Sample Contracts - Asset Purchase Agreement - Accoona Corp. and Internet Media Group LLC

ASSET PURCHASE AGREEMENT

dated

March 15, 2006

by and among

Accoona Corp., a Delaware corporation,

as the Parent,

BE Acquisition Corp., a Delaware corporation,

as the Buyer,

Internet Media Group LLC

a New York limited liability company,

as the Seller,

the Members named herein

and

Allen Benzaken,

as Representative

TABLE OF CONTENTS

			Page

ARTICLE I DEFINITIONS			1

	1.1.	Definitions	1

ARTICLE II PURCHASE AND SALE			7

	2.1.	Purchase and Sale	7
	2.2.	Excluded Assets	9
	2.3.	Assumption of Liabilities	9
	2.4.	Excluded Liabilities	9
	2.5.	Purchase Price	10
	2.6.	Payment of the Purchase Price	10
	2.7.	Procedure to Establish Net Revenues, EBITDA, Indebtedness, Tangible Personal Property and Minimum Required EBITDA.	11
	2.8.	Right of Endorsement	13
	2.9.	Allocation of Purchase Price.	13
	2.10.	Closing	14

ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER AND THE MEMBERS			14

	3.1.	Corporate Existence and Power	14
	3.2.	Corporate Authorization.	15
	3.3.	Charter Documents; Legality	15
	3.4.	Capitalization and Ownership of Seller	15
	3.5.	Subsidiaries	15
	3.6.	Affiliates	16
	3.7.	Assumed Names	16
	3.8.	Governmental Authorization	16
	3.9.	Consents	16
	3.10.	Financial Statements.	16
	3.11.	Accounts Receivable	17
	3.12.	Books and Records.	18
	3.13.	Absence of Certain Changes.	18
	3.14.	Real Property.	19
	3.15.	Tangible Personal Property.	19
	3.16.	Intellectual Property.	19
	3.17.	Inventory.	20
	3.18.	Suppliers and Business Relationships.	20
	3.19.	Litigation	21
	3.20.	Contracts.	21
	3.21.	Licenses and Permits	22
	3.22.	Compliance with Laws	23
	3.23.	Pre-payments	23
	3.24.	Employees	23
	3.25.	Compliance with Labor Laws and Agreements	23

			Page

	3.26.	Pension and Benefit Plans	24
	3.27.	Employment Matters	24
	3.28.	Tax Matters	24
	3.29.	Finders’ Fees	25
	3.30.	Investment Representations.	25
	3.31.	Software.	30
	3.32.	Business Operations; Servers.	30
	3.33.	Powers of Attorney and Suretyships	31
	3.34.	Other Information	31

ARTICLE IV REPRESENTATIONS AND WARRANTIES OF PARENT			31

	4.1.	Due Incorporation	31
	4.2.	Corporate Authorization	32
	4.3.	Governmental Authorization	32
	4.4.	No Violation	32
	4.5.	Charter Documents	32
	4.6.	Consents	32
	4.7.	Issuance of Parent Class C Common Stock	32
	4.8.	Finders’ Fees	33
	4.9.	Other Information	33

ARTICLE V COVENANTS OF SELLER AND THE MEMBERS PENDING CLOSING			34

	5.1.	Conduct of the Business	34
	5.2.	Access to Information.	36
	5.3.	Notices of Certain Events	36

ARTICLE VI COVENANTS OF SELLER AND THE MEMBERS			36

	6.1.	Confidentiality	36
	6.2.	Conduct of the Business	37
	6.3.	Exclusivity	38
	6.4.	Reporting and Compliance With Law	38
	6.5.	Injunctive Relief	38
	6.6.	Covenants with respect to Parent Class C Common Stock.	39

ARTICLE VII COVENANTS OF ALL PARTIES HERETO			41

	7.1.	Best Efforts; Further Assurances	41
	7.2.	Confidentiality of Transaction	41
	7.3.	Best Efforts to Obtain Consents	41
	7.4.	Tax Matters.	41

ARTICLE VIII CONDITIONS TO CLOSING			43

	8.1.	Condition to the Obligations of Parent, Buyer and Seller	43
	8.2.	Conditions to Obligations of Parent and Buyer	43
	8.3.	Conditions to Obligations of Seller	45

			Page

ARTICLE IX RELIANCE ON REPRESENTATIONS AND WARRANTIES			46

	9.1.	Reliance on Representations and Warranties of Seller and the Members	46
	9.2.	Reliance on Representations and Warranties of Parent	46

ARTICLE X INDEMNIFICATION			47

	10.1.	Indemnification of Parent, Buyer.	47
	10.2.	Indemnification of Members	48
	10.3.	Procedure	48
	10.4.	Periodic Payments	49
	10.5.	Right of Set Off	50
	10.6.	Payment of Indemnification by Members	50
	10.7.	Insurance	50
	10.8.	Survival of Indemnification Rights	50

ARTICLE XI DISPUTE RESOLUTION			50

	11.1.	Arbitration.	50
	11.2.	Waiver of Jury Trial; Exemplary Damages	52
	11.3.	Attorneys’ Fees	52

ARTICLE XII TERMINATION			52

	12.1.	Termination Without Default	52
	12.2.	Termination Upon Default.	52
	12.3.	Survival	53

ARTICLE XIII MISCELLANEOUS			53

	13.1.	Notices	53
	13.2.	Amendments; No Waivers.

Sample Business Contracts