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Title: |
Asset Purchase Agreement |
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Entities: |
First Union National Bank; InterCept, Inc.; Robertson Stephens, Inc.; Nelson Mullins Riley & Scarborough |
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Date: |
2002 |
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Size: |
Preview shows 10KB of 228KB total |
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Price: |
$52 |
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ID: |
#666099 |
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ASSET PURCHASE AGREEMENT
------------------------
among
INTERCEPT, INC.,
a Georgia corporation
and
INTERCEPT BILLING COMPANY, LLC,
a Georgia limited liability company
and
INTERNET BILLING COMPANY, LTD.,
a Florida limited partnership
and
IBILL CALIFORNIA, LLC,
a California limited liability company
and
LIBERTY MERCHANT SERVICES, LLC,
a Florida limited liability company
and
IBILL TECHNOLOGIES LLC,
a Florida limited liability company
and
INTERNET BILLING CORP.,
a Florida corporation
and
IBILL CORP.,
a Delaware corporation
and
IBILL GAP, LLC,
a Florida limited liability company
and
CSR BILLING.COM, LLC,
a Florida limited liability company
March 19, 2001
{PAGE}
TABLE OF CONTENTS
{TABLE}
{CAPTION}
Page
----
{S} {C}
ARTICLE 0 - DEFINITIONS .............................................................. 2
ARTICLE 1 - SALE AND PURCHASE......................................................... 5
1.1 Included Assets...................................................... 5
1.2 Intent of the Parties................................................ 8
1.3 Title to and Transfer of Assets...................................... 9
1.4 Excluded Assets...................................................... 9
1.5 Additional Disclosure Regarding Assets of Subsidiaries............... 10
ARTICLE 2 - ASSUMPTION OF LIABILITIES BY THE PURCHASER................................ 11
2.1 Assumed Liabilities.................................................. 11
2.2 Liabilities Not Assumed.............................................. 11
Article 3 - CLOSING AND PURCHASE PRICE................................................ 13
3.1 Closing.............................................................. 13
3.2 Purchase Price....................................................... 13
3.3 Earnout.............................................................. 14
3.4 Fair Market Value of Assets.......................................... 14
3.5 Delivery of Disclosure Memoranda..................................... 14
ARTICLE 4 - REPRESENTATIONS AND WARRANTIES OF THE SELLERS............................. 15
4.1 Entity Organization.................................................. 15
4.2 Entity Power; Authorization; Enforceable Obligations................. 16
4.3 No Conflict.......................................................... 16
4.4 Required Government Consents......................................... 16
4.5 Required Contract Consents........................................... 17
4.6 Financial Matters.................................................... 17
4.7 Absence of Changes................................................... 17
4.8 No Undisclosed Liabilities........................................... 19
4.9 Title to Tangible Property........................................... 19
4.10 Condition of Property and Systems.................................... 19
4.11 Inventory............................................................ 20
4.12 Contracts............................................................ 20
4.13 Intellectual Property................................................ 20
4.14 Leases............................................................... 22
4.15 Restrictions on Business Activities.................................. 22
4.16 Litigation........................................................... 22
4.17 Court Orders, Decrees, and Laws...................................... 22
4.18 Personnel and Compensation........................................... 23
4.19 Employee Benefit Plans and Arrangements.............................. 24
{/TABLE}
{PAGE}
{TABLE}
{S} {C}
4.20 Insurance Policies................................................................... 25
4.21 Broker's or Finder's Fees............................................................ 25
4.22 Accounts Receivable.................................................................. 25
4.23 Vehicles............................................................................. 25
4.24 No Guarantees........................................................................ 25
4.25 Tax Matters.......................................................................... 26
4.26 Insurance............................................................................ 26
4.28 Customers and Suppliers.............................................................. 26
4.29 No Commitments Regarding Future Products............................................. 27
4.30 Disclosure........................................................................... 27
ARTICLE 5 - REPRESENTATIONS AND WARRANTIES OF THE INTERCEPT PARTIES................................... 27
5.1 Corporate Existence.................................................................. 27
5.2 Corporate Power and Authorization.................................................... 27
5.3 No Conflict.......................................................................... 28
5.4 Broker's or Finder's Fees............................................................ 28
5.5 SEC Documents........................................................................ 28
5.6 Financial Statements................................................................. 28
--------------------
5.7 Litigation........................................................................... 28
----------
5.8 Compliance With Laws................................................................. 28
ARTICLE 6 - CONDUCT OF BUSINESS PRIOR TO CLOSING...................................................... 29
6.1 Financial Statements................................................................. 29
6.2 Working Capital...................................................................... 29
6.3 Maintenance of Assets and Business................................................... 29
6.4 Notice of Disputes................................................................... 29
6.5 No Action Without Consent............................................................ 29
6.6 Notice to Employees.................................................................. 31
6.7 Distributions Prior to Closing....................................................... 31
ARTICLE 7 - CONDITIONS TO CLOSING..................................................................... 31
7.1 Conditions to Obligations of Each Party to Close the Contemplated Transactions....... 31
7.2 Additional Conditions to Obligations of Sellers...................................... 32
7.3 Additional Conditions to Obligations of InterCept Parties............................ 32
ARTICLE 8 - ADDITIONAL AGREEMENTS..................................................................... 33
8.1 Cooperation.......................................................................... 33
8.2 Access............................................................................... 33
8.3 Interim Financials................................................................... 34
8.4 Records.............................................................................. 34
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