Asset Purchase Agreement (Page 3 of 4) in pdf

J u n e , 2 0 __, o r a t s u c h o t h e r p l a c e , t ime o r d a t e a s s h a l l b e mu t u a l l y a g r e e d

u p o n b y S e l l e r a n d Bu ye r , in c l u d in g a n “ a t t o r n e y e s c r o w c l o s in g b y ma il ” .

B. At t h e Cl o s in g , S e l l e r s h a l l d e l ive r t o Bu ye r t h e f o l l o win g :

(i)

s u c h b il l o f s a l e o r o t h e r g o o d a n d s u f f ic ie n t in s t r u me n t s

o f a s s ig n me n t , t r a n s f e r a n d c o n ve ya n c e a s Bu ye r s h a l l r e a s o n a b l y r e q u e s t ,

t o c o n ve y a n d t o t r a n s f e r t o Bu ye r a l l r ig h t , t it l e a n d in t e r e s t o f S e l l e r in

t h e P u r c h a s e d As s e t s t o Bu ye r , f r e e a n d c l e a r o f a l l s e c u r it y in t e r e s t s ,

l ie n s , c l a ims a n d e n c u mb r a n c e s ;

(ii)

a l l a p p r o p r ia t e in s t r u me n t s g r a n t in g t o Bu ye r t h e r ig h t t o

t h e u s e o f t h e c o r p o r a t e a n d t r a d e n a me “ ABC” a n d a l l o t h e r t r a d e n a me s a n d

t r a d e ma r k s o wn e d o r u s e d b y S e l l e r in c o n n e c t io n wit h t h e Bu s in e s s ,

t o g e t h e r wit h a n Ar t ic l e s o f Ame n d me n t c h a n g in g S e l l e r ’s c o r p o r a t e n a me

t o a n a me n o t c o n f u s in g l y s imil a r t o “ ABC” ;

(iii) s u c h o t h e r in s t r u me n t o r in s t r u me n t s o f t r a n s f e r , if a n y, a s

s h a l l b e n e c e s s a r y o r a p p r o p r ia t e t o ve s t in t h e Bu ye r g o o d a n d ma r k e t a b l e

t it l e t o t h e P u r c h a s e d As s e t s ;

(iv)

d e l ive r y o f Re q u ir e d Co n s e n t s (a s d e f in e d in s e c t io n 7 (b );

a n d

(v)

d e l ive r y o f a l l UCC-3 t e r min a t io n s t a t e me n t s a n d a l l o t h e r

d o c u me n t s a n d in s t r u me n t s n e c e s s a r y t o r e l e a s e a n d d is c h a r g e a l l l ie n s ,

c l a ims , s e c u r it y in t e r e s t s a n d o t h e r

e n c u mb r a n c e s

o n

a l l

P u r c h a s e d

As s e t s .

At t h e Cl o s in g , Bu ye r s h a l l d e l ive r t o S e l l e r t h e f o l l o win g :

(i)

t h e Ca s h (min u s t h e De f ic ie n c y o r Es t ima t e , if a n y, wh ic h

s h a l l b e d e l ive r e d b y Bu ye r t o t h e e s c r o we e );

(ii)

t h e No t e ; a n d

(iii) a n a s s u mp t io n a g r e e me n t t o a s s u me t h e As s u me d Lia b il it ie s .

5 .

Re p re se n ta tio n s, Wa rra n tie s a n d Co ve n a n ts o f Se lle r. S e l l e r h e r e b y

r e p r e s e n t s a n d wa r r a n t s , a n d f r o m a n d a f t e r t h is d a t e , c o ve n a n t s t o Bu ye r

a s f o l l o ws :

(a ) Or g a n iz a t io n

a n d

Au t h o r it y.

S e l l e r

c o r p o r a t io n ,

d u l y

o r g a n iz e d , va l id l y e xis t in g , a n d in g o o d s t a n d in g u n d e r t h e l a ws o f t h e S t a t e

o f Il l in o is a n d h a s a l l r e q u is it e c o r p o r a t e p o we r a n d a u t h o r it y t o c a r r y o n

it s b u s in e s s a s it

p r e s e n t l y b e in g c o n d u c t e d , t o e n t e r

in t o t h is

Ag r e e me n t , a n d t o c a r r y o u t a n d p e r f o r m t h e t r a n s a c t io n s c o n t e mp l a t e d

h e r e b y. Th e e xe c u t io n , d e l ive r y a n d p e r f o r ma n c e o f t h is Ag r e e me n t

b y

S e l l e r h a s b e e n d u l y a u t h o r iz e d a n d a p p r o ve d b y it s s o l e s h a r e h o l d e r a n d

it s Bo a r d o f Dir e c t o r s , a n d wil l n o t vio l a t e it s Ar t ic l e s o f In c o r p o r a t io n ,

By-La ws , o r a n y a g r e e me n t t o wh ic h it is a p a r t y o r b y wh ic h it is b o u n d o r

a n y l a w, r u l e , r e g u l a t io n o r c o u r t o r d e r . Th is Ag r e e me n t , a n d a l l o t h e r

in s t r u me n t s , d o c u me n t s a n d a g r e e me n t s t o b e d e l ive r e d b y S e l l e r

Asset Purchase Agreement Page 3

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