Document:

Exhibit 10.1

        

        AGREEMENT FOR SALE AND PURCHASE

        OF CERTAIN BUSINESS ASSETS AND ASSUMPTION OF CERTAIN BUSINESS LIABILITIES

        

        THIS AGREEMENT is entered into effective as of the 19th day of October, 2009, by and between Online Vacation Center Holdings Corp., a Florida corporation and La Tours and
        Cruises, Inc., a Texas corporation (“Seller”) and West University Travel, LLC., a Texas limited liability company (“Buyer”).

        

        RECITALS:

        A.     Seller currently operates West University Travel/Journeys Unlimited, a travel related business (the “Business”) located at 3622 University Blvd, Houston, TX 77005

        B.     Seller desires to sell and Buyer desires to purchase all of Seller’s interest in certain business assets to include client lists, main telephone number, inventory, supplies, machinery, software, equipment on hand and used in connection with Business, together with the goodwill associated with the Business
        and certain business liabilities to include, but limited to, the telephone/internet service contract, office rent, postage machine contract, and electricity contract.

        C.     The parties desire to enter into this Agreement to set forth their agreement with respect to the above-described transfers.

        NOW, THEREFORE, in consideration of the undertakings contained in this Agreement, the parties agree as follows:

        1.     Assets Sold. Seller agrees to sell, and Buyer agrees to purchase the following assets:

                         a.     All of Seller’s right, title and interest in and to the inventory, supplies, fixtures, equipment and machinery located at or used in connection with the Business and more  particularly described on Exhibit A attached
        hereto (the “Assets”). 

        b.     Any and all other rights relating to the Business and capable of transfer, trade names, warranties and guarantees of manufacturers and suppliers, phone numbers and goodwill (collectively, the “Other Rights”).

        2.     Assumed Contracts. Buyer shall, as of the Closing Date, take an assignment of all of Seller’s interest and liabilities in all contracts related to the business. Buyer shall not assume any of Seller’s liabilities or obligations, including
        but not limited to, employee benefits accrued prior to and existing on the Closing Date. Buyer shall not assume liabilities arising from travel commenced prior to the Closing Date. Seller agrees to satisfy such liabilities and obligations in full on or before forty five (45) days after the Closing Date and to indemnify Buyer with respect to any and all costs incurred, including reasonable attorneys’ fees, with respect to any claims from
        Seller’s creditors or employees for liabilities and benefits, and Seller agrees to reimburse Buyer for any and all costs so incurred.

        
        

         

        3.     Payment of Purchase Price. In exchange for the sale of the Assets and Liabilities to Buyer, Buyer agrees to pay the Seller the following consideration:

        

        a. Forgive the debt of $100,000 owed by Seller to Buyer, originally due on January 4, 2010, and

        

        b. Return 50,000 shares of ONVC stock originally issued to Buyer on January 4, 2007 with a per share value to be determined on Closing Date.

        

        4.      Bookings

        	
                	
                    a.     

                	
                    All bookings with travel commencing on or before Closing Date, will belong 100% to Seller. Payment of the related commission expense to booking agent will be the responsibility of the Seller.

                

        	
                	
                    b.     

                	
                    All bookings with travel commencing after Closing Date will belong 100% to Buyer. Payment of the related commission expense to booking agent will be the responsibility of the Buyer.

                

        

                 5.     Closing. The closing shall occur on November 2, 2009 (the “Closing Date”), or on such earlier date as the parties may mutually agree.

        6.    Reconciliation of Pre- and Post-Closing Assets and Liabilities. Seller and Buyer agree that there are assets and liabilities
        that relate to both pre-closing and post-closing transactions. These include, but are not limited to, the O’Quinn law firm deposit, client pre-payments, supplier deposits and travel agent deposits. Seller and Buyer both agree to reconcile these assets and liabilities within thirty (30) days of Closing Date. Seller agrees to reimburse Buyer for any items relating to post-closing transactions, and Buyer agrees to
        reimburse Seller for any items relating to pre-closing transactions.

        7.     Conditions to Closing. The obligation of Buyer and Seller to close the sale transaction contemplated under this Agreement shall be subject to the satisfaction of the following (the “Closing Conditions”). Should the Closing Conditions not
        be satisfied on or before the Closing Date, then this Agreement shall terminate and neither party shall owe any further performance to the other. The Closing Conditions consist of the following:

        a. The representations and warranties of Seller and Buyer contained in this Agreement and the certificates and documents to be delivered pursuant hereto, shall be true, complete and correct when made, and as of the Closing Date, and will not contain any untrue statement of a material fact required to make the statements herein or therein not misleading. Each of Buyer and Seller
        shall have performed and satisfied all of the covenants, agreements, and conditions required by this Agreement to be performed and satisfied by it hereunder.

        8.     Condition of Personal Property. Buyer is purchasing the equipment in “AS IS” physical condition and an “AS
        IS” state of repair with all faults and with no implied warranties of fitness for a particular purpose other than implied warranties.

        

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        9.     Seller Warranties. Seller represents and warrants that as of the date hereof and as of the Closing Date, the following are true and correct:

        a.     Seller is a Florida corporation in good standing and a Texas corporation in good standing. Seller has good and valid right and authority to own and sell the assets, and the parties executing the documents on behalf of Seller have good and valid authority, including
        appropriate board resolutions to consummate the sale.

        b.     Seller has good and merchantable title to the Assets and the same shall be transferred free and clear of all liens and encumbrances.

        

        c.     To Seller’s knowledge, except as disclosed to Buyer, there are no facts, known either to the officers or directors of Seller which due diligence would have disclosed, that would affect materially or adversely the operation of the Business or the rights of Buyer under this Agreement. 

                 10.      Buyer’s Representations and Warranties. Buyer represents and warrants that as of the date hereof and as of the Closing Date, Buyer is a Texas limited liability company
        in good standing. Buyer has good and valid right and authority to purchase and own the assets, and the parties executing the documents on behalf of Buyer have good and valid authority, including appropriate board resolutions to consummate the purchase.

        11.     Termination for Non-Performance. Time is of the essence hereof. Either Buyer or Seller shall have the right to terminate this Agreement prior to the Closing Date in the event that the other party defaults in the performance of any of such
        party’s material obligations to be performed under the terms of this Agreement.

        12.     Transfer Taxes. Any transfer or sales taxes due as a result of the sales transaction described in this Agreement shall be paid by Buyer. Seller is responsible for any income taxes.

        13.     Taxation. Seller agrees to pay any Franchise Tax and Property Tax due for the period January 1, 2009 to November 2, 2009. The total purchase price shall be allocated among the Assets, including the Other Rights,
        in such reasonable manner as mutually agreed by the parties, subject to Section 1060 of the Internal Revenue Code of 1986, as amended, and the regulations promulgated thereunder. Seller will provide completed IRS form 8594 to Buyer.

        14.     Seller Indemnification. Seller shall defend, indemnify and hold Buyer harmless at all times from and against all claims, demands, damages, actions, causes of action, judgments, recoveries, losses, liabilities and other charges and expenses of every
        nature and character, including reasonable attorneys’ fees, that Buyer may at any time incur on or after the Closing Date relating to or arising out of Seller’s operation and ownership of the Business and Assets prior to the Closing Date.

        15.     Buyer Indemnification. Buyer shall defend, indemnify and hold Seller harmless at all times from and against all claims, demands, damages, actions, causes of action, judgments, recoveries, losses, liabilities and other charges and expenses of every
        nature and character, including reasonable attorneys’ fees, that Seller may at any time incur on or after the Closing Date relating to or arising out of Buyer’s operation and Assets after the Closing Date.

        

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        16. Notices. Any notice required or permitted by this Agreement shall be delivered in person to such party or its agent or sent by certified mail or registered mail, return receipt requested, to the party at the address stated below, and if such notice is sent by mail, it shall be
        effective when posted in the United States depository with sufficient postage attached thereto and addressed as follows:

        

        Seller:

        La Tours and Cruises, Inc.

        Online Vacation Center Holdings Corp.

        1801 NW 66 Avenue, Suite 102

        Plantation, FL 33313-4534

        Attn: Edward B. Rudner, Chairman

        

        Buyer:

        West University Travel, LLC

                          6637 Buffalo Speedway

                          Houston TX 77005

        Attn: Ray Schutter and Cecilia Schutter

        

        17.     Survival of Agreement. The representations, warranties and agreements contained in this Agreement and all documents delivered on the Closing Date shall survive the closing and shall not be merged.

        

        18.     Waiver, Modification or Cancellation. Any waiver, alteration or modification of any of the provisions of this Agreement or cancellation or replacement of any of its provisions shall not be valid unless in writing and signed by the parties. In
        addition to other remedies, the prevailing party shall be entitled to recover reasonable attorneys’ fees and costs incurred in the enforcement of any provisions of this Agreement.

        19.     Interpretation. This Agreement and its interpretation shall be governed exclusively by the laws of the state of Texas. Unless the context requires otherwise, any pronouns, feminine or neuter, whenever used herein, shall including the corresponding
        masculine, feminine or neuter pronoun, and the singular of any noun or pronoun shall include the plural and vice versa, as the case may be. Headings hereunder are for convenience of reference only and shall be given no legal effect in the interpretation of this Agreement.

        20.     Attorneys’ Fees. Each party shall be responsible for the payment of such party’s attorneys’ fees and costs incurred in connection with the transaction described in this Agreement.

        

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        21.     Counterparts. This Agreement may be executed in counterparts, each of which shall be an original and all of which when taken together shall constitute one original document.

        22.      Employment Agreement and Non-Compete. The Employment Agreements by and between Online Vacation Center Holdings Corp. (“ONVC”) and Ray Schutter, and ONVC and
        Cecilia Schutter, both dated January 3, 2007, shall be terminated. ONVC agrees to release Ray Schutter and Cecilia Schutter from their non-compete agreements as provided in their respective Employment Agreements. The confidentiality provisions of the Employment Agreements shall survive.

        

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        IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above written.

        

                                      

        SELLER:

              La Tours and Cruises, Inc., a Texas corporation

                                      Online Vacation Center Holdings Corp., a Florida corporation

        

                                                        By: /s/ Edward B.
        Rudner

                                                        Edward B. Rudner, Chairman

        

                                      

        BUYER:

        

              West University Travel, LLC

        

                                                        By: /s/ Ray Schutter

                                      Ray Schutter

        

                  

                                                        By: /s/ Cecilia Schutter

                                      Cecilia Schutter

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

         

        

        
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        EXHIBIT A

        ASSETS

             

        Customer Lists

        Existing Client Files

        All office equipment, fixtures and fittings located at 3622 University Blvd., Houston, Texas 77005

        Ensemble stock

        West University Travel nameExhibit 10.1

 

SIXTH AMENDMENT TO CREDIT AGREEMENT

 

This SIXTH AMENDMENT TO
CREDIT AGREEMENT (“Amendment”), dated as of October 20, 2009,
is by and among PINNACLE GAS RESOURCES, INC., a
Delaware  corporation, the Lenders
from time to time party hereto, and THE ROYAL BANK OF SCOTLAND
plc, as Administrative Agent and as Lender.

 

WHEREAS, the Borrower, the
Lenders and the Administrative Agent are parties to that certain Credit
Agreement (as amended by that certain Letter Regarding Waiver and Amendment to
Credit Agreement dated March 9, 2007, the Second Amendment to Credit
Agreement dated as of August 4, 2008, the Third Amendment to Credit
Agreement dated as of September 30, 2008, the Fourth Amendment to Credit
Agreement dated as of April 14, 2009, the Fifth Amendment and Waiver to
Credit Agreement dated as of August 26, 2009, and as further amended and
supplemented from time to time, the “Credit Agreement); and

 

WHEREAS, the parties hereto
desire to amend the Credit Agreement in certain respects and to agree as set
forth herein;

 

NOW THEREFORE, in
consideration of the premises and the mutual covenants, representations and
warranties contained herein, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto
hereby agree as follows:

 

AGREEMENT

 

Section 1.                                            Definitions. 
Capitalized terms used herein but not defined herein shall have the
meanings as given them in the Credit Agreement, unless the context otherwise
requires.

 

Section 2.                                            Borrowing Base. 
Notwithstanding the provisions of Section 2.8.3 of the
Credit Agreement, the Administrative Agent, the Lenders and the Borrower hereby
agree that the Borrowing Base under the Credit Agreement has been designated at
the following amounts for the following applicable periods (unless such
Borrowing Base is hereafter redetermined prior thereto in accordance with Section 2.8.2,
2.8.3, 2.8.4 or 2.8.5, as the case may be, of the Credit
Agreement):

 

	
  APPLICABLE PERIOD

  	
   

  	
  BORROWING

  BASE

  	
   

  
	
  December 1,
  2009 through December 31, 2009

  	
   

  	
  $

  	
  6,300,000

  	
   

  
	
  January 1, 2010 through January 31, 2010

  	
   

  	
  $

  	
  6,100,000

  	
   

  
	
  February 1, 2010 through February 28,
  2010

  	
   

  	
  $

  	
  5,900,000

  	
   

  
	
  March 1, 2010 through March 31, 2010

  	
   

  	
  $

  	
  5,700,000

  	
   

  
	
  April 1, 2010 through April 30, 2010

  	
   

  	
  $

  	
  5,500,000

  	
   

  

 

 

	
  APPLICABLE PERIOD

  	
   

  	
  BORROWING

  BASE

  	
   

  
	
  Each calendar month thereafter commencing
  May 1, 2010

  	
   

  	
  the
  Borrowing Base for the preceding calendar month reduced by $200,000

  	
   

  

 

Notwithstanding the
provisions of Sections 2.8.8 and 3.4.1(c) of the Credit
Agreement, if at any time during any of the foregoing applicable periods
(unless such Borrowing Base is hereafter redetermined prior thereto in
accordance with Section 2.8.2, 2.8.3, 2.8.4 or 2.8.5,
as the case may be, of the Credit Agreement), the aggregate Credit Exposure of
all Lenders exceeds the Borrowing Base set forth above with respect to such
applicable period, then the Borrower shall immediately prepay the Advances in
an aggregate principal amount equal to such excess, and if any excess remains
after prepaying all of the Advances as a result of a Letter of Credit
Outstanding, Cash Collateralize such Letter of Credit Outstanding in an
aggregate amount equal to such excess. 
Failure to make any such prepayment or to so Cash Collateralize any such
Letter of Credit Outstanding shall constitute an immediate Event of Default for
all purposes of the Credit Agreement and the other Loan Documents.

 

Section 3.                                            Conditions to Effectiveness. 
This Amendment shall be deemed effective as of October 15, 2009
(the “Effective Date”) when the Administrative Agent shall have received
counterparts hereof duly executed by the Borrower, the Administrative Agent,
and the Required Lenders.

 

Section 4.                                            Representations and Warranties. 
The Borrower hereby represents and warrants that after giving effect
hereto:

 

(a)                                  the representations and warranties of the
Borrower and each Subsidiary contained in the Loan Documents are true and
correct in all material respects on and as of the date hereof, other than those
representations and warranties that expressly relate solely to a specific
earlier date, which shall remain correct in all material respects as of such
earlier date;

 

(b)                                 the execution, delivery and performance
by the Borrower and each Subsidiary of this Amendment has been duly authorized
by all necessary corporate action required on their part and this Amendment,
along with the Credit Agreement as amended hereby and other Loan Documents,
constitutes the legal, valid and binding obligation of each Obligor party
thereto enforceable against them in accordance with its terms, except as its
enforceability may be affected by the effect of bankruptcy, insolvency,
reorganization, moratorium or other similar laws now or hereafter in effect
relating to or affecting the rights or remedies of creditors generally;

 

(c)                                  neither the execution, delivery and
performance of this Amendment by the Borrower and each Subsidiary, the
performance by them of the Credit Agreement nor the consummation of the
transactions contemplated hereby does or shall contravene, result in a

 

2

 

breach of, or violate (i) any
provision of the Borrower or any Subsidiary’s certificate or articles of
incorporation or bylaws or other similar documents, or agreements, (ii) any
law or regulation, or any order or decree of any court or government
instrumentality, or (iii) any indenture, mortgage, deed of trust, lease,
agreement or other instrument to which the Borrower or any of its Subsidiaries
is a party or by which the Borrower or any of its Subsidiaries or any of their
property is bound, except in any such case to the extent such conflict or
breach has been waived herein or by a written waiver document, a copy of which
has been delivered to Administrative Agent on or before the date hereof;

 

(d)                                 no Material Adverse Effect has occurred
and is continuing; and

 

(e)                                  no Default or Event of Default that the
Administrative Agent and the Lenders have not waived in writing or that has not
otherwise been disclosed to the Administrative Agent has occurred and is
continuing.

 

Section 5.                                            Ratification.

 

(a)                                  This Amendment shall be deemed to be an
amendment to the Credit Agreement, and the Credit Agreement, as hereby amended,
and all Obligations in connection therewith, are hereby ratified, approved and
confirmed in each and every respect.  On
and after the effectiveness of this Amendment in accordance with Section 4
above, each reference in the Credit Agreement to “this
Agreement”, “hereunder”, “hereof” or words of like import, referring to the
Credit Agreement, and each reference in each other Loan Document to “the Credit Agreement”, “thereunder”,
“thereof” or words of like import referring
to the Credit Agreement, shall mean and be a reference to the Credit Agreement
as amended or otherwise modified by this Amendment.  This Amendment is a Loan Document.

 

(b)                                 The Borrower and each of its Subsidiaries
hereby ratifies, approves and confirms in every respect all the terms,
provisions, conditions and obligations of each of the Security Documents,
including without limitation all Mortgages, Pledge and Security Agreements, and
Guaranties, to which it is a party.

 

Section 6.                                            Costs and Expenses. 
As provided in Section 9.4 of the Credit Agreement, the
Borrower agrees to reimburse Administrative Agent for all fees, costs, and
expenses, including the reasonable fees, costs, and expenses of counsel or
other advisors for advice, assistance, or other representation in connection
with this Amendment.

 

Section 7.                                            GOVERNING LAW. THIS AGREEMENT HAS
BEEN NEGOTIATED, IS BEING EXECUTED AND DELIVERED, AND WILL BE PERFORMED IN
WHOLE OR IN PART, IN THE STATE OF NEW YORK, AND THE SUBSTANTIVE LAWS OF SUCH
STATE AND THE APPLICABLE FEDERAL LAWS OF THE UNITED STATES OF AMERICA SHALL
GOVERN THE VALIDITY, CONSTRUCTION, ENFORCEMENT AND INTERPRETATION OF THE LOAN
DOCUMENTS, EXCEPT TO THE EXTENT THE LAWS OF ANY JURISDICTION WHERE COLLATERAL
IS LOCATED REQUIRE APPLICATION OF SUCH LAWS WITH RESPECT TO SUCH COLLATERAL.

 

3

 

Section 8.                                            Severability. 
Any provision of this Amendment that is prohibited or unenforceable in
any jurisdiction shall, as to such provision and such jurisdiction, be
ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions of this Amendment or affecting the
validity or enforceability of such provision in any other jurisdiction.

 

Section 9.                                            Counterparts. 
This Amendment may be executed in any number of counterparts, all of
which taken together shall constitute one and the same instrument, and any
party hereto may execute this Amendment by signing one or more
counterparts.  Any signature hereto
delivered by a party by facsimile transmission shall be deemed to be an
original signature hereto.

 

Section 10.                                      No Waiver.  Except as
expressly set forth in this Amendment, the execution, delivery and
effectiveness of this Amendment shall not operate as a waiver of any default of
the Borrower or any other Obligor or any right, power or remedy of the
Administrative Agent or the other Secured Parties under any of the Loan
Documents, nor constitute a waiver of any provision of any of the Loan
Documents.

 

Section 11.                                      Successors and
Assigns.  This Amendment shall be binding upon the
Borrower and its successors and permitted assigns and shall inure, together
with all rights and remedies of each Lender hereunder, to the benefit of each
Lender and the respective successors, transferees and assigns.

 

Section 12.                                      Entire Agreement. 
THIS AMENDMENT, THE CREDIT AGREEMENT AND THE OTHER LOAN DOCUMENTS
CONSTITUTE THE ENTIRE AGREEMENT BETWEEN THE PARTIES HERETO WITH RESPECT TO THE
SUBJECT HEREOF AND SHALL SUPERSEDE ANY PRIOR AGREEMENT BETWEEN THE PARTIES
HERETO, WHETHER WRITTEN OR ORAL, RELATING TO THE SUBJECT HEREOF.  FURTHERMORE, IN THIS REGARD, THIS AGREEMENT REPRESENTS
THE FINAL AGREEMENT AMONG THE PARTIES THERETO AND MAY NOT BE CONTRADICTED
BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF SUCH
PARTIES.

 

THERE ARE NO UNWRITTEN ORAL AGREEMENTS AMONG SUCH
PARTIES.

 

[Signature Pages Follow]

 

4

 

IN WITNESS WHEREOF, the
parties hereto have caused this Amendment to be duly executed and delivered by
their respective duly authorized officers as of the date hereof.

 

	
   

  	
  BORROWER:

  
	
   

  	
   

  	
   

  
	
   

  	
  PINNACLE
  GAS RESOURCES, INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Peter G. Schoonmaker

  
	
   

  	
  Name:

  	
  Peter
  G. Schoonmaker

  
	
   

  	
  Title:

  	
  Chief
  Executive Officer and President

  

 

S-1

 

	
   

  	
  ADMINISTRATIVE
  AGENT:

  
	
   

  	
   

  	
   

  
	
   

  	
  THE
  ROYAL BANK OF SCOTLAND plc,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Mark Lumpkin, Jr.

  
	
   

  	
  Name:

  	
  MARK
  LUMPKIN, JR.

  
	
   

  	
  Title:

  	
  VICE
  PRESIDENT

  

 

S-2

 

	
   

  	
  LENDER:

  
	
   

  	
   

  	
   

  
	
   

  	
  THE
  ROYAL BANK OF SCOTLAND plc,

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/
  Mark Lumpkin, Jr.

  
	
   

  	
  Name:

  	
  MARK
  LUMPKIN, JR.

  
	
   

  	
  Title:

  	
  VICE
  PRESIDENT

  

 

S-3

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