Nautilus 2006 Annual Report Download - page 148
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CHAPTER 3
REPRESENTATIONS AND WARRANTIES OF
SELLER AND THE SHAREHOLDERS
Seller and each Shareholder hereby represent and warrant, jointly and severally, to Nautilus and Buyer as follows:
11
2.6.6 Duly executed assignments or other instruments of transfer, in form and substance reasonably acceptable to Nautilus,
assigning and transferring to Buyer all of Seller’s interest in all Intellectual Property used in and related to the Business,
including that listed in Schedule 3.5.7, including, without limitation, an assignment of Seller’s trade name and trademarks
relating to the Business;
2.6.7
Duly executed VAT invoices for the Inventory;
2.6.8
Duly executed assignments transferring to Buyer all of Seller's rights and obligations under all contracts, licenses and similar
instruments used in and relating to the Business to which Seller is a party, in form and substance reasonably acceptable to
Nautilus, together with the written consent, if required, of the other party to such contracts, licenses and similar instruments;
and
2.6.9
The certificates and other documents to be delivered pursuant to Chapter 6 hereof.
Article 2.7
Deliveries by Buyer
. At the Closing, Buyer shall deliver to Seller the following:
2.7.1 The Purchase Price to Seller, by (i) crediting the US$4,000,000 option fee previously paid under the Option Agreement,
(ii) bank transfer of US(*) to the Escrow Agreement pursuant to the Escrow Agreement; and (iii) bank transfer of US(*) of
the Purchase Price to an account designated by Seller in writing not less than three Business Days prior to the Closing Date;
2.7.2
The certificates and other documents to be delivered pursuant to Chapter 7 hereof; and
2.7.3
Payment of Chinese VAT taxes on the Inventory transferred to Buyer at Closing.
Article 3.1 Organization . Seller is a limited liability company duly organized under the Law of the PRC Concerning Enterprises with
Sole Foreign Investment and validly existing with the status of a legal person under the laws of the PRC.
(*) Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested
with respect to the omitted portions.