Nautilus 2006 Annual Report Download - page 87
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CHAPTER 2
PURCHASE AND SALE OF BUSINESS AND ASSETS
Buyer shall not purchase any Excluded Assets and Excluded Assets shall remain the property of Seller after the Closing.
6
Article 1.3 Exchange Rate. In determining the U.S. Dollar equivalent of an amount in RMB or vice versa, the exchange rate used shall
be the average of the buy and sell exchange rates (or mid-rate) announced by the People’s Bank of China for U.S. Dollars
and RMB for the date on or as of which the determination is made.
Article 2.1 Purchase and Sale of the Business and Assets . Subject to the terms and conditions of this Agreement, at the Closing, Seller
shall sell and transfer to Nautilus or Buyer, and Nautilus shall purchase or cause Buyer to purchase from Seller, all of
Seller
’
s interest in the following assets (the
“
Assets
”
),
free and clear of all Liens:
2.1.1 Intellectual Property . All interests of Seller in the Intellectual Property used in or related to the Business, including, without
limitation that listed in Schedule 3.5.2.
2.1.2 Contracts Related to the Business
. All rights and interests of Seller in and to the agreements or contracts used in or related to
the Business that are listed in Schedule 2.1.3.
2.1.3 Warranties or Guarantees . All rights of Seller under or pursuant to all warranties, representations and guarantees made by
third parties relating to items included in the Assets, including, without limitation, warranties or guarantees given by
manufacturers and/or vendors in respect of the Assets.
2.1.4 Pre-Paid Expenses . All rights and interests of Seller in and to all pre-paid expenses made to any supplier of goods, utilities
or services in respect of the Business.
Article 2.2
No Assumption of Liabilities by Buyer
. Neither Nautilus nor Buyer will assume, discharge or perform any liabilities or
obligations of Seller or the Shareholders incurred or arising prior to or after the Closing, including, without limitation, those
liabilities listed below, all of which liabilities will remain with Seller or the Shareholders and which Seller and the
Shareholders hereby agree to retain and discharge or perform:
2.2.1
subject to Article 12.3, liabilities for all Taxes;