taxes..............................................................20
3.9 Real Property - Owned..............................................21
3.10 Personal Property - Owned.........................................21
3.11 Real and Personal Property - Leased from any Seller...............21
3.12 Real and Personal Property - Leased to any Seller.................21
3.13 Intellectual Property.............................................22
3.14 Necessary Property and Transfer of Purchased Assets...............23
3.15 Use and Condition of Property.....................................23
3.16 Licenses and Permits..............................................23
3.17 Contracts--Disclosure.............................................24
3.18 Customer Contracts................................................25
3.19 Contracts--Validity, Etc..........................................25
3.20 No Breach of Law or Governing Document............................26
3.21 Litigation and Arbitration........................................26
3.22 Directors, Officers, Employees and Consultants....................26
3.23 Indebtedness to and from Directors, Officers and Others...........27
3.24 Outside Financial Interests.......................................27
3.25 Payments, Compensation and Perquisites
of Agents and Employees................. .......................27
3.26 Labor Contracts...................................................27
3.27 Employee Benefit Plans............................................27
3.28 Overtime, Back Wages, Vacation and Minimum Wages..................29
3.29 Discrimination, Workers Compensation
and Occupational Safety and Health......... ....................29
3.30 Alien Employment Eligibility......................................30
3.31 Labor Disputes; Unfair Labor Practices............................30
3.32 Insurance Policies................................................30
3.33 Guarantees........................................................30
3.34 Environmental Matters.............................................31
3.35 Broker's Fees.....................................................32
3.36 Foreign Assets and Operations.....................................32
3.37 Service Warranties and Guarantees.................................32
3.38 Books and Records.................................................32
3.39 Truthfulness......................................................32
ARTICLE IV..................................................................33
REPRESENTATIONS AND WARRANTIES OF BUYER AND OSI..........................33
4.1 Corporate Existence of Buyer. .....................................33
4.2 Approval of Agreement...... .......................................33
4.3 No Breach of Articles or Indentures.... ...........................34
4.4 Broker's Fees... ..................................................34
ARTICLE V...................................................................34
COVENANTS CONCERNING SELLERS.............................................34
5.1 Operation of the Business..........................................34
5.2 Preservation of Business...........................................35
5.3 Insurance and Maintenance of Property..............................35
5.4 Full Access........................................................35
5.5 Books, Records and Financial Statements............................35
5.6 Governmental Filings...............................................35
5.7 Tax Matters........................................................36
5.8 Travel Rebates.....................................................36
5.9 Employee Benefits..................................................37
5.10 Lease Payments....................................................37
ARTICLE VI..................................................................37
OTHER AGREEMENTS.........................................................37
ARTICLE VII.................................................................37
COVENANT NOT TO COMPETE..................................................37
7.1 Covenant Not to Compete............................................37
7.2 Employees..........................................................38
7.3 Confidentiality....................................................38
7.4 Remedies...........................................................38
7.5 Permitted Investments..............................................38
ARTICLE VIII................................................................39
CONDITIONS TO BUYER'S OBLIGATIONS........................................39
8.1 Representations and Warranties of Sellers..........................39
8.2 Intentionally Deleted..............................................39
8.3 Performance of this Agreement......................................39
8.4 No Material Adverse Change and No
Extraordinary Distributions.....................................39
8.5 Certificate of Sellers and Coast to Coast..........................39
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