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Preview Full Doc	2006	Accounts Receivable Financing Agreement Accounts Receivable Financing Agreement (64K) Doc #2261580: Click preview link for longer preview. CIT COMMERCIAL SERVICES T: 212 382-7000 1211 Avenue of the Americas New York, NY 10036 [CIT LOGO OMITTED] June 30, 2006 Movie Star, Inc. 1115 Broadway New York , New York 10010 ACCOUNTS RECEIVABLE FINANCING AGREEMENT --------------------------------------- Ladies and Gentlemen: In consideration of our extending loans and other financial accommodations to you on one or more occasions, in our . . . 2261580	Wal-Mart Stores Wal-Mart Stores Inc. ( Department & Discount ) As referenced in this Accounts Receivable Financing Agreement: Wal-Mart Stores, Inc – follows: (a) we will make revolving credit advances to you, in our sole discretion, in amounts of up to 90% of the Net Amount of Eligible Accounts due from for Wal-Mart Stores, Inc . and up to 85% of the Net Amount of Eligible Accounts due from all other Customers. (b) subject to your execution and delivery of the Inventory Security Agreement and _____________ dt 1528656 ; Movie Star Movie Star, Inc. ( Apparel & Accessories ) As referenced in this Accounts Receivable Financing Agreement: Movie Star, Inc – EXHIBIT 10.19 CIT COMMERCIAL SERVICES T: 212 382-7000 1211 Avenue of the Americas New York, NY 10036 [CIT LOGO OMITTED] June 30, 2006 Movie Star, Inc . 1115 Broadway New York , New York 10010 ACCOUNTS RECEIVABLE FINANCING AGREEMENT --------------------------------------- Ladies and Gentlemen: In consideration of our extending loans and other financial accommodations to you on one or _____________ MOVIE STAR, INC – you with signatures completed for your files. Very truly yours, THE CIT GROUP/COMMERCIAL SERVICES, INC. By: /s/ Richard Lions ------------------------------------ Name: Richard Lions ---------------------------------- Title: Vice President --------------------------------- Read and Agreed to: MOVIE STAR, INC . By: /s/ Thomas Rende ------------------------------------- Name: Thomas Rende ----------------------------------- Title: Chief Financial Officer --------------------------------- Accepted at New York, New York THE CIT GROUP/COMMERCIAL SERVICES, INC. By: /s/ Lizbeth McCarthy ------------------------------------ Name: Lizbeth _____________ dt 1562934 ;	JPMorgan Chase JPMorgan Chase Bank ( Financial ) As referenced in this Accounts Receivable Financing Agreement: JPMorgan Chase Bank, – the same may hereafter be amended, modified, supplemented or restated from time to time). 3 1.8 "JPMorgan Rate" shall mean the per annum rate of interest publicly announced by JPMorgan Chase Bank, National Association in New York, New York, from time to time as its prime rate. (The prime rate is not intended to be the lowest rate of interest charged _____________ JPMorgan Chase Bank, – National Association in New York, New York, from time to time as its prime rate. (The prime rate is not intended to be the lowest rate of interest charged by JPMorgan Chase Bank, National Association to its borrowers.) 1.9 "Letter of Credit" shall mean any letter of credit issued on your behalf as applicant with respect to which we were asked _____________ dt 1409780
Preview Full Doc	2001	Agreement and Plan of Merger Agreement and Plan of Merger (210K) Doc #1639975: Click preview link for longer preview. AGREEMENT AND PLAN OF MERGER AMONG OROAMERICA, INC., AURAFIN LLC, AND BENTLEY ACQUISITION LLC DATED AS OF APRIL 24, 2001 <PAGE> 2 TABLE OF CONTENTS <TABLE> <CAPTION> . . . 1639975	Wal-Mart Stores Wal-Mart Stores Inc. ( Department & Discount ) As referenced in this Agreement and Plan of Merger: Wal-Mart Stores Inc – or entity do not relate to any Competitive Business Activity. Furthermore, the Principal Stockholder may serve as a director, consultant, or employee of any jewelry retailer other than Kmart Corporation, Wal-Mart Stores Inc ., Target Corporation, QVC, Inc., Home Shopping Network, and ValueVision International, Inc. (5) If any of these restrictions are found by a court to be overly broad in duration or _____________ dt 1681217 ; Oroamerica Oroamerica Inc ; Target Target Corp. As referenced in this Agreement and Plan of Merger: Target Corp – relate to any Competitive Business Activity. Furthermore, the Principal Stockholder may serve as a director, consultant, or employee of any jewelry retailer other than Kmart Corporation, Wal-Mart Stores Inc., Target Corp oration, QVC, Inc., Home Shopping Network, and ValueVision International, Inc. (5) If any of these restrictions are found by a court to be overly broad in duration or territorial scope, _____________ dt 1680639 ;	BofA Bank of America, NA ( Money Center Banks ) As referenced in this Agreement and Plan of Merger: Bank of America, N.A. – to consummate the Merger). 7.4 Financing Commitments. (a) With respect to senior bank financing, Buyer has delivered to the Company a true and complete copy of a commitment of Bank of America, N.A. and a commitment of Sovereign Bank (the "Senior Commitments"). The Senior Commitments are in full force and effect, and neither Buyer nor Buyer Subsidiary has any reason to expect _____________ dt 1684203 ; Wells Fargo Bank Wells Fargo Bank Minnesota, NA ( Financial ) As referenced in this Agreement and Plan of Merger: Wells Fargo Bank Minnesota, N.A. – Buyer an irrevocable proxy (the "Irrevocable Proxy"), subject to the terms and conditions of the Voting Agreement. Concurrently with the execution and delivery of this Agreement, Buyer, the Company, and Wells Fargo Bank Minnesota, N.A. (the "Escrow Agent") have executed and delivered an escrow agreement, in the form attached as Exhibit B hereto (the "Escrow Agreement"), pursuant to which Buyer has deposited (or will _____________ Wells Fargo Bank Minnesota, N.A. – payments required under this Section 1.7. 1.8 Payment for Shares. (a) At or before the Effective Time, Buyer or Buyer Subsidiary shall deposit in immediately available funds with Wells Fargo Bank Minnesota, N.A. , or any other disbursing agent selected by Buyer that has offices in Southern California, is organized under the laws of the United States or any state of the United _____________ WELLS FARGO BANK MINNESOTA, NA – set his hand as of this 24th day of April, 2001. ----------------------------------------- Guy Benhamou In Presence of: ----------------------------------- <PAGE> 56 EXHIBIT B ESCROW AGREEMENT AMONG OROAMERICA, INC. AURAFIN LLC, AND WELLS FARGO BANK MINNESOTA, NA TIONAL ASSOCIATION dated as of April 24, 2001 <PAGE> 57 TABLE OF CONTENTS <TABLE> <S> <C> 1. Defined Terms............................................................................1 2. Appointment _____________ WELLS FARGO BANK MINNESOTA, NA – and entered into as of the 24th day of April, 2001, by and among OROAMERICA, INC., a Delaware corporation (the "Company"), AURAFIN LLC, a Delaware limited liability company ("Buyer"), and WELLS FARGO BANK MINNESOTA, NA TIONAL ASSOCIATION, a national banking association (the "Escrow Agent"). RECITALS: WHEREAS, the Company, Buyer and Bentley Acquisition LLC, a Delaware limited liability company and wholly owned subsidiary of Buyer ("Buyer _____________ Wells Fargo Bank Minnesota, Na – Burbank, California 91502 with a copy to: Bertram K. Massing Erwin, Cohen & Jessup LLP 9401 Wilshire Boulevard Ninth Floor Beverly Hills, California 90212 (c) If to the Escrow Agent: Wells Fargo Bank Minnesota, Na tional Association Corporate Trust Department Sixth Street and Marquette Avenue Minneapolis, Minnesota 55479-0069 Attention: Marco X. Morales or to such other address with respect to a party as such _____________ dt 1681052
Preview Full Doc	2003	Annual Report to Shareholders Annual Report to Shareholders (440K) Doc #1919732: Click preview link for longer preview. ADVANTUS EQUITY FUNDS [ADVANTUS(TM) CAPITAL MANAGEMENT LOGO] ANNUAL REPORT TO SHAREHOLDERS DATED JULY 31, 2003 ADVANTUS CORNERSTONE FUND, INC. A LARGE COMPANY VALUE FUND ADVANTUS ENTERPRISE FUND, INC. A SMALL COMPANY GROWTH FUND ADVANTUS HORIZON FUND, INC. A LARGE COMPANY GROWTH FUND ADVANTUS INDEX 500 FUND, INC. A LARGE COMPANY INDEX FUND ADVANTUS REAL ESTATE SECURITIES FUND, INC. A REAL ESTATE - RELATED SECURITIES FUND ADVANTUS VENTURE FUND, INC. A SMALL COMPANY VALUE FUND CUT DOWN PAPERWORK, NOT TREES ADVANTUS NOW OFFERS E-DELIVERY OF PROSPECTUSES, . . . 1919732	Wal-Mart Stores Wal-Mart Stores Inc. ( Department & Discount ) As referenced in this Annual Report to Shareholders: Wal-Mart Stores, Inc – C} {C} {C} General Electric Company 36,361 $ 1,034,107 3.1% Microsoft Corporation 39,060 1,031,184 3.2% Pfizer, Inc. 28,731 958,466 2.9% Wal-Mart Stores, Inc . 15,980 893,442 2.7% Exxon Mobil Corporation 24,323 865,412 2.6% Citigroup, Inc. 18,769 840,851 2.5% American International Group 9,559 613, _____________ Wal-Mart Stores, Inc – 5,400 Autozone, Inc. (b) 449,604 18,100 Dollar General Corporation 333,040 7,500 Kohl's Corporation (b) 445,125 5,100 Target Corporation 195,432 7,600 Wal-Mart Stores, Inc . 424,916 ------------ 1,848,117 ------------ CONSUMER STAPLES (4.3%) Beverage (1.1%) 6,300 Anheuser-Busch Companies, Inc. 326,466 ------------ Service (1.1%) 8,600 Manpower, Inc. 327,660 ------------ _____________ Wal-Mart Stores, Inc – 988 The May Department Stores Company 24,413 518 Tiffany &Company 17,798 1,806 TJX Companies, Inc. 35,127 768 Toys 'R' US, Inc. (b) 8,563 15,980 Wal-Mart Stores, Inc . (e) 893,442 ------------ 2,314,005 ------------ Service (.7%) 615 Apollo Group, Inc. (b) 39,827 3,690 Cendant Corporation (b) 66,236 478 Convergys Corporation (b) 8,064 313 _____________ dt 1528649 ; AMD Advanced Micro Devices, Inc. ( Semiconductors ) As referenced in this Annual Report to Shareholders: Advanced Micro Devices, Inc. – 925 --------------- 34,841 --------------- {/TABLE} See accompanying notes to investments in securities. 60 {PAGE} {TABLE} {CAPTION} MARKET SHARES VALUE(a) ------ --------------- {S} {C} TECHNOLOGY--CONTINUED Electronic Components-Semiconductor (3.5%) 1,184 Advanced Micro Devices, Inc. (b) $ 8,643 1,343 Altera Corporation (b) 25,839 1,352 Analog Devices, Inc. (b) 51,308 6,009 Applied Materials, Inc. (b) 117,176 1,034 Applied _____________ dt 1469448 ; Aeropostale Aeropostale, Inc. ( Apparel ) As referenced in this Annual Report to Shareholders: Aeropostale, Inc. – 400 BorgWarner, Inc. 494,098 ------------ Distribution Durables (.9%) 17,100 MSC Industrial Direct Company 344,565 ------------ Publishing (.8%) 10,100 Scholastic Corporation (b) 294,617 ------------ Retail (9.9%) 15,000 Aeropostale, Inc. (b) 392,250 21,700 American Eagle Outfitters (b) 480,872 15,700 AnnTaylor Stores Corporation (b) 443,525 {/TABLE} See accompanying notes to investments in securities. 39 {PAGE} { _____________ dt 1440248 ;	AFLAC AFLAC Inc. ( Accident & Health Insurance ) As referenced in this Annual Report to Shareholders: Aflac, Inc – Financial Corporation (b) 10,113 1,740 SLM Corporation 72,140 ------------ 1,096,736 ------------ Insurance (5.0%) 920 ACE, Ltd. (c) 30,351 590 Aetna, Inc. 36,356 1,847 Aflac, Inc . 59,252 396 AMBAC Financial Group, Inc. 26,085 9,559 American International Group 613,687 1,132 AON Corporation 27,225 712 Chubb Corporation 46,138 543 Cigna _____________ dt 1439498 ; Agrium Agrium Inc. ( Chemical Manufacturing ) As referenced in this Annual Report to Shareholders: Agrium, – C} {C} Argosy Gaming Company 50,200 $ 1,164,640 1.9% Technitrol, Inc. 61,400 1,152,478 1.8% Wabtec Corporation 76,900 1,135,044 1.8% Agrium, Inc. 96,500 1,080,800 1.7% The Reader's Digest Association, Inc. 74,500 967,010 1.5% Veeco Instruments, Inc. 49,800 938,232 1.5% _____________ Agrium, – TABLE} {CAPTION} MARKET SHARES VALUE(a) ------ --------------- {S} {C} COMMON STOCK (97.0%) BASIC MATERIALS (11.0%) Agriculture Products (.4%) 8,800 Bunge, Ltd. $ 263,560 --------------- Chemicals (4.2%) 96,500 Agrium, Inc. (c) 1,080,800 9,600 Ferro Corporation 208,896 29,200 IMC Global, Inc. 213,452 23,000 Methanex Corporation (c) 212,980 9,100 Minerals Technologies, _____________ dt 1541358 ; More...
Preview Full Doc	2003	Annual Report to Shareholders Annual Report to Shareholders (384K) Doc #1919809: Click preview link for longer preview. [GRAPHIC] ADVANTUS FIXED INCOME AND BLENDED FUNDS [ADVANTUS(TM) CAPITAL MANAGEMENT LOGO] ANNUAL REPORT TO SHAREHOLDERS DATED SEPTEMBER 30, 2002 ADVANTUS BOND FUND, INC. AN AGGREGATE BOND FUND ADVANTUS INTERNATIONAL BALANCED FUND, INC. AN INTERNATIONAL STOCK AND BOND FUND ADVANTUS MONEY MARKET FUND, INC. A MONEY MARKET SECURITIES FUND ADVANTUS MORTGAGE SECURITIES FUND, INC. A MORTGAGE - RELATED SECURITIES FUND ADVANTUS SPECTRUM FUND, INC. AN ASSET ALLOCATION FUND CUT DOWN PAPERWORK, NOT TREES ADVANTUS NOW OFFERS E-DELIVERY OF PROSPECTUSES, ANNUAL AND . . . 1919809	Wal-Mart Stores Wal-Mart Stores Inc. ( Department & Discount ) As referenced in this Annual Report to Shareholders: Wal-Mart Stores, Inc – 800 Family Dollar Stores 182,784 3,200 Kohls' Corporation(b) 194,592 5,300 Lowes Companies, Inc. 219,420 6,300 Michaels' Stores, Inc.(b) 287,910 12,800 Wal-Mart Stores, Inc . 630,272 ------------ 1,749,482 ------------ Textiles (.6%) 9,900 Jones Apparel Group, Inc.(b) 303,930 ------------ CONSUMER STAPLES (6.2%) Beverage (.5%) 3,180 Pepsico, Inc. 117,501 3, _____________ dt 1528650 ; Accenture Accenture Ltd. ( Business Services ) As referenced in this Annual Report to Shareholders: Accenture Limited – 51.7%) AUSTRALIA (.6%) Mining (.6%) 91,000 Iluka Resources, Ltd. $ 229,940 ------------- BERMUDA (.8%) Insurance (.6%) 3,500 XL Capital, Ltd. Class A 257,250 Service (.2%) 6,000 Accenture Limited (b) 85,680 ------------- 342,930 ------------- BRAZIL (.7%) Mining (.7%) 12,360 Vale Rio Doce ADR 267,594 ------------- CANADA (2.7%) Electrical Equipment (1.2%) 223,000 Nortel Networks Corporation _____________ dt 1559843 ; Air Products Air Products & Chemicals, Inc. ( Chemical Manufacturing ) As referenced in this Annual Report to Shareholders: Air Products and Chemicals – assets.) {TABLE} {CAPTION} MARKET SHARES VALUE(a) ------ ------------ {S} {C} COMMON STOCK (60.6%) BASIC MATERIALS (1.9%) Aluminum (.1%) 3,500 Alcoa, Inc. $ 67,550 ------------ Chemicals (1.8%) 7,200 Air Products and Chemicals , Inc. 302,472 3,700 Dow Chemical Company 101,047 9,600 EI Dupont De Nemours & Company 346,272 15,400 Lyondell Petrochemical Company 183,876 ------------ 933,667 ------------ CAPITAL _____________ dt 1528386 ;	Alcatel Alcatel ( Communications Equipment ) As referenced in this Annual Report to Shareholders: Alcatel – Stora Enso 125,909 Telecommunication (.5%) 21,000 Metso Corporation 182,638 ------------- 574,885 ------------- FRANCE (4.5%) Chemicals (1.0%) 7,498 Aventis 392,745 Electrical Equipment (.3%) 44,000 Alcatel A 102,190 {/TABLE} See accompanying notes to investments in securities. 39 {PAGE} {TABLE} {CAPTION} MARKET SHARES VALUE(a) ------ ------------- {S} {C} Houseware (.8%) 9,570 BIC $ 316,844 Investment Bankers/ _____________ dt 1537854 ; ALCOA ALCOA Inc. ( Metal Mining ) As referenced in this Annual Report to Shareholders: Alcoa, Inc – Daniels-Midland Company 7.000% 02/01/31 289,136 200,000 Cargill, Inc. -- 144A Issue(d) 6.375% 06/01/12 225,587 ----------- 514,723 ----------- Aluminum (.6%) 150,000 Alcoa, Inc . 4.250% 08/15/07 155,805 ----------- Construction (1.3%) 300,000 Vulcan Materials, Inc. 6.400% 02/01/06 330,904 ----------- Paper and Forest (2.2%) 300,000 _____________ Alcoa, Inc – Percentages of each investment category relate to total net assets.) {TABLE} {CAPTION} MARKET SHARES VALUE(a) ------ ------------ {S} {C} COMMON STOCK (60.6%) BASIC MATERIALS (1.9%) Aluminum (.1%) 3,500 Alcoa, Inc . $ 67,550 ------------ Chemicals (1.8%) 7,200 Air Products and Chemicals, Inc. 302,472 3,700 Dow Chemical Company 101,047 9,600 EI Dupont De Nemours & Company 346, _____________ dt 1508667 ; More...
Preview Full Doc	2003	Annual Report to Shareholders Annual Report to Shareholders (449K) Doc #1919815: Click preview link for longer preview. ADVANTUS EQUITY FUNDS [LOGO] ANNUAL REPORT TO SHAREHOLDERS DATED JULY 31, 2002 ADVANTUS CORNERSTONE FUND, INC. A LARGE COMPANY VALUE FUND ADVANTUS ENTERPRISE FUND, INC. A SMALL COMPANY GROWTH FUND ADVANTUS HORIZON FUND, INC. A LARGE COMPANY GROWTH FUND ADVANTUS INDEX 500 FUND, INC. A LARGE COMPANY INDEX FUND ADVANTUS REAL ESTATE SECURITIES FUND, INC. A REAL ESTATE - RELATED SECURITIES FUND ADVANTUS VENTURE FUND, INC. A SMALL COMPANY VALUE FUND CUT DOWN PAPERWORK, NOT TREES Advantus now offers e-delivery of prospectuses, annual and semi-annual reports. To find out more, call Advantus Shareholder Services at (800) 665-6005. ADVANTUS EQUITY FUNDS TABLE OF CONTENTS PERFORMANCE UPDATES Cornerstone Fund 3 Enterprise Fund 7 Horizon Fund 12 Index 500 Fund 18 Real Estate Securities Fund 22 Venture Fund 27 INVESTMENTS IN SECURITIES Cornerstone Fund 31 Enterprise Fund 37 Horizon Fund 42 Index 500 Fund 48 Real Estate Securities Fund 65 Venture Fund 68 FINANCIAL STATEMENTS Statements of Assets and Liabilities 76 Statements of Operations 80 Statements of Changes in Net Assets 84 Notes to Financial Statements 90 INDEPENDENT AUDITORS' REPORT 117 FEDERAL INCOME TAX INFORMATION 118 DIRECTORS AND EXECUTIVE OFFICERS 120 SHAREHOLDER SERVICES 122 LETTER FROM THE PRESIDENT [PHOTO OF DIANNE ORBISON] Dear Shareholders: It's been a very eventful year in the economy and the markets. We've seen a major rally in the bond market, and a major sell off in stocks. Negative events, questionable earnings reports, and unscrupulous corporate leadership is a lot of weight for the stock market to carry. Investors are still not confident that the market can bear the load, which contributed to the stock sell off during the first half of the year. A flight to quality is still underway, and this is not unusual when political, social, and economic events hold uncertainty. In the period ended July 31, 2002, strong fixed income performance (Lehman Aggregate Bond Index* at 7.84%) and very weak equity performance (S&P 500 Index** at -23.63) was recorded. The difference in returns between stocks and bonds, as measured by these two benchmark indices, was near record levels. We believe the capital markets will continue to be volatile and suggest that investors adjust their expectations for a time-specific market recovery. Current market conditions didn't happen overnight, and it has taken longer than expected for a sustainable recovery to surface. Although most segments of the stock market were down at the end of our reporting period, we believe valuations are fair and better than they have been in six months. The economy is growing, albeit slowly. We expect that U.S. growth, as measured by GDP, will be a respectable 2.5 percent in 2002. Monetary policy is still easy, and we expect no changes from the Federal Reserve in the near term. Inflation is running less than two percent annually with little, if any, increase expected. Also, the underlying strength of the U.S. economy remains solid. The weakness of the dollar, however, may benefit investors considering a greater allocation to international investments. Consider having a periodic conversation with your financial advisor about your goals, risk tolerance, and allocation strategy. You will notice that all Advantus equity funds are included in this report. The remaining Advantus Funds (fixed income and balanced) will be published in an annual report to be dated September 30, 2002. We have combined the reports for the funds into two mailings to achieve economies of scale in report preparation and mailing. We are also moving forward with plans to combine Advantus Funds prospectuses in the same way and for the same reasons. This is my first letter to you as President of the Advantus Funds. Bill Westhoff, former President and investment management veteran, retired in late July, 2002 after 31 years of service to shareholders. I look forward to communicating with 1 you on a regular basis and bringing you news of the economy, markets, and Advantus. Sincerely, /s/ Dianne Orbison Dianne Orbison President, Advantus Funds *The LEHMAN BROTHERS AGGREGATE BOND INDEX is a market-weighted index that covers the U.S. investment grade fixed rate bond market. The index includes government and corporate securities, agency mortgage pass-through securities and asset backed securities. 1919815	Wal-Mart Stores Wal-Mart Stores Inc. ( Department & Discount ) As referenced in this Annual Report to Shareholders: Wal-Mart Stores, Inc – 813,217 6.3% Microsoft Corporation 24,759 1,187,194 4.1% Cisco Systems, Inc. 56,785 748,994 2.6% Johnson & Johnson 14,000 742,000 2.6% Wal-Mart Stores, Inc . 13,900 683,602 2.3% Wyeth 15,900 634,410 2.2% The Coca-Cola Company 12,600 629,244 2.2% American International Group 9,400 600, _____________ Wal-Mart Stores, Inc – C} {C} General Electric Company 39,494 $1,271,707 3.8% Microsoft Corporation 21,522 1,031,980 3.1% Exxon Mobil Corporation 26,953 990,792 3.0% Wal-Mart Stores, Inc . 17,677 869,355 2.6% Pfizer, Inc. 24,818 802,862 2.4% CitiGroup, Inc. 20,455 686,061 2.0% American International Group 10,384 663,745 _____________ Wal-Mart Stores, Inc – 150 Home Depot, Inc. 282,552 6,800 Kohls Corporation (b) 448,800 7,800 Lowes Companies, Inc. 295,230 4,100 Michaels Stores, Inc. (b) 151,823 13,900 Wal-Mart Stores, Inc . 683,602 ---------- 2,465,570 ---------- Service (1.0%) 6,500 Harrahs Entertainment, Inc. (b) 307,580 ---------- Textiles (.5%) 4,400 Jones Apparel Group, Inc. (b) 149,732 ---------- {/TABLE} See _____________ Wal-Mart Stores, Inc – SHARES VALUE(a) ------ -------- {S} {C} CONSUMER CYCLICAL--CONTINUED 568 Tiffany & Company $ 13,996 2,106 TJX Companies, Inc. 37,339 768 Toys `R' Us, Inc. (b) 10,353 17,677 Wal-Mart Stores, Inc . (e) 869,355 ---------- 2,220,492 ---------- Service (.7%) 715 Apollo Group, Inc. (b) 28,064 4,145 Cendant Corporation (b) 57,284 669 Convergys Corporation (b) 10,115 338 _____________ dt 1528651 ; Adaptec Adaptec Inc. ( Semiconductors ) As referenced in this Annual Report to Shareholders: Adaptec, Inc – Renal Care Group, Inc. (b) 405,000 ------------- 1,877,626 ------------- TECHNOLOGY (14.7%) Communications Equipment (.3%) 89,100 Openwave Systems, Inc. (b) 89,100 ------------- Computer Networking (2.1%) 39,100 Adaptec, Inc . (b) 230,690 42,500 Legato Systems, Inc. (b) 114,750 40,250 Radiant Systems, Inc. (b) 313,950 ------------- 659,390 ------------- Computer Services & Software (7.0%) 30,600 Agile _____________ dt 1515926 ; Adaptec Adaptec Inc. ( Semiconductors ) As referenced in this Annual Report to Shareholders: Adaptec, Inc. – Renal Care Group, Inc. (b) 405,000 ------------- 1,877,626 ------------- TECHNOLOGY (14.7%) Communications Equipment (.3%) 89,100 Openwave Systems, Inc. (b) 89,100 ------------- Computer Networking (2.1%) 39,100 Adaptec, Inc. (b) 230,690 42,500 Legato Systems, Inc. (b) 114,750 40,250 Radiant Systems, Inc. (b) 313,950 ------------- 659,390 ------------- Computer Services & Software (7.0%) 30,600 Agile _____________ dt 1457199 ;	Aeroflex Aeroflex Inc. ( Semiconductors ) As referenced in this Annual Report to Shareholders: Aeroflex, Inc. – 12,500 Precise Software Solutions, Ltd. (b)(c) 157,000 ------------- 2,170,305 ------------- Data Processing (1.6%) 30,304 Documentum, Inc. (b) 490,828 ------------- Electrical Defense (1.0%) 40,300 Aeroflex, Inc. (b) 306,280 ------------- {/TABLE} See accompanying notes to investments in securities. 40 {PAGE} {TABLE} {CAPTION} MARKET SHARES VALUE(a) ------ --------- {S} {C} TECHNOLOGY--CONTINUED Electrical Instruments (--) 51,700 APW, Ltd. ( _____________ dt 1459645 ; Affymetrix Affymetrix, Inc. ( Biotechnology & Drugs ) As referenced in this Annual Report to Shareholders: Affymetrix, Inc – 128 2.2% Lifepoint Hospitals, Inc. 17,600 599,280 2.2% CACI International, Inc. 17,200 589,616 2.1% Education Management Corporation 13,800 550,758 2.0% Affymetrix, Inc . 30,100 537,285 1.9% ---------- ----- $6,195,635 22.3% ========== ==== {/TABLE} [CHART] {TABLE} {S} {C} Cash and Other Assets/Liabilities (10.9%) Transportation (1.0%) Basic Materials (1. _____________ Affymetrix, Inc – 6,100 Affiliated Managers Group (b) 288,042 ------------- Savings and Loans (1.1%) 15,000 IndyMac Bancorp, Inc. (b) 330,750 ------------- HEALTH CARE (24.8%) Biotechnology (3.0%) 30,100 Affymetrix, Inc . (b) 537,285 14,800 Lynx Therapeutics, Inc. (b) 14,652 11,800 Scios, Inc. (b) 370,048 ------------- 921,985 ------------- Drugs (4.9%) 12,600 Cubist Pharmaceuticals, Inc. (b) _____________ dt 1551693 ; More...
Preview Full Doc	2003	Annual Report to Shareholders Annual Report to Shareholders (440K) Doc #1922157: Click preview link for longer preview. ADVANTUS EQUITY FUNDS [ADVANTUS(TM) CAPITAL MANAGEMENT LOGO] ANNUAL REPORT TO SHAREHOLDERS DATED JULY 31, 2003 ADVANTUS CORNERSTONE FUND, INC. A LARGE COMPANY VALUE FUND ADVANTUS ENTERPRISE FUND, INC. A SMALL COMPANY GROWTH FUND ADVANTUS HORIZON FUND, INC. A LARGE COMPANY GROWTH FUND ADVANTUS INDEX 500 FUND, INC. A LARGE COMPANY INDEX FUND ADVANTUS REAL ESTATE SECURITIES FUND, INC. A REAL ESTATE - RELATED SECURITIES FUND ADVANTUS VENTURE FUND, INC. A SMALL COMPANY VALUE FUND CUT DOWN PAPERWORK, NOT TREES ADVANTUS NOW OFFERS E-DELIVERY OF PROSPECTUSES, . . . 1922157	Wal-Mart Stores Wal-Mart Stores Inc. ( Department & Discount ) As referenced in this Annual Report to Shareholders: Wal-Mart Stores, Inc – C} {C} {C} General Electric Company 36,361 $ 1,034,107 3.1% Microsoft Corporation 39,060 1,031,184 3.2% Pfizer, Inc. 28,731 958,466 2.9% Wal-Mart Stores, Inc . 15,980 893,442 2.7% Exxon Mobil Corporation 24,323 865,412 2.6% Citigroup, Inc. 18,769 840,851 2.5% American International Group 9,559 613, _____________ Wal-Mart Stores, Inc – 5,400 Autozone, Inc. (b) 449,604 18,100 Dollar General Corporation 333,040 7,500 Kohl's Corporation (b) 445,125 5,100 Target Corporation 195,432 7,600 Wal-Mart Stores, Inc . 424,916 ------------ 1,848,117 ------------ CONSUMER STAPLES (4.3%) Beverage (1.1%) 6,300 Anheuser-Busch Companies, Inc. 326,466 ------------ Service (1.1%) 8,600 Manpower, Inc. 327,660 ------------ _____________ Wal-Mart Stores, Inc – 988 The May Department Stores Company 24,413 518 Tiffany &Company 17,798 1,806 TJX Companies, Inc. 35,127 768 Toys 'R' US, Inc. (b) 8,563 15,980 Wal-Mart Stores, Inc . (e) 893,442 ------------ 2,314,005 ------------ Service (.7%) 615 Apollo Group, Inc. (b) 39,827 3,690 Cendant Corporation (b) 66,236 478 Convergys Corporation (b) 8,064 313 _____________ dt 1528652 ; AMD Advanced Micro Devices, Inc. ( Semiconductors ) As referenced in this Annual Report to Shareholders: Advanced Micro Devices, Inc. – 925 --------------- 34,841 --------------- {/TABLE} See accompanying notes to investments in securities. 60 {PAGE} {TABLE} {CAPTION} MARKET SHARES VALUE(a) ------ --------------- {S} {C} TECHNOLOGY--CONTINUED Electronic Components-Semiconductor (3.5%) 1,184 Advanced Micro Devices, Inc. (b) $ 8,643 1,343 Altera Corporation (b) 25,839 1,352 Analog Devices, Inc. (b) 51,308 6,009 Applied Materials, Inc. (b) 117,176 1,034 Applied _____________ dt 1469449 ; Aeropostale Aeropostale, Inc. ( Apparel ) As referenced in this Annual Report to Shareholders: Aeropostale, Inc. – 400 BorgWarner, Inc. 494,098 ------------ Distribution Durables (.9%) 17,100 MSC Industrial Direct Company 344,565 ------------ Publishing (.8%) 10,100 Scholastic Corporation (b) 294,617 ------------ Retail (9.9%) 15,000 Aeropostale, Inc. (b) 392,250 21,700 American Eagle Outfitters (b) 480,872 15,700 AnnTaylor Stores Corporation (b) 443,525 {/TABLE} See accompanying notes to investments in securities. 39 {PAGE} { _____________ dt 1440249 ;	AFLAC AFLAC Inc. ( Accident & Health Insurance ) As referenced in this Annual Report to Shareholders: Aflac, Inc – Financial Corporation (b) 10,113 1,740 SLM Corporation 72,140 ------------ 1,096,736 ------------ Insurance (5.0%) 920 ACE, Ltd. (c) 30,351 590 Aetna, Inc. 36,356 1,847 Aflac, Inc . 59,252 396 AMBAC Financial Group, Inc. 26,085 9,559 American International Group 613,687 1,132 AON Corporation 27,225 712 Chubb Corporation 46,138 543 Cigna _____________ dt 1439500 ; Agrium Agrium Inc. ( Chemical Manufacturing ) As referenced in this Annual Report to Shareholders: Agrium, – C} {C} Argosy Gaming Company 50,200 $ 1,164,640 1.9% Technitrol, Inc. 61,400 1,152,478 1.8% Wabtec Corporation 76,900 1,135,044 1.8% Agrium, Inc. 96,500 1,080,800 1.7% The Reader's Digest Association, Inc. 74,500 967,010 1.5% Veeco Instruments, Inc. 49,800 938,232 1.5% _____________ Agrium, – TABLE} {CAPTION} MARKET SHARES VALUE(a) ------ --------------- {S} {C} COMMON STOCK (97.0%) BASIC MATERIALS (11.0%) Agriculture Products (.4%) 8,800 Bunge, Ltd. $ 263,560 --------------- Chemicals (4.2%) 96,500 Agrium, Inc. (c) 1,080,800 9,600 Ferro Corporation 208,896 29,200 IMC Global, Inc. 213,452 23,000 Methanex Corporation (c) 212,980 9,100 Minerals Technologies, _____________ dt 1541360 ; More...
Preview Full Doc	2003	Annual Report to Shareholders Annual Report to Shareholders (384K) Doc #1922266: Click preview link for longer preview. [GRAPHIC] ADVANTUS FIXED INCOME AND BLENDED FUNDS [ADVANTUS(TM) CAPITAL MANAGEMENT LOGO] ANNUAL REPORT TO SHAREHOLDERS DATED SEPTEMBER 30, 2002 ADVANTUS BOND FUND, INC. AN AGGREGATE BOND FUND ADVANTUS INTERNATIONAL BALANCED FUND, INC. AN INTERNATIONAL STOCK AND BOND FUND ADVANTUS MONEY MARKET FUND, INC. A MONEY MARKET SECURITIES FUND ADVANTUS MORTGAGE SECURITIES FUND, INC. A MORTGAGE - RELATED SECURITIES FUND ADVANTUS SPECTRUM FUND, INC. AN ASSET ALLOCATION FUND CUT DOWN PAPERWORK, NOT TREES ADVANTUS NOW OFFERS E-DELIVERY OF PROSPECTUSES, ANNUAL AND . . . 1922266	Wal-Mart Stores Wal-Mart Stores Inc. ( Department & Discount ) As referenced in this Annual Report to Shareholders: Wal-Mart Stores, Inc – 800 Family Dollar Stores 182,784 3,200 Kohls' Corporation(b) 194,592 5,300 Lowes Companies, Inc. 219,420 6,300 Michaels' Stores, Inc.(b) 287,910 12,800 Wal-Mart Stores, Inc . 630,272 ------------ 1,749,482 ------------ Textiles (.6%) 9,900 Jones Apparel Group, Inc.(b) 303,930 ------------ CONSUMER STAPLES (6.2%) Beverage (.5%) 3,180 Pepsico, Inc. 117,501 3, _____________ dt 1528653 ; Accenture Accenture Ltd. ( Business Services ) As referenced in this Annual Report to Shareholders: Accenture Limited – 51.7%) AUSTRALIA (.6%) Mining (.6%) 91,000 Iluka Resources, Ltd. $ 229,940 ------------- BERMUDA (.8%) Insurance (.6%) 3,500 XL Capital, Ltd. Class A 257,250 Service (.2%) 6,000 Accenture Limited (b) 85,680 ------------- 342,930 ------------- BRAZIL (.7%) Mining (.7%) 12,360 Vale Rio Doce ADR 267,594 ------------- CANADA (2.7%) Electrical Equipment (1.2%) 223,000 Nortel Networks Corporation _____________ dt 1559844 ; Air Products Air Products & Chemicals, Inc. ( Chemical Manufacturing ) As referenced in this Annual Report to Shareholders: Air Products and Chemicals – assets.) {TABLE} {CAPTION} MARKET SHARES VALUE(a) ------ ------------ {S} {C} COMMON STOCK (60.6%) BASIC MATERIALS (1.9%) Aluminum (.1%) 3,500 Alcoa, Inc. $ 67,550 ------------ Chemicals (1.8%) 7,200 Air Products and Chemicals , Inc. 302,472 3,700 Dow Chemical Company 101,047 9,600 EI Dupont De Nemours & Company 346,272 15,400 Lyondell Petrochemical Company 183,876 ------------ 933,667 ------------ CAPITAL _____________ dt 1528389 ;	Alcatel Alcatel ( Communications Equipment ) As referenced in this Annual Report to Shareholders: Alcatel – Stora Enso 125,909 Telecommunication (.5%) 21,000 Metso Corporation 182,638 ------------- 574,885 ------------- FRANCE (4.5%) Chemicals (1.0%) 7,498 Aventis 392,745 Electrical Equipment (.3%) 44,000 Alcatel A 102,190 {/TABLE} See accompanying notes to investments in securities. 39 {PAGE} {TABLE} {CAPTION} MARKET SHARES VALUE(a) ------ ------------- {S} {C} Houseware (.8%) 9,570 BIC $ 316,844 Investment Bankers/ _____________ dt 1537855 ; ALCOA ALCOA Inc. ( Metal Mining ) As referenced in this Annual Report to Shareholders: Alcoa, Inc – Daniels-Midland Company 7.000% 02/01/31 289,136 200,000 Cargill, Inc. -- 144A Issue(d) 6.375% 06/01/12 225,587 ----------- 514,723 ----------- Aluminum (.6%) 150,000 Alcoa, Inc . 4.250% 08/15/07 155,805 ----------- Construction (1.3%) 300,000 Vulcan Materials, Inc. 6.400% 02/01/06 330,904 ----------- Paper and Forest (2.2%) 300,000 _____________ Alcoa, Inc – Percentages of each investment category relate to total net assets.) {TABLE} {CAPTION} MARKET SHARES VALUE(a) ------ ------------ {S} {C} COMMON STOCK (60.6%) BASIC MATERIALS (1.9%) Aluminum (.1%) 3,500 Alcoa, Inc . $ 67,550 ------------ Chemicals (1.8%) 7,200 Air Products and Chemicals, Inc. 302,472 3,700 Dow Chemical Company 101,047 9,600 EI Dupont De Nemours & Company 346, _____________ dt 1508670 ; More...
Preview Full Doc	2003	Annual Report to Shareholders Annual Report to Shareholders (449K) Doc #1922269: Click preview link for longer preview. ADVANTUS EQUITY FUNDS [LOGO] ANNUAL REPORT TO SHAREHOLDERS DATED JULY 31, 2002 ADVANTUS CORNERSTONE FUND, INC. A LARGE COMPANY VALUE FUND ADVANTUS ENTERPRISE FUND, INC. A SMALL COMPANY GROWTH FUND ADVANTUS HORIZON FUND, INC. A LARGE COMPANY GROWTH FUND ADVANTUS INDEX 500 FUND, INC. A LARGE COMPANY INDEX FUND ADVANTUS REAL ESTATE SECURITIES FUND, INC. A REAL ESTATE - RELATED SECURITIES FUND ADVANTUS VENTURE FUND, INC. A SMALL COMPANY VALUE FUND CUT DOWN PAPERWORK, NOT TREES Advantus now offers e-delivery of prospectuses, annual and semi-annual reports. To find out more, call Advantus Shareholder Services at (800) 665-6005. ADVANTUS EQUITY FUNDS TABLE OF CONTENTS PERFORMANCE UPDATES Cornerstone Fund 3 Enterprise Fund 7 Horizon Fund 12 Index 500 Fund 18 Real Estate Securities Fund 22 Venture Fund 27 INVESTMENTS IN SECURITIES Cornerstone Fund 31 Enterprise Fund 37 Horizon Fund 42 Index 500 Fund 48 Real Estate Securities Fund 65 Venture Fund 68 FINANCIAL STATEMENTS Statements of Assets and Liabilities 76 Statements of Operations 80 Statements of Changes in Net Assets 84 Notes to Financial Statements 90 INDEPENDENT AUDITORS' REPORT 117 FEDERAL INCOME TAX INFORMATION 118 DIRECTORS AND EXECUTIVE OFFICERS 120 SHAREHOLDER SERVICES 122 LETTER FROM THE PRESIDENT [PHOTO OF DIANNE ORBISON] Dear Shareholders: It's been a very eventful year in the economy and the markets. We've seen a major rally in the bond market, and a major sell off in stocks. Negative events, questionable earnings reports, and unscrupulous corporate leadership is a lot of weight for the stock market to carry. Investors are still not confident that the market can bear the load, which contributed to the stock sell off during the first half of the year. A flight to quality is still underway, and this is not unusual when political, social, and economic events hold uncertainty. In the period ended July 31, 2002, strong fixed income performance (Lehman Aggregate Bond Index* at 7.84%) and very weak equity performance (S&P 500 Index** at -23.63) was recorded. The difference in returns between stocks and bonds, as measured by these two benchmark indices, was near record levels. We believe the capital markets will continue to be volatile and suggest that investors adjust their expectations for a time-specific market recovery. Current market conditions didn't happen overnight, and it has taken longer than expected for a sustainable recovery to surface. Although most segments of the stock market were down at the end of our reporting period, we believe valuations are fair and better than they have been in six months. The economy is growing, albeit slowly. We expect that U.S. growth, as measured by GDP, will be a respectable 2.5 percent in 2002. Monetary policy is still easy, and we expect no changes from the Federal Reserve in the near term. Inflation is running less than two percent annually with little, if any, increase expected. Also, the underlying strength of the U.S. economy remains solid. The weakness of the dollar, however, may benefit investors considering a greater allocation to international investments. Consider having a periodic conversation with your financial advisor about your goals, risk tolerance, and allocation strategy. You will notice that all Advantus equity funds are included in this report. The remaining Advantus Funds (fixed income and balanced) will be published in an annual report to be dated September 30, 2002. We have combined the reports for the funds into two mailings to achieve economies of scale in report preparation and mailing. We are also moving forward with plans to combine Advantus Funds prospectuses in the same way and for the same reasons. This is my first letter to you as President of the Advantus Funds. Bill Westhoff, former President and investment management veteran, retired in late July, 2002 after 31 years of service to shareholders. I look forward to communicating with 1 you on a regular basis and bringing you news of the economy, markets, and Advantus. Sincerely, /s/ Dianne Orbison Dianne Orbison President, Advantus Funds *The LEHMAN BROTHERS AGGREGATE BOND INDEX is a market-weighted index that covers the U.S. investment grade fixed rate bond market. The index includes government and corporate securities, agency mortgage pass-through securities and asset backed securities. 1922269	Wal-Mart Stores Wal-Mart Stores Inc. ( Department & Discount ) As referenced in this Annual Report to Shareholders: Wal-Mart Stores, Inc – 813,217 6.3% Microsoft Corporation 24,759 1,187,194 4.1% Cisco Systems, Inc. 56,785 748,994 2.6% Johnson & Johnson 14,000 742,000 2.6% Wal-Mart Stores, Inc . 13,900 683,602 2.3% Wyeth 15,900 634,410 2.2% The Coca-Cola Company 12,600 629,244 2.2% American International Group 9,400 600, _____________ Wal-Mart Stores, Inc – C} {C} General Electric Company 39,494 $1,271,707 3.8% Microsoft Corporation 21,522 1,031,980 3.1% Exxon Mobil Corporation 26,953 990,792 3.0% Wal-Mart Stores, Inc . 17,677 869,355 2.6% Pfizer, Inc. 24,818 802,862 2.4% CitiGroup, Inc. 20,455 686,061 2.0% American International Group 10,384 663,745 _____________ Wal-Mart Stores, Inc – 150 Home Depot, Inc. 282,552 6,800 Kohls Corporation (b) 448,800 7,800 Lowes Companies, Inc. 295,230 4,100 Michaels Stores, Inc. (b) 151,823 13,900 Wal-Mart Stores, Inc . 683,602 ---------- 2,465,570 ---------- Service (1.0%) 6,500 Harrahs Entertainment, Inc. (b) 307,580 ---------- Textiles (.5%) 4,400 Jones Apparel Group, Inc. (b) 149,732 ---------- {/TABLE} See _____________ Wal-Mart Stores, Inc – SHARES VALUE(a) ------ -------- {S} {C} CONSUMER CYCLICAL--CONTINUED 568 Tiffany & Company $ 13,996 2,106 TJX Companies, Inc. 37,339 768 Toys `R' Us, Inc. (b) 10,353 17,677 Wal-Mart Stores, Inc . (e) 869,355 ---------- 2,220,492 ---------- Service (.7%) 715 Apollo Group, Inc. (b) 28,064 4,145 Cendant Corporation (b) 57,284 669 Convergys Corporation (b) 10,115 338 _____________ dt 1528654 ; Adaptec Adaptec Inc. ( Semiconductors ) As referenced in this Annual Report to Shareholders: Adaptec, Inc – Renal Care Group, Inc. (b) 405,000 ------------- 1,877,626 ------------- TECHNOLOGY (14.7%) Communications Equipment (.3%) 89,100 Openwave Systems, Inc. (b) 89,100 ------------- Computer Networking (2.1%) 39,100 Adaptec, Inc . (b) 230,690 42,500 Legato Systems, Inc. (b) 114,750 40,250 Radiant Systems, Inc. (b) 313,950 ------------- 659,390 ------------- Computer Services & Software (7.0%) 30,600 Agile _____________ dt 1515928 ; Adaptec Adaptec Inc. ( Semiconductors ) As referenced in this Annual Report to Shareholders: Adaptec, Inc. – Renal Care Group, Inc. (b) 405,000 ------------- 1,877,626 ------------- TECHNOLOGY (14.7%) Communications Equipment (.3%) 89,100 Openwave Systems, Inc. (b) 89,100 ------------- Computer Networking (2.1%) 39,100 Adaptec, Inc. (b) 230,690 42,500 Legato Systems, Inc. (b) 114,750 40,250 Radiant Systems, Inc. (b) 313,950 ------------- 659,390 ------------- Computer Services & Software (7.0%) 30,600 Agile _____________ dt 1457201 ;	Aeroflex Aeroflex Inc. ( Semiconductors ) As referenced in this Annual Report to Shareholders: Aeroflex, Inc. – 12,500 Precise Software Solutions, Ltd. (b)(c) 157,000 ------------- 2,170,305 ------------- Data Processing (1.6%) 30,304 Documentum, Inc. (b) 490,828 ------------- Electrical Defense (1.0%) 40,300 Aeroflex, Inc. (b) 306,280 ------------- {/TABLE} See accompanying notes to investments in securities. 40 {PAGE} {TABLE} {CAPTION} MARKET SHARES VALUE(a) ------ --------- {S} {C} TECHNOLOGY--CONTINUED Electrical Instruments (--) 51,700 APW, Ltd. ( _____________ dt 1459646 ; Affymetrix Affymetrix, Inc. ( Biotechnology & Drugs ) As referenced in this Annual Report to Shareholders: Affymetrix, Inc – 128 2.2% Lifepoint Hospitals, Inc. 17,600 599,280 2.2% CACI International, Inc. 17,200 589,616 2.1% Education Management Corporation 13,800 550,758 2.0% Affymetrix, Inc . 30,100 537,285 1.9% ---------- ----- $6,195,635 22.3% ========== ==== {/TABLE} [CHART] {TABLE} {S} {C} Cash and Other Assets/Liabilities (10.9%) Transportation (1.0%) Basic Materials (1. _____________ Affymetrix, Inc – 6,100 Affiliated Managers Group (b) 288,042 ------------- Savings and Loans (1.1%) 15,000 IndyMac Bancorp, Inc. (b) 330,750 ------------- HEALTH CARE (24.8%) Biotechnology (3.0%) 30,100 Affymetrix, Inc . (b) 537,285 14,800 Lynx Therapeutics, Inc. (b) 14,652 11,800 Scios, Inc. (b) 370,048 ------------- 921,985 ------------- Drugs (4.9%) 12,600 Cubist Pharmaceuticals, Inc. (b) _____________ dt 1551694 ; More...
Preview Full Doc	2003	Annual Report to Shareholders Annual Report to Shareholders (1,138K) Doc #2367890: Click preview link for longer preview. Fifth Third Funds Annual Report July 31, 2002 [LOGO] STOCK AND BOND MUTUAL FUNDS Annual Report to Shareholders July 31, 2002 NOTICE OF DELIVERY OF PROSPECTUSES, SEMI-ANNUAL REPORTS AND ANNUAL REPORTS In order to reduce expenses of the Fifth Third Funds incurred in connection with the mailing of prospectuses, . . . 2367890	Wal-Mart Stores Wal-Mart Stores Inc. ( Department & Discount ) As referenced in this Annual Report to Shareholders: Wal-Mart Stores, Inc – 2002? A. The Fund's top five holdings for July 31, 2002 were General Electric Corp. (4.23% of net assets), Exxon Mobil Corp. (3.66%), Microsoft Corp. (3.42%), Wal-Mart Stores, Inc . (3.02%), and American International Group, Inc. (2.91%)./++/ ---------- /++/ The composition of the Fund's portfolio is subject to change. 18 {PAGE} Growth of a $10,000 Investment in _____________ Wal-Mart Stores, Inc – AutoZone, Inc. (b) 264 22,075 Home Depot, Inc. 683 36,750 Office Depot, Inc. (b) 477 12,300 Target Corp. 410 24,050 TJX Companies, Inc. 426 8,442 Wal-Mart Stores, Inc . 415 -------------------------------------- ------- Total 2,675 -------------------------------------- ------- Telecommunications - 0.8% -------------------------------------- 12,375 UTstarcom, Inc. (b) 216 -------------------------------------- ------- Transportation - 1.4% -------------------------------------- 5,725 United Parcel Service, Inc. 374 -------------------------------------- ------- Total Common Stocks 26,901 -------------------------------------- ------- {/TABLE} - _____________ Wal-Mart Stores, Inc – 000 Home Depot, Inc. 29,336 195,000 Kohl's Corp. (b) 12,870 795,000 Lowe's Cos., Inc. 30,091 940,000 Target Corp. 31,349 361,000 Wal-Mart Stores, Inc . 17,754 ---------------------------------- -------- Total 121,400 ---------------------------------- -------- Total Common Stocks 816,924 ---------------------------------- -------- {/TABLE} - Continued - 61 {PAGE} Fifth Third Quality Growth Fund Schedule of Portfolio Investments (continued) July 31, 2002 (Amounts in _____________ Wal-Mart Stores, Inc – SUPERVALU, Inc. 200 65,200 Target Corp. 2,174 10,500 Tiffany & Co. 259 38,800 TJX Companies, Inc. 688 15,750 Toys 'R' Us, Inc. (b) 212 319,650 Wal-Mart Stores, Inc . 15,721 73,500 Walgreen Co. 2,597 10,600 Winn-Dixie Stores, Inc. 167 ------------------------------------- ------- Total 45,220 ------------------------------------- ------- Technology - 0.5% ------------------------------------- 6,555 Andrew Corp. (b) 74 28,794 _____________ Wal-Mart Stores, Inc – Sears Roebuck & Co. 1,137 38,000 Staples, Inc. (b) 634 11,200 Starbucks Corp. (b) 220 31,200 SUPERVALU, Inc. 650 66,900 Target Corp. 2,231 334,100 Wal-Mart Stores, Inc . (c) 16,431 46,600 Walgreen Co. 1,646 ------------------------------------- ------- Total 40,341 ------------------------------------- ------- Telecommunications - 4.4% ------------------------------------- 17,700 Alltel Corp. 717 206,100 AT&T Corp. 2,098 248,700 _____________ dt 1528657 ; 3Com 3Com Corp. ( Computer Networks ) As referenced in this Annual Report to Shareholders: 3Com Corp. – of Portfolio Investments (continued) July 31, 2002 (Amounts in thousands except share amounts) -------------------------------------------------------------------------------- {TABLE} {CAPTION} Shares or Principal Security Amount Description Value --------- ------------------------------------- ------- {C} {S} {C} Telecommunications - 5.2% ------------------------------------- 327,000 3Com Corp. (b) $ 1,475 200,000 AT&T Corp. 2,035 276,800 Crown Castle International (b) 637 350,000 JDS Uniphase Corp. (b) 886 35,000 Verizon Communications, Inc. _____________ dt 1564993 ; Acxiom Acxiom Corp. ( Computer Services ) As referenced in this Annual Report to Shareholders: Acxiom Corp. – Republic Bancorp., Inc. 2,694 112,500 Texas Regional Bancshares, Inc. 3,712 ------------------------------------ -------- Total 12,273 ------------------------------------ -------- Business Equipment & Services - 7.5% ------------------------------------ 150,000 ABM Industries, Inc. 2,475 100,000 Acxiom Corp. (b) 1,586 75,000 Administaff, Inc. (b) 563 75,000 Advo, Inc. (b) 2,582 100,000 Catalina Marketing Corp. (b) 2,874 125,000 Copart, Inc. (b) _____________ dt 1536566 ;	AES AES Corp. ( Electric Utilities ) As referenced in this Annual Report to Shareholders: AES Corp. – assets), up 75.4%, and Boston Scientific Corp. (0.14%), up 66.5%. The poorest performers during the period were Qwest Communications International, Inc. (0.01%), down 95.1%, and AES Corp. (0.01%), down 94.6%./++/ Q. What is your outlook for large-company stocks going forward? A. The U.S. economy should improve going forward; however, the recovery depends _____________ AES Corp. – 275 55,405 Southwest Airlines Co. 765 18,100 Union Pacific Corp. 1,062 80,300 United Parcel Service, Inc. 5,247 ---------------------------------------- ------- Total 10,721 ---------------------------------------- ------- Utilities - 2.7% ---------------------------------------- 42,600 AES Corp. (b) 87 9,000 Allegheny Energy, Inc. 189 10,400 Ameren Corp. 454 24,360 American Electric Power Company, Inc. 802 29,700 Calpine Corp. (b) 148 10,200 _____________ dt 1567822 ; Affiliated Affiliated Computer Services Inc. ( Computer Services ) As referenced in this Annual Report to Shareholders: Affiliated Computer Services, Inc. – What stocks helped boost returns? A. The Fund's top-performing stocks were North Fork Bancorp. (2.66% of net assets), Zebra Technologies Corp. (1.88%), Fastenal Co. (2.99%), Affiliated Computer Services, Inc. (0.77%) and First Tennessee National Corp. (4.75%)./++/ Q. What is your outlook for the stock market, and how will you position the Fund in that environment? A. _____________ Affiliated Computer Services, Inc. – from their low valuations. Q. What were the Fund's top five holdings at the end of the period? A. The top five holdings as of July 31, 2002 were Affiliated Computer Services, Inc. (5.09% of net assets), Cardinal Health, Inc. (4.63%), HCA-The Healthcare Co. (4.42%), Willis Group Holdings Ltd. (4.02%), and Forest Laboratories, Inc. (3.87%)./++/ ------------ /++/ The _____________ Affiliated Computer Services, Inc. – 323,000 National Commerce Bancorp. 8,317 160,000 North Fork Bancorp. 6,498 215,000 SouthTrust Corp. 5,427 ---------------------------------------- ------- Total 31,845 ---------------------------------------- ------- Business Equipment & Services - 0.8% ---------------------------------------- 40,000 Affiliated Computer Services, Inc. (b) 1,879 ---------------------------------------- ------- Business Services - 4.1% ---------------------------------------- 63,000 Cintas Corp. 2,765 192,000 Fastenal Co. (b) 7,309 ---------------------------------------- ------- Total 10,074 ---------------------------------------- ------- Computer Software & Services - 8.3% ---------------------------------------- 355, _____________ Affiliated Computer Services, Inc. – amounts) -------------------------------------------------------------------------------- {TABLE} {CAPTION} Security Shares Description Value ------ -------------------------------------- ------ {C} {S} {C} Common Stocks - 100.1% Banking - 1.3% -------------------------------------- 7,014 Wells Fargo Co. $ 357 -------------------------------------- ------ Business Equipment & Services - 6.3% -------------------------------------- 29,100 Affiliated Computer Services, Inc. (b) 1,367 16,300 Concord EFS, Inc. (b) 318 -------------------------------------- ------ Total 1,685 -------------------------------------- ------ Chemicals - 0.6% -------------------------------------- 3,165 Praxair, Inc. 166 -------------------------------------- ------ Computer Software & Services - 6.3% -------------------------------------- 14,775 Fiserv, _____________ dt 1446939 ; More...
Preview Full Doc	2006	Annual Report to Shareholders Annual Report to Shareholders (234K) Doc #2521031: Click preview link for longer preview. Legg Mason Investors Trust, Inc. Investment Commentary and Annual Report to Shareholders March 31, 2006 American Leading Companies Trust Balanced Trust Financial Services Fund U.S. Small-Capitalization Value Trust LEGG MASON FUNDS Personalized Guidance. Intelligent Choices.SM Contents Commentary Investment Commentary ii Glossary of Index Definitions xvi Annual Report to Shareholders Presidents Letter 1 American Leading Companies Trust Managements Discussion of Fund Performance 2 Expense Example 5 Performance Information 6 Financial Statements 11 Balanced Trust Managements Discussion of Fund Performance 22 Expense Example 25 Performance Information 26 Financial Statements 32 Financial Services Fund Managements Discussion of Fund Performance 46 Expense Example 48 Performance Information 49 Financial Statements 54 U.S. Small-Capitalization Value Trust Managements Discussion of Fund Performance 62 Expense Example 64 Performance Information 65 Financial Statements 70 Notes to Financial Statements 87 Report of Independent Registered Public Accounting Firm 98 Change in Independent Registered Public Accounting Firm 99 Directors and Officers 100 Board Consideration of Legg Mason American Leading Companies Trusts Investment Advisory and Management Agreement 104 Board Consideration of Legg Mason Balanced Trusts Investment Advisory and Management Agreement and Sub-Advisory Agreement 106 Board Consideration of Legg Mason Financial Services Funds Investment Advisory and Management Agreement and Sub-Advisory Agreement 108 Board Consideration of Legg Mason U.S. Small- Capitalization Value Trusts Investment Advisory and Management Agreement and Sub-Advisory Agreement 110 Glossary of Index Definitions 112 ii Investment Commentary American Leading Companies Trust Market Commentary The U.S. equity market posted strong results in the first quarter of 2006 by any measure. The S&P 500 Indexs total return of 4.2% was its best first quarter showing since 1999, while the Nasdaq had its best March quarter since 2000, and the Dow Industrials its best since 2002. Total Returns Periods Ending March 31, 2006 3 Months 1 Year S&P 500 Stock Composite IndexA +4.21 % +11.73 % Dow Jones Industrial AverageA +4.24 % +8.26 % S&P 400 Mid-Cap IndexA +7.63 % +21.62 % Russell 2000 IndexA +13.94 % +25.93 % Nasdaq Composite IndexA +6.37 % +18.02 % The stars of the show in the March quarter continued to be the small- and mid-cap stocks. As shown in the above table, the S&P Mid-Cap Index was up 7.63% and the Russell 2000 Index gained a mind-blowing 13.94%. Is this surge a last hurrah for small-cap relative performance, or powerful evidence that the trend has further to run? We obviously cant say for sure, but from our perspective, the valuation case for large-cap is becoming more compelling, while the valuation underpinnings are weakening in the small-cap sector. As a consequence, we believe the risk in small-caps is rising relative to large-caps. Well get to the valuation case for large versus small stocks in a minute, but first we should note that the recent strength in small-caps may well have very little to do with relative valuation. We may instead be seeing evidence of piling on, or piling in, by the hedge funds. Many, if not most, hedge funds are trend followers. They go where the action is. Lately, the action has clearly been in small-caps. According to Albert Richards, Citigroups U.S. small-and mid-cap strategist, a representative sample of hedge funds have 59% of their assets in companies with market floats (shares outstanding less insider holdings) less than $10 billion, compared to the 28% that those companies represent of the Russell 3000 Index. Recently, there is anecdotal evidence that investors have also been buying small-cap exchange traded funds (ETF) as a means of gaining exposure to the small-cap sector without having to choose individual stocks. The ETFs must then use their cash inflows to buy the underlying shares of the companies in their benchmark, thus adding democratically (or indiscriminately, depending how you look at it) to overall small-cap stock demand. On a valuation basis, stocks in the Russell 2000 Index trade at 44 times 2005s earnings, compared with 18 times for the S&P 500. Within the S&P 500 itself, the bottom decile of companies (the smallest 50 by market value) trades at 20.1 times estimated 2006 earnings, while the top decile trades at a cap-weighted average of 14.4 times earnings as of the end of March. A See Glossary of Index Definitions on page xvi. It is not possible to invest in an index. The Investment Commentary is not a part of the Annual Report to Shareholders. Investment Commentary iii Is the P/E multiple premium currently accorded to small-cap stocks justified? Small-cap advocates think so. They argue that the largest companies in the S&P 500 are too big to grow very fast, while small-caps as a group have the opportunity to post superior growth rates for many years to come. Maybe so, but we remember when people made the exact opposite argument in 2000. Then, the conventional wisdom was that mega-caps should trade at a premium to the market because their results were more predictable and they were the primary beneficiaries of globalization. The small-caps, while admittedly cheap, were thought to warrant a discount valuation due to their greater business risk and illiquidity. The truth is that investors views on the relative merits of small versus large-caps fluctuate over time. Since 1960, large- and small-cap stocks have traded at roughly the same average P/E multiples, with large-caps greater stability being valued about equally with small-caps probable superiority in terms of growth prospects. In our experience, investors enthusiasm for either group is heavily influenced by recent relative performance trends. Investors tend to gravitate toward groups or sectors that have been doing well, and avoid sectors that have not. Small-caps are popular now principally, in our view, because they have been going up sharply. Large-capsand especially mega-capsare unpopular because they have been performance dogs in recent years. The worm will turn, as it always does. The only question is when. The Investment Commentary is not a part of the Annual Report to Shareholders. iv Investment Commentary Investment Results Total returns for the American Leading Companies Trust (Fund) for various periods ended March 31, 2006, are presented below, along with those of some comparative indices: First Quarter 2006 One Year Average Annual Total Returns Through March 31, 2006 Three Years Five Years Ten Years Since InceptionB American Leading Companies Primary Class +1.74 % +12.54 % +19.16 % +6.12 % +9.55 % +9.46 % Institutional Class +2.01 % +13.63 % +20.35 % N/A N/A +6.54 % S&P 500 Stock Composite Index +4.21 % +11.73 % +17.22 % +3.97 % +8.95 % +10.51 % Dow Jones Industrial Average +4.24 % +8.26 % +14.13 % +4.60 % +9.19 % +11.53 % Lipper Large-Cap Core FundsA +3.94 % +11.63 % +15.46 % +2.57 % +7.31 % +9.02 % Lipper Large-Cap Value FundsA +4.55 % +11.40 % +18.82 % +5.11 % +8.55 % +10.09 % The performance data quoted represents past performance and does not guarantee future results. The performance stated may have been due to extraordinary market conditions, which may not be duplicated in the future. Current performance may be lower or higher than the performance data quoted. To obtain the most recent month-end performance information for the Primary Class please visit www.leggmasonfunds.com; for the Institutional Class please call 1-888-425-6432. The investment return and principal value of the Fund will fluctuate so that an investors shares, when redeemed, may be worth more or less than the original cost. Calculations assume reinvestment of dividends and capital gain distributions. Performance would have been lower if fees had not been waived in various periods. Performance figures for periods longer than one year represent average annual returns. American Leading Companies Trust had a subpar March quarter, trailing all its principal benchmarks and peer fund averages. Returns on a one, three, five-year and ten-year basis are more encouraging. American Leading Companies performance is ahead of all relevant benchmarks and peer averages over those time periods. For the twelve months ended March 31, 2006, the leading percentage gainers in the portfolio among stocks owned for the entire period were: Phelps Dodge Corporation, Transocean Inc., Health Net Inc., Baker Hughes Incorporated, Hewlett-Packard Company, Merrill Lynch & Co., Inc., Nokia OyjADR, Anadarko Petroleum Corporation, Devon Energy Corporation and Texas Instruments Incorporated. Laggards included: Tyco International Ltd., Sara Lee B The inception date of the Primary Class is September 1, 1993. The inception date of the Institutional Class is June 14, 2001. Index returns are for periods beginning August 31, 1993. The Investment Commentary is not a part of the Annual Report to Shareholders. Investment Commentary v Corporation, Intel Corporation, Kimberly-Clark Corporation, Johnson & Johnson, IBM Corporation, Liberty Media Corporation, Wal-Mart Stores, Inc., Pfizer Inc. and Time Warner Inc. On a performance contribution basis, which takes into account both price change and portfolio weighting, the leading positive contributors for the fiscal year were: Health Net Inc., Phelps Dodge Corporation, UnitedHealth Group Incorporated, Sprint Nextel Corporation and J.P. Morgan Chase & Co. The largest detractors from performance were: Tyco International Ltd., Liberty Media CorporationSeries A, Intel Corporation, IBM Corporation and Bristol-Myers Squibb Company. The two sectors which contributed most positively to the Funds relative performance for the fiscal year were commodity stocks and managed-care companies. For the latest twelve months, we would describe portfolio activity as moderate, with turnover averaging about 20%. A complete listing of new purchases and liquidations is presented elsewhere in this report. In broad terms, during the year, we expanded the number of holdings in the portfolio by about 16%, from 57 to 66. The biggest single change in the portfolios structure during the year was an approximate 6.5 percentage point increase in technology holdings with new positions in Dell Inc., Symantec Corporation, Accenture Ltd. and additions to our existing holdings of Intel Corporation, Applied Materials Inc. and Hewlett-Packard Company. In addition, we added to our e-commerce holdings with the purchase of eBay Inc. and Yahoo! Inc., and additions to our holdings of Expedia Inc. and Amazon.com, Inc. We also repositioned our holdings in a number of sectors. In materials, we broadened our diversification by reducing our positions in three existing holdings to fund the purchase of U.S. Steel Corporation. In pharmaceuticals, we sold Merck & Co., Inc. and Bristol-Myers Squibb Co. to buy more Pfizer Inc. and Johnson & Johnson. In financials, we sold Fannie Mae and reduced our positions in MGIC Investment Corporation, Washington Mutual, Inc. and Lloyds TSB Group plc to buy a new position in re-insurer, XL Capital, and add to Countrywide Financial Corporation. In the consumer discretionary sector, we sold grocer Albertsonswhich is being taken overand bought Pulte Homes, Inc. and Eastman Kodak Company. Finally, we took advantage of favorable prices to reduce our portfolio weightings in energy stocks and managed-care companies. We are now underweight energy, but remain overweighted in the managed-care sector. 2521031	Wal-Mart Stores Wal-Mart Stores Inc. ( Department & Discount ) As referenced in this Annual Report to Shareholders: Wal-Mart Stores, Inc – The Investment Commentary is not a part of the Annual Report to Shareholders. Investment Commentary v Corporation, Intel Corporation, Kimberly-Clark Corporation, Johnson & Johnson, IBM Corporation, Liberty Media Corporation, Wal-Mart Stores, Inc ., Pfizer Inc. and Time Warner Inc. On a performance contribution basis, which takes into account both price change and portfolio weighting, the leading positive contributors for the fiscal year _____________ Wal-Mart Stores, Inc – Intel Corporation 15.0% 4. Johnson & Johnson 10.0% 5. Kimberly-Clark Corporation 9.4% 6. International Business Machines Corporation 8.9% 7. Liberty Media Corporation 6.9% 8. Wal-Mart Stores, Inc . 4.5% 9. Time Warner, Inc. 3.5% 10. Pfizer Inc. 2.1% Portfolio Changes Securities added during the 1st quarter 2006 Securities sold during the 1st quarter 2006 _____________ Wal-Mart Stores, Inc – The TJX Companies, Inc. 630 15,637 24,097 Consumer Staples 5.1% Beverages 0.9% The Pepsi Bottling Group, Inc. 225 6,838 Food and Staples Retailing 0.2% Wal-Mart Stores, Inc . 35 1,654 12 Annual Report to Shareholders Portfolio of Investments Continued American Leading Companies Trust Continued Shares/Par Value Consumer Staples Continued Food Products 0.3% Sara Lee _____________ Wal-Mart Stores, Inc – 4% 4. SYSCO Corporation 9.2% 5. International Business Machines Corporation 8.9% 6. Abbott Laboratories 6.6% 7. United States Treasury Notes, 2%, 1/15/14 4.7% 8. Wal-Mart Stores, Inc . 4.5% 9. Kroger Company 4.5% 10. SLM Corporation 3.9% Portfolio Changes Securities added during the 1st quarter 2006 Securities sold during the 1st quarter 2006 CANON _____________ Wal-Mart Stores, Inc – Specialty Retail 1.1% Lowes Companies, Inc. 10 619 Consumer Staples 4.9% Beverages 1.5% PepsiCo, Inc. 15 838 Food and Staples Retailing 1.5% SYSCO Corporation 10 308 Wal-Mart Stores, Inc . 12 548 856 Household Products 1.2% Kimberly-Clark Corporation 12 670 Annual Report to Shareholders 33 Par/Shares Value Consumer Staples Continued Personal Products 0.7% Avon Products, _____________ dt 1626033 ; 21st Century 21st Century Insurance Group ( Property & Casualty Insurance ) As referenced in this Annual Report to Shareholders: 21st Century Insurance Group – Energy Corporation 54 2,361 A The Houston Exploration Company 41 2,171 A The Oilgear Company 2 24 A TransMontaigne Inc. 75 731 A 6,746 Financials 35.1% 21st Century Insurance Group 65 1,032 ACE Cash Express, Inc. 18 441 A Advanta Corp. 15 501 Affirmative Insurance Holdings, Inc. 7 89 Alfa Corporation 49 841 American Equity Investment Life Holding _____________ dt 1625609 ; Abbott Labs Abbott Laboratories ( Pharmaceutical Preparations ) As referenced in this Annual Report to Shareholders: Abbott Laboratories – 1. Intel Corporation 15.0% 2. Johnson & Johnson 10.0% 3. Kimberly-Clark Corporation 9.4% 4. SYSCO Corporation 9.2% 5. International Business Machines Corporation 8.9% 6. Abbott Laboratories 6.6% 7. United States Treasury Notes, 2%, 1/15/14 4.7% 8. Wal-Mart Stores, Inc. 4.5% 9. Kroger Company 4.5% 10. SLM Corporation 3. _____________ Abbott Laboratories – Health Care Equipment and Supplies 3.3% Biomet, Inc. 21 753 DENTSPLY International Inc. 6 372 Kyphon Inc. 10 357 A STERIS Corporation 15 358 1,840 Pharmaceuticals 3.3% Abbott Laboratories 12 493 Johnson & Johnson 10 586 Teva Pharmaceutical Industries Ltd. ADR 19 786 1,865 Industrials 7.3% Aerospace and Defense 1.5% L-3 Communications Holdings, Inc. _____________ Abbott Laboratories – 550 % 5/1/13 475 452 1,388 Oil, Gas & Consumable Fuels 0.5% Pacific Gas and Electric Company 4.200 % 3/1/11 325 306 Pharmaceuticals 0.8% Abbott Laboratories 3.750 % 3/15/11 500 466 Road and Rail 0.8% Union Pacific Corporation 6.625 % 2/1/08 450 459 Total Corporate Bonds and Notes (Identified Cost $ _____________ dt 1563516 ;	Accenture Accenture Ltd. ( Business Services ) As referenced in this Annual Report to Shareholders: Accenture Ltd – The biggest single change in the portfolios structure during the year was an approximate 6.5 percentage point increase in technology holdings with new positions in Dell Inc., Symantec Corporation, Accenture Ltd . and additions to our existing holdings of Intel Corporation, Applied Materials Inc. and Hewlett-Packard Company. In addition, we added to our e-commerce holdings with the purchase of _____________ Accenture Ltd – biggest single change in the portfolios structure during the year was an approximate 6.5 percentage point increase in technology holdings with new positions in Dell Inc., Symantec Corporation and Accenture Ltd ., and additions to our existing holdings of Intel Corporation, Applied Materials Inc. and Hewlett-Packard Company. In addition, we added to our e-commerce holdings with the purchase of _____________ Accenture Ltd – Corporation 152 12,535 35,954 Internet Software and Services 2.5% eBay Inc. 350 13,671 A Yahoo! Inc. 200 6,452 A 20,123 IT Services 0.9% Accenture Ltd . 250 7,518 Semiconductors and Semiconductor Equipment 4.0% Applied Materials, Inc. 550 9,630 Intel Corporation 800 15,480 Texas Instruments Incorporated 200 6,494 31,604 Annual _____________ dt 1636268 ; ATC Aftermarket Technology Corp. ( Auto & Truck Parts ) As referenced in this Annual Report to Shareholders: Aftermarket Technology Corp. – Portfolio of Investments U.S. Small-Capitalization Value Trust March 31, 2006 (Amounts in Thousands) Shares/Par Value Common Stocks and Equity Interests 97.3% Auto and Transportation 6.8% Aftermarket Technology Corp. 39 $ 873 A Alamo Group Inc. 8 186 American Axle & Manufacturing Holdings, Inc. 74 1,268 ArvinMeritor, Inc. 141 2,105 Asbury Automotive Group Inc. 48 947 A _____________ dt 1617092 ; More...
Preview Full Doc	2002	Asset and Stock Purchase Agreement Asset and Stock Purchase Agreement (412K) Doc #247616: Click preview link for longer preview. ASSET AND STOCK PURCHASE AGREEMENT BY AND AMONG BUDGET GROUP, INC. AND CERTAIN OF ITS SUBSIDIARIES, CENDANT CORPORATION AND CHEROKEE ACQUISITION CORPORATION DATED AS OF AUGUST 22, 2002 {PAGE} TABLE OF CONTENTS {TABLE} {CAPTION} Page ---- {S} {C} {C} ARTICLE 1 DEFINITIONS Section 1.1 Defined Terms.............................................................. 1 Section 1.2 Other Definitional and Interpretive Matters................................ 19 ARTICLE 2 PURCHASE AND SALE OF THE ACQUIRED ASSETS Section 2.1 Purchase and Sale of Acquired Assets....................................... 20 Section 2.2 Consideration.............................................................. 20 Section 2.3 Acquired Assets............................................................ 20 Section 2.4 Excluded Assets............................................................ 25 Section 2.5 Assumed Liabilities........................................................ 26 Section 2.6 Excluded Liabilities....................................................... 27 Section 2.7 Closing.................................................................... 29 Section 2.8 Deliveries by Seller Parties............................................... 29 Section 2.9 Deliveries by Buyer........................................................ 30 Section 2.10 Cure Costs................................................................. 31 Section 2.11 Transition and Support Arrangements for Retained Business.................. 31 ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF SELLER PARTIES Section 3.1 Organization and Qualification............................................. 32 Section 3.2 Capitalization of the Acquired Companies................................... 32 Section 3.3 Corporate Power and Authority.............................................. 33 Section 3.4 Conflicts; Consents and Approvals.......................................... 33 Section 3.5 Title to Property; Adequacy of Assets...................................... 34 Section 3.6 SEC Filings; Seller Financial Statements................................... 35 Section 3.7 Vehicles, Etc.............................................................. 37 Section 3.8 Absence of Changes......................................................... 38 Section 3.9 No Undisclosed Liabilities................................................. 38 Section 3.10 Accounts Receivable; Accounts Payable...................................... 39 Section 3.11 Affiliate Transactions..................................................... 40 Section 3.12 Compliance with Laws....................................................... 40 Section 3.13 Litigation................................................................. 40 Section 3.14 Corporate Locations; Permits; Etc.......................................... 41 Section 3.15 Contracts.................................................................. 41 Section 3.16 Real Estate................................................................ 46 Section 3.17 Airport Concessions........................................................ 47 Section 3.18 Employee; Employee Benefit Matters......................................... 48 Section 3.19 Labor Relations and Employment............................................. 51 {/TABLE} {PAGE} {TABLE} {S} {C} {C} Section 3.20 Customers.................................................................. 52 Section 3.21 Environmental Matters...................................................... 52 Section 3.22 Intellectual Property...................................................... 53 Section 3.23 Taxes...................................................................... 55 Section 3.24 Compliance with Insurance Laws............................................. 57 Section 3.25 Insurance.................................................................. 58 Section 3.26 Books and Records.......................................................... 59 Section 3.27 Franchisee Matters......................................................... 59 Section 3.28 Vehicle Return Pursuant to Repurchase Programs; Vehicle Orders............. 60 Section 3.29 Disclosure................................................................. 60 Section 3.30 Brokers.................................................................... 61 Section 3.31 Use of Certain Funds....................................................... 61 ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF PARENT AND BUYER Section 4.1 Organization and Qualification............................................. 61 Section 4.2 Corporate Power and Authority; Authorization............................... 61 Section 4.3 Conflicts; Consents and Approvals.......................................... 62 Section 4.4 Brokers.................................................................... 62 Section 4.5 Sufficiency of Funds....................................................... 63 ARTICLE 5 CERTAIN COVENANTS Section 5.1 Conduct of Business........................................................ 63 Section 5.2 Access and Information..................................................... 71 Section 5.3 Efforts to Effect Transaction; Certain Filings............................. 73 Section 5.4 Bankruptcy Filings......................................................... 74 Section 5.5 Bidding Procedures......................................................... 75 Section 5.6 Intercompany Amounts; Other Agreements..................................... 76 Section 5.7 Updates of Schedules....................................................... 76 Section 5.8 Tax Returns; Tax Sharing Agreements........................................ 77 Section 5.9 Purchase Price Allocation.................................................. 77 Section 5.10 Transfer Taxes............................................................. 78 Section 5.11 Vehicle Return Pursuant to Repurchase Programs; Disposition of Vehicles.... 79 Section 5.12 Cooperation in Connection with Refinancing................................. 79 Section 5.13 Confidentiality............................................................ 79 Section 5.14 No Solicitation of Employees............................................... 80 Section 5.15 Certain Tax Reporting...................................................... 81 Section 5.16 SEC Reports................................................................ 81 ARTICLE 6 ADDITIONAL POST-CLOSING COVENANTS Section 6.1 Benefit and Employment Matters............................................. 81 {/TABLE} {PAGE} {TABLE} {S} {C} {C} Section 6.2 Books and Records; Personnel............................................... 84 Section 6.3 Section 338(h)(10) Elections............................................... 85 Section 6.4 Tax Cooperation............................................................ 86 Section 6.5 Use of Name................................................................ 86 Section 6.6 Remittance of Funds........................................................ 87 Section 6.7 Mail Received After the Closing............................................ 87 Section 6.8 Further Assurances......................................................... 87 ARTICLE 7 CONDITIONS PRECEDENT TO CLOSING Section 7.1 General Conditions......................................................... 88 Section 7.2 Conditions Precedent to Buyer's Obligations................................ 88 Section 7.3 Conditions Precedent to Seller Parties' Obligations........................ 90 ARTICLE 8 TERMINATION; TERMINATION AMOUNT Section 8.1 Termination by Mutual Consent.............................................. 90 Section 8.2 Termination by Either Buyer or Seller Parties.............................. 90 Section 8.3 Termination by Buyer....................................................... 91 Section 8.4 Termination by Seller Parties.............................................. 93 Section 8.5 Effect of Termination...................................................... 93 Section 8.6 Expenses; Termination Amount............................................... 94 ARTICLE 9 MISCELLANEOUS PROVISIONS Section 9.1 Non-Survival of Representations, Warranties and Certain Covenants.......... 96 Section 9.2 Guarantee by Parent........................................................ 96 Section 9.3 Notices.................................................................... 96 Section 9.4 Bulk Sales Laws............................................................ 97 Section 9.5 Amendment of Agreement..................................................... 97 Section 9.6 Entire Agreement........................................................... 97 Section 9.7 Assignment................................................................. 97 Section 9.8 Parties in Interest; No Third Party Beneficiaries.......................... 98 Section 9.9 Severability............................................................... 98 Section 9.10 Governing Law; Consent to Jurisdiction..................................... 98 Section 9.11 Waiver of Jury Trial....................................................... 98 Section 9.12 Execution in Counterparts.................................................. 98 Section 9.13 Public Announcement........................................................ 98 Section 9.14 No Strict Construction..................................................... 99 Section 9.15 Disclaimer of Warranties................................................... 99 Section 9.16 Effect of Investigation.................................................... 99 {/TABLE} {PAGE} Schedules {TABLE} {S} {C} Schedule 1.1(a) Seller Parties Schedule 1.1(b) Acquired Companies Schedule 1.1(c) Five Months Forecast Schedule 1.1(d) Assumed Benefit Plans Schedule 1.1(e) Initial 13-Week Cash Flow Projections Schedule 1.1(f) Minority Investees Schedule 1.1(g) Operating Metric Forecast Schedule 1.2(e) Officers of Seller Parties for Determination of Knowledge of Seller Parties Schedule 2.4(a) Excluded Contracts Schedule 2.4(j) Retained Insurance and Reinsurance Contracts Schedule 2.5(a)(iii) Assumed Benefit Plans Contracts Schedule 2.11(i) Support Services to be made Available to Retained Business Schedule 2.11(ii) Retained Business Franchise Term Sheet Schedule 5.1(k) Qualified Retention Plan Schedule 6.1(f) Post-Closing Benefits Matters Schedule 8.2(j) Form of Ford MV Lease {/TABLE} {PAGE} Exhibits {TABLE} {S} {C} Exhibit A Form of Assignment and Bill of Sale Exhibit B Form of Assignment and Assumption Agreement Exhibit C Form of Lease Assignment Exhibit D Form of Trademark Assignment Exhibit E Overbid Procedures Order Exhibit F Bidding Procedures {/TABLE} {PAGE} Index of Defined Terms {TABLE} {CAPTION} Term Section ---- ------- {S} {C} 13-Week Cash Flow Projections ......................................... 1.1 96-60 Election ........................................................ 5.15(a) 363 Order ............................................................. 1.1 365 Order ............................................................. 1.1 A.I. Credit Corporation Premium Finance Arrangement ................... 1.1 Accounting Firm ....................................................... 1.1 Acquired Assets ....................................................... 2.3 Acquired Business ..................................................... Preamble Acquired Companies .................................................... 1.1 Acquired Company Employees ............................................ 3.18(a) Acquired Insurance Contracts .......................................... 2.3(n) Action ................................................................ 3.13(a) Actuarial Valuation Report ............................................ 3.18(d) Additional DIP Asset-Backed Fleet Financing ........................... 1.1 Adjusted EBITDAR ...................................................... 1.1 Affected Employees .................................................... 6.1(a) Affiliate ............................................................. 1.1 Agreement ............................................................. Preamble Airport Concessions ................................................... 3.17(a) Alternative Procedure ................................................. 5.15(a) Alternative Transaction ............................................... 1.1 Amended and Restated Credit Facility .................................. 1.1 Ancillary Agreements .................................................. 1.1 Applicable Waiting Period ............................................. 8.2(a) Assignment and Bill of Sale ........................................... 1.1 Assumed Amended Benefit Plans ......................................... 7.2(g) Assumed Benefit Plans Contracts ....................................... 2.5(a)(iii) Assumed Contracts ..................................................... 1.1 Assumed Indebtedness .................................................. 1.1 Assumed Leases ........................................................ 1.1 Assumed Liabilities ................................................... 2.5(a) Assumption Agreement .................................................. 1.1 Australian Financial Statements ....................................... 3.6(c) Australian Seller Entities ............................................ 3.6(c) Automotive Fleet Utilization Ratio .................................... 1.1 Automotive Rental Days ................................................ 1.1 Automotive Rental Fleet ............................................... 1.1 Automotive Rental Revenue ............................................. 1.1 Automotive Rental Revenue to Automotive Rental Days Ratio ............. 1.1 Bankruptcy Code ....................................................... Preamble Bankruptcy Court ...................................................... Preamble {/TABLE} {PAGE} {TABLE} {S} {C} Benefit Plan .......................................................... 1.1 Bidding Procedures .................................................... 5.5(a) BRACI Administrative Services Agreement ............................... 1.1 BRACI License Agreement ............................................... 1.1 Budget Australia ...................................................... 3.6(c) Budget Pension Plan ................................................... 3.18(d) Bulk Sales Laws ....................................................... 1.1 Business Acquisition Agreements ....................................... 1.1 Business Contract ..................................................... 3.15(o) Business Day .......................................................... 1.1 Business Records ...................................................... 1.1 Buyer ................................................................. Preamble Buyer Closing Deadline ................................................ 8.2(a) Buyer Plans ........................................................... 6.1(b) Camfox ................................................................ 3.6(c) Canadian Seller Entities .............................................. 3.6(d) Cash Purchase Price ................................................... 1.1 Chapter 11 Cases ...................................................... Preamble Closing ............................................................... 2.7 Closing Date .......................................................... 2.7 Closing Deadlines ..................................................... 8.2(a) Code .................................................................. 1.1 Commercial Umbrella Premium Finance Arrangement ....................... 1.1 Competition Laws ...................................................... 1.1 Concessionaire ........................................................ 3.17(a) Confidentiality Agreement ............................................. 1.1 Contract .............................................................. 1.1 control ............................................................... 1.1 Cure Costs ............................................................ 2.10 Dealer ................................................................ 1.1 Demand Notes .......................................................... 1.1 Derivative Agreement .................................................. 1.1 DIP Asset-Backed Fleet Financing ...................................... 1.1 DIP Financing ......................................................... 1.1 DIP L/C Rollover ...................................................... 1.1 Documents ............................................................. 1.1 Domestic Seller Entity ................................................ 5.1(aa)(iii) Election .............................................................. 6.3(a) Elections ............................................................. 6.3(a) Encumbrance ........................................................... 1.1 Environmental Claim ................................................... 1.1 Environmental Law ..................................................... 1.1 Equity Security ....................................................... 1.1 ERISA ................................................................. 1.1 ERISA Affiliate ....................................................... 1.1 Exchange Act .......................................................... 1.1 {/TABLE} {PAGE} {TABLE} {S} {C} Excluded Assets ....................................................... 2.4 Excluded Companies .................................................... 1.1 Excluded Liabilities .................................................. 2.6 Existing Trucks ....................................................... 3.7(a) Fair Market Value ..................................................... 1.1 Final Order ........................................................... 1.1 Final Order Deadline .................................................. 8.3(f) FIRPTA Certificate .................................................... 2.8(e) Five Months Forecast .................................................. 1.1 Fixtures .............................................................. 1.1 Ford Agreements ....................................................... 1.1 Ford Line of Credit ................................................... 1.1 Ford MV Lease ......................................................... 1.1 Foreign Benefit Plan .................................................. 1.1 Franchisee ............................................................ 1.1 Full-Time Equivalents ................................................. 1.1 GAAP .................................................................. 1.1 Governmental Body ..................................................... 1.1 Governmental Consents ................................................. 3.4(e) Hyperion .............................................................. 5.2(c) Initial 13-Week Cash Flow Projections ................................. 1.1 Insurance Laws ........................................................ 3.24(a) Insurance Permit ...................................................... 3.24(b) Intellectual Property ................................................. 3.22(a) International Seller Entity ........................................... 5.1(aa)(iv) Investment ............................................................ 1.1 IRS ................................................................... 1.1 June 30 Balance Sheet ................................................. 3.6(b) June 30 Financial Statements .......................................... 3.6(b) June 30 Income Statement .............................................. 3.6(b) knowledge of Seller Parties ........................................... 1.2(e) Law ................................................................... 1.1 Lease ................................................................. 1.1 Lease Assignment ...................................................... 1.1 Leased Premises ....................................................... 1.1 Liabilities ........................................................... 1.1 License Agreements .................................................... 3.22(c) March 31 Financial Statements ......................................... 3.6(b) Marks and Logos ....................................................... 6.5 Material Adverse Effect ............................................... 1.1 Materials of Environmental Concern .................................... 1.1 Minority Investees .................................................... 1.1 Multiemployer Plans ................................................... 6.1(g) New Zealand Financial Statements ...................................... 3.6(e) New Zealand Seller Entities ........................................... 3.6(e) Nissan Facility ....................................................... 1.1 {/TABLE} {PAGE} {TABLE} {S} {C} Offering Circulars .................................................... 3.27(a) Operating Metric Forecast ............................................. 1.1 Operations Pty. ....................................................... 3.6(c) Overbid Procedures Order .............................................. 5.5(a) Owned Real Property ................................................... 1.1 Owned Vehicles ........................................................ 1.1 Parent ................................................................ Preamble Pension Plan .......................................................... 1.1 Permits ............................................................... 1.1 Permitted Encumbrances ................................................ 1.1 Permitted Property Encumbrances ....................................... 1.1 Person ................................................................ 1.1 Personal Information .................................................. 3.22(e) Petitions ............................................................. Preamble Premises .............................................................. 1.1 Proprietary Software .................................................. 3.22(b) Prudent Industry Practices ............................................ 1.1 Qualified Fees ........................................................ 2.5(a)(vi) Qualified Retention Plan .............................................. 5.1(k) Real Estate Deed ...................................................... 1.1 Regulatory Challenge .................................................. 5.3(c) Reimbursement Agreements .............................................. 1.1 Related Party Agreement ............................................... 1.1 Rental Transaction .................................................... 1.1 Rental Transactions to Full-Time Equivalents Ratio .................... 1.1 Rental Vehicle ........................................................ 1.1 Representation Failure ................................................ 7.2(a) Representatives ....................................................... 5.2(a) Repurchase Program .................................................... 1.1 Retained Business ..................................................... 1.1 Rev Proc 96-60 ........................................................ 5.15(a) RSI ................................................................... 2.3(q) Ryder License Agreement ............................................... 2.3(q) SEC ................................................................... 1.1 Section 338(h)(10) Allocation Statement ............................... 6.3(b) Seller ................................................................ Preamble Seller Closing Deadline ............................................... 8.2(a) Seller Entities ....................................................... 1.1 Seller Entities Employees ............................................. 3.18(a) Seller Evaluation Material ............................................ 1.1 Seller Financial Statements ........................................... 3.6(a) Seller Parties ........................................................ Preamble Seller Parties Disclosure Schedule .................................... Article 3 Seller Parties Employees .............................................. 3.18(a) Seller SEC Documents .................................................. 3.6(a) Sixt .................................................................. 2.4(f) {/TABLE} {PAGE} {TABLE} {S} {C} Software .............................................................. 3.22(a) Subsidiaries .......................................................... 1.1 Support Vehicles ...................................................... 1.1 Tax ................................................................... 1.1 Tax Package ........................................................... 6.4 Tax Return ............................................................ 1.1 Telephone Numbers ..................................................... 1.1 Termination Amount .................................................... 8.6(b) Testing Period ........................................................ 8.3(i) TFFC .................................................................. 1.1 TFFC MV Leases ........................................................ 1.1 Third Party ........................................................... 1.1 Third Party Consents .................................................. 3.4(d) Title IV Plan ......................................................... 3.18(e) Trade Secrets ......................................................... 3.22(a) Trademark Assignments ................................................. 1.1 Trademarks ............................................................ 3.22(a) Transfer Taxes ........................................................ 5.10(b) Transfer Tax Returns .................................................. 5.10(b) Treasury Regulations .................................................. 1.1 Truck Rental Fleet .................................................... 1.1 Undisclosed Joint Liability ........................................... 1.1 UPAC Premium Finance Arrangement ...................................... 1.1 U.S. Benefit Plan ..................................................... 1.1 Vehicle Manufacturer .................................................. 1.1 WARN Act .............................................................. 1.1 Welfare Plan .......................................................... 1.1 {/TABLE} {PAGE} ASSET AND STOCK PURCHASE AGREEMENT (the "Agreement"), dated as of August 22, 2002, by and among Budget Group, Inc., a Delaware corporation ("Seller"), the Subsidiaries of Seller listed on Schedule 1.1(a) (collectively with Seller, the "Seller Parties"), Cendant Corporation, a Delaware corporation ("Parent") and Cherokee Acquisition Corporation, a Delaware corporation and a wholly-owned subsidiary of Parent ("Buyer"). W I T N E S S E T H: WHEREAS, Seller and its Subsidiaries conduct automotive rental businesses and operations throughout the United States, Canada, the Caribbean region, Latin America and the Asia-Pacific region, directly or through various Franchisees, Dealers, licensees and sub-licensees under the brand names Budget and Ryder, including the rental of automobiles, trucks and other vehicles in the daily rental market (excluding any business conducted in Europe, the Middle East and Africa, collectively, the "Acquired Business"); WHEREAS, on July 29, 2002, all of Seller Parties filed voluntary petitions (the "Petitions") for relief commencing cases (the "Chapter 11 Cases") under Chapter 11 of Title 11 of the United States Code, 11 U.S.C. sections 101 et seq. (as amended, the "Bankruptcy Code"), in the United States Bankruptcy Court for the District of Delaware (the "Bankruptcy Court"); and WHEREAS, Buyer desires to purchase and assume from Seller Parties, and Seller Parties desire to sell, convey, assign and transfer to Buyer, the assets and properties of Seller Parties relating to the Acquired Business specified herein, together with certain specified obligations and liabilities relating thereto, all in the manner and subject to the terms and conditions set forth herein and in the Ancillary Agreements and in accordance with sections 105, 363 and 365 of the Bankruptcy Code. NOW, THEREFORE, in consideration of the mutual agreements and covenants herein contained and intending to be legally bound hereby, the parties hereto hereby agree as follows: ARTICLE 1 DEFINITIONS Section 1.1 Defined Terms. For the purposes of this Agreement, the following terms shall have the following meanings: "13-Week Cash Flow Projections" means, with respect to the relevant 13-week period, a projected statement of cash flow for the operations of Seller Entities for such period in respect of the Acquired Business, detailing the sources and uses of such cash flow, in form and scope consistent with the Initial 13-Week Cash Flow Projections. "363 Order" means an order of the Bankruptcy Court, in substance and form satisfactory to Buyer under this Agreement pursuant to sections 105 and 363 of the Bankruptcy Code and not inconsistent with the terms of this Agreement, unless otherwise agreed among Buyer and Seller Parties. Subject, in the case of clauses (a)(ii)(A) and (b) below to changes that are reasonably acceptable to Buyer, the 363 Order shall provide, among other things: (a) that the transfer of the Acquired Assets by Seller Parties to Buyer and the assumption of the Assumed {PAGE} Liabilities by Buyer from Seller Parties: (i) is or will be a legal, valid and effective transfer of the Acquired Assets; (ii) vests or will vest Buyer with good title to the Acquired Assets free and clear of all Liabilities and Encumbrances (including Liabilities and Encumbrances (A) that purport to give to any Person a right or option to retain any rights in or to Seller Parties' Trademarks or Marks and Logos or other Intellectual Property, (B) that purport to give to any Person a right or option to effect any forfeiture, modification, right of first refusal, repurchase or termination of Seller Parties' or Buyer's interest in the Acquired Assets or any similar rights or (C) in respect of Taxes), except those expressly assumed or permitted by Buyer hereunder; and (iii) constitutes reasonably equivalent value and fair consideration under the Bankruptcy Code and under the laws of the United States, any state, territory, possession, or the District of Columbia; (b) that all Persons, including, but not limited to, all debt security holders, equity security holders, governmental, tax and regulatory authorities, lenders, parties to or beneficiaries under any Benefit Plan, trade and other creditors, asserting or having Liabilities or Encumbrances of any kind or nature whatsoever against any of Seller Parties or the Acquired Assets (whether legal or equitable, secured or unsecured, matured or unmatured, contingent or non-contingent, senior or subordinated), arising under or out of, in connection with, or in any way relating to, Seller Parties, the Acquired Assets, the operation of Seller Parties' businesses prior to the Closing Date, or the transfer of the Acquired Assets to Buyer, other than the Assumed Liabilities and Permitted Encumbrances, shall be forever barred, estopped and permanently enjoined from asserting, prosecuting or otherwise pursuing against Buyer, Parent, their Affiliates, any of the Acquired Companies or their Subsidiaries, or any of their respective assets, property, successors or assigns, or the Acquired Assets, Seller Parties' Liabilities (other than Assumed Liabilities) to such Persons or such Person's Encumbrances (other than Permitted Encumbrances) against Seller Parties or their respective property; (c) that the Bankruptcy Court retains jurisdiction to enforce the provisions of this Agreement in all respects, including retaining jurisdiction to protect Buyer and its Affiliates against any of the Excluded Liabilities; (d) that the provisions of the 363 Order are nonseverable and mutually dependent; (e) that the transactions contemplated by this Agreement are undertaken by Buyer in good faith, as that term is used in section 363(m) of the Bankruptcy Code; and (f)(i) a declaration that no Acquired Company nor any of their respective assets or properties are directly or indirectly liable for or subject to any Undisclosed Joint Liability or Liability relating to Taxes that has been or may be asserted against any Seller Party, their estates, or any Affiliate of Seller Parties (other than the Acquired Companies) or of the Acquired Companies to the extent that any such Liability is based in whole or in part upon the fact that any such Acquired Company was at any time an Affiliate of Seller Parties or a member of the same affiliated group (within the meaning of section 1504 of the Code) or state combined, unitary or similar group of Seller Parties or any of their Affiliates (other than the Acquired Companies), and enjoin any and all holders of any such Liability from asserting, prosecuting or otherwise pursuing any such Liability against any Acquired Company or any of their respective assets or properties; and (ii) provided, however, that if the Bankruptcy Court will refuse to approve a 363 Order containing the declaration specified above in clause (f)(i) above the 363 Order shall provide that Seller Parties shall jointly and severally indemnify Buyer, Parent and their successors and assigns, affiliates, employees, directors, agents and representatives from and against and shall reimburse the same for and in respect of any and all Liability relating to Taxes referred to in clause (f)(i) above, including, without limitation, all penalties, interest, costs and expenses (including attorney fees) incurred for, in connection with 247616	Wal-Mart Stores Wal-Mart Stores Inc. ( Department & Discount ) As referenced in this Asset and Stock Purchase Agreement: Wal-Mart Stores, Inc – Roebuck and Co. and Budget Rent a Car Corporation, (x) pursuant to the Sub-Lease Agreement, dated as of March 13, 2002, between Wal-Mart Stores, Inc . and Budget Rent a Car Systems, Inc. as in effect as of the date hereof, (y) pursuant to the Master Lease Agreement, _____________ dt 278323 ; Budget Group Budget Group Inc. ( Rental & Leasing ) As referenced in this Asset and Stock Purchase Agreement: BUDGET GROUP, – TEXT} {PAGE} Exhibit 99.1 EXECUTION COPY ASSET AND STOCK PURCHASE AGREEMENT BY AND AMONG BUDGET GROUP, INC. AND CERTAIN OF ITS SUBSIDIARIES, CENDANT CORPORATION AND CHEROKEE ACQUISITION CORPORATION DATED AS _____________ Budget Group, – AND STOCK PURCHASE AGREEMENT (the "Agreement"), dated as of August 22, 2002, by and among Budget Group, Inc., a Delaware corporation ("Seller"), the Subsidiaries of Seller listed on Schedule 1.1( _____________ Budget Group, – Amended and Restated Base Indenture, dated as of December 1, 1996, among TFFC, as Issuer, Budget Group, Inc. (formerly known as Team Rental Group, Inc.), as Servicer, Budget Group, Inc. (formerly _____________ Budget Group, – TFFC, as Issuer, Budget Group, Inc. (formerly known as Team Rental Group, Inc.), as Servicer, Budget Group, Inc. (formerly known as Tem Rental Group, Inc.), as Budget Interestholder (formerly known as _____________ Budget Group, – 1997, among Budget Rent-A-Car Systems, Inc., those Subsidiaries, Affiliates and Non-Affiliates of Budget Group, Inc. identified on the signature pages thereto, Team Fleet Financing Corporation, Budget Rent a _____________ dt 74333 ; Ford Motor Ford Motor Co. ( Auto & Truck Manufacturers ) As referenced in this Asset and Stock Purchase Agreement: Ford Motor Co – devices. "Ford Agreements" means (a) the Supply Agreement, dated as of April 29, 1997, among Ford Motor Co mpany, Team Rental Group, Inc., and Budget Rent a Car Corporation, (b) the Advertising Agreement, _____________ Ford Motor Co – Rent a Car Corporation, (b) the Advertising Agreement, dated as of April 29, 1997, among Ford Motor Co mpany, Budget Rent a Car Corporation and Budget Rent a Car Systems, Inc., each as _____________ Ford Motor Co – as amended by the Settlement Agreement and Release, dated as of December 22, 1999, among Ford Motor Co mpany, Seller (formerly, Team Rental Group, Inc.) and Budget Rent a Car Corporation, (c) the _____________ Ford Motor Co – Program, dated as of June 14, 2002, (d) the letter, dated July 17, 2002, from Ford Motor Co mpany to Budget Rent a Car Corporation as an agent and servicer for TFFC and ( _____________ Ford Motor Co – a Car Corporation as an agent and servicer for TFFC and (e) the arrangements with Ford Motor Co mpany and Ford Motor Credit Company described in the order of the Bankruptcy Court, dated _____________ dt 72691 ;	Pep Boys Pep Boys - Manny, Moe & Jack ( Specialty ) As referenced in this Asset and Stock Purchase Agreement: Pep Boys - Manny, Moe & Jack, – Rent a Car Systems, Inc. as in effect as of the date hereof, (y) pursuant to the Master Lease Agreement, dated as of September 18, 2001, as amended, between The Pep Boys - Manny, Moe & Jack, The Pep Boys Manny, Moe & Jack California, Pep Boys - Manny, Moe & Jack of Delaware, Inc. and Budget Rent a Car Systems, Inc. as in effect as of the date _____________ Pep Boys - Manny, Moe & Jack – hereof, (y) pursuant to the Master Lease Agreement, dated as of September 18, 2001, as amended, between The Pep Boys - Manny, Moe & Jack, The Pep Boys Manny, Moe & Jack California, Pep Boys - Manny, Moe & Jack of Delaware, Inc. and Budget Rent a Car Systems, Inc. as in effect as of the date hereof or (z) locations that service any airport; (ee) (i) not consent to _____________ dt 1509921 ; Sears, Roebuck Sears, Roebuck & Co. ( Department & Discount ) ; More...
Preview Full Doc	2002	Asset and Stock Purchase Agreement Asset and Stock Purchase Agreement (406K) Doc #1076750: Click preview link for longer preview. BY AND AMONG BUDGET GROUP, INC. AND CERTAIN OF ITS SUBSIDIARIES, CENDANT CORPORATION AND CHEROKEE ACQUISITION CORPORATION DATED AS OF AUGUST 22, 2002 ================================================================================ <Page> TABLE OF CONTENTS <Table> <Caption> . . . 1076750	Wal-Mart Stores Wal-Mart Stores Inc. ( Department & Discount ) As referenced in this Asset and Stock Purchase Agreement: Wal-Mart Stores, Inc – May 1, 1995, as amended, between Sears, Roebuck and Co. and Budget Rent a Car Corporation, (x) pursuant to the Sub-Lease Agreement, dated as of March 13, 2002, between Wal-Mart Stores, Inc . and Budget Rent a Car Systems, Inc. as in effect as of the date hereof, (y) pursuant to the Master Lease Agreement, dated as of September 18, 2001, as _____________ dt 1528601 ; Budget Group Budget Group Inc. ( Rental & Leasing ) As referenced in this Asset and Stock Purchase Agreement: BUDGET GROUP, – EXHIBIT 10.71 EXHIBIT 10.71 ================================================================================ EXECUTION COPY ASSET AND STOCK PURCHASE AGREEMENT BY AND AMONG BUDGET GROUP, INC. AND CERTAIN OF ITS SUBSIDIARIES, CENDANT CORPORATION AND CHEROKEE ACQUISITION CORPORATION DATED AS OF AUGUST 22, 2002 ================================================================================ TABLE OF CONTENTS Page ---- ARTICLE 1 _____________ Budget Group, – Vehicle Manufactuer...........................................................1.1 WARN Act......................................................................1.1 Welfare Plan..................................................................1.1 ASSET AND STOCK PURCHASE AGREEMENT (the "AGREEMENT"), dated as of August 22, 2002, by and among Budget Group, Inc., a Delaware corporation ("SELLER"), the Subsidiaries of Seller listed on SCHEDULE 1.1(a) (collectively with Seller, the "SELLER PARTIES"), Cendant Corporation, a Delaware corporation ("PARENT") and Cherokee _____________ Budget Group, – Trust Company Americas, as Depositary, (v) Encumbrances existing on the date hereof pursuant to the Amended and Restated Base Indenture, dated as of December 1, 1996, among TFFC, as Issuer, Budget Group, Inc. (formerly known as Team Rental Group, Inc.), as Servicer, Budget Group, Inc. (formerly known as Tem Rental Group, Inc.), as Budget Interestholder (formerly known as Team Interestholder), and _____________ Budget Group, – pursuant to the Amended and Restated Base Indenture, dated as of December 1, 1996, among TFFC, as Issuer, Budget Group, Inc. (formerly known as Team Rental Group, Inc.), as Servicer, Budget Group, Inc. (formerly known as Tem Rental Group, Inc.), as Budget Interestholder (formerly known as Team Interestholder), and a Deutsche Bank Trust Company Americas and the various Series Supplements thereto, ( _____________ Budget Group, – REIMBURSEMENT AGREEMENTS" means: (i) the Letter of Credit Reimbursement Agreement, dated as of April 29, 1997, among Budget Rent-A-Car Systems, Inc., those Subsidiaries, Affiliates and Non-Affiliates of Budget Group, Inc. identified on the signature pages thereto, Team Fleet Financing Corporation, Budget Rent a Car Corporation, as Guarantor, and Credit Suisse First Boston, as Credit Enhancer (Series 1997-1); ( _____________ dt 1867257 ; Pep Boys Pep Boys - Manny, Moe & Jack ( Specialty ) As referenced in this Asset and Stock Purchase Agreement: Pep Boys - Manny, Moe & Jack, – Rent a Car Systems, Inc. as in effect as of the date hereof, (y) pursuant to the Master Lease Agreement, dated as of September 18, 2001, as amended, between The Pep Boys - Manny, Moe & Jack, The Pep Boys Manny, Moe & Jack California, Pep Boys - Manny, Moe & Jack of Delaware, Inc. and Budget Rent a Car Systems, Inc. as in effect as of the date _____________ Pep Boys - Manny, Moe & Jack – hereof, (y) pursuant to the Master Lease Agreement, dated as of September 18, 2001, as amended, between The Pep Boys - Manny, Moe & Jack, The Pep Boys Manny, Moe & Jack California, Pep Boys - Manny, Moe & Jack of Delaware, Inc. and Budget Rent a Car Systems, Inc. as in effect as of the date hereof or (z) locations that service any airport; (ee) (i) not consent to _____________ dt 1509922 ;	DB Trust Deutsche Bank Trust Company Americas ( Financial ) As referenced in this Asset and Stock Purchase Agreement: Deutsche Bank Trust Co – to (i) the Series 2002-1 Supplement, dated as of August 6, 2002, to the Amended and Restated Base Indenture, dated as of December 1, 1996, among TFFC, Seller and Deutsche Bank Trust Co mpany Americas, as Trustee and (ii) the Series 2002-1 Note Purchase Agreement, dated as of August 6, 2002, among TFFC, Seller, as Servicer, DB Structured Products, Inc., as Series _____________ Deutsche Bank Trust Co – dated as of April 29, 1997, among Budget Funding Corporation, Credit Suisse First Boston, as Liquidity Agent, Credit Enhancer and Collateral Agent, Credit Suisse First Boston Corporation, as Dealer, and Deutsche Bank Trust Co mpany Americas, as Depositary, (v) Encumbrances existing on the date hereof pursuant to the Amended and Restated Base Indenture, dated as of December 1, 1996, among TFFC, as Issuer, Budget _____________ Deutsche Bank Trust Co – Inc. (formerly known as Team Rental Group, Inc.), as Servicer, Budget Group, Inc. (formerly known as Tem Rental Group, Inc.), as Budget Interestholder (formerly known as Team Interestholder), and a Deutsche Bank Trust Co mpany Americas and the various Series Supplements thereto, (vi) Encumbrances pursuant to the Ford Line of Credit, (vii) Encumbrances existing on the date hereof pursuant to the Nissan Facility, (viii) _____________ Deutsche Bank Trust Co – due thereunder) and the TEAM Interest and the Budget Interest (each as defined in the Amended and Restated Base Indenture, dated as of December 1, 1996, among TFFC, Seller and Deutsche Bank Trust Co mpany Americas, as Trustee, and the various supplements thereto); (n) all insurance or reinsurance Contracts and/or policies and similar arrangements under which any Seller Party is an insured party _____________ dt 1390902 ; Skadden Skadden, Arps, Slate, Meagher & Flom LLP ( Legal ) As referenced in this Asset and Stock Purchase Agreement: Skadden, Arps – matter not so listed is an Assumed Liability. Section 2.7 CLOSING. The closing of the transactions contemplated in this Agreement (the "CLOSING") shall take place at the offices of Skadden, Arps , Slate, Meagher & Flom LLP, Four Times Square, New York, New York 10036 at 10:00 a.m. on the second Business Day after the satisfaction or waiver of the _____________ Skadden, Arps – Way Parsippany, NJ 07054 Fax: (973) 496-5335 Attention: General Counsel and 9 West 57th Street, 37th Floor New York, NY 10019 Fax: (212) 413-1800 with a copy to Skadden, Arps , Slate, Meagher & Flom LLP Four Times Square New York, New York 10036 Fax: (212) 735-2000 Attention: David Fox, Esq. and Alesia Ranney-Marinelli, Esq. Section 9.4 BULK _____________ dt 1431481
Preview Full Doc	2002	Asset Purchase Agreement Asset Purchase Agreement (242K) Doc #137258: Click preview link for longer preview. ASSET PURCHASE AGREEMENT This Asset Purchase Agreement (Agreement) is dated July 26, 2002, by and among RBSACQ, Inc., a Delaware corporation (Buyer); Sassy, Inc., an Illinois corporation (Seller); Robert Kaplan, a resident of Wyoming (Kaplan); Fritz Hirsch, a resident of Illinois (Hirsch); Steve Rotblatt, a resident of Illinois (Rotblatt); and Homer Douglas, a resident of Michigan (Douglas) (Kaplan, Hirsch, Rotblatt and Douglas are referred to herein as Shareholders). RECITALS Shareholders own one hundred percent of the issued and outstanding shares of capital stock of Seller. Seller desires to sell, and Buyer desires to purchase, the Assets of Seller for the consideration and on the terms and conditions set forth in this Agreement. The parties, intending to be legally bound, agree as follows: 1. DEFINITIONS AND USAGE 1.1. Definitions. For purposes of this Agreement, the following terms and variations thereof have the meanings specified or referred to in this Section 1.1: Accounts Receivable (a) all trade accounts receivable and other rights to payment from customers of Seller and the full benefit of all security for such accounts or rights to payment, including all trade accounts receivable representing amounts receivable in respect of goods shipped or products sold or services rendered to customers of Seller, (b) all other accounts or notes receivable of Seller and the full benefit of all security for such accounts or notes and (c) any claim, remedy or other right related to any of the foregoing. Active Employees as defined in Section 10.1(a). Adjustment Amount as defined in Section 2.8. Appurtenances all privileges, rights, easements, hereditaments and appurtenances belonging to or for the benefit of the Land, including all easements appurtenant to and for the benefit of any Land (a Dominant Parcel) for, and as the primary means of access between, the Dominant Parcel and a public way, or for any other use upon which lawful use of the Dominant Parcel for the purposes for which it is presently being used is dependent, and all rights existing in and to any streets, alleys, passages and other rights-of-way included thereon or adjacent thereto (before or after vacation thereof) and vaults beneath any such streets. Assets as defined in Section 2.1. Assignment and Assumption Agreement as defined in Section 2.7(a)(ii). Assumed Liabilities as defined in Section 2.4(a). Balance Sheet as defined in Section 3.4. 137258	Wal-Mart Stores Wal-Mart Stores Inc. ( Department & Discount ) As referenced in this Asset Purchase Agreement: Wal-Mart Stores, Inc – elsewhere provided under this Agreement. (c) Notwithstanding anything to the contrary contained herein, the assignment of the right to receive payments under the Wal-Mart Stores, Inc . Vendor Agreement between Wal-Mart Stores, Inc. and the Seller (the Walmart Agreement) shall not be effective until the 30th day after _____________ Wal-Mart Stores, Inc – anything to the contrary contained herein, the assignment of the right to receive payments under the Wal-Mart Stores, Inc. Vendor Agreement between Wal-Mart Stores, Inc . and the Seller (the Walmart Agreement) shall not be effective until the 30th day after notice has been given to Walmart Stores, _____________ dt 278177 ; Teamsters International Brotherhood of Teamsters ( Unions ) ; Kaye Scholer Kaye Scholer ( Legal ) As referenced in this Asset Purchase Agreement: Kaye Scholer – sale provided for in this Agreement (the Closing) will take place at the offices of Kaye Scholer LLP at 425 Park Avenue, New York, NY 10022, commencing at 10:00 a. Kaye, Scholer – delivered (or tendered subject only to Closing) to Seller and Shareholders: (a) an opinion of Kaye, Scholer LLP, dated the Closing Date, in the form of Exhibit 8.3(a); (b) Kaye Scholer – 111 Bauer Drive Oakland, NJ 07436 Attention: General Counsel Fax no.: 201-405-7377 and Kaye Scholer LLP 425 Park Avenue New York, NY 10022 Attention: Joel Greenberg, Esq. Fax no.: dt 37617 ;	Vedder Price Vedder, Price, Kaufman & Kammholz P.C. ( Legal ) As referenced in this Asset Purchase Agreement: Vedder, Price – delivered (or tendered subject only to Closing) to Buyer: 51 (a) an opinion of (i) Vedder, Price , Kaufman & Kammholz, dated the Closing Date, in the form of Exhibit 7.4( Vedder, Price – Illinois 60015 Attention: Fritz Hirsch Fax no.: (847)267-0210 with a mandatory copy to: Vedder, Price , Kaufman & Kammholz 222 N. LaSalle Street, Suite 2400 Chicago, Illinois 60601 Attention: Guy Vedder, Price – Attention: Guy E. Snyder Fax no.: (312) 609-5005 Seller (after the Closing): c/o Vedder, Price , Kaufman & Kammholz 222 N. LaSalle Street, Suite 2400 Chicago, Illinois 60601 Attention: Guy Vedder, Price – Suite 203 Bannockburn, Illinois 60015 Fax no.: (847)267-0210 with a mandatory copy to: Vedder, Price , Kaufman & Kammholz 222 N. LaSalle Street, Suite 2400 Chicago, Illinois 60601 Attention: Guy dt 31810 ; RBSACQ, Inc.; More...
Preview Full Doc	2003	Asset Purchase Agreement Asset Purchase Agreement (158K) Doc #437439: Click preview link for longer preview. ASSET PURCHASE AGREEMENT Between: DIXON TICONDEROGA COMPANY, The Seller -AND- NEW CASTLE REFRACTORIES COMPANY, INC., The Purchaser David T. Mojock, Esquire Balph, Nicolls, Mitsos, Flannery & Clark 300 Sky Bank Building, 14 N. . . . 437439	Wal-Mart Stores Wal-Mart Stores Inc. ( Department & Discount ) As referenced in this Asset Purchase Agreement: Wal-Mart Stores, Inc – Ink Compositions For Wick Type Writing Instruments." That action was consolidated with an action brought in July 2001, in which Dri Mark sued National Ink, Inc., RoseArt Industries, Inc. and Wal-Mart Stores, Inc ., for infringement of the same patent. In March, 2002, Dixon Ticonderoga and National Ink moved for summary judgment of non-infringement. On April 10, 2002, the District Court granted _____________ dt 1528572 ; DTC Dixon Ticonderoga Co. ( Consumer ) ;	USWA United Steelworkers of America ( Unions ) As referenced in this Asset Purchase Agreement: UNITED STEELWORKERS OF AMERICA – AGREEMENT NITROGEN TANK RENTAL LICENSE: FEDERAL COMMUNICATIONS COMMISSION MAN DOWN ALARM SYSTEM AGENTS: PRODUCT REPRESENTATIVES MILT LODIE PDV SERVICES JEFF CURRY UNION CONTRACTS (2): NEW CASTLE: COLLECTIVE BARGAINING AGREEMENT WITH UNITED STEELWORKERS OF AMERICA - LOCAL 1016-09 MASSILLON: COLLECTIVE BARGAINING AGREEMENT WITH UNITED STEELWORKERS OF AMERICA - LOCAL 3610-05 NATURAL GAS PURCHASE CONTRACTS WITH EXCELON ENERGY AND FIRST ENERGY {PAGE} Exhibit "I" ----------- Liens, _____________ UNITED STEELWORKERS OF AMERICA – AGENTS: PRODUCT REPRESENTATIVES MILT LODIE PDV SERVICES JEFF CURRY UNION CONTRACTS (2): NEW CASTLE: COLLECTIVE BARGAINING AGREEMENT WITH UNITED STEELWORKERS OF AMERICA - LOCAL 1016-09 MASSILLON: COLLECTIVE BARGAINING AGREEMENT WITH UNITED STEELWORKERS OF AMERICA - LOCAL 3610-05 NATURAL GAS PURCHASE CONTRACTS WITH EXCELON ENERGY AND FIRST ENERGY {PAGE} Exhibit "I" ----------- Liens, Encumbrances, Etc. ------------------------- Liens held by Seller's primary lender (Foothill) and a _____________ United Steelworkers Of America – Agreements to be terminated at Closing pursuant to the provisions of Section 2.1(a). (d) Leases: Cannon Copier with Canon Financial Services (e) New Castle: Collective Bargaining Agreement with United Steelworkers Of America - Local 1016-09 Massillon: Collective Bargaining Agreement with United Steelworkers Of America - Local 3610-05 {PAGE} Exhibit "L" ----------- PA STATE ONLY OPERATING AGREEMENT (AIR QUALITY) #37-00152 PA HAZARDOUS _____________ United Steelworkers Of America – 2.1(a). (d) Leases: Cannon Copier with Canon Financial Services (e) New Castle: Collective Bargaining Agreement with United Steelworkers Of America - Local 1016-09 Massillon: Collective Bargaining Agreement with United Steelworkers Of America - Local 3610-05 {PAGE} Exhibit "L" ----------- PA STATE ONLY OPERATING AGREEMENT (AIR QUALITY) #37-00152 PA HAZARDOUS MATERIAL PERMIT OHIO TITLE V DRAFT PERMIT FACILITY ID #15-17-00- _____________ dt 1422429
Preview Full Doc	2005	Asset Purchase Agreement Asset Purchase Agreement (293K) Doc #840741: Click preview link for longer preview. ASSET PURCHASE AGREEMENT between CHURCHILL DOWNS CALIFORNIA COMPANY, a Kentucky corporation, and BAY MEADOWS LAND COMPANY, LLC a Delaware limited liability company Dated as of July 6, 2005 TABLE OF CONTENTS Page 1. DEFINITIONS 1 2. TRANSFER OF ASSETS 9 2.1 Transfer of Assets 9 2.1.1 Real Property 9 2.1.2 Personal Property 9 2.1.3 Inventory 10 2.1. . . . 840741	Wal-Mart Stores Wal-Mart Stores Inc. ( Department & Discount ) As referenced in this Asset Purchase Agreement: Wal-Mart Stores, Inc – b). Other Source Payments shall have the meaning set forth in Section 9.4. Parking License Agreement shall mean that certain license agreement dated September 28, 2004 pursuant to which Wal-Mart Stores, Inc . has agreed to allow patrons of the Racetrack Business to park on certain adjacent property. Permitted Liens shall have the meaning set forth in Section 4.11(b). Person _____________ dt 1528576 ; Churchill Downs Churchill Downs, Inc. ( Casinos & Gaming ) ;	Pinnacle Pinnacle Entertainment Inc. ( Casinos & Gaming ) As referenced in this Asset Purchase Agreement: Pinnacle Entertainment, Inc – 1(a). Phase II Report shall have the meaning set forth in Section 12.1(e). Phase II Testing shall have the meaning set forth in Section 12.1. Pinnaclemeans Pinnacle Entertainment, Inc ., a Delaware corporation, formerly known as Hollywood Park, Inc. Preliminary Closing Statement shall have the meaning set forth in Section 3.7.3(a). 7 Potential Contributor shall have _____________ dt 1410782 ; Gibson Dunn Gibson, Dunn & Crutcher ( Legal ) As referenced in this Asset Purchase Agreement: Gibson, Dunn – If to Seller: c/o Churchill Downs Incorporated 700 Central Avenue Louisville, KY 40208 Attn: Rebecca C. Reed Tel: (502) 636-4429 Fax: (502) 636-4439 With duplicate notice to: Gibson, Dunn & Crutcher, LLP 333 South Grand Avenue Los Angeles, CA 90071 Attn: D. Eric Remensperger, Esq. Tel: (213) 229-7000 Fax: (213) 229-7520 61 (b) If to Buyer: _____________ Gibson, Dunn – to Investor, to: c/o Churchill Downs Incorporated 700 Central Avenue Louisville, KY 40208 Attn: Rebecca C. Reed Tel: (502) 636-4429 Fax: (502) 636-4439 with duplicate notice to: Gibson, Dunn & Crutcher LLP 333 South Grand Avenue Los Angeles, CA 90071 Attn: D. Eric Remensperger, Esq. Tel: (213) 229-7000 Fax: (213) 229-7520 Section 11.03 Amendments and _____________ dt 1483636
Preview Full Doc	2000	Asset Purchase Agreement Asset Purchase Agreement (46K) Doc #945978: Click preview link for longer preview. <TEXT> ASSET PURCHASE AGREEMENT (SLIDELL, LA) THIS ASSET PURCHASE AGREEMENT (this "Agreement"), dated September 18, 2000, is between AEI REAL ESTATE FUND XVI LIMITED PARTNERSHIP, a Minnesota limited partnership, and AEI REAL ESTATE FUND XVIII LIMITED PARTNERSHIP, a Minnesota limited partnership (hereinafter individually, interchangeably and collectively called "Seller") and SOUTHERN RIVER RESTAURANTS, LLC, a Mississippi limited liability company, or its nominee (hereinafter . . . 945978	Wal-Mart Stores Wal-Mart Stores Inc. ( Department & Discount ) As referenced in this Asset Purchase Agreement: Wal-Mart Stores, Inc – 1991. AND II. SERVITUDE PARCEL Access and Parking Servitude established by that "Reciprocal Servitude Agreement" dated November 26 and December 17, 1991, by and between Gulf Coast Restaurants, Inc. and Wal-Mart Stores, Inc . filed on December 20, 1991, under Entry No. 802298 in COB 1489, folio 360 covering the following property: A CERTAIN TRACT OR PARCEL OF LAND, located in the southwest _____________ dt 1528582 ;	Paul Hastings Paul, Hastings, Janofsky & Walker ( Legal ) As referenced in this Asset Purchase Agreement: Paul, Hastings – Facsimile No. (404) 962-6722; or to Purchaser at Paradise Foods, Inc., 417 Main Street, Natchez, Mississippi 39120, Attention: David Paradise, Facsimile No. (601) 445-4397, with a copy to Paul, Hastings , Janofsky & Walker LLP, 600 Peachtree Street, N.E., Suite 2400, Atlanta, Georgia 30308, Attention: Eric W. Anderson, Esq., Facsimile No. (404) 815-2424. Notices sent by United States Certified _____________ dt 1397660
Preview Full Doc	2000	Asset Purchase Agreement Asset Purchase Agreement (46K) Doc #1298741: Click preview link for longer preview. <TEXT> ASSET PURCHASE AGREEMENT (SLIDELL, LA) THIS ASSET PURCHASE AGREEMENT (this "Agreement"), dated September 18, 2000, is between AEI REAL ESTATE FUND XVI LIMITED PARTNERSHIP, a Minnesota limited partnership, and AEI REAL ESTATE FUND XVIII LIMITED PARTNERSHIP, a Minnesota limited partnership (hereinafter individually, interchangeably and collectively called "Seller") and SOUTHERN RIVER RESTAURANTS, LLC, . . . 1298741	Wal-Mart Stores Wal-Mart Stores Inc. ( Department & Discount ) As referenced in this Asset Purchase Agreement: Wal-Mart Stores, Inc – 1991. AND II. SERVITUDE PARCEL Access and Parking Servitude established by that "Reciprocal Servitude Agreement" dated November 26 and December 17, 1991, by and between Gulf Coast Restaurants, Inc. and Wal-Mart Stores, Inc . filed on December 20, 1991, under Entry No. 802298 in COB 1489, folio 360 covering the following property: A CERTAIN TRACT OR PARCEL OF LAND, located in the southwest _____________ dt 1528614 ; AEI Real Estate Fund Xviii Limited Partnership AEI Real Estate Fund Xviii Limited Partnership ;	Paul Hastings Paul, Hastings, Janofsky & Walker ( Legal ) As referenced in this Asset Purchase Agreement: Paul, Hastings – Facsimile No. (404) 962-6722; or to Purchaser at Paradise Foods, Inc., 417 Main Street, Natchez, Mississippi 39120, Attention: David Paradise, Facsimile No. (601) 445-4397, with a copy to Paul, Hastings , Janofsky & Walker LLP, 600 Peachtree Street, N.E., Suite 2400, Atlanta, Georgia 30308, Attention: Eric W. Anderson, Esq., Facsimile No. (404) 815-2424. Notices sent by United States _____________ dt 1397742
Preview Full Doc	2002	Asset Purchase Agreement Asset Purchase Agreement (243K) Doc #1617673: Click preview link for longer preview. EXHIBIT 2.1 ASSET PURCHASE AGREEMENT by and among RBSACQ, INC. and SASSY, INC. and its SHAREHOLDERS Dated July 26, 2002 TABLE OF CONTENTS 1. DEFINITIONS AND USAGE 1.1. Definitions. 1.2. Usage. 2. SALE AND TRANSFER OF ASSETS; CLOSING . . . 1617673	Wal-Mart Stores Wal-Mart Stores Inc. ( Department & Discount ) As referenced in this Asset Purchase Agreement: Wal-Mart Stores, Inc – this Agreement. (c) Notwithstanding anything to the contrary contained herein, the assignment of the right to receive payments under the Wal-Mart Stores, Inc . Vendor Agreement between Wal-Mart Stores, Inc. and the Seller (the “Walmart Agreement”) shall not be effective until the 30th day after notice has been given to _____________ Wal-Mart Stores, Inc – 160; Notwithstanding anything to the contrary contained herein, the assignment of the right to receive payments under the Wal-Mart Stores, Inc. Vendor Agreement between Wal-Mart Stores, Inc . and the Seller (the “Walmart Agreement”) shall not be effective until the 30th day after notice has been given to Walmart Stores, Inc., under the Walmart Agreement _____________ dt 1528618 ; Russ Berrie & Co Russ Berrie & Co Inc ;	Kaye Scholer Kaye Scholer ( Legal ) As referenced in this Asset Purchase Agreement: Kaye Scholer – allocation is not a correct allocation. 2.6. Closing. The purchase and sale provided for in this Agreement (the “Closing”) will take place at the offices of Kaye Scholer LLP at 425 Park Avenue, New York, NY 10022, commencing at 10:00 a.m. (local time) on the later of (a) July 26, 2002, or (b) the date _____________ Kaye, Scholer – the following documents to be delivered (or tendered subject only to Closing) to Seller and Shareholders: (a) an opinion of Kaye, Scholer LLP, dated the Closing Date, in the form of Exhibit 8.3(a); (b) Buyer will adopt a management _____________ Kaye Scholer – 405-2579 with a mandatory copy to: Russ Berrie and Company, Inc. 111 Bauer Drive Oakland, NJ 07436 Attention: General Counsel Fax no.: 201-405-7377 and Kaye Scholer LLP 425 Park Avenue New York, NY 10022 Attention: Joel Greenberg, Esq. Fax no.: 212-836-7149 13.4. Jurisdiction; _____________ dt 1421900 ; Vedder Price Vedder, Price, Kaufman & Kammholz P.C. ( Legal ) As referenced in this Asset Purchase Agreement: Vedder, Price – the following documents to be delivered (or tendered subject only to Closing) to Buyer: 51 (a) an opinion of (i) Vedder, Price , Kaufman & Kammholz, dated the Closing Date, in the form of Exhibit 7.4(a)(i), and (ii) an opinion of Dick & Harris, dated the Closing Date, in _____________ Vedder, Price – Shareholders (before the Closing): Sassy, Inc. 2101 Waukegan Rd., Suite 203 Bannockburn, Illinois 60015 Attention: Fritz Hirsch Fax no.: (847)267-0210 with a mandatory copy to: Vedder, Price , Kaufman & Kammholz 222 N. LaSalle Street, Suite 2400 Chicago, Illinois 60601 Attention: Guy E. Snyder Fax no.: (312) 609-5005 Seller (after the Closing): c/ _____________ Vedder, Price – Kaufman & Kammholz 222 N. LaSalle Street, Suite 2400 Chicago, Illinois 60601 Attention: Guy E. Snyder Fax no.: (312) 609-5005 Seller (after the Closing): c/o Vedder, Price , Kaufman & Kammholz 222 N. LaSalle Street, Suite 2400 Chicago, Illinois 60601 Attention: Guy E. Snyder Fax no.: (312) 609-5005 Shareholders (after Closing): Robert B, _____________ Vedder, Price – 160; (616) 243-1042 74 Stephen L. Rotblatt Sassy, Inc. 2101 Waukegan Rd, Suite 203 Bannockburn, Illinois 60015 Fax no.: (847)267-0210 with a mandatory copy to: Vedder, Price , Kaufman & Kammholz 222 N. LaSalle Street, Suite 2400 Chicago, Illinois 60601 Attention: Guy E. Snyder Fax no.: (312) 609-5005 Buyer: c/o Russ Berrie _____________ dt 1533625
Preview Full Doc	2000	Asset Purchase Agreement Asset Purchase Agreement (214K) Doc #1651979: Click preview link for longer preview. ASSET PURCHASE AGREEMENT BY AND AMONG AMERISERVE FOOD DISTRIBUTION, INC., THE OTHER SELLERS NAMED HEREIN AND MCLANE COMPANY, INC., AS BUYER August 18, 2000 <PAGE> [EXECUTION COPY] TABLE OF CONTENTS . . . 1651979	Wal-Mart Stores Wal-Mart Stores Inc. ( Department & Discount ) As referenced in this Asset Purchase Agreement: Wal-Mart Stores, Inc – of the transactions contemplated hereby have been duly and validly authorized by the Board of Directors of the Buyer and except for the approval of the Board of Directors of Wal-Mart Stores, Inc . (which approval the Buyer has obtained prior to the date hereof) no other corporate proceedings on the part of the Buyer are necessary to authorize this Agreement or to _____________ dt 1681218 ; Nebco Evans Holding Nebco Evans Holding Co ;	Chase Manhattan Chase Manhattan Bank ( Financial ) As referenced in this Asset Purchase Agreement: Chase Manhattan Bank – Order (as hereinafter defined), Buyer shall deposit $10,000,000 of the Purchase Price (the "DEPOSIT") by wire funds transfer of immediately available funds to an interest-bearing account with Chase Manhattan Bank (or such other nationally recognized banking institution mutually selected by AFDI and Buyer), as Escrow Agent (the "DEPOSIT ESCROW AGENT") under the Deposit Escrow Agreement substantially in the form _____________ dt 1666748
Preview Full Doc	2000	Asset Purchase Agreement Asset Purchase Agreement (214K) Doc #1652282: Click preview link for longer preview. ASSET PURCHASE AGREEMENT BY AND AMONG AMERISERVE FOOD DISTRIBUTION, INC., THE OTHER SELLERS NAMED HEREIN AND MCLANE COMPANY, INC., AS BUYER August 18, 2000 <PAGE> [EXECUTION COPY] TABLE OF CONTENTS . . . 1652282	Wal-Mart Stores Wal-Mart Stores Inc. ( Department & Discount ) As referenced in this Asset Purchase Agreement: Wal-Mart Stores, Inc – of the transactions contemplated hereby have been duly and validly authorized by the Board of Directors of the Buyer and except for the approval of the Board of Directors of Wal-Mart Stores, Inc . (which approval the Buyer has obtained prior to the date hereof) no other corporate proceedings on the part of the Buyer are necessary to authorize this Agreement or to _____________ dt 1681219 ; Ameriserve Food Distribution Ameriserve Food Distribution Inc /DE/ ;	Chase Manhattan Chase Manhattan Bank ( Financial ) As referenced in this Asset Purchase Agreement: Chase Manhattan Bank – Order (as hereinafter defined), Buyer shall deposit $10,000,000 of the Purchase Price (the "DEPOSIT") by wire funds transfer of immediately available funds to an interest-bearing account with Chase Manhattan Bank (or such other nationally recognized banking institution mutually selected by AFDI and Buyer), as Escrow Agent (the "DEPOSIT ESCROW AGENT") under the Deposit Escrow Agreement substantially in the form _____________ dt 1666749

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