Common use of Purchase and Sale of Purchased Assets Clause in Contracts

Purchase and Sale of Purchased Assets. 11 Section 2.1. Purchase and Sale of Purchased Assets 11 Section 2.2. Excluded Assets 12 Section 2.3. Assumption of Liabilities 14 Section 2.4. Closing Date 15 Section 2.5. Purchase Price 15 Section 2.6. Determination of Estimated Purchase Price; Payment on Closing Date 15 Section 2.7. Determination of Closing Date Working Capital, EBITDA Value and Purchase Price 16 Section 2.8. Closing Date Deliveries 18 Section 2.9. Further Assurances 18 Section 2.10. Purchase Price Adjustment 19 Section 2.11. Allocation of Purchase Price 19 Section 2.12. Withholding 20 ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE SELLER PARTIES 20 Section 3.1. Organization 20 Section 3.2. Authority of the Seller Parties 20 Section 3.3. Financial Statements 22 Section 3.4. Operations Since Balance Sheet Date 22 Section 3.5. No Undisclosed Liabilities 22 Section 3.6. Taxes 22 Section 3.7. All Assets 23 Section 3.8. Governmental Permits; FCC Matters 23 Section 3.9. Real Property; Real Property Lease. 24 Section 3.10. Intellectual Property 25 Section 3.11. Title to Assets 25 Section 3.12. Employees 25 Section 3.13. Employee Relations 26 Section 3.14. Contracts 26 Section 3.15. Status of Contracts 27 Section 3.16 No Violation, Litigation or Regulatory Action 28 Section 3.17. Insurance 28 Section 3.18. Employee Plans; ERISA 28 Section 3.19. Environmental Protection 29 Section 3.20. MVPD Matters 29 Section 3.21. No Finder 30 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE BUYER 30 Section 4.1. Organization 30 Section 4.2. Authority of the Buyer 30 Section 4.3. Litigation 31 Section 4.4. No Finder 31 Section 4.5. Qualifications as FCC Licensee 32 Section 4.6. Financial Capacity 32 ARTICLE V ACTION PRIOR TO THE CLOSING DATE Section 5.1. Access to the Business 32 Section 5.2. Notification of Certain Matters 33 Section 5.3. FCC Consent; HSR Act Approval; Other Consents and Approvals 33 Section 5.4. Operations of the Station Prior to the Closing Date 37 Section 5.5. Public Announcement 39 Section 5.6. Multi-Station Contracts 40 Section 5.7. Interim Reports 41 Section 5.8. Additional Seller Party 41 Section 5.9. Tower Lease 41 ARTICLE VI ADDITIONAL AGREEMENTS 42 Section 6.1. Taxes 42 Section 6.2. Employees; Employee Benefit Plans 43 Section 6.3. Control of Operations Prior to Closing Date 47 Section 6.4. Bulk Transfer Laws 47 Section 6.5. Use of Names 47 ARTICLE VII CONDITIONS PRECEDENT TO OBLIGATIONS OF THE SELLER PARTIES 47 Section 7.1. No Breach of Covenants and Warranties 47 Section 7.2. No Restraint 48 Section 7.3. Certain Governmental Approvals 48 Section 7.4. Mergers 48 Section 7.5. Deliveries 48

Purchase and Sale of Purchased Assets. 11 Section 2.1. ASSUMPTION OF ASSUMED LIABILITIES 1 2.1 Purchase and Sale of Purchased Assets 11 Section 2.2. 1 2.2 Excluded Assets 12 Section 2.3. 3 2.3 Assumption of Liabilities 14 Section 2.4. Closing Date 15 Section 2.5. 4 2.4 Excluded Liabilities 5 2.5 Further Conveyances and Assumptions; Consent of Third Parties 6 2.6 Bulk-Sales Laws 6 2.7 Purchase Price 15 Section 2.6. Determination Allocation 7 2.8 Proration of Estimated Purchase PriceCertain Expenses 7 2.9 Receivables 7 ARTICLE III CONSIDERATION 7 3.1 Closing Consideration; Payment on Closing Date 15 Section 2.7. Determination of Closing Date Working Capital, EBITDA Value and Purchase Price 16 Section 2.8. Adjustment; Attrition Rate Adjustment 7 3.2 Payment of Purchase Price 8 3.3 Post-Closing Date Deliveries 18 Section 2.9. Further Assurances 18 Section 2.10. Purchase Price Adjustment 19 Section 2.11. Allocation of Purchase Price 19 Section 2.12. Withholding 20 8 3.4 Tax Treatment 9 3.5 Attrition Rate Adjustment 9 ARTICLE III IV CLOSING AND TERMINATION 11 4.1 Closing 11 ARTICLE V REPRESENTATIONS AND WARRANTIES OF THE SELLER PARTIES 20 Section 3.1. 11 5.1 Organization 20 Section 3.2. Authority and Good Standing 11 5.2 Authorization of the Seller Agreement 12 5.3 Conflicts; Consents of Third Parties 20 Section 3.3. Financial Statements 22 Section 3.4. Operations Since Balance Sheet Date 22 Section 3.5. No Undisclosed Liabilities 22 Section 3.6. 12 5.4 Title to Purchased Assets; Personal Property Leases 13 5.5 Absence of Certain Developments 13 5.6 Taxes 22 Section 3.7. All Assets 23 Section 3.8. Governmental 13 5.7 Real Property 14 5.8 Intellectual Property 15 TABLE OF CONTENTS (continued) Page 5.9 Material Contracts 15 5.10 Employee Benefits 17 5.11 Labor 18 5.12 Litigation 18 5.13 Permits; FCC Compliance with Laws 19 5.14 Environmental Matters 23 Section 3.9. Real Property; Real Property Lease. 24 Section 3.10. Intellectual Property 25 Section 3.11. Title to Assets 25 Section 3.12. Employees 25 Section 3.13. Employee Relations 26 Section 3.14. Contracts 26 Section 3.15. Status of Contracts 27 Section 3.16 No Violation, Litigation or Regulatory Action 28 Section 3.17. 19 5.15 Insurance 28 Section 3.18. Employee Plans; ERISA 28 Section 3.19. Environmental Protection 29 Section 3.20. MVPD Matters 29 Section 3.21. No Finder 30 19 5.16 Customers 19 5.17 Accounts Receivable 21 5.18 Financial Advisors 21 ARTICLE IV VI REPRESENTATIONS AND WARRANTIES OF THE BUYER 30 Section 4.1PURCHASER 21 6.1 Organization and Good Standing 21 6.2 Authorization of Agreement 21 6.3 Conflicts; Consents of Third Parties 22 6.4 Litigation 22 6.5 Financial Advisors 22 6.6 No Reliance 22 ARTICLE VII COVENANTS 23 7.1 Preservation of Records 23 7.2 Use of Name 23 7.3 Restrictive Covenant 23 7.4 Receiver Lines 24 7.5 Original Customer Contracts. Organization 30 Section 4.2. Authority 24 ARTICLE VIII EMPLOYEES AND EMPLOYEE BENEFITS 24 8.1 Employment 24 8.2 Standard Procedure 25 ARTICLE IX CLOSING DELIVERIES 25 9.1 Seller’s Closing Deliveries 25 9.2 Conditions Precedent to Obligations of the Buyer 30 Section 4.3. Litigation Seller 26 ARTICLE X INDEMNIFICATION 26 10.1 Survival 26 10.2 Indemnification 27 TABLE OF CONTENTS (continued) Page 10.3 Indemnification Procedures 28 10.4 Limitations on Indemnification 29 10.5 Indemnity Escrow 31 Section 4.4. No Finder 31 Section 4.5. Qualifications as FCC Licensee 10.6 Tax Treatment of Indemnity Payments 32 Section 4.6. Financial Capacity 10.7 Insurance; Mitigation of Losses 32 10.8 Acknowledgments 32 ARTICLE V ACTION PRIOR TO THE CLOSING DATE Section 5.1. Access to the Business 32 Section 5.2. Notification of Certain XI TAXES 34 11.1 Transfer Taxes 34 11.2 Prorations 34 11.3 Cooperation on Tax Matters 33 Section 5.3. FCC Consent34 ARTICLE XII MISCELLANEOUS 35 12.1 Expenses 35 12.2 Confidentiality; HSR Act Approval; Other Consents and Approvals 33 Section 5.4. Operations of the Station Prior to the Closing Date 37 Section 5.5. Public Announcement 39 Section 5.6. Multi-Station Contracts 40 Section 5.7. Interim Reports 41 Section 5.8. Additional Seller Party 41 Section 5.9. Tower Lease 41 ARTICLE VI ADDITIONAL AGREEMENTS 42 Section 6.1. Taxes 42 Section 6.2. Employees; Employee Benefit Plans 43 Section 6.3. Control of Operations Prior to Closing Date 47 Section 6.4. Bulk Transfer Laws 47 Section 6.5. Use of Names 47 ARTICLE VII CONDITIONS PRECEDENT TO OBLIGATIONS OF THE SELLER PARTIES 47 Section 7.1. No Breach of Covenants and Warranties 47 Section 7.2. No Restraint 48 Section 7.3. Certain Governmental Approvals 48 Section 7.4. Mergers 48 Section 7.5. Deliveries 48Publicity 35

Purchase and Sale of Purchased Assets. 11 8 Section 2.1. Purchase and Sale of Purchased Assets 11 8 Section 2.2. Excluded Assets 12 9 Section 2.3. Assumption of Liabilities 14 10 Section 2.4. Closing Date 15 12 Section 2.5. Purchase Price 15 12 Section 2.6. Determination of Estimated Purchase Price; Payment on Closing Date 15 Section 2.7. Determination of Closing Date Working Capital, EBITDA Value and Purchase Price 16 Section 2.8. Closing Date Deliveries 18 12 Section 2.7. Allocation of Purchase Price 14 Section 2.8. Non-assignability of Assumed Contracts 14 Section 2.9. Further Assurances 18 Section 2.10. Purchase Price Adjustment 19 Section 2.11. Allocation of Purchase Price 19 Section 2.12. Withholding 20 15 ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE SELLER PARTIES 20 SELLER, CNS AND DCS 15 Section 3.1. Organization 20 15 Section 3.2. Authority of the Seller Parties 20 Subsidiaries and Investments 15 Section 3.3. Authority of Seller 16 Section 3.4. Financial Statements 22 17 Section 3.43.5. Operations Since Balance Sheet Date 22 Section 3.5. No Undisclosed Liabilities 22 17 Section 3.6. Taxes 22 18 Section 3.7. All Assets 23 Sufficiency 18 Section 3.8. Governmental Permits; FCC Matters 23 Permits 18 Section 3.9. Real Property; Real Property Lease. 24 19 Section 3.10. Intellectual Personal Property 25 20 Section 3.11. Title to Assets 25 Personal Property Leases 20 Section 3.12. Employees 25 Intellectual Property 21 Section 3.13. Employee Relations 26 Accounts Receivable 22 Section 3.14. Contracts 26 Title to Purchased Assets 22 Section 3.15. Employees and Employee Relations 23 Section 3.16. Contracts 24 Section 3.17. Status of Contracts 27 25 Section 3.16 No 3.18. Violation, Litigation or Regulatory Action 25 Section 3.19. Employee Plans; ERISA. 25 Section 3.20. Environmental Protection 27 Section 3.21. Transactions with Affiliates 28 Section 3.173.22. Carriers 28 Section 3.23. Advertisers; Subscribers; Circulation; Third Party Relationships 28 Section 3.24. Insurance 28 Section 3.183.25. Employee PlansPrivacy; ERISA 28 Section 3.19. Environmental Protection Systems; Security 29 Section 3.203.26. MVPD Matters Finders 29 PAGE Section 3.27. Disclosure 29 Section 3.213.28. No Finder 30 other Representations or Warranties. 29 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE BUYER 30 Section 4.1. Organization 30 Section 4.2. Authority of the Buyer 30 Section 4.3. Litigation 31 Section 4.4. No Finder ARTICLE V REPRESENTATIONS AND WARRANTIES OF PARENT 31 Section 4.55.1. Qualifications as FCC Licensee 32 Organization 31 Section 4.65.2. Financial Capacity Authority of Parent 31 Section 5.3. Litigation 32 ARTICLE V ACTION VI ACTIONS PRIOR TO THE CLOSING DATE Section 5.1. Access to the Business 32 Section 5.26.1. Notification Investigation of Certain Matters the Business. 32 Section 6.2. Remedies for Breach 32 Section 6.3. Preserve Accuracy of Representations and Warranties 33 Section 5.36.4. FCC ConsentConsents of Third Parties; HSR Act Approval; Other Consents and Governmental Approvals 33 Section 5.46.5. Operations of the Station Business Prior to the Closing Date 37 33 Section 5.56.6. Public Announcement 39 Section 5.6. Multi-Station Contracts 40 Section 5.7. Interim Reports 41 Section 5.8. Additional Seller Party 41 Section 5.9. Tower Lease 41 Publicity 35 ARTICLE VI VII ADDITIONAL AGREEMENTS 42 35 Section 6.17.1. Taxes 42 Tax Matters 35 Section 6.27.2. Employees; Employee Benefit Plans 43 36 Section 6.37.3. Control of Operations Prior to Closing Date 47 Additional Assistance 40 Section 6.47.4. Bulk Transfer Laws 47 Title Policy 40 Section 6.57.5. Use of Names 47 Confidentiality 40 Section 7.6. Intellectual Property Matters 40 Section 7.7. Casualty 41 Section 7.8. Insurance 41 Section 7.9. Transition Services. 41 Section 7.10. Gannett Agreement 41 ARTICLE VII VIII CONDITIONS PRECEDENT TO OBLIGATIONS OF THE SELLER PARTIES 47 SELLER, CNS AND DCS 42 Section 7.18.1. No Misrepresentation or Breach of Covenants and Warranties 47 42 Section 7.28.2. No Restraint or Litigation 42 Section 8.3. Closing Deliveries 42 Section 8.4. Labor Matters 42 ARTICLE IX CONDITIONS PRECEDENT TO OBLIGATIONS OF BUYER 43 Section 9.1. No Misrepresentation or Breach of Covenants and Warranties 43 Section 9.2. No Restraint or Litigation 43 Section 9.3. No Material Adverse Effect 43 Section 9.4. Noncompetition Agreements 43 PAGE Section 9.5. Closing Deliveries 43 Section 9.6. Labor Matters 43 ARTICLE X INDEMNIFICATION 44 Section 10.1. Indemnification by Seller 44 Section 10.2. Indemnification by Buyer and Parent 44 Section 10.3. Notice of Claims 45 Section 10.4. Third Person Claims 46 Section 10.5. Limitations 46 ARTICLE XX XXXXXXXXXXX 00 Section 11.1. Termination 48 ARTICLE XII GENERAL PROVISIONS 50 Section 7.312.1. Certain Governmental Approvals 48 Confidential Nature of Information 50 Section 7.412.2. Mergers 48 Governing Law 50 Section 7.512.3. Deliveries 48Notices 50 Section 12.4. Successors and Assigns 51 Section 12.5. Access to Records after Closing 51 Section 12.6. Entire Agreement; Amendments 52 Section 12.7. Interpretation 52 Section 12.8. Amendments; Waivers 53 Section 12.9. Expenses 53 Section 12.10. Partial Invalidity 53 Section 12.11. Execution in Counterparts 54 Section 12.12. Electronic Signatures 54 Section 12.13. Escrow Instructions 54 Section 12.14. Payoff Offset 54 Section 12.15. Bulk Sales 54 Section 12.16. No Solicitation of Competing Proposal 54 Section 12.17. Parent Guarantee 55

Purchase and Sale of Purchased Assets. 11 Section 2.1. Purchase and Sale of Purchased Assets 11 Section 2.2. Excluded Assets 12 Section 2.3. Assumption of Liabilities 14 Section 2.4. Closing Date 15 Section 2.5. Purchase Price 15 Section 2.6. Determination of Estimated Purchase Price; Payment on Closing Date 15 Section 2.7. Determination of Closing Date Working Capital, EBITDA Value and Purchase Price 16 Section 2.8. Closing Date Deliveries 18 17 Section 2.9. Further Assurances 18 Section 2.10. Purchase Price Adjustment 19 Section 2.11. Allocation of Purchase Price 19 Section 2.12. Withholding 20 ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE SELLER PARTIES 20 Section 3.1. Organization 20 Section 3.2. Authority of the Seller Parties 20 Section 3.3. Financial Statements 22 Section 3.4. Operations Since Balance Sheet Date 22 Section 3.5. No Undisclosed Liabilities 22 Section 3.6. Taxes 22 Section 3.7. All Assets 23 Section 3.8. Governmental Permits; FCC Matters 23 Section 3.9. Real Property; Real Property Lease. Leases 24 Section 3.10. Intellectual Property 25 Section 3.11. Title to Assets 25 Section 3.12. Employees 25 Section 3.13. Employee Relations 26 Section 3.14. Contracts 26 Section 3.15. Status of Contracts 27 Section 3.16 3.16. No Violation, Litigation or Regulatory Action 28 Section 3.17. Insurance 28 Section 3.18. Employee Plans; ERISA 28 Section 3.19. Environmental Protection 29 Section 3.20. MVPD Matters 29 Section 3.21. No Finder 30 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE BUYER 30 Section 4.1. Organization 30 Section 4.2. Authority of the Buyer 30 Section 4.3. Litigation 31 Section 4.4. No Finder 31 Section 4.5. Qualifications as FCC Licensee 32 Section 4.6. Financial Capacity 32 ARTICLE V ACTION PRIOR TO THE CLOSING DATE 32 Section 5.1. Access to the Business 32 Section 5.2. Notification of Certain Matters 33 Section 5.3. FCC Consent; HSR Act Approval; Other Consents and Approvals 33 Section 5.4. Operations of the Station Prior to the Closing Date 37 Section 5.5. Public Announcement 39 Section 5.6. Multi-Station Contracts 40 Section 5.7. Interim Reports 41 40 Section 5.8. Additional Seller Party 41 Section 5.9. Tower Lease 41 ARTICLE VI ADDITIONAL AGREEMENTS 42 Section 6.1. Taxes 42 Section 6.2. Employees; Employee Benefit Plans 43 Section 6.3. Control of Operations Prior to Closing Date 47 Section 6.4. Bulk Transfer Laws 47 Section 6.5. Use of Names 47 ARTICLE VII CONDITIONS PRECEDENT TO OBLIGATIONS OF THE SELLER PARTIES 47 Section 7.1. No Breach of Covenants and Warranties 47 Section 7.2. No Restraint 48 Section 7.3. Certain Governmental Approvals Approval 48 Section 7.4. Mergers 48 Section 7.5. Deliveries 48

Purchase and Sale of Purchased Assets. 11 8 Section 2.1. 2.1 Purchase and Sale of Purchased Assets 11 8 Section 2.2. 2.2 Excluded Assets 12 10 Section 2.3. 2.3 Assumption of Liabilities 11 Section 2.4 Closing Date 14 Section 2.4. Closing Date 15 2.5 Xxxxxxx Money 14 Section 2.5. 2.6 Purchase Price 15 Section 2.6. Determination 2.7 Payment of Estimated Purchase Price; Payment on Closing Date Price 15 Section 2.7. Determination of Closing Date Working Capital, EBITDA Value and Purchase Price 16 Section 2.8. 2.8 Closing Date Deliveries 15 Section 2.9 Further Assurances 17 Section 2.10 Allocation 17 Section 2.11 Prorations and Adjustments 18 Section 2.92.12 Collection of Accounts Receivable 19 ARTICLE 3. Further Assurances 18 Section 2.10. Purchase Price Adjustment 19 Section 2.11. Allocation of Purchase Price 19 Section 2.12. Withholding 20 ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE SELLER PARTIES 20 XXXXXX ENTITIES 19 Section 3.1. 3.1 Organization 20 19 Section 3.2. 3.2 Authority of the Seller Parties Xxxxxx Entities 20 Section 3.3. 3.3 Financial Statements 22 21 Section 3.4. 3.4 Operations Since Balance Sheet Date 22 21 Section 3.5. 3.5 No Undisclosed Liabilities 22 23 Section 3.6. 3.6 Taxes 22 23 Section 3.7. All 3.7 Sufficiency of Assets 23 Section 3.8. 3.8 Governmental Permits; FCC Matters Permits 23 Section 3.9. 3.9 FCC Licenses 24 Section 3.10 Real Property; Real Property Lease. 24 Leases 25 Section 3.10. 3.11 Personal Property 27 Section 3.12 Personal Property Leases 28 Section 3.13 Intellectual Property 25 28 Section 3.11. 3.14 Title to Purchased Assets 25 29 Section 3.12. 3.15 Employees 25 29 Section 3.13. 3.16 Employee Relations 26 29 Section 3.14. 3.17 Contracts 26 30 Section 3.15. 3.18 Status of Contracts 27 Section 3.16 No Violation, Litigation or Regulatory Action 28 Section 3.17. Insurance 28 Section 3.18. Employee Plans; ERISA 28 Section 3.19. Environmental Protection 29 Section 3.20. MVPD Matters 29 Section 3.21. No Finder 30 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE BUYER 30 Section 4.1. Organization 30 Section 4.2. Authority of the Buyer 30 Section 4.3. Litigation 31 Section 4.4. No Finder 31 Section 4.5. Qualifications as FCC Licensee 32 Section 4.6. Financial Capacity 32 ARTICLE V ACTION PRIOR TO THE CLOSING DATE Section 5.1. Access to the Business 32 Section 5.2. Notification of Certain Matters 33 Section 5.3. FCC Consent; HSR Act Approval; Other Consents and Approvals 33 Section 5.4. Operations of the Station Prior to the Closing Date 37 Section 5.5. Public Announcement 39 Section 5.6. Multi-Station Contracts 40 Section 5.7. Interim Reports 41 Section 5.8. Additional Seller Party 41 Section 5.9. Tower Lease 41 ARTICLE VI ADDITIONAL AGREEMENTS 42 Section 6.1. Taxes 42 Section 6.2. Employees; Employee Benefit Plans 43 Section 6.3. Control of Operations Prior to Closing Date 47 Section 6.4. Bulk Transfer Laws 47 Section 6.5. Use of Names 47 ARTICLE VII CONDITIONS PRECEDENT TO OBLIGATIONS OF THE SELLER PARTIES 47 Section 7.1. No Breach of Covenants and Warranties 47 Section 7.2. No Restraint 48 Section 7.3. Certain Governmental Approvals 48 Section 7.4. Mergers 48 Section 7.5. Deliveries 4832

Purchase and Sale of Purchased Assets. 11 16 Section 2.1. 2.01 Purchase and Sale of Purchased Assets 11 16 Section 2.22.02 Assignability and Consents 17 ARTICLE III. Excluded Assets 12 ASSUMPTION OF LIABILITIES 18 Section 2.3. 3.01 Assumption of Assumed Liabilities 14 18 ARTICLE IV. PURCHASE PRICE AND PAYMENT 18 Section 2.4. Closing Date 15 Section 2.5. 4.01 Purchase Price 15 18 Section 2.6. Determination of Estimated Purchase Price; Payment on Closing Date 15 Section 2.7. Determination of Closing Date 4.02 Working Capital, EBITDA Value and Capital Adjustments to the Base Purchase Price 16 Section 2.8. Closing Date Deliveries 18 Section 2.9. Further Assurances 18 Section 2.10. Purchase Price Adjustment 19 Section 2.11. 4.03 Allocation of Purchase Price 19 21 Section 2.124.04 Payment of Sales, Use and Other Taxes; Bulk Sales 21 Section 4.05 Waiver of Bulk Sales Laws 21 ARTICLE V. CLOSING 22 Section 5.01 Time and Place 22 Section 5.02 Deliveries at Closing 22 ARTICLE VI. Withholding 20 ARTICLE III REPRESENTATIONS AND WARRANTIES OF THE SELLER PARTIES 20 SELLERS 26 Section 3.1. 6.01 Organization 20 26 Section 3.2. 6.02 Authority of the Seller Parties 20 Sellers 26 Section 3.3. Financial Statements 22 6.03 Consents and Approvals 26 Section 3.4. Operations Since Balance Sheet Date 22 6.04 Non-Contravention 27 Section 3.5. No Undisclosed 6.05 Statement of Assets and Liabilities 22 28 Section 3.6. 6.06 Absence of Certain Changes or Events 28 Section 6.07 Taxes 22 28 Section 3.7. All Assets 23 6.08 Certain Contracts 29 Section 3.8. Governmental Permits; FCC Matters 23 Section 3.9. Real Property; Real Property Lease. 24 Section 3.10. Intellectual Property 25 Section 3.11. 6.09 Title to and Condition of Assets 25 30 Section 3.126.10 Environmental Matter 32 Section 6.11 Inventory 33 Section 6.12 Litigation 33 Section 6.13 Employee Plans 33 Section 6.14 Labor Matters 34 Section 6.15 Compliance with Law 34 Section 6.16 Regulatory Matters 36 Section 6.17 Books and Records; Marketing Materials 36 Section 6.18 Brokers 37 Section 6.19 Accounts Payable 37 Section 6.20 Accounts Receivable 37 Section 6.21 Product Liability 37 ARTICLE VII. Employees 25 Section 3.13. Employee Relations 26 Section 3.14. Contracts 26 Section 3.15. Status of Contracts 27 Section 3.16 No Violation, Litigation or Regulatory Action 28 Section 3.17. Insurance 28 Section 3.18. Employee Plans; ERISA 28 Section 3.19. Environmental Protection 29 Section 3.20. MVPD Matters 29 Section 3.21. No Finder 30 ARTICLE IV REPRESENTATIONS AND WARRANTIES OF THE BUYER 30 37 Section 4.1. 7.01 Corporate Organization 30 37 Section 4.2. 7.02 Authority of the Buyer 30 38 Section 4.3. Litigation 31 Section 4.4. No Finder 31 Section 4.5. Qualifications as FCC Licensee 32 Section 4.6. Financial Capacity 32 ARTICLE V ACTION PRIOR TO THE CLOSING DATE Section 5.1. Access to the Business 32 Section 5.2. Notification of Certain Matters 33 Section 5.3. FCC Consent; HSR Act Approval; Other 7.03 Consents and Approvals 33 Section 5.4. Operations of the Station Prior to the Closing Date 37 Section 5.5. Public Announcement 39 Section 5.6. Multi7.04 Non-Station Contracts Contravention 38 Section 7.05 Litigation 39 Section 7.06 Investigation 39 Section 7.07 Financing 39 Section 7.08 Solvency 40 Section 5.77.09 Brokers 40 ARTICLE VIII. Interim Reports 41 COVENANTS AND AGREEMENTS OF THE PARTIES 40 Section 5.8. Additional Seller Party 41 Section 5.9. Tower Lease 41 ARTICLE VI ADDITIONAL AGREEMENTS 42 Section 6.1. Taxes 42 Section 6.2. Employees; Employee Benefit Plans 43 Section 6.3. Control 8.01 Operation of Operations Business Prior to Closing Date 40 Section 8.02 Reasonable Best Efforts 41 Section 8.03 Cooperation 42 Section 8.04 Access 42 Section 8.05 Certain Acquisition Proposals 43 Section 8.06 Confidentiality; Public Announcements 43 Section 8.07 Transitional Services Agreement 44 Section 8.08 Technology and Intellectual Property License Agreement 44 Section 8.09 Supply Agreement 44 Section 8.10 Lease Agreement 44 Section 8.11 Corporate Names 44 Section 8.12 Assistance in Collecting Certain Amounts 45 Section 8.13 Differentiation of Products 45 Section 8.14 Regulatory Matters 45 Section 8.15 Product Returns 46 Section 8.16 Further Assurances 46 Section 8.17 Regulatory Transition by Sellers 46 Section 8.18 Tax Matters 47 Section 6.48.19 Obligations Concerning Employment 48 Section 8.20 Health and Other Employee Benefits 48 Section 8.21 Health Care Continuation Coverage 50 Section 8.22 WARN Act Liability 50 Section 8.23 Non-Solicitation of Employees, Customers and Suppliers 50 Section 8.24 Products Liability Tail Insurance 52 Section 8.25 Name Change 52 Section 8.26 Accounts Receivable 52 Section 8.27 Environmental Review 52 Section 8.28 Transferred Assets and Retained Assets 53 ARTICLE IX. Bulk Transfer Laws 47 Section 6.5. Use of Names 47 ARTICLE VII CONDITIONS PRECEDENT TO THE OBLIGATIONS OF THE SELLER PARTIES 47 SELLERS 54 Section 7.1. No Breach of 9.01 Representations and Warranties 54 Section 9.02 Covenants and Agreements 54 Section 9.03 No Actions or Proceedings 54 Section 9.04 Consents 54 Section 9.05 Other Deliverables 54 Section 9.06 No Material Adverse Effect 54 ARTICLE X. CONDITIONS TO THE OBLIGATIONS OF BUYER 54 Section 10.01 Representations and Warranties 47 54 Section 7.210.02 Covenants and Agreements 55 Section 10.03 No Actions or Proceedings 55 Section 10.04 Consents 55 Section 10.05 Other Deliverables 55 Section 10.06 No Material Adverse Effect 55 Section 10.07 Title Insurance 55 Section 10.08 Surveys 56 ARTICLE XI. INDEMNIFICATION 56 Section 11.01 Survival of Representations, Warranties, Etc. 56 Section 11.02 Indemnification 57 Section 11.03 Indemnification Procedure 57 Section 11.04 Direct Claims 58 Section 11.05 Reduction of Damages 59 Section 11.06 Limitations on Indemnities 60 Section 11.07 Indemnification Payments 61 ARTICLE XII. TERMINATION 61 Section 12.01 Methods of Termination 61 Section 12.02 Procedure upon Termination 62 ARTICLE XIII. MISCELLANEOUS 62 Section 13.01 Notices 62 Section 13.02 Entire Agreement 64 Section 13.03 Waiver 64 Section 13.04 Amendment 64 Section 13.05 Third Party Beneficiaries 64 Section 13.06 Assignment; Binding Effect 64 Section 13.07 Headings 64 Section 13.08 Severability 64 Section 13.09 Specific Performance; Remedies 65 Section 13.10 Sellers Disclosure Schedule 65 Section 13.11 No Restraint 48 Additional Representations; Disclaimer 66 Section 7.3. Certain Governmental Approvals 48 13.12 Payments under Agreement 67 Section 7.4. Mergers 48 13.13 Governing Law 67 Section 7.5. Deliveries 4813.14 Consent to Jurisdiction and Forum Selection 67 Section 13.15 Waiver of Jury Trial 68 Section 13.16 Expenses 68 Section 13.17 Counterparts 68 Section 13.18 Schedules, Exhibits and Other Agreements 68 EXHIBITS A - Form of Escrow Agreement B - Form of Transitional Services Agreement C - Form of Technology and Intellectual Property License Agreement D - Form of Supply Agreement E - Form of Lease Agreement F - Form of Xxxx of Sale G - Form of Assignment and Assumption Agreement H - Form of IP Assignment Agreement SELLERS DISCLOSURE SCHEDULE BUYER DISCLOSURE SCHEDULE ASSET PURCHASE AGREEMENT This Asset Purchase Agreement (this “Agreement”) is made and entered into as of June 17, 2011, by and among Zydus Pharmaceuticals (USA), Inc., a New Jersey corporation (“Buyer Parent”), Zynesher Pharmaceuticals (USA) LLC, a Missouri limited liability company and wholly owned subsidiary of Buyer Parent (“Buyer Sub” and, collectively with Buyer Parent, “Buyer”), K-V Pharmaceutical Company, a Delaware corporation (“KV”), Nesher Pharmaceuticals Inc., a Delaware corporation and a wholly owned subsidiary of KV (“Nesher”), and DrugTech Corporation, a Delaware corporation and a wholly owned subsidiary of KV (“DrugTech” and, collectively with KV and Nesher, “Sellers”).