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Title: |
Asset Purchase Agreement |
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Entities: |
International Flavors & Fragrances Inc.; King World Productions, Inc.; Real Estate Board of New York, Inc.; Unitel Video, Inc.; Viacom, Inc.; Kaye Scholer |
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Date: |
2001 |
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Size: |
Preview shows 26KB of 134KB total |
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Price: |
$56 |
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ID: |
#343016 |
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Start of Preview |
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ASSET PURCHASE AGREEMENT
between
UNITEL VIDEO, INC.
UNITEL 57 LLC
and
UNITEL 53 LLC
(as Seller)
and
ALL MOBILE VIDEO INC.
(as Buyer)
Dated as of
January 5, 2001
{PAGE} 2
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
{S} {C}
ARTICLE I
DEFINITIONS...................................................................................2
ARTICLE II
TRANSFER OF ASSETS...........................................................................10
2.1 (a) Purchase and Sale of Purchased Assets................................10
(b) Excluded Assets......................................................11
(c) Assumed Future Obligations...........................................11
2.2 Purchase Price; Escrow Account.............................................11
2.3 Instruments of Transfer....................................................11
2.4 Allocation of Purchase Price...............................................11
ARTICLE III
CLOSING TRANSACTIONS.........................................................................12
3.1 Closing....................................................................12
3.2 Closing Date...............................................................12
3.3 Seller's Deliveries to Buyer at or before Closing..........................13
3.4 Buyer's Deliveries to Seller at Closing....................................15
3.5 Cure Obligations...........................................................15
3.6 Closing Date Prorations....................................................16
3.6.1 Income and Expenses...............................................16
3.6.2 Assessments.......................................................17
3.6.3 Real Property Tax Adjustment......................................18
3.6.4 Survival..........................................................19
3.7 Possession.................................................................19
ARTICLE IV
CONDITIONS PRECEDENT TO CLOSING..............................................................19
4.1 Conditions to Seller's Obligations.........................................19
4.2 Conditions to Buyer's Obligations..........................................20
ARTICLE V
REPRESENTATIONS AND WARRANTIES...............................................................21
5.1 Seller's Representations and Warranties....................................21
5.1.1 Validity of Agreement.............................................21
5.1.2 Organization, Standing and Power..................................21
{/TABLE}
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{PAGE} 3
{TABLE}
{CAPTION}
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----
{S} {C}
5.1.3 No Conflicts or Violations........................................21
5.1.4 Title to Purchased Assets.........................................22
5.1.5 Security Deposits.................................................22
5.1.6 Sublease Income...................................................22
5.1.7 Advance Payments..................................................22
5.1.8 Litigation........................................................22
5.1.9 Real Property.....................................................22
5.1.10 Contracts.........................................................23
5.1.11 Brokers...........................................................23
5.1.12 Equipment and Machinery...........................................23
5.1.13 Financing.........................................................24
5.2 Buyer's Representations and Warranties.....................................24
5.2.1 Validity of Agreement.............................................24
5.2.2 Organization, Standing and Power..................................24
5.2.3 No Conflict or Violations.........................................24
5.2.4 Financing.........................................................24
5.2.5 Brokers...........................................................24
5.2.6 HSR Act...........................................................25
ARTICLE VI
COVENANTS....................................................................................25
6.1 Business Activities; Preservation of Business; Cooperation.................25
6.2 Access to Books and Records and Premises...................................25
6.3 Post-Execution Contracts...................................................25
6.4 Further Assurances.........................................................26
6.5 Notice of Transaction......................................................26
6.6 Estoppel Certificates......................................................26
6.7 Landlord's Consents........................................................26
6.8 Security Deposits..........................................................27
6.9 Intentionally Deleted......................................................27
6.10 Breach of Representations, Warranties, and Covenants.......................27
6.11 Operations Prior to Closing................................................27
6.12 Security Guard.............................................................27
ARTICLE VII
OTHER AGREEMENTS AND CONDITION...............................................................27
ARTICLE VIII
COURT APPROVALS..............................................................................28
8.1 Intentionally Deleted......................................................28
{/TABLE}
ii
{PAGE} 4
{TABLE}
{CAPTION}
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{S} {C}
8.2 Sale Order.................................................................28
ARTICLE IX
REAL PROPERTY MATTERS........................................................................29
9.1 Title Exceptions...........................................................29
9.2 Violations.................................................................30
9.3 Casualty and Condemnation..................................................30
ARTICLE X
TERMINATION..................................................................................31
10.1 Conditions of Termination..................................................31
10.2 Effect of Termination; Remedies............................................32
ARTICLE XI
MISCELLANEOUS................................................................................33
11.1 Attorneys' Fees............................................................33
11.2 Non-Survival of Representations and Warranties.............................33
11.3 Cooperation on Tax Matters.................................................33
11.4 Notices....................................................................34
11.5 Entire Agreement...........................................................35
11.6 Modification...............................................................35
11.7 Closing Date...............................................................35
11.8 Severability...............................................................35
11.9 Captions...................................................................35
11.10 Waiver.....................................................................35
11.11 Assignments................................................................36
11.12 Binding Effect.............................................................36
11.13 Applicable Law.............................................................36
11.14 Construction...............................................................36
11.15 Counterparts...............................................................36
11.16 Bankruptcy Court Jurisdiction..............................................36
11.17 Transfer Taxes.............................................................36
11.18 Public Announcements.......................................................36
11.19 Good Faith.................................................................37
11.20 Use of Unitel Name.........................................................37
{/TABLE}
SCHEDULES
Schedule 1.1 - Form of Assignment and Assumption Agreement
Schedule 1.2 - List of Contracts
Schedule 1.3 - Legal Description of Land
Schedule 1.4 - List of Additional Excluded Assets
Schedule 2.1 - Scheduled Permitted Encumbrances
iii
{PAGE} 5
Schedule 2.2(b).1 - Escrow Account Wire Information
Schedule 2.2(b).2 - Escrow Provisions
Schedule 2.4 - Purchase Price Allocation
Schedule 3.3.13 - Schedule of Security Deposits
Schedule 3.3.14 - List of Sublease Receivables
Schedule 3.3.17 - List of Advance Payments
Schedule 5.1.3 - Form of Sale Order
Schedule 5.1.8 - List of Scheduled Pending Litigation
Schedule 5.1.9(a) - Status of Leases and Subleases
Schedule 5.1.12 - List of Equipment and Machinery
iv
{PAGE} 6
ASSET PURCHASE AGREEMENT
This Asset Purchase Agreement (the "Agreement") is
made and entered into as of this 5th day of January, 2001 by and between ALL
MOBILE VIDEO INC., a New York corporation, or its designee (the "Buyer"), on the
one hand, and UNITEL VIDEO, INC., a Delaware corporation, and its subsidiaries
UNITEL 57 LLC, and UNITEL 53 LLC, each a Delaware limited liability company, and
each a Debtor in Possession (each a "Seller" and collectively, the "Seller"), on
the other hand, under Case Nos. 99-02979, 99-02981 and 99-02982 in the United
States Bankruptcy Court for the District of Delaware having jurisdiction over
the bankruptcy cases of the Seller and their affiliate (the "Bankruptcy Court").
RECITALS
A. Seller is engaged, among other things, in the business of
owning and operating recording and production studios and
providing equipment and skilled personnel for in-studio
recording and production of television programs and other
video tape communications (the "Studio Business"), and
formerly provided mobile production services, servicing
high-end entertainment events (the "Mobile Business").
B. Seller wishes to sell to Buyer and Buyer desires to purchase
from Seller the Purchased Assets (as hereinafter defined)
which are comprised of substantially all of the assets Seller
uses in connection with the Studio Business (other than the
Excluded Assets, as hereinafter defined) at the price and on
the terms and conditions specified in detail below, pursuant
to Sections 363 and 365 of the Bankruptcy Code, and free and
clear of all Liens (as hereinafter defined), claims and
encumbrances, subject only to the Permitted Encumbrances (as
hereinafter defined) and the Assumed Future Obligations (as
hereinafter defined).
C. Buyer desires to take by assignment from Seller, and Seller
desires to assign to Buyer, the Assigned Contracts (as
hereinafter defined) pursuant to Section 365 of the Bankruptcy
Code and free and clear of all Liens, claims and encumbrances,
but subject to the Assumed Future Obligations (as hereinafter
defined).
D. The Sale Order (as hereinafter defined) shall be entered by
the Bankruptcy Court in the manner set forth in Article VIII
herein.
NOW THEREFORE, in consideration of the mutual
agreements, provisions and covenants contained herein and for other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereto agree as follows:
{PAGE} 7
ARTICLE I
DEFINITIONS
Section 1.01. As used in this Agreement, the
following capitalized terms shall have the meanings set forth below. Certain
other capitalized terms used in this Agreement but not defined in this Article I
shall have the meanings ascribed to such terms elsewhere in this Agreement.
"Advance Payments" -- See Section 3.3.17.
"Affiliate" means, with respect to any Person, any
Person that directly or indirectly Controls, is Controlled by, or is under
Common Control with, such other Person; provided that the creditors of any
Seller shall not be considered the Affiliate of any Seller as a result of such
creditor relationship.
"Agreement" means this Asset Purchase Agreement,
including all schedules and exhibits hereto, as it may be amended from time to
time in accordance with its terms.
"Alternate Transaction" means (i) any agreement to
sell or transfer the Purchased Assets (or any substantial portion thereof) to a
third party other than the Buyer or its Affiliate, whether pursuant to an asset
purchase agreement, plan of reorganization or any other agreement pursuant to
which the Purchased Assets (or any substantial portion thereof) are sold or
transferred to such third party or otherwise ordered to remain in possession or
control of the Seller or their Affiliate or successor in interest.
"Assigned Contracts" means the Contracts, the
Post-Execution Contracts and the Selected Contracts.
"Assignment Agreements" means the assignment and
assumption agreements to be executed on the Closing Date by the parties hereto
in connection with the Assigned Contracts and in form and substance reasonably
acceptable to Buyer and Seller, substantially in the form of that which is set
forth in Schedule 1.1 attached hereto.
"Assumed Future Obligations" -- See Section 2.1(c).
"Auction" shall have the meaning set forth in the
Procedures Order.
"Bankruptcy Case" means Case Nos. 99-02979, 99-02981
and 99-02982 (PJW) in the United States Bankruptcy Court for the District of
Delaware and relating to the Seller, which cases are currently pending and being
jointly administered.
"Bankruptcy Code" means Chapter 11, Title 11 of the
United States Code, as amended, 11 U.S.C. 101 et seq.
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{PAGE} 8
"Bankruptcy Court" -- See the Preamble hereto.
"Bargain and Sale Deeds" means the Bargain and Sale
Deeds without covenant to be executed at the Closing pursuant to which the
Seller shall transfer the fee simple to the Purchased Real Property to Buyer
subject to the Permitted Encumbrances.
"Bill of Sale" means the Bill of Sale to be executed
at the Closing pursuant to which the Seller shall transfer the Purchased Assets
(other than the Purchased Real Property, Assigned Contracts and Insurance
Claims) to Buyer.
"Business Day" means any day other than Saturday,
Sunday and any day which is a legal holiday or a day on which banking
institutions in New York are authorized by law or other governmental action to
close.
"Buyer" -- See the Preamble hereto.
"Closing" -- See Section 3.1.
"Closing Date" means the date on which the Closing
occurs.
"Code" means the Internal Revenue Code of 1986, as
amended.
"Committed Capital" means the sum of (a) Liquid
Assets owned by the party (including Buyer) seeking to be Financially Qualified
and (b) amounts committed to such party for the acquisition of the Purchased
Assets (subject only to Bankruptcy Court approval) by a Qualified Financing
Source under a commitment letter to provide secured mortgage financing pursuant
to which the Seller is an intended third-party beneficiary.
"Consent" means any approval, authorization, waiver,
consent, order or notification by or on behalf of any Person that is not a party
to this Agreement, or any waiver of, or exemption or variance from any Law or
Order necessary to authorize, approve or permit the full and complete sale,
conveyance, assignment, lease or transfer of the Purchased Assets, to consummate
and make effective the transactions contemplated by this Agreement.
"Contracts" means, collectively, the Leases, the
Production Contracts, the Subleases and such other contracts with respect to the
Purchased Assets, all of which are specifically set forth on Schedule 1.2 hereto
and the rights, proceeds, deposits and products with respect to the foregoing.
"Control" (including the terms "Controlled by" and
"under Common Control with") means the direct or indirect possession of ordinary
voting power to elect a majority of the Board of Directors (or comparable body)
of a Person or to direct the management of such Person.
"Corporate Documentation" -- See definition of
Excluded Assets.
3
{PAGE} 9
"Deposit" -- See Section 2.2(b).
"Equipment and Machinery" means, to the extent used
in or related to the Studio Business, (i) all the equipment, machinery,
furniture, fixtures and improvements, tooling, spare parts and supplies owned by
the Seller with respect to the operation of the Studio Business on the Closing
Date, a true, complete and accurate list (except for inadvertent compilation
errors, if any, which would not, in the aggregate, affect the total value of the
Equipment and Machinery more than to a de minimis extent) of which is identified
on Schedule 5.1.12 hereto, and (ii) any rights of the Seller to the warranties
and licenses received from manufacturers, sellers and lessors of the aforesaid
items, to the extent transferable to Buyer; except, in each case, for those that
are Excluded Assets.
"Escrow Agent" means Kaye, Scholer, Fierman, Hays &
Handler, LLP.
"Escrow Provisions" means the provisions set forth on
Schedule 2.2(b).2.
"Estate Claims" -- See the definition of Excluded
Assets.
"Excluded Assets" means the following:
(a) except to the extent the following
relates to the Assigned Contracts,
any rights, claims (as defined in
section 101(5) of the Bankruptcy
Code), credits, allowances, rebates,
causes of action (including, but not
limited to, all causes of action
arising under Sections 510, 544
through 550, and 553 of the
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