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Asset Purchase Agreement

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Title:

Asset Purchase Agreement

Entities:

Nvid International Inc

Date:

2006

Size:

141KB total

Price:

$59

ID:

#2278734

► Purchase & Sale ► Purchase ► Asset Purchase Agreements

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ASSET PURCHASE AGREEMENT

BY AND BETWEEN

OAKMONT ACQUISITION CORP.

(Buyer),

-AND-

ONE SOURCE EQUIPMENT RENTALS, LLC,

ONE SOURCE EQUIPMENT RENTALS OF LAFAYETTE, LLC,

ONE SOURCE EQUIPMENT RENTALS OF DAYTON, LLC,

ONE SOURCE EQUIPMENT RENTALS OF MORTON, LLC,

ONE SOURCE EQUIPMENT RENTALS OF DECATUR, LLC,

ONE SOURCE EQUIPMENT RENTALS OF GRANITE CITY,

(collectively, the Sellers)

-AND-

ONE SOURCE EQUIPMENT RENTALS, LLC MEMBERS

(collectively, the Members)

July , 2006

ASSET PURCHASE AGREEMENT

TABLE OF CONTENTS


				Page
1.	PURCHASE AND SALE OF ASSETS			1
	1.1.	Assets to be Transferred		1
		1.1.(a)	Leased Real Property	1
		1.1.(b)	Personal Property	2
		1.1.(c)	Inventory	2
		1.1.(d)	Personal Property Leases	2
		1.1.(e)	Intellectual Property	2
		1.1.(f)	Contracts	2
		1.1.(g)	Computer Software	2
		1.1.(h)	Literature	2
		1.1.(i)	Records and Files	2
		1.1.(j)	Notes and Accounts Receivable	2
		1.1.(k)	Licenses; Permits	3
		1.1.(l)	Corporate Name	3
		1.1.(m)	Cash and Cash Equivalents	3
		1.1.(n)	General Intangibles	3
	1.2.	Excluded Assets		3

2.	ASSUMPTION OF LIABILITIES			3
	2.1.	Liabilities to be Assumed		3
	2.2.	Liabilities Not to be Assumed		3
	2.3.	Nonassignable Contracts and Rights		3

3.	PURCHASE PRICE - PAYMENT			4
	3.1.	Purchase Price		4
	3.2.	Payment of Purchase Price		4
		3.2.(a)	Assumption of Liabilities	4
		3.2.(b)	Cash to Sellers	4
		3.2.(c)	Note to Sellers	4
		3.2.(d)	Exchange	4
		3.2.(e)	Adjustment of Final Purchase Price	5
		3.2.(f)	Method of Payment	5
	3.3.	Determination of Net Book Value.		5
		3.3.(a)	Definition of Net Book Value	5
		3.3.(b)	Estimated Closing Balance Sheet	5
		3.3.(c)	Final Closing Balance Sheet	6
	3.4.	Allocation of Purchase Price		6

4.	REPRESENTATIONS AND WARRANTIES OF SELLERS AND MEMBERS			7
	4.1.	Corporate		7
		4.1.(a)	Organization	7

- i -


	4.1.(b)	Corporate Power	7
	4.1.(c)	Qualification	7
	4.1.(d)	No Subsidiaries	7
4.2.	Authority		7
4.3.	No Violation		8
4.4.	Financial Statements		8
4.5.	Tax Matters		8
	4.5.(a)	Provision For Taxes	8
	4.5.(b)	Tax Returns Filed	9
	4.5.(c)	Tax Audits	9
	4.5.(d)	Consolidated Group	9
	4.5.(e)	Other	9
4.6.	Accounts Receivable		9
4.7.	Inventory		9
4.8.	Absence of Certain Changes		10
	4.8.(a)	No Adverse Change	10
	4.8.(b)	No Damage	10
	4.8.(c)	No Increase in Compensation	10
	4.8.(d)	No Labor Disputes	10
	4.8.(e)	No Commitments	10
	4.8.(f)	No Dividends	10
	4.8.(g)	No Disposition of Property	10
	4.8.(h)	No Indebtedness	10
	4.8.(i)	No Liens	10
	4.8.(j)	No Amendment of Contracts	10
	4.8.(k)	Loans and Advances	11
	4.8.(l)	Credit	11
	4.8.(m)	No Unusual Events	11
4.9.	Absence of Undisclosed Liabilities		11
4.10.	No Litigation		11
4.11.	Compliance With Laws and Orders.		12
	4.11.(a)	Compliance	12
	4.11.(b)	Licenses and Permits	12
	4.11.(c)	Environmental Matters	12
4.12.	Title to and Condition of Properties.		13
	4.12.(a)	Marketable Title	13
	4.12.(b)	Condition	13
	4.12.(c)	Real Property	14
	4.12.(d)	No Condemnation or Expropriation	14
4.13.	Insurance		14
4.14.	Contracts and Commitments.		14
	4.14.(a)	Real Property Leases	14
	4.14.(b)	Personal Property Leases	14
	4.14.(c)	Purchase Commitments	14
	4.14.(d)	Sales Commitments	15
	4.14.(e)	Contracts for Services	15

- ii -


		4.14.(f)	Powers of Attorney	15
		4.14.(g)	Collective Bargaining Agreements	15
		4.14.(h)	Loan Agreements	15
		4.14.(i)	Guarantees	15
		4.14.(j)	Contracts Subject to Renegotiation	15
		4.14.(k)	Other Material Contracts	15
		4.14.(l)	No Default	15
	4.15.	Labor Matters		16
	4.16.	Employee Benefit Plans.		16
		4.16.(a)	Disclosure	16
		4.16.(b)	Operation	16
		4.16.(c)	Changes	16
		4.16.(d)	Claims	17
	4.17.	Employment Compensation		17
	4.18.	Intellectual Property		17
	4.19.	Major Customers and Suppliers.		17
		4.19.(a)	Major Customers	17
		4.19.(b)	Major Suppliers	17
		4.19.(c)	Dealers and Distributors	18
	4.20.	Product Warranty and Product Liability		18
	4.21.	Affiliates Relationships to Sellers		18
		4.21.(a)	Contracts With Affiliates	18
		4.21.(b)	No Adverse Interests	18
		4.21.(c)	Obligations	18
	4.22.	Assets Necessary to Business		18
	4.23.	No Brokers or Finders		18
	4.24.	Disclosure		18

5.	REPRESENTATIONS AND WARRANTIES OF BUYER			19
	5.1.	Corporate		19
		5.1.(a)	Organization	19
		5.1.(b)	Corporate Power	19
	5.2.	Authority		19
	5.3.	No Brokers or Finders		19
	5.4.	Disclosure		19

6.	EMPLOYEES - EMPLOYEE BENEFITS			20
	6.1.	Affected Employees		20
	6.2.	Retained Responsibilities		20
	6.3.	Payroll Tax		20
	6.4.	Termination Benefits		20
	6.5.	Employee Benefit Plans.		20
		6.5.(a)	Defined Contribution Plans	20
		6.5.(b)	Defined Benefit Plans	20
		6.5.(c)	Delivery of Records	21
		6.5.(d)	No Third-Party Rights	21

- iii -


7.	COVENANTS			21
	7.1.	Employment and Noncompetition Agreement		21
	7.2.	Employees		21
	7.3.	Noncompetition		21
	7.4.	Confidential Information		22
	7.5.	Product Liability Matters		23

8.	FURTHER COVENANTS OF SELLERS AND MEMBERS			23
	8.1.	Access to Information and Records		23
		8.1.(a)	Information	23
		8.1.(b)	Access	23
	8.2.	Conduct of Business Pending the Closing		24
		8.2.(a)	No Changes	24
		8.2.(b)	Maintain Organization	24
		8.2.(c)	No Breach	24
		8.2.(d)	No Material Contracts	24
		8.2.(e)	No Corporate Changes	24
		8.2.(f)	Maintenance of Insurance	24
		8.2.(g)	Maintenance of Property	24
		8.2.(h)	Interim Financials	24
		8.2.(i)	No Negotiations	24
	8.3.	Consents		25
	8.4.	Other Action		25
	8.5.	Disclosure		25

9.	ADDITIONAL AGREEMENTS			25
	9.1.	Registration Statement and Prospectus/Proxy Statement; Special Meeting		25
		9.1.(a)	Registration Statement	25
		9.1.(b)	Prospectus/Proxy Statement	25
		9.1.(c)	Compliance	26
		9.1.(d)	Approval	26
	9.2.	Form 8-K		26
	9.3.	Required Information		26
	9.4.	Public Disclosure		27
	9.5.	No Securities Transactions		27

10.	CONDITIONS PRECEDENT TO BUYERS OBLIGATIONS			27
	10.1.	Representations and Warranties True on the Closing Date		27
	10.2.	Compliance With Agreement		27
	10.3.	Absence of Litigation		27
	10.4.	Consents and Approvals		28
	10.5.	Estoppel Certificates		28
	10.6.	Corporate Approval		28
	10.7.	Due Diligence		28
	10.8.	Audit		28
	10.9.	Absence of Changes		28
	10.10.	Employees		28

- iv -


	10.11.	Registration Statement Effective		28

11.	CONDITIONS PRECEDENT TO SELLERS' OBLIGATIONS			29
	11.1.	Representations and Warranties True on the Closing Date		29
	11.2.	Compliance With Agreement		29
	11.3.	Absence of Litigation		29

12.	INDEMNIFICATION			29
	12.1.	By Sellers and Members		29
	12.2.	By Buyer		30
	12.3.	Indemnification of Third-Party Claims		30
		12.3.(a)	Notice and Defense	30
		12.3.(b)	Failure to Defend

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