AMONG



                         IDT WINSTAR ACQUISITION, INC.,



                          WINSTAR COMMUNICATIONS, INC.



                                       AND



                           CERTAIN OF ITS SUBSIDIARIES

                         SET FORTH ON APPENDIX I HERETO





                          DATED AS OF DECEMBER 18, 2001



 ------------------------------------------------------------------------------







{PAGE}











                                TABLE OF CONTENTS



{TABLE}

{CAPTION}



                                                                                                  Page

                                                                                                  ----

{S}                  {C}                                                                            {C}



                                    ARTICLE I

                                   DEFINITIONS



   Section 1.1       Definitions.....................................................................1

   Section 1.2       Construction....................................................................6



                                   ARTICLE II

                                PURCHASE AND SALE



   Section 2.1       Purchase and Sale of Assets.....................................................6

   Section 2.2       Excluded Assets.................................................................8

   Section 2.3       Assumed Liabilities.............................................................9

   Section 2.4       Excluded Liabilities...........................................................10

   Section 2.5       Assumption of Certain Leases and Other Contracts...............................10

   Section 2.6       Intercompany Receivables.......................................................11

   Section 2.7       Winstar Building...............................................................11



                                   ARTICLE III

                                 PURCHASE PRICE



   Section 3.1       Purchase Price.................................................................11

   Section 3.2       Cash Payment at Signing........................................................12

   Section 3.3       Allocation of Purchase Price...................................................12



                                   ARTICLE IV

                        THE CLOSING AND LICENSE TRANSFER



   Section 4.1       Time and Place of Closing......................................................12

   Section 4.2       Deliveries by the Sellers......................................................13

   Section 4.3       Deliveries by the Buyer........................................................13

   Section 4.4       Management Transition..........................................................13



                                    ARTICLE V

                   REPRESENTATIONS AND WARRANTIES OF THE BUYER



   Section 5.1       Organization...................................................................13

   Section 5.2       Authority Relative to this Agreement...........................................13

   Section 5.3       Consents and Approvals; No Violation...........................................14

   Section 5.4       Qualifications to Hold Permits.................................................14

   Section 5.5       Legal Proceedings and Judgments................................................14

   Section 5.6       Brokers........................................................................14

   Section 5.7       Buyer Financing................................................................14

   Section 5.8       Capitalization.................................................................14

   Section 5.9       Valid Issuance of IDT and Buyer Shares.........................................15

   Section 5.10      Disclaimer of Other Representations and Warranties.............................15



{/TABLE}



                                       i



{PAGE}



{TABLE}



{S}                   {C}                                                                           {C}

                                   ARTICLE VI

                            COVENANTS OF THE PARTIES



   Section 6.1       Conduct of Business............................................................15

   Section 6.2       Access to Information; Maintenance of Records..................................15

   Section 6.3       Expenses.......................................................................17

   Section 6.4       Further Assurances.............................................................17

   Section 6.5       Public Statements..............................................................17

   Section 6.6       Governmental Authority Consents and Approvals..................................18

   Section 6.7       Tax Matters....................................................................19

   Section 6.8       Litigation Support.............................................................20

   Section 6.9       Notification...................................................................20

   Section 6.10      Submission for Bankruptcy Court Approval.......................................20

   Section 6.11      D&O Policies...................................................................21

   Section 6.12      Use of Winstar Name............................................................21



                                   ARTICLE VII

                              CONDITIONS TO CLOSING



   Section 7.1       Conditions to Each Party's Obligations to Effect the Closing...................21

   Section 7.2       Conditions to Obligations of the Buyer.........................................22

   Section 7.3       Conditions to Obligations of the Sellers.......................................22



                                  ARTICLE VIII

                           TERMINATION AND ABANDONMENT



   Section 8.1       Termination....................................................................23

   Section 8.2       Procedure and Effect of Termination............................................24



                                   ARTICLE IX

                            MISCELLANEOUS PROVISIONS



   Section 9.1       Amendment and Modification.....................................................24

   Section 9.2       Waiver of Compliance; Consents.................................................24

   Section 9.3       Survival.......................................................................24

   Section 9.4       No Impediment to Liquidation...................................................25

   Section 9.5       Notices........................................................................25

   Section 9.6       Assignment.....................................................................26

   Section 9.7       Third-Party Beneficiaries......................................................26

   Section 9.8       Severability...................................................................26

   Section 9.9       Governing Law..................................................................27

   Section 9.10      Submission to Jurisdiction.....................................................27

   Section 9.11      Counterparts...................................................................27

   Section 9.12      Incorporation of Schedule and Exhibits.........................................27

   Section 9.13      Entire Agreement...............................................................27

   Section 9.14      Headings.......................................................................27

   Section 9.15      Remedies.......................................................................27

   Section 9.16      Bulk Sales or Transfer Laws....................................................27





   APPENDIX I     Subsidiaries of Winstar Parties Hereto



{/TABLE}



                                       ii







{PAGE}





EXHIBITS



Exhibit A         Assumed Agreements

Exhibit B         Form of Bill of Sale

Exhibit C         Form of Escrow Agreement

Exhibit D         Form of Management Agreement

Exhibit E         Form of Sale Order

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC