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Title: |
Asset Purchase Agreement |
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Entities: |
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Date: |
2001 |
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Size: |
Preview shows 20KB of 147KB total |
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$65 |
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ID: |
#614808 |
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Start of Preview |
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ASSET PURCHASE AGREEMENT
by and among
COUNTRY TONITE BRANSON, LLC
(a Nevada limited liability company),
ON STAGE ENTERTAINMENT, INC.
(a Nevada corporation),
BOUNCEBACK TECHNOLOGIES.COM, INC.
(a Minnesota corporation),
COUNTRY TONITE ENTERPRISES, INC.
(a Nevada corporation),
and
CRC OF BRANSON, INC.
(a Missouri corporation)
{PAGE}
Section Page
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1. Definitions...............................................................5
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2. Purchase and Sale of the Business and Assets.............................11
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2.1 The Purchased Assets................................................11
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2.2 Excluded Assets.....................................................12
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2.3 Assumed Liabilities.................................................13
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2.4 Excluded Liabilities................................................13
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2.5 Consent of Third Parties............................................13
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2.6 Purchase Price......................................................14
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2.7 Allocation of the Purchase Price....................................15
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3. Closing..................................................................15
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3.1 Location; Date......................................................15
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3.2 Closing Deliveries..................................................16
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4. Representations and Warranties of the Selling Entities...................16
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4.1 Corporate Status....................................................17
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4.2 Authorization.......................................................17
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4.3 Consents and Approvals..............................................17
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4.4 Financial Statements................................................17
--------------------
4.5 Title to Assets and Related Matters.................................18
-----------------------------------
4.6 Real Property.......................................................18
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4.7 Certain Personal Property...........................................19
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4.8 Personal Property Leases............................................19
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4.9 Inventory...........................................................20
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4.10 Price Guarantees....................................................20
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4.11 Liabilities.........................................................20
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4.12 Taxes...............................................................20
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4.13 Subsidiaries........................................................21
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4.14 Legal Proceedings and Compliance with Law...........................21
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4.15 Contracts...........................................................22
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4.16 No Selling Entity is in Default under any Contract..................23
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4.17 Insurance...........................................................24
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4.18 Intellectual Property...............................................24
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4.19 Employee Relations..................................................25
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4.20 ERISA...............................................................26
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4.21 Absence of Certain Changes..........................................28
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4.22 Customers...........................................................29
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4.23 Finder's Fees.......................................................29
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4.24 Additional Information..............................................29
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4.25 Transactions with Affiliates........................................29
----------------------------
4.26 Full Disclosure.....................................................29
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{PAGE}
5. Representations and Warranties of On Stage...............................30
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5.1 Corporate Status....................................................30
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5.2 Authorization.......................................................30
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5.3 Consents and Approvals..............................................30
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5.4 Finder's Fees.......................................................31
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6. Certain Agreements.......................................................31
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6.1 Access..............................................................31
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6.2 Update Schedules....................................................31
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6.3 Financial Information...............................................31
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6.4 Restrictive Covenants...............................................31
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6.5 Required Consents, Regulatory and other Approvals...................32
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6.6 Publicity...........................................................33
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6.7 Satisfaction of Liabilities.........................................33
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6.8 Employee Benefit Matters............................................33
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6.9 Business Financial Statements.......................................33
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6.10 Employment and Employment Benefits..................................34
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7. Conduct of the Business Prior to the Closing.............................35
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7.1 Operation in Ordinary Course........................................35
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7.2 Business Organization...............................................35
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7.3 Corporate Organization..............................................35
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7.4 Business Restrictions...............................................35
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8. Conditions Precedent to Obligations of On Stage..........................36
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8.1 Representations and Warranties......................................36
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8.2 Agreements, Conditions and Covenants................................36
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8.3 Officers' Certificate...............................................37
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8.4 Required Consents and Approvals.....................................37
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8.5 Third Party Consents................................................37
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8.6 Legality............................................................37
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8.7 Title Insurance.....................................................37
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8.8 Real Property Leases................................................38
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8.9 Opinion of Counsel..................................................38
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8.10 Board Approval......................................................36
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8.11 Collateral Agreements...............................................38
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9. Conditions Precedent to Obligations of the Selling Entities..............39
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9.1 Representations and Warranties......................................39
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9.2 Agreements, Conditions and Covenants................................39
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9.3 Officer's Certificate...............................................39
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9.4 Legality............................................................39
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9.5 Opinion of Counsel..................................................39
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{PAGE}
9.6 Collateral Agreements...............................................39
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10. Indemnification..........................................................39
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10.1 Indemnification by the Selling Entities.........................39
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10.2 Indemnification by On Stage.....................................40
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10.3 Limitations on Liability........................................41
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10.4 Survival........................................................41
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10.5 Indemnification Procedure.......................................41
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10.6 Exception to Limitations........................................43
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10.7 Payment of Indemnification Obligations..........................43
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10.8 Right to Set Off................................................44
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11. Termination..............................................................44
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11.1 Grounds for Termination.........................................44
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11.2 Effect of Termination...........................................46
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12. Payment of Expenses; Bulk Sales Act; Sales and Transfer Taxes............46
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13. Contents of Agreement....................................................47
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14. Amendment; Parties in Interest; Assignment; Etc..........................47
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15. Interpretation...........................................................47
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16. Remedies.................................................................47
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17. Notices..................................................................48
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18. Governing Law............................................................49
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19. Consent to Jurisdiction; Service of Process; Etc.........................49
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20. Further Assurances.......................................................50
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21. Exhibits; Schedules......................................................50
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22. No Benefit to Others.....................................................50
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23. Counterparts.............................................................50
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{PAGE}
Exhibits
A Employment Agreement
B-1 Form of $650,000 Secured Short Term Note
B-2 Form of $2,800,000 Secured Promissory Note
C Form of Performance Contract
D Form of Security Agreement
Schedules
2.1 Permitted Encumbrances
2.1(a) Real Property Leased
2.1(b) Equipment and Other Tangible Personal Property
2.1(c) Contracts of the Business
2.1(e) Permits
2.1(f) Intellectual Property
2.1(i) Prepaid Expenses
2.1(j)(i) Software
2.1(j)(ii) Third Party Software Licenses
2.1(k) Other Intangible Assets
2.2 Excluded Assets
4.3 Consents and Approvals
4.4 Financial Statements
4.5 Title to Assets and Related Matters
4.6 Real Property
4.7 Certain Personal Property
4.8 Personal Property Leases
4.9 Inventory
4.10 Product Warranties and Price Guarantees
4.11 Liabilities
4.12 Taxes
4.13 Subsidiaries
4.14(a) Legal Proceedings and Compliance with Law
4.14(b) Environmental Matters
4.14(d) Compliance with Permits
4.15 Contracts
4.17 Insurance
4.18 Intellectual Property
4.19 Employee Relations
4.20 ERISA
4.22 Customers
4.24 Additional Information
4.25 Transactions with Affiliates
{PAGE}
ASSET PURCHASE AGREEMENT
THIS ASSET PURCHASE AGREEMENT is made as of the ____ day of January 2001,
by and among Country Tonite Branson, LLC, a Nevada limited liability company
("CTB"), On Stage Entertainment, Inc., a Nevada corporation ("On Stage"), Bounce
Back Technologies.com, Inc., a Minnesota corporation ("BBT"), Country Tonite
Enterprises, Inc., a Nevada corporation ("CTE"), and CRC of Branson, Inc., a
Missouri corporation ("CRC of Branson", and together with CTE, the "Selling
Entities", and each individually, a "Selling Entity").
Certain other terms are used herein as defined below in Section 1 or
elsewhere in this Agreement.
Background
The Selling Entities desire to transfer to CTB the Purchased Assets (as
defined herein) in exchange for the assumption by CTB of the Assumed Liabilities
(as defined herein) and the payment by CTB of the Purchase Price (as defined
herein) in accordance with the terms and conditions set forth in this Agreement.
CTB desires to acquire the Purchased Assets and assume the Assumed Liabilities.
NOW, THEREFORE, in consideration of and reliance on the respective
representations, warranties and covenants contained herein and intending to be
legally bound hereby, the parties hereto agree as follows:
1. Definitions. For convenience, certain terms used in more than one part of
this Agreement are listed in alphabetical order and defined or referred to below
(such terms as well as any other terms defined elsewhere in this Agreement shall
be equally applicable to both the singular and plural forms of the terms
defined).
"$650,000 Secured Short Term Note" means a promissory note from CTB to the
benefit of the Selling Entities in the principal amount of $650,000, which shall
accrue interest at the rate of ten percent (10%) per annum from the Closing Date
(payable in arrears), is secured by the Purchased Assets and which shall mature
on or before February 15, 2001, a true and correct form of which is attached
hereto as "Exhibit B-1" and is secured by the Security Agreement.
"$2,800,000 Secured Promissory Note" means a promissory note from CTB to
the benefit of the Selling Entities in the principal amount of $2,800,000, which
shall accrue interest at the rate of ten percent (10%) per annum from the
Closing Date (payable monthly, in arrears), is secured by the Purchased Assets
and which shall mature on or before July 31, 2001, a true and correct form of
which is attached hereto as "Exhibit B-2" and is secured by the Security
Agreement.
{PAGE}
"Affiliates" means, with respect to a particular party, Persons
controlling, controlled by or under common control with that party, as well as
the officers, directors and majority-owned Persons of that party and of its
other Affiliates. For purposes of the foregoing, ownership, directly or
indirectly, of twenty percent (20%) or more of the voting stock or other equity
interest of a person shall be deemed to constitute control.
"Agreement" means this Agreement, including the Schedules and Exhibits
attached hereto.
"Assets" means all of the assets, properties and rights of every kind and
description, real and personal, tangible and intangible (including goodwill),
wherever situated and whether or not reflected in the most recent Financial
Statements, that are owned or possessed by a Selling Entity and relate primarily
to the Business.
"Assumed Liabilities" is defined in Section 2.3.
"Audited Financial Statements" is defined in Section 4.4.
"Balance Sheet" is defined in Section 4.4.
"Balance Sheet Date" is defined in Section 4.4.
"BBT Indemnified Party" is defined in Section 10.2.
"Benefit Plans" means all employee benefit plans of any Selling Entity
relating to the Business (including plans within the meaning of Section 3(3) of
ERISA) and any related or separate Contracts, plans, trusts, programs, policies,
arrangements, practices, customs and understandings, in each case whether formal
or informal, that provide benefits to any present or former employee of the
Business, or present or former beneficiary, dependent or assignee of any such
employee or former employee, including all incentive, bonus, deferred
compensation, vacation, holiday, medical, disability, share purchase or other
similar plans, policies, programs, practices or arrangements.
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