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ASSET PURCHASE AGREEMENT

Advertising or Marketing Agreement

ASSET PURCHASE AGREEMENT 

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REGENT COMMUNICATIONS INC | CBS RADIO STATIONS INC | REGENT BROADCASTING OF BUFFALO, INC

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Title: ASSET PURCHASE AGREEMENT
Governing Law: New York     Date: 12/21/2006
Industry: BRDCST     Sector: SERVIC

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EX-2.1
 

EXHIBIT 2.1

ASSET PURCHASE AGREEMENT

between

CBS RADIO STATIONS INC.

and

REGENT BROADCASTING OF BUFFALO, INC.

 


 

TABLE OF CONTENTS

 

 

 

 

 

 

 

 

 

 

 

Page

 

 

 

 

 

 

 

 

ARTICLE I ASSETS TO BE CONVEYED

 

 

1

 

 

 

 

 

 

 

 

1.1

 

Station Assets

 

 

1

 

1.2

 

Excluded Assets

 

 

3

 

1.3

 

Assumption of Obligations

 

 

5

 

1.4

 

Retained Liabilities

 

 

5

 

1.5

 

Purchase Price

 

 

5

 

1.6

 

Closing

 

 

6

 

1.7

 

General Proration

 

 

6

 

1.8

 

Effect of Local Marketing Agreement

 

 

9

 

 

 

 

 

 

 

 

ARTICLE II REPRESENTATIONS AND WARRANTIES OF SELLER

 

 

9

 

 

 

 

 

 

 

 

2.1

 

Existence and Power

 

 

9

 

2.2

 

Corporate Authorization

 

 

10

 

2.3

 

Governmental Authorization

 

 

10

 

2.4

 

Noncontravention

 

 

10

 

2.5

 

Absence of Litigation

 

 

10

 

2.6

 

Financial Statements

 

 

11

 

2.7

 

FCC Licenses

 

 

11

 

2.8

 

Tangible Personal Property

 

 

12

 

2.9

 

Station Contracts

 

 

12

 

2.10

 

Intangible Property

 

 

12

 

2.11

 

Real Property

 

 

13

 

2.12

 

Environmental

 

 

13

 

2.13

 

Employee Information

 

 

13

 

2.14

 

Compliance with Laws

 

 

14

 

2.15

 

Taxes

 

 

14

 

2.16

 

Sufficiency and Title to Station Assets

 

 

14

 

2.17

 

No Finder

 

 

14

 

 

 

 

 

 

 

 

ARTICLE III REPRESENTATIONS AND WARRANTIES OF BUYER

 

 

14

 

 

 

 

 

 

 

 

3.1

 

Existence

 

 

14

 

3.2

 

Corporate Authorization and Power

 

 

15

 

3.3

 

Governmental Authorization

 

 

15

 

3.4

 

Noncontravention

 

 

15

 

3.5

 

Absence of Litigation

 

 

15

 

3.6

 

FCC Qualifications

 

 

15

 

3.7

 

Financing

 

 

16

 

3.8

 

No Finder

 

 

16

 

 

 

 

 

 

 

 

ARTICLE IV COVENANTS

 

 

16

 

 

 

 

 

 

 

 

4.1

 

Governmental Approvals

 

 

16

 

4.2

 

Conduct of Business

 

 

17

 

4.3

 

Access to Information; Inspections; Confidentiality; Publicity

 

 

18

 

4.4

 

Risk of Loss

 

 

20

 


 

 

 

 

 

 

 

 

 

 

 

 

Page

 

4.5

 

Consents to Assignment; Estoppel Certificates

 

 

20

 

4.6

 

Notification

 

 

21

 

4.7

 

Employee Matters

 

 

21

 

4.8

 

Title Insurance; Surveys

 

 

23

 

4.9

 

Environmental

 

 

24

 

4.10

 

Further Assurances

 

 

24

 

4.11

 

No Shop

 

 

24

 

4.12

 

No Inconsistent Action; Notice

 

 

25

 

4.13

 

Seller’s Actions

 

 

25

 

 

 

 

 

 

 

 

ARTICLE V CONDITIONS PRECEDENT

 

 

25

 

 

 

 

 

 

 

 

5.1

 

To Buyer’s Obligations

 

 

25

 

5.2

 

To Seller’s Obligations

 

 

26

 

 

 

 

 

 

 

 

ARTICLE VI DOCUMENTS TO BE DELIVERED AT THE CLOSING

 

 

27

 

 

 

 

 

 

 

 

6.1

 

Documents to be Delivered by Both Parties

 

 

27

 

6.2

 

Documents to be Delivered by Seller

 

 

27

 

6.3

 

Documents to be Delivered by Buyer

 

 

28

 

 

 

 

 

 

 

 

ARTICLE VII SURVIVAL INDEMNIFICATION

 

 

28

 

 

 

 

 

 

 

 

7.1

 

Survival

 

 

28

 

7.2

 

Indemnification

 

 

28

 

7.3

 

Procedures

 

 

30

 

7.4

 

Computation of Indemnifiable Losses

 

 

30

 

7.5

 

Sole Remedy

 

 

31

 

 

 

 

 

 

 

 

ARTICLE VIII TERMINATION RIGHTS

 

 

31

 

 

 

 

 

 

 

 

8.1

 

Termination

 

 

31

 

8.2

 

Effect of Termination

 

 

33

 

 

 

 

 

 

 

 

ARTICLE IX TAX MATTERS

 

 

33

 

 

 

 

 

 

 

 

9.1

 

Bulk Sales

 

 

33

 

9.2

 

Transfer Taxes

 

 

33

 

9.3

 

Taxpayer Identification Numbers

 

 

33

 

 

 

 

 

 

 

 

ARTICLE X OTHER PROVISIONS

 

 

33

 

 

 

 

 

 

 

 

10.1

 

Expenses

 

 

33

 

10.2

 

Benefit and Assignment

 

 

33

 

10.3

 

No Third Party Beneficiaries

 

 

34

 

10.4