Exhibit 10.1
 Asset Purchase Agreement
 among
 Local.com Corporation as Buyer,
 LiveDeal, Inc. as Parent
 And
 Telco Billing, Inc. as Seller
 March 9, 2009




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PageARTICLE 1 DEFINITIONS
    
    
    11.1
    
    
    Defined Terms
    
    
    11.2
    
    
    List of Additional Definitions
    
    
    31.3
    
    
    Rules of Construction
    
    
    4ARTICLE 2 PURCHASE AND SALE
    
    
    52.1
    
    
    Purchase and Sale of Assets
    
    
    52.2
    
    
    Assumed Obligations and Liabilities; Retained Liabilities
    
    
    52.3
    
    
    Purchase Price; Final Format Data; TPV Recordings; Purchase Price Adjustement
    
    
    52.4
    
    
    Seller Escrow Fund
    
    
    62.5
    
    
    Buyer Escrow Fund
    
    
    72.6
    
    
    Credits Processed by LECs or Clearinghouses
    
    
    72.7
    
    
    Assignability and Consents
    
    
    8ARTICLE 3 PARENTS AND SELLERS REPRESENTATIONS AND WARRANTIES
    
    
    83.1
    
    
    Organization of Seller
    
    
    93.2
    
    
    Authority
    
    
    93.3
    
    
    No Conflict; Required Consents
    
    
    93.4
    
    
    Subscribers
    
    
    93.5
    
    
    Litigation
    
    
    93.6
    
    
    Taxes
    
    
    93.7
    
    
    Billing Statements
    
    
    103.8
    
    
    No Material Adverse Change
    
    
    103.9
    
    
    No Undisclosed Liabilities
    
    
    103.10
    
    
    Compliance with Legal Requirements
    
    
    103.11
    
    
    Books and Records
    
    
    103.12
    
    
    Terms and Conditions
    
    
    103.13
    
    
    Finders and Brokers
    
    
    10ARTICLE 4 BUYERS REPRESENTATIONS AND WARRANTIES
    
    
    114.1
    
    
    Organization and Qualification of Buyer
    
    
    114.2
    
    
    Authority
    
    
    114.3
    
    
    No Conflict; Required Consents
    
    
    114.4
    
    
    Finders and Brokers
    
    
    11ARTICLE 5 COVENANTS
    
    
    115.1
    
    
    Transfer Taxes
    
    
    115.2
    
    
    Data Transfer Procedures
    
    
    115.3
    
    
    Confidentiality
    
    
    115.4
    
    
    Nonsolicitation
    
    
    12ARTICLE 6 CLOSING
    
    
    126.1
    
    
    Closing
    
    
    126.2
    
    
    Sellers Obligations
    
    
    12
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Page6.3
    
    
    Buyers Obligations
    
    
    13ARTICLE 7 INDEMNIFICATION
    
    
    147.1
    
    
    Indemnification by Parent and Seller
    
    
    147.2
    
    
    Indemnification by Buyer
    
    
    147.3
    
    
    Indemnification Procedure
    
    
    157.4
    
    
    Third-Party Claims
    
    
    167.5
    
    
    Survival of Representations and Warranties
    
    
    177.6
    
    
    Indemnification Limitations
    
    
    177.7
    
    
    Net of Insurance Recoveries
    
    
    187.8
    
    
    No Consequential Damages
    
    
    187.9
    
    
    Sole and Exclusive Remedy
    
    
    18ARTICLE 8 MISCELLANEOUS PROVISIONS
    
    
    188.1
    
    
    Expenses
    
    
    188.2
    
    
    Waivers
    
    
    198.3
    
    
    Notices
    
    
    198.4
    
    
    Publicity
    
    
    208.5
    
    
    Binding Effect; Benefits
    
    
    208.6
    
    
    Entire Agreement; Amendments
    
    
    208.7
    
    
    Governing Law
    
    
    208.8
    
    
    Counterparts
    
    
    208.9
    
    
    Further Assurances
    
    
    208.10
    
    
    Attorneys Fees
    
    
    208.11
    
    
    Schedules and Exhibits; Headings
    
    
    208.12
    
    
    Remedies Cumulative
    
    
    21
 -ii-




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Page
 List of Exhibits and Schedules
 ExhibitsExhibit A
    
    Purchased SubscribersExhibit B
    
    Seller Fund Escrow AgreementExhibit C
    
    Buyer Fund Escrow AgreementExhibit D
    
    Bill of SaleExhibit E
    
    Assignment and Assumption AgreementSchedule 2.3(a)(i)
    
    LiveDeal Wiring InstructionsSchedule 2.3(b)
    
    Final Data FormatSchedule 2.7
    
    Required ConsentsSchedule 3.3
    
    No conflict; Required ConsentsSchedule 3.4
    
    Subscriber AttributesSchedule 3.5
    
    LitigationSchedule 3.10
    
    Compliance with Legal RequirementsSchedule 3.12
    
    Terms and ConditionsSchedule 5.2
    
    Customer and Data Transfer Procedures
 -iii-




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ASSET PURCHASE AGREEMENT
 Agreement Buyer Parent Seller Party Parties
 RECITALS
 Business Subscribers
 Exhibit A Purchased Subscribers
 Breakup
Escrow Agreement Breakup Escrow Fund
 AGREEMENT
  DEFINITIONS
 Defined Terms
 Affiliate
 Consents
 Contracts
 -1-




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Governmental Authority
 Judgment
 Knowledge: Knowledge
   Knowledge
 Legal Requirements
 Licenses
 Lien
 Litigation
 Losses
 2




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Material Adverse Change
 Organizational Documents
 Person
 Taxes
 Transaction Documents
 List of Additional Definitions
 Term
    
    SectionAgreement
    
    PreambleAssets
    
    2.1Assignment and Assumption Agreement
    
    6.2(b)Assumed Obligations and Liabilities
    
    2.2Basket
    
    7.6Billing Statements
    
    3.7Business
    
    RecitalsBreakup Escrow Agreement
    
    RecitalsBreakup Escrow Fund
    
    Recitals
 3




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Term
    
    SectionBuyer
    
    PreambleBuyer Escrow Deposit
    
    2.5Buyer Fund Escrow Agreement
    
    2.5Buyer Fund Escrow Termination Date
    

    2.5Buyer Indemnitees
    

    7.1Cap
    

    7.6Claim Notice
    

    7.3(a)Closing
    

    6.1Closing Date
    

    6.1Confidential Information
    

    5.3Covenant Period
    

    5.4Escrow Agent
    

    2.4Final Format Data
    

    2.3(b)Indemnified Party
    
    7.3(a)Indemnifying Party
    

    7.3(a)Nonassignable Items
    

    2.6(b)Parent
    
    PreambleParty
    
    PreamblePurchase Price
    

    2.3(a)Purchased Subscribers
    
    RecitalsRetained Liabilities
    

    2.2Seller
    
    PreambleSeller Escrow Deposit
    

    2.4Seller Fund Escrow Agreement
    

    2.4Seller Indemnitees
    

    7.2Subscribers
    
    RecitalsThird Party Claim Notice
    

    7.4(b)TPV Recordings
    

    2.3(c)
 Rules of Construction
 4




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PURCHASE AND SALE
 Purchase and Sale of Assets Assets
 Section 2.7
   Assumed Obligations and Liabilities; Retained Liabilities Assumed Obligations and Liabilities Retained
Liabilities
 Purchase Price; Final Format Data; TPV Recordings; Purchase Price Adjustment
 Purchase Price Purchase
Price
 Schedule 2.3(a)(i) minus minus
 5




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Section 2.4
 Final Format Data Exhibit 2.3(b) Final Format Data
 TPV Recordings TPV
Recordings Section 2.3(d)
 Purchase Price Adjustment Section 2.3(d)
 Seller Escrow Fund Seller
Escrow Deposit Escrow
Agent Exhibit B Seller Fund Escrow Agreement Section
7.1
 6




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less Article 7
 Buyer Escrow Fund Buyer Escrow Deposit Exhibit C Buyer Fund Escrow Agreement Section
7.2 Buyer Fund Escrow Termination
Date less Article
7
 Credits Processed by LECs or Clearinghouses
    7




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Schedule 2.6(b)
 Assignability and Consents.
 Required Consents Schedule 2.7 provided however
 Nonassignable Items Nonassignable Items
 PARENTS AND SELLERS REPRESENTATIONS AND WARRANTIES
  8




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Organization of Seller
 Authority
 No Conflict; Required Consents Schedule 3.3 Schedule 3.3
 Subscribers Schedule 3.4
 Litigation Schedule 3.5
 Taxes
 9




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Billing Statements Billing Statements
 No Material Adverse Change
 No Undisclosed Liabilities
 Compliance with Legal Requirements Schedule 3.10
 Books and Records
 Terms and Conditions Schedule 3.12 Schedule
3.12
 Finders and Brokers
 10




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BUYERS REPRESENTATIONS AND WARRANTIES
  Organization and Qualification of Buyer
 Authority
 No Conflict; Required Consents
 Finders and Brokers
 COVENANTS
 Transfer Taxes
 Data Transfer Procedures Schedule 5.2
 Confidentiality
 11




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Confidential Information
 Nonsolicitation
 Covenant Period
 Section 5.4 Section 5.4
 CLOSING
 Closing Closing Closing Date
 Sellers Obligations
 Bill of Sale and Assignment Exhibit
D
 12




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Assignment and Assumption Agreement Exhibit E Assignment and Assumption
Agreement
 Escrow Agreements
 Books and Records
 Consents
 Lien Releases
 Certificate of Good Standing
 Final Format Data Section
2.3(b)
 Other
 Buyers Obligations
 Purchase Price Section
2.3(a)
 Escrow Deposit
 Escrow Agreements
 Assignment and Assumption Agreement
 Other
 13




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INDEMNIFICATION
 Indemnification by Parent and Seller Sections
7.5 and 7.6 Buyer Indemnitees
    provided however
 Section 2.3
 provided however provided further
 Indemnification by Buyer Sections 7.5 and
7.6 Seller Indemnitees
  14




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provided however
  Indemnification Procedure .
 Indemnified Party Indemnifying Party Claim Notice Section 7.3 Section 7.3
 Section 7.3
 provided however
   15




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Third-Party Claims
 Article
7
 Third Party Claim Notice
 Article 7
 16




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Survival of Representations and Warranties Sections 3.1 3.2 3.3 3.6 4.1 4.2 4.3 Sections 7.1(a) and 7.2(a)
 Indemnification Limitations Section 7.1
 17




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Cap Article 7 Basket Sections
3.2, 3.3 or 3.6 Section
2.3 Section 2.6
 Net of Insurance Recoveries Article 7
 No Consequential Damages
 Sole and Exclusive Remedy
 MISCELLANEOUS PROVISIONS
 Expenses
 18




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Waivers
 Notices
 To Seller:
    
    LiveDeal, Inc.
2490 E. Sunset Rd., Suite 100
Las Vegas, NV 89120
Attention: Michael Edelhart
Facsimile: 702-974-1180Copy to:
    
    Snell & Wilmer L.L.P.
One Arizona Center
Phoenix, AZ 85004-2202
Attention: Dan Mahoney
Facsimile: 602-382-6070To Buyer:
    
    Local.com Corporation
One Technology Drive, Building G
Irvine, CA 92618
Attention: Chief Financial Officer
Facsimile: 949-341-5396Copy to:
    
    Rutan & Tucker, LLP
611 Anton Blvd, Suite 1400
Costa Mesa, CA 92626
Attention: Derek D. Dundas
Facsimile: (714) 546-9035
  19




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Publicity
 Binding Effect; Benefits
 Entire Agreement; Amendments
 Governing Law
 Counterparts
 Further Assurances
 Attorneys Fees
 Schedules and Exhibits; Headings
 20




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Remedies Cumulative
 [Signature page follows.]
 21




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BUYER:
    Local.com Corporation/s/ Heath B. ClarkeBy: Heath B. ClarkeIts: Chief Executive OfficerPARENT:
    LiveDeal, Inc./s/ Michael EdelhartBy: Michael EdelhartIts: Chief Executive OfficerSELLER:
    Telco Billing, Inc./s/ Michael EdelhartBy: Michael EdelhartIts: President