{"component": "clause", "props": {"groups": [{"snippet_links": [{"key": "the-manager", "type": "definition", "offset": [4, 15]}, {"key": "in-accordance-with", "type": "definition", "offset": [23, 41]}, {"key": "the-sale-and-purchase", "type": "clause", "offset": [81, 102]}, {"key": "the-company", "type": "definition", "offset": [116, 127]}, {"key": "in-respect-of", "type": "clause", "offset": [188, 201]}, {"key": "sale-or-purchase", "type": "definition", "offset": [206, 222]}, {"key": "provide-assistance", "type": "clause", "offset": [254, 272]}, {"key": "the-financing", "type": "clause", "offset": [327, 340]}, {"key": "in-the-case", "type": "clause", "offset": [341, 352]}, {"key": "a-purchase", "type": "definition", "offset": [356, 366]}, {"key": "existing-financing", "type": "definition", "offset": [400, 418]}, {"key": "required-by", "type": "definition", "offset": [498, 509]}, {"key": "the-transaction", "type": "clause", "offset": [510, 525]}, {"key": "the-general", "type": "clause", "offset": [530, 541]}, {"key": "completion-of-the", "type": "clause", "offset": [542, 559]}, {"key": "specific-transaction", "type": "definition", "offset": [560, 580]}, {"key": "assist-the", "type": "clause", "offset": [604, 614]}, {"key": "the-market", "type": "definition", "offset": [634, 644]}, {"key": "for-sale", "type": "clause", "offset": [645, 653]}, {"key": "providing-the", "type": "clause", "offset": [681, 694]}, {"key": "related-to", "type": "definition", "offset": [755, 765]}, {"key": "approval-of-the-board", "type": "definition", "offset": [834, 855]}], "snippet": "(a) The Manager shall, in accordance with instructions from the Board, supervise the sale and purchase of assets on the Company\u2019s behalf including the completion of such transactions.\n(b) In respect of any sale or purchase of an asset, the Manager shall provide assistance which shall include, but not be limited to, arranging the financing in the case of a purchase and, if necessary, renegotiating existing financing, and in the case of a sale or purchase, arranging other contractual agreements required by the transaction and the general completion of the specific transaction.\n(c) The Manager shall assist the Board in reviewing the market for sale and purchase of assets and providing the Company with recommendations in this respect. 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{"key": "review-of-the", "type": "clause", "offset": [4529, 4542]}, {"key": "subject-to-section", "type": "clause", "offset": [4593, 4611]}, {"key": "all-other-assets", "type": "clause", "offset": [4667, 4683]}, {"key": "the-property", "type": "clause", "offset": [4710, 4722]}, {"key": "for-greater-certainty", "type": "clause", "offset": [4742, 4763]}, {"key": "with-respect-to", "type": "clause", "offset": [4812, 4827]}, {"key": "exclusive-right", "type": "clause", "offset": [4893, 4908]}, {"key": "days-after", "type": "definition", "offset": [4941, 4951]}, {"key": "expiration-of", "type": "clause", "offset": [4956, 4969]}, {"key": "in-the-case", "type": "clause", "offset": [5005, 5016]}, {"key": "on-december", "type": "clause", "offset": [5059, 5070]}, {"key": "contracts-with", "type": "clause", "offset": [5158, 5172]}, {"key": "insurance-company", "type": "clause", "offset": [5221, 5238]}, {"key": "prior-to-december", "type": "clause", "offset": [5496, 5513]}, {"key": "the-liabilities", "type": "clause", "offset": [5589, 5604]}, {"key": "to-third-parties", "type": "clause", "offset": [5679, 5695]}, {"key": "notice-in-writing", "type": "clause", "offset": [5848, 5865]}, {"key": "in-respect-of", "type": "clause", "offset": [5913, 5926]}, {"key": "the-individual", "type": "clause", "offset": [5927, 5941]}, {"key": "buyer-may", "type": "definition", "offset": [6068, 6077]}, {"key": "terms-and-conditions-of", "type": "clause", "offset": [6088, 6111]}, {"key": "in-its-discretion", "type": "clause", "offset": [6133, 6150]}, {"key": "subject-to-agreement", "type": "clause", "offset": [6152, 6172]}, {"key": "effect-of", "type": "definition", "offset": [6271, 6280]}, {"key": "adversely-affect", "type": "definition", "offset": [6302, 6318]}, {"key": "margin-payments", "type": "definition", "offset": [6334, 6349]}, {"key": "payable-to", "type": "definition", "offset": [6360, 6370]}, {"key": "in-accordance-with", "type": "definition", "offset": [6382, 6400]}, {"key": "terms-of-the", "type": "clause", "offset": [6405, 6417]}, {"key": "seller-consents", "type": "definition", "offset": [6487, 6502]}, {"key": "amendment-in-writing", "type": "clause", "offset": [6511, 6531]}, {"key": "applicable-outside-date", "type": "definition", "offset": [6707, 6730]}, {"key": "comply-with", "type": "definition", "offset": [6971, 6982]}], "snippet": "(a) Upon the terms, subject to the conditions and in reliance upon the representations and warranties herein set forth, the Seller shall, sell, convey, transfer, assign and deliver (collectively, \u201cTransfer\u201d) to the Buyer, and the Buyer shall purchase and acquire from the Seller:\n(i) the Seller\u2019s right, title and interest in the renewals (the \u201cRenewal Rights\u201d) of the in-force reinsurance policies, contracts, binders, endorsements and extensions thereto issued or written by the Seller which comprise the Business as of the Closing Date and which are listed on Schedule I hereto (each, a \u201cReinsurance Contract\u201d and collectively, the \u201cReinsurance Contracts\u201d);\n(ii) at the option of the Buyer, which may be exercised by the Buyer from time to time after the Closing and until the expiration or termination date of a Reinsurance Contract, any and all of the Seller\u2019s right, title and interest in and to each Reinsurance Contract, ;subject to the Seller\u2019s obligations and liabilities thereunder (each, a \u201cNovated Contract,\u201d and collectively, the \u201cNovated Contracts\u201d),\n(iii) such readily-marketable liquid assets or, as the case may be, rights to funds withheld by the ceding insurer, measured on a fair market value basis in amounts equal to the fair value of the assets and liabilities assumed under each Novated Contract (the \u201cReserve Transfer Amount\u201d),\n(iv) such additional assets owned by the Seller as the Buyer and the Seller may agree to be Transferred from time to time after the Closing Date (the \u201cAdditional Assets\u201d), and\n(v) all of the Seller\u2019s original statistical and sales data, records, papers, documents, books, memoranda, files, and, to the extent owned by the Seller and transferable without the consent of any third party, all of the Seller\u2019s pricing and financial models, electronic databases and files and software, in each case pertaining to the Novated Contracts, and copies of all of the Seller\u2019s original statistical and sales data, records, papers, documents, books, memoranda and files and, to the extent owned by the Seller and transferable without the consent of any third party, all of the Seller\u2019s pricing and financial models, electronic databases and files and software, in each case pertaining to the Renewal Rights (the \u201cRecords,\u201d together with the Renewal Rights, the Novated Contracts, the Reserve Transfer Amount and the Additional Assets, the \u201cAssets\u201d), provided, that in the event any such Record is not so owned and transferable, the Seller shall permit those of its employees who have been offered and have accepted employment by the Buyer pursuant to Section 1.8 below to continue to use such Record (provided, further, that such use is permitted without the consent of the owner or licensor of such Record) until the earlier of (x) the date on which such employee commences his or her employment with the Buyer and (y) the termination of the Seller\u2019s license to use such Record, and the Seller will use its commercially reasonable efforts to (A) maintain the right of such employees to continue to use such Records during such period, and (B) facilitate the transfer of the Seller\u2019s right or license to use such Record to the Buyer for at least so long as the Seller has prepaid the license fees therefor, provided, that any and all costs and expenses incurred by the Seller in connection with the use of such Record (above any license fees previously paid by the Seller) will be borne by the Buyer (it being understood that the parties will use their commercially reasonable efforts to limit the extent of such costs, if practicable to do so).\n(b) Notwithstanding the foregoing, the Buyer and the Seller agree and acknowledge that the Buyer will not acquire or assume any right, title or interest in or to or liability under any Novated Contract or Reserve Transfer Amount until such time as (i) the Buyer has provided written notice to the Seller of the Buyer\u2019s exercise of its right to acquire such asset, (ii) Novation Amendments (as defined below) have been fully executed and delivered to the Buyer and the Seller and (iii) all other consents and approvals necessary to the assignment and assumption of such Novated Contracts have been received in writing by the Buyer and the Seller (the date of the occurrence of the final of such events is a \u201cTransfer Date\u201d).\n(c) From the Closing Date until December 31, 2004, the Buyer shall have reasonable access during normal business hours to the Records and to the employees of the Seller or its affiliates for purposes of conducting its review of the Reinsurance Contracts.\n(d) Other than the Assets (subject to Section 1.2(b) above), all right, title and interest in and to all other assets of the Seller will remain the property of the Seller.\n(e) For greater certainty, in connection with paragraph 1.2(a)(ii) above, with respect to any Reinsurance Contract, the Seller hereby grants the Buyer the exclusive right from the Closing Date until 120 days after the expiration of such Reinsurance Contract (except, in the case of (x) Reinsurance Contracts which expire on December 31, 2003, until 60 days after the expiration of such contracts and (y) the Reinsurance Contracts with Nova Casualty Company and Associated Industries Insurance Company, until December 31, 2003, provided, that the Seller will not initiate discussions with Associated Industries Insurance Company regarding the commutation of the Reinsurance Contract to which the Seller and Associated Industries Insurance Company are parties prior to December 19, 2003) (in each case, the \u201cOutside Date\u201d) to novate or otherwise assume the liabilities under such Reinsurance Contract or to introduce the Reinsurance Contracts to third parties who are not affiliates of the Buyer and who may offer finite reinsurance business as set forth in Section 1.10. The Buyer will waive this right only by notice in writing to the Seller and such notice shall only apply in respect of the individual Reinsurance Contract referred to in such notice. The Seller acknowledges that as part of any such novation or assumption, the Buyer may amend the terms and conditions of any Novated Contract in its discretion, subject to agreement with the Reinsured; provided, however, that the Buyer shall not amend any Novated Contract if the effect of such amendment would adversely affect the amounts of Margin Payments otherwise payable to the Seller in accordance with the terms of the Novated Contract without giving effect to such amendment, unless the Seller consents to such amendment in writing. Except as contemplated by this Section 1.2(e), the Seller shall not cancel, commute, novate or otherwise alter or amend the terms of any Reinsurance Contract until after the applicable Outside Date. With respect to any particular Reinsurance Contract, after the earlier of (a) the time that the Buyer waives its rights thereto as set forth in this Section 1.2(e), and (b) the applicable Outside Date, the Seller shall not be obligated to comply with this Section 1.2(e).", "size": 32, "samples": [{"hash": "fOPqZrnkA7w", "uri": "/contracts/fOPqZrnkA7w#sale-and-purchase-of-assets", "label": "Transfer and Purchase Agreement (Pma Capital Corp)", "score": 21.0, "published": true}, {"hash": "9iGIdU4aUAV", "uri": "/contracts/9iGIdU4aUAV#sale-and-purchase-of-assets", "label": "Transfer and Purchase Agreement (Pma Capital Corp)", "score": 21.0, "published": true}], "hash": "3f6e22abb9aed63a29c14e1634c68509", "id": 1}, {"snippet_links": [{"key": "terms-and-conditions-of-this-agreement", "type": "clause", "offset": [15, 53]}, {"key": "to-sell", "type": "clause", "offset": [76, 83]}, {"key": "deliver-to-purchaser", "type": "definition", "offset": [104, 124]}, {"key": "the-closing-date", "type": 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"qualifications-to-conduct-business", "type": "clause", "offset": [1331, 1365]}, {"key": "registered-agents", "type": "clause", "offset": [1385, 1402]}, {"key": "relating-to", "type": "definition", "offset": [1403, 1414]}, {"key": "foreign-qualifications", "type": "clause", "offset": [1415, 1437]}, {"key": "identification-numbers", "type": "clause", "offset": [1458, 1480]}, {"key": "carry-forwards", "type": "clause", "offset": [1487, 1501]}, {"key": "capital-loss", "type": "definition", "offset": [1503, 1515]}, {"key": "minute-books", "type": "definition", "offset": [1539, 1551]}, {"key": "stock-ledger", "type": "clause", "offset": [1553, 1565]}, {"key": "stock-certificates", "type": "clause", "offset": [1573, 1591]}, {"key": "and-other-documents", "type": "clause", "offset": [1593, 1612]}, {"key": "the-organization", "type": "definition", "offset": [1625, 1641]}, {"key": "existence-of-seller", "type": "clause", "offset": [1660, 1679]}, {"key": "canadian-corporation", "type": "clause", "offset": [1685, 1705]}, {"key": "the-chairman", "type": "clause", "offset": [1800, 1812]}, {"key": "prior-to-the", "type": "clause", "offset": [1911, 1923]}, {"key": "date-hereof", "type": "clause", "offset": [1924, 1935]}, {"key": "access-to-the-assets", "type": "clause", "offset": [1955, 1975]}, {"key": "all-facilities", "type": "clause", "offset": [1980, 1994]}, {"key": "books-and-records", "type": "definition", "offset": [1996, 2013]}, {"key": "due-diligence", "type": "definition", "offset": [2052, 2065]}, {"key": "with-respect-to", "type": "clause", "offset": [2066, 2081]}, {"key": "purchase-of-the-assets", "type": "clause", "offset": [2086, 2108]}], "snippet": "Subject to the terms and conditions of this Agreement, Seller hereby agrees to sell, assign, convey and deliver to Purchaser, on the Closing Date (as defined in Section 10(a) hereof), and Purchaser hereby agrees to purchase all of the tangible and intangible assets as more particularly described in EXHIBIT A to this Agreement, including, but not limited to, all right, title, and interest in and to all trademarks, web pages, and domain names related to the Software, the rights to the Relata and Resync source code as well as rights to the Stratabase, Relata and Resync names, and all intellectual property comprising such assets (including without limitation, trademarks, copyrights, trade secrets and any patents) throughout the world relating thereto and all rights to exercise any and all such intellectual property rights and bring actions for past, present or future infringement thereof (collectively, the \"Assets\").\n(a) Notwithstanding the foregoing, no other assets of Seller are included within the transaction contemplated by this Agreement, including cash, bank accounts, cash equivalents, equipment and furniture (the \"Excluded Assets\") and Purchaser shall not have a right to purchase, acquire or use any of the Excluded Assets. Further, the Assets shall not include the Seller's Articles of Continuance, By-laws, qualifications to conduct business, arrangements with registered agents relating to foreign qualifications, taxpayer and other identification numbers, loss carry forwards, capital loss carry forwards, seals, minute books, stock ledger, blank stock certificates, and other documents relating to the organization, maintenance, and existence of Seller as a Canadian corporation.\n(b) Purchaser hereby acknowledges that Trevor Newton, its sole of\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587 \u2587\u2587\u2587\u2587ctor, is also the Chairman and President of Seller and, consequently, Purchaser is deemed to have, and is deemed to have had prior to the date hereof, adequate and fair access to the Assets and all facilities, books and records relating to the Assets to perform its due diligence with respect to the purchase of the Assets.", "size": 21, "samples": [{"hash": "3QlQQUBnFpj", "uri": 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7568]}, {"key": "notwithstanding-the-foregoing", "type": "clause", "offset": [7646, 7675]}, {"key": "applicable-contract", "type": "clause", "offset": [8050, 8069]}, {"key": "terms-of-this-agreement", "type": "clause", "offset": [8120, 8143]}, {"key": "in-the-event", "type": "clause", "offset": [8150, 8162]}, {"key": "after-the-effective-time", "type": "clause", "offset": [8246, 8270]}, {"key": "promptly-notify", "type": "clause", "offset": [8300, 8315]}, {"key": "with-a-copy", "type": "definition", "offset": [8357, 8368]}, {"key": "true-and-correct", "type": "clause", "offset": [8373, 8389]}, {"key": "material-terms", "type": "definition", "offset": [8405, 8419]}, {"key": "the-contract", "type": "definition", "offset": [8423, 8435]}, {"key": "buyer-shall", "type": "clause", "offset": [8457, 8468]}, {"key": "within-thirty", "type": "clause", "offset": [8469, 8482]}, {"key": "additional-contract", "type": "definition", "offset": [8551, 8570]}, {"key": "date-hereof", "type": "clause", "offset": [8686, 8697]}, {"key": "retained-liability", "type": "clause", "offset": [8826, 8844]}], "snippet": "(a) Subject to the terms and conditions set forth herein and in reliance upon the representations and warranties contained herein, at the Closing, for the consideration specified in Section 4.1, the Company will sell, assign, convey, transfer and deliver to Buyer, and Buyer will purchase and acquire from the Company, all of the Company's right, title and interest in and to (i) the Business Intellectual Property, free and clear of any Liens, other than Permitted Liens, (ii) the Transferred Bank Accounts, free and clear of any Liens, other than Permitted Liens, and (iii) all other assets, properties and rights (whether tangible or intangible, real, personal or mixed, fixed, contingent or otherwise, and wherever located) of the Company or otherwise Related to the Business (except for Retained Assets), in each case free and clear of any Liens, other than Permitted Liens, as the same shall exist on the Closing Date, including the following to the extent Related to the Business (unless otherwise provided):\n(i) all real property Leases set forth on Schedule 2.1(a)(i);\n(ii) all accounts, loans and notes receivable (whether current or not current), performance and surety bonds and letters of credit or other similar instruments in favor of the Company;\n(iii) all inventories, including finished products, work-in-process, materials, parts, components, production stock, accessories, supplies and consigned inventory (including all such inventories that are held by third parties);\n(iv) all machinery, equipment, tooling, vehicles, furniture and fixtures, leasehold improvements, plant and office equipment, test equipment, laboratory equipment and supplies, repair parts, repair stock, tools, computer hardware and software (including all enterprise information systems), engineering and design equipment, computer networking equipment and other tangible personal property, together with any rights, claims and interests arising out of maintenance or service contracts relating thereto or the breach of any express or implied warranty by the manufacturers or sellers of any such assets or any component part thereof;\n(v) all Contracts, including all rights to receive payment for products sold or services rendered, and to receive goods and services, pursuant to Contracts and to assert claims and to take other actions in respect of breaches, defaults and other violations thereunder (whether or not arising or asserted before, on or after the Closing Date);\n(vi) all credits, advances, prepaid expenses, deposits and retentions held by third parties, including those held by third parties under Contracts;\n(vii) all Permits;\n(viii) all lock boxes;\n(ix) the benefits of coverage provided by insurance policies of the Company (with respect to the Business) in respect of matters occurring on or prior to the Closing Date as set forth in Section 9.5;\n(x) all operating, design, manufacturing, test and other data and records (in each case, in whatever form or medium, including electronic media), including all books, records, notes, shipping records, sale and purchase correspondence and files, copies of Tax Returns, copies of all financial and accounting data and records, sales and sales promotional material and data, advertising materials, credit information, cost and pricing information, customer and supplier lists, business plans, reference catalogs, payroll and personnel records and procedures, blue-prints, research and development files, data and laboratory books, sales order files, litigation files and other similar property, rights and information;\n(xi) the corporate name \"StarTrak Systems\" and any other names used in connection with the Business;\n(xii) all telephone numbers used in connection with the Business;\n(xiii) all rights in and to products sold or leased by the Business and products of the Business currently in development;\n(xiv) all causes of action, choses in action, lawsuits, judgments, claims, rights under express or implied warranties, guarantees, indemnities and similar rights in favor of the Company, rights of recovery, rights of set-off, rights of subrogation and all other rights and demands of any nature available to or being pursued by the Company;\n(xv) all goodwill and going concern value of the Business; and\n(xvi) all other assets, properties and rights (other than Retained Assets), including those reflected as assets on the Final Closing Statement. The assets, properties and rights of the Company to be sold, assigned, conveyed, transferred and delivered to Buyer pursuant to this Agreement are herein collectively referred to as the \"Assets\". The term \"Assets\" will include all additions and replacements to any of the items described in this Section 2.1(a) from the date of this Agreement through the Closing Date, and will exclude, to the extent permitted by this Agreement, all deletions, sales or other disposals of any of the foregoing from the date of this Agreement through the Closing Date.\n(b) Anything contained herein to the contrary notwithstanding, the Assets to be sold, assigned, conveyed, transferred and delivered to Buyer hereunder will exclude, and the Company will retain, the Retained Assets.\n(c) Anything contained herein to the contrary notwithstanding, this Agreement will not constitute an assignment, an attempted assignment or an agreement to assign any Contract or Permit if an assignment or attempted assignment of the same without the Consent of any other party or parties thereto would constitute a breach thereof or in any significant way impair the rights of Buyer thereunder. The Company will use its commercially reasonable efforts (not to include any requirement to pay any consideration or offer or grant any financial accommodation or other benefit or release any claim or right), and Buyer will reasonably cooperate (it being understood that such cooperation will not include any requirement to pay any consideration or offer or grant any financial accommodation or other benefit or release any claim or right) with the Company, to obtain prior to the Closing all Consents and to resolve all impracticalities of assignments or transfers necessary to sell, assign, convey, transfer and deliver to Buyer the Assets. If any such Consent is not obtained or if an attempted assignment would be ineffective or would impair the Company's or Buyer's rights under any such Contract or Permit so that Buyer would not receive all such rights, then (1) the Company will (x) cause the full benefits of any such Contract or Permit to be provided to Buyer to the extent practicable, and (y) pay promptly or cause to be paid promptly to Buyer when received all monies and other properties received by the Company with respect to any thereof; and (2) in consideration of the Company providing or causing to be provided to Buyer the full benefits thereof, Buyer will perform and discharge on behalf of the Company all of the Company's liabilities, obligations or commitments thereunder that are Assumed Liabilities described in Section 3.1(a) or 3.1(c) in accordance with the provisions thereof. In addition, the Company shall take such other actions (not to include any requirement to pay any consideration or offer or grant any financial accommodation or other benefit or release any claim or right) as may reasonably be requested by Buyer in order to place Buyer, insofar as reasonably possible, in the same position as if such Contract or Permit had been transferred as contemplated hereby and so that all the benefits relating thereto, including possession, use, risk of loss, potential for gain and dominion, control and command, shall inure to Buyer. Notwithstanding the foregoing, if any such Consent is not obtained prior to the Closing, the Company shall continue to use its commercially reasonable efforts (not to include any requirement to pay any consideration or offer or grant any financial accommodation or other benefit or release any claim or right) to obtain all such Consents (and, if and when such Consents are obtained, the transfer of the applicable Contract or Permit will be effected in accordance with the terms of this Agreement).\n(d) In the event that any written or oral Contract not set forth on Schedule 6.10 (a) is discovered after the Effective Time, Parent or the Company shall promptly notify Buyer of such Contract and provide Buyer with a copy (or true and correct summary of the material terms if the Contract is oral) thereof and Buyer shall within thirty (30) days of such notice either expressly assume such Contract (an \"Additional Contract\"), in which case, the Additional Contract will be treated as if set forth as a Contract on Schedule 6.10(a) on the date hereof, or reject such Contract, in which case, such Contract shall not constitute an Asset and shall be deemed to be a Retained Asset/Retained Liability.", "size": 19, "samples": [{"hash": "28shIww23lP", "uri": "/contracts/28shIww23lP#sale-and-purchase-of-assets", "label": "Asset Purchase Agreement (Alanco Technologies Inc)", "score": 22.226556778, "published": true}, {"hash": "2fNYO8WAxx8", "uri": "/contracts/2fNYO8WAxx8#sale-and-purchase-of-assets", "label": "Asset Purchase Agreement (Alanco Technologies Inc)", "score": 22.1800136566, "published": true}, {"hash": "lIxSPXMFbmK", "uri": "/contracts/lIxSPXMFbmK#sale-and-purchase-of-assets", "label": "Asset Purchase Agreement (ORBCOMM Inc.)", "score": 22.1581115723, "published": true}], "hash": "d5b43220198f1e0726906752681aae74", "id": 6}, {"snippet_links": [{"key": "seller-will", "type": "clause", "offset": [0, 11]}, {"key": "to-buyer", "type": "definition", "offset": [63, 71]}, {"key": "buyer-will", "type": "clause", "offset": [77, 87]}, {"key": "free-and-clear", "type": "definition", "offset": [98, 112]}, {"key": "security-interests", "type": "clause", "offset": [141, 159]}, {"key": "conditions-of", "type": "clause", "offset": [225, 238]}, {"key": "the-liabilities", "type": "clause", "offset": [282, 297]}, {"key": "by-buyer", "type": "clause", "offset": [317, 325]}, {"key": "in-section-2", "type": "clause", "offset": [338, 350]}, {"key": "this-agreement", "type": "clause", "offset": [354, 368]}, {"key": "relating-to-the-business", "type": "definition", "offset": [392, 416]}, {"key": "good-accounts-receivable", "type": "definition", "offset": [441, 465]}, {"key": "time-of-closing", "type": "definition", "offset": [507, 522]}, {"key": "all-rights", "type": "clause", "offset": [653, 663]}, {"key": "title-and-interest", "type": "clause", "offset": [665, 683]}, {"key": "purchase-orders", "type": "clause", "offset": [712, 727]}, {"key": "and-agreements", "type": "definition", "offset": [729, 743]}, {"key": "exhibit-a", "type": "definition", "offset": [757, 766]}, {"key": "miscellaneous-equipment", "type": "clause", "offset": [835, 858]}, {"key": "schedule-of-assets", "type": "clause", "offset": [921, 939]}, {"key": "exhibit-b", "type": "definition", "offset": [952, 961]}, {"key": "the-non", "type": "clause", "offset": [1044, 1051]}, {"key": "agreement-of-seller", "type": "clause", "offset": [1064, 1083]}, {"key": "common-law-rights", "type": "clause", "offset": [1118, 1135]}, {"key": "trade-names", "type": "clause", "offset": [1143, 1154]}, {"key": "intellectual-property-rights", "type": "clause", "offset": [1204, 1232]}, {"key": "prepaid-expenses-and-deposits", "type": "definition", "offset": [1267, 1296]}, {"key": "by-seller", "type": "clause", "offset": [1322, 1331]}, {"key": "notwithstanding-the-foregoing", "type": "clause", "offset": [1345, 1374]}, {"key": "intent-of-buyer-and-seller", "type": "clause", "offset": [1420, 1446]}, {"key": "the-seller-is", "type": "clause", "offset": [1475, 1488]}, {"key": "the-term", "type": "definition", "offset": [1507, 1515]}, {"key": "all-other-assets", "type": "clause", "offset": [1543, 1559]}, {"key": "rights-and-interests", "type": "definition", "offset": [1571, 1591]}, {"key": "conduct-of-business", "type": "clause", "offset": [1726, 1745]}, {"key": "bank-accounts", "type": "clause", "offset": [1760, 1773]}, {"key": "certificates-of-deposit", "type": "definition", "offset": [1775, 1798]}, {"key": "other-intangible-assets", "type": "definition", "offset": [1815, 1838]}, {"key": "operation-of-the-business", "type": "clause", "offset": [1883, 1908]}], "snippet": "Seller will sell and transfer or cause to be sold and transfer to Buyer, and Buyer will purchase, free and clear of any and all liabilities, security interests, liens, pledges, encumbrances, liabilities, claims, equities and conditions of any nature and kind whatsoever (other than the liabilities explicitly assumed by Buyer as provided in Section 2 of this Agreement), the following assets relating to the Business (the \"Assets\"):\n(a) All Good Accounts Receivable (hereinafter defined) outstanding at the time of Closing (hereinafter defined) as described in Exhibit \"B\";\n(b) all Good Inventory (hereinafter defined) as described in schedule \"B\";\n(c) All rights, title and interest of Seller in any contracts, purchase orders, and agreements described on Exhibit A which are being assigned to Buyer (the \"Contracts\");\n(d) all of the miscellaneous equipment, fixtures, computers, software and furniture described on the schedule of assets attached as Exhibit B hereto;\n(e) all customer, sales, and credit records relating to the Business;\n(f) the Non-Competition Agreement of Seller relating to the Business;\n(g) the common law rights to the trade names \"Power Parts Sign Company\" and any trademarks or intellectual property rights relating to the Business;\n(h) all prepaid expenses and deposits relating to the business by Seller with others. Notwithstanding the foregoing enumeration of assets, it is the purpose and intent of Buyer and Seller that Buyer is acquiring and the Seller is selling (and that the term \"Assets\" includes) any and all other assets, property, rights and interests of Seller relating to the business whether or not above enumerated, described or alluded to, that are used or usable by Seller in the conduct of business, except cash, bank accounts, certificates of deposit, securities and other intangible assets which do not have a direct bearing upon the operation of the Business.", "size": 14, "samples": [{"hash": "5mwX8WbRPdq", "uri": "/contracts/5mwX8WbRPdq#sale-and-purchase-of-assets", "label": "Asset Purchase Agreement (Mk Rail Corp)", "score": 16.0, "published": true}], "hash": "5fe835c9152859cc98ec74ad54e65cab", "id": 10}, {"snippet_links": [{"key": "subject-to-and-upon", "type": "clause", "offset": [0, 19]}, {"key": "the-terms-and-conditions", "type": "definition", "offset": [20, 44]}, {"key": "at-the-closing", "type": "clause", "offset": [63, 77]}, {"key": "seller-shall", "type": "clause", "offset": [79, 91]}, {"key": "deliver-to-buyer", "type": "clause", "offset": [128, 144]}, {"key": "free-and-clear", "type": "definition", "offset": [146, 160]}, {"key": "claims-and-encumbrances", "type": "clause", "offset": [175, 198]}, {"key": "buyer-shall", "type": "clause", "offset": [204, 215]}, {"key": "from-seller", "type": "clause", "offset": [245, 256]}, {"key": "the-assets", "type": "clause", "offset": [257, 267]}], "snippet": "Subject to and upon the terms and conditions contained herein, at the Closing, Seller shall sell, transfer, assign, convey, and deliver to Buyer, free and clear of all liens, claims and encumbrances, and Buyer shall purchase, accept and acquire from Seller the Assets.", "size": 14, "samples": [{"hash": "lLsP9uEywUT", "uri": "/contracts/lLsP9uEywUT#sale-and-purchase-of-assets", "label": "Asset Purchase Agreement (California Software Corp)", "score": 18.0, "published": true}, {"hash": "j7yhF7rDWZw", "uri": "/contracts/j7yhF7rDWZw#sale-and-purchase-of-assets", "label": "Asset Purchase Agreement (Yankee Dynamo Steel Inc)", "score": 18.0, "published": true}, {"hash": "iuGeSQkCznv", "uri": "/contracts/iuGeSQkCznv#sale-and-purchase-of-assets", "label": "Asset Purchase Agreement (Yankee Dynamo Steel Inc)", "score": 18.0, "published": true}], "hash": "11ceb336b1c612a6ad756ca010aad6bc", "id": 9}, {"snippet_links": [{"key": "subject-to", "type": "definition", "offset": [0, 10]}, {"key": "terms-and-conditions-of-this-agreement", "type": "clause", "offset": [22, 60]}, {"key": "at-the-closing", "type": "clause", "offset": [62, 76]}, {"key": "seller-shall", "type": "clause", "offset": [77, 89]}, {"key": "deliver-to-purchaser", "type": "definition", "offset": [110, 130]}, {"key": "from-seller", "type": "clause", "offset": [199, 210]}, {"key": "the-real-property", "type": "clause", "offset": [219, 236]}, {"key": "free-and-clear", "type": "definition", "offset": [238, 252]}, {"key": "permitted-encumbrances", "type": "clause", "offset": [284, 306]}, {"key": "the-personal-property", "type": "clause", "offset": [316, 337]}], "snippet": "Subject to all of the terms and conditions of this Agreement, at the Closing Seller shall sell, transfer, and deliver to Purchaser, and Purchaser (or its designee) shall purchase and accept delivery from Seller of,\n(a) the Real Property, free and clear of all Encumbrances other than Permitted Encumbrances, and\n(b) the Personal Property, free and clear of all Encumbrances other than Permitted Encumbrances.", "size": 15, "samples": [{"hash": "3P8pqylNypP", "uri": "/contracts/3P8pqylNypP#sale-and-purchase-of-assets", "label": "Purchase and Sale Agreement (Tri Valley Corp)", "score": 22.2183437347, "published": true}, {"hash": "bisKTxOLfA8", "uri": "/contracts/bisKTxOLfA8#sale-and-purchase-of-assets", "label": "Purchase and Sale Agreement (Tri Valley Corp)", "score": 21.0, "published": true}], "hash": "c5d4b171c6fadc2623efc9f3c0d68928", "id": 8}], "next_curs": "CmQSXmoVc35sYXdpbnNpZGVyY29udHJhY3RzckALEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IiRzYWxlLWFuZC1wdXJjaGFzZS1vZi1hc3NldHMjMDAwMDAwMGEMogECZW4YACAA", "clause": {"size": 1562, "children": [["excluded-assets", "Excluded Assets"], ["purchase-price", "Purchase Price"], ["assumed-liabilities", "Assumed Liabilities"], ["sale-and-purchase-of-assets", "Sale and Purchase of Assets"], ["purchased-assets", "Purchased Assets"]], "title": "Sale and Purchase of Assets", "parents": [["sale-and-purchase-of-assets", "Sale and Purchase of Assets"], ["the-transaction", "The Transaction"], ["purchase-and-sale", "Purchase and Sale"], ["sale-and-purchase", "Sale and Purchase"], ["purchase-and-sale-of-assets", "Purchase and Sale of Assets"]], "id": "sale-and-purchase-of-assets", "related": [["purchase-of-assets", "Purchase of Assets", "Purchase of Assets"], ["sale-and-purchase-of-equity-interest", "Sale and Purchase of Equity Interest", "Sale and Purchase of Equity Interest"], ["sale-and-purchase", "Sale and Purchase", "Sale and Purchase"], ["sale-and-purchase-of-the-sale-shares", "SALE AND PURCHASE OF THE SALE SHARES", "SALE AND PURCHASE OF THE SALE SHARES"], ["sale-and-transfer-of-assets", "Sale and Transfer of Assets", "Sale and Transfer of Assets"]], "related_snippets": [], "updated": "2026-08-08T05:41:37+00:00", "also_ask": ["What are the essential representations and warranties to include for both buyer and seller?", "How can the allocation of liabilities be strategically negotiated in this clause?", "What are the most common enforceability challenges courts consider in asset sale agreements?", "How does this clause differ from a share purchase in terms of risk and legal effect?", "What are the critical risks if asset identification or transfer procedures are inadequately drafted?"], "drafting_tip": "Specify the assets being sold to prevent disputes; detail excluded assets to avoid unintended transfers; define transfer conditions to ensure enforceability.", "explanation": "The 'Sale and Purchase of Assets' clause defines the agreement between parties for the transfer of specified assets from the seller to the buyer. It typically outlines which assets are included in the sale, such as equipment, inventory, intellectual property, or contracts, and may also specify any excluded assets. This clause serves to clearly identify what is being transferred, ensuring both parties have a mutual understanding of the scope of the transaction and reducing the risk of disputes over ownership or obligations after the sale."}, "json": true, "cursor": ""}}