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DIVINE INC
·
8-K
Jun 2, 5:12 PM ET
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DIVINE INC 8-K
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Contents
32
ARTICLE I
ARTICLE II PURCHASE AND SALE OF THE ASSETS; PURCHASE PRICE
interest in and to, and shall not Transfer to the Purchaser, the following (collectively, the “Excluded Assets”):
(aa) the following servers:
from and after the date hereof through the Closing Date: (i) the Sellers will not reject, without the prior consent of the Purchaser, any Executory Contract other than (A) those Executory Contracts which are currently subject to motions pending before the Bankruptcy Court as of the date hereof and (B) Contracts that are Excluded Assets and (ii) the Sellers will consult with the Purchaser with respect to the restructuring of, and negotiations with respect to the amount of cure costs to be paid in respect of, any Assigned Contract.
instructing the Escrow Agent to return the Deposit to the Purchaser. If this Agreement is terminated as a result of the Purchaser’s material breach of its obligations under this Agreement, and the Sellers are not in material breach of their obligations under this Agreement, immediately following such termination, the Purchaser and Parent shall execute joint written instructions to the Escrow Agent instructing the Escrow Agent to return the Deposit to the Sellers. Sellers’ right to receive the Deposit under such circumstances shall be without prejudice to any rights Sellers may have to be compensated in full for any damages which they may have suffered as a result of any breach of this Agreement by the Purchaser. Simultaneously with the consummation of the Proposed Transaction contemplated hereby, the Purchaser and Parent shall execute joint written instructions to the Escrow Agent instructing the Escrow Agent to wire the Deposit to an account designated by the Sellers on the Closing Date.
ARTICLE III THE CLOSING
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE SELLERS
has the requisite power and authority to own, operate and lease its properties and assets and to conduct the Business as it is now being owned, operated, leased and conducted.
excused by the Bankruptcy Code or in connection with the Bankruptcy Cases, (a) no Seller is in violation of any Laws relating to the Business or the Transferred Assets, (b) no Seller has been notified in writing or has knowledge that it has been charged with or threatened in writing with, any charge concerning any violation of any provision of any Law relating to the Business or the Transferred Assets that has not already been resolved, and (c) no Seller is in violation of, or in default under, and no event has occurred which, with the lapse of time or the giving of notice, or both, would result in the violation of or default under, the terms of any judgment, decree, order, injunction or writ of any Governmental Authority relating to the Transferred Assets or the Business.
Transferred Assets or, if applicable, the Foreign Subsidiaries, the physical condition of any personal property comprising a part of the Transferred Assets, or, if applicable, owned by the Foreign Subsidiaries, or which is the subject of any Assigned Contract or assigned lease to be assumed by the Purchaser at the Closing, the environmental condition or other matter relating to the physical condition of any real property or improvements which are the subject of any assigned lease to be assumed by the Purchaser at the Closing, the zoning of any such real property or improvements, the value or transferability of the Transferred Assets (or any portion thereof), or, if applicable, the Foreign Subsidiaries, the terms, amount, validity or enforceability of any Assumed Liabilities, the merchantability or fitness of the Transferred Assets (or any portion thereof for any particular purpose, or any other matter or thing relating to the Business or the Transferred Assets or any portion thereof or, if applicable, the Foreign Subsidiaries). Without in any way limiting the foregoing, each Seller hereby disclaims any warranty (express or implied) of merchantability or fitness for any particular purpose as to any portion of the Transferred Assets. The Purchaser further acknowledges that the Purchaser has conducted an independent inspection and investigation of the physical condition of the Transferred Assets and, if applicable, the Foreign Subsidiaries, and all such other matters relating to or affecting the Transferred Assets and, if applicable, the Foreign Subsidiaries, as the Purchaser deemed necessary or appropriate and that in proceeding with its acquisition of the Transferred Assets and, if applicable, the Foreign Subsidiaries, the Purchaser is doing so based solely upon such independent inspections and investigations, but subject to the satisfaction or waiver of the closing conditions specified herein. Accordingly, if the Closing occurs, the Purchaser will accept the Transferred Assets at the Closing and, if applicable, the Foreign Subsidiaries at or after the Closing “AS IS,” “WHERE IS,” and “WITH ALL FAULTS.”
ARTICLE V REPRESENTATIONS AND WARRANTIES OF THE PURCHASER
on the part of the Purchaser. This Agreement and each other Acquisition Document to which the Purchaser is a party will constitute upon the mutual execution and delivery thereof the legal, valid and binding obligation of the Purchaser, enforceable against it in accordance with its terms, except as the same may be limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws now or hereafter in effect relating to creditors’ rights generally and subject to general principles of equity.
(b) The Purchaser has cash available on hand, permitted borrowing capacity under existing facilities or firm financing commitments that together are sufficient funds to enable it to pay the Purchase Price in full at Closing and consummate the transactions contemplated under the Acquisition Documents.
the date hereof, there are no officers, directors, employees or Affiliates of any Seller that are assisting, advising, affiliated with, participating with or otherwise associated with the Purchaser or any Affiliate of the Purchaser (including as current or prospective equity-holders or co-investors in or with the Purchaser or its Affiliates) in connection with the Proposed Transaction by reason of any arrangement in place as of the date hereof, other than any assistance, advice, participation or association which results from ordinary course business contacts between the Purchaser and the Sellers and their respective officers, directors, employees or affiliates as a result of the contemplated sale of the Business.
ARTICLE VI COVENANTS OF THE SELLERS
operate the Sellers’ accounts payable and payment policies and procedures with respect to the Business consistent with the reasonable business practices of a similarly situated debtor-in-possession, and, to the extent reasonably practicable, consistent with Seller’s historical accounts payable and payment policies and procedures with respect to the Business.
any of their Affiliates shall make any further use of the “divine” or “Data Return” names or any derivatives thereof, except to the extent necessary to wind up their respective affairs.
ARTICLE VII COVENANTS OF THE PURCHASER
ARTICLE VIII AGREEMENTS OF PURCHASER AND SELLER
ARTICLE IX CONDITIONS PRECEDENT TO THE PURCHASER’S OBLIGATIONS
form Sale Approval Order and (ix) the ordering provision set forth in Section III, Part U of the form Sale Approval Order.
ARTICLE X CONDITIONS PRECEDENT TO THE SELLERS’ OBLIGATIONS
(y) cause any of the transactions contemplated by this Agreement to be rescinded following consummation.
ARTICLE XI COVENANTS AND AGREEMENTS SUBSEQUENT TO THE CLOSING
instruments, as the other party hereto or its counsel may reasonably request in order to effectuate and perfect the transactions contemplated by this Agreement and the other Acquisition Documents, including without limitation, such actions as may be necessary to Transfer to the Purchaser and to place the Purchaser in possession or control of, all of the rights, properties, assets and businesses intended to be sold, Transferred, conveyed, assigned and delivered hereunder, or to assist in the collection of any and all such rights, properties and assets or to enable the Purchaser to exercise and enjoy all rights and benefits of the Sellers with respect thereto.
ARTICLE XII TERMINATION
ARTICLE XIII MISCELLANEOUS
similar), nor shall such waiver constitute a continuing waiver. No failure of a party hereto to insist upon strict compliance by another party hereto with any obligation, covenant, agreement or condition contained in this Agreement shall operate as a waiver of, or estoppel with respect to, any subsequent or other failure. Whenever this Agreement requires or permits consent by or on behalf of a party hereto, such consent shall be given in a manner consistent with the requirements for a waiver of compliance as set forth in this Section 13.2.
(i) If to the Sellers, to:
(ii) If to the Purchaser, to:
AGREEMENT AND THE OTHER ACQUISITION AGREEMENTS, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 13.8.
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