<PAGE>
As filed with the Securities and Exchange Commission on April 30, 1999
Registration No. 333-72901
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
---------------
Amendment No. 3
To
FORM S-1
REGISTRATION STATEMENT
Under the Securities Act of 1933
---------------
COMPS.COM, INC.
(Exact Name of Registrant as Specified in its Charter)
<TABLE>
<CAPTION>
Delaware 7375 33-0645337
<S> <C> <C>
(State or Other Jurisdiction of (Primary Standard Industrial (I.R.S. Employer
Incorporation or Organization) Classification Code Number) Identification Number)
</TABLE>
---------------
9888 Carroll Centre Road, Suite 100
San Diego, California 92126-4581
(619) 578-3000
(Address, Including Zip Code, and Telephone Number,
Including Area Code, of Registrant's Principal Executive Offices)
---------------
Mr. Christopher A. Crane
President and Chief Executive Officer
COMPS.COM, INC.
9888 Carroll Centre Road, Suite 100
San Diego, California 92126-4581
(619) 578-3000
(Name, Address, Including Zip Code, and Telephone Number,
Including Area Code, of Agent for Service)
---------------
Copies to:
<TABLE>
<S> <C>
Craig S. Andrews, Esq. Lawrence D. Levin, Esq.
Faye H. Russell, Esq. Katten Muchin & Zavis
Brobeck, Phleger & Harrison LLP 525 West Monroe Street, Suite 1600
550 West C Street, Suite 1300 Chicago, Illinois 60661
San Diego, California 92101 (312) 902-5200
(619) 234-1966
</TABLE>
---------------
Approximate date of commencement of proposed sale to the public: As soon as
practicable after the effective date of this Registration Statement.
If any of the securities being registered on this Form are to be offered on a
delayed or continuous basis pursuant to Rule 415 under the Securities Act of
1933, check the following box. [_]
If this Form is filed to register additional securities for an offering
pursuant to Rule 462(b) under the Securities Act, check the following box and
list the Securities Act registration statement number of the earlier effective
registration statement for the same offering. [_] _____
If this Form is a post-effective amendment filed pursuant to Rule 462(c)
under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. [_] __________________
If this Form is a post-effective amendment filed pursuant to Rule 462(d)
under the Securities Act, check the following box and list the Securities Act
registration statement number of the earlier effective registration statement
for the same offering. [_] _________________
If delivery of the prospectus is expected to be made pursuant to Rule 434,
check the following box. [_]
CALCULATION OF REGISTRATION FEE
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Proposed
Proposed Maximum
Amount Maximum Aggregate Amount of
Title of Each Class of to be Offering Price Offering Registration
Securities to be Registered Registered(1) Per Share(2) Price(2) Fee
- -------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
Common Stock, par value $0.01 per
share.......................... 4,370,000 $13.00 $56,810,000 $13,900(3)
$ 1,894(4)
- -------------------------------------------------------------------------------------------
</TABLE>
- --------------------------------------------------------------------------------
(1) Includes 570,000 shares of common stock that the underwriters have the
option to purchase to cover over-allotments, if any.
(2) Estimated pursuant to Rule 457(a) solely for the purpose of calculating
the amount of the registration fee.
(3) Previously paid in connection with the February 24, 1999 filing of this
Form S-1 registration statement.
(4) Previously paid in connection with the April 5, 1999 filing of this Form
S-1 registration statement.
---------------
The Registrant hereby amends this Registration Statement on such date or
dates as may be necessary to delay its effective date until the Registrant
shall file a further amendment which specifically states that this Registration
Statement shall thereafter become effective in accordance with Section 8(a) of
the Securities Act of 1933, as amended, or until the Registration Statement
shall become effective on such date as the Commission, acting pursuant to
Section 8(a), may determine.
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
<PAGE>
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
+The information in this preliminary prospectus is not complete and may +
+change. We and the selling stockholders may not sell these securities until +
+the registration statement filed with the SEC is effective. This preliminary +
+prospectus is not an offer to sell these securities, and it is not soliciting +
+an offer to buy these securities in any state where the offer or sale is not +
+permitted. +
++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++++
SUBJECT TO COMPLETION, DATED APRIL 30, 1999
3,800,000 Shares
[LOGO]
Common Stock
------------
COMPS.COM, INC. is offering shares of its common stock. This is our initial
public offering and no public market currently exists for our shares. We
anticipate that the initial public offering price will be between $11.00 and
$13.00 per share.
------------
Our common stock has been approved for quotation on the Nasdaq National
Market under the symbol "CDOT", subject to official notice of issuance.
------------
Please see "Risk Factors" beginning on page 8 to read about certain risks
that you should consider before buying shares of our common stock.
------------
PRICE $ PER SHARE
------------
<TABLE>
<CAPTION>
Per Share Total
--------- -----------
<S> <C> <C>
Public offering price.................................... $ $
Underwriting discounts and commissions................... $ $
Proceeds, before expenses, to COMPS.COM.................. $ $
</TABLE>
The Securities and Exchange Commission and state securities commissions have
not approved or disapproved of these securities, or determined if this
prospectus is truthful or complete. Any representation to the contrary is a
criminal offense.
The underwriters have an option to purchase 570,000 additional shares from us
and the selling stockholders to cover over-allotments of shares. We will not
receive any of the proceeds from the sale of shares by the selling
stockholders.
------------
Volpe Brown Whelan & Company
EVEREN Securities, Inc.
Needham & Company, Inc.
, 1999
<PAGE>
Front Cover:
[The front cover will have a dark background and the text will be printed in
white.
[LOGO]
Inside Front Cover:
COMPREHENSIVE CONTENT VIA THE INTERNET
[The following text is placed in varying fonts and font sizes throughout the
recurring database wheel: buyers & sellers, phone numbers, square footage,
contact name, capitalization rates, comments on condition, confirmed sales
price, financing information, income & expense, unit mix, color photos and
lenders. Three screen shots of different pages from our Web site showing some
of our products are placed on parts of the database wheel. Text in a box
describes our database by stating:
Contained in COMPS.COM's Commercial Transaction database:
. $466 billion in sales transactions
. $143 billion in loan volume
. 400,000 property transactions
. 2,643,000 apartment units
. 780,000 buyer and seller records
. 9 property types.
[LOGO]
Inside Spread:
BUSINESS TO BUSINESS E-COMMERCE
[A two page spread of a city skyline. Our market segments are listed in a bar
down the left side of the screen under the heading "our customers." Each market
segment is underlined. In the main frame of the screen is (1) a picture of a
hand with a mouse, (2) the database wheel laid on top of a group of commercial
real estate buildings, (3) above the city skyline the following text appears:
COMPS.COM, conveniently accessed via the Internet, allows commercial real
estate professionals to respond quickly to client driven needs and (4) the
following text appears in uppercase letters on the database wheel: buyer,
brokers, lenders, insurers and transaction facilitation via the internet.]
2
<PAGE>
You should rely only on the information contained in this document or to
which we have referred you. We have not authorized anyone to provide you with
information that is different. This document may only be used where it is legal
to sell these securities. The information in this document may only be accurate
on the date of this document.
Table of Contents
<TABLE>
<CAPTION>
Page
----
<S> <C>
Prospectus Summary....................................................... 4
Risk Factors............................................................. 8
Forward-Looking Statements............................................... 16
Use of Proceeds.......................................................... 17
Dividend Policy.......................................................... 17
Capitalization........................................................... 18
Dilution................................................................. 19
Selected Financial Data.................................................. 20
Management's Discussion and Analysis of Financial Condition and Results
of Operations........................................................... 21
Business................................................................. 30
</TABLE>
<TABLE>
<CAPTION>
Page
----
<S> <C>
Management................................................................. 42
Certain Relationships and Related Transactions............................. 54
Principal and Selling Stockholders......................................... 56
Description of Securities.................................................. 57
Shares Eligible For Future Sale............................................ 61
Underwriting............................................................... 62
Legal Matters.............................................................. 64
Experts.................................................................... 64
Where You Can Find More Information........................................ 64
Index to Financial Statements.............................................. F-1
</TABLE>
---------------
Until , 1999, all dealers selling shares of our common stock,
whether or not participating in this offering, may be required to deliver a
prospectus. This delivery requirement is in addition to the obligation of
dealers to deliver a prospectus when acting as underwriters and with respect to
their unsold allotments or subscriptions.
3
<PAGE>
Prospectus Summary
This summary highlights some of the information in this prospectus. It may
not contain all of the information that is important to you. To understand this
offering fully, you should read the entire prospectus carefully, including the
risk factors and financial statements.
About COMPS
Our Business
We are a leading national provider of comprehensive commercial real estate
sales information both offline and on the Internet. We have also recently begun
using our extensive database to match buyers with brokers' property listings by
posting such listings on our Web site and sending summary announcements by fax
and e-mail to property owners and investors contained in our database. Over the
last 17 years, we have developed a highly evolved data collection and
confirmation system to provide information on commercial real estate
properties. This information is verified by our researchers and includes sale
prices, income and expenses, capitalization rates, loan data, property
photographs, buyers, sellers, brokers and other key details. We believe we have
established the foundation to be the trusted online resource linking commercial
real estate brokers, lenders, appraisers, insurers and other professionals by
efficiently distributing market information on the Internet.
Our Market
The Internet has rapidly become a significant global medium for
communications, information and commerce. It has emerged as a primary business
channel alongside the telephone, paper-based communication and face-to-face
interaction. The Internet allows online providers to efficiently distribute
information with the potential for less infrastructure and overhead and greater
economies of scale. It also offers customers diverse options and unparalleled
convenience.
The commercial real estate market is large and fragmented. Prior to the
availability of information services which provide comprehensive sales
information from a centralized source, commercial real estate professionals
either maintained their own research departments to catalog market statistics
and other property-specific information, or aggregated such information, to the
limited extent available, from multiple third parties. These methods resulted
in high internal costs and nonstandard data with varying degrees of
comprehensiveness and accuracy.
Our Solution
The vast information sharing and communications power of the Internet creates
an opportunity to improve upon the inefficiencies in conducting commercial real
estate transactions. We provide comprehensive and reliable information services
and transaction support products that save industry professionals both time and
money. We generate substantially all of our revenue from licensing our
information services on a subscription or per use basis. We also currently
generate revenues from REALBID on a fixed fee basis. These fixed fees are paid
by listing brokers or the sellers who retain the brokers in exchange for
developing a specific Web site for listed properties and sending summary
announcements by fax and e-mail to potential investors. In connection with
REALBID we also receive fees from sponsors whose messages and links are located
on our Web site. None of these fees are currently contingent upon the sale of
the properties. We incur expenses primarily as a result of building our
database and developing and implementing new Internet-related products. In 1998
less than 10% of our revenues were a result of our services and products
delivered on the Internet. To date, we have:
. developed a comprehensive and standardized proprietary database of
approximately 400,000 commercial real estate transactions;
. migrated our database to the Internet, allowing our customers to receive
updated commercial real estate transaction information more frequently
and analyze the data more quickly and easily;
4
<PAGE>
. established an Internet-based matching service, allowing us to identify
and refer potential buyers of properties for sale to brokers and
electronically market these properties for brokers using our Internet-
based contact system; and
. introduced an Internet-based commercial real estate listing service,
enabling brokers to advertise their properties on the Internet and
increase a property's exposure to prospective buyers and their brokers.
Our Business Strategy
Our objective is to be the trusted online resource linking commercial real
estate professionals by efficiently distributing market information on the
Internet. Our business strategy to achieve this objective includes the
following key elements:
. continue to enhance our comprehensive historical database of commercial
real estate transactions;
. expand our online listing-broker/buyer matching service;
. create a comprehensive online national listing service for commercial
real estate to complement our database of sold properties;
. enhance our services and products to facilitate the online exchange of
commercial real estate market information;
. expand into new geographic markets; and
. continue to build our brand name.
Corporate Information
COMPS Incorporated was incorporated in California in January 1982. It was
purchased by Business Real Estate Information Corp. in 1992 and reincorporated
in Delaware in 1994 as COMPS InfoSystems, Inc. In January 1999, we changed our
name to COMPS.COM, INC. Our principal executive offices are located at
9888 Carroll Centre Road, Suite 100, San Diego, California 92126. Our telephone
number at that location is (619) 578-3000. Our Web site address is
www.comps.com. Information contained on our Web site does not constitute part
of this prospectus.
The Offering
<TABLE>
<C> <S>
Common stock offered by us.............. 3,800,000 shares
Common stock outstanding after this
offering............................... 11,464,185 shares
Use of proceeds......................... For the enhancement and development
of existing and new information
services, geographic expansion,
enhancement and development of
transaction support products,
repayment of debt, and for other
working capital and general corporate
purposes. We may also use a portion
of the proceeds for strategic
alliances and acquisitions. Please
see "Use of Proceeds."
Proposed Nasdaq National Market symbol.. CDOT
</TABLE>
5
<PAGE>
The information on our common stock outstanding after this offering is as of
December 31, 1998. In addition to the 11,464,185 shares of common stock to be
outstanding after this offering, we may issue the following additional shares
of common stock:
. 1,749,727 shares upon the exercise of options outstanding at a weighted
average exercise price of $1.17 per share;
. 156,285 shares upon the exercise of warrants outstanding at a weighted
average exercise price of $2.40 per share; and
. 376,219 shares upon the exercise of options available for issuance under
our stock plans. For a description of our stock option plans, please see
"Management--Benefit Plans."
In April 1999, we issued to a lender warrants exercisable for up to 71,883
shares of common stock, with an exercise price per share ranging from $1.60 to
$6.82, depending on when we repay the loan.
This offering is for 3,800,000 shares; however, the underwriters have a 30-
day option to purchase up to 570,000 additional shares from us and the selling
stockholders to cover over-allotments. Some of the disclosures in this
prospectus would be different if the underwriters exercise the option. Unless
we tell you otherwise, the information in this prospectus assumes that the
underwriters will not exercise the option.
Unless we tell you otherwise, all information in this prospectus relating to
our outstanding common stock:
. reflects the automatic conversion of each share of our Class B common
stock into shares of our Class A common stock and the renaming of Class
A common stock to "common stock" upon the closing of this offering;
. reflects the automatic conversion of each share of our preferred stock
into 0.7335 shares of our common stock upon the closing of this
offering;
. reflects the exercise of warrants outstanding to purchase 530,537 shares
at a weighted average exercise price of $0.0136 per share and
. reflects a 0.7335-for-1 stock split of our common stock to be effected
prior to the closing of this offering.
COMPS, COMPSLink, CallCOMPS, WinCOMPS, COMPS NET, REALBID, E COMPS and our
logo are our registered trademarks. Each other trademark, trade name or service
mark appearing in this prospectus belongs to its holder.
Recent Developments
Net revenue for the first quarter ended March 31, 1999 increased 16% to $3.5
million compared to $3.0 million in the same period in 1998. Total operating
expenses for the first quarter 1999 were $3.3 million, an increase of $1.5
million or 80% from the same period in 1998. Net loss attributable to common
stockholders for the first quarter ended March 31, 1999 was $1.7 million or
$0.49 per share (basic and diluted) compared to a net loss of $260,000 or $0.07
per share (basic and diluted) in the first quarter ended March 31, 1998.
6
<PAGE>
Summary Financial And Operating Data
(dollars in thousands, except per share and other operating data)
The following table summarizes the financial data for our business. The 1998
statement of operations data includes the results of REALBID, LLC from November
6, 1998. The pro forma statement of operations data gives effect to our
acquisition of REALBID, LLC as if it had occurred on January 1, 1998.
<TABLE>
<CAPTION>
Year Ended December 31,
-----------------------------------------------------------
Pro Forma
1994 1995 1996 1997 1998 1998
-------- -------- -------- -------- -------- ---------
<S> <C> <C> <C> <C> <C> <C>
Statement of Operations
Data:
Net revenues............ $ 6,030 $ 6,716 $ 8,707 $ 10,867 $ 12,900 $13,123
Cost of revenues........ 2,674 3,488 4,357 5,054 5,768 5,813
-------- -------- -------- -------- -------- -------
Gross profit............ 3,356 3,228 4,350 5,813 7,132 7,310
Operating expenses:
Selling and marketing.. 2,306 2,072 2,813 3,408 4,230 4,230
Product development and
engineering........... -- -- 376 768 1,233 1,233
General and
administrative........ 1,743 2,527 3,401 2,942 3,068 3,948
-------- -------- -------- -------- -------- -------
Total operating
expenses............ 4,049 4,599 6,590 7,118 8,531 9,411
-------- -------- -------- -------- -------- -------
Loss from operations.... (693) (1,371) (2,240) (1,305) (1,399) (2,101)
Other income (expense),
net.................... (9) 12 (67) (252) (260) (260)
-------- -------- -------- -------- -------- -------
Net loss................ (702) (1,359) (2,307) (1,557) (1,659) (2,361)
Dividend accretion on
preferred stock........ 63 299 299 299 454 454
-------- -------- -------- -------- -------- -------
Net loss attributable to
common stockholders.... $ (765) $ (1,658) $ (2,606) $ (1,856) $ (2,113) $(2,815)
======== ======== ======== ======== ======== =======
Net loss per share
attributable to common
stockholders, basic and
diluted................ $ (0.16) $ (0.47) $ (0.74) $ (0.53) $ (0.60) $ (0.80)
======== ======== ======== ======== ======== =======
Shares used in computing
net loss per share
attributable to common
stockholders, basic and
diluted................ 4,700 3,502 3,502 3,502 3,517 3,517
======== ======== ======== ======== ======== =======
Pro forma net loss per
share, basic and
diluted................ $ (0.23) $ (0.33)
======== =======
Shares used in computing
pro forma net loss per
share, basic and
diluted................ 7,067 7,067
======== =======
Other Operating Data:
Markets covered by
database.............. 16 24 24 25 34
Transactions in
database.............. 245,951 270,945 302,684 341,670 387,427
Value of transactions
in database (dollars
in billions).......... $ 191 $ 222 $ 272 $ 355 $ 460
Value of transactions
supported by REALBID
(dollars in
millions)............. -- -- -- $ 300 $ 3,800
</TABLE>
<TABLE>
<CAPTION>
At December 31, 1998
------------------------
Actual As Adjusted
---------- ------------
<S> <C> <C>
Balance Sheet Data:
Cash and cash equivalents............................. $ 378 $ 40,088
Working capital (deficit)............................. (4,354) 36,336
Total assets.......................................... 8,414 48,125
Deferred subscription revenue......................... 5,503 5,503
Long-term obligations, less current portion........... 1,123 23
Redeemable convertible preferred stock................ 7,009 --
Total stockholders' equity (deficit).................. (7,871) 40,928
</TABLE>
- --------
Please see Note 1 to our financial statements for an explanation of the
determination of the number of shares used in computing pro forma net loss per
share.
The as adjusted balance sheet data listed above reflects the sale of
3,800,000 shares of common stock offered at an assumed initial public offering
price of $12.00 per share after deducting the estimated underwriting discount,
estimated offering expenses payable by us and the application of proceeds from
this offering. Please see "Use of Proceeds" and "Capitalization" for a
discussion about how we intend to use the proceeds from this offering and about
our capitalization.
7
<PAGE>
Risk Factors
Any investment in our common stock involves a high degree of risk. You should
consider carefully the following information about these risks, together with
the other information contained in this prospectus, before you decide to buy
our common stock. If any of the following risks actually occur, our business
would likely suffer. In such case, the trading price of our common stock could
decline, and you may lose all or part of the money you paid to buy our common
stock.
Risks Related to Our Business
We may not achieve future profitability due to continued operating losses and
negative cash flows.
We have incurred significant net losses since our inception. As of December
31, 1998, we had an accumulated deficit of $11.6 million. We have incurred
substantial costs to expand into new markets, develop new products and create,
introduce and enhance our Web site. We expect operating losses and negative
cash flows to continue for the foreseeable future as we continue to incur
significant expenses. As a result, we will need to generate significant
revenues to achieve profitability. Even if we do become profitable, we cannot
assure you that we can sustain or increase profitability on a quarterly or
annual basis. If revenues grow more slowly than we anticipate, or if operating
expenses exceed our expectations or cannot be adjusted in response to slower
revenue growth, our business will be materially adversely affected. Please see
"Selected Financial Data" and "Management's Discussion and Analysis of
Financial Condition and Results of Operations" and our financial statements for
detailed information related to our uncertain profitability.
We have only been operating on the Internet since 1998 and cannot assure you
that our Internet products will achieve market acceptance.
We only recently began offering our services on the Internet. During 1998,
over 90% of our revenue was a result of our information services products
delivered on CD-ROM and other non-Internet media. Less than 10% of our revenues
in 1998 were a result of our services and products delivered on the Internet.
We intend to continue to increase our reliance on the Internet for delivery of
our services and products. As a result, our future profitability will
increasingly rely upon the use of our information services and transaction
support products on the Internet. Our ability to obtain market acceptance for
our Internet products will depend on the following factors:
. our ability to transition our customers from the use of our services and
products on CD-ROM to the use of these services and products on the
Internet in a timely and efficient manner;
. our customers' acceptance of, and their ability to adapt to the use of,
our existing and future services and products on the Internet; and
. our ability to anticipate and adapt to the changing Internet market.
If our Internet-based information services or transaction support products
are not received favorably by our current customers, it may negatively affect
their use of our other products or cause new customers to choose a competitive
service over ours.
If we do not successfully develop new and enhanced services and products, our
revenues could decrease.
We will not be financially successful if we are unable to meet the
increasingly sophisticated needs of our customers through timely developments
and new and enhanced versions of our services and products. Our planned
development and enhancement efforts have inherent risks. We may experience
financial or technical difficulties that could prevent us from introducing new
or enhanced information services or transaction support products. Furthermore,
these new or enhanced services and products may contain problems that are
discovered after the products are introduced. We may need to significantly
modify the design of these products to correct problems. Our business could be
materially adversely affected if we experience difficulties in introducing new
8
<PAGE>
or enhanced services and products or if these services or products are not
received favorably by our customers. Finally, development and enhancement of
our services and products will require significant additional expenses and
could strain our management, financial and operational resources. The lack of
market acceptance of our services or products or our inability to generate
satisfactory revenues from such development or enhancements to offset their
costs could have a material adverse effect on our business.
Fluctuations in our operating results may negatively affect our stock price.
Our quarterly operating results have fluctuated significantly and are
expected to continue to fluctuate in the future due to a variety of factors,
many of which are outside of our control. It is possible that in some future
periods our results of operations may be below the expectations of public
market analysts and investors. In this event, the price of our common stock is
likely to fall.
Quarterly operating results may vary due to risks discussed in this Risk
Factors section. Due to all of these risks, you should not rely on quarter-to-
quarter comparisons of our results of operations as an indication of our future
performance. Please see "Management's Discussion and Analysis of Financial
Condition and Results of Operations" for detailed information on our past
quarterly operating results.
If we do not expand our geographic coverage, our services and products could
become less desirable.
We believe our success is highly dependent on our ability to increase the
geographic coverage of our database. Currently our proprietary database
contains comprehensive sales comparable records in 35 of the 74 largest markets
in the U.S. If we are not able to expand the geographic coverage of our
database into other markets, our business could be materially adversely
affected. We also plan to expand into selected international markets. We expect
this geographic expansion effort to impose additional burdens on our research,
sales and administrative resources. Please see "Business--Our Business
Strategy" for a discussion of our geographic expansion strategy.
If we cannot maintain the integrity and reliability of our proprietary
database, we may not be successful.
We cannot assure you that the information in our database will be
comprehensive, accurate or timely, particularly as we grow. Our success is
highly dependent on our customers' confidence in the comprehensiveness,
accuracy and timeliness of our proprietary database of commercial real estate
transactions and the software used to access our database. We expect the task
of establishing and maintaining such comprehensiveness, accuracy and timeliness
during the growth of our business to require substantial effort and expense.
Please see "Business--Our Proprietary Database" for a discussion of how we
maintain our proprietary database.
Cyclical economic swings in the real estate market could decrease demand for
our services and products.
The real estate industry traditionally has been subject to cyclical economic
swings which could materially adversely affect our business. Our business is
dependent on the real estate industry and related industries that supply goods
or services to, or invest in, the real estate industry. Changes in the real
estate market may affect demand for our services and products. These cyclical
economic swings may be caused by various factors, such as changes in interest
rates and changes in economic conditions.
When interest rates are high or general economic conditions are weak, there
may be less sales activity in commercial real estate and on the part of
mortgage brokers and lenders. These cyclical economic swings could materially
adversely affect our business.
9
<PAGE>
Consolidation of the real estate industry could negatively impact our
business.
The real estate industry is undergoing a period of consolidation, motivated
in part by a desire to reduce expenses. Such consolidation poses a number of
risks and could materially adversely affect our business. These risks include:
. a decrease in our client base;
. reduction in the size of our target market;
. creation of competitors with sufficiently greater bargaining power which
could cause price erosion;
. creation of competitors with access or rights to, or ownership of,
sources that provide the data we need for our proprietary database; and
. reduction in the number of sources from whom we obtain data for our
proprietary database.
If we are not able to successfully develop our "COMPS.COM" brand name, it
could materially adversely affect our business.
We believe that establishing and maintaining our brand name is critical to
attracting and expanding our target Internet audience. The importance of
developing our brand name will increase due to the growing number of Internet
services. In order to build our brand name, we must succeed in our marketing
efforts, provide high-quality services and products and increase the number of
visitors to our Web site. If our marketing efforts are not successful or if we
cannot increase awareness of our brand name, we will not be able to attract and
retain Internet users and our business would be materially adversely affected.
If we are unable to continue to develop our direct sales force, it could
materially adversely affect our business.
In order to support our growth, we need to substantially increase the size of
our direct sales force. Our ability to increase our direct sales force involves
a number of risks, including:
. the competition we face from other companies in hiring and retaining
sales personnel;
. our ability to integrate and motivate additional sales and sales support
personnel;
. our ability to manage a multi-location sales organization; and
. the length of time it takes new sales personnel to become productive.
There would be a material adverse effect on our business if we do not
continue to develop and maintain an effective direct sales force.
Intense competition may render our services and products uncompetitive or
obsolete.
The market for our Internet-related and non-Internet-related information
services and transaction support products is competitive. We cannot assure you
that our competitors will not develop services or products that are equal or
superior to ours or that achieve greater market acceptance. We anticipate that
the number of direct and indirect competitors will increase in the future and
could result in price reductions, reduced margins, greater operating losses or
loss of market share, any of which would materially adversely affect our
business. Please see "Business--Competition" for further detail and risks
regarding our competitive market.
If we fail to be year 2000 compliant, it could harm our business.
We have not fully completed tests to assure that our information technology
systems will function properly in the year 2000. Our computer systems and
software programs may need to be upgraded in order to comply with year 2000
requirements, or we risk system failure or miscalculations causing disruptions
of normal business activities.
10
<PAGE>
We estimate expenses to achieve year 2000 readiness will be $300,000,
$150,000 of which was expended prior to December 31, 1998. Until our testing is
complete, we will not be able to completely evaluate whether our information
technology systems or non-information technology systems will need to be
revised or replaced. If our efforts to address year 2000 risks are not
successful, or if suppliers or other third parties with whom we conduct
business do not successfully address such risks, it could have a material
adverse effect on our business. Please see "Management's Discussion and
Analysis of Financial Condition and Results of Operations--Impact of the Year
2000" for detailed information on our state of readiness, potential risks and
contingency plans regarding the year 2000 issue.
If we do not effectively manage our growth, it could have a material adverse
effect on our business.
We have experienced growth in our business, which we expect to continue. Such
growth has placed, and will continue to place, a significant strain on our
management systems and resources. We will also need to continue to improve our
operational and financial systems and managerial controls and procedures. We
will need to continue to expand, train and manage our workforce. We expect that
our workforce will continue to increase for the foreseeable future. We will
have to maintain close coordination among our technical, accounting, finance,
marketing, sales and research departments. If we fail to effectively manage our
growth and address the above concerns, it could have a material adverse effect
on our business.
If we do not successfully integrate acquired businesses with our business, it
could have a material adverse effect on our business.
Since October 1993, we have acquired seven businesses and three product
lines. We may not be able to integrate our recent or any future acquisitions
successfully with our existing operations without substantial costs, delays or
other problems. As we integrate acquired businesses or product lines, we could
have difficulty in assimilating personnel and operations. In addition, the key
personnel of acquired companies may decide not to work for us. We could also
have difficulty in assimilating the acquired products, services or technologies
into our operations. These difficulties could disrupt our ongoing business,
distract our management and employees, increase our expenses and materially
adversely affect our results of operations due to accounting requirements such
as amortization of goodwill or other purchased intangibles.
If we acquire other companies by issuing equity securities, you may experience
dilution of your equity interest.
We may acquire other companies by issuing equity securities. As a result, you
may experience dilution of your ownership interest and the newly issued
securities may have rights superior to those of the common stock.
If we are unable to retain key personnel or attract new personnel, it could
have a material adverse effect on our business.
The loss of the services of any of our key personnel or our inability to
successfully attract and retain qualified personnel in the future would have a
material adverse effect on our business. Our future success depends on the
continued service of our key personnel including Christopher A. Crane, our
President and Chief Executive Officer, Emmett R. DeMoss, our Vice President and
the Chairman of our REALBID division, Karen Goodrum, our Vice President of
Finance and Administration, Chief Financial Officer and Secretary, Walter W.
Papciak, our Executive Vice President of Sales, Marketing and Product
Development, and Michael Arabe, our Senior Vice President of Sales. Mr. Crane
is the only key person for whom we maintain life insurance. The policy on Mr.
Crane has a face value of $2,000,000. Our future success also depends on our
ability to attract, retain, integrate and motivate highly skilled researchers
and other employees. Competition for researchers and other employees in our
industry is intense, particularly in the San Diego area, where our headquarters
are located. Please see "Management" for detailed information on our key
personnel.
11
<PAGE>
Increased usage could strain our systems and cause systems malfunctions which
could materially adversely affect our business.
The performance of our Web site is critical to our reputation, our ability to
attract customers and market acceptance of our Web site. All of our
communications and network infrastructure is hosted at our headquarters in San
Diego. We have, in the past, experienced system failures, including network,
software and hardware failures, that have interrupted or increased the response
time of our online services. Although, to date, none of our systems failures
have been material to our results of operations, in the future, the capacity of
our software and hardware could be strained by an increase in the use of our
products on the Internet as we migrate our customers to the Internet. Our
ability to provide uninterrupted, secure online services depends on our ability
to protect our facilities and equipment against damage from fire, earthquakes,
power loss, water damage, telecommunications failures, vandalism, computer
viruses, hacker attacks and other malicious acts, and similar unexpected
material adverse events. Customers may become dissatisfied if a system failure
interrupts our ability to provide access to our Web site. Because our insurance
policies have low coverage limits, our insurance may not adequately compensate
us for any losses that may occur due to system failures or interruptions.
Any problems with the integrity of the Internet's infrastructure or with third
party service providers could have a materially adverse effect on our business.
Our customers also depend on Internet service providers, online service
providers and other Web site operators for access to our Web site. Each of them
has experienced significant outages in the past, and could experience outages,
delays and other difficulties due to system failures unrelated to our systems.
Moreover, the Internet infrastructure may not be able to support continued
growth in its use. Any of these problems could materially adversely affect our
business.
If we do not adequately protect our proprietary rights, it could harm our
business or competitive position.
It may be difficult to protect our proprietary rights. We regard our database
of commercial real estate transactions and the software used to operate our Web
site, as well as our various trademarks and copyrights, as proprietary. We will
continue to attempt to protect them under a combination of copyright, trade
secret and trademark laws, as well as by contractual restrictions on employees
and third parties. Despite these precautions, it may be possible for
unauthorized parties to copy our services or otherwise obtain and use
information that we regard as proprietary. Existing trade secrets and copyright
laws provide only limited protection. Other license and distribution agreements
that we intend to use include provisions protecting against unauthorized use,
copying, transfer and disclosure, which may be unenforceable under the laws of
some jurisdictions. Furthermore, we may be required to negotiate limits on
these provisions from time to time. In addition, the laws of some foreign
countries do not protect our proprietary rights to the same extent as do the
laws of the U.S. The steps we take may not be adequate to deter
misappropriation of proprietary information. We also may not be able to detect
unauthorized use and take appropriate steps to enforce our intellectual
property rights. Significant and protracted litigation may be necessary to
protect our intellectual property rights, to determine the scope of the
proprietary rights of others or to defend against claims of infringement.
Various parties may accuse us of infringing on their intellectual property
rights, and any related litigation could harm our business regardless of its
merit.
Third parties may assert claims against us alleging infringement,
misappropriations or other violations of proprietary rights, whether or not
such claims have merit. Such claims can be time consuming and expensive to
defend and could require us to cease the use and sale of allegedly infringing
services and products, incur significant litigation costs and expenses, develop
or acquire non-infringing technology or obtain licenses to the alleged
infringing technology. We may not be able to develop or acquire alternative
technologies or obtain such licenses on commercially acceptable terms.
12
<PAGE>
We could be held liable for providing inaccurate or incomplete information,
which could harm our business.
If our services or products yield inaccurate or incomplete information which
has a material adverse impact on a customer, the customer might bring a claim
for damages against us, even if we are not responsible for such failure. The
limitations of liability set forth in customer contracts may not be enforceable
and may not otherwise protect us from liability for damages. The successful
assertion of one or more large claims against us that exceed available
insurance coverages, or changes in our insurance policies, such as premium
increases or the imposition of large deductibles or co-insurance requirements
could materially adversely affect our business.
Risks Related To Our Industry
If Internet usage does not continue to grow, it could have a material adverse
effect on our business.
The Internet is relatively new and rapidly evolving. Our business would be
materially adversely affected if Internet usage does not continue to grow.
We may not be able to adapt to the rapid technological changes to the Internet
and Internet products.
To be successful, we must adapt to the rapid technological changes to the
Internet and Internet products by continually enhancing our Web site and
introducing and integrating new services and products to capitalize on the
technological advances in the Internet. This process is costly and we cannot
assure you that we will be able to successfully integrate our services and
products with the Internet's technological advances. The collection, storage,
management and dissemination of commercial real estate information from a
centralized database on the Internet is a recent and evolving development. Our
market is characterized by rapidly changing technologies, evolving industry
standards, increasingly sophisticated customer needs and frequent new product
introductions. These factors are exacerbated by the rapid technological change
experienced by the computer and software industries. We could incur substantial
costs if we need to modify our services or infrastructure in order to adapt to
these changes. If we incurred significant costs without adequate results or we
were unable to adapt to rapid technological changes, it could have a material
adverse effect on our business.
Adoption of new laws and government regulations relating to the Internet could
harm our business.
Our business could be materially adversely affected by the adoption or
modification of laws or regulations in the U.S. or abroad relating to the
Internet. Laws and regulations directly applicable to Internet communications
and commerce are becoming more prevalent. Such legislation could dampen the
growth in use of the Internet generally and decrease the acceptance of the
Internet as a communications and commercial medium. The governments of states
or foreign countries might attempt to regulate our transmissions or levy sales
or other taxes relating to our activities. The laws governing the Internet,
however, remain largely unsettled, even in areas where there has been some
legislative action. It may take years to determine whether and how existing
laws such as those governing intellectual property, privacy, libel and taxation
apply to the Internet and Internet commerce. In addition, the growth and
development of the market for Internet commerce may prompt calls for more
stringent consumer protection laws, both in the U.S. and abroad, that may
impose additional burdens on companies conducting business over the Internet.
The growth and development of the market for Internet commerce may also prompt
calls for widening access on the Internet to public records, including records
concerning the commercial real estate industry.
Internet security concerns could hinder Internet commerce and materially
adversely affect our business.
We may be required to expend significant capital and other resources to
protect against security breaches on our Web site or to alleviate problems
caused by such breaches. If any compromise of our security were to occur, it
could damage our reputation and expose us to a risk of loss, litigation and
possible liability. A significant barrier to online commerce and communications
is the need for secure transmission of confidential information over public
networks. Concerns over the security of transactions conducted on the Internet
and other online services, as well as user's desires
13
<PAGE>
for privacy, may also inhibit the growth of the Internet and other online
services, especially as a means of conducting commercial transactions. Our
services involve the storage and transmission of proprietary information, such
as credit card numbers and other confidential information. We cannot assure you
that our security measures will prevent security breaches or that our failure
to prevent such security breaches will not have a material adverse effect on
our business. Credit card companies and others are in the process of developing
anti-theft and anti-fraud protections, and we are continually monitoring this
problem. However, at the present time, the real or perceived risk of theft and
fraud could have a material adverse effect on us. We cannot assure you that
advances in computer capabilities, new discoveries in the field of cryptography
or other events or developments will not result in a compromise or breach of
the algorithms used by us to protect customer transaction data. A party who is
able to circumvent our security measures could misappropriate confidential
information or cause interruptions in our operations.
We may be subject to legal liability for displaying or distributing
information on the Internet.
Because content on our Web site is distributed to others, we may be subject
to claims for defamation, negligence or copyright or trademark infringement or
claims based on other theories. These types of claims have been brought,
sometimes successfully, against Internet services in the past. We could also be
subject to claims based upon the content that is accessible from our Web site
through links to other web sites or information on our Web site supplied by
third parties. Our insurance may not adequately protect us against these types
of claims. Even to the extent such claims do not result in liability to us, we
could incur significant costs in investigating and defending against such
claims. Our potential liability for information carried on or disseminated
through our Web site could require us to implement measures to reduce our
exposure to such liability, which may require the expenditure of substantial
resources and limit the attractiveness of our service to users.
Our fee arrangements in various industries could lead to additional regulation
and related liabilities.
We also enter into agreements with customers under which we are entitled to
receive fees related to the support of commercial real estate transactions
through our Web site using REALBID or other transaction support products that
we offer. We plan to increase our reliance on this aspect of our business. Such
arrangements may expose us to additional legal risks and uncertainties,
including regulation by local, state, federal and foreign authorities in the
real estate, financing, and insurance industries, as well as other industries
which our business could impact. The application of such regulation to our
industry is currently uncertain. However, it could lead to additional potential
liabilities to property buyers, even if we are not selling such properties. In
addition, we could, for example, be required to register for a license, pay
fees, assume environmental, property-related or other similar responsibilities.
The indemnification provided to us in our agreements with these parties, if
available, may not be adequate to address such potential regulatory expansion.
Risks Related To This Offering
The number of shares eligible for public sale after this offering could cause
our stock price to decline.
The market price of our common stock could decline as a result of sales of a
large number of shares of our common stock in the market after this offering or
the perception that such sales could occur. Such sales also might make it more
difficult for us to sell equity securities in the future at a price that we
deem appropriate. Please see "Shares Eligible for Future Sale" for further
details regarding the number of shares eligible for public sale after this
offering.
The liquidity of our stock is uncertain because it has never been publicly
traded, and it could be difficult to sell your shares.
Prior to this offering, there has been no public market for our common stock.
We cannot predict if an active trading market in our common stock will develop
or how liquid that market might become. The market price of our common stock
may decline below the initial public offering price. The initial public
offering price for the shares will be determined by negotiations between us and
the representatives of the underwriters and
14
<PAGE>
may not be indicative of prices that will prevail in the trading market. Please
see "Underwriting" for more information regarding how the initial public
offering price was determined.
The market price of our stock may be materially adversely affected by market
volatility.
The market prices of the securities of Internet-related companies have been
especially volatile and have experienced extreme volume fluctuations.
Volatility in the market price of our stock could lead to claims against us. If
we were the object of such litigation, it could result in substantial costs and
a diversion of our management's attention and resources. The trading price of
our common stock could be subject to wide fluctuations in response to a number
of factors, including:
. our quarterly results of operations;
. changes in earnings estimates by analysts and whether our earnings meet
or exceed such estimates;
. announcements of technological innovations by us or our competitors;
. additions or departures of key personnel;
. other matters discussed elsewhere in this prospectus; and
. other events or factors, which may be beyond our control.
Our controlling stockholders may make decisions which you do not consider to
be in your best interest.
We anticipate that the executive officers, directors and entities affiliated
with them will, in the aggregate, beneficially own approximately 68.9% of our
outstanding common stock following the completion of this offering. These
stockholders will be able to exercise control over all matters requiring
approval by our stockholders, including the election of directors and approval
of significant corporate transactions. This concentration of ownership may also
have the effect of delaying or preventing a change in control of us. Please see
"Management" and "Principal and Selling Stockholders" for detailed information
on the beneficial ownership of our executive officers, directors and
affiliates.
Anti-takeover provisions in our charter documents and Delaware law could
delay, defer or prevent a tender offer or takeover attempt that you consider to
be in your best interest.
Certain anti-takeover provisions of our restated certificate of
incorporation, our restated bylaws and Delaware law could make it more
difficult for a third party to acquire us. As a result, we could delay, defer
or prevent a takeover attempt or third party acquisition that our stockholders
consider in their best interest, including an attempt that might result in a
premium over the market price for the shares held by our stockholders. Please
see "Description of Securities" for detailed information on these provisions.
You will suffer dilution in the value of your shares.
Investors purchasing shares in this offering will incur immediate and
substantial dilution in net tangible book value per share. To the extent
outstanding options to purchase common stock are exercised, there will be
further dilution. Please see "Dilution" for detailed information on dilution
resulting from this offering.
15
<PAGE>
Forward-Looking Statements
Many statements made in this prospectus under the captions "Prospectus
Summary," "Risk Factors," "Management's Discussion and Analysis of Financial
Condition and Results of Operations," "Business" and elsewhere may be forward-
looking statements that are not based on historical facts. Because these
forward-looking statements involve risks and uncertainties, there are important
factors that could cause actual results to differ materially from those
expressed or implied by these forward-looking statements, including those
discussed under "Risk Factors." We are not obligated to update or revise these
forward-looking statements to reflect new events or circumstances.
16
<PAGE>
Use of Proceeds
We estimate that the net proceeds from the sale of the 3,800,000 shares
offered by us will be approximately $41.8 million, assuming an initial public
offering price of $12.00 per share and after deducting the estimated
underwriting discounts and commissions and estimated offering expenses payable
by us. If our portion of the underwriters' over-allotment is exercised in full,
we estimate that such net proceeds will be approximately $48.1 million.
Of the net proceeds, we intend to use approximately $10-15 million for
enhancement and development of existing and new information services, $8-10
million for geographic expansion, $6-8 million for the enhancement and
development of transaction support products, $5.2 million for the repayment of
debt, and the remaining $3.6-12.6 million for other working capital and general
corporate purposes. We may also use a portion of the proceeds for strategic
alliances and acquisitions.
The $5.2 million of debt we intend to repay has various maturity dates
between May 1999 and January 2002. Approximately $1.6 million of our debt bears
interest at an annual rate of 8.75% during the term of the loan and a one-time
15% interest balloon payment is due upon completion of the term. The loan
proceeds from $300,000 of this $1.5 million in debt loaned to us in October
1998 were used to acquire REALBID, LLC. Approximately $600,000 of our debt will
bear interest at 8% beginning December 1, 1999, net of repayments.
Approximately $3.0 million of our debt bears interest at an annual rate of 13%
during the term of the loan.
We have not yet made any material commitments to these purposes other than
the repayment of debt. Accordingly, management will have significant
flexibility in applying the net proceeds of this offering to these uses, as
well as to other general corporate purposes. Our allocation of net proceeds
will depend upon developments and opportunities in our business, the various
geographic markets and the Internet industry in general. Pending any such use,
as described above, we intend to invest the net proceeds in interest-bearing
instruments. We will not receive any proceeds from the sale of shares by the
selling stockholders. Please see "Principal and Selling Stockholders" for a
description of shares to be sold by selling stockholders.
Dividend Policy
We have never declared or paid any cash dividends on our capital stock. We
currently intend to retain any future earnings to support operations and to
finance the expansion of our business. Further, a loan agreement we entered
into with Silicon Valley Bank in April 1999 restricts our ability to pay any
dividends until we have fully repaid the loan. Any future determination to pay
cash dividends will be at the discretion of our board of directors and will be
dependent on financial condition, operating results, capital requirements and
other factors that our board deems relevant.
17
<PAGE>
Capitalization
The following table sets forth our capitalization as of December 31, 1998 on
an actual basis and as adjusted to give effect to the receipt by us of the
estimated net proceeds from the sale of 3,800,000 shares offered hereby at an
assumed initial public offering price of $12.00 per share and the exercise of
warrants outstanding to purchase 530,537 shares at a weighted average exercise
price of $0.0136 per share. This information should be read in conjunction with
our financial statements and the notes relating to such statements appearing
elsewhere in this prospectus. This information is based on the number of shares
of common stock outstanding on December 31, 1998. It excludes the following
shares that we may issue:
. 1,749,727 shares upon the exercise of options outstanding at a weighted
average exercise price of $1.17 per share and
. 156,285 shares upon the exercise of warrants outstanding at a weighted
average exercise price of $2.40 per share.
In April 1999, we entered into a $3.0 million loan agreement with Silicon
Valley Bank. This agreement provides $3.0 million for working capital.
Borrowings under this agreement will be due on the closing of this offering. In
connection with this loan, we issued warrants exercisable for up to 71,883
shares of common stock, with an exercise price per share ranging from $1.60 to
$6.82, depending on when we repay the loan.
Please see "Management--Benefit Plans," "Description of Securities" and the
more detailed financial statements and notes appearing elsewhere in this
prospectus.
<TABLE>
<CAPTION>
December 31, 1998
-------------------------
Actual As Adjusted
----------- ------------
(dollars in thousands)
<S> <C> <C>
Current portion of long-term obligations............. $ 1,029 $ 49
=========== ===========
Long-term obligations, less current portion.......... 1,123 23
Redeemable convertible preferred stock:
Preferred stock, $0.01 par value, 5,000,000 shares
authorized on an actual basis;
no shares authorized on an as adjusted basis;
4,908,126 shares issued and outstanding on an
actual basis; and no shares issued and outstanding
on an as adjusted basis........................... 7,009 --
Stockholders' equity (deficit):
Preferred stock, $0.01 par value, no shares
authorized on an actual basis; 5,000,000 shares
authorized on an as adjusted basis; no shares
issued and outstanding on an actual and an as
adjusted basis.................................... -- --
Common stock, $0.01 par value, 16,503,750 shares of
Class A common stock and 1,833,750 shares of Class
B common stock authorized on an actual basis;
3,501,626 shares of Class A common stock and
31,907 shares of Class B common stock issued and
outstanding on an actual basis; 75,000,000 shares
authorized on an as adjusted basis; 11,464,185
shares issued and outstanding on an as adjusted
basis............................................. 30 109
Additional paid-in capital......................... 7,745 56,863
Warrants........................................... 398 --
Deferred compensation.............................. (4,487) (4,487)
Accumulated deficit................................ (11,557) (11,557)
----------- -----------
Total stockholders' equity (deficit)................. (7,871) 40,928
----------- -----------
Total capitalization............................. $ 261 $ 40,951
=========== ===========
</TABLE>
18
<PAGE>
Dilution
Our pro forma net tangible book value as of December 31, 1998 was a deficit
of $4,034,194, or $0.57 per share of common stock. Pro forma net tangible book
value per share is equal to the amount of our total tangible assets less total
liabilities, divided by the number of shares of common stock outstanding as of
December 31, 1998. Assuming the sale of the 3,800,000 shares offered hereby at
an assumed initial public offering price of $12.00 per share, the deduction of
underwriting discounts and estimated offering expenses and the application of
the estimated net proceeds therefrom, our pro forma net tangible book value as
of December 31, 1998 would have been $37,748,806, or $3.29 per share of common
stock. This represents an immediate increase in pro forma net tangible book
value of $3.86 per share to existing stockholders and an immediate dilution in
pro forma net tangible book value of $8.71 per share to new investors. The
following table illustrates this per share dilution:
<TABLE>
<S> <C> <C>
Assumed initial public offering price per share................. $12.00
Pro forma net tangible book value (deficit) per share as of
December 31, 1998............................................ $(0.57)
Increase attributable to new investors........................ 3.86
------
Pro forma net tangible book value per share after this
offering....................................................... 3.29
------
Pro forma dilution per share to new investors................... $ 8.71
======
</TABLE>
The following table summarizes, on a pro forma basis as of December 31, 1998,
after giving effect to the automatic conversion of all outstanding shares of
preferred stock into common stock and the exercise of warrants outstanding to
purchase 530,537 shares at a weighted average exercise price of $0.0136 per
share, the total number of shares of common stock purchased from us, the total
consideration paid to us and the average price per share paid by existing
stockholders and by new investors:
<TABLE>
<CAPTION>
Shares Purchased Total Consideration
------------------ ------------------- Average Price
Number Percent Amount Percent Per Share
---------- ------- ----------- ------- -------------
<S> <C> <C> <C> <C> <C>
Existing stockholders...... 7,664,185 66.9% $ 6,199,502 12.0% $ 0.81
New investors.............. 3,800,000 33.1 45,600,000 88.0 12.00
---------- ----- ----------- -----
Total................... 11,464,185 100.0% $51,799,502 100.0%
========== ===== =========== =====
</TABLE>
The tables and calculations above assume no exercise of outstanding options
or warrants, other than those warrants exercisable for $0.0136 per share. At
December 31, 1998, there were:
. 1,749,727 shares issuable upon the exercise of options outstanding at a
weighted average exercise price of $1.17 per share,
. 156,285 shares issuable upon the exercise of warrants outstanding at a
weighted average exercise price of $2.40 per share and
. 376,219 shares available for issuance under our stock option plans.
To the extent that these options or warrants are exercised, there will be
further dilution to new investors. Please see "Management--Benefit Plans."
19
<PAGE>
Selected Financial Data
The following selected financial data should be read in conjunction with the
financial statements and the notes to such statements and "Management's
Discussion and Analysis of Financial Condition and Results of Operations"
included elsewhere in this prospectus. The statement of operations data for the
three years ended December 31, 1998, and the consolidated balance sheet data at
December 31, 1997 and 1998, are derived from our financial statements which
have been audited by Ernst & Young LLP, independent auditors, and are included
elsewhere in this prospectus. The statement of operations data for the two
years ended December 31, 1995, and the consolidated balance sheet data at
December 31, 1994, 1995 and 1996 are derived from audited financial statements
not included in this prospectus. The 1998 statement of operations includes the
results of REALBID, LLC from November 6, 1998. Historical results are not
necessarily indicative of the results to be expected in the future. The pro
forma statement of operations data gives effect to our acquisition of REALBID,
LLC as if it had occurred on January 1, 1998.
<TABLE>
<CAPTION>
Year Ended December 31,
-----------------------------------------------------
Pro Forma
1994 1995 1996 1997 1998 1998
------ ------- ------- ------- ------- ---------
(in thousands, except per share data)
<S> <C> <C> <C> <C> <C> <C>
Statement of Operations
Data:
Net revenues............. $6,030 $ 6,716 $ 8,707 $10,867 $12,900 $13,123
Cost of revenues......... 2,674 3,488 4,357 5,054 5,768 5,813
------ ------- ------- ------- ------- -------
Gross profit............. 3,356 3,228 4,350 5,813 7,132 7,310
Operating expenses:
Selling and marketing.. 2,306 2,072 2,813 3,408 4,230 4,230
Product development and
engineering........... -- -- 376 768 1,233 1,233
General and
administrative........ 1,743 2,527 3,401 2,942 3,068 3,948
------ ------- ------- ------- ------- -------
Total operating
expenses............ 4,049 4,599 6,590 7,118 8,531 9,411
------ ------- ------- ------- ------- -------
Loss from operations..... (693) (1,371) (2,240) (1,305) (1,399) (2,101)
Other income (expense),
net..................... (9) 12 (67) (252) (260) (260)
------ ------- ------- ------- ------- -------
Net loss................. (702) (1,359) (2,307) (1,557) (1,659) (2,361)
Dividend accretion on
preferred stock 63 299 299 299 454 454
------ ------- ------- ------- ------- -------
Net loss attributable to
common stockholders..... $ (765) $(1,658) $(2,606) $(1,856) $(2,113) $(2,815)
====== ======= ======= ======= ======= =======
Net loss per share
attributable to common
stockholders, basic and
diluted................. $(0.16) $ (0.47) $ (0.74) $ (0.53) $ (0.60) $ (0.80)
====== ======= ======= ======= ======= =======
Shares used in computing
net loss per share
attributable to common
stockholders, basic and
diluted................. 4,700 3,502 3,502 3,502 3,517 3,517
====== ======= ======= ======= ======= =======
Pro forma net loss per
share, basic and
diluted................. $ (0.23) $ (0.33)
======= =======
Shares used in computing
pro forma net loss per
share, basic and
diluted................. 7,067 7,067
======= =======
</TABLE>
<TABLE>
<CAPTION>
At December 31,
--------------------------------------
1994 1995 1996 1997 1998
------ ------ ------ ------ ------
(in thousands, except per share
data)
<S> <C> <C> <C> <C> <C>
Balance Sheet Data:
Cash and cash equivalents............. $2,866 $ 260 $ 578 $ 352 $ 378
Working capital (deficit)............. 1,225 (1,119) (2,056) (3,053) (4,354)
Total assets.......................... 4,687 4,714 4,224 4,091 8,414
Deferred subscription revenue......... 2,152 2,670 3,197 4,023 5,503
Long-term obligations, less current
portion.............................. 230 777 1,533 1,822 1,123
Redeemable convertible preferred
stock................................ 4,919 5,218 5,517 5,816 7,009
Total stockholders' (deficit) equity
..................................... (3,414) (5,072) (7,678) (9,505) (7,871)
</TABLE>
Please see Note 1 to the financial statements appearing elsewhere in this
prospectus for the determination of number of shares used in computing basic
and diluted loss per share.
20
<PAGE>
Management's Discussion and Analysis of
Financial Condition and Results of Operations
The following discussion of our financial condition and results of operations
should be read in conjunction with the financial statements and the notes to
those statements included elsewhere in this prospectus.
Overview
In January 1982, we first began providing sales information on commercial
properties in San Diego County. From 1982 through 1985, we expanded our
coverage throughout Southern California to Orange, Riverside, San Bernardino
and Los Angeles counties and to Phoenix and Tucson, Arizona. We continued our
geographic expansion from 1987 through 1992 with coverage of Northern
California, Las Vegas and Seattle. During the period from June 1994 through
December 1998, we further broadened our geographic reach to cover additional
key markets including Washington D.C., New York, Chicago, Boston, Atlanta,
Denver, Baltimore, Dallas/Fort Worth and Miami. This expansion was driven by
both internal growth and acquisitions.
We originally offered paper-based commercial real estate transaction
information. In 1986, we introduced our CallCOMPS service, which permitted
customers to call in and obtain sales transaction information, and, in 1990, we
introduced a DOS-based subscription product. Through 1996, the majority of our
revenues continued to come from print subscriptions. In October 1996, we began
to offer our services on CD-ROM, allowing for the computerized manipulation of
data to provide more customized reports. Most recently, in January 1998, we
began to offer our information services on the Internet. This has allowed our
customers to receive updated commercial real estate transaction information
more frequently and analyze the data more quickly and easily. Delivery of our
information on the Internet and other electronic media has provided additional
value to customers, resulting in increased revenues from subscriptions and one-
time, fee-based transactions. Less than 10% of our 1998 revenues were derived
from delivery of our services and products on the Internet. We expect this
percentage to increase as more of our customers transition to using our
services and products on the Internet.
In November 1998, we acquired the assets of REALBID, LLC, a real estate
marketing services company which supports commercial real estate transactions
on the Internet. As a result of this acquisition, our 1998 pro forma net
revenues were $13.1 million and our pro forma operating expenses were $9.4
million, compared to our 1998 actual net revenues of $12.9 million and our
actual operating expenses of $8.5 million. The purchase price of the
acquisition totaled approximately $3.4 million, which consisted of $163,000 in
cash, stock options granted to the principals valued at approximately $3.1
million and acquisition costs of $54,000. Intangible assets of $3.3 million
were recorded as a result of this acquisition. These intangible assets will be
amortized over their estimated useful lives, ranging from three to five years,
and will be primarily allocated to general and administrative expenses. In
1998, we amortized $117,000 relating to the intangible assets of REALBID, LLC.
We currently expect to amortize the following amounts relating to the
intangible assets of REALBID, LLC in the future: 1999--$704,000; 2000--
$704,000; 2001--$688,000; 2002--$600,000; and 2003--$483,000.
Substantially all of our revenues have been derived from licensing our sales
comparable information, either on a subscription or a per use basis, both
offline and, to a lesser extent, on the Internet. In 1998, approximately 75% of
our information licensing revenue was derived from subscription contracts and
approximately 25% was derived from fees paid on a per use basis. The
subscription licenses range from one to three years and generally renew
automatically for successive one-year terms. Many of the license rates increase
at the time of renewal. Subscribers pay contract license fees on an annual,
semi-annual, quarterly or monthly basis in advance of their license term. We
recognize this revenue on a straight line basis over the life of the contract.
Accordingly, contract license fees which are invoiced from a new contract or
upon contract renewal result in deferred revenue.
Since our November 1998 acquisition of REALBID, LLC, we have also begun to
derive revenues from our transaction support products. For the period of
November 6, 1998 through December 31, 1998, these revenues
21
<PAGE>
totaled approximately $17,000. The 1998 pro forma transaction support product
revenues totaled approximately $240,000. We derive all of our transaction
support product revenues from the delivery of products on the Internet. We
recognize these revenues as products are provided.
In order to expand our operations, we anticipate incurring additional
expenses to:
. implement new Internet-related products;
. develop new databases;
. continue the integration of our REALBID services with our database;
. further automate our data collection process;
. acquire other companies; and
. integrate acquired databases into our standardized format.
We also intend to hire additional programmers and research employees as
needed to implement our product development efforts and to continue to expand
our database of commercial real estate. In addition, we intend to further
expand our sales force and marketing team to develop new and existing strategic
relationships and strengthen our brand name as we enter new markets. Lastly, we
anticipate incurring additional costs related to being a public company,
including director's and officer's liability insurance, investor relation
programs and professional service fees. As a result of these expenditures and
other related factors, we expect to continue to incur losses for the forseeable
future.
We have incurred significant net losses since our inception. As of December
31, 1998, we had an accumulated deficit of $11.6 million. Also, in connection
with the grant of 744,200 stock options to employees from February through
November 1998, we recorded deferred compensation of approximately $4.7 million
for the year ended December 31, 1998, representing the difference between the
fair value of our common stock for accounting purposes and the exercise price
of such options at the date of grant. Such amount is presented as a reduction
of stockholders' equity and amortized over the vesting period of the applicable
options, which is generally five years. In 1998, we recorded $192,000 in
compensation expense and expect to record the following amounts in the future:
1999--$1,052,000; 2000--$1,052,000; 2001--$1,052,000; 2002--$955,000; and
2003--$377,000.
Results of Operations
The following table sets forth certain statement of operations data expressed
as a percentage of net revenues for the periods indicated:
<TABLE>
<CAPTION>
Year Ended December 31,
-----------------------------
1996 1997 1998
------- ------- -------
<S> <C> <C> <C>
Statement of Operations Data:
Net revenues................................... 100 % 100 % 100 %
Cost of revenues............................... 50 47 45
------- ------- -------
Gross profit................................... 50 53 55
Operating expenses:
Selling and marketing........................ 33 31 33
Product development and engineering.......... 4 7 10
General and administrative................... 39 27 23
------- ------- -------
Total operating expenses................... 76 65 66
------- ------- -------
Loss from operations........................... (26) (12) (11)
Other expense, net............................. (0) (2) (2)
------- ------- -------
Net loss....................................... (26)% (14)% (13)%
</TABLE>
22
<PAGE>
Comparison of Years Ended December 31, 1998, 1997 and 1996
Net Revenues
Our net revenues for 1998 were $12.9 million, an increase of $2.0 million or
18.7% from 1997. Our net revenues for 1997 were $10.9 million, an increase of
$2.2 million or 24.8% from $8.7 million in 1996. In both years, the increase
was primarily due to an increase in subscriptions as a result of geographic
expansion and further penetration of our existing markets. We had no customer
that accounted for more than 10% of our net revenues in 1998, 1997 or 1996.
Cost of Revenues
Cost of revenues consists of compensation and benefits for research personnel
and research supplies. Our cost of revenues for 1998 was $5.8 million, an
increase of approximately $700,000 or 14.1% from 1997. Cost of revenues for
1997 was $5.1 million, an increase of approximately $700,000 or 16.0% from $4.4
million in 1996. Payroll and related costs contributed to approximately 95% of
the dollar increase in 1998 and to approximately 65% of the dollar increase in
1997. In both years, the increase in dollar amount was due to an increase in
sales transaction volume, and geographic expansion and the hiring of additional
research employees. In addition, cost of revenues increased in 1997 due to the
conversion of print subscriptions to CD-ROM format, as well as the write-off of
the entire unamortized balance of a prepayment for assessors information
relating to a 1995 purchase agreement which was amended in November 1997. Cost
of revenues as a percentage of net revenues decreased to 45% for the year ended
December 31, 1998 from 47% for the year ended December 31, 1997 and from 50%
for the year ended December 31, 1996. In each year, the percentage decrease was
due to increased revenues during periods when costs remained relatively fixed.
Selling and Marketing Expenses
Selling and marketing expenses consist of compensation and benefits for sales
and marketing personnel, as well as sales commissions to our direct sales
force. Our selling and marketing expenses for 1998 were $4.2 million, an
increase of approximately $800,000 or 24.1% from 1997. Our selling and
marketing expenses for 1997 were $3.4 million, an increase of approximately
$600,000 or 21.2% from $2.8 million in 1996. In 1998, approximately 85% of the
dollar increase was attributable to salaries and wages for additional telesales
and marketing employees, approximately 5% of the increase was attributable to
sales-related travel expenses and approximately 10% resulted from increases in
marketing and promotional expenses, including training and technical support
costs pertaining to the promotion of our COMPSLink/Windows product. In 1997,
approximately 95% of the dollar increase was attributable to salaries and wages
and commission expense relating to new business generated from the conversion
of our subscriber base. As a percentage of net revenues, such expenses
increased to 33% for the year ended December 31, 1998 from 31% for the year
ended December 31, 1997, a decrease from 33% for the year ended December 31,
1996. The percentage increase in 1998 was primarily due to increased
compensation expense incurred as a result of the REALBID acquisition. The
percentage decrease in 1997 was due to increased revenues during the year when
costs remained relatively fixed.
Product Development and Engineering Expenses
Product development and engineering expenses consist primarily of
compensation and benefits for software engineers and quality assurance
personnel and expenses for contract programmers and developers. Our product
development and engineering expenses for 1998 were $1.2 million, an increase of
approximately $400,000 or 60.6% from 1997. Our product development and
engineering expenses for 1997 were approximately $800,000, an increase of
approximately $400,000 or 104% from approximately $400,000 in 1996. As a
percentage of net revenues, product development and engineering expenses
increased to 10% for the year ended December 31, 1998 from 7% for the year
ended December 31, 1997 and 4% for the year ended December 31, 1996. The dollar
and percentage increases were primarily due to the hiring of additional
software engineers and quality assurance personnel for development of new
Internet-related products.
23
<PAGE>
General and Administrative Expenses
General and administrative expenses consist primarily of compensation and
benefits for finance and administrative personnel, professional fees,
amortization expense, insurance expenses and charges relating to merchant
credit card fees and bad debts. Our general and administrative expenses for
1998 were $3.1 million, an increase of approximately $100,000 or 4.3% from
1997. This dollar increase in general and administrative expenses was due to
indirect costs incurred in connection with our acquisition strategy, including
personnel and consulting costs incurred to evaluate potential acquisitions,
increases in professional fees, increased expenses incurred in connection with
an increase in our work force and related payroll expenses, offset by a
decrease in bad debt expense due to a more comprehensive credit policy and
increased collection efforts. Our general and administrative expenses for 1997
were $2.9 million, a decrease of approximately $500,000 or 13.5% from
$3.4 million in 1996. As a percentage of net revenues, such expenses decreased
to 23% for the year ended December 31, 1998 from 27% for the year ended
December 31, 1997 and 39% for the year ended December 31, 1996. The dollar
decrease in 1997 and the decreases in such expenses as a percentage of net
revenues in both years were primarily due to decreases in payroll expense,
professional fees and bad debt expense.
Other Expense, Net
Other expense, net consists primarily of interest expense on our debt less
the amount of interest we earn on our cash and short-term investments. Total
other expense, net for 1998 was $260,000, an increase of $8,000 or 3.2% from
1997. Total other expense, net for 1997 was $252,000, an increase of $185,000
or 276% from $67,000 in 1996. In both years, the increase in other expense was
primarily due to interest expense under a loan agreement.
Quarterly Results Of Operations
The following table sets forth certain unaudited quarterly statement of
operations data for each of the eight quarters in the two year period ended
December 31, 1998. In the opinion of management, this information has been
prepared substantially on the same basis as the audited financial statements
appearing elsewhere in this prospectus, and all necessary adjustments,
consisting only of normal recurring adjustments, have been included in the
amounts stated below to present fairly the unaudited quarterly results of
operations data.
<TABLE>
<CAPTION>
Three Months Ended
------------------------------------------------------------------------
March 31, June 30, Sept 30, Dec 31, March 31, June 30, Sept 30, Dec 31,
1997 1997 1997 1997 1998 1998 1998 1998
--------- -------- -------- ------- --------- -------- -------- -------
(dollars in thousands)
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Statement of Operations
Data:
Net revenues............ $2,363 $2,656 $2,697 $3,151 $3,025 $3,340 $3,359 $ 3,176
Cost of revenues........ 1,163 1,191 1,264 1,436 1,287 1,306 1,468 1,707
------ ------ ------ ------ ------ ------ ------ -------
Gross profit............ 1,200 1,465 1,433 1,715 1,738 2,034 1,891 1,469
Operating expenses:
Selling and
marketing............. 775 848 866 919 909 917 979 1,425
Product development
and engineering....... 156 179 190 243 212 318 395 308
General and
administrative........ 674 644 624 1,000 708 737 680 943
------ ------ ------ ------ ------ ------ ------ -------
Total operating
expenses............ 1,605 1,671 1,680 2,162 1,829 1,972 2,054 2,676
------ ------ ------ ------ ------ ------ ------ -------
Loss from operations... (405) (206) (247) (447) (91) 62 (163) (1,207)
Other expense, net..... (83) (85) (57) (27) (82) (73) (38) (67)
------ ------ ------ ------ ------ ------ ------ -------
Net loss................ $ (488) $ (291) $ (304) $ (474) $ (173) $ (11) $ (201) $(1,274)
====== ====== ====== ====== ====== ====== ====== =======
</TABLE>
24
<PAGE>
The following table sets forth, for the periods indicated, the percentage of
net revenues represented by each item in our statement of operations.
<TABLE>
<CAPTION>
Three Months Ended
------------------------------------------------------------------------
March 31, June 30, Sept 30, Dec 31, March 31, June 30, Sept 30, Dec 31,
1997 1997 1997 1997 1998 1998 1998 1998
--------- -------- -------- ------- --------- -------- -------- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Statement of Operations
Data:
Net revenues............ 100% 100% 100% 100% 100% 100% 100% 100%
Cost of revenues........ 49 45 47 45 43 39 44 54
---- ---- ---- ---- ---- ---- ---- ----
Gross profit............ 51 55 53 55 57 61 56 46
Operating expenses:
Selling and
marketing............. 33 32 32 29 30 27 29 45
Product development
and engineering....... 7 7 7 8 7 10 12 10
General and
administrative........ 28 24 23 32 23 22 20 29
---- ---- ---- ---- ---- ---- ---- ----
Total operating
expenses............ 68 63 62 69 60 59 61 84
---- ---- ---- ---- ---- ---- ---- ----
Loss from operations... (17) (8) (9) (14) (3) 2 (5) (38)
Other expense, net..... (4) (3) (2) (1) (3) (2) (1) (2)
---- ---- ---- ---- ---- ---- ---- ----
Net loss................ (21)% (11)% (11)% (15)% (6)% 0% (6)% (40)%
==== ==== ==== ==== ==== ==== ==== ====
</TABLE>
In the first quarter of 1997, gross profits were lower when compared to the
successive three quarters because revenues resulting from the conversion of our
subscriber base to higher margin electronic delivery was slower than expected.
In the remaining three quarters of the year, revenues from licensing of our
information through the higher margin electronic delivery were recognized from
the sale of annual subscriptions in previous quarters.
During the second quarter of 1997, selling and marketing expenses increased
over the previous quarter by $73,000 or 9%, but decreased as a percentage of
net revenues. The dollar increase was due to commission expense incurred as the
result of new and revised subscription contracts for the electronic delivery of
our information.
General and administrative expenses increased $376,000 or 60% in the fourth
quarter of 1997 over the previous quarter due to an impairment loss of $183,000
for intangible assets acquired in 1995, and $132,000 relating to the November
1997 acquisition of a customer base. The impairment loss of $183,000 was
recorded because we determined that our subscription base was impaired because
of lower than expected retention of the purchased subscription base. Fair value
of the assets was calculated based on estimated future cash flows to be
generated by the remaining subscribers, discounted at a market rate of
interest.
The increase in gross profit for the second quarter of 1998 resulted from an
increased demand for our per use services compared to the first quarter of
1998. Also in the second quarter of 1998, we continued to realize increased
revenues from the licensing of our higher margin electronic delivery
information.
In the fourth quarter of 1998, gross profit declined due to increased
expenses incurred in connection with our geographic expansion, including travel
expenses of our researchers necessary to accumulate and verify historical
commercial sales activity in new markets, as well as related personnel and
benefit costs. In addition, during the fourth quarter of 1998, selling and
marketing and general and administrative expenses increased as a result of our
acquisition of REALBID, LLC and the amortization of intangibles and deferred
compensation. The quarterly data should be read in conjunction with the
financial statements and the notes to such statements appearing elsewhere in
this prospectus. The operating results for any quarter are not necessarily
indicative of the operating results for any future period and are subject to
significant fluctuation.
25
<PAGE>
Liquidity And Capital Resources
Since our inception, we have financed our operations primarily through the
private placement of equity securities, borrowing arrangements and cash flow
from operations. As of December 31, 1998, we had approximately $378,000 in cash
and cash equivalents.
Our capital requirements depend on numerous factors, including our geographic
and product expansions, investments in our Web site and other factors. We have
experienced a substantial increase in our capital expenditures and operating
expenses since our inception consistent with our growth in operations and
staffing, and anticipate that this trend will continue for the foreseeable
future. As of December 31, 1998, our capital commitments for 1999 included
approximately $513,500 for operating leases, $49,300 in capital leases and
$979,200 for current debt. We do not expect our capital commitments to exceed
$2.5 million in the next 12 months. We expect our expenses to continue to
increase as we continue to evaluate possible strategic acquisitions, products
and technologies, expand our sales and marketing programs and conduct
aggressive brand promotions. Selling and marketing expenses and research and
development expenses are expected to increase in 1999 as a percentage of net
revenues.
Of the net proceeds from this offering we are currently allocating $10-15
million for enhancement and development of existing and new information
services, $8-10 million for geographic expansion, $6-8 million for the
enhancement and development of transaction support products, $5.2 million for
the repayment of debt, and the remaining $3.6-12.6 million for other working
capital and general corporate purposes. We may also use a portion of the
proceeds for strategic alliances and acquisitions. However, we have not yet
made any material commitments to these purposes. Accordingly, our allocation of
net proceeds may be to these uses, as well as to other general corporate
purposes, depending upon developments and opportunities in our business, the
various geographic markets and the Internet industry in general.
In September 1996, we entered into a $3.0 million loan agreement with Venture
Lending & Leasing, Inc. This agreement provides $1.5 million for fixed asset
acquisition and $1.5 million for working capital. Borrowings for fixed asset
acquisition are due 48 months from the date of disbursement. Borrowings for
working capital are due 36 months from the date of disbursement. This loan
agreement requires payment of 8.75% interest during the term and a one-time 15%
interest balloon payment is due upon completion of the term. The notes issued
under this loan agreement are secured by either all of our fixed assets or all
of our business assets. In connection with this loan agreement, we issued to
Venture Lending & Leasing, Inc. a warrant to purchase 156,285 shares of our
common stock at an exercise price of $2.40 per share, subject to antidilutive
adjustments. The warrant may be exercised in whole or in part at any time. The
warrant expires on September 24, 2003. At March 31, 1999, approximately
$141,800 was available for working capital and none was available for fixed
asset acquisition. The loan agreement originally was set to expire on June 30,
1998, but was extended during 1998 to June 30, 1999.
In February 1999, we entered into an additional $1.8 million loan agreement
with Venture Lending & Leasing, Inc. This agreement permits the use of funds
for either fixed asset acquisition or working capital. Under this loan
agreement, borrowings for fixed assets acquisition are due 48 months from the
date of disbursement and borrowings for working capital are due 36 months from
the date of disbursement. This loan agreement requires payment of 8.75%
interest during the term and a one-time 15% interest balloon payment upon
completion of the term. The notes issued under this loan agreement are secured
by either all of our fixed assets or all of our business assets. In connection
with this loan agreement, we issued a warrant to Venture Lending & Leasing,
Inc. This warrant is exercisable for a number of shares determined by a formula
based on whether or not we close a new equity financing prior to August 2000.
The number of warrant shares will be equal to $225,000 divided by the exercise
price, which will be the average of $2.46 and the per share price of the new
equity financing. If no equity financing occurs by August 2000, the warrant
will be exercisable for 61,125 shares at $3.68 per share. Upon the closing of
this offering at an assumed initial public offering price of $12.00 per share,
the warrant will be exercisable for 31,120 shares at an exercise price of $7.23
per share and will be valued at $182,674. This amount will be amortized to
interest expense over the debt service period. The warrant may be exercised in
whole or in part at any time. The warrant expires on February 14, 2008. At
26
<PAGE>
March 31, 1999, $1.8 million was available under this loan agreement. This loan
agreement expires on March 31, 2000.
In April 1999, we entered into a $3.0 million loan agreement with Silicon
Valley Bank. This agreement provides $3.0 million for working capital.
Borrowings under this agreement are due on the earlier of receipt by us from an
equity offering of at least $5.0 million in net cash proceeds or April 2001.
This loan agreement requires payment of 13% interest during the term. The notes
issued under the agreement are secured by all of our assets. In connection with
this loan, we issued warrants exercisable for up to 71,883 shares of common
stock, with an exercise price per share ranging from $1.60 to $6.82, depending
on when we repay the loan. If this offering closes prior to May 15, 1999, the
total number of shares issuable upon exercise of the warrants will be 14,670
with an exercise price of $6.82 per share. If this offering closes between May
15, 1999 and August 15, 1999, the total number of shares issuable will be
22,005 with an exercise price of $6.82 per share. If this offering closes after
August 15, 1999 and on or before December 31, 1999, the total number of shares
issuable will be 29,340 at an exercise price of $2.73 per share. If this
offering closes on or after January 1, 2000 the total number of shares issuable
will be 71,883 at an exercise price of $1.60 per share. The warrants expire on
April 9, 2006.
We currently anticipate that the net proceeds of this offering, together with
available funds, will be sufficient to meet our anticipated needs and strategy
until at least the end of 2000. After such time, we may need to raise
additional funds in order to fund more aggressive brand name promotions or more
rapid expansion, to develop new or enhanced services and products, to respond
to competitive pressures or to acquire complementary businesses, technologies
or services. Additional financing may not be available on terms favorable to
us, if at all. If adequate funds are not available or not available on
acceptable terms, we may be unable to fund our expansion, successfully promote
our brand name, take advantage of unanticipated acquisition opportunities,
develop or enhance services and products or respond to competitive pressures.
Any such inability could have a material adverse effect on our business.
Impact of the Year 2000
We have not fully completed tests to assure that our information technology
systems will function properly in the year 2000. The computer systems and
software programs of many companies and governmental agencies are currently
coded to accept or recognize only two digit entries in the date code field.
These systems may recognize a date using "00" as the year 1900 rather than the
year 2000. As a result, these computer systems and/or software programs may
need to be upgraded to comply with such year 2000 requirements or risk system
failure or miscalculations causing disruptions of normal business activities.
State of Readiness. We have made an assessment of the year 2000 readiness of
our information technology systems, including the hardware and software that
operate our Web site and our non-information technology systems. We are in the
process of a year 2000 simulation to test our information technology systems'
readiness which we expect to complete by the end of June 1999. Based on the
results of our year 2000 simulation test, we intend to revise our proprietary
software as necessary to improve our year 2000 compliance. We believe that
substantially all of our applications, databases and infrastructure are year
2000 compliant. We have been informed by many of our vendors of material
hardware and software components of our information technology systems that
substantially all of the products we use are currently year 2000 compliant. We
will request vendors of the material hardware and software components of our
information technology systems to provide assurances of their year 2000
compliance. We plan to complete this process during the first half of 1999. We
are currently assessing our material non-information technology systems and
will seek assurances of year 2000 compliance from providers of these systems.
Until such testing is complete and such vendors and providers are contacted, we
will not be able to completely evaluate whether our information technology
systems or non-information technology systems will need to be revised or
replaced. If our efforts to address year 2000 risks are not successful, or if
suppliers or other third parties with whom we conduct business do not
successfully address such risks, it could have a material adverse effect on our
business.
Costs. We have identified approximately $300,000 in capital equipment and
software that required upgrading or replacement for year 2000 compliance. We
expended $150,000 prior to December 31, 1998 and
27
<PAGE>
still have an outstanding balance of $150,000 in capital equipment and software
to replace. These costs have been included in our operating capital budget.
Risks. We are not currently aware of any year 2000 compliance problems
relating to our proprietary software or our information technology or non-
information technology systems that would have a material adverse effect on our
business. We cannot assure that we will not discover year 2000 compliance
problems in our proprietary software that will require substantial revisions.
In addition, we cannot assure you that third-party software, hardware or
services incorporated into our material information technology and non-
information technology systems will not need to be revised or replaced, all of
which could be time consuming and expensive. Our failure to fix our proprietary
software or to fix or replace third-party software, hardware or services on a
timely basis could result in lost revenues, increased operating costs, the loss
of customers and other business interruptions, any of which could have a
material adverse effect on our business. Moreover, the failure to adequately
address year 2000 compliance issues in our proprietary software and our
information technology and non-information technology systems could result in
claims of mismanagement, misrepresentation or breach of contract and related
litigation, which could be costly and time-consuming to defend.
In addition, we cannot assure you that governmental agencies, utility
companies, Internet access companies, third-party service providers and others
outside our control will be year 2000 compliant. The failure by such entities
to be year 2000 compliant could result in a systemic failure beyond our
control, such as a prolonged Internet, telecommunications or electrical
failure, which could prevent us from delivering our Web site, could decrease
the use of the Internet or prevent users from accessing our Web site, which
could have a material adverse effect on our business.
Contingency Plan. In the event that year 2000-related problems materialize,
we have the ability to revert to a set of manual methods previously utilized in
the collection and distribution of data if necessary. We also maintain
relationships with several suppliers of services and products to mitigate the
risks associated with suppliers who are not year 2000 compliant.
Effects of Inflation
Due to relatively low levels of inflation in 1996, 1997 and 1998, inflation
has not had a significant effect on our results of operations since our
inception.
Impact of Recently Issued Accounting Standards
In June 1997, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 130, Reporting Comprehensive Income (SFAS
130). SFAS 130 requires that all components of comprehensive income, including
net income, be reported in financial statements in the period in which they are
recognized. SFAS 130 is effective for fiscal years beginning after December 15,
1997. There was no difference between our net loss and our total comprehensive
loss for the years ended December 31, 1996, 1997 and 1998.
In June 1997, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 131, Disclosures About Segments of an
Enterprise and Related Information (SFAS 131). SFAS 131 replaces SFAS 14,
Financial Reporting for Segments of a Business Enterprise and changes the way
public companies report segment information. SFAS 131 is effective for fiscal
years beginning after December 15, 1997 and has been adopted by us for the year
ended December 31, 1998.
In March 1998, the American Institute of Certified Public Accountants issued
Statement of Position 98-1 Accounting for the Costs of Computer Software
Developed or Obtained for Internal Use (SOP 98-1). This standard requires
companies to capitalize qualifying computer software costs which are incurred
during the application development stage and amortize them over the software's
estimated useful life. SOP 98-1 is
28
<PAGE>
effective for fiscal years beginning after December 15, 1998. We are currently
evaluating the impact of SOP 98-1 on our financial statements and related
disclosures.
In April 1998, the American Institute of Certified Public Accountants issued
Statement of Position 98-5 Reporting for the Costs of Start-Up Activities (SOP
98-5). This standard requires companies to expense the cost of start-up
activities and organization costs as incurred. In general, SOP 98-5 is
effective for fiscal years beginning after December 15, 1998. We believe the
adoption of SOP 98-5 will not have a material impact on our results of
operations.
In June 1998, the FASB issued Statement of Financial Accounting Standards No.
133, Accounting for Derivative Instruments and Hedging Activities (SFAS 133).
SFAS No. 133 establishes accounting and reporting standards for derivative
instruments, including derivative instruments embedded in other contracts, and
for hedging activities. SFAS No. 133 is effective for all fiscal quarters of
fiscal years beginning after June 15, 1999. The statement is not expected to
affect us because we currently do not hold any derivative instruments or
conduct any hedging activities.
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Business
Overview
We are a leading national provider of comprehensive information on commercial
real estate properties to commercial real estate professionals both offline and
on the Internet. We have also begun facilitating commercial real estate
transactions on the Internet by using our extensive database to match brokers'
property listings with potential owners and investors contained in our
database. Over the last 17 years, we have developed a highly evolved data
collection and confirmation system to provide information on commercial real
estate properties. This information is verified by our researchers and includes
sales price, income and expenses, capitalization rates, loan data, property
photographs, buyers, sellers, brokers and other key details. We believe that we
are well-positioned to use our extensive database of information to support
brokers, lenders and insurers in their sales, finance and insurance
transactions involving commercial real estate on the Internet.
Industry Background
Growth of the Internet
International Data Corporation estimates that the number of Internet users
worldwide exceeded 95 million by the end of 1998, will exceed 170 million by
the end of 2000 and will grow to over 319 million by the end of 2002. Growth in
Internet usage has been fueled by a number of factors, including:
. a large and growing base of personal computers in the workplace and
home;
. advances in the performance of personal computers and modems;
. improvements in network systems and infrastructure;
. more readily available and lower cost access to the Internet;
. increased awareness of the Internet among businesses and consumers;
. increased volume of information and services offered on the Internet;
and
. reduced security risks involved in conducting transactions on the
Internet.
Growth in Internet usage is expected to continue as new technologies, such as
multimedia capabilities, are developed and adopted, as Internet access and
bandwidth increases, and as Internet content improves and becomes more dynamic.
The Internet as a New Medium for Business-to-Business Commerce
As the Internet has become more accessible and widely used, it has emerged as
a primary business channel alongside the telephone, paper-based communication
and face-to-face interaction. Forrester Research estimates that businesses
bought and sold $43 billion in goods over the Internet last year, as opposed to
$8 billion bought by consumers. In addition, they predict that by the year
2003, more than 90% of the projected $1.4 trillion of Internet commerce will be
business-to-business related. The Internet allows online providers to
efficiently distribute information with the potential for less infrastructure
and overhead and greater economies of scale. It also offers customers diverse
options and unparalleled convenience.
The Commercial Real Estate Industry
The commercial real estate industry is large and fragmented. Institutional
Real Estate, Inc., a research firm, has estimated the value of commercial real
estate property in the United States to be approximately $3.7 trillion. We
estimate that property valued at approximately $285 billion changed ownership
in 1998. However, we estimate that no commercial real estate brokerage firm was
involved in more than 5% of the value of these transactions. In addition,
approximately $200 billion of loans covering commercial real estate properties
were written in 1998, approximately half of which were refinancing
transactions.
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Comprehensive and reliable information is a critical component of virtually
all commercial real estate transactions. Prior to the availability of
commercial real estate sales information services which provide independently
verified and comprehensive sales information from a centralized source,
industry professionals either maintained their own research departments to
catalog comparable sales, market statistics and other property-specific
information or aggregated such information, to the limited extent available,
from multiple third parties. These firms have also traditionally spent
significant resources adapting or developing software to analyze such
information. These methods have resulted in high internal costs and nonstandard
data with varying degrees of comprehensiveness and accuracy.
In addition, with respect to supporting real estate transactions, while we
currently offer transaction support products that bring together brokers and
buyers there are currently no comprehensive, standardized transaction support
products that efficiently identify properties and bring together lenders and
insurers, as well as brokers and buyers, in commercial real estate
transactions. The lack of such services results in higher internal costs and
lost opportunities for brokers, buyers, lenders and insurers.
The COMPS.COM Solution
The vast information sharing and communications power of the Internet creates
an opportunity to improve upon the inefficiencies in conducting commercial real
estate transactions. We provide comprehensive and reliable information
services, and transaction support products that save industry professionals
both time and money. We generate revenue from our information services by
licensing on a subscription or per use basis and from our transaction support
products on a fixed fee basis. Our expenses are primarily incurred as a result
of building our database and developing and implementing new Internet-related
products. We believe we have established the foundation to be the trusted
online resource linking commercial real estate brokers, lenders, appraisers,
insurers and other professionals. To date, we have:
. Developed a comprehensive and standardized proprietary database. Over the
last 17 years, we have developed a highly evolved data collection and
confirmation system to provide information on commercial real estate
properties. This system is based on a unique combination of our highly trained
research staff of over 155 researchers, management practices, proprietary
software systems, and computer and communications hardware. To build each of
our transaction records, our researchers conduct from 25 to 30 collection and
confirmation procedures. We generally confirm property sales over $250,000
within the markets that we cover. Since our inception, we have created a
historical database of approximately 400,000 commercial real estate
transactions. As a result, we believe that the cost, time and effort involved
in replicating our commercial real estate property database makes it difficult
for competitors to enter this market and creates a significant barrier to
entry.
. Migrated our database to the Internet. We started out by providing
verified commercial real estate sales comparable information from our database
in paper form in January 1982. In October 1996, we began to offer our customers
the service on CD-ROM, allowing for the computerized manipulation of data to
provide more customized reports. In January 1998, we began to offer this
service on the Internet. This allows our customers to receive updated
commercial real estate sales comparable information more frequently and analyze
the data more quickly and easily. In connection with the migration of our
database customers to the Internet we provide E-COMPS, a comprehensive search
engine to access and search our database. We also offer Pipeline and Spectrum,
both Internet-based services. Pipeline provides access to our work-in-process
research database. Spectrum allows the integration of our customers' data with
our proprietary database information. We generate revenues from our information
services by licensing on a subscription or a per use basis. Customers pay
subscription fees to access our comprehensive database by geography, generally
a county or metropolitan area, and by property type. On the date of this
prospectus, approximately 35% of our customers use the Internet along with
traditional methods when obtaining our services, and approximately 15% use our
Internet services exclusively. In 1998 less than 10% of our revenues were a
result of our services and products delivered on the Internet.
. Established an Internet-based listing-broker/buyer matching service. We
acquired REALBID, LLC in November 1998 in order to offer a listing-broker/buyer
matching service to commercial listing-brokers for properties with values
exceeding $5 million. As part of the REALBID service, we develop a specific Web
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site for each listed property using the listing-brokers' summary description.
This summary generally includes property information, maps, site plans,
pictures, summary financials and broker contact information and also includes a
confidentiality agreement. In connection with this service we actively use our
comprehensive database to identify and refer potential buyers of listed
properties to brokers on REALBID and send summary announcements by fax and e-
mail to such potential investors. Our database includes the specific investment
criteria of pension fund managers, real estate investment trusts, opportunistic
funds, private investors, insurance companies and other potential buyers. We
currently receive fees for this service from listing brokers or the sellers who
retain the brokers on a fixed fee basis in exchange for the development of a
Web site for a property and for the faxing or e-mailing of the summary
information on such property to potential investors. We also receive fees from
sponsors in exchange for locating advertising messages and links at the Web
site. None of these fees are contingent upon the sale of the respective
properties. In 1998, REALBID was used to support approximately $3.8 billion in
commercial real estate transactions. In 1998, approximately $240,000, or less
than 2% of our revenues on a pro forma basis, were due to REALBID.
. Introduced a commercial real estate listing service. In January 1999, we
introduced our proprietary commercial real estate property listing service,
DealPoint, for San Diego County. DealPoint is our Internet-based, commercial
listing service enabling brokers to market their properties on the Internet.
This form of marketing provides the commercial property broker with an
opportunity to increase a property's exposure to prospective buyers and their
brokers. Posting may be accomplished by the broker's remote entry or by sending
the property information to us for manual entry. This service is currently
available at no cost. DealPoint is intended to enhance our role in the
commercial real estate transaction process by permitting us to have more
listings and attract more Internet users to our Web site. We expect this
increased use to result in greater market awareness of our other services such
as REALBID. During the first quarter of 1999, more than 650 for-sale commercial
properties were posted on the system by brokers in San Diego.
Our Business Strategy
Our objective is to be the trusted online resource linking commercial real
estate brokers, lenders, appraisers, insurers and other professionals by
efficiently distributing market information on the Internet. As a resource of
commercial real estate market information, we expect to have brokers, lenders,
insurers, appraisers and others come to our Web site to transact their business
because we can save them time and money. We generate revenue from our
information services by licensing on a subscription or per use basis and from
our transaction support services on a fixed fee basis. Our expenses are
primarily incurred as a result of building our database and developing and
implementing new Internet-related products. Our business strategy includes the
following key elements:
. Continue to enhance our comprehensive historical database of commercial
real estate transactions. We intend to maintain our position as a leading
provider of comprehensive, reliable commercial real estate transaction
information. We expect to do this by:
. expanding our information gathering processes across multiple
services and products;
. using technology to further automate the data collection process;
. integrating acquired databases into our standardized format; and
. continually improving our data collection and error detection
methods.
We believe that these efforts will permit us to build upon our current
comprehensive historical database of commercial real estate transactions and
maintain the competitive advantages it affords us in our industry.
. Expand our online listing-broker/buyer matching network. We intend to
expand and enhance the listing-broker/buyer matching services of REALBID. We
expect to enhance these services by continuing to update our database with
specific investment related criteria of potential buyers so that we can most
accurately target appropriate investors in our fax and e-mail notifications of
specific properties. In addition, we plan to increase the number of commercial
properties serviced through the REALBID database by including
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commercial properties with sale prices as low as $1 million. Our comprehensive
investor database will allow brokers to more easily identify prospective buyers
and our Internet-based new listing notification system allows brokers to more
efficiently market commercial properties to such buyers.
. Create a comprehensive online national listing service for commercial real
estate. We intend to expand the geographic coverage of our online listing
service, DealPoint, by soliciting commercial real estate listings throughout
the United States. We expect these efforts to result in a comprehensive online
national listing service for commercial real estate which will enhance our role
in the commercial real estate transaction process.
. Enhance our services and products to facilitate online exchange of key
commercial real estate market information. We believe that our Web site has the
potential to be an online forum for commercial real estate transactions. We
believe that commercial real estate industry professionals will be drawn to our
Web site because we provide the information necessary to complete transactions.
We initially plan to expand our existing services to match lenders, mortgage
bankers and brokers with borrowers, followed by matching insurers and agents
with property owners and lenders. Combined with our REALBID service, these
expanded services will allow buyers and, where applicable, existing property
owners, to find the appropriate broker-listed property and arrange financing
and insurance coverage for that property from a single source.
. Expand into new geographic markets. Since 1995, we have expanded our
geographic coverage by establishing commercial real estate information services
in 19 new markets through internal expansion and three additional markets
through acquisitions. We will continue to establish footholds in new geographic
markets by incorporating the commercial real estate sales information obtained
through internal development or acquisitions into our database. We plan to
expand into new geographic markets using our existing relationships with
national customers to gain market acceptance. This strategy will allow us to
add new customers and to more effectively service our existing customers,
particularly those with national or regional focus.
. Continue to build our brand name. We believe that commercial real estate
professionals in the markets we serve associate the COMPS brand name with
comprehensive, accurate and standardized commercial real estate sales
information. We intend to continue building and strengthening our brand name
by:
. maintaining a strong commitment to quality, accuracy and timeliness;
. increasing our marketing and advertising activities; and
. continuing to expand our presence on the Internet.
We expect these efforts to maintain and build upon the COMPS brand name for
quality commercial real estate sales information.
Our Proprietary Database
Our proprietary database of commercial real estate sales transactions is the
result of 17 years of research. We believe it to be the largest and most
sophisticated database covering all categories of commercial real estate
properties available today. In 1998, we researched nearly 46,000 transactions
totaling approximately $105 billion.
Our database is an online information system offering full-color building
photographs as well as more than 200 inter-related data fields of information.
These data fields include the following current information and key value
indicators:
. buyers . income and expense information
. sellers . building characteristics and
. brokerage companies condition
. agents . prices per square foot
. lenders and mortgages . prices per unit
. sales prices . capitalization rates
. seller financing . gross income multipliers
. property uses or property
descriptions
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Our database covers approximately 400,000 transactions totaling over $466
billion, including 1.8 million acres of land transactions, over 780,000 buyer
and seller records and over 300,000 brokerage and agent records.
We have developed a highly evolved data collection and confirmation system.
This system is based on a unique combination of our highly trained research
staff of over 155 researchers supported by management, computer and
communications hardware and software systems. Many of our researchers have
prior experience in the commercial real estate industry. Our research process
includes from 25 to 30 collection and confirmation procedures on most
properties. We currently cover nine property types: office, industrial, retail,
specialty, multi-family, hotel/motel, residential land, commercial land and
industrial land. These property types are further categorized by nearly 150
specific use codes. We also research properties to see if they have one of over
45 detrimental conditions, such as asbestos or earthquake damage. Our
proprietary software utilizes over 38 search categories to allow users to
search the database efficiently and quickly. This software enables us to
provide commercial real estate professionals with specific detailed and
comprehensive coverage of virtually every commercial property sale in excess of
$250,000 in most of our covered markets.
We research real property transfers throughout the country to identify recent
commercial property transactions. Typically, we review multiple sources of
commercial real estate property information to identify transactions. Once a
potential transaction is identified, in order to increase accuracy, our
researchers inspect county courthouse records and extract pertinent information
directly from the recorded deed into our database. Our researchers match the
legal description of the deed with a tax or plat map and then proceed to
perform a site inspection on the commercial properties, including land. Our
site inspections consist of photographing the building, measuring the building,
if necessary, counting parking spaces, assessing property condition and
construction and gathering tenant information. Our researchers then continue to
ensure the accuracy of our sales data by interviewing buyers, sellers and
brokers to confirm that the information we have collected is accurate and to
gather additional data pertinent to the property and transaction. Through the
telephone confirmation process, we are able to obtain additional property
specific details including conditions of the sale, income and expense data and
other information not readily available through public records or other
traditional data sources.
Our Services and Products
We have developed advanced information services and products utilizing our
proprietary database. In addition, we have acquired and further developed
Internet transaction support products. These products use sophisticated
Windows-based programs with Internet connectivity to access our database and
present information in a variety of formats. Our services are used by brokers,
lenders, appraisers, property owners, international accounting firms, tax
appeal professionals, public sector agencies, investment banks and many others
interested in the valuation of commercial real estate.
Non-Internet Related
We also offer services that do not rely on the Internet as a means of
delivery. While these services accounted for more than 90% of our revenue in
1998, we expect the percentage of our revenues represented by these products to
diminish as more of our customers transition to using our services and products
on the Internet.
. COMPS Reports. COMPS Reports, introduced in 1982, is a subscription
service allowing customers to receive sales comparable reports on a
regular delivery schedule in the form of a bound paper manual.
. CallCOMPS. CallCOMPS, introduced in 1986, is our phone service allowing
customers to contact experienced database researchers and to license
sales comparable reports in either paper, CD-ROM or other format, on a
per use basis.
. COMPSLink Windows. COMPSLink Windows, introduced in 1996, is a desktop
product which provides access to our proprietary database through data
diskette or CD-ROM. COMPSLink
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Windows provided a substitute for COMPS Reports and allowed us to
migrate the customer base from paper to electronic media during 1997 and
1998 by delivering new benefits in the form of electronic search,
retrieval and report generation.
Internet-Related
Information Services
Our information services allow our customers to use the Internet to access,
view and report information in our proprietary database of commercial real
estate sales transactions. The primary purpose of our information services is
to provide our customers with the data necessary to analyze and value
properties. The database contains over 400,000 sales comparable records in 35
of the top 74 markets in the U.S.
. E-COMPS. E-COMPS, introduced in January 1998, provides a comprehensive
search engine to access and search our proprietary database. Typically,
commercial real estate professionals require the review of between four
and seven sales comparable transactions to support a valuation decision.
E-COMPS allows the customer to enter multiple search parameters,
including location, property type, square footage, price range and
number of units. Customers receive a summary report of all relevant
properties in our database, including photographs. Customers may also
choose to receive more detailed reports.
. Pipeline. Pipeline, introduced in September 1998, allows registered
customers to search, retrieve, view and print reports of properties in
our work-in-process research database which includes unconfirmed and
non-arms-length market sales transactions. Customers interested in
knowing the total market, including unconfirmed data, use this product.
. Spectrum. Spectrum, introduced in August 1998, allows our customers to
integrate their own data with our proprietary database information,
including our sales comparables and for-sale listings. The customer may
use the system as an extranet with all of their user locations linked
through the Internet to our databases and their internal data housed at
our facilities. Spectrum includes easy-to-use query and report writing
functions including trend reporting and export features. Spectrum also
provides its subscribers access to PRO/FILES property reports. These
customized property reports can include confirmed sales and lease
comparables, property inspection, demographics and photographs.
Transaction Support Products
Our Internet-based transaction support products enhance the productivity of
industry professionals by deploying information and tools necessary to support
the sale, financing and insuring of commercial real estate. These products are
distinguished from our information services which provide the data necessary
for our customers to analyze and value properties by going one step further
into the actual transaction process by supporting selling efforts and actively
marketing properties to potential investors.
. REALBID. REALBID, introduced in 1997 and acquired by us in November
1998, allows our customers to view properties using a listing-broker's
summary description. We then identify investors and match them with the
property using REALBID's buyer profile database. Commercial listing-
brokers can use REALBID as a marketing tool to quickly identify,
contact, inform and capture potential investors by notifying them of new
listings by e-mail or facsimile. These brokers can also use REALBID to
help organize competitive, efficient and orderly sales by leveraging the
real-time nature of the Internet. We offer REALBID posting and
broadcasting at a fixed fee per property. In 1998, REALBID supported
approximately $3.8 billion in commercial real estate transactions. In
1998, REALBID generated approximately $240,000 or less than 2% of our
revenues on a pro forma basis.
. DealPoint. DealPoint, introduced in January 1999, is our free commercial
listing service whereby brokers can effectively market properties on the
Internet. This service is currently only available in San Diego County.
We expect to expand DealPoint nationally by the end of 1999 and to
provide extensive in-depth listings by the end of 2000. Brokers and
prospective buyers use DealPoint to identify the properties for sale
that meet their investment needs by selecting relevant search criteria
and then viewing selected property information.
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Products in Development
We are currently developing a product that will facilitate the financing of
commercial properties by efficiently matching prospective borrowers' loan
requirements with lenders' loan products. Prospective borrowers will be able to
complete and submit comprehensive applications online to those lenders of
choice. The prototype and product design work on this product is nearing
completion; and the coding is scheduled to be completed on the software this
year. We currently do not expect the remaining development costs relating to
this product to be material.
Our Customers
As of the end of 1998, we had over 4,000 customers, none of which accounted
for more than 10% of our revenue. In 1998, our customers included:
<TABLE>
<S> <C>
Arthur Andersen, LLP Grubb & Ellis
Bank of America KPMG Peat Marwick, LLP
Bankers Trust Co. Los Angeles County Assessor
CB Richard Ellis Marcus & Millichap
Cushman & Wakefield PricewaterhouseCoopers
Deloitte & Touche, LLP Trammell Crow Co.
Fannie Mae Union Pacific Corporation
Federal Deposit Insurance Corporation Washington Mutual
First Nationwide Bank Wells Fargo Bank
GMAC World Savings and Loan
</TABLE>
Our Sales and Marketing Efforts
Sales
Our sales efforts have been designed to address the specific market needs of
our customers and prospective customers. We use a variety of tools and
techniques, including:
. face-to-face sales calls;
. telesales;
. direct mail;
. seminar marketing; and
. contact management software.
Our sales force focuses on subscription services for all products. There are
three teams involved in our sales efforts:
. Major Account Team. Our major account team is responsible for managing our
relationships with select customers and prospects meeting our pre-defined
criteria. Major account representatives are strategically located in key cities
across the country in order to serve the needs of our largest and most
strategic accounts. Account assignments for this group include many of the
country's key brokers, lenders, fee appraisers, tax appeal professionals and
governmental entities.
. Field Sales Team. We deploy our field sales team in strategic locations
across the country in order to meet the specific needs of a local market. Field
sales representatives are responsible for managing accounts and prospects in a
specific geographic area.
. Telesales Team. Our telesales team is located in San Diego and assumes the
field sales role in our established western markets. In this capacity, they are
also responsible for building and maintaining relationships with a wide variety
of subscription customers within a specific geographic area. Additionally, this
team provides telephone prospecting and sales support for all markets
nationally.
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When we enter a new market we build a database of key prospects and then
execute a market opening campaign. Expansion into new markets is coordinated
among all sales teams. Prospects are notified via direct mail and fax followed
by a telesales blitz designed to qualify and invite prospects to a seminar
launching sales in the market. The seminar is followed by face-to-face sales
calls. This local activity is leveraged by agreements with national customers
which have been put in place by the major accounts team. The process of opening
new markets has been refined as we have expanded and is designed to achieve the
fastest possible sales growth.
Marketing
We use a multi-faceted marketing strategy, leveraging our own research to
effectively target both individual professionals and organizations. We employ a
combination of personal selling, telesales, online and off-line advertising,
direct mail, fax and e-mail programs, public relations and industry trade shows
to promote product sales.
Off-line advertising is focused on print media specifically concerned with
commercial real estate. Print advertising is used to build corporate image,
promote new products and announce new geographic coverage. We advertise in
industry publications including, Commercial Property News, National Real Estate
Investor and Real Estate Forum. We also use regional real estate and business
journals to introduce products and new markets.
We also use direct mail, fax and e-mail programs to support new products and
market expansion. Through our prospect and customer database, we deliver a
highly tailored message directly to likely buyers. Mail is used when the
message is detailed and color can be effectively used to illustrate the
marketing message. E-mail and fax are used when communication needs to be swift
and when the message will not suffer because of the lack of resolution or
graphics. We augment our database by licensing or purchasing lists and other
sources to achieve the most comprehensive database of all users of commercial
real estate information and services. In all direct marketing efforts, the Web
site is used as a marketing tool to help explain our services.
In order to market our Web site, www.comps.com, we:
. market to industry associations;
. establish relationships with commercial real estate Web sites;
. use online advertising to drive traffic to our Web site; and
. provide discounts and limited free information to entice potential
customers to our Web site.
Public relations efforts are both national and regional. We use traditional
releases to communicate news regarding our company and to maintain brand
awareness. We also use public relations as a tool to educate editors on the
type of data we offer and are regarded as an information source by editors.
Speaking engagements are also used to communicate the expertise of our staff
and quality of our data.
Attendance at industry tradeshows and seminars reinforces relationships with
our core user groups. We also host our own seminars to promote good use of our
products and provide valuable customer service. These presentations allow for
the in-depth demonstration of our products to highly motivated, captive
audiences.
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Our Markets
Our database currently covers the following 35 markets, which represent 102
counties and 48 of the 100 largest U.S. cities:
<TABLE>
<S> <C> <C> <C>
Altanta Fresno Oakland San Diego
Austin Jacksonville Orange County, CA San Francisco
Baltimore Las Vegas Orlando San Jose
Boston Los Angeles Palm Beach County Seattle
Chicago Marin-North SF Philadelphia Stockton/Modesto, CA
Colorado Springs Bay Area Phoenix Tampa/Saint
Dallas/Fort Worth Miami Portland Petersburg
Denver New York City- Riverside/San Tucson
Fort Lauderdale Manhattan Bernardino, CA Washington, D.C./
(Broward County) Newark Sacramento No. Virginia
</TABLE>
Infrastructure, Operations and Technology
Our Web site is hosted by Compaq multi-processor servers located at our
facilities in San Diego, California and by UUNET and RealPage. All data and
applications are stored and executed from the facilities in San Diego,
California. We maintain multiple Internet servers, which run Microsoft Windows
NT operating systems and use Microsoft Internet Information Server. We maintain
high-speed Internet access through both UUNET and VERIO, and we maintain back-
up connections with both of them to ensure our systems continue to work in case
of breakdowns or other problems.
We configure our servers to minimize downtime associated with hardware
failures. Additionally, all Internet and database servers have backup
components to ensure reliability. Backups of all servers are run daily and sent
weekly to an off-site data storage facility. All servers maintained in our San
Diego, California offices are kept in a secured facility with central air
conditioning and a centralized UPS system. All Internet traffic is logged and
filtered by dedicated servers whose purpose is to protect our computer systems
from unauthorized access. An anti-virus scanning solution is used on all
computer systems and servers to protect against computer viruses and monitor
inbound and outbound e-mail. Nonetheless, our operations are dependent on our
ability to protect our facilities and equipment against damage from fire,
earthquakes, power loss, water damage, telecommunications failures, vandalism,
computer viruses, hacker attacks and other malicious acts and similar
unexpected material adverse events. For further information regarding these
issues, please see "Risk Factors--Increased usage could strain our systems and
cause systems malfunctions which could have a material adverse effect on our
business."
We have developed a proprietary accounting system used to capture the revenue
generated by our transaction and subscription-based business. The system
maintains our list of customers and products and includes an installment-
billing module to provide the billing flexibility required by our customers.
The resulting revenue transaction details are summarized and fed into our
accounting system.
Rapidly changing technology, evolving standards, frequent new and upgraded
products and rapid expansion characterize our business. To be successful, we
must adapt to our market by continually improving the performance, features,
and reliability of our services.
Management Systems
As we enter new markets, we must integrate new and existing data into our
databases. Additionally, we must integrate automated and non-automated controls
to manage our data collection process to ensure data integrity. Automated data
validation controls are used in both the initial research worksheet application
and the final data collection application. These data validation controls
ensure data integrity by checking against a valid
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range of values as soon as data is entered into input screens. These controls
eliminate erroneous data in critical fields, such as recorded date, sale price
and appraisal values. The controls also ensure the use of industry standard
terminology. A final edit check feature ensures the information entered is
logically related.
Computer and Communications Hardware
We maintain 24 Novell and/or Windows NT servers to support our corporate
databases, internal applications and Internet services. We also maintain a
national network that allows high speed access which gives remote researchers
up-to-the-minute access to our databases, internal applications and Internet
services. All servers are protected by secured firewalls. We also maintain
backup drive arrays and inventories of spare parts to minimize potential system
downtime. Finally, we store full data backups of servers off-site.
We currently keep our main property inventory related databases on Compaq
enterprise servers running Microsoft Windows NT. The database management
software is Microsoft Server. Databases are replicated on to additional Compaq
enterprise servers that are located outside the network firewall. This
configuration allows users of our applications to access relevant data without
gaining access to internal network systems. We maintain up-to-date copies of
primary databases for backup.
Software Systems
Our software systems have kept pace with the evolution of technology. These
systems currently use client server architecture to optimize management of our
internal data collection. The custom client server applications facilitate the
data collection process. These applications span the entire data collection
process, from initial research to identification of potential records through
the collection of verified and value-added information. Our software enables us
to continuously enhance the process through: productivity, attaining superior
data quality and maintaining data integrity. Additionally, these custom
applications allow publication of finalized transactions meeting quality and
editing controls.
Competition
The market for information systems and services is generally competitive and
rapidly changing. The market for Internet services and providers is relatively
new, intensely competitive and rapidly changing. In the commercial real estate
industry, the principal competitive factors are:
. quality and depth of the underlying databases;
. the proprietary nature of methodologies, databases and technical
resources;
. the usefulness of the data and reports generated by the software;
. effectiveness of marketing and sales efforts;
. customer service and support;
. compatibility with the customer's existing information systems;
. vendor reputation;
. price;
. timeliness; and
. brand loyalty among customers and individual users.
We compete directly and indirectly for customers and content providers with
the following categories of companies:
. publishers and distributors of traditional information services, such as
national provider, Realty Information Group, regional providers such as Realty
Information Tracking Services, Databank, Dressco, Inc., Revac, Baca Landata and
several smaller local providers, many of which have or may establish Web sites;
39
<PAGE>
. online services or Web sites targeted to commercial real estate brokers,
buyers and sellers of commercial real estate properties, insurance companies,
mortgage brokers and lenders, such as LoopNet, Commrex, Commercial Search,
American Real Estate Exchange, Association of Industrial Realtors, Property
Line, CLOAN, Datamerge, A Big Deal.com, Property First, First Realty Advisors,
and numerous small regional and local sites; and
. public record providers such as Experian, Acxiom DataQuick and
TransAmerica, though many of our customers view these public record providers
as complementary to our services and often subscribe to one of these services
as well as our service.
We believe our proprietary database and content compete favorably with our
competitors. However, many of our existing competitors, as well as a number of
potential new competitors, have longer operating histories in the Internet
market, greater name recognition, larger customer bases, greater user traffic
and significantly greater financial, technical and marketing resources. In
order to gain market acceptance, we may elect to provide products at reduced
prices or at no cost. Our competitors may be able to undertake more extensive
marketing campaigns, adopt more aggressive pricing policies, make more
attractive offers to potential employees, subscribers, distribution partners
and content providers and may be able to respond more quickly to new or
emerging technologies and changes in Internet user requirements.
Intellectual Property
We rely primarily on a combination of copyrights, trademarks, trade secret
laws, our subscriber agreements and restrictions on disclosure to protect our
intellectual property, such as our proprietary database, software, trademarks,
trade names and trade secrets. We enter into agreements with our customers that
grant our customers revocable, non-transferable, non-exclusive licenses to use
the information and the software on our Web site. These agreements also contain
confidentiality provisions and other provisions prohibiting our customers from
reproducing the information or software they access on our Web site. We also
enter into confidentiality agreements with our employees and consultants, and
seek to control access to and distribution of our other proprietary
information. Despite these precautions, it may be possible for a third party to
copy or otherwise obtain and use the content on our Web site or our other
intellectual property without authorization. There can be no assurance that
these precautions will prevent misappropriation, infringement or other
violations of our intellectual property. A failure to protect our intellectual
property in a meaningful manner could have a material adverse effect on our
business. In addition, we may need to engage in litigation in order to enforce
our intellectual property rights in the future or to determine the validity and
scope of the proprietary rights of others. Such litigation could result in
substantial costs and diversion of management and other resources, either of
which could have a material adverse effect on our business.
We also license data and content from public record providers such as
Experian, Acxiom DataQuick and TransAmerica. Experian has agreed to publish a
subset of our data as a stand-alone product and to make such data available
through its online services. Acxiom DataQuick has granted us a non-exclusive,
non-transferable license to their real property ownership data conveyed on
magnetic tape or by electronic transmission through any online system.
TransAmerica has granted us a limited non-exclusive, non-transferable license
to use its Metroscan CD-Rom database for certain localities, together with its
Metroscan software.
We believe that factors such as technical and creative skills of our
personnel and ongoing reliable product maintenance and support are critical
factors in establishing and maintaining our leadership position in the
commercial real estate industry due to the rapid pace of innovation within the
software and Internet industries.
40
<PAGE>
Employees
As of March 31, 1999, we had approximately 265 employees of whom
approximately 45 were part-time employees. We have never had a work stoppage
and, as of the date of this prospectus, no personnel are represented under
collective bargaining agreements. We consider our employee relations to be
good. For further information regarding employees, please see "Risk Factors--If
we are unable to retain key personnel or attract new personnel, it could have a
material adverse effect on our business."
Facilities
Our principal administrative, sales, marketing, research and product
development facilities are located in approximately 37,000 square feet of
office space in San Diego, California. We lease our facility from a limited
partnership whose general partner is a company owned by Mr. Crane, our
President, Chief Executive Officer and Chairman of the Board. In addition, Mr.
Beasley, one of our directors, is a limited partner of this limited
partnership. Our lease is for a five-year term commencing in February 1999 with
five two-year extension options. For further information regarding this
transaction, please see "Certain Relationships and Related Transactions." We
also rent office space in Burlingame, California; Phoenix, Arizona; and Vienna,
Virginia. We believe our current facilities will be adequate to meet our needs
for the foreseeable future. However, please see "Risk Factors--Increased usage
could strain our systems and cause systems malfunctions which could have a
material adverse effect our business," for further information regarding our
facilities.
Legal Proceedings
As of the date of this prospectus, we are not a party to any material legal
proceedings.
41
<PAGE>
Management
Executive Officers and Directors
Set forth below is the name, age, position and a brief account of the
business experience of each of our executive officers and directors.
<TABLE>
<CAPTION>
Name Age Position
----------------------------- --- --------------------------------------------
<C> <C> <S>
Christopher A. Crane......... 47 Chairman of the Board, Chief Executive
Officer and President
Emmett R. DeMoss, Jr. ....... 63 Vice President and Chairman of REALBID
Division
Walter W. Papciak............ 60 Executive Vice President of Sales, Marketing
and Product Development
Michael Arabe................ 52 Senior Vice President of Sales
Craig S. Farrington.......... 40 Vice President of Product Marketing and
Development
Karen Goodrum................ 41 Vice President of Finance and
Administration, Chief Financial Officer and
Secretary
Joseph A. Mannina............ 34 Vice President of Operations
Robert C. Beasley (2)........ 61 Director
Gregory M. Avis (1)(2)....... 40 Director
Kenneth F. Potashner (1)(2).. 41 Director
</TABLE>
- --------
(1) Member of the compensation committee.
(2) Member of the audit committee.
Christopher A. Crane has served as our President, Chief Executive Officer and
Chairman of the Board since August 1992. Prior to joining us, Mr. Crane served
as Group President and a director of Nitches, Inc., an apparel company, and as
Vice President of Corporate Development for Oster Communications, Inc., an
international financial database publishing company. Mr. Crane received his
B.S. in finance summa cum laude from Boston College and his M.B.A. from Harvard
University.
Emmett R. DeMoss, Jr. has served as our Vice President and Chairman of our
REALBID division since November 1998. In October 1994, Mr. DeMoss co-founded
REALBID, LLC, an Internet marketing services company specializing in
transactional support of high-end commercial property sales, and from June 1997
until November 1998, Mr. DeMoss served as a Manager of REALBID, LLC. From
October 1993 until September 1994, Mr. DeMoss served as President of Ironstone
Company, a real estate tax appeal service. Mr. DeMoss previously served for
over 10 years in a number of senior executive positions with Grubb & Ellis, a
real estate brokerage and property management firm, including Executive Vice
President, Chief Operating Officer, Senior Vice President, Chief Financial
Officer and as a director. Mr. DeMoss received his B.S. in engineering from
Princeton University and his M.B.A. from Stanford Business School.
Walter W. Papciak has served as our Executive Vice President of Sales,
Marketing and Product Development since August 1995. From October 1994 until
July 1995 Mr. Papciak served as Executive Vice President of QED, Inc., an
education database company. From May 1994 until September 1994, Mr. Papciak
worked as a consultant on various internet and database projects. From January
1985 until April 1994, Mr. Papciak was Senior Vice President of Computer
Intelligence, the computer and communications industry research and market
information division of Ziff-Davis. Mr. Papciak received his B.S. in physics
and his M.B.A. in information systems from Wayne State University.
Michael Arabe has been one of our senior executives since 1989 and has served
as our Senior Vice President of Sales since January 1996. Prior to joining us,
Mr. Arabe was a sales executive with Celluland, Inc. Mr. Arabe received his
B.S. in economics from Louisiana State University.
Craig S. Farrington has served as our Vice President of Product Marketing and
Development since September 1996 . Mr. Farrington previously served as Vice
President of our CallCOMPS division from January 1993 until August 1996 and has
held various other positions with us since 1983. Mr. Farrington received his
B.A. in business and economics from Westmont College.
42
<PAGE>
Karen Goodrum has served as our Vice President of Finance and Administration
since September 1993, and our Chief Financial Officer since January 1997 and
our Secretary since February 1999. Ms. Goodrum previously served as our Vice
President and Controller from October 1988 until August 1993. Ms. Goodrum
received her B.A. in education from the University of Maryland and her M.B.A.
from San Diego State University.
Joseph A. Mannina has served as our Vice President of Operations since August
1998. Mr. Mannina previously served as our Director of East Coast Operations
from January 1994 until July 1998 and has served in various other positions at
COMPS since 1988. Mr. Mannina received his B.S. in economics from the
University of California, Berkeley.
Robert C. Beasley is our founder and has served as as one of our directors
since August 1992. Mr. Beasley previously served as our Secretary from October
1984 until February 1989. Mr. Beasley founded COMPS, Inc., our predecessor, in
December 1981 and served as its President from December 1981 until March 1992.
Mr. Beasley has over 34 years of experience in commercial real estate as a
broker, researcher, lender and developer. Mr. Beasley received his B.A. in
Business Administration from Claremont McKenna College. He also graduated from
Westminster Theological Seminary.
Gregory M. Avis has served as one of our directors since October 1994. Mr.
Avis is currently a Managing General Partner of Summit Partners, a private
venture capital firm, and has held various positions at Summit Partners since
1984. Mr. Avis is a member of the board of directors of three other publicly
traded companies: Powerwave Technologies, Inc., a manufacturer of radio-
frequency power amplifiers; Splash Technology Holdings, Inc., a producer of
computer servers for digital color printers; and Extended Systems, Inc., a
provider of distributed and mobile computing solutions. He is also a director
of: ClonTech Laboratories, Inc.; Nxtrend Technology, Inc.; and Ditech Corp. Mr.
Avis received his B.A. in political economics cum laude from Williams College
and his M.B.A. with distinction from Harvard Business School.
Kenneth F. Potashner has served as one of our directors since February 1999.
Since November 1998, Mr. Potashner has served as the Chief Executive Officer of
S3 Incorporated, a manufacturer of embedded graphics accelerator chips. Since
April 1996, Mr. Potashner has served as the Chairman of the Board of Directors
of Maxwell Technologies, Inc., a developer of pulse power technologies. From
April 1996 until November 1998, Mr. Potashner served as the President, Chief
Executive Officer and Chief Operating Officer of Maxwell Technologies. From
November 1994 to April 1996, Mr. Potashner served as Executive Vice President
of Operations of Conner Peripherals, a designer and manufacturer of information
storage solution products for computer applications. From March 1991 to October
1994, Mr. Potashner was Vice President of Product Engineering for Quantum
Corporation, a designer and manufacturer of hard drives for computer systems.
Mr. Potashner received his B.S.E.E. from Lafayette College and his M.S.E.E.
from Southern Methodist University.
Other Key Employees
Set forth below is the name, age, position and a brief account of the
business experience of certain of our other key employees.
<TABLE>
<CAPTION>
Name Age Position
--------------------------------- --- ---------------------------------------
<C> <C> <S>
Christopher T. Fenton............ 43 Vice President of Corporate Development
Herbert D. Steele................ 55 Vice President of Commercial Listing
Services
Lori Reisinger................... 37 Regional Vice President
Vicki Ridley..................... 35 Regional Vice President
Bob Evatt........................ 42 Assistant Vice President of Product
Development
Donald Ward...................... 37 Assistant Vice President of Information
Technology
Robert A. Potter, Jr. ........... 44 President of REALBID Division
</TABLE>
43
<PAGE>
Christopher T. Fenton has served as our Vice President of Corporate
Development since August 1998. Mr. Fenton also served as our Vice President of
Operations from June 1990 until July 1998 and held various other positions with
us since 1985. Mr. Fenton received his B.S. in finance magna cum laude from San
Diego State University.
Herbert D. Steele has served as our Vice President of Commercial Listing
Services since June 1998. From April 1996 until May 1998, Mr. Steele was
Executive Vice President of REAL USA, LLC, an online, subscription-based
national listing service for commercial real estate. From November 1991 until
March 1996, Mr. Steele served as Executive Vice President of The Carlson
Company, an asset and property management company. Prior to that Mr. Steele
founded The Cornerstone Corporation, a commercial mortgage brokerage company,
and served as its President. Mr. Steele received his B.A. in english literature
from Duke University and his M.B.A. from the University of Connecticut.
Lori Reisinger has served as our Regional Vice President in Burlingame,
California since July 1994. Ms. Reisinger has held various positions with us
since 1986. Ms. Reisinger received her B.A. in political science from Southern
Oregon State College.
Vicki Ridley has served as our Regional Vice President in Phoenix, Arizona
since April 1997. Ms. Ridley has held various positions with us since 1987. Ms.
Ridley received her B.A. in finance from Arizona State University.
Bob Evatt has served as our Assistant Vice President of Product Development
since May 1996. From August 1986 until May 1996, Mr. Evatt was Assistant Vice
President of Product Development for Equifax National Decision Systems, an
information company. Mr. Evatt received his B.A. in geography from the
University of Arizona and his M.S. in urban planning from the University of
Washington.
Donald Ward has served as our Assistant Vice President of Information
Technology since March 1997. From October 1993 until March 1997, Mr. Ward was
the director of Technical Services for Equifax National Decision Systems, an
information company. Mr. Ward attended New Mexico State University and the
University of Texas.
Robert A. Potter has served as President of our REALBID Division since we
acquired REALBID in November 1998. In June 1997, Mr. Potter co-founded REALBID,
LLC and from June 1997 until November 1998, Mr. Potter served as a Manager of
REALBID, LLC. From January 1990 until December 1996, Mr. Potter served as Vice
President, Pacific Rim Country Manager and Western Regional Manager for MBIA, a
credit enhancement company. Mr. Potter received his B.A. in history from Santa
Clara University and his M.B.A. from the University of California, Berkeley.
Classes of the Board
Our board currently has four members. Under our bylaws, beginning at our next
annual meeting of stockholders, our board will be divided into two classes of
directors serving staggered two-year terms, with one class of directors to be
elected at each annual meeting of stockholders.
Board Committees
The audit committee of the board of directors was established in November
1997 and reviews, acts on and reports to the board of directors with respect to
various auditing and accounting matters, including the recommendation of our
auditors, the scope of the annual audits, fees to be paid to the auditors, the
performance of our independent auditors and our accounting practices. The
members of the audit committee are Messrs. Avis, Beasley and Potashner.
The compensation committee of the board of directors was established in
November 1994 and recommends, reviews and oversees the salaries, benefits and
stock option plans for our employees, consultants, directors and other
individuals compensated by us. The compensation committee also administers our
compensation plans. The members of the compensation committee are Messrs. Avis
and Potashner.
44
<PAGE>
Director Compensation
We reimburse our directors for the reasonable expenses of attending the
meetings of the board of directors or committees. Under our 1999 stock
incentive plan, each individual who first becomes a non-employee member of the
board of directors at any time after the completion of this offering will
receive an option to purchase 12,000 shares of common stock on the date such
individual joins the board of directors, provided such individual has not
previously been employed by us or any parent or subsidiary corporation. In
addition, on the date of each annual stockholders' meeting, beginning in 2000,
each non-employee member of the board of directors will automatically be
granted an option to purchase 2,000 shares of common stock, provided such
individual has served as a non-employee member of the board of directors for at
least six months. Please see "--Benefit Plans."
Upon Mr. Potashner's election to the board in February 1999, our board
granted him options to purchase 23,839 shares of our common stock at an
exercise price of $11.18 per share. These options vest on a yearly basis in
equal installments over a four-year period and are exercisable for a 10 year
term following the grant date. Mr. Potashner is paid $15,000 annually in
director's fees.
Compensation Committee Interlocks and Insider Participation
Our compensation committee currently consists of Messrs. Avis and Potashner.
Neither member of the compensation committee has been an officer or employee of
us at any time. None of our executive officers serves as a member of the board
of directors or compensation committee of any other company that has one or
more executive officers serving as a member of our board of directors or
compensation committee. Prior to the formation of the compensation committee in
November 1994, the board of directors as a whole made decisions relating to
compensation of our executive officers. Mr. Crane participated in all such
discussions and decisions, except those regarding his own compensation.
Employment and Severance Arrangements
Most of our current employees have entered into agreements with us which
contain certain restrictions and covenants. These provisions include covenants
relating to the protection of our confidential information, the assignment of
inventions, restrictions on competition and restrictions on soliciting our
clients, employees or independent contractors.
In November 1994, we entered into employment agreements with each of Messrs.
Arabe and Farrington, and in August 1995, we entered into an employment
agreement with Mr. Papciak. Under these agreements, each of these employee's
base salary may be increased or decreased from time-to-time, in the sole
discretion of our management. Each such employee is also eligible to receive an
incentive bonus determined by our compensation committee. If any of these
employees is terminated for reasons other than good cause, he will be entitled
to receive six months' salary and a pro-rata portion of his incentive bonus.
In October 1994, we entered into an employment agreement with Mr. Crane.
Under this agreement, Mr. Crane's base salary may be increased or decreased
from time-to-time, in the sole discretion of our compensation committee. Mr.
Crane is also eligible to receive an incentive bonus determined by our
compensation committee. If Mr. Crane's employment is terminated for reasons
other than good cause, he will be entitled to receive eight months' salary and
a pro-rata portion of his incentive bonus.
In November 1994, we entered into an employment with Ms. Goodrum. Under this
agreement, Ms. Goodrum's base salary may be increased or decreased from time-
to-time, at our sole discretion. Ms. Goodrum is also eligible to receive an
incentive bonus. If Ms. Goodrum is terminated for reasons other than good
cause, then she will be entitled to receive six months' salary and a pro-rata
portion of her incentive bonus. We may terminate any of these employees at any
time.
For specific salary information in connection with our employment
arrangements with the above individuals, please see "Management--Executive
Compensation."
45
<PAGE>
In addition, the compensation committee, as plan administrator of our 1999
stock incentive plan, will have the authority to grant options and to structure
repurchase rights under that plan so that the shares subject to those options
or repurchase rights will immediately vest in connection with a change in
control of us, whether by merger, asset sale, successful tender offer for more
than 50% of our outstanding voting stock or by a change in the majority of our
board by reason of one or more contested elections for board membership. Such
vesting will occur either at the time of such change in control or upon the
subsequent involuntary termination of the individual's service within a
designated period, not to exceed 18 months, following such change in control.
Executive Compensation
The following table sets forth all compensation received during the year
ended December 31, 1998 by our Chief Executive Officer and each of our four
other most highly compensated executive officers whose salary and bonus
exceeded $100,000 in 1998 for services rendered in all capacities to us during
1998. "All other compensation" represents matching payments under our 401(k)
plan.
Summary Compensation Table
<TABLE>
<CAPTION>
Long-Term
Annual Compensation
Compensation Awards
---------------- ------------
Shares
Underlying All Other
Name and Principal Position Salary Bonus Options/SARs Compensation
- --------------------------- -------- ------- ------------ ------------
<S> <C> <C> <C> <C>
Christopher A. Crane................ $150,000 $65,000 -- $1,500
Chairman of the Board, Chief
Executive Officer
and President
Walter W. Papciak................... 150,000 22,653 6,602 --
Executive Vice President of Sales,
Marketing and
Product Development
Michael Arabe....................... 129,887 5,764 13,203 974
Senior Vice President of Sales
Craig S. Farrington................. 102,240 9,790 -- 850
Vice President of Product Marketing
and Development
Karen Goodrum....................... 81,167 21,500 -- 615
Vice President of Finance and
Administration,
Chief Financial Officer and
Secretary
</TABLE>
46
<PAGE>
Option Grants in Last Fiscal Year
The following table sets forth information regarding options granted to our
executive officers listed in the Summary Compensation Table during the fiscal
year ended December 31, 1998. We have not granted any stock appreciation
rights.
Each option represents the right to purchase one share of common stock. The
options shown in this table are all incentive stock options granted under our
stock option plans. The options become exercisable at a rate of 20% per year.
To the extent not already exercisable, the vesting of these options may also
accelerate and the options become exercisable in the event of a merger in which
we are not the surviving corporation or upon the sale of substantially all of
our assets. Please see "--Benefit Plans" for more details regarding these
options. In the year ended December 31, 1998, we granted options to purchase an
aggregate of 1,143,672 shares of common stock.
Option Grants In Last Fiscal Year
<TABLE>
<CAPTION>
Individual Grants Potential Realizable
--------------------------------------------- Value at Assumed Annual
Number of % of Total Rates Of
Securities Options/SARs Stock Price Appreciation
Underlying Granted to For Option Term
Options/SARs Employees In Exercise Expiration --------------------------
Name Granted 1998 Price Date 5% 10%
- ---- ------------ ------------ -------- ---------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Christopher A. Crane.... -- -- -- -- -- --
Walter W. Papciak....... 6,601 * $0.61 02/11/08 $ 2,547 $ 6,455
Michael Arabe........... 13,203 1.15% 1.36 06/29/08 11,320 28,687
Craig S. Farrington..... -- -- -- -- -- --
Karen Goodrum........... -- -- -- -- -- --
</TABLE>
- --------
* Less than 1% of total
The potential realizable value at assumed annual rates of stock price
appreciation for the option term, represents hypothetical gains that could be
achieved for the respective options if exercised at the end of the option term.
The 5% and 10% assumed annual rates of compounded stock price appreciation are
mandated by rules of the Securities and Exchange Commission and do not
represent our estimate or projection of our future common stock prices. These
amounts represent assumed rates of appreciation in the value of our common
stock from the fair market value on the date of grant. Actual gains, if any, on
stock option exercises are dependent on the future performance of the common
stock and overall stock market conditions. The amounts reflected in the table
may not necessarily be achieved.
47
<PAGE>
Aggregated Option Exercises in the Year Ended December 31, 1998 and Year-End
Option Values
The following table sets forth information concerning the number and value of
unexercised options held by each of the executive officers listed in the
Summary Compensation Table at December 31, 1998. These option share numbers
reflect the full acceleration of the vesting schedule of 96,822 options upon
completion of this offering. None of these executive officers exercised options
to purchase common stock during the year ended December 31, 1998.
<TABLE>
<CAPTION>
Number of Securities
Underlying Unexercised Value of Unexercised
Options at In-the-Money Options
December 31, 1998 at December 31, 1998
------------------------- -------------------------
Name Exercisable Unexercisable Exercisable Unexercisable
- ---- ----------- ------------- ----------- -------------
<S> <C> <C> <C> <C>
Christopher A. Crane........ -- -- -- --
Walter W. Papciak........... 49,291 23,325 $571,334 $269,014
Michael Arabe............... 49,291 29,926 571,334 334,282
Craig S. Farrington......... 49,291 16,723 571,334 193,846
Karen Goodrum............... 49,291 16,723 571,334 193,846
</TABLE>
There was no public trading market for our common stock as of December 31,
1998. Accordingly, the value of unexercised in-the-money options listed above
has been calculated on the basis of the assumed initial public offering price
of $12.00 per share, less the applicable exercise price per share, multiplied
by the number of shares underlying such options.
Benefit Plans
1999 Stock Incentive Plan
Our 1999 stock incentive plan is intended to serve as the successor equity
incentive program to our amended and restated stock option plan, 1998
supplemental option plan and 1998 equity participation plan. Our 1999 stock
incentive plan was adopted by the board and stockholders in February 1999. Our
1999 stock incentive plan will become effective on the date the underwriting
agreement is signed in connection with this offering. All outstanding options
under the predecessor plans will be incorporated into our 1999 stock incentive
plan on the date this plan is effective, and no further option grants will be
made under the predecessor plans after such date. The incorporated options will
continue to be governed by their existing terms, unless the plan administrator
elects to extend one or more features of our 1999 stock incentive plan to those
options. Except as otherwise noted below, the incorporated options will have
substantially the same terms as in effect for grants made under the
discretionary option grant program of our 1999 stock incentive plan.
An initial reserve of 2,800,000 shares of common stock has been authorized
for issuance under our 1999 stock incentive plan. Such share reserve consists
of:
. approximately the number of shares which will remain available for issuance
under the predecessor plans on the date our 1999 stock incentive plan
becomes effective, including the shares subject to outstanding options
thereunder, plus
. an additional increase of approximately 783,914 shares.
The number of shares of common stock reserved for issuance under our 1999
stock incentive plan will automatically increase on the first trading day in
January of each calendar year, beginning in calendar year 2000, by an amount
equal to 2.5% of the total number of shares of common stock outstanding on the
last trading day in December of the preceding calendar year, but in no event
will any such annual increase exceed 500,000 shares. In addition, no
participant in our 1999 stock incentive plan may be granted stock options,
separately exercisable stock appreciation rights and direct stock issuances for
more than 700,000 shares of common stock in the aggregate per calendar year.
48
<PAGE>
Our 1999 stock incentive plan is divided into five separate components:
. the discretionary option grant program under which eligible individuals in
our employ or service, including officers, non-employee board members and
consultants, may, at the discretion of the plan administrator, be granted
options to purchase shares of common stock at an exercise price not less
than 100% of the fair market value of those shares on the grant date;
. the stock issuance program under which such individuals may, in the plan
administrator's discretion, be issued shares of common stock directly,
through the purchase of such shares at a price not less than 100% of their
fair market value at the time of issuance or as a bonus tied to the
performance of services;
. the salary investment option grant program which may, at the plan
administrator's sole discretion, be activated for one or more calendar years
and, if so activated, will allow executive officers and other highly
compensated employees the opportunity to apply a portion of their base
salary to the acquisition of special below-market stock option grants;
. the automatic option grant program under which option grants will
automatically be made at periodic intervals to eligible non-employee board
members to purchase shares of common stock at an exercise price equal to
100% of the fair market value of those shares on the grant date; and
. the director fee option grant program which may, in the plan administrator's
sole discretion, be activated for one or more calendar years and, if so
activated, will allow non-employee board members the opportunity to apply a
portion of the annual retainer fee otherwise payable to them in cash each
year to the acquisition of special below-market option grants.
The discretionary option grant program and the stock issuance program will be
administered by the compensation committee. The compensation committee, as plan
administrator, will have complete discretion to determine which eligible
individuals are to receive option grants or stock issuances under those
programs, the time or times when such option grants or stock issuances are to
be made, the number of shares subject to each such grant or issuance, the
status of any granted option as either an incentive stock option or a non-
statutory stock option under the federal tax laws, the vesting schedule to be
in effect for the option grant or stock issuance and the maximum term for which
any granted option is to remain outstanding. However, the board acting by
disinterested majority will have the exclusive authority to make any
discretionary option grants or stock issuances to members of the compensation
committee. The compensation committee will also have the exclusive authority to
select the executive officers and other highly compensated employees who may
participate in the salary investment option grant program in the event that
program is activated for one or more calendar years. Neither the compensation
committee nor the board will exercise any administrative discretion with
respect to option grants under the salary investment option grant program or
under the automatic option grant or director fee option grant program for the
non-employee board members. All grants under those latter three programs will
be made in strict compliance with the express provisions of each such program.
The exercise price for the shares of common stock subject to option grants
made under our 1999 stock incentive plan may be paid in cash or in shares of
common stock valued at fair market value on the exercise date. The option may
also be exercised through a same-day sale program without any cash outlay by
the optionee. In addition, the plan administrator may provide financial
assistance to one or more optionees in the exercise of their outstanding
options or the purchase of their unvested shares by allowing such individuals
to deliver a full-recourse, interest-bearing promissory note in payment of the
exercise price and any associated withholding taxes incurred in connection with
such exercise or purchase.
The plan administrator will have the authority to effect the cancellation of
outstanding options under the discretionary option grant program, including
options incorporated from the predecessor plans, in return for the grant of new
options for the same or different number of option shares with an exercise
price per share based upon the fair market value of our common stock on the new
grant date. Stock appreciation rights are authorized
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<PAGE>
for issuance under the discretionary option grant program. Such rights will
provide the holders with the election to surrender their outstanding options
for an appreciation distribution from us equal to the excess of:
. the fair market value of the vested shares of common stock subject to
the surrendered option over
. the aggregate exercise price payable for those shares.
Such appreciation distribution may be made in cash or in shares of common
stock. None of the incorporated options from the predecessor plans contain any
stock appreciation rights.
In the event that we are acquired by merger or asset sale, each outstanding
option under the discretionary option grant program which is not to be assumed
by the successor corporation will automatically accelerate in full, and all
unvested shares under the discretionary option grant and stock issuance
programs will immediately vest, except to the extent our repurchase rights with
respect to those shares are to be assigned to the successor corporation. The
plan administrator will have complete discretion to grant one or more options
under the discretionary option grant program which will become fully
exercisable for all the option shares in the event those options are assumed in
the acquisition and the optionee's service with us or the acquiring entity
involuntarily terminates within a designated period not exceeding 18 months
following such acquisition. The vesting of outstanding shares under the stock
issuance program may be accelerated upon similar terms and conditions. The plan
administrator will also have the authority to grant options which will
immediately vest upon an acquisition of us, whether or not those options are
assumed by the successor corporation.
The plan administrator is also authorized under the discretionary option
grant and stock issuance programs to grant options and to structure repurchase
rights so that the shares subject to those options or repurchase rights will
immediately vest in connection with a change in ownership or control of us,
whether this change in ownership or control is by a successful tender offer for
more than 50% of our outstanding voting stock or by a change in the majority of
our board by reason of one or more contested elections for board membership.
Such accelerated vesting may occur either at the time of such change or upon
the subsequent involuntary termination of the individual's service within a
designated period, not to exceed 18 months, following such change in control.
The options incorporated from the predecessor plans may, in the plan
administrator's discretion, immediately vest in the event of:
. our merger or consolidation; or
. the acquisition by another corporation or person of all or substantially
all of our assets or 80% or more of our then outstanding voting stock,
unless those options are assumed or substituted in the acquisition of
us.
The plan administrator will have the discretion to extend the acceleration
provisions of our 1999 stock incentive plan to any or all of the options
outstanding under the predecessor plans.
In the event the plan administrator elects to activate the salary investment
option grant program for one or more calendar years, each of our executive
officers and other highly compensated employees selected for participation may
elect, prior to the start of the calendar year, to reduce his or her base
salary for that calendar year by a specified dollar amount not less than
$10,000 nor more than $50,000. Each selected individual who files such a timely
election will automatically be granted, on the first trading day in January of
the calendar year for which that salary reduction is to be in effect, a non-
statutory option to purchase that number of shares of common stock determined
by dividing the salary reduction amount by two-thirds of the fair market value
per share of common stock on the grant date. The option will be exercisable at
a price per share equal to one-third of the fair market value of the option
shares on the grant date. As a result, the total spread on the option shares at
the time of grant, which is the fair market value of the option shares on the
grant date less the aggregate exercise price payable for those shares, will be
equal to the amount of salary invested in that option. The option
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<PAGE>
will vest and become exercisable in a series of 12 equal monthly installments
over the calendar year for which the salary reduction is in effect and will be
subject to full and immediate vesting upon the changes in the ownership or
control of us described in the preceding paragraph.
Under the automatic option grant program, each individual who first becomes a
non-employee board member at any time after the completion of this offering
will automatically receive an option grant for 12,000 shares on the date such
individual joins the board, provided such individual has not been in our prior
employ. In addition, on the date of each annual stockholders meeting held after
the completion of this offering, each non-employee board member who is to
continue to serve as a non-employee board member will automatically be granted
an option to purchase 2,000 shares of common stock, provided such individual
has served on our board for at least six months.
Each automatic grant will have a term of 10 years, subject to earlier
termination following the optionee's cessation of board service. The option
will be immediately exercisable for all of the option shares; however, any
unvested shares purchased under the option will be subject to repurchase by us,
at the exercise price paid per share, should the optionee cease board service
prior to vesting in those shares. The shares subject to each 12,000-share
automatic option grant will vest in a series of eight successive equal semi-
annual installments upon the individual's completion of each six-month period
of board service over the four-year period measured from the option grant date.
Each 2,000-share automatic option grant will vest in two successive equal semi-
annual installments upon the individual's completion of each six month period
of board service over the one year period measured from the option grant date.
However, the shares subject to each automatic grant will immediately vest in
full upon the changes in control or ownership of us described above or upon the
optionee's death or disability while a board member.
Should the director fee option grant program be activated in the future, each
non-employee board member will have the opportunity to apply all or a portion
of any annual retainer fee otherwise payable in cash to the acquisition of a
below-market option grant. The option grant will automatically be made on the
first trading day in January in the year for which the retainer fee would
otherwise be payable in cash. The option will have an exercise price per share
equal to one-third of the fair market value of the option shares on the grant
date, and the number of shares subject to the option will be determined by
dividing the amount of the retainer fee applied to the program by two-thirds of
the fair market value per share of common stock on the grant date. As a result,
the total spread on the option, which is the fair market value of the option
shares on the grant date less the aggregate exercise price payable for those
shares will be equal to the portion of the retainer fee invested in that
option. The option will vest and become exercisable for the option shares in a
series of 12 equal monthly installments over the calendar year for which the
election is to be in effect. However, the option will become immediately
exercisable and vested for all the option shares upon:
. changes in the ownership or control of us described above; or
. the death or disability of the optionee while serving as a board member.
The shares subject to each option under the salary investment option grant,
automatic option grant and director fee option grant programs will immediately
vest upon:
. an acquisition of us by merger or asset sale; or
. the successful completion of a tender offer for more than 50% of our
outstanding voting stock or a change in the majority of the board
effected through one or more contested elections for board membership.
Limited stock appreciation rights will automatically be included as part of
each grant made under the automatic option grant, salary investment option
grant and director fee option grant programs and may be granted to one or more
of our officers as part of their option grants under the discretionary option
grant program. Options with such a limited stock appreciation right may be
surrendered to us upon the successful
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<PAGE>
completion of a hostile tender offer for more than 50% of our outstanding
voting stock. In return for the surrendered option, the optionee will be
entitled to a cash distribution from us in an amount per surrendered option
share equal to the excess of:
. the highest price per share of common stock paid in connection with the
tender offer over
. the exercise price payable for such share.
The board may amend or modify our 1999 stock incentive plan at any time,
subject to any required stockholder approval. Our 1999 stock incentive plan
will terminate on the earliest of:
. February 18, 2009;
. the date on which all shares available for issuance under our 1999 stock
incentive plan have been issued as fully-vested shares; or
. the termination of all outstanding options in connection with changes in
control or ownership of us described above.
1999 Employee Stock Purchase Plan
Our 1999 employee stock purchase plan was adopted by the board and
stockholders in February 1999 and will become effective immediately upon the
execution of the underwriting agreement for this offering. Our employee stock
purchase plan is designed to allow our eligible employees to purchase shares of
common stock, at semi-annual intervals, through their periodic payroll
deductions under our employee stock purchase plan.
An initial reserve of 300,000 shares of common stock has been authorized for
issuance under our employee stock purchase plan. The number of shares of common
stock reserved for issuance under our employee stock purchase plan will
automatically increase on the first trading day in January each calendar year,
beginning in calendar year 2000, by an amount equal to 2% of the total number
of shares of common stock outstanding on the last trading day in December of
the preceding calendar year, but in no event will any such annual increase
exceed 300,000 shares. Our employee stock purchase plan will be implemented in
a series of successive offering periods, each with a maximum duration for 24
months. However, the initial offering period will begin on the execution date
of the underwriting agreement and will end on the last business day in July
2001. The next offering period will commence on the first business day in
August 2001, and subsequent offering periods will commence as designated by the
plan administrator.
Individual employees who are scheduled to work more than 20 hours per week
for more than 5 calendar months per year on the start date of any offering
period may enter our employee stock purchase plan on that start date or on the
first business day of February or August after that start date. Individuals who
become eligible employees after the start date of the offering period may join
our employee stock purchase plan on any subsequent semi-annual entry date
within that offering period.
Payroll deductions may not exceed 10% of the participant's cash earnings, and
the accumulated payroll deductions of each participant will be applied to the
purchase of shares on his or her behalf on the last business day in January and
July each year at a purchase price per share equal to 85% of the lower of:
. the fair market value of the common stock on the participant's entry
date into the offering period; or
. the fair market value on the semi-annual purchase date.
In no event, however, may any participant purchase more than 1,500 shares on
any semi-annual purchase date nor may all participants in the aggregate
purchase more than 75,000 shares on any such semi-annual purchase date.
Should the fair market value per share of common stock on any purchase date
be less than the fair market value per share on the start date of the two-year
offering period, then that offering period will automatically terminate, and a
new two-year offering period will begin on the next business day, with all
participants in the terminated offering to be automatically transferred to the
new offering period.
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<PAGE>
In the event we are acquired by merger or asset sale, all outstanding
purchase rights will automatically be exercised immediately prior to the
effective date of such acquisition. The purchase price will be equal to 85% of
the lower of:
. the fair market value per share of common stock on the participant's
entry date into the offering period in which such acquisition occurs; or
. the fair market value per share of common stock immediately prior to
such acquisition.
Our employee stock purchase plan will terminate on the earliest of:
. the last business day of July 2009;
. the date on which all shares available for issuance under our employee
stock purchase plan shall have been sold pursuant to purchase rights
exercised thereunder; or
. the date on which all purchase rights are exercised in connection with
an acquisition of us by merger or asset sale.
The board may at any time alter, suspend or discontinue our employee stock
purchase plan. However, amendments to our employee stock purchase plan may
require stockholder approval.
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<PAGE>
Certain Relationships and Related Transactions
Certain Sales of Securities
We have issued the following securities in private placement transactions:
4,270,336 shares of Series A preferred stock and Class B common stock warrants
exercisable for 379,869 shares for an aggregate price of $5,000,000 in October
1994; 637,790 shares of Series B preferred stock, Class A common stock warrants
exercisable for 37,329 shares and Class B common stock warrants exercisable for
306,097 shares for an aggregate price of $1,150,000 in February 1998; and
Series A preferred stock warrants exercisable for up to 49,000 shares and
Series B preferred stock warrants exercisable for up to 49,000 shares in
connection with the Silicon Valley Bank loan agreement in April 1999. These
numbers do not reflect the 0.7335-for-1 stock split. The purchasers of such
securities include, among others, the following executive officers, directors
and holders of more than 5% of our outstanding stock and their affiliates:
<TABLE>
<CAPTION>
Preferred Stock Warrants
Executive Officer, Directors ------------------ --------------- Total
and 5% Stockholders Series A Series B Class A Class B Consideration
---------------------------- --------- -------- ------- ------- -------------
<S> <C> <C> <C> <C> <C>
Christopher A. Crane......... -- 69,325 37,329 -- $ 125,000
Funds Affiliated with Summit
Partners(1)................. 4,270,336 554,600 -- 678,500 $6,000,000
</TABLE>
- --------
(1) Includes Summit Ventures III, L.P. and Summit Investors II, L.P. Mr. Avis,
one of our directors, is a general partner of Stamps, Woodsum & Co. III, a
general partner of Summit Partners III, L.P. Summit Partners III, L.P. is
the general partner of Summit Ventures III, L.P. Mr. Avis is also a general
partner of Summit Investors II, L.P.
For additional information regarding the sale of securities to executive
officers, directors and stockholders of more than 5% of our outstanding common
stock, please see "Principal and Selling Stockholders."
Holders of outstanding preferred stock and common stock issuable upon
exercise of warrants are entitled to registration rights with respect to the
common stock issued or issuable upon conversion or exercise of such preferred
stock or warrants. Please see "Description of Securities--Registration Rights."
Employment Agreements
We have entered into employment agreements with each of Messrs. Crane, Arabe,
Farrington and Papciak and Ms. Goodrum. Please see "Management--Employment and
Severance Arrangements" for more details regarding these agreements.
In November 1994, we entered into an employment agreement with Mr. Fenton.
Under this agreement, Mr. Fenton's base salary may be increased or decreased
from time-to-time, at our sole discretion. Mr. Fenton is also eligible to
receive an incentive bonus. If Mr. Fenton's employment is terminated for
reasons other than good cause, then he will be entitled to receive six months'
salary and a pro-rata portion of his incentive bonus. We may terminate Mr.
Fenton at any time. Mr. Fenton's current salary under the employment agreement
is $96,996 per year. In addition, Mr. Fenton's current potential quarterly
incentive bonuses, to be determined pursuant to the terms of the employment
agreement, are based upon 1.25% of Mr. Fenton's annual salary.
In November 1998, we entered into employment agreements with each of Messrs.
DeMoss and Potter. Under these agreements, both employees receive a base salary
of at least $225,000 per year and a bonus of up to $50,000 per year. In
addition, pursuant to the agreements, each employee was granted a fully vested
option to purchase 5,076 shares of our common stock and an additional option to
purchase 305,625 shares of our common stock 20% of which vested immediately and
80% of which vest over 48 months commencing on January 1, 1999. The term of
each agreement expires on January 1, 2003. If either employee is terminated
without cause prior to November 5, 2000, then he shall be entitled to receive
twelve months' salary in exchange for consulting services. If either employee
is terminated after November 5, 2000, then he shall receive his base salary for
a period equal to the shorter of six months or the remaining term of his
employment agreement in exchange for consulting services. During any period in
which the terminated employee provides consulting services to us, his options
will continue to vest. In any event, at least 75% of such terminated employee's
options will vest if he is terminated without cause prior to January 1, 2003.
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<PAGE>
Corporate Headquarters Lease
We lease our corporate headquarters in San Diego, California from a limited
partnership whose general partner is a company owned by Mr. Crane, our
President, Chief Executive Officer and Chairman of the Board. In addition, Mr.
Beasley, one of our directors, is a limited partner of the limited partnership
from which we lease our facilities. Our lease is for a five-year term
commencing in February 1999 with five two-year extension options. We believe
that the terms of the lease are no less favorable to us than those that could
have been obtained from an independent third party lessor at the time the lease
was executed. For additional information regarding our facility leases, please
see "Business--Facilities."
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<PAGE>
Principal and Selling Stockholders
The following table sets forth certain information with respect to the
beneficial ownership of our common stock as of March 31, 1999 assuming the
exercise of all warrants, and as adjusted to reflect the sale of the shares of
common stock offered hereby, by:
. each person (or group of affiliated persons) who we know owns
beneficially 5% or more of our common stock;
. each of our directors;
. our executive officers listed in the Summary Compensation Table; and
. all of our directors and executive officers as a group.
Percentage of ownership is calculated as required by Commission Rule 13d-
3(d)(1). Except as indicated below, the persons named in the table have sole
voting and investment power with respect to all shares of common stock shown as
beneficially owned by them. The number of shares underlying options includes
shares which are exercisable within 60 days from the date of this offering. The
address for those individuals for which an address is not otherwise indicated
is: 9888 Carroll Centre Road, Suite 100, San Diego, California 92126-4581.
165,405 shares held by Mr. Crane are subject to call options with an exercise
price of $0.41 per share. Mr. Crane, Mr. Beasley and Summit Partners may sell
shares in connection with the exercise of the over-allotment option. Mr. Crane
may sell up to 85,500 shares, Mr. Beasley may sell up to 85,500 shares and
Summit Partners may sell up to 114,000 shares. Any shares that may be sold by
selling stockholders if the underwriters exercise their over-allotment option
have not been reflected in this table. For further information regarding the
selling stockholders' relationship with us during the last three years, please
see, "Management--Executive Officers and Directors" and "Certain Relationships
and Related Transactions."
<TABLE>
<CAPTION>
Number of Percentage of Percentage of
Number of Shares Shares Beneficially Shares Beneficially
Shares Underlying Owned Prior Owned After
Beneficial Owner Outstanding Options to this Offering this Offering
- ---------------- ----------- ---------- ------------------- -------------------
<S> <C> <C> <C> <C>
Funds affiliated with
Summit Partners........ 4,036,770 -- 52.7% 35.2%
499 Hamilton Avenue,
Suite 200
Palo Alto, CA 94301
Christopher A. Crane.... 2,923,712 -- 38.2% 25.5%
Gregory M. Avis......... 4,036,770 -- 52.7% 35.2%
Robert C. Beasley....... 656,146 -- 8.6% 5.7%
Kenneth F. Potashner.... -- -- * *
Walter W. Papciak....... -- 50,612 * *
Michael Arabe........... -- 57,653 * *
Craig S. Farrington..... -- 57,653 * *
Karen Goodrum........... -- 57,653 * *
All directors and
executive officers as a
group (14 persons)..... 7,764,329 425,428 99.4% 68.9%
</TABLE>
- --------
* Less than 1% of total.
The 4,036,770 shares listed above as outstanding for Summit Partners and Mr.
Avis includes 3,468,309 shares beneficially owned by Summit Ventures III, L.P.
and 70,782 shares beneficially owned by Summit Investors II, L.P. This number
also includes 487,726 shares issuable upon exercise of warrants to purchase
common stock beneficially owned by Summit Ventures III, L.P. and 9,953 shares
issuable upon exercise of warrants to purchase common stock beneficially owned
by Summit Investors II, L.P. Mr. Avis is a general partner of Stamps, Woodsum &
Co. III, a general partner of Summit Partners III, L.P. Summit Partners III,
L.P. is the general partner of Summit Ventures III, L.P. Mr. Avis is also a
general partner of Summit Investors II, L.P. Mr. Avis disclaims beneficial
ownership of all shares of common stock issued or issuable to Summit
Ventures III, L.P. and Summit Investors II, L.P., except to the extent of his
pecuniary interest, but exercises shared voting and investment power with
respect to all such shares.
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<PAGE>
Description of Securities
The following information describes our common stock and preferred stock and
anti-takeover and indemnification provisions of our certificate of
incorporation and our bylaws as will be in effect upon the closing of this
offering. This description is only a summary. You should also refer to the
certificate and bylaws which have been filed with the SEC as exhibits to our
registration statement, of which this prospectus forms a part. Where indicated
below, the descriptions of our common stock and preferred stock reflect changes
to our capital structure that will occur upon the approval of our board of
directors and stockholders and upon the closing of this offering in accordance
with the terms of the certificate.
Upon the completion of the offering our authorized capital stock will consist
of 75,000,000 shares of common stock, par value $0.01 per share, and 5,000,000
shares of preferred stock, par value $0.01 per share.
Common Stock
As of December 31, 1998, there were 3,533,534 shares of common stock
outstanding and held of record by three stockholders. As of April 12, 1999, no
additional shares of common stock had been issued. There will be 11,464,185
shares of common stock outstanding upon the closing of this offering, which
gives effect to:
. the automatic conversion of each share of our Class B common stock into
shares of our Class A common stock and the renaming of Class A common
stock to "common stock" upon the closing of this offering,
. the automatic conversion of each share of our preferred stock into
0.7335 shares of our common stock upon the closing of this offering,
. a 0.7335-for-1 stock split of our common stock to be effected prior to
the closing of this offering and
. the issuance of the 3,800,000 shares of common stock offered by us
hereby.
Holders of common stock are entitled to one vote for each share held on all
matters submitted to a vote of stockholders and do not have cumulative voting
rights. Accordingly, holders of a majority of the shares of common stock
entitled to vote in any election of directors may elect all of the directors
standing for election. Holders of common stock are entitled to receive ratably
such dividends, if any, as may be declared by the board of directors out of
funds legally available therefor, subject to any preferential dividend rights
of any outstanding preferred stock. Holders of common stock have no preemptive,
subscription, redemption or conversion rights. The outstanding shares of common
stock are, and the shares offered by us in this offering will be, when issued
in consideration for payment thereof, fully paid and nonassessable. The rights,
preferences and privileges of holders of common stock are subject to, and may
be materially adversely affected by, the rights of the holders of shares of any
series of preferred stock which we may designate and issue in the future. Upon
the closing of this offering, there will be no shares of preferred stock
outstanding.
Preferred Stock
As of December 31, 1998, there were 4,908,126 shares of convertible preferred
stock outstanding. As of April 12, 1999, no additional shares of convertible
preferred stock had been issued. Each outstanding share of convertible
preferred stock will be converted into 0.7335 shares of common stock upon the
closing of this offering and such shares of convertible preferred stock will no
longer be authorized, issued or outstanding.
Upon the closing of this offering, the board of directors will be authorized,
without further stockholder approval, to issue from time to time up to an
aggregate of 5,000,000 shares of preferred stock in one or more series and to
fix or alter the designations, powers, preferences, rights and any
qualifications, limitations or restrictions of the shares of each such series
thereof, including the dividend rights, dividend rates, conversion rights,
voting rights, terms of redemption including sinking fund provisions,
redemption price or prices, liquidation preferences and the number of shares
constituting any series or designations of such series. We have no present
plans to issue any shares of preferred stock. Please see "--Anti-Takeover
Effects of Certain Provisions of Delaware Law and our Certificate of
Incorporation and Bylaws."
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<PAGE>
Options
As of December 31, 1998, options to purchase a total of 1,749,727 shares of
common stock were outstanding, all of which are subject to lock-up arrangements
under the terms of the option agreements. As of March 31, 1999, 69,683
additional options were outstanding. Upon completion of this offering, options
to purchase an additional 1,090,450 shares of common stock may be granted under
the 1999 stock incentive plan. Please see "Management--Benefit Plans" and
"Shares Eligible for Future Sale."
Common Stock Warrants
As of December 31, 1998, we have outstanding warrants to purchase a total of
530,537 shares of common stock, at an exercise price of $0.0136 per share and
warrants to purchase a total of 156,285 shares of common stock, at a weighted
average exercise price of $2.40 per share. On April 9, 1999, in connection with
a loan agreement, we issued additional warrants to purchase up to 71,883 shares
of common stock, at an exercise price ranging from $1.60 to $6.82 per share,
depending on when we repay a loan. The warrants contain anti-dilution
provisions providing for adjustments of the exercise price and the number of
shares underlying the warrants upon the occurrence of dilutive events,
including any recapitalization, reclassification, stock dividend, stock split,
stock combination or similar transaction. The warrants grant their holders
registration rights with respect to the common stock issuable upon their
exercise, which are described below. All of these warrants will be exercisable
immediately prior to this offering. Warrants to purchase 156,285 shares expire
in September 2003, warrants to purchase 278,634 shares expire in October 2004,
warrants to purchase 251,903 shares expire in February 2008, and warrants to
purchase up to 71,883 shares expire in April 2006.
Registration Rights
As of December 31, 1998, pursuant to the terms of an agreement, the holders
of 4,358,815 shares of outstanding or issuable common stock will be entitled to
demand registration rights with respect to the registration of their shares
under the Securities Act of 1933. The holders of 50% of such shares are
entitled to demand that we register their shares under the Securities Act of
1933, subject to limitations. We are not required to effect more than two such
registrations for such holders pursuant to such demand registration rights. In
addition, after the closing of this offering, these holders will be entitled to
piggyback registration rights with respect to the registration of such shares
of common stock under the Securities Act of 1933. In the event that we propose
to register any shares of common stock under the Securities Act of 1933 either
for our account or for the account of our other security holders, the holders
of shares having piggyback rights are entitled to receive notice of such
registration and are entitled to include their shares in any such registration,
subject to limitations. Further, at any time after we become eligible to file a
registration statement on Form S-3, the holders of 435,882 shares of common
stock may require us to file registration statements under the Securities Act
of 1933 on Form S-3 with respect to their shares of common stock. These
registration rights are subject to conditions and limitations, including the
right of the underwriters of an offering to limit the number of shares of
common stock held by securityholders with registration rights to be included in
such registration. We are generally required to bear all of the expenses of all
such registrations, including the reasonable fees of a single counsel acting on
behalf of all selling holders, except underwriting discounts and selling
commissions. Registration of any of the shares of common stock held by
securityholders with registration rights would result in such shares becoming
freely tradable without restriction under the Securities Act of 1933
immediately upon effectiveness of such registration.
Anti-Takeover Effects of Certain Provisions of Delaware Law and our Certificate
of Incorporation and Bylaws
We are subject to the provisions of Section 203 of the Delaware General
Corporation Law. With limited exceptions, Section 203 prohibits a publicly held
Delaware corporation from engaging in a "business combination" with an
"interested stockholder" for a period of three years after the date of the
transaction in which the person became an interested stockholder, unless the
interested stockholder attained such status with the approval of the board of
directors or unless the business combination is approved in a prescribed
manner. A
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<PAGE>
"business combination" includes mergers, asset sales and other transactions
resulting in a financial benefit to the interested stockholder. Subject to
exceptions, an "interested stockholder" is a person who, together with
affiliates and associates, owns, or within three years did own, 15% or more of
the corporation's voting stock. This statute could prohibit or delay a merger
or other takeover or change in control attempt with respect to us and,
accordingly, may discourage attempts to acquire us.
In addition, our certificate and bylaws, which will be in effect upon the
closing of this offering, contain provisions which may be deemed to have an
anti-takeover effect. These provisions, which are summarized in the following
paragraphs, may delay, defer or prevent a tender offer or takeover attempt that
a stockholder might consider in its best interest, including those attempts
that might result in a premium over the market price for the shares held by
stockholders.
Board of Directors Vacancies. Our bylaws authorize the board of directors to
fill vacant directorships or increase the size of the board of directors. This
may deter a stockholder from removing incumbent directors and simultaneously
gaining control of the board of directors by filling the vacancies created by
such removal with its own nominees.
Staggered Board. Our bylaws provide that our board will be classified into
two classes of directors beginning at the next annual meeting of stockholders.
Please see "Management--Classes of the Board" for more information regarding
the staggered board.
Stockholder Action; Special Meeting of Stockholders. Our certificate provides
that stockholders may not take action by written consent, but only at duly
called annual or special meetings of stockholders. Our bylaws further provide
that special meetings of our stockholders may be called only by the President,
Chief Executive Officer, Chairman of the board of directors or a majority of
the board of directors.
Advance Notice Requirements for Stockholder Proposals and Director
Nominations. Our bylaws provide that stockholders seeking to bring business
before our annual meeting of stockholders, or to nominate candidates for
election as directors at our annual meeting of stockholders, must provide
timely notice thereof in writing. To be timely, a stockholder's notice must be
delivered to, or mailed and received at, our principal executive offices not
less than 120 days prior to the first anniversary of the date of our notice of
annual meeting provided with respect to the previous year's annual meeting of
stockholders. However, if no annual meeting of stockholders was held in the
previous year, or if the date of the annual meeting of stockholders has been
changed to be more than 30 calendar days earlier than such anniversary, notice
by the stockholder, to be timely, must be received a reasonable time before the
solicitation is made. Our bylaws also specify requirements as to the form and
content of a stockholder's notice. These provisions may preclude stockholders
from bringing matters before our annual meeting of stockholders or from making
nominations for directors at our annual meeting of stockholders.
Authorized But Unissued Shares. Our authorized but unissued shares of common
stock and preferred stock are available for future issuance without stockholder
approval, subject to the limitations imposed by the Nasdaq National Market.
These additional shares may be used for a variety of corporate purposes,
including future public offerings to raise additional capital, corporate
acquisitions and employee benefit plans. The existence of authorized but
unissued and unreserved common stock and preferred stock could render more
difficult or discourage an attempt to obtain control of us by means of a proxy
contest, tender offer, merger or otherwise.
Delaware law provides that the affirmative vote of a majority of the shares
entitled to vote on any matter is required to amend a corporation's certificate
of incorporation or bylaws, unless a corporation's certificate of incorporation
or bylaws, as the case may be, requires a greater percentage.
59
<PAGE>
Limitation of Liability and Indemnification Matters
Our certificate provides that, except to the extent prohibited by Delaware
law, our directors shall not be personally liable to us or our stockholders for
monetary damages for any breach of their fiduciary duty as directors. Under
Delaware law, the directors have a fiduciary duty to us which is not eliminated
by this provision of our certificate and, in appropriate circumstances,
equitable remedies such as injunctive or other forms of nonmonetary relief will
remain available. In addition, each director will continue to be subject to
liability under Delaware law for breach of their duty of loyalty to us for acts
or omissions which are found by a court of competent jurisdiction to be not in
good faith or which involve intentional misconduct, or knowing violations of
law, for actions leading to improper personal benefit to the director, and for
payment of dividends or approval of stock repurchases or redemptions that are
prohibited by Delaware law. This provision also does not affect the directors'
responsibilities under any other laws, such as the federal securities laws or
state or federal environmental laws.
Section 145 of the Delaware General Corporation Law allows a corporation to
indemnify its directors and officers and to purchase insurance with respect to
liability arising out of their capacity or status as directors and officers,
provided that the indemnification does not eliminate or limit the liability of
a director for the following:
. any breach of the director's duty of loyalty to us or our stockholders;
. acts or omissions not in good faith or which involve intentional
misconduct or a knowing violation of law;
. unlawful payments of dividends or unlawful stock purchases or
redemptions; and
. any transaction from which the director derived an improper personal
benefit.
Delaware law further provides that the permitted indemnification shall not be
deemed exclusive of any other rights to which the directors and officers may be
entitled under our bylaws, any agreement, a vote of stockholders or otherwise.
Our certificate eliminates the personal liability of directors to the fullest
extent permitted by Delaware law. In addition, our certificate provides that we
may fully indemnify any person who was or is a party, or is threatened to be
made a party to, any threatened, pending or completed action, suit or
proceeding, whether civil, criminal, administrative or investigative, by reason
of the fact that such person is or was one of our directors or officers or is
or was serving at our request as a director or officer of another corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise,
against expenses, including attorney's fees, judgments, fines and amounts paid
in settlement actually and reasonably incurred by such person in connection
with such action, suit or proceeding.
We have also entered into agreements to indemnify our directors and executive
officers, in addition to the indemnification provided for in our bylaws. We
believe that these provisions and agreements are necessary to attract and
retain qualified directors and executive officers. Our bylaws also permit us to
secure insurance on behalf of any officer, director, employee or other agent
for any liability arising out of his or her actions, regardless of whether
Delaware law would permit indemnification. We have applied for liability
insurance for our officers and directors.
At present, there is no pending litigation or proceeding involving any
director, officer, employee or agent as to which indemnification will be
required or permitted under the certificate. We are not aware of any threatened
litigation or proceeding that may result in a claim for such indemnification.
Transfer Agent and Registrar
The transfer agent and registrar for the common stock is American Stock
Transfer & Trust Company.
60
<PAGE>
Shares Eligible For Future Sale
Prior to this offering, there has not been any public market for our common
stock, and no prediction can be made as to the effect, if any, that market
sales of shares of our common stock or the availability of shares of our common
stock for sale will have on the market price of our common stock prevailing
from time to time. Nevertheless, sales of substantial amounts of our common
stock in the public market, or the perception that such sales could occur,
could adversely affect the market price of our common stock and could impair
our future ability to raise capital through the sale of our equity securities.
After this offering, we will have outstanding 11,464,185 shares of common
stock. Of these shares, the 3,800,000 shares being offered hereby are freely
tradable.
All of our directors and officers, stockholders, optionholders and
warrantholders, who, as of March 31, 1999, held a total of 9,639,876 shares of
our outstanding or issuable common stock have entered into lock-up agreements.
Under these lock-up agreements, they have agreed that they will not sell,
directly or indirectly, any shares of common stock without the prior written
consent of Volpe Brown Whelan & Company, LLC, for a period of 180 days from the
date of this prospectus. Of these shares, 7,664,881 become eligible for sale in
the public market 180 days after the date of this prospectus, subject in some
cases to volume limitations.
In general, under Rule 144, as currently in effect, a person or persons whose
shares are required to be aggregated, including an affiliate, who has
beneficially owned shares for at least one year is entitled to sell, within any
three-month period commencing 90 days after the date of this prospectus, a
number of shares that does not exceed the greater of:
. 1% of the then outstanding shares of common stock (approximately 115,000
shares immediately after this offering) or
. the average weekly trading volume in the common stock during the four
calendar weeks preceding the date on which notice of such sale is filed,
subject to restrictions.
In addition, a person who is not deemed to have been our affiliate at any
time during the 90 days preceding a sale and who has beneficially owned the
shares proposed to be sold for at least two years would be entitled to sell
such shares under Rule 144(k) without regard to the requirements described
above. To the extent that shares were acquired from one of our affiliates, such
person's holding period for the purpose of effecting a sale under Rule 144
commences on the date of transfer from the affiliate.
As of March 31, 1999, options to purchase a total of 1,819,409 shares of
common stock were outstanding, of which options to purchase 482,547 shares were
exercisable. Of the options to purchase 1,336,862 shares of common stock that
were not exercisable, options to purchase 139,365 shares of common stock shall
immediately vest and become exercisable upon the closing of this offering. Upon
the closing of this offering, we intend to file a registration statement to
register for resale the 2,789,181 shares of common stock reserved for issuance
either under our stock option plans or underlying options granted outside of
our plans. We expect such registration statement to become effective
immediately upon filing. Shares issued upon the exercise of stock options
granted under our stock option plans will be eligible for resale in the public
market from time to time subject to vesting and the expiration of the lock-up
agreements referred to above. 31,907 shares have already been issued upon
exercise of options granted under our plans. These shares may be freely
tradable subject to the requirements of Rule 701 and contractual obligations
beginning 180 days after the date of this prospectus.
As of March 31, 1998, preferred stockholders and warrantholders holding
approximately 4,286,933 shares of outstanding or issuable common stock had the
right to include their shares in registration statements relating to our
securities. In addition, up to 71,883 shares of common stock issuable upon
exercise of warrants issued to Silicon Valley Bank in April of 1999 have
registration rights. By exercising their registration rights and causing a
large number of shares to be registered and sold in the public market, these
holders may cause the price of the common stock to fall. In addition, any
demand to include such shares in our future registration statements could have
a material adverse effect on our ability to raise needed capital. Please see
"Management--Benefit Plans," "Principal and Selling Stockholders," "Description
of Securities--Registration Rights," "Shares Eligible for Future Sale" and
"Underwriting."
61
<PAGE>
Underwriting
Under the terms and conditions contained in an underwriting agreement among
the underwriters and us, each of the underwriters, for whom Volpe Brown Whelan
& Company, LLC, EVEREN Securities, Inc. and Needham & Company, Inc., are acting
as representatives, have severally agreed to purchase from us the number of
shares of common stock set forth opposite its name below:
<TABLE>
<CAPTION>
Number of
Underwriter Shares
----------- ---------
<S> <C>
Volpe Brown Whelan & Company, LLC..................................
EVEREN Securities, Inc. ...........................................
Needham & Company, Inc. ...........................................
---------
Total.......................................................... 3,800,000
=========
</TABLE>
The underwriting agreement provides that the obligations of the several
underwriters to purchase shares of common stock are subject to approval of
legal matters by their counsel and to other conditions. Under the terms and
conditions of the underwriting agreement, all of the underwriters are obligated
to take and pay for all such shares of common stock if any are taken.
The underwriters propose initially to offer the shares of common stock
directly to the public at the public offering price set forth on the cover page
of this prospectus and to certain dealers at such price, less a concession not
in excess of $ per share. The underwriters may allow, and such dealers
may reallow, concessions not in excess of $ per share of the common
stock to certain other dealers. After the initial public offering of the common
stock, the offering price of the common stock and other selling terms may be
changed by the underwriters. The underwriters expect to deliver the shares
against payment in San Francisco, California on , 1999.
Pursuant to the underwriting agreement, we, together with the selling
stockholders, have granted to the underwriters an option, exercisable for 30
days from the date of this prospectus, to purchase up to 570,000 additional
shares of common stock on the same terms and conditions as set forth on the
cover page of this prospectus. The underwriters may exercise this option solely
to cover over-allotments. To the extent such option is exercised, each
underwriter will have a commitment, subject to certain conditions, to purchase
a number of additional shares of common stock proportionate to such
underwriter's initial commitment pursuant to the underwriting agreement.
From the date of this prospectus until 180 days after such date, we and all
of our stockholders, officers and directors have agreed not to offer, sell,
contract to sell, make any short sale, pledge or otherwise dispose of, directly
or indirectly, any shares of common stock or any options to acquire shares of
common stock or securities convertible into or exchangeable for any other
rights to purchase or acquire common stock or enter into any swap or other
agreements that transfers, in whole or in part, any of the economic
consequences or ownership of common stock, without the prior consent of Volpe
Brown Whelan & Company, LLC.
The underwriters have reserved for sale, at the initial public offering
price, 190,000 shares of common stock for certain of our directors, officers,
employees, friends and family who have expressed an interest in purchasing
shares of common stock in this offering. Such persons are expected to purchase,
in the aggregate, not more than 5% of the common stock offered in this
offering. The number of shares available for sale to the general public in this
offering will be reduced to the extent such persons purchase such reserved
shares. Any reserved shares not purchased will be offered by the underwriters
on the same basis as other shares offered hereby.
We and the selling stockholders have agreed to indemnify the underwriters
against certain liabilities, losses and expenses, including liabilities under
the Securities Act of 1933, or to contribute to payments that the underwriters
may be required to make in respect thereof.
62
<PAGE>
Prior to this offering, there has been no public market for our common stock.
The initial public offering price for the shares of common stock in this
offering was determined by agreement between us and the underwriters. Among the
factors considered in making such determination were the history of, and the
prospects for, the industry in which we compete, an assessment of our
management, our present operations, our historical results of operations and
the trend of our revenues and earnings, our prospects for future earnings, the
general condition of the securities markets at the time of this offering and
the price of similar securities of generally comparable companies. We cannot
assure you that an active trading market will develop for our common stock or
that our common stock will trade in the public markets at or above the initial
public offering price.
In order to facilitate this offering, certain persons participating in this
offering may engage in transactions that stabilize, maintain or otherwise
affect the price of the common stock during and after this offering.
Specifically, the underwriters may over-allot or otherwise create a short
position in the common stock for their own account by selling more shares of
common stock than have been sold to them by us. The underwriters may elect to
cover any such short position by purchasing shares of common stock in the open
market or by exercising the over-allotment option granted to the underwriters.
In addition, the underwriters may stabilize or maintain the price of the common
stock by bidding for or purchasing shares of common stock in the open market
and may impose penalty bids, under which selling concessions allowed to
syndicate members or other broker-dealers participating in this offering are
reclaimed if shares of common stock previously distributed in this offering are
repurchased in connection with stabilization transactions or otherwise. The
effect of these transactions may be to stabilize or maintain the market price
at a level above that which might otherwise prevail in the open market. The
imposition of a penalty bid may also affect the price of the common stock to
the extent that it discourages resales thereof. No representation is made as to
the magnitude or effect of any such stabilization or other transactions. Such
transactions may be effected on the Nasdaq National Market or otherwise and, if
commenced, may be discontinued at any time.
63
<PAGE>
Legal Matters
The validity of the shares of common stock offered hereby will be passed upon
for us by Brobeck, Phleger & Harrison LLP, San Diego, California and for the
underwriters by Katten Muchin & Zavis, Chicago, Illinois.
Experts
Ernst & Young LLP, independent auditors, have audited our financial
statements and schedule included in this prospectus as of December 31, 1997 and
1998 and for each of the three years in the period ended December 31, 1998, as
set forth in their report, which is included in this prospectus. In addition,
Ernst & Young LLP have audited the financial statements of REALBID, LLC
included in this prospectus as of December 31, 1997 and for the period from its
inception on June 19, 1997 to December 31, 1997, as set forth in their report,
which is also included in this prospectus. Our financial statements and the
financial statements of REALBID, LLC are included in this prospectus in
reliance on Ernst & Young LLP's reports, given on their authority as experts in
accounting and auditing.
Where You Can Find More Information
We have filed with the SEC a registration statement on Form S-1 including the
exhibits, schedules and amendments to the registration statement under the
Securities Act of 1933 with respect to the shares of common stock to be sold in
this offering. This prospectus does not contain all the information set forth
in the registration statement. For further information with respect to COMPS
and the shares of common stock to be sold in this offering, please refer to the
registration statement. All material terms of each contract, agreement or other
document are described in this prospectus. However, statements contained in
this prospectus as to the contents of any contract, agreement or other document
referred to are not necessarily complete, and in each instance reference is
made to the copy of such contract, agreement or other document filed as an
exhibit to the registration statement, each such statement being qualified by
such reference.
You may read and copy all or any portion of the registration statement or any
other information we file at the SEC's public reference room at 450 Fifth
Street, N.W., Washington, D.C. 20549. You can request copies of these
documents, upon payment of a duplicating fee, by writing to the SEC. Please
call the SEC at 1-800-SEC-0330 for further information on the operation of the
public reference rooms. Our SEC filings, including the registration statement,
are also available to you on the Commission's Web site: http://www.sec.gov.
As a result of this offering, we will become subject to the information and
reporting requirements of the Securities Exchange Act of 1934, and, in
accordance therewith, will file periodic reports, proxy statements and other
information with the SEC.
We intend to furnish our stockholders with annual reports containing audited
financial statements and with quarterly reports for the first three quarters of
each year containing unaudited interim consolidated financial information.
64
<PAGE>
Index to Financial Statements
<TABLE>
<CAPTION>
Page
----
<S> <C>
COMPS.COM, Inc.
Report of Ernst & Young LLP, Independent Auditors......................... F-2
Balance Sheets as of December 31, 1997 and 1998........................... F-3
Statements of Operations for the years ended December 31, 1996, 1997 and
1998..................................................................... F-4
Statements of Stockholders' Deficit for the years ended December 31, 1996,
1997 and 1998............................................................ F-5
Statements of Cash Flows for the years ended December 31, 1996, 1997 and
1998..................................................................... F-6
Notes to Financial Statements............................................. F-7
REALBID, LLC
Report of Ernst & Young LLP, Independent Auditors......................... F-22
Statements of Operations for the period from June 19, 1997 (inception) to
December 31, 1997 and the nine-month period ended September 30, 1998
(unaudited).............................................................. F-23
Statements of Members' Equity (Deficit) for the period from June 19, 1997
(inception) to December 31, 1997 and the nine-month period ended
September 30, 1998 (unaudited)........................................... F-24
Statements of Cash Flows for the period from June 19, 1997 (inception) to
December 31, 1997 and the nine-month period ended September 30, 1998
(unaudited).............................................................. F-25
Notes to Financial Statements............................................. F-26
Unaudited Pro Forma Condensed Statements of Operations
Unaudited Pro Forma Condensed Statement of Operations..................... F-28
Notes to Unaudited Pro Forma Condensed Statement of Operations............ F-29
</TABLE>
F-1
<PAGE>
Report of Ernst & Young LLP, Independent Auditors
The Board of Directors
COMPS.COM, Inc.
We have audited the accompanying balance sheets of COMPS.COM, Inc. as of
December 31, 1997 and 1998, and the related statements of operations,
stockholders' deficit and cash flows for each of the three years in the period
ended December 31, 1998. These financial statements are the responsibility of
the Company's management. Our responsibility is to express an opinion on these
financial statements based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the financial position of COMPS.COM, Inc. at December
31, 1997 and 1998, and the results of its operations and its cash flows for
each of the three years in the period ended December 31, 1998 in conformity
with generally accepted accounting principles.
Ernst & Young LLP
San Diego, California
February 5, 1999,
except for Note 15, as to which the date is
April 12, 1999
F-2
<PAGE>
COMPS.COM, Inc.
Balance Sheets
<TABLE>
<CAPTION>
Pro Forma
December 31, Stockholders'
------------------------ Deficit at
1997 1998 December 31, 1998
---------- ------------ -----------------
(Unaudited)
<S> <C> <C> <C>
Assets
Current assets:
Cash and cash equivalents......... $ 351,621 $ 377,803
Accounts receivable, less
allowance for bad debts and
cancellations of $1,384,242 and
$1,464,922 at December 31, 1997
and 1998, respectively........... 2,298,167 3,165,817
Prepaid expenses.................. 146,363 184,520
---------- ------------
Total current assets............... 2,796,151 3,728,140
Furniture and equipment, net....... 1,203,750 1,470,538
Intangible assets, net............. 53,485 3,179,361
Deposits and other assets.......... 37,450 36,249
---------- ------------
Total assets....................... $4,090,836 $ 8,414,288
========== ============
Liabilities, redeemable preferred
stock and stockholders' deficit
Current liabilities:
Accounts payable.................. $ 358,638 $ 530,860
Accrued liabilities............... 934,953 1,019,647
Current portion of long-term
debt............................. 467,203 979,208
Current portion of capital lease
obligations...................... 65,101 49,343
Deferred subscription revenue..... 4,023,228 5,502,869
---------- ------------
Total current liabilities.......... 5,849,123 8,081,927
Long-term debt, less current
portion........................... 1,750,372 1,100,628
Capital lease obligations, less
current portion................... 71,955 22,612
Deferred rent...................... 108,906 71,187
---------- ------------
Total liabilities.................. 7,780,356 9,276,354
Commitments
Redeemable convertible preferred
stock, par value $.01 per share;
5,000,000 shares authorized:
Series A, 4,270,336 shares issued
and outstanding at December 31,
1997 and 1998.................... 5,815,806 6,114,730 $ --
Series B, 637,790 shares issued
and outstanding at December 31,
1998............................. -- 893,912 --
Stockholders' deficit:
Class A common stock, par value
$.01 per share; 16,503,750 shares
authorized; 3,501,626 shares
issued and outstanding (at stated
value) at December 31, 1997 and
1998 (7,133,643 pro forma--
unaudited)....................... 29,219 29,219 65,655
Class B common stock, par value
$.01 per share; 1,833,750 shares
authorized; 31,907 shares issued
and outstanding at December 31,
1998 (0 pro forma--unaudited).... -- 435 --
Additional paid-in capital....... -- 7,745,392 14,718,033
Warrants......................... -- 398,000 398,000
Deferred compensation............ -- (4,487,019) (4,487,019)
Accumulated deficit.............. (9,534,545) (11,556,735) (11,556,735)
---------- ------------ ------------
Total stockholders' deficit........ (9,505,326) (7,870,708) $ (862,066)
---------- ------------ ============
Total liabilities, redeemable
preferred stock and stockholders'
deficit........................... $4,090,836 $ 8,414,288
========== ============
</TABLE>
See accompanying notes.
F-3
<PAGE>
COMPS.COM, Inc.
Statements of Operations
<TABLE>
<CAPTION>
Years ended December 31,
-------------------------------------
1996 1997 1998
----------- ----------- -----------
<S> <C> <C> <C>
Net revenues............................ $ 8,706,935 $10,866,736 $12,899,746
Cost of revenues........................ 4,356,973 5,053,998 5,767,812
----------- ----------- -----------
Gross profit............................ 4,349,962 5,812,738 7,131,934
Operating expenses:
Selling and marketing................. 2,812,596 3,407,906 4,230,006
Product development and engineering... 376,331 768,051 1,233,462
General and administrative............ 3,401,513 2,942,326 3,067,864
----------- ----------- -----------
Total operating expenses................ 6,590,440 7,118,283 8,531,332
----------- ----------- -----------
Loss from operations.................... (2,240,478) (1,305,545) (1,399,398)
Other:
Gain from termination of covenant not-
to-compete........................... 58,396 -- --
Interest income....................... 34,616 16,650 42,595
Interest expense...................... (159,905) (268,290) (302,152)
----------- ----------- -----------
Net loss................................ (2,307,371) (1,557,185) (1,658,955)
Dividend accretion on preferred stock... 298,924 298,924 453,685
----------- ----------- -----------
Net loss attributable to common
stockholders........................... $(2,606,295) $(1,856,109) $(2,112,640)
=========== =========== ===========
Net loss per share attributable to
common stockholders, basic and
diluted................................ $ (0.74) $ (0.53) $ (0.60)
=========== =========== ===========
Shares used in computing net loss
attributable to common stockholders,
basic and diluted...................... 3,501,626 3,501,626 3,517,056
=========== =========== ===========
Pro forma net loss per share, basic and
diluted................................ $ (0.23)
===========
Shares used in computing pro forma net
loss per share, basic and diluted...... 7,067,180
===========
</TABLE>
See accompanying notes.
F-4
<PAGE>
COMPS.COM, Inc.
Statements of Stockholders' Deficit
<TABLE>
<CAPTION>
Common Stock
------------------------------- Additional Total
Class A Class B Paid-In Deferred Accumulated Stockholders'
Shares Amount Shares Amount Capital Warrants Compensation Deficit Deficit
--------- ------- ------ ------ ---------- -------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Balance at December 31,
1995................... 3,501,626 $29,219 -- $ -- $ -- $ -- $ -- $ (5,072,141) $(5,042,922)
Accretion of preferred
stock redemption
value................. -- -- -- -- -- -- -- (298,924) (298,924)
Net loss............... -- -- -- -- -- -- -- (2,307,371) (2,307,371)
--------- ------- ------ ----- ---------- -------- ----------- ------------ -----------
Balance at December 31,
1996................... 3,501,626 29,219 -- -- -- -- -- (7,678,436) (7,649,217)
Accretion of preferred
stock redemption
value................. -- -- -- -- -- -- -- (298,924) (298,924)
Net loss............... -- -- -- -- -- -- -- (1,557,185) (1,557,185)
--------- ------- ------ ----- ---------- -------- ----------- ------------ -----------
Balance at December 31,
1997................... 3,501,626 29,219 -- -- -- -- -- (9,534,545) (9,505,326)
Issuance of stock upon
exercise of options... -- -- 31,907 435 12,615 -- -- -- 13,050
Accretion of preferred
stock redemption
value................. -- -- -- -- -- -- -- (363,235) (363,235)
Warrants issued in
connection with Series
B preferred stock..... -- -- -- -- -- 398,000 -- -- 398,000
Accretion of warrants.. -- -- -- -- (90,450) -- -- -- (90,450)
Grant of stock options
in connection with
REALBID acquisition... -- -- -- -- 3,143,853 -- -- -- 3,143,853
Deferred compensation
related to grant of
certain stock
options............... -- -- -- -- 4,679,374 -- (4,679,374) -- --
Amortization of
deferred
compensation.......... -- -- -- -- -- -- 192,355 -- 192,355
Net loss............... -- -- -- -- -- -- -- (1,658,955) (1,658,955)
--------- ------- ------ ----- ---------- -------- ----------- ------------ -----------
Balance at December 31,
1998................... 3,501,626 $29,219 31,907 $ 435 $7,745,392 $398,000 $(4,487,019) $(11,556,735) $(7,870,708)
========= ======= ====== ===== ========== ======== =========== ============ ===========
</TABLE>
See accompanying notes.
F-5
<PAGE>
COMPS.COM, Inc.
Statements of Cash Flows
<TABLE>
<CAPTION>
Years ended December 31,
-------------------------------------
1996 1997 1998
----------- ----------- -----------
<S> <C> <C> <C>
Operating activities
Net loss................................ $(2,307,371) $(1,557,185) $(1,658,955)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities:
Depreciation and amortization......... 1,020,029 913,781 839,840
Deferred compensation................. -- -- 192,355
Provision for bad debts............... 566,242 456,291 261,843
Impairment loss on acquired
intangibles.......................... -- 183,233 --
Loss on disposal/write-off of assets.. -- 97,011 --
Interest imputed on note payable to
TRW REDI............................. -- 48,619 49,252
Gain from covenant not-to-compete..... (58,396) -- --
Changes in operating assets and
liabilities, net of effects from
acquisitions:
Accounts receivable................. (860,027) (946,624) (1,072,493)
Prepaid expenses.................... 50,916 (41,820) (27,969)
Deposits and other assets........... 23,414 3,767 (674)
Accounts payable.................... 82,033 (56,032) 172,222
Accrued liabilities................. 334,016 326,864 84,694
Deferred rent....................... 24,534 (19,172) (37,719)
Deferred subscription revenue....... 527,010 667,801 1,479,641
----------- ----------- -----------
Net cash provided by (used in) operating
activities............................. (597,600) 76,534 282,037
Investing activities
Maturities of marketable securities,
available-for-sale..................... 459,645 243,645 --
Purchases of furniture and equipment.... (592,278) (725,835) (933,876)
Purchase of TRW REDI and LSR............ -- (80,000) --
Purchase of REALBID, net of cash
acquired............................... -- -- (209,900)
Loans to employees, net of repayments... 1,285 (6,715) (10,188)
----------- ----------- -----------
Net cash used in investing activities... (131,348) (568,905) (1,153,964)
Financing activities
Proceeds from notes payable............. 1,411,879 742,800 300,000
Payments on notes payable............... (264,851) (384,683) (486,991)
Payments on capital lease obligations... (100,286) (91,664) (65,101)
Proceeds from sale of preferred stock,
net of issuance costs.................. -- -- 1,137,151
Proceeds from issuance of common stock.. -- -- 13,050
----------- ----------- -----------
Net cash provided by financing
activities............................. 1,046,742 266,453 898,109
----------- ----------- -----------
Net increase (decrease) in cash......... 317,794 (225,918) 26,182
Cash at beginning of year............... 259,745 577,539 351,621
----------- ----------- -----------
Cash at end of year..................... $ 577,539 $ 351,621 $ 377,803
=========== =========== ===========
Supplemental disclosures of cash flow
information:
Interest paid......................... $ 143,024 $ 244,877 $ 251,527
=========== =========== ===========
Income taxes paid..................... $ 5,563 $ 3,941 $ 3,712
=========== =========== ===========
Supplemental schedule of noncash
investing and financing activities:
Equipment financed under capital
leases............................... $ -- $ 30,806 $ --
=========== =========== ===========
</TABLE>
See accompanying notes.
F-6
<PAGE>
COMPS.COM, Inc.
Notes to Financial Statements
December 31, 1998
1. Organization and Significant Accounting Policies
Organization and Business Activity
COMPS.COM, Inc., formerly known as COMPS InfoSystems, Inc. (the Company),
compiles and maintains a national database of confirmed commercial real estate
information. The Company provides its customers with reports on sales of
office, industrial, retail, apartments, residential land, commercial land,
hotels, motels and other special use properties. As of December 31, 1998,
national coverage includes over 34 major markets throughout the United States.
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the amounts reported in financial statements and accompanying
notes. Actual results could differ from those estimates.
Cash Equivalents
The Company considers all highly liquid investments with a maturity of three
months or less when purchased to be cash equivalents.
Concentration of Credit Risk
The majority of sales and the related accounts receivable are from companies
dealing in the commercial real estate industry throughout the United States.
Credit is extended based upon an evaluation of the customer's financial
condition and generally collateral is not required. Reserves for doubtful
accounts are maintained by the Company. The Company has not experienced losses
in excess of its reserves.
Furniture and Equipment
Furniture and equipment are depreciated using the double-declining-balance
method over estimated useful lives of five and seven years, respectively.
Intangible Assets
Intangible assets arose primarily from the acquisition of REALBID, LLC (see
Note 2). The excess of cost over the fair value of the net assets purchased has
been allocated to goodwill, customer base, database and web site technology,
trademark and trade name and assembled work force. These intangible assets are
being amortized over estimated useful lives ranging from three to five years.
Asset Impairment
In accordance with Statement of Financial Accounting Standards No. 121,
Accounting for the Impairment of Long-Lived Assets and for Long Lived Assets to
be Disposed Of (SFAS 121), the Company recognizes impairment losses to be
recorded on long-lived assets used in operations when indicators of impairment
are present and the estimated undiscounted cash flows to be generated by those
assets are less than the assets' carrying amount. SFAS 121 also addresses the
accounting for long-lived assets that are expected to be disposed of. During
1997, the Company determined that the subscription base relating to its 1995
acquisitions was impaired because of lower than expected retention of the
purchased subscription base. Fair value of the assets
F-7
<PAGE>
COMPS.COM, Inc.
Notes to Financial Statements (continued)
1. Organization and Significant Accounting Policies (continued)
was calculated based on estimated future cash flows to be generated by the
remaining subscribers, discounted at a market rate of interest. This resulted
in a write-down of the acquired intangibles of approximately $183,000, which is
reflected in general and administrative expense on the statement of operations.
In 1996 and 1998, no impairment losses were recorded.
Stock-Based Compensation
The Company has elected to follow Accounting Principles Board Opinion No. 25
Accounting for Stock Issued to Employees (APB 25) and related Interpretations
in accounting for its employee stock options.
Revenue Recognition
The Company recognizes product and related services revenue at the time of
shipment or performance of services. A substantial portion of the Company's
revenues come from subscription sales. Subscriptions are recorded as accounts
receivable and as deferred revenues at the time the customer is invoiced.
Subscription revenue, net of reserve for cancellations, is recognized over the
subscription term.
Significant Customers
During 1996, 1997 and 1998, no single customer accounted for more than 10% of
revenues.
Product Development and Engineering
Costs incurred in the development of new software products and enhancements
to existing software products are expensed as incurred until technological
feasibility has been established. After technological feasibility is
established, any additional costs would be capitalized in accordance with
Statement of Financial Accounting Standards No. 86, Accounting for the Costs of
Computer Software to be Sold, Leased or Otherwise Marketed. Because the Company
believes that its current process for developing software is essentially
completed concurrently with the establishment of technological feasibility, no
software development costs have been capitalized to date. Other product
development and engineering costs are expensed in the period incurred.
Net Loss Per Share and Unaudited Pro Forma Stockholders' Deficit
Historical basic and diluted net loss per share are computed using the
weighted average number of Class A and Class B common shares outstanding. The
Class B non-voting common stock will automatically convert into Class A common
stock upon the closing of the Company's initial public offering. Options,
warrants and preferred stock were not included in the computation of diluted
net loss per share because the effect would be antidilutive.
Pro forma net loss per share has been computed as described above and also
gives effect to common equivalent shares from preferred stock that will
automatically convert upon the closing of the Company's initial public offering
(using the as-if-converted method). If the offering contemplated is
consummated, all of the redeemable convertible preferred stock outstanding as
of the closing date will automatically be converted into an aggregate of
3,600,110 shares of common stock. Unaudited pro forma stockholders' deficit at
December 31, 1998, as adjusted for the conversion of redeemable convertible
preferred stock, is disclosed on the balance sheet.
F-8
<PAGE>
COMPS.COM, Inc.
Notes to Financial Statements (continued)
1. Organization and Significant Accounting Policies (continued)
Net Loss Per Share and Unaudited Pro Forma Stockholders' Deficit (continued)
A reconciliation of shares used in the calculation of historical and pro
forma basic and diluted net loss per share attributable to common stockholders
follows:
<TABLE>
<CAPTION>
Year ended December 31,
-------------------------------------
1996 1997 1998
----------- ----------- -----------
<S> <C> <C> <C>
Historical net loss per share
attributable to common stockholders,
basic and diluted:
Net loss attributable to common
stockholders....................... $(2,606,295) $(1,856,109) $(2,112,640)
=========== =========== ===========
Shares used in computing net loss
attributable to common
stockholders, basic and diluted.... 3,501,626 3,501,626 3,517,056
=========== =========== ===========
Net loss per share attributable to
common stockholders, basic and
diluted............................ $ (0.74) $ (0.53) $ (0.60)
=========== =========== ===========
Antidilutive securities including
options, warrants, and preferred
stock, on an as-if-converted to
common stock basis, not included in
historical net loss per share
attributable to common stockholders
calculations....................... 4,040,618 4,216,175 6,036,660
=========== =========== ===========
Pro forma net loss per share:
Net loss attributable to common
stockholders....................... $(2,112,640)
Less: dividend accretion on
redeemable convertible preferred
stock.............................. 453,685
-----------
Pro forma net loss.................. $(1,658,955)
===========
Shares used in computing net loss
attributable to common
stockholders, basic and diluted.... 3,517,056
Adjustment to reflect the effect of
the assumed conversion of weighted
average shares of redeemable
convertible preferred stock........ 3,550,124
-----------
Shares used in computing pro forma
net loss per share, basic and
diluted............................ 7,067,180
===========
Pro forma net loss per share, basic
and diluted......................... $ (0.23)
===========
</TABLE>
Impact of Recently Issued Accounting Standards
In June 1997, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 130, Reporting Comprehensive Income (SFAS
130). SFAS 130 requires that all components of comprehensive income, including
net income, be reported in the financial statements in the period in which they
are recognized. SFAS 130 is effective for fiscal years beginning after December
15, 1997. There was no
F-9
<PAGE>
COMPS.COM, Inc.
Notes to Financial Statements (continued)
1. Organization and Significant Accounting Policies (continued)
Impact of Recently Issued Accounting Standards (continued)
difference between the Company's net loss and its total comprehensive loss for
the years ended December 31, 1996, 1997 and 1998.
In June 1997, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards, No. 131, Disclosures About Segments of an
Enterprise and Related Information (SFAS 131). SFAS 131 replace SFAS 14,
"Financial Reporting for Segments of a Business Enterprise" and changes the way
the public companies report segment information. SFAS 131 is effective for
fiscal years beginning after December 15, 1997 and has been adopted by the
Company for the year ending December 31, 1998.
In March 1998, the American Institute of Certified Public Accountants issued
Statement of Position 98-1 Accounting for the Costs of Computer Software
Developed or Obtained for Internal Use (SOP 98-1). This standard requires
companies to capitalize qualifying computer software costs which are incurred
during the application development stage and amortize them over the software's
estimated useful life. SOP 98-1 is effective for fiscal years beginning after
December 15, 1998. The Company is currently evaluating the impact of SOP 98-1
on its financial statements and related disclosures.
In April 1998, the American Institute of Certified Public Accountants issued
Statement of Position 98-5 Reporting for the Costs of Start-Up Activities (SOP
98-5). This standard requires companies to expense the cost of start-up
activities and organization costs as incurred. In general, SOP 98-5 is
effective for fiscal years beginning after December 15, 1998. The Company
believes the adoption of SOP 98-5 will not have a material impact on its
results of operations.
Reclassification
Reclassifications have been made to certain prior period amounts to conform
to the 1998 presentation.
2. Acquisitions
Experian RES
On November 30, 1997, the Company acquired the Experian RES investment
property publishing business in Georgia and Florida for $80,000. The purchase
price has been allocated to the assets purchased and the liabilities assumed
based upon the fair values at the date of acquisition as follows:
<TABLE>
<S> <C>
Current assets.................................................... $114,244
Subscription contracts............................................ 124,198
Deferred revenues................................................. (158,442)
--------
$ 80,000
========
</TABLE>
Deferred revenues represent liabilities assumed to fulfill subscription
contracts acquired from Experian. Deferred revenues will be recognized over the
subscription term as product is shipped. The subscription contracts represent
the estimated value of future revenue streams from renewals of subscription
contracts purchased. Experian RES is the successor-in-interest to TRW REDI and
based on the Company's 1995 acquisition of TRW REDI's investment property
publishing business, 50% of the subscription contracts were amortized in 1997
and the remaining 50% were amortized in 1998.
F-10
<PAGE>
COMPS.COM, Inc.
Notes to Financial Statements (continued)
2. Acquisitions (continued)
REALBID
On November 6, 1998, the Company acquired the assets of REALBID, LLC
(REALBID) a real estate marketing services company which supports commercial
real estate transactions over the Internet. The transaction was accounted for
as a purchase. The purchase price consisted of cash payments of $163,000 and
the grant of stock options to the principals to acquire 399,473 shares of the
Company's Class B non-voting common stock at $1.64 per share. The options were
valued using the minimum value method for option pricing with a risk-free
interest rate of 5%, dividend yield of 0% and an expected life of 5 years. The
fair value of the options was determined to be $7.87 per share as of the date
of the acquisition. As a result, the purchase price is calculated to be
$3,361,253 which includes acquisition costs of $54,400. The purchase price has
been allocated based on a valuation by an independent appraiser which was
performed in conjunction with management's best estimate of expected future
results. In addition, employment and incentive compensation agreements were
entered into with the two principals of REALBID. The purchase price has been
allocated as follows:
<TABLE>
<S> <C>
Current assets.................................................... $ 64,500
Intangible assets................................................. 3,296,753
----------
Net purchase price................................................ $3,361,253
==========
</TABLE>
The accompanying statements of operations reflect the operating results of
REALBID since the date of the acquisition. The pro forma unaudited results of
operations for the years ended December 31, 1997 and 1998, assuming the
purchase of REALBID has occurred on June 19, 1997 (date of inception of
REALBID) and January 1, 1998, respectively, are as follows:
<TABLE>
<CAPTION>
1997 1998
----------- -----------
<S> <C> <C>
Net revenues..................................... $10,465,436 $13,122,912
=========== ===========
Net loss attributable to common stockholders..... $(2,479,345) $(2,815,203)
=========== ===========
Net loss per share attributable to common
stockholders.................................... $ (0.71) $ (0.80)
=========== ===========
</TABLE>
AOBR, Inc.
On December 4, 1998, the Company agreed to acquire certain assets of AOBR,
Inc., subject to certain conditions, including completion of due diligence and
approval by the Company's Board of Directors. The transaction closed on January
7, 1999. The purchase price consisted of cash payments of $120,000 plus
acquisition costs of $9,200. The transaction will be recorded as a purchase and
the purchase price will be allocated to the acquired database, non-competition
agreement and goodwill. These intangibles will be amortized over two to five
years.
F-11
<PAGE>
COMPS.COM, Inc.
Notes to Financial Statements (continued)
3. Furniture and Equipment
Furniture and equipment are stated at cost and consist of the following at
December 31:
<TABLE>
<CAPTION>
1997 1998
----------- -----------
<S> <C> <C>
Machinery and equipment............................ $ 2,394,486 $ 3,200,644
Office furniture and fixtures...................... 87,559 141,877
Leasehold improvements............................. 150,553 223,953
----------- -----------
2,632,598 3,566,474
Accumulated depreciation........................... (1,428,848) (2,095,936)
----------- -----------
$ 1,203,750 $ 1,470,538
=========== ===========
</TABLE>
4. Intangibles Assets
Intangible assets consist of the following at December 31:
<TABLE>
<CAPTION>
1997 1998
-------- ----------
<S> <C> <C>
Customer base.......................................... $ -- $2,000,000
Goodwill............................................... 796,753
Database and web site technology....................... -- 300,000
Assembled workforce.................................... -- 100,000
Trademark and trade name............................... -- 100,000
Subscription contracts................................. 141,426 --
-------- ----------
141,426 3,296,753
Less accumulated amortization.......................... (87,941) (117,392)
-------- ----------
$ 53,485 $3,179,361
======== ==========
</TABLE>
Intangible assets are being amortized over the following useful lives:
goodwill, trademark and tradename--five years; assembled workforce--four years;
and customer base and database and web site technology--3 years. Subscription
contracts were amortized over two years.
During 1997, the Company determined that the subscription base relating to
the 1995 acquisitions of TRW REDI and The Land Sales Resource was impaired as a
result of lower than expected retention of the purchased subscription base.
Fair value of the assets was calculated based on estimated future cash flows to
be generated by the subscription base, discounted at a market rate of interest.
This resulted in a write-down of the acquired intangibles of $183,233, which is
reflected in general and administrative expense on the statement of operations.
5. Long-Term Debt
In September 1996, the Company entered into a $3.0 million loan agreement
with Venture Lending & Leasing, Inc. The terms of the agreement provide $1.5
million for fixed asset acquisition and $1.5 million as working capital.
Borrowings for fixed assets acquisition and working capital are due forty-eight
months and thirty-six months, respectively, from the date of disbursement. At
December 31, 1998, $541,750 is available for draw for general operations and
none is available for fixed asset acquisitions. The loan agreement originally
expired on June 30, 1998, but was extended during 1998 to June 30, 1999.
Notes payable to Venture Lending & Leasing, Inc. bear interest at 8.75% per
annum during the term and a one-time balloon interest payment of 15% of the
original principal amount is due upon completion of the term. The notes payable
are secured by all fixed assets of the Company with the exception of two notes
payable which are secured by all business assets of the Company.
F-12
<PAGE>
COMPS.COM, Inc.
Notes to Financial Statements (continued)
5. Long-Term Debt (continued)
Long-term debt consists of the following at December 31:
<TABLE>
<CAPTION>
1997 1998
---------- ----------
<S> <C> <C>
Note payable to Venture Lending & Leasing, Inc.
Principal and interest of $18,458 are due monthly
through August 1, 1999 with additional balloon interest
of $86,250 due October 1, 1999.......................... $ 378,636 $ 212,367
Note payable to Venture Lending & Leasing, Inc.
Principal and interest of $21,006 are due monthly
through August 1, 2000 with additional balloon interest
of $125,532 due October 1, 2000......................... 630,194 463,489
Note payable to Venture Lending & Leasing, Inc.
Principal and interest of $8,557 are due monthly through
February 1, 2001 with additional balloon interest of
$51,140 due April 1, 2001............................... 286,960 224,051
Note payable to Venture Lending & Leasing, Inc.
Principal and interest of $2,555 are due monthly through
October 1, 2001 with additional balloon interest of
$15,268 due December 1, 2001............................ 96,356 79,851
Note payable to Venture Lending & Leasing, Inc.
Principal and interest of $2,595 are due monthly through
October 1, 2001 with additional balloon interest of
$15,505 due January 1, 2002............................. 98,180 82,494
Note payable to Venture Lending & Leasing, Inc.
Principal and interest of $2,931 are due monthly through
November 1, 2001 with additional balloon interest of
$17,514 due January 1, 2002............................. 110,301 93,431
Note payable to Venture Lending & Leasing, Inc.
Principal and interest of $2,672 are due monthly through
November 1, 2000 with additional balloon interest of
$12,486 due December 1, 2001............................ 77,473 59,709
Note payable to Venture Lending & Leasing, Inc.
Principal and interest of $9,630 are due monthly through
September 1, 2001 with additional balloon interest of
$45,000 due November 1, 2001............................ -- 275,717
Unsecured note payable to TRW REDI, due as follows:
$405,800 on December 1, 1999; $145,000 on December 1,
2000; and $135,000 on December 31, 2001. Interest is
imputed at 10% through December 1, 1999. Note bears
interest at 8% subsequent to December 1, 1999........... 539,475 588,727
---------- ----------
2,217,575 2,079,836
Less current portion..................................... 467,203 979,208
---------- ----------
Total long-term debt..................................... $1,750,372 $1,100,628
========== ==========
</TABLE>
F-13
<PAGE>
COMPS.COM, Inc.
Notes to Financial Statements (continued)
5. Long-Term Debt (continued)
Future annual payments of long-term debt are as follows at December 31, 1998:
<TABLE>
<S> <C>
1999........................................................... $ 979,208
2000........................................................... 659,738
2001........................................................... 423,812
2002........................................................... 17,078
----------
Total.......................................................... $2,079,836
==========
</TABLE>
6. Commitments
Leases
The Company leases its offices under operating leases which expire at various
dates through June 2002. Under these operating leases, the Company pays taxes,
insurance and maintenance expenses related to the premises. Certain of the
leases provide for increasing minimum annual rental amounts. Rent payable for
the Company's corporate headquarters office during the period from July 2000
through June 2002 will be determined based upon fair market rental value at
July 1, 2000. Rent expense is recorded evenly over the term of the lease.
Accordingly, deferred rent, as reflected on the accompanying balance sheets,
represents the difference between rent expense accrued and amounts paid under
the terms of the lease agreement. Rent expense for the years ended December 31,
1996, 1997 and 1998 totaled $410,705, $405,874 and $468,533, respectively.
The Company leases certain equipment under capital lease obligations. Cost
and accumulated depreciation of equipment under capital leases were $379,978
and $321,854, respectively, at December 31, 1998.
Future minimum lease payments under operating and capital leases at December
31, 1998 are as follows:
<TABLE>
<CAPTION>
Operating Capital
Leases Leases
--------- -------
<S> <C> <C>
1999...................................................... $513,505 $54,463
2000...................................................... 256,144 15,714
2001...................................................... 92,603 8,890
2002...................................................... 81,294 --
-------- -------
Total minimum lease payments.............................. $943,546 79,067
========
Less amount representing interest......................... 7,112
-------
Present value of minimum lease payments................... 71,955
Less current portion...................................... 49,343
-------
Noncurrent portion........................................ $22,612
=======
</TABLE>
Employment, Incentive Compensation, and Stock Agreements
The Company has employment and incentive compensation agreements with key
employees which grant these employees the right to receive bonuses and
incentive compensation upon certain events and circumstances as defined in the
agreements. The agreements provide for severance pay of three to eight months
in the event of termination of employment.
F-14
<PAGE>
COMPS.COM, Inc.
Notes to Financial Statements (continued)
7. Information Sharing Agreement
The Company has agreements to license its database to other information
service providers for licensing through their computer networks. Under the
agreements, the Company receives a certain percentage of the related annual
gross receipts earned by these other service providers. In addition, neither
the Company nor the other service providers shall develop competing products
during the term of the agreement. The Company earned $307,381, $163,341 and
$41,185 under the agreements during the years ended December 31, 1996, 1997 and
1998, respectively.
8. Redeemable Convertible Preferred Stock
During 1994, the Company sold 4,270,336 shares of Series A convertible
redeemable preferred stock and warrants to purchase 278,634 shares of Class B
common stock at $0.0136 per share (Note 10), for $4,856,758, net of issuance
costs of $143,242. The holders of the Series A preferred stock are entitled to
receive cumulative dividends at an annual rate of $0.07 per share, payable at
the time of: 1) repurchase of Series A preferred stock; 2) liquidation of the
Company; or 3) sale of the Company's securities pursuant to an underwritten
public offering. The right to such dividends will be forfeited in the event of
either a repurchase of all of the outstanding shares of Series A preferred
stock or a liquidation if the holders of the Series A preferred stock are
entitled to receive in excess of $3.52 per share prior to the payment of
dividends or upon a public offering of not less than $10 million at a purchase
price of not less than $4.80 per share (after a 1-for-.7335 reverse stock
split). Holders of Series A preferred stock have a liquidation preference of
$1.17 per share plus all accumulated but unpaid dividends.
In February 1998, the Company sold 637,790 shares of Series B redeemable
convertible preferred stock and warrants to purchase 224,522 shares of Class B
common stock and 27,381 shares of Class A common stock at $0.0136 per share
(Note 10), for $1,137,151, net of issuance costs of $12,849. The holders of the
Series B preferred stock are entitled to receive cumulative dividends at an
annual rate of $0.11 per share, payable at the time of 1) repurchase of Series
A or Series B preferred stock; 2) liquidation of the Company; or 3) sale of the
Company's securities pursuant to an underwritten public offering. The right to
such dividends will be forfeited in the event of a repurchase of all of the
outstanding shares of Series B preferred stock or a liquidation if the holders
of the Series B preferred stock are entitled to receive in excess of $3.83 per
share prior to the payment of dividends or upon a public offering of not less
than $10 million at a purchase price of not less than $5.22 per share (after a
1-for-.7335 reverse stock split). Holders of Series B preferred stock have a
liquidation preference of $1.80 per share plus all accumulated but unpaid
dividends.
The Series A and Series B preferred stock is convertible at the option of the
holder into an equal number of shares of Class A common stock. The holders of
preferred and Class A common stock vote together as a class on all matters to
be voted on by the shareholders of the Company, with each holder of preferred
stock entitled to one vote for each share held.
A summary of the redeemable convertible preferred stock and the liquidation
and redemption values at December 31, 1998 are as follows:
<TABLE>
<CAPTION>
Liquidation Redemption
Shares Preference Value
--------- ----------- ----------
<S> <C> <C> <C>
Series A preferred stock................... 4,270,336 $5,000,000 $6,257,972
Series B preferred stock................... 637,790 1,150,000 1,214,311
--------- ---------- ----------
Total...................................... 4,908,126 $6,150,000 $7,472,283
========= ========== ==========
</TABLE>
F-15
<PAGE>
COMPS.COM, Inc.
Notes to Financial Statements (continued)
9. Repurchase Agreement
As part of the issuance of Series A and Series B redeemable convertible
preferred stock and Class B common stock warrants, (see Note 10), the Company
granted the purchasers a "put option" in which the Company is required to
repurchase the shares held by the purchasers; the repurchase is required to
take place in October 2001 or earlier if an event such as a liquidation or
merger or acquisition occurs and there is a 50% change in the holders of voting
securities. The repurchase price is the greater of the original purchase price
plus accrued dividends or fair market value of the shares held. This put option
is terminated if the Company has a public offering of its shares in which the
Company's gross proceeds are at least $10 million and the per share price is
not less the $4.80 for the Series A preferred stock and $5.22 for the Series B
preferred stock (after a 1-for-.7335 reverse stock split).
The purchasers have also been granted registration rights in certain
conditions and a right of first refusal in the event the Company intends to
sell shares in a private transaction.
10. Stockholders' Deficit
Common Stock
The Class A and Class B common stock shall have the same rights and
privileges except that the Class B common stock shall not have any right to
vote. Additionally, each share of Class B common stock shall automatically
convert into one share of Class A common stock upon the earlier of the time of
consent of the holders of at least 66 2/3% of the outstanding Class A common
stock to the conversion is obtained or upon the closing of a public offering.
Warrants
In connection with the issuance of the Series A redeemable preferred stock,
the Company issued warrants to purchase 278,634 shares of Class B common stock
at $.0136 per share. The warrants may be exercised in whole or in part on the
earlier to occur of one day prior to the closing of a liquidity event, as
defined in the agreement, or October 14, 2001. The warrants expire on October
14, 2004. The Company estimated the fair value of the warrant using the minimum
value option pricing model, however, no value was allocated to the warrant as
the estimated fair value was nominal.
In connection with the issuance of the Series B redeemable preferred stock,
the Company issued warrants to purchase 224,522 shares of Class B common stock
and 27,381 shares of Class A common stock at $0.0136 per share. The warrants to
purchase Class B common stock are exercisable at the earlier of (i) one day
prior to the closing or effective time of a liquidity event, as defined in the
warrant agreement, or (ii) October 14, 2001. The warrant to purchase Class A
Common Stock is immediately exercisable. All warrants issued in connection with
the Series B Preferred Stock expire on February 6, 2008. The Company estimated
the fair value of the warrants to be $398,000 using the minimum value option
pricing model with a risk-free interest rate of 5.5%, dividend yield of 0% and
a weighted average expected life of three years.
In connection with the loan agreement with Venture Lending & Leasing, Inc.
(see Note 5), the Company issued a warrant to purchase 156,285 shares of the
Company's Class B common stock at $2.40 per share, subject to antidilutive
adjustments. The warrant expires on September 24, 2003. The Company estimated
the fair value of the warrant using the minimum value option pricing model,
however, no value was allocated to the warrant as the estimated fair value was
nominal.
F-16
<PAGE>
COMPS.COM, Inc.
Notes to Financial Statements (continued)
10. Stockholders' Deficit (continued)
Stock Options
In November 1998, the Company replaced its amended and restated stock option
plan (Old Plan), under which options to purchase 739,368 shares of Class B
common stock were outstanding, with the 1998 Equity Participation Plan and the
1998 Supplemental Option Plan (the 1998 Plans). Under the 1998 Plans, both
incentive stock options and non-qualified stock options to purchase Class B
common stock may be issued to key employees, board members and consultants of
the Company. The aggregate number of shares which the Company is authorized to
issue under the 1998 Plans, together with the aggregate number of shares which
may be issued under the Old Plan, is 2,047,993. Options granted under the Plans
generally vest over five years, except for options issued to independent
directors under the 1998 Plans which vest over four years, and are exercisable
for a period of ten years from the date of grant. The board of directors may,
in its discretion, accelerate the period during which an option granted to an
employee or consultant vests. Generally, stock options are granted at a price
which approximates the fair value of the shares at the date of grant as
determined by the board of directors.
The following table summarizes stock option activity:
<TABLE>
<CAPTION>
Weighted
Average
Exercise
Shares Price
--------- --------
<S> <C> <C>
Outstanding at December 31, 1995......................... 520,718 $0.41
Granted................................................ 86,412 $0.41
Canceled............................................... (133,723) $0.41
---------
Outstanding at December 31, 1996......................... 473,407 $0.41
Granted................................................ 244,872 $0.41
Canceled............................................... (69,316) $0.41
---------
Outstanding at December 31, 1997......................... 648,963 $0.41
Granted................................................ 1,143,673 $1.57
Exercised.............................................. (31,907) $0.41
Canceled............................................... (11,002) $0.89
--------- -----
Outstanding at December 31, 1998......................... 1,749,727 $1.17
=========
</TABLE>
Included above are options to purchase a total of 109,860 shares of common
stock which were issued outside of the Plans, of which 88,772 shares were
issued to a principal of REALBID (Note 2). The remaining 21,088 were issued to
a consultant in February 1995. No value was assigned to the February 1995
options as the estimated fair value was nominal. In addition, 139,365 of the
options granted in 1997 will become fully vested upon the closing of an initial
public offering.
At December 31, 1998, options to purchase 498,503 shares (including 101,425
shares related to options granted outside the Plans) are exercisable and
376,219 shares are available for future grant.
All options granted during 1998 had exercise prices below the deemed fair
value of the Company's common stock. Through December 31, 1998, the Company
recorded deferred compensation expense for the difference between the exercise
price and the fair value for financial statement presentation purposes of the
Company's common stock, as determined in part by an independent valuation, for
options granted during 1998. This deferred compensation aggregates to
$4,679,374, which is being amortized over the vesting period of the related
options. Amortization during 1998 was $192,355.
F-17
<PAGE>
COMPS.COM, Inc.
Notes to Financial Statements (continued)
10. Stockholders' Deficit (continued)
Stock Options (continued)
Following is a further breakdown of the options outstanding as of December
31, 1998:
<TABLE>
<CAPTION>
Weighted average
Weighted average exercise price of
Range of Options remaining life Weighted average Options options
Exercise Prices Outstanding in years exercise price exercisable exercisable
- --------------- ----------- ---------------- ---------------- ----------- -----------------
<S> <C> <C> <C> <C> <C>
$0.41-$0.61 664,001 7.33 $0.42 256,955 $0.41
$1.36-$1.64 1,085,726 9.82 $1.62 241,549 $1.64
- ----------- --------- ---- ----- ------- -----
$0.41-$1.64 1,749,727 8.93 $1.17 498,504 $1.01
</TABLE>
Pro forma information regarding net loss is required by SFAS 123, and has
been determined as if the Company had accounted for its employee stock options
under the fair value method of that Statement. The fair value of the options
was estimated at the date of grant, using the "minimum value" method for option
pricing with the following weighted-average assumptions for options granted in
1996, 1997 and 1998: risk-free interest rate of 6%, 6% and 5.5%, respectively;
dividend yield of 0%; and a weighted-average expected life of options of five
years. The weighted-average fair value of options granted in 1996, 1997 and
1998 was $0.11, $0.11 and $0.38, respectively.
For purpose of pro forma disclosure, the estimated fair value of the options
is amortized to expense over the options' vesting period. The Company's pro
forma information is as follows:
<TABLE>
<CAPTION>
Year ended December 31,
----------------------------------------
1996 1997 1998
------------ ------------ ------------
<S> <C> <C> <C>
Pro forma net loss attributable to
common stockholders.............. $ (2,615,089) $ (1,867,929) $ (2,140,411)
Pro forma basic and diluted net
loss per share attributable to
common stockholders.............. $ (0.75) $ (0.53) $ (0.61)
</TABLE>
Common Stock Reserved for Issuance
At December 31, 1998, the Company has reserved shares of common stock for
future issuance as follows:
<TABLE>
<S> <C>
Stock options...................................................... 2,125,946
Preferred stock.................................................... 4,908,126
Warrants........................................................... 686,823
---------
7,720,895
=========
</TABLE>
11. Income Taxes
At December 31, 1998, the Company had federal and state tax net operating
loss carryforwards of approximately $4,942,000 and $2,494,000, respectively.
The difference between the federal and California tax loss carryforwards is
primarily attributable to the 50% limitation on California loss carryforwards.
The federal and California tax loss carryforwards begin expiring in 2009 and
1999, respectively, unless previously utilized.
Pursuant to Internal Revenue Code Section 382, use of the Company's net
operating loss carryforwards may be limited if a cumulative change in ownership
of more than 50% occurs within a three-year period.
F-18
<PAGE>
COMPS.COM, Inc.
Notes to Financial Statements (continued)
11. Income Taxes (continued)
Significant components of the Company's deferred tax assets at December 31,
1997 and 1998 are shown below. A valuation allowance of $1,679,000 has been
recognized to offset the deferred tax assets as realization of such assets is
uncertain.
<TABLE>
<CAPTION>
1997 1998
---------- ----------
<S> <C> <C>
Deferred tax assets:
Net operating loss carryforwards................... $1,343,000 $1,851,000
Other.............................................. 338,000 361,000
Amortization....................................... 464,000 463,000
---------- ----------
Total deferred tax assets............................ 2,145,000 2,675,000
Deferred tax liabilities:
Intangibles........................................ -- (996,000)
---------- ----------
Net deferred tax assets.............................. 2,145,000 1,679,000
Valuation allowance for deferred tax assets.......... (2,145,000) (1,679,000)
---------- ----------
Net deferred tax assets.............................. $ -- $ --
========== ==========
</TABLE>
12. Employee Benefit Plan
The Company has a 401(k) defined contribution employee benefit plan (the
"Plan") for the benefit of eligible employees, generally those who have
completed one year of service. The Company is not required to contribute to the
Plan. In 1996, the Company did not contribute to the Plan. Contributions
totaling $14,956 and $34,130 were charged to expense in 1997 and 1998,
respectively.
13. Related Party Transactions
The Company currently leases its corporate headquarters operating space from
a limited partnership whose general partner is a company owned by the President
and major stockholder of the Company. Another director and stockholder is a
limited partner of this limited partnership. Rent expense to this related party
of $253,684, $295,018 and $304,579 was incurred in 1996, 1997 and 1998,
respectively. The Company retains the consulting services of one of its board
of director members. Consulting expense to this related party of $57,000,
$11,580 and $25,780 was incurred in 1996, 1997 and 1998, respectively.
14. Reportable Segments
Description of the types of products and services from which each reportable
segment derives its revenues
The Company has two reportable segments: information services and
transactions support products. Revenues for the Company's information services
division are derived from licensing commercial real estate sales comparable
information on a subscription and ad-hoc basis. Revenues of $16,500 for
transaction support products were derived from REALBID, a marketing services
company acquired in November 1998 which supports commercial real estate
transactions over the Internet.
Measurement of segment profit or loss and segment assets
The Company evaluates performance and allocates resources based on profit or
loss from operations before income taxes. The accounting policies of the
reportable segments are the same as those described in the summary of
significant accounting policies.
F-19
<PAGE>
COMPS.COM, Inc.
Notes to Financial Statements (continued)
14. Reportable Segments (continued)
Factors management used to identify the enterprise's reportable segments
The Company's reportable segments are business units that offer different
products and services. The Company did not have reportable segments in prior
years, and therefore only the information for the year ended December 31, 1998
is included below.
<TABLE>
<CAPTION>
Year ended December 31, 1998
------------------------------------
Transaction
Information Support
Services Services Totals
----------- ----------- -----------
<S> <C> <C> <C>
Revenues from external customers..... $12,883,246 $ 16,500 $12,899,746
Intersegment revenues................ -- -- --
Interest expense..................... 302,152 -- 302,152
Depreciation and amortization
expense............................. 721,648 118,192 839,840
Segment profit (loss) before income
taxes............................... (1,255,495) (403,460) (1,658,955)
Other significant non cash item:
Deferred compensation on stock
options........................... 2,061,206 2,618,168 4,679,374
Segment assets
Fixed assets, net.................. 1,460,211 10,327 1,470,538
Intangible assets, net............. -- 3,179,361 3,179,361
Expenditures of long-lived assets.... 922,749 11,127 933,876
</TABLE>
15. Subsequent Events
In February 1999, the Company entered into a $1.8 million loan agreement with
Venture Lending & Leasing, Inc., under which the Company may purchase both
equipment and working capital. The borrowing base under the loan is limited to
$1.8 million or 80% of the Company's eligible accounts. The loan agreement
expires on March 31, 2000. Borrowings under the loan are due 36 months from the
date of disbursement.
In connection with the loan agreement, the Company issued a warrant to
purchase a certain number of shares of Class B non-voting common stock with an
aggregate exercise price of $225,000. The exercise price per share will be
based on an amount equal to the median of i) $2.46 and ii) the per share price
in the next round of equity financing. If there is no new equity financing done
within 18 months of the date of the loan agreement (February 12, 1999) the
exercise price will be $3.68. The Company will account for this warrant in
accordance with SFAS 123.
In February 1999, the Company entered into a new lease agreement for its
corporate headquarters. The new lease is with the same related party (see Note
13) and is effective February 1, 1999. The Company's prior lease, which was due
to expire in June 2002 and provided for monthly rent payments of $37,015 will
be canceled upon commencement of the new lease. The term of the new lease is 5
years, with the option to extend for five terms of two years each. The initial
monthly rent payment of $44,843 will be increased by 3 1/2% each year during
the original five year term. Upon commencement of each extension of the term,
monthly base rent will be adjusted to reflect the fair market rental value.
In February 1999, the Board of Directors adopted the 1999 Stock Incentive
Plan and the 1999 Employee Stock Purchase Plan. The plans are effective on the
date the underwriting agreement is signed in connection with the Company's
contemplated initial public offering. Shares reserved for issuance under the
1999 Stock Incentive Plan and the 1999 Employee Stock Purchase Plan total
2,800,000 and 300,000, respectively.
F-20
<PAGE>
COMPS.COM, Inc.
Notes to Financial Statements (continued)
15. Subsequent Events (continued)
In March 1999, the Company's Board of Directors approved an increase in the
authorized number of shares of preferred stock to 5,100,000. On April 1, 1999,
the Company's Board of Directors authorized a 1-for-.7335 reverse stock split
of the Company's common stock (unless otherwise noted, all share and per share
amounts included in the accompanying consolidated financial statements and
notes have been adjusted retroactively to give effect to the stock split) and
approved a decrease in the authorized number of common stock to 18,337,500.
In April 1999, the Company borrowed $3,000,000 from a bank. The loan matures
on the earlier to occur of April 2001 or the receipt by the Company of
$5,000,000 from an offering of its equity securities. This loan bears interest
at 13%. In connection with this loan, the Company issued warrants to purchase
up to 98,000 shares of preferred stock at prices ranging from $1.17 to $5.00
per share, depending on when the loan is repaid. The Company will account for
this warrant in accordance with SFAS 123.
F-21
<PAGE>
Report of Ernst & Young LLP, Independent Auditors
The Members
REALBID, LLC
We have audited the accompanying statements of operations, members' equity
(deficit) and cash flows of REALBID, LLC for the period from June 19, 1997
(inception) through December 31, 1997. These financial statements are the
responsibility of the Company's management. Our responsibility is to express an
opinion on these financial statements based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free of
material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable basis
for our opinion.
In our opinion, the financial statements referred to above present fairly, in
all material respects, the results of operations and cash flows of REALBID, LLC
for the period from June 19, 1997 (inception) through December 31, 1997, in
conformity with generally accepted accounting principles.
Ernst & Young LLP
San Diego, California
February 17, 1999
F-22
<PAGE>
REALBID, LLC
Statements of Operations
<TABLE>
<CAPTION>
For the
period from
June 19, 1997 For the nine-month
(inception) to period ended
December 31, 1997 September 30, 1998
----------------- ------------------
(unaudited)
<S> <C> <C>
Net revenues............................... $ 15,500 $ 196,666
Cost of revenues........................... 9,615 37,608
--------- ---------
Gross profit............................... 5,885 159,058
Operating expenses:
General and administrative............... 247,598 271,477
--------- ---------
Total operating expenses................... 247,598 271,477
--------- ---------
Net loss................................... $(241,713) $(112,419)
========= =========
</TABLE>
See accompanying notes.
F-23
<PAGE>
REALBID, LLC
Statements of Members' Equity (Deficit)
<TABLE>
<CAPTION>
Members' Total
Shares Members'
------------- Accumulated Equity
Shares Amount Deficit (Deficit)
------ ------ ----------- ---------
<S> <C> <C> <C> <C>
Issuance of members' shares.............. 8,000 $8,000 $ -- $ 8,000
Net loss for the period from June 19,
1997 (inception) to December 31, 1997... -- -- (241,713) (241,713)
----- ------ --------- ---------
Balance at December 31, 1997............. 8,000 8,000 (241,713) (233,713)
Net loss for nine-month period ended
September 30, 1998 (unaudited).......... -- -- (112,419) (112,419)
----- ------ --------- ---------
Balance at September 30, 1998
(unaudited)............................. 8,000 $8,000 $(354,132) $(346,132)
===== ====== ========= =========
</TABLE>
See accompanying notes.
F-24
<PAGE>
REALBID, LLC
Statements of Cash Flows
<TABLE>
<CAPTION>
For the
period from
June 19, 1997 For the nine-month
(inception) to period ended
December 31, 1997 September 30, 1998
----------------- ------------------
(unaudited)
<S> <C> <C>
Operating activities
Net loss................................. $(241,713) $(112,419)
Adjustments to reconcile net loss to net
cash provided by (used in) operating
activities:
Depreciation........................... -- 699
Provision for bad debts................ -- 10,000
Changes in operating assets and
liabilities:
Accounts receivable.................. -- (79,000)
Prepaid assets....................... -- (2,000)
Accounts payable..................... 1,797 13,331
Accrued liabilities.................. 150,000 187,000
--------- ---------
Net cash provided by (used in) operating
activities.............................. (89,916) 17,611
Financing activities
Payments on lease obligation............. -- (1,748)
Proceeds from member advances............ 83,510 12,704
Proceeds from issuance of members'
shares.................................. 8,000 --
--------- ---------
Net cash provided by financing
activities.............................. 91,510 10,956
--------- ---------
Net increase in cash and cash
equivalents............................. 1,594 28,567
Cash and cash equivalents at beginning of
period.................................. -- 1,594
--------- ---------
Cash and cash equivalents at end of
period.................................. $ 1,594 $ 30,161
========= =========
Supplemental disclosure of cash flow
information:
Interest paid............................ $ -- $ 176
Supplemental schedule of non cash
investing and financing activities:
Equipment financed under capital leases.. $ -- $ 8,713
</TABLE>
See accompanying notes.
F-25
<PAGE>
REALBID, LLC
Notes to Financial Statements
December 31, 1997
(Information subsequent to December 31, 1997 and pertaining to the nine-month
period ended September 30, 1998 is unaudited)
1. Organization and Summary of Significant Accounting Policies
Organization and Business Activities
REALBID, LLC (the "Company") is a California company with limited liability
status which was formed on June 19, 1997 and shall continue until June 30, 2047
or until dissolution in accordance with the terms of the Operating Agreement.
Each member's liability is limited pursuant to the Beverly-Killea Limited
Liability Company Act. The Company is a real estate marketing services company
which facilitates commercial property transactions using both the internet and
traditional communication technologies.
The Company's primary purpose is to provide computer on-line real estate
services, including market data, specific property information, buyer profiles
and a trading platform for private and public format transactions.
Basis of Presentation
The Company has an accumulated deficit at December 31, 1997 and has not yet
generated income from operations and thus needs to continue to raise cash to
fund future operations. Refer to Note 5 for subsequent event.
Unaudited Interim Financial Information
The financial statements for the nine months ended September 30, 1998 are
unaudited. The unaudited financial statements have been prepared on the same
basis as the audited financial statements, and in the opinion of management,
include all adjustments, consisting only of normal recurring adjustments,
necessary to state fairly the financial information set forth therein, in
accordance with generally accepted accounting principles.
Use of Estimates
The preparation of financial statements in conformity with generally accepted
accounting principles requires management to make estimates and assumptions
that affect the amounts of revenues and expenses reported during the period.
Actual results could differ from those estimates.
Cash and Cash Equivalents
The Company considers all highly liquid investments with a remaining maturity
of three months or less when acquired to be cash equivalents.
Equipment
Equipment is depreciated using the straight-line method over estimated useful
lives of three to five years.
Revenue Recognition
The Company recognizes revenue at the time of performance of services.
F-26
<PAGE>
REALBID, LLC
Notes to Financial Statements (continued)
(Information subsequent to December 31, 1997 and pertaining to the nine-month
period ended September 30, 1998 is unaudited)
1. Organization and Summary of Significant Accounting Policies (continued)
Profits and Losses and Distributions
Profits and losses of the Company are allocated to the members and
distributions are made in accordance with the Operating Agreement.
2. Commitments
During the nine months ended September 30, 1998, the Company leased its
facilities under two operating leases expiring on November 30, 1998 and
January 5, 1999, each of which was renewed for an additional six month term.
Rent expense totaled $8,490 for the period from June 19, 1997 through December
31, 1997 and $24,914 for the nine-month period ended September 30, 1998.
The Company leases certain equipment under capital leases obligations. The
leases expire on March 27, 2000 and August 23, 2000.
3. Related Party Transactions
Since inception and through the nine month period ended September 30, 1998,
two of the Company's members have loaned the Company funds to be used for
expenditures incurred by the Company in order to conduct business. At December
31, 1997 and at September 30, 1998, loan amounts due to members totaled $83,510
and $96,214, respectively.
4. Income Taxes
Under federal and California law, income or loss of limited liability
companies are passed through to the separate tax returns of the members.
Accordingly, no provision (benefit) for taxes based on income or losses is
shown in the accompanying financial statements.
5. Sale of Assets
On November 6, 1998, COMPS.COM Inc. purchased substantially all of the assets
of the Company for $163,000 and stock options granted to the members.
6. Year 2000 Compliance (Unaudited)
Many currently installed computer systems and software products are coded to
accept only two-digit entries in the date code field. Beginning in the year
2000, these date code fields will need to accept four-digit entries to
distinguish 21st century dates from 20th century dates. As a result, computer
systems and/or software used by many companies may need to be upgraded to
comply with such "Year 2000" requirements.
Significant uncertainty exists concerning the potential effects associated
with compliance. Although the Company believes that it is year 2000 compliant,
there can be no assurance that coding errors or other defects will not be
discovered in the future. Any year 2000 compliance problem of the Company, its
service providers, its customers or the Internet infrastructure could result in
a material adverse effect on the Company's business, operating results and
financial condition.
F-27
<PAGE>
COMPS.COM, Inc.
Unaudited Pro Forma Condensed Statement of Operations
On November 6, 1998, the Company acquired REALBID, LLC (REALBID) for
approximately $3.4 million, including acquisition costs. The unaudited pro
forma condensed statement of operations for the year ended December 31, 1998
give effect to the acquisition of REALBID as if it had occurred on January 1,
1998. The pro forma condensed statement of operations is based on historical
results of operations of the Company for the year ended December 31, 1998 and
REALBID for the period from January 1, 1998 to November 5, 1998. The pro forma
condensed statement of operations should be read in conjunction with the
historical financial statements and notes thereto of the Company and REALBID.
The pro forma condensed statement of operations is presented for illustrative
purposes only and is not necessarily indicative of results of operations that
would have actually occurred had the acquisition of REALBID been effected on
January 1, 1998.
<TABLE>
<CAPTION>
COMPS.COM, REALBID, LLC
Inc. Period from
Year ended January 1, 1998
December 31, to November 5,
Pro Forma
1998 1998 Adjustments Pro Forma
------------ --------------- ----------- -----------
<S> <C> <C> <C> <C>
Net revenues............. $12,899,746 $ 223,166 $ -- $13,122,912
Cost of revenues......... 5,767,812 44,988 -- 5,812,800
----------- --------- --------- -----------
Gross profit............. 7,131,934 178,178 -- 7,310,112
Operating expenses:
Selling and marketing... 4,230,006 -- -- 4,230,006
Product development..... 1,233,462 -- -- 1,233,462
General and
administrative......... 3,067,864 293,782 586,959 3,948,605
----------- --------- --------- -----------
Total operating
expenses................ 8,531,332 293,782 586,959 9,412,073
----------- --------- --------- -----------
Loss from operations..... (1,399,398) (115,604) (586,959) (2,101,961)
Other income (expense)... (259,557) -- -- (259,557)
----------- --------- --------- -----------
Net loss................. (1,658,955) (115,604) (586,959) (2,361,518)
Dividend accretion on
preferred stock......... 453,685 -- -- 453,685
----------- --------- --------- -----------
Net loss attributable to
common stockholders..... $(2,112,640) $(115,604) $(586,959) $(2,815,203)
=========== ========= ========= ===========
Net loss per share
attributable to common
stockholders, basic and
diluted................. $ (0.60) $ (0.80)
=========== ===========
Shares used in computing
net loss attributable to
common stockholders,
basic and diluted....... 3,517,056 3,517,056
=========== ===========
</TABLE>
See accompanying notes.
F-28
<PAGE>
COMPS.COM, Inc.
Notes to Unaudited Pro Forma Condensed
Statement Of Operations
Note 1.
On November 6, 1998, COMPS.COM, Inc. (the Company) acquired all of the assets
of REALBID, LLC (REALBID) for cash of $163,000 and options to acquire 399,473
shares of the Company's Class B non-voting common stock at $1.64 per share. The
fair value of the options was determined to be $7.87 per share as of the date
of the acquisition. As a result, the purchase price is calculated to be
$3,361,253, which includes acquisition costs of $54,400. The purchase price was
allocated as follows, based upon a valuation of the tangible and intangible
assets by an independent appraiser, as well as management's best estimates:
<TABLE>
<S> <C>
Current assets acquired....................................... $ 64,500
Customer base................................................. 2,000,000
Goodwill...................................................... 796,753
Database and website technology............................... 300,000
Assembled workforce........................................... 100,000
Trademark and trade name...................................... 100,000
----------
$3,361,253
</TABLE>
The intangible assets are being amortized over estimated useful lives ranging
from three to five years.
Note 2.
The accompanying unaudited pro forma condensed statement of operations for
the year ended December 31, 1998 gives effect to the acquisition of REALBID as
if it had occurred as of January 1, 1998. The pro forma adjustment reflects
twelve months of amortization expense.
F-29
<PAGE>
Inside Back Cover:
NATIONAL COVERAGE
[A map of the U.S. is shown. Seven icons are lined up across the top of the
map. Below each icon is the name of one of the seven property types that we
cover in our database. Each icon will have a picture of the property type that
it represents. White dots are placed on the map in cities representing our
current market. Red dots are placed on the map in cities representing the
markets in our expansion plan. A legend is provided explaining the meaning of
the dots.
[LOGO]
Outside back cover:
INTERNET SOLUTIONS FOR COMMERCIAL REAL ESTATE
[The back cover will consist of a dark background with white text. There will
be a picture of a database wheel resembling a radar screen with a picture of a
group of commercial real estate buildings inside the database wheel. The text
"Information and Services ONLINE" appears at the top of the database wheel.]
[LOGO]
www.comps.com
<PAGE>
PART II
Information Not Required in Prospectus
Item 13. Other Expenses of Issuance and Distribution
The expenses to be paid by the registrant are as follows. All amounts other
than the SEC registration fee, the NASD filing fees and the Nasdaq National
Market listing fee are estimates.
<TABLE>
<CAPTION>
Amount
to
be Paid
--------
<S> <C>
SEC registration fee............................................... $ 15,794
NASD filing fee.................................................... 6,181
Nasdaq National Market listing fee................................. 5,000
Legal fees and expenses............................................ 250,000
Accounting fees and expenses....................................... 200,000
Printing and engraving............................................. 120,000
Blue sky fees and expenses (including legal fees).................. 5,000
Transfer agent fees................................................ 10,000
Miscellaneous...................................................... 13,025
--------
Total.......................................................... $625,000
========
</TABLE>
Item 14. Indemnification of Directors and Officers
Section 145 of the Delaware General Corporation Law authorizes a court to
award, or a corporation's board of directors to grant, indemnity to directors
and officers in terms sufficiently broad to permit such indemnification under
certain circumstances for liabilities (including reimbursement for expenses
incurred) arising under the Securities Act of 1933.
As permitted by the Delaware General Corporation Law, the registrant's Second
Restated Certificate of Incorporation includes a provision that eliminates the
personal liability of its directors for monetary damages for breach of
fiduciary duty as a director, except for liability (1) for any breach of the
director's duty of loyalty to the registrant or its stockholders, (2) for acts
or omissions not in good faith or that involve intentional misconduct or a
knowing violation of law, (3) under section 174 of the Delaware General
Corporation Law (regarding unlawful dividends and stock purchases) or (4) for
any transaction from which the director derived an improper personal benefit.
As permitted by the Delaware General Corporation Law, the bylaws of the
registrant provide that (1) the registrant is required to indemnify its
directors and officers to the fullest extent permitted by the Delaware General
Corporation Law, subject to certain very limited exceptions, (2) the registrant
may indemnify its other employees and agents as set forth in the Delaware
General Corporation Law, (3) the registrant is required to advance expenses, as
incurred, to its directors and executive officers in connection with a legal
proceeding to the fullest extent permitted by the Delaware General Corporation
Law, subject to certain very limited exceptions and (4) the rights conferred in
the bylaws are not exclusive.
The registrant has entered into indemnification agreements with each of its
directors and executive officers to give such directors and officers additional
contractual assurances regarding the scope of the indemnification set forth in
the registrant's Amended and Restated Certificate of Incorporation and to
provide additional procedural protections. At present, there is no pending
litigation or proceeding involving a director, officer or employee of the
registrant regarding which indemnification is sought, nor is the registrant
aware of any threatened litigation that may result in claims for
indemnification.
Reference is also made to Section 7 of the Underwriting Agreement, which
provides for the indemnification of officers, directors and controlling persons
of the registrant against certain liabilities. The
II-1
<PAGE>
indemnification provision in the registrant's Certificate of Incorporation,
bylaws and the indemnification agreements entered into between the registrant
and each of its directors and executive officers may be sufficiently broad to
permit indemnification of the registrant's directors and executive officers for
liabilities arising under the Securities Act of 1933.
The registrant has applied for liability insurance for its officers and
directors.
Reference is made to the following documents filed as exhibits to this
registration statement regarding relevant indemnification provisions described
above and elsewhere in this prospectus:
<TABLE>
<CAPTION>
Exhibit
Document Number
-------- -------
<S> <C>
Underwriting Agreement.................................................. 1.1
Form of Second Restated Certificate of Incorporation of Registrant...... 3.2
Form of Restated Bylaws of Registrant................................... 3.4
Form of Indemnification Agreement....................................... 10.22
Form of Indemnification Agreement....................................... 10.23
</TABLE>
Item 15. Recent Sales of Unregistered Securities
The registrant has sold and issued the following securities since January 1,
1996 (such share numbers do not reflect the 0.7335-for-1 stock split of our
common stock to be effected prior to this offering):
(1) The registrant from time to time has granted stock options to employees and
consultants in reliance upon exemption from registration pursuant to either
(1) Section 4(2) of the Securities Act of 1933 or (2) Rule 701 promulgated
under the Securities Act of 1933. The following table sets forth certain
information regarding such grants:
<TABLE>
<CAPTION>
Number of Exercise
Shares Prices
--------- -----------
<S> <C> <C>
January 1, 1996 to December 31, 1996.................. 86,412 $0.41
January 1, 1997 to December 31, 1997.................. 244,872 $0.41
January 1, 1998 to December 31, 1998.................. 1,143,672 $0.61-$1.64
</TABLE>
For additional information concerning these transactions, please see
"Management--Benefit Plans" in the Prospectus included in this registration
statement.
(2) On September 24, 1996, we issued a warrant to purchase 156,285 shares of
Class B common stock to Venture Lending & Leasing, Inc. in consideration
for entering into a certain loan agreement.
(3) On February 9, 1998, we issued 637,790 shares of Series B preferred stock,
warrants to purchase 27,381 shares of Class A common stock and warrants to
purchase 224,522 shares of Class B common stock to various venture
capitalists and insiders for an aggregate consideration of $1,150,000.
(4) On May 18, 1998, we issued 24,572 shares of Class B common stock to a
director upon exercise of options for a consideration of $10,050.
(5) On December 28, 1998, we issued 7,335 shares of Class B common stock to a
director upon exercise of options for a consideration of $3,000.
(6) On February 15, 1999, we issued a warrant to purchase no more than 182,186
shares of Class B common stock to Venture Lending & Leasing, Inc. in
consideration for entering into a loan agreement.
(7) On April 9, 1999 we issued warrants exercisable for up to 98,000 shares of
preferred stock with an exercise price ranging from $5.00 to $1.17,
depending on when we repay the loan, to Silicon Valley Bank in
consideration for entering into a loan agreement.
The above securities were offered and sold by the registrant in reliance upon
exemptions from registration pursuant to either (1) Section 4(2) of the
Securities Act of 1933 as transactions not involving any public offering, or
(2) Rule 701 promulgated under the Securities Act of 1933. No underwriters were
involved in connection with the sales of securities referred to in this Item
15.
II-2
<PAGE>
Item 16. Exhibits and Financial Statement Schedules
(a) Exhibits.
<TABLE>
<CAPTION>
Number Description
------ ---------------------------------------------------------------------
<C> <S>
1.1+ Form of Underwriting Agreement.
3.1+ Restated Certificate of Incorporation, as amended.
3.2+ Form of Second Restated Certificate of Incorporation to be in effect
upon the closing of this offering.
3.3+ Bylaws.
3.4+ Form of Restated Bylaws to be in effect upon the closing of this
offering.
4.1 Specimen common stock certificate.
5.1+ Opinion of Brobeck, Phleger & Harrison LLP.
10.1+ Amended and Restated Investor Rights Agreement among us and certain
of our stockholders, dated February 9, 1998.
10.2+ Stock and Warrant Purchase Agreement among us and the purchasers
identified in Exhibit A to the Agreement, dated October 14, 1994.
10.3+ Stock and Warrant Purchase Agreement among us and the purchasers
identified in Exhibit A to the Agreement, dated February 9, 1998.
10.4+ Form of Class B Common Stock Warrant between us and the persons
listed on the attached schedule, dated October 14, 1994.
10.5+ Class A Common Stock Warrant issued to Christopher A. Crane, dated
February 9, 1998.
10.6+ Form of Class B Common Warrant between us and the persons listed on
the attached schedule, dated February 9, 1998.
10.7+ Warrant to Purchase 156,285 Shares of Class B Common Stock between us
and Venture Lending & Leasing, Inc., dated September 24, 1996.
10.8+ Loan Agreement between us and Venture Lending & Leasing, Inc., dated
September 24, 1996.
10.9+ Security Agreement between us and Venture Lending & Leasing, Inc.,
dated September 24, 1996.
10.10+ Trademark Collateral Assignment between us and Venture Lending &
Leasing, Inc., dated September 24, 1996.
10.11+ Patent Collateral Assignment between us and Venture Lending &
Leasing, Inc., dated September 24, 1996.
10.12+ Form of Promissory Note between us and Venture Lending & Leasing, in
such principal amounts as set forth on the attached schedule.
10.13+ Form of Promissory Note between us and Venture Lending & Leasing, in
such principal amounts as set forth on the attached schedule.
10.14+ Office Building Lease between us and Comps Plaza Associates, L.P.,
dated January 31, 1999.
10.14.1+ First Amendment to Lease dated March 22, 1999
10.15+ Form of Employment and Incentive Compensation Agreement between us
and the employees listed on the attached schedule.
10.16+ Executive Employment Agreement between us and Christopher A. Crane,
dated October 14, 1994.
10.17+ Form of Employment Agreement between us and the employees listed on
the attached schedule, dated November 6, 1998.
10.18+ Covenant Not to Compete between us and Robert C. Beasley, dated
October 14, 1994.
10.19+ Form of Non-Competition and Non-Disclosure Agreement between us and
the parties listed on the attached schedule, dated November 6, 1998.
10.20+ Form of Non-Competition and Non-Disclosure Agreement between us and
the parties listed on the attached schedule, dated January 7, 1999.
10.21+ Form of Employee Confidentiality and Inventions Agreement.
10.22+ Form of Indemnification Agreement between us and each of our
directors.
10.23+ Form of Indemnification Agreement between us and each of our
officers.
10.24+ Software License Agreement between us and Qualitative Marketing
Software, Inc., dated February 27, 1997.
</TABLE>
II-3
<PAGE>
<TABLE>
<CAPTION>
Number Description
------ ---------------------------------------------------------------------
<C> <S>
10.25+ License and Subscription Agreement between us and Transamerica
Information Management Services, dated December 17, 1992.
10.26+ License Agreement between us and NCompass Labs Inc., dated December
2, 1998.
10.27+ Amended and Restated Stock Option Plan.
10.28+ Form of Amended and Restated Stock Option Plan Incentive Stock Option
Agreement.
10.29+ Form of Amended and Restated Stock Option Plan Non-Qualified Stock
Option Agreement.
10.30+ The 1998 Equity Participation Plan.
10.31+ Form of 1998 Equity Participation Plan Incentive Stock Option
Agreement.
10.32+ Form of 1998 Equity Participation Plan Non-Qualified Stock Option
Agreement.
10.33+ The 1998 Supplemental Option Plan.
10.34+ 1998 Supplemental Option Plan Form of Notice of Grant of Stock
Option.
10.35+ 1999 Stock Incentive Plan.
10.36+ Form of 1999 Stock Incentive Plan Notice of Grant.
10.37+ Form of 1999 Stock Incentive Plan Stock Option Agreement.
10.38+ Employee Stock Purchase Plan.
10.39+ Assignment and Assumption Agreement between us and REALBID LLC, dated
November 6, 1998.
10.40+ Intellectual Property Assignment between us and REALBID LLC, dated
November 6, 1998.
10.41+ Service Mark Assignment between us and REALBID LLC, dated November 6,
1998.
10.42+ Asset Purchase Agreement between us, The Land Sales Resource and
Kitty Layne, dated July 17, 1995.
10.43** Purchase Agreement between us and TRW Redi Property Data, dated
August 31, 1995, as amended by the Addendum, dated November 20, 1997.
10.44+** Asset Purchase Agreement among us, REALBID LLC, Emmett DeMoss and
Robert Potter, dated November 6, 1998.
10.45** Asset Purchase Agreement between us and AOBR, Inc., dated December 4,
1998.
10.46+ Loan and Security Agreement between us and Venture Lending & Leasing
II, Inc., dated February 12, 1999.
10.47+ Patent Collateral Assignment Agreement between us and Venture Lending
& Leasing II, Inc., dated February 12, 1999.
10.48+ Trademark Collateral Assignment between us and Venture Lending &
Leasing II, Inc., dated February 12, 1999.
10.49+ Warrant to Purchase an aggregate of $225,000 of Class B Shares of
Common Stock between us and Venture Lending & Leasing II, Inc., dated
February 12, 1999.
10.50+ Loan and Security Agreement between us and Silicon Valley Bank, dated
April 9, 1999.
10.51+ Intellectual Property Security Agreement between us and Silicon
Valley Bank, dated April 9, 1999.
10.52+ Warrant Subscription Agreement between us, Silicon Valley Bank and
shareholders listed on the signature page, dated April 9, 1999.
10.53+ Warrant Subscription Agreement between us, Silicon Valley Bank and
shareholders listed on the signature page, dated April 9, 1999.
10.54+ Warrant to Purchase Stock issued April 9, 1999.
10.55+ Warrant to Purchase Stock issued April 9, 1999.
10.56+ Amendment No. 1 to Amended and Restated Investor Rights Agreement
between us, Silicon Valley Bank and each of the individuals and
entities listed on Schedule A, dated April 9, 1999.
23.1 Consent of Ernst & Young LLP
23.2+ Consent of Brobeck, Phleger & Harrison LLP (included in Exhibit 5.1)
24.1+ Powers of Attorney.
27.1+ Financial Data Schedule.
</TABLE>
- --------
+ Previously filed.
** We have sought confidential treatment pursuant to Rule 406 of portions of
the referenced exhibit.
II-4
<PAGE>
(b) Financial Statement Schedules.
Schedule II--Valuation and Qualifying Accounts.
All other schedules are omitted because they are not required, are not
applicable or the information is included in our financial statements or notes
thereto.
Item 17. Undertakings
The undersigned Registrant hereby undertakes to provide to the Underwriter at
the closing specified in the Underwriting Agreement, certificates in such
denominations and registered in such names as required by the Underwriter to
permit prompt delivery to each purchaser.
Insofar as indemnification for liabilities arising under the Securities Act
of 1933 may be permitted to directors, officers and controlling persons of the
Registrant pursuant to the foregoing provisions, or otherwise, the Registrant
has been advised that in the opinion of the SEC such indemnification is against
public policy as expressed in the Act, and is, therefore, unenforceable. In the
event that a claim for indemnification against such liabilities (other than the
payment by the Registrant of expenses incurred or paid by a director, officer
or controlling person of the Registrant in the successful defense of any
action, suit or proceeding) is asserted by such director, officer or
controlling person in connection with the securities being registered, the
Registrant will, unless in the opinion of counsel the matter has been settled
by controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final adjudication of such
issue.
The undersigned Registrant hereby undertakes that:
(1) For purposes of determining any liability under the Securities Act of
1933 the information omitted from the form of prospectus filed as part of this
registration statement in reliance upon Rule 430A and contained in a form of
prospectus filed by the registrant pursuant to Rule 424 (b)(1) or (4), or
497(h) under the Securities Act of 1933 shall be deemed to be part of this
registration statement as of the time it was declared effective.
(2) For the purpose of determining any liability under the Securities Act of
1933 each post-effective amendment that contains a form of prospectus shall be
deemed to be a new registration statement relating to the securities offered
therein, and the offering of such securities at that time shall be deemed to be
the initial bona fide offering thereof.
II-5
<PAGE>
Signatures
Pursuant to the requirements of the Securities Act of 1933 the Registrant has
duly caused this Registration Statement to be signed on its behalf by the
undersigned, thereunto duly authorized in San Diego, California, on this 30th
day of April, 1999.
COMPS.COM, INC.
By: /s/ Christopher A. Crane
----------------------------------
Name: Christopher A. Crane
Title: President and Chief Executive
Officer
Pursuant to the requirements of the Securities Act of 1933 this Registration
Statement has been signed by the following persons in the capacities indicated
on April 30, 1999:
<TABLE>
<CAPTION>
Signature Title(s)
--------- -------
<C> <S>
/s/ Christopher Crane Chairman of the Board, President and Chief
_____________________________________________ Executive Officer (principal executive
Christopher Crane officer)
/s/ Karen Goodrum Vice President of Finance and Administration
_____________________________________________ and Chief Financial Officer (principal
Karen Goodrum financial and accounting officer) and
Secretary
* Director
_____________________________________________
Gregory M. Avis
* Director
_____________________________________________
Robert C. Beasley
Director
_____________________________________________
Kenneth F. Potashner
*By: /s/ Christopher A. Crane
_____________________________________________
Christopher A. Crane
Attorney-In-Fact
</TABLE>
II-6
<PAGE>
Schedule II
COMPS.COM, Inc.
Valuation And Qualifying Accounts
<TABLE>
<CAPTION>
Additions
--------------------
Balance
at Charged to Balance
Allowance for Bad Debts and Beginning Costs and at End of
Cancellations of Year Expenses Other (1) Deductions Year
- --------------------------- --------- ---------- --------- ---------- ---------
<S> <C> <C> <C> <C> <C>
Year ended December 31, 1996.. 362,913 566,242 644,322 1,003,351 570,126
Year ended December 31, 1997.. 570,126 456,291 1,238,593 880,768 1,384,242
Year ended December 31, 1998.. 1,384,242 261,843 260,627 441,790 1,464,922
</TABLE>
- --------
(1) Transfer from deferred subscription revenue.
II-7
<PAGE>
Index to Exhibits
<TABLE>
<CAPTION>
Number Description
------ -----------------------------------------------------------------------
<C> <S>
1.1+ Form of Underwriting Agreement.
3.1+ Restated Certificate of Incorporation, as amended.
3.2+ Form of Second Restated Certificate of Incorporation to be in effect
upon the closing of this offering.
3.3+ Bylaws.
3.4+ Form of Restated Bylaws to be in effect upon the closing of this
offering.
4.1 Specimen common stock certificate.
5.1+ Opinion of Brobeck, Phleger & Harrison LLP.
10.1+ Amended and Restated Investor Rights Agreement among us and certain of
our stockholders, dated February 9, 1998.
10.2+ Stock and Warrant Purchase Agreement among us and the purchasers
identified in Exhibit A to the Agreement, dated October 14, 1994.
10.3+ Stock and Warrant Purchase Agreement among us and the purchasers
identified in Exhibit A to the Agreement, dated February 9, 1998.
10.4+ Form of Class B Common Stock Warrant between us and the persons listed
on the attached schedule, dated October 14, 1994.
10.5+ Class A Common Stock Warrant issued to Christopher A. Crane, dated
February 9, 1998.
10.6+ Form of Class B Common Warrant between us and the persons listed on the
attached schedule, dated February 9, 1998.
10.7+ Warrant to Purchase 156,285 Shares of Class B Common Stock between us
and Venture Lending & Leasing, Inc., dated September 24, 1996.
10.8+ Loan Agreement between us and Venture Lending & Leasing, Inc., dated
September 24, 1996.
10.9+ Security Agreement between us and Venture Lending & Leasing, Inc.,
dated September 24, 1996.
10.10+ Trademark Collateral Assignment between us and Venture Lending &
Leasing, Inc., dated September 24, 1996.
10.11+ Patent Collateral Assignment between us and Venture Lending & Leasing,
Inc., dated September 24, 1996.
10.12+ Form of Promissory Note between us and Venture Lending & Leasing, in
such principal amounts as set forth on the attached schedule.
10.13+ Form of Promissory Note between us and Venture Lending & Leasing, in
such principal amounts as set forth on the attached schedule.
10.14+ Office Building Lease between us and Comps Plaza Associates, L.P.,
dated January 31, 1999.
10.14+ First Amendment to Lease dated March 22, 1999
10.15+ Form of Employment and Incentive Compensation Agreement between us and
the employees listed on the attached schedule.
10.16+ Executive Employment Agreement between us and Christopher A. Crane,
dated October 14, 1994.
10.17+ Form of Employment Agreement between us and the employees listed on the
attached schedule, dated November 6, 1998.
10.18+ Covenant Not to Compete between us and Robert C. Beasley, dated October
14, 1994.
10.19+ Form of Non-Competition and Non-Disclosure Agreement between us and the
parties listed on the attached schedule, dated November 6, 1998.
10.20+ Form of Non-Competition and Non-Disclosure Agreement between us and the
parties listed on the attached schedule, dated January 7, 1999.
10.21+ Form of Employee Confidentiality and Inventions Agreement.
10.22+ Form of Indemnification Agreement between us and each of our directors.
10.23+ Form of Indemnification Agreement between us and each of our officers.
10.24+ Software License Agreement between us and Qualitative Marketing
Software, Inc., dated February 27, 1997.
10.25+ License and Subscription Agreement between us and Transamerica
Information Management Services, dated December 17, 1992.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Number Description
------ ---------------------------------------------------------------------
<C> <S>
10.26+ License Agreement between us and NCompass Labs Inc., dated December
2, 1998.
10.27+ Amended and Restated Stock Option Plan.
10.28+ Form of Amended and Restated Stock Option Plan Incentive Stock Option
Agreement.
10.29+ Form of Amended and Restated Stock Option Plan Non-Qualified Stock
Option Agreement.
10.30+ The 1998 Equity Participation Plan.
10.31+ Form of 1998 Equity Participation Plan Incentive Stock Option
Agreement.
10.32+ Form of 1998 Equity Participation Plan Non-Qualified Stock Option
Agreement.
10.33+ The 1998 Supplemental Option Plan.
10.34+ 1998 Supplemental Option Plan Form of Notice of Grant of Stock
Option.
10.35+ 1999 Stock Incentive Plan.
10.36+ Form of 1999 Stock Incentive Plan Notice of Grant.
10.37+ Form of 1999 Stock Incentive Plan Stock Option Agreement.
10.38+ Employee Stock Purchase Plan.
10.39+ Assignment and Assumption Agreement between us and REALBID LLC, dated
November 6, 1998.
10.40+ Intellectual Property Assignment between us and REALBID LLC, dated
November 6, 1998.
10.41+ Service Mark Assignment between us and REALBID LLC, dated November 6,
1998.
10.42+ Asset Purchase Agreement between us, The Land Sales Resource and
Kitty Layne, dated July 17, 1995.
10.43** Purchase Agreement between us and TRW Redi Property Data, dated
August 31, 1995, as amended by the Addendum, dated November 20, 1997.
10.44+** Asset Purchase Agreement among us, REALBID LLC, Emmett DeMoss and
Robert Potter, dated November 6, 1998.
10.45** Asset Purchase Agreement between us and AOBR, Inc., dated December 4,
1998.
10.46+ Loan and Security Agreement between us and Venture Lending & Leasing
II, Inc., dated February 12, 1999.
10.47+ Patent Collateral Assignment Agreement between us and Venture Lending
& Leasing II, Inc., dated February 12, 1999.
10.48+ Trademark Collateral Assignment between us and Venture Lending &
Leasing II, Inc., dated February 12, 1999.
10.49+ Warrant to Purchase an aggregate of $225,000 of Class B Shares of
Common Stock between us and Venture Lending & Leasing II, Inc., dated
February 12, 1999.
10.50+ Loan and Security Agreement between us and Silicon Valley Bank, dated
April 9, 1999.
10.51+ Intellectual Property Security Agreement between us and Silicon
Valley Bank, dated April 9, 1999.
10.52+ Warrant Subscription Agreement between us, Silicon Valley Bank and
shareholders listed on the signature page, dated April 9, 1999.
10.53+ Warrant Subscription Agreement between us, Silicon Valley Bank and
shareholders listed on the signature page, dated April 9, 1999.
10.54+ Warrant to Purchase Stock issued April 9, 1999.
10.55+ Warrant to Purchase Stock issued April 9, 1999.
10.56+ Amendment No. 1 to Amended and Restated Investor Rights Agreement
between us, Silicon Valley Bank and each of the individuals and
entities listed on Schedule A, dated April 9, 1999.
23.1 Consent of Ernst & Young LLP
23.2+ Consent of Brobeck, Phleger & Harrison LLP (included in Exhibit 5.1)
24.1+ Powers of Attorney.
27.1+ Financial Data Schedule.
</TABLE>
- --------
+ Previously filed.
** We have sought confidential treatment pursuant to Rule 406 of portions of
the referenced exhibit.
<PAGE>
EXHIBIT 4.1
COMMON STOCK COMMON STOCK
PAR VALUE $0.01 PAR VALUE $0.01
NUMBER SHARES
CUSIP 204679104
[COMPS LOGO]
E-Marketplace for Commercial Real Estate
COMPS.COM, INC.
(INCORPORATED UNDER THE LAWS OF THE STATE OF DELAWARE)
SEE REVERSE FOR STATEMENTS RELATING TO RIGHTS, PREFERENCES, PRIVILEGES AND
RESTRICTIONS, IF ANY
THIS CERTIFIES THAT
--------------------------
IS THE RECORD HOLDER OF
---------------------
FULLY PAID AND NON-ASSESSABLE SHARES OF THE COMMON STOCK, $0.01 PAR VALUE, OF
COMPS.COM, INC.
Hereinafter called the "Corporation" transferable on the books of the
Corporation by the holder hereof in person or by a duly authorized attorney upon
surrender of this Certificate properly endorsed. This Certificate is not valid
unless countersigned and registered by the Transfer Agent and Registrar.
Witness the facsimile seal of the Corporation and the facsimile signatures of
its duly authorized officers.
Dated
/s/ Christopher A. Crane /s/ Karen Goodrum
[SEAL] PRESIDENT SECRETARY
AMERICAN STOCK TRANSFER & TRUST COMPANY
AUTHORIZED SIGNATURE
<PAGE>
COMPS.COM, INC.
THE CORPORATION WILL FURNISH WITHOUT CHARGE TO EACH STOCKHOLDER WHO SO
REQUESTS, THE POWERS, DESIGNATIONS, PREFERENCES AND RELATIVE, PARTICIPATING,
OPTIONAL OR OTHER SPECIAL RIGHTS OF EACH CLASS OF STOCK OR SERIES THEREOF AND
THE QUALIFICATIONS, LIMITATIONS OR RESTRICTIONS OF SUCH PREFERENCES AND/OR
RIGHTS. SUCH REQUESTS MAY BE MADE TO THE CORPORATION'S SECRETARY AT THE
PRINCIPAL EXECUTIVE OFFICE OF THE CORPORATION.
Keep this Certificate in a safe place. If it is lost, stolen, or destroyed
the corporation will require a bond of indemnity as a condition to the issuance
of a replacement certificate.
The following abbreviations when used in the inscription on the face of this
certificate, shall be construed as though they were written out in full
according to applicable laws of regulations:
<TABLE>
<S> <C>
TEN COM - as tenants in common UNIF GIFT MIN ACT - Custodian
----------------------------------------
(Cust) (Minor)
TEN ENT - as tenants by the entireties under Uniform Gifts to Minors Act
JT TEN - as joint tenants with rights --------------------------------------
of survivorship and not (State)
as tenants in common
UNIF TRAN MIN ACT - Custodian
-----------------------------------------
(Cust) (Minor)
under Uniform Transfers to Minors Act
----------------------------------------
(State)
</TABLE>
Additional abbreviations may also be used though not in the above list.
<PAGE>
FOR VALUE RECEIVED, hereby sell, assign and transfer unto
----------------------
PLEASE INSERT SOCIAL SECURITY OR
OTHER IDENTIFYING NUMBER OF ASSIGNEE
- ------------------------------------
- --------------------------------------------------------------------------------
(PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF ASSIGNEE)
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
- ------------------------------------------------------------------------ Shares
of the Common Stock represented by the within Certificate, and do hereby
irrevocably constitute and appoint
---------------------------------------------
- ---------------------------------------------------------------------- Attorney
to transfer the said stock on the books of the within named Corporation with
full power of substitution in the premises.
Dated
-----------------------------------------
-----------------------------------
NOTICE: THE SIGNATURE(S) TO
THIS ASSIGNMENT MUST CORRESPOND
WITH THE NAMES(S)
Signature(s) Guaranteed: AS WRITTEN UPON THE FACE OF THIS
CERTIFICATE IN EVERY
PARTICULAR, WITHOUT
By ALTERATION OR ENLARGEMENT
---------------------------------- OR ANY CHANGE WHATSOEVER
THE SIGNATURES MUST BE GUARANTEED
BY AN ELIGIBLE GUARANTOR
INSTITUTION BANKS, STOCKBROKERS,
SAVINGS AND LOAN ASSOCIATIONS AND
CREDIT UNIONS WITH MEMBERSHIP
IN AN APPROVED SIGNATURE GUARANTEE
MEDALLION PROGRAM PURSUANT TO
S.E.C. RULE 17Ad-15.
<PAGE>
EXHIBIT 10.43
PURCHASE AGREEMENT
(this "Agreement")
Dated: August 31, 1995
(the "Effective Date")
Between
COMPS INFOSYSTEMS, INC. -And- TRW REDI PROPERTY DATA,
a Delaware corporation an Ohio general
("COMPS") And-partnership
("TRW REDI")
Recitals
- --------
1. TRW REDI is engaged in the creation, marketing and sale of
proprietary information products and services originating from real property
ownership and sales information generated from public record sources and, in
connection therewith, creates and maintains computerized files, residential,
commercial and industrial real estate data, and other business information that
is proprietary to TRW REDI, including without limitation original works of
authorship in the compilation of otherwise unprotectable data;
2. COMPS is a company engaged in the creation, marketing and sale of
proprietary information products and services derived from public record and
private and other sources and, in connection therewith, COMPS creates and
maintains computerized files, commercial and industrial real estate data, and
other business information that is proprietary to COMPS, including without
limitation Original works of authorship in the compilation of otherwise
unprotectable data;
3. The parties desire that TRW REDI sell to COMPS and COMPS purchase
from TRW REDI, the TRW REDI investment property publishing business described
herein;
4. The parties desire that COMPS grant to TRW REDI certain license
rights with respect to COMPS Data (as defined herein); and
5. The parties further desire to make certain agreements concerning
the provision of public record information, all as provided herein.
NOW THEREFORE, in consideration of the mutual premises and other good
and valuable consideration had and received, TRW REDI and COMPS hereby agree as
follows:
1. Definitions: The following terms will have the meanings specified below
-----------
when used in this Agreement.
1.1 Accounts Receivable. Those accounts described in Section 2.2.2.
-------------------
1.2 Assets: Defined in Section 2.2.
------
*** Certain confidential portions of this Exhibit were omitted by means of
blackout of the text (the "Mark"). This Exhibit has been filed separately
with the Secretary of the Commission without the Mark pursuant to the
Company's Application Requesting Confidential Treatment under Rule 406
under the Act.
<PAGE>
1.3 California C&I Business: TRW REDI's C&I Photo Illustrated
-----------------------
Business (as hereinafter defined) relating to Investment Property located within
the state of California
1.4 C&I Data Extract Business: TRW REDI's Investment Property (as
-------------------------
hereinafter defined) data extract publishing business as is more particularly
described on Exhibit A.
---------
1.5 C&I Data Photo Illustrated: TRW REDI's Investment Property (as
--------------------------
hereinafter defined) photo illustrated publishing business with respect to
Investment Property as is more particularly described on Exhibit A.
---------
1.6 Closing: Defined in Section 12.
-------
1.7 COMPS Data: The product currently marketed and sold by COMPS
----------
with respect only to California Investment Property under the trademark "COMPS,"
as well as any successor product with substantially similar primary purpose,
publishing substantially similar data, and addressing a substantially identical
market, and published by COMPS after July 15, 1995. For purposes of this
definition, the "primary purpose" of the COMPS Data product is the publication
of current sales transaction data concerning the most recent sales (typically
sales closing within the three-month period preceding publication of such COMPS
Product) involving Investment Property located in California. COMPS Data does
not include any product marketed or sold by COMPS which contains substantially
different data or addresses a substantially different market than the current
"COMPS" product, or the primary purpose of which is not the publication of
current sales transaction data concerning the most recent sales involving
Investment Property located in California.
1.8 COMPS Data Commission Fees: Defined in Section 3.3.
--------------------------
1.9 COMPS Mark: COMPS(R)
----------
1.10 Confidential Information: Defined in Section 8.
------------------------
1.11 Data Credit. Defined in Section 2.5.
-----------
1.12 Effective Date: Defined on page 1 of this Agreement.
--------------
1.13 Enhanced C&I Product: Property and transaction information
--------------------
concerning Investment Property which includes public records data enhanced by
additional information such as a photograph or photographs of the Investment
Property, confirmed sales information (which may include but not be limited to
income information, broker names and addresses, telephone numbers, buyer and
seller names and telephone numbers, and contact names and telephone numbers for
such parties), property condition, sale price, financing information, market
time information, parking space information, cap rate or gross rent multipliers,
and technical and non-technical property descriptions.
1.14 Florida and Georgia C&I Data Extract Business: TRW REDI's C&I
----------------------------------------------
Data Extract Business relating to Investment Property within the states of
Florida and Georgia.
2
<PAGE>
1.15 Gross Revenues: The monetary amount of all consideration
--------------
collected by or for the benefit of COMPS from the sale, license, sublicense or
other transfer, or use of COMPS Data, where such sale, license, sublicense or
other transfer is made through the on-line digital transmission of such data in
connection with the Sales Agency.
1.16 Initial Term: Defined in Section 13.2.
------------
1.17 Investment Property: Real estate property, excluding "single
-------------------
family residences," of a commercial nature which is used for investment purposes
or is commonly referred to in the commercial real estate industry as "investment
property."
1.18 Licensed Data: COMPS Data and/or TRW REDI Data, as applicable.
-------------
1.19 New York Territory: The five boroughs of New York City:
------------------
Manhattan, Brooklyn, Bronx, Queens, Staten Island.
1.20 Option Closing: Defined in Section 2.6.1.
--------------
1.21 Photo Illustrated Counties. The following counties located
--------------------------
within the State of California: Contra Costa, San Diego, Alameda, Marin, Orange,
San Francisco, Los Angeles, Riverside, San Bernardino, Santa Clara, San Mateo
and Ventura.
1.22 Public Record Data Products: Data products derived solely from
---------------------------
public record sources that are not enhanced by either additional value-added
research data or other information obtained from non-public record sources.
1.23 Purchased Businesses. The California C&I Business, the C&I Data
--------------------
Extract Business in the Territory (as defined below), and, following exercise by
COMPS of the option set forth in Section 2.6, the Florida and Georgia C&I Data
Extract Business.
1.24 Renewal Term: Defined in Section 13.2.
------------
1.25 OuickSource: A call-in service of TRW REDI whereby customers
-----------
may purchase comparable properties information.
1.26 Sales Agency: Defined in Section 3.1.
------------
1.27 Term: The Initial Term and any Renewal Term.
----
1.28 Territory: Collectively, the states of California and
---------
Washington; the District of Columbia; Cook County, Illinois; Anne Arundel,
Baltimore; Montgomery, and Price George's counties, Maryland; and Arlington,
Alexandria, Fairfax, Loudon and Prince William Counties, Virginia.
1.29 TRW REDI List Price: The TRW REDI Data list prices set forth in
-------------------
Exhibit B.
- ---------
3
<PAGE>
1.30 TRW REDI Data: The transaction information and updates,
-------------
assessor's data and maps compiled by TRW REDI from public record and other
sources and distributed through published reports, magnetic tape or other
magnetic media, microfiche products, and/or electronically via TRW REDI's on-
line property database and CD-ROM systems or other media.
2. Sale and Transfer of TRW REDI Businesses.
----------------------------------------
2.1 Business Sale and Transfer. At the Closing, and subject to the
--------------------------
terms and conditions of this Agreement, TRW REDI agrees to sell, assign,
transfer and convey to COMPS, and COMPS agrees to purchase and acquire from TRW
REDI, all of TRW REDI's right, title and interest in and to all of the Assets
(defined below). The Assets will be sold, assigned, transferred and conveyed to
COMPS upon the Closing, free and clear of all mortgages, pledges, liens,
licenses, rights of possession, security interests, restrictions, encumbrances,
charges, title retention, conditional sale or other security arrangements and
all claims or agreements of any nature whatsoever (except for licenses and other
agreements assigned to COMPS pursuant to the terms of this Agreement, all of
which are identified on Exhibit E).
2.1.1 Assignment of TRW REDI Contracts; Fulfillment of TRW REDI
---------------------------------------------------------
Obligations. TRW REDI will assign to COMPS and COMPS agrees to fulfill and
- -----------
assume, subject to Section 2.3 hereof, those agreements set forth in Exhibit E.
---------
COMPS agrees to fulfill, as an independent sub-contractor to TRW REDI and at no
additional cost to TRW REDI except as set forth in this subsection, those
agreements between TRW REDI and the customers of the Purchased Businesses whose
agreements have not been assigned to COMPS hereunder and who have not yet
entered into new contracts for similar products directly with COMPS, and who
request continued service and products from TRW REDI under contracts with TRW
REDI that exist as of the Closing. Such contracts may not be modified or
extended by TRW REDI without the express written consent of COMPS. TRW REDI
shall pass through to COMPS, on a monthly basis, all amounts collected by TRW
REDI pursuant to such contracts. COMPS agrees to defend, indemnify and hold TRW
REDI harmless against any and all loss, cost, claims, and liabilities directly
arising from COMPS's performance of its obligations under this Section 2.1.1 and
based upon facts, circumstances or events occurring following the Closing. Any
party seeking indemnification under this Section 2.1.1 shall provide prompt
notice of any claim or occurrence potentially giving rise to indemnification
obligations hereunder, and shall permit the indemnifying party to assume and
control the defense thereof. Neither party shall be responsible for any
settlement made with respect to any claim for which indemnification sought
hereunder without the other's prior written consent, which shall not
unreasonably be withheld.
2.2 Assets Defined. As used in this Agreement, the term "Assets"
--------------
means, collectively, all of the assets, rights and properties of TRW REDI
described in the following paragraphs of this Section 2.2:
2.2.1 Customer Lists, Marketing Information. All of TRW REDI's lists
-------------------------------------
of current customers of the Purchased Businesses, together with such additional
data regarding such customers and prior customers of the Purchased Businesses
(such as historical, marketing, promotional and sales information used by TRW
REDI in the Purchased Businesses) which can be assembled and provided by TRW
REDI following a reasonable effort.
4
<PAGE>
2.2.2 Accounts Receivable. Subject to the limitations in this
--------------------
section, the accounts receivable of the Purchased Businesses existing as of the
Closing, together with all rights, claims, and causes of action of TRW REDI
relating thereto. A complete schedule of Accounts Receivable as of the date of
this Agreement is attached hereto as Exhibit F. An updated schedule shall be
---------
provided by TRW REDI at the Closing and attached as Exhibit F-1 hereto and made
-----------
part hereof. TRW REDI warrants and confirms that all of the receivables
purchased by COMPS and identified on Exhibit F and Exhibit F-1 represent goods
--------- -----------
shipped by TRW REDI and received by the customer. TRW REDI shall pass through
to COMPS on a monthly basis, any and all amounts collected by TRW REDI after the
Closing pursuant to these receivables. COMPS shall be liable for all taxes on
any such amount passed through to COMPS.
2.2.3 Employee List. A complete list of the TRW REDI employees
-------------
engaged in the Purchased Businesses as of the Closing, including full name,
position, duration of employment and salary information, together with, with
respect to those TRW REDI employees who consent, all personnel records relating
to any of such consenting TRW employees.
2.2.4 Business Records. All books, records, files, and sales
----------------
literature and sales aids, pictures, product sheets and documentation, product
displays, advertising materials, and manuals relating to the Purchased
Businesses, an electronic version of the TRW REDI C&I database for the three-
year period preceding the Effective Data with respect to the Purchased
Businesses, and all copies of TRW REDI C&I Photo Illustrated Books relating to
the California C&I Business in TRW REDI's possession.
2.3 Liabilities Not Assumed. Except as specifically set forth in
-----------------------
Sections 2.1.1 and 2.3, TRW REDI does not transfer hereunder, and COMPS does not
assume hereby, any liability associated with the Purchased Businesses. TRW REDI
agrees to defend, indemnify and hold COMPS harmless against any and all loss,
cost, claims, and liabilities not expressly assumed by COMPS hereunder,
including but not limited to any liabilities arising under any contracts
relating to the Purchased Businesses, and based upon facts, circumstances or
events occurring prior to the Closing. Without limiting the generality of the
foregoing, TRW REDI shall be solely responsible for any refunds and/or
cancellation fees it becomes obligated to pay as a result of the transactions
contemplated by this Agreement.
2.4 Conversion of TRW REDI Subscribers; Referrals to COMPS. For such
------------------------------------------------------
of TRW REDI's California C&I Business and C&I Data Extract Business contracts
(if any) that may not be sold, transferred or assigned by TRW REDI without
Subscriber consent, TRW REDI agrees to reasonably cooperate with COMPS's efforts
to induce TRW REDI customers for the California C&I Business and C&I Data
Extract Business to substitute COMPS subscriber agreements for TRW REDI
subscriber agreements. In addition, TRW REDI QuickSource will refer all
inquiries it receives during the Term regarding Investment Property located
within the Territory (and, following exercise by COMPS of the option described
in Section 2.6, located within the United States except the New York Territory),
to COMPS.
2.5 Purchase Price and Payment Terms. In consideration for sale and
--------------------------------
transfer to COMPS of the Assets, and other consideration as provided herein,
COMPS agrees to pay TRW REDI, the following amounts upon the dates set forth
below:
5
<PAGE>
Date Amount
---- --------
Closing $ ***
12/l/96 125,000
12/l/97 125,000
12/l/98 125,000
12/l/99 125,000
12/l/00 125,000 plus accrued interest
12/l/01 125,000 plus accrued interest
In addition to the foregoing payments, COMPS shall pay TRW REDI for
the purchased accounts receivable as described in Section 2.2.2 and as listed in
Exhibit F-1 as follows. COMPS shall pay only for receivables balances that
represent billings for goods that have been shipped and have been received by
the customer. For all accounts having any balances greater than 120 days old,
COMPS shall pay 30% of the total receivable balance for such accounts. For
accounts with no balances over 120 days old, COMPS shall pay 80% of the total
receivable balance. At the close, COMPS shall pay TRW REDI $25,000 towards
payment for accounts receivable. Within 10 business days of COMPS being
provided information regarding the receivables in a format that allows COMPS to
bill and collect the receivables, a final accounting shall be made of the
amounts due under this section and payment shall be made by COMPS to TRW REDI
for any balance remaining due or payment shall be made by TRW REDI to COMPS for
any overpayment.
COMPS shall receive a "Data Credit" towards the purchase of TRW REDI
Data described in Section 2.8 in the amounts of $100,000 for each of the next
five (5) twelve-month periods beginning upon the Closing. Such Data Credit
shall be based upon the price for such TRW REDI Data described in subsection
2.8.2 (inclusive of the discount described therein). COMPS purchase of TRW REDI
Data shall be pursuant to a standard TRW REDI subscription agreement, a form of
which is attached hereto as Exhibit G. Notwithstanding anything in such standard
---------
TRW REDI subscription agreement however, COMPS shall be entitled to the licensed
use of TRW REDI Data described in Section 4 hereof. The payment obligations set
forth above shall be evidenced by a promissory note in the form attached hereto
as Exhibit H.
---------
In the event TRW REDI discontinues the generation of TRW REDI Data
pursuant to Section 5.3 ("Discontinuation") hereof in a number of counties
resulting in a decrease in the number of counties covered by TRW REDI to fewer
than 145, then COMPS shall be entitled to reduce the amounts payable pursuant to
this Section as follows: (i) in the event COMPS uses the entire Data Credit in a
given twelve-month period, there shall be no reduction in the amounts payable
pursuant to this section; (ii) in the event COMPS uses less than the entire Data
Credit in any given twelve-month period, COMPS may offset the amounts payable
pursuant to this Section for the following twelve-month period by an amount
equal to the difference between the Data Credit and the amount of the Data
Credit actually used by COMPS. For example, if TRW REDI reduces the number of
counties to less than 145 during the 1996 calendar year, and COMPS uses $80,000
of the Data Credit during such period, then COMPS is entitled to reduce the
amount payable on December 1, 1996 by $20,000 (note: if the number of covered
counties falls below 145 subsequent to December 1 of a given calendar year,
COMPS shall be entitled to offset the amount payable with respect to the
following year).
6
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
2.5.1 Failure to Make Payments. In the event COMPS fails to make any
------------------------
of the payments described in this Section 2.5, within 10 business days of notice
of such failure, and in addition to all other legal, equitable and contractual
remedies, TRW REDI may elect any or all of the following: (i) TRW REDI may, at
its option, elect to accelerate all remaining payments due under this Section
2.5, so that such payments become immediately due and payable; (ii) TRW REDI may
offset against all amounts due TRW REDI from COMPS pursuant to this Section 2.5
any amounts payable to COMPS pursuant to Section 3.4.1 ("Report and Payment")
until such time as COMPS's obligations under this Section 2.5 have been
satisfied; (iii) TRW REDI shall have, only during the period as to which COMPS
has not satisfied its obligations under this Section 2.5, a fully-paid royalty-
free license to re-sell in digital form the COMPS Data (such license to expire
upon payment by COMPS of all amounts currently due under this Section 2.5 or
upon receipt by TRW REDI pursuant to the exercise of such license of proceeds
equal to amounts currently due from COMPS less the COMPS Data Commission Fees
otherwise payable by TRW REDI with respect to the sale of such COMPS Data); (iv)
TRW REDI may suspend the Data Credit provided to COMPS in Section 2.5, above;
and (v) COMPS shall be subject to the late payment charge described in Section
3.5.
2.6 C&I Data Extract Business; Option. At any time during the first
---------------------------------
year of the Initial Term, COMPS may, by written notice to TRW REDI, exercise the
option granted by this Section 2.6 to acquire, to the extent described in
Section 2.1 through 2.4 hereof, the Florida and Georgia C&I Data Extract
Business. If this option is exercised by COMPS, and in consideration of such
acquisition, COMPS agrees to pay TRW REDI the additional sum of Sixteen Thousand
Six Hundred Sixty-Six Dollars and Sixty-Seven Cents ($16,666.67) each month for
the first year following exercise of the option, and the sum of Twelve Thousand
Five Hundred ($12,500) each month for each of the next succeeding four (4)
years.
2.6.1 Payment and Delivery. Exercise of the option described in this
--------------------
section shall be evidenced by written notice from COMPS to TRW REDI. COMPS
shall have sixty (60) days from the date of such notice to conduct a reasonable
due diligence inquiry into the status and condition of the Florida and Georgia
C&I Data Extract Business. Provided COMPS is satisfied in its sole discretion
with the results of such due diligence investigation, and provided TRW REDI has
transferred and delivered the material and information described in Section 2.2
with respect to the Florida and Georgia C&I Data Extract Business, COMPS shall
so notify TRW REDI and shall become obligated to begin making the monthly
payments described in this section and shall promptly transmit the first such
payment to TRW REDI (the "Option Closing"). Payments will be made by COMPS to
TRW REDI by wire transfer of immediately available funds or by certified check
on or before the end of each month following exercise of the option.
2.7 Covenant Not to Compete. TRW REDI agrees that for a period of
-----------------------
one (1) year following the Closing, neither TRW REDI nor any affiliate of TRW
REDI will, directly or indirectly through interest in an affiliate, enter into
or conduct or assist another to conduct the C&I Data Extract Business or C&I
Photo Illustrated Business in each county within the Territory. Material breach
of this covenant shall be deemed a material breach of this Agreement, and in
addition to all other available legal, equitable and contractual remedies, TRW
REDI agrees to promptly refund to COMPS all amounts paid previously by COMPS
pursuant to Section 2.5 (in which case COMPS shall pay for all Data Credits
actually used by COMPS during the Term). Following the exercise by COMPS of the
option described in Section 2.6
7
<PAGE>
hereof, and subject to the occurrence of the Option Closing, TRW REDI agrees
that for a period of one (1) year following the Option Closing neither TRW REDI
nor any affiliate of TRW REDI will, directly or indirectly through interest in
an affiliate, enter into or conduct or assist another to conduct the C&I Data
Extract Business or C&I Photo Illustrated Business in each county within North
Carolina, South Carolina, Alabama, Mississippi, Florida, and Georgia. TRW REDI
agrees to cure, within fifteen (15) days of COMPS's request therefor, all
breaches of this Section regardless of materiality.
2.8 TRW REDI Data.
--------------
2.8.1 Sale of TRW REDI Data to COMPS: During the Term of this
------------------------------
Agreement, TRW REDI agrees to sell to COMPS such TRW REDI Data for the United
States of America (except for the states of Florida, Georgia and the New York
Territory) as COMPS may order from time to time. If COMPS exercises the option
pursuant to Section 2.6 of this Agreement, TRW REDI further agrees to sell the
TRW REDI Data for Florida and Georgia to COMPS on an as-ordered basis.
2.8.2 Price and Payment. For all TRW REDI Data orders, COMPS agrees
-----------------
to pay TRW REDI the list prices set forth on Exhibit B (as modified by TRW REDI
---------
from time to time), less a ten percent (10%) discount (or such greater discount
- - including any discount resulting from reduction in TRW List Prices - made
available to TRW REDI's most favored customer during the Term).
2.9 Non-Solicitation of Former TRW REDI Employees. TRW REDI agrees
---------------------------------------------
that for the Term of this Agreement, neither TRW REDI nor any affiliate of TRW
REDI will directly or indirectly solicit any former TRW REDI employees hired by
COMPS to terminate their employment with COMPS.
3. COMPS Appointment of TRW REDI as Sales Agent.
--------------------------------------------
3.1 Sales Agency. Subject to the terms and conditions hereof, COMPS
------------
appoints TRW REDI as its non-exclusive sales agent for on-line digital
transmission of COMPS Data stored in a computer database format (the "Sales
Agency"). Such appointment shall be non-transferable by TRW REDI In connection
with such appointment, COMPS hereby provides TRW REDI a non-exclusive, non-
transferable license to digitally publish and transmit COMPS Data in the format
of an on-line computer database and to offer to end users a non-transferable
license from COMPS for the personal use of such COMPS Data by such end users for
real estate appraisal and analysis. TRW REDI agrees that all sales of COMPS
Data pursuant to the Sales Agency shall be on a "per inquiry" basis, according
to the specifications in Exhibits C-1 or C-2, as applicable, and that such
products shall not be sold, transferred or delivered in bulk. For purposes of
this section, COMPS acknowledges that TRW REDI currently bases its on-line
pricing for Commercial and Industrial Data on a per minute basis and shall
remain as such until such time as COMPS provides TRW REDI with specifications
reasonably acceptable to TRW REDI for changing this pricing method which changes
shall be made upon 75 days notice to TRW REDI. If such change is requested, it
shall not be treated as a change under Section 3.1.1. Failure by TRW REDI to
complete the requested changes to COMPS's reasonable satisfaction
8
<PAGE>
within such 75-day period shall result in a penalty of $1,000 per day to be
subtracted from next payment to be made an the Promissory Note.
3.1.1 Obligations of TRW REDI. In correction with the Sales Agency,
-----------------------
TRW REDI agrees (i) it shall publish COMPS Data as a stand-alone product and
only in the format attached hereto as Exhibit C-2; (ii) it shall make COMPS Data
-----------
available through its on-line database services to TRW REDI subscribers on a
consistent basis; (iii) it shall provide a level of customer service to
purchasers of COMPS Data consistent with the level of service provided by TRW
REDI to subscribers to other TRW REDI on-line information services; (iv) TRW
REDI will use its reasonable efforts to keep its on-line technology current with
competitive on-line services; (v) TRW REDI shall offer and provide COMPS Data
only at such prices and terms determined by COMPS and provided to TRW REDI (such
prices and terms subject to change in the unilateral discretion of COMPS upon
sixty (60) days notice to TRW REDI; such changes shall be limited to once-per-
year unless COMPS pays TRW REDI for the time and materials cost of such changes;
however, COMPS may make one other such additional change, subject to this
Section 3.1.1, during the Term); and TRW REDI shall use reasonable care to
notify its on-line subscribers that COMPS Data is owned by COMPS and subject to
copyright and other intellectual property protection. As an inducement for TRW
REDI to act as COMPS' agent and to open its system to COMPS' product, COMPS
acknowledges that TRW REDI must obtain a commission sufficient to cover its
costs of providing such product. Therefore, COMPS will not set a price for such
product less than an amount sufficient to permit TRW REDI to recover such
commission, which commission COMPS acknowledges as $0.12 per minute or $0.50 per
inquiry. For purposes of this Section 3.1.1. price changes refers to the
numerical values of such prices and not the pricing methodology.
3.1.1.1 non-exclusive Remedies. In case (A) COMPS Data is not
----------------------
available to end users through the Sales Agency for either (1) a period of
thirty (30) consecutive days, or (2) a total of sixty (60) days during the Term,
or (B) TRW REDI fails to comply with any other obligation set forth in this
Section, and in addition to other equitable, legal and contractual remedies
available, the Sales Agency shall terminate at COMPS's option. Notwithstanding
the foregoing, the termination of the Sales Agency shall not occur until the
completion of, in the case of a breach of the obligations described in this
subsection or in clauses (i), (ii), (iii) or (v) of subsection 3.11, thirty (30)
days from written notice of such failure, and, in the case of a breach of the
obligation described in clause (iv) of subsection 3.1.1, six (6) months from the
date of written notice of such failure.
3.1.2 Exclusive Agency. TRW REDI agrees that it shall not, during
----------------
the term of the Sales Agency, provide on-line services or availability with
respect to any other Enhanced C&I Product.
3.2 Nonexclusive License Grants.
----------------------------
3.2.1 COMPS Mark. Subject to Section 6, COMPS grants to TRW REDI a
----------
nonexclusive, nontransferable license to use the COMPS Mark in connection with
marketing and performing its obligations under the Sales Agency. TRW REDI shall
have no other rights to use the COMPS Mark except as expressly set forth herein.
9
<PAGE>
3.2.2 Limitations. TRW REDI may not use or reproduce the COMPS Mark
-----------
in any manner other than in the manner as set forth in Section 6 and such other
manners as COMPS may pre-approve in writing. Upon any expiration or termination
of the Sales Agency provided by this Section 3, the license grant pursuant to
Section 3.2.1 shall immediately terminate and TRW REDI shall discontinue all use
and distribution of COMPS Mark.
3.3 Fees Paid to TRW REDI. In consideration of its performance
---------------------
under the Sales Agency, COMPS agrees to pay TRW REDI the following fees ("COMPS
Data Commission Fees"):
a. For aggregate COMPS Data sales through the Sales Agency during
each succeeding twelve-month period beginning upon the Closing of up to ***
Dollars ($***), *** percent (***%) of Gross Revenues collected by TRW REDI for
the benefit of COMPS; and
b. For aggregate COMPS Data sales through the Sales Agency during
each succeeding twelve-month period beginning upon the Closing in excess of ***
Dollars ($***), *** percent (***%) of Gross Revenues collected by TRW REDI for
the benefit of COMPS.
3.4 Report and Payment of Proceeds.
------------------------------
3.4.1 Report and Payment. Within thirty (30) days after the end of
------------------
each calendar month, TRW REDI will provide COMPS with a detailed and accurate
statement, in a customary form reasonably satisfactory to COMPS, of the identity
of purchasers of COMPS Data through TRW REDI's on-line services and the
calculation of all COMPS Data Commission Fees earned by TRW REDI with respect to
the immediately preceding month, together with payment of Gross Revenues during
such month less the COMPS Data Commission Fees earned by TRW REDI during such
month. Such payment shall be made by TRW REDI check.
3.4.2 Records and Audit Rights. TRW REDI shall maintain current,
------------------------
accurate and complete books and records relating to COMPS Data sales and all
payments due hereunder in sufficient detail to enable the COMPS Data Commission
Fees payable thereon to be determined. COMPS or its designee (which shall be a
certified public accountant chosen by COMPS) may audit the records of TRW REDI
as necessary, but no more than annually, to verify such fees, during normal
business hours and following reasonable notice. If the audit discloses
overpayment of such fees by COMPS, TRW REDI shall promptly pay to COMPS an
amount equal to any such overpayment to which COMPS is entitled as disclosed by
the audit, plus late charges thereon as set forth in Section 3.5.
Alternatively, if the audit discloses underpayment of such fees, COMPS shall
promptly remit to TRW REDI any such underpayment. Such audit shall be at
COMPS's expense; provided, however, that if the audit discloses that COMPS
overpaid COMPS Data Commission Fees by at least five percent (5%) for the
audited period, then TRW REDI shall reimburse COMPS for the reasonable audit
costs related to said overpayment. COMPS may exercise its right of audit as to
each of TRW REDI and its permitted sublicensees no more frequently than once per
year with respect to COMPS Data sales for the preceding three (3) calendar years
(except that COMPS may perform one additional audit during the term if necessary
or advisable in connection with a significant transaction or financing). TRW
REDI shall preserve and maintain all such records required for audit for a
period of three (3) years after the month to which the record applies. COMPS or
its designee, may, during the course of such
10
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
examination, make such copies and/or extracts of TRW REDI's books and records
relating to COMPS Data sales as are reasonably necessary. COMPS and its designee
shall treat all such information reviewed during the audit as Confidential
Information of TRW REDI.
3.5 Late-Charges. Any late payments under this Section 3 shall
------------
incur late charges at a rate equal to the lesser of one and one-half percent
(1.5%) per month or the maximum legal rate.
4. Reservations. Except as expressly provided in this Agreement, each party
------------
reserves all proprietary rights in and to: (i) all of the underlying data,
compilations and information gathered, compiled or published by such party in
connection with the creation and preparation of the Licensed Data; (ii) all of
the other data, compilations and publications created, prepared or authorized by
each party not consisting of the Licensed Data; and (iii) all copyrights and
other proprietary rights in any of the foregoing. However, notwithstanding
anything in any TRW REDI subscription or other agreement to which COMPS may be
subject, COMPS is expressly licensed and permitted to incorporate TRW REDI Data
into its permanent enhanced Investment Property database; provided, however that
-----------------
such incorporated information may not be transferred, re-sold, licensed or sub-
licensed by COMPS "as is," and may only be transferred, re-sold, licensed or
sub-licensed by COMPS as part of COMPS Data or another COMPS enhanced
information product. Nothing herein shall be construed as a license by TRW REDI
to COMPS relating to any TRW REDI or TRW tradenames or trademarks, including
without limitation "'TRW," "TRW REDI," and "QuickSource."
5. Delivery of Licensed Data; Other Services and Taxes.
---------------------------------------------------
5.1 Delivery of COMPS Data.
-----------------------
5.1.1 Initial Fulfillment. COMPS will deliver to TRW REDI one true
-------------------
and complete copy of the COMPS Data as of January 1, 1995 and updated through
September 25, 1995, on or before September 30, 1995.
5.1.2 Updates. COMPS will deliver updates of the COMPS Data to TRW
-------
REDI weekly. COMPS will use its best efforts to provide updates which are as
current and complete as the most current of any of COMPS products available.
5.1.3 Shipping Address. COMPS will ship COMPS Data and an updates to
----------------
TRW REDI at the following address: 5601 East La Palma Avenue, Anaheim,
California 92807, Attention: Diana Serio.
5.1.4 Format and Layout. COMPS will furnish the COMPS Data (i) on
-----------------
magnetic media in IBM compatible format, and in the record layout set forth in
Exhibit C-1, and (ii) in hard-copy form as currently made available by COMPS to
- -----------
its customers.
5.1.5 During a transition period from the Closing until the time
referenced in Section 5.1.1, COMPS shall immediately give COMPS Data to TRW REDI
in hard copy. COMPS and TRW REDI shall work together to input such COMPS Data
into TRW's database. The costs of such input shall be borne equally by COMPS
and TRW REDI.
11
<PAGE>
5.2 Delivery of TRW REDI Data. TRW REDI shall deliver to COMPS
-------------------------
such TRW REDI Data as COMPS may order in accordance with the order and delivery
instructions provided in written purchase orders that COMPS may place with TRW
REDI from time to time. COMPS may request TRW REDI to deliver the TRW REDI Data
in any standard form, media and/or format currently provided by TRW REDI to any
of its customers. TRW REDI Data obtained under the Data Credit set forth in
Section 2.5 above will be provided to COMPS in a custom form, media and/or
format ONLY IF COMPS pays TRW REDI an additional fee including, without limit,
all additional costs, fees or expenses of such custom work. TRW REDI agrees to
negotiate with COMPS in good faith in the event COMPS makes a request for such
custom work.
5.3 Discontinuation. Notwithstanding anything herein to the
---------------
contrary, either party to this Agreement may discontinue compiling and providing
the Licensed Data for any geographic location which prohibits the provision of
such data in accordance with this Agreement, or for any geographic location
where a party hereto voluntarily elects to discontinue the compilation of such
data.
5.4 Services. TRW REDI agrees, for a period of three (3) months
--------
after the Closing and promptly upon the request of COMPS, to provide reasonable
training and access to TRW REDI personnel so as to enable COMPS to independently
generate a list of sales transaction leads for the Territory. Such training
shall not exceed one hundred (100) person-hours of time by TRW REDI personnel.
5.5 Taxes. Each party shall pay, respectively, all applicable taxes,
-----
fees and assessments now or hereafter imposed by any governmental authority with
respect to the Licensed Data products distributed by such party.
6. Trademarks and Quality Control.
------------------------------
6.1 Approval of Use of COMPS Mark. TRW REDI shall submit all
-----------------------------
proposed uses of COMPS Mark to COMPS for the express prior written approval of
COMPS before any distribution or use thereof. Such approval may be granted or
withheld as COMPS may reasonably determine. Failure by COMPS to disapprove in
writing any such proposed use within fourteen (14) days from the date of
submission by TRW REDI shall be deemed approval thereof. After samples have
been approved pursuant to this Section, TRW REDI shall not depart therefrom
without the prior written approval of COMPS.
7. Proprietary Rights.
------------------
7.1 Acknowledgement Each party acknowledges the other's valuable
---------------
rights in and to the Licensed Data compilations, including each party's
copyrights and other proprietary rights therein.
7.2 Restriction on Copying, Disclosure and Use. Except as set forth
------------------------------------------
in this Agreement, without the other party's prior written consent, neither
party will:
a. disclose or transfer any portion of the Licensed Data acquired
from the other party in any manner other than as expressly authorized in this
Agreement;
12
<PAGE>
b. provide or cause to be provided data including the Licensed Data
to any third party unless such third party enters into a certification
acknowledging that the third party will not use the Licensed Data except as
permitted by this Agreement.
c. make any copies of the Licensed Data owned by the other party in
any form except for two (2) authorized back-up copies; or
d. use the other's Licensed Data in connection with promotional
offerings (i.e., providing services or product without charge).
7.3 Ownership. TRW REDI may use the COMPS Mark for the purposes of
---------
this Agreement. TRW REDI acknowledges that COMPS is the sole and exclusive
owner of the COMPS Mark. TRW REDI agrees that it will not do anything
inconsistent with such ownership either during the term of the Agreement or
afterwards. Specifically, TRW REDI shall use reasonable and good faith efforts
to use the COMPS Mark in a manner that does not deviate from COMPS's rights in
the COMPS Mark, and TRW REDI will take no action that will interfere with or
diminish COMPS's rights in the COMPS Mark. TRW REDI shall use the COMPS Mark so
that such trademarks are a separate and distinct impression from any other
trademark that may be used or affixed to any TRW REDI Product. Except as
permitted in this Agreement, TRW REDI agrees that it will not adopt or use the
COMPS Mark as part or all of any corporate name, trade name, other trademark,
service mark or certification mark, either alone or in combination with other
words. TRW REDI shall not register, or cause any third party to register, the
COMPS Mark. TRW REDI hereby acknowledges that the public recognition and
positive perception of the value which is associated with the COMPS Mark
enhances and exceeds the tangible value of the COMPS Mark ("Good Will") and that
all rights in the COMPS Mark and Good Will arising therefrom belong exclusively
to, and shall inure to the benefit of, COMPS. TRW REDI shall not adopt or
register a confusingly similar mark or designation anywhere in the United States
in connection with the sale or marketing of any Enhanced C&I Product.
8. Confidentiality. Except as expressly permitted by this Agreement, each
---------------
party agrees that it will not use or disclose any "Confidential Information" of
the other party. "Confidential Information" means any information which the
other party marks "Confidential" or if not disclosed in writing, identifies as
confidential at the time of disclosure and confirms thereafter in writing within
thirty (30) days of such disclosure. Confidential Information does not include
any information which was either in the public domain or already known to the
recipient at the time of disclosure, independently developed by the recipient,
disclosed to recipient by a third party without breach of an obligation of
confidentiality or disclosed pursuant to a court order.
9. Warranties and Indemnification.
-------------------------------
9.1 Warranties. COMPS and TRW REDI each represents and warrants to
----------
the other that (i) it has the right, title and authority to enter into and
perform this Agreement (including, in the case of TRW REDI, good and marketable
title to the Assets); and (ii) its execution, delivery and performance of this
Agreement will not conflict with the terms of any other agreement to which it is
a party. COMPS and TRW REDI each further covenant not to enter into any
agreement which will conflict with the terms of this Agreement. Neither party
guarantees the accuracy or reliability of any Licensed Data. THIS WARRANTY IS
THE ONLY
13
<PAGE>
WARRANTY WITH RESPECT TO THE LICENSED DATA, AND SUCH WARRANTY IS IN LIEU OF ALL
OTHER WARRANTIES EXPRESS OR IMPLIED, INCLUDING THE IMPLIED WARRANTIES OF
MERCHANTABILITY OR FITNESS FOR PARTICULAR PURPOSE.
9.2 Limitation of Liability. EXCEPT AS SET FORTH IN SECTION 9.3,
-----------------------
UNDER NO CIRCUMSTANCES WILL EITHER PARTY HAVE ANY OBLIGATION OR LIABILITY TO THE
OTHER PARTY FOR ANY CLAIM, INJURY OR DAMAGE RELATING TO, ARISING OUT OF, OR
RESULTING FROM THE INACCURACY OF ANY LICENSED DATA. NOTWITHSTANDING ANY OTHER
PROVISION OF THIS AGREEMENT, UNDER NO CIRCUMSTANCES WILL EITHER PARTY HAVE ANY
OBLIGATION OR LIABILITY TO THE OTHER FOR ANY INCIDENTAL, SPECIAL, INDIRECT OR
CONSEQUENTIAL DAMAGES INCURRED BY THE OTHER PARTY, REGARDLESS OF HOW SUCH
DAMAGES ARISE AND OF WHETHER OR NOT A PARTY WAS ADVISED SUCH DAMAGES MIGHT
ARISE.
9.3 Other Parties; Indemnification. Each party will include
------------------------------
provisions consistent with those set forth in Sections 9.1 and 9.2 above, in any
agreement pursuant to which the Licensed Data is provided to any third party.
Each party to this Agreement will indemnify, defend and hold harmless the other
party (the "Indemnified Party") hereto, its employees, agents and
representatives, from and against any losses, claims, suits, costs and/or
expenses, including attorney fees, arising out of or resulting from any claim by
any third party to whom the Indemnifying Party has provided the Licensed Data
and based exclusively on such Licensed Data, whether such data was provided
prior to or during the Term of this Agreement. The Indemnified Party shall
provide prompt notice to the Indemnifying Party of a claim potentially giving
rise to obligations under this section, and the Indemnifying Party shall be
permitted to assume and control the defense thereof. The Indemnifying Party
shall not be liable for any settlement entered into without its prior written
consent, which shall not unreasonably be withheld.
10. Conditions Precedent to TRW REDI's Performance. The obligation of TRW REDI
----------------------------------------------
to consummate the transactions contemplated by this Agreement is subject to the
satisfaction, at or before the Closing of all the conditions set out below in
this Section 10. TRW REDI may waive in writing any or all of these conditions,
in whole or in part, without prior notice; provided, however, that no such
waiver of a condition shall constitute a waiver by TRW REDI of any of its other
rights or remedies, at law or in equity, if COMPS shall be in default of any of
the representations or covenants under this Agreement.
10.1 Accuracies of COMPS' Representations. Except as otherwise
------------------------------------
permitted by this Agreement, all representations by COMPS in this Agreement
shall be true on and as of the Closing as though made at that time.
10.2 Performance by COMPS. COMPS shall have performed, satisfied,
--------------------
and complied with all covenants, agreements, and conditions required by this
Agreement to be performed or complied with by COMPS on or before the Closing.
14
<PAGE>
10.3 President's Certificate as to Financial Condition. TRW REDI
-------------------------------------------------
shall have received a certificate duly executed by the President of COMPS,
stating that the audited balance sheet of COMPS as of December 31, 1994, and the
unaudited balance sheet of COMPS as of May 31, 1995, each reflects net worth
(total assets less total liabilities) of at least $700,000. Such certificate
shall also state that each of the balance sheets referred to in this section
were prepared in accordance with generally accepted accounting principles
(subject, in the case of the May 31 balance sheet, to normal year-end
adjustments and the absence of footnotes).
11. Conditions Precedent to COMPS' Performance. The obligation of COMPS to
------------------------------------------
consummate the transactions contemplated by this Agreement is subject to the
satisfaction, at or before the Closing of all the conditions set out below in
this Section 11. COMPS may waive in writing any or all of these conditions, in
whole or in part, without prior notice; provided, however, that no such waiver
of a condition shall constitute a waiver by COMPS of any of its other rights or
remedies, at law or in equity, if TRW REDI shall be in default of any of the
representations or covenants under this Agreement.
11.1 Financial Statements. TRW REDI shall have provided COMPS with
--------------------
financial statements certified by an authorized officer of TRW REDI confirming
that TRW REDI's total 1994 channel revenues equaled or exceed the revenues set
forth on Exhibit D.
---------
11.2 Due Diligence. COMPS shall have completed due diligence and be
-------------
satisfied, in its sole discretion (i) that the transactions contemplated herein
do not conflict with any material contract or commitment to which TRW REDI is a
party, including without limitation the TRW REDI General Partnership Agreement;
(ii) that the status and condition of the California C&I Business and the C&I
Data Extract Business are substantially as has been represented by TRW REDI to
COMPS; and (iii) as to the quality and quantity of the customer base for the
California C&I Business and the C&I Data Extract Business. COMPS agrees that
TRW REDI information obtained during the due diligence described in this section
shall be subject to the Non-Disclosure Agreement attached hereto as Exhibit I.
---------
11.3 Transfer of Business. TRW REDI shall have transferred to COMPS
--------------------
all of the Assets, and TRW REDI shall have executed a Bill of Sale and
Assignment in form reasonably satisfactory to COMPS and its counsel relating to
the Assets.
11.4 Accuracies of TRW REDI's Representations and Warranties. Except
-------------------------------------------------------
as otherwise permitted by this Agreement, all representations by TRW REDI in
this Agreement or in any written statement that shall be delivered to COMPS
under this Agreement shall be true on and as of the Closing as though made at
that time.
11.5 Performance by TRW REDI. TRW REDI shall have performed,
-----------------------
satisfied, and complied with all covenants, agreements, and conditions required
by this Agreement to be performed or complied with by TRW REDI on or before the
Closing.
11.6 Officer's Certificate. Each party shall have received a
---------------------
certificate signed by an authorized officer of the other attesting to the
satisfaction of the conditions in Sections 10.1, 10.2, 11.4 and 11.3.
15
<PAGE>
12. The Closing. The closing of the foregoing transaction (the
-----------
"Closing") shall occur at 2:00 p.m. on August 31, 1995 at a site mutually
determined by the parties, unless the Agreement is terminated earlier in
accordance with Section 13.
12.1 Waiver of Conditions Precedent. COMPS, in its discretion, may
------------------------------
waive one or more of the conditions precedent to COMPS' obligation to perform as
described in Section 11 hereof as a condition to the Closing. In the event that
COMPS so waives any one or more such condition, TRW REDI agrees that such
condition is waived as a condition to Closing only and are not waived as a
covenant of TRW REDI hereunder. Without limiting the foregoing, in the event
that COMPS waives the obligation of TRW REDI to deliver all the Assets at the
Closing, TRW REDI shall, within a reasonable time period but not to exceed
thirty (30) days from the Closing, deliver to COMPS any remaining Assets not
delivered to COMPS at the Closing. In the event that TRW REDI shall fail to
deliver to COMPS any remaining Material Assets (as defined below) not delivered
to COMPS at the Closing within thirty (30) days from the Closing, then as
liquidated damages hereunder, COMPS shall be entitled to reduce the payment due
on 12/l/96 as set forth in Section 2.5 by an aggregate amount equal to $47,500
plus $1,000 per day (up to $30,000) for each day after September 30, 1995 that
TRW REDI continues to fail to deliver such remaining Material Assets. TRW REDI
acknowledges that, insofar as it would be extremely impracticable and difficult
to estimate the actual damages and harm which COMPS would suffer in the event
that TRW REDI defaults hereunder and fails to deliver the remaining Material
Assets timely hereunder, the parties agree that the sum calculated in accordance
with this Section 12.1 is a reasonable estimate of the total net detriment that
COMPS would suffer in the event of TRW REDI's failure to deliver the remaining
Material Assets by the applicable date. COMPS shall be entitled to retain such
liquidated damage sum, and COMPS shall be entitled to an offset against the
payment coming due on 12/l/96 for the amounts due COMPS hereunder. For purposes
of this Agreement, "Material Assets" shall mean the Accounts Receivable and the
books referenced in Section 2.2.4.
12.2 Payment. At the Closing, COMPS shall deliver or cause to be
-------
delivered to TRW REDI the initial payment as set forth in Section 2.5.
12.3 Further Documents. At any time before or after the Closing,
-----------------
each party shall execute, acknowledge, and deliver any further deeds,
assignments, conveyances, and other assurances, documents, and instruments of
transfer, reasonably requested by the other, and will take any other action
consistent with the terms of this Agreement that may reasonably be requested by
the other.
13. Amendments; Term and Termination.
--------------------------------
13.1 Amendments. This Agreement may be amended at any time, but only
----------
by written instrument signed by both parties which refers specifically to this
Agreement.
13.2 Term. This Agreement shall have a term of five (5) years (the
----
"Initial Term"). Unless and until terminated as set forth herein, the Renewal
Provisions shall be automatically renewed for successive one (1) year terms
("Renewal Term(s)"). Either party may terminate this agreement at the end of
the Initial Term or of any Renewal Term by giving the
16
<PAGE>
other party one (1) year advance written notice of such termination. For
purposes of this section, "Renewal Provisions" means Sections 1, 2.8, 3, 4, 5,
6, 7, 8, 9, 13, and 14 of this Agreement
13.3 Mutual Termination. This Agreement may be terminated by
------------------
mutual agreement at any time, but only by a written instrument signed by both
parties specifying the date and time as of such termination.
13.4 Termination for Cause. This Agreement may be terminated
---------------------
unilaterally by either party if and when (a) the other party has breached
material obligation under this Agreement, (b) the party desiring to terminate
has delivered to the breaching party a written demand that the breaching party
cure the breach, (c) the breaching party has failed to cure such breach within
five (5) days (in the case of the nonpayment of license fees) or sixty (60) days
(in the case of any other breach) after receipt of the demand and (d) the party
desiring to terminate delivers to the breaching party written notice of
termination. A party to this Agreement shall be deemed to have breached a
material obligation hereunder if it (a) fails to materially perform its
obligations hereunder in accordance with the terms hereof, or breaches any of
the covenants, warranties or representations, hereunder, (b) fails to provide
any required statement of account or make any payment hereunder as and when such
statement is to be provided or such payment is to be made, or (c) becomes
insolvent, makes an assignment for the benefit of creditors, suspends its
business operations, files a voluntary petition of bankruptcy under federal or
state bankruptcy statutes or has filed against it an involuntary petition in
bankruptcy which is not dismissed or withdrawn within thirty (30) days of the
filing thereof.
13.5 Unilateral Termination by COMPS. COMPS may terminate this
-------------------------------
Agreement without cause at any time during the Initial Term by giving TRW REDI
one (1) year advance written notice (the "Notice Period") of such termination.
If COMPS terminates this Agreement pursuant to this Section 13.5. COMPS agrees
to pay TRW REDI, on the final day of the Notice Period, the total amounts still
due TRW REDI pursuant to Sections 2.5, 2.5.1, 2.6 and 2.6.1, discounted to the
final day of the Initial Term at the net present value rate of Ten Percent
(10%).
13.6 Rights Upon Termination. Except as otherwise expressly set
-----------------------
forth in this Agreement, upon any expiration or termination of this Agreement,
all license grants shall immediately terminate. The obligations of the parties
pursuant to Section 2.1.1 (except that only COMPS indemnification obligations
pursuant to Section 2.1.1 shall survive termination), Section 2.3, Section 4,
Section 7, Section 8, Section 9 and Section 14 shall survive any expiration or
termination of this Agreement. In addition, the obligations of TRW REDI set
forth in Section 2.7 shall survive any termination of this Agreement for the
remainder of the Initial Term, provided COMPS has made the payments described in
Section 13.5.
13.6.1 Post-Termination License; Return of Information. In the event
-----------------------------------------------
this Agreement terminates pursuant to Sections 13.2 or 13.5, or is terminated by
TRW REDI pursuant to Section 13.4, TRW REDI shall receive a fully paid, non-
exclusive, non-transferable license to use the COMPS Data available throughout
the Term and as of the date of termination of this Agreement, only with respect
to properties located within the Photo Illustrated Counties and only for the
purpose of the reestablishment of TRW REDI's C&I Photo Illustrated Business and
on-line delivery of Investment Property information within such Photo
Illustrated Counties.
17
<PAGE>
Nothing set forth herein shall obligate COMPS to update, modify or improve such
COMPS Data, and TRW REDI shall have no right or license to COMPS Data developed
after the date of termination.
14. Miscellaneous.
-------------
14.1 Arbitration. Any controversy or claim arising out of or
-----------
relating to this Agreement, or the breach hereof, or the interpretation hereof,
that cannot be settled by good faith negotiations between the parties within
thirty (30) days, shall be settled by arbitration in accordance with the Rules
of the American Arbitration Association; and judgment upon the award rendered in
such arbitration shall be final and may be entered in any court having
jurisdiction thereof. Notice of the demand for arbitration shall be filed in
writing with the other party to this Agreement and with the American Arbitration
Association. In no event shall the demand for arbitration be made after the
date when institution of legal or equitable proceedings based on such claim,
dispute or other matter in question would be barred by the applicable statute of
limitations. This agreement to arbitrate shall be specifically enforceable
under the prevailing arbitration law. The arbitration or arbitrators in any
arbitration proceeding shall be instructed to award attorneys' fees and costs to
the prevailing party.
14.2 Waiver. Either party may at any time waive compliance by the
------
other with any covenants or conditions contained in this Agreement, but only by
written instrument executed by the party waiving such compliance. No such
waiver, however, shall be deemed to constitute the waiver of any such covenant
or condition in any other circumstances or the waiver of any other covenant or
condition.
14.3 Status. The parties will perform all services hereunder as
------
independent contractors. Nothing contained in this Agreement shall be deemed to
create any association, partnership, joint venture, or relationship of principal
and agent or master and servant between the parties.
14.4 Excusable Delay. Neither party shall be liable for any delay or
---------------
failure in its performance of any of the acts required by this Agreement when
such delay or failure arises for reasons beyond the reasonable control of such
party. The time for performance of any act delayed by such causes shall be
postponed for a period equal to the delay not to exceed sixty (60) days;
provided, however, that the party so affected, however, shall use reasonable
efforts to avoid or remove such causes of nonperformance and to complete
performance of the act delayed, as soon as possible.
14.5 Governing Law. This Agreement will be governed by and construed
-------------
in accordance with the internal substantive laws of the State of California, as
applied between residents of the State of California.
14.6 Severability. If any provision of this Agreement shall finally
------------
be determined to be unlawful, then such provision shall be deemed to be severed
from this Agreement and every other provision of this Agreement shall remain in
full force and effect.
14.7 Assignment. This Agreement shall not be assignable by either
----------
party without the prior written consent of the other except to a successor of
all, or substantially all, of
18
<PAGE>
the business of a party. Subject to the foregoing, this Agreement shall be
binding upon and inure to the benefit of permitted successors and assigns.
14.8 No Third Parties. Except as expressly provided herein, neither
----------------
this Agreement nor any provisions set forth herein is intended to or shall
create any rights in, or confer any benefits upon, any person other than the
parties hereto.
14.9 Incorporation by Reference. The Exhibits to this Agreement
--------------------------
constitute integral parts of this Agreement and are hereby incorporated into
this Agreement by this reference.
14.10 Notices. All notices, requests and other communications
-------
hereunder shall be in writing and shall be deemed to have been duly given at the
time of receipt if delivered by hand or communicated by electronic transmission,
or, if mailed, three (3) days after mailing registered or certified mail, return
receipt requested, with postage prepaid (i) if to TRW REDI, then to: TRW REDI
Property Data, 5601 East La Palma Avenue, Anaheim, California 92807, Telefax:
714-701-9231, Attention: General Manager, with a copy to the person indicated
below TRW REDI's signature; or (ii) if to COMPS, then to: COMPS Infosystems,
Inc., 9888 Carroll Centre Road, Suite 100, San Diego, California 92126, Telefax
619-684-3292, Attention: President, provided, however, that if either party
shall have designated a different address by notice to the other given as
provided above, then to the last address so designated.
14.11 Counterpart. More than one counterpart of this Agreement may
-----------
be executed by the parties hereto, and each fully executed counterpart shall be
deemed an original without production of the others.
14.12 Complete Agreement. This Agreement sets forth the entire
------------------
understanding of the parties hereto with respect to the subject matter hereof
and supersedes all prior letters of intent, agreements, covenants, arrangements,
communications, representations, or warranties, whether oral or written, by any
officer, employee, or representative of either party relating thereto - except
for the letter from TRW REDI to COMPS of August 31, 1995.
IN WITNESS WHEREOF, each party hereto has caused this Agreement to be
executed by its duly authorized representatives.
TRW REDI PROPERTY DATA, COMPS INFOSYSTEMS, INC.
an Ohio general partnership a Delaware corporation
By: /s/ Edwin P. Setzer By: /s/ Christopher A. Crane
---------------------------- ----------------------------------
Title: President & GM Title: President
------------------------- -----------------------------
19
<PAGE>
A copy of each notice to TRW REDI should A copy of each notice to COMPS should
be sent to: be sent to:
TRW REDI Property Date COMPS InfoSystems, Inc.
- ---------------------------------------- -------------------------------------
5601 East La Palma Ave. 9888 Carroll Centre Road, Suite 100
- ---------------------------------------- -------------------------------------
Anaheim, CA 92807 San Diego, CA 92126
- ---------------------------------------- -------------------------------------
Telefax: 714.701.9231 Telefax: 619.684.3292
-------------------------------- -----------------------------
Attention: General Manager Attention: President
------------------------------ ---------------------------
20
<PAGE>
EXHIBIT A
TRW REDI BUSINESS
I. C&I Data Extract Business
The business of developing, marketing, publishing and selling property
and transaction information concerning Investment Property, in whatever form and
including without limitation paper, electronic, magnetic, CD-ROM forms, where
the publication of such information typically contains a subset of the
information provided in the C&I Photo Illustrated Business (described below).
Specifically, information provided in the C&I Data Extract Business is typically
characterized by the lack of a photograph concerning the investment property,
and such information principally consists of public records data enhanced in
some instances by the addition of maps and other basic information obtained
through a preliminary level of personal research. Such business does not
include the resale on a stand-alone basis of Public Record Data Products.
II. C&I Photo Illustrated Business
The business of developing, marketing, publishing and selling property
and transaction information concerning Investment Property, in whatever form and
including without limitation paper, electronic, magnetic, CD-ROM forms, where
the publication of such information typically contains, with respect to such
Investment Property, a photograph or photographs of the Investment Property,
confirmed sales information (which may include but not be limited to income
information, broker names and addresses, telephone numbers, buyer and seller
names and telephone numbers, and contact names and telephone numbers for such
parties), property condition, sale price, financing information, market time
information, parking space information, cap rate or gross rent multipliers, and
technical and non-technical property descriptions. Such business does not
include the resale on a stand-alone basis of Public Record Data Products.
21
<PAGE>
EXHIBIT B
---------
TRW REDI DATA AND LIST PRICE
[Insert complete description of TRW REDI Data and list price]
22
<PAGE>
EXHIBIT B
<TABLE>
<CAPTION>
ON LINE CD ROM MICROLICHE
CALIFORNIA RPF DB SPECIALTY DB REPORT DB DATA MAPS
- ----------
<S> <C> <C> <C> <C> <C> <C>
Los Angeles 80c - $1.92/min 80c - $2.99/min $ 2-$3.50 $2,700 $1,295 $2,095
Orange 80c - $1.92/min 80c - $2.99/min $ 2-$3.51 $1,200 $ 595 $ 982
Riverside 80c - $1.92/min 80c - $2.99/min $ 2-$3.52 $1,200 $ 525 $ 578
San Bernardino 80c - $1.92/min 80c - $2.99/min $ 2-$3.53 $1,200 $ 525 $ 415
Sam Diego 80c - $1.92/min 80c - $2.99/min $ 2-$3.54 $1,200 $ 595 $ 725
Alameda 80c - $1.92/min 80c - $2.99/min $ 2-$3.55 $1,020 $ 488 $ 495
Contra Costa 80c - $1.92/min 80c - $2.99/min $ 2-$3.56 $1,020 $ 480 $ 495
San Francisco 80c - $1.92/min 80c - $2.99/min $ 2-$3.57 $1,020 $ 488 $ 495
San Mateo 80c - $1.92/min 80c - $2.99/min $ 2-$3.58 $1,020 $ 488 $ 495
Marin 80c - $1.92/min 80c - $2.99/min $ 2-$3.59 $ 900 $ 413 $ 495
Sacramento 80c - $1.92/min 80c - $2.99/min $ 2-$3.60 $1,020 $ 488 $ 495
El Dorado 80c - $1.92/min 80c - $2.99/min $ 2-$3.61 $ 900 $ 413 $ 400
Ventura 80c - $1.92/min 80c - $2.99/min $ 2-$3.62 $1,020 $ 525 $ 625
WASHINGTON
- ----------
King 80c - $1.92/min 80c - $2.99/min $ 2-$3.65 $1,195 $ 450 $ 745
ILLINOIS
- --------
Cook 80c - $1.92/min 80c - $2.99/min $ 2-$3.68 $3,400 $2,500 $4,115
10-Regions
D.C. METRO
- ----------
Baltimore City, MD 80c - $1.92/min 80c - $2.99/min $ 2-$3.71 $ 675 N/A $1,110
Baltimore County 80c - $1.92/min 80c - $2.99/min $2-$ 3.72 $ 675 N/A $ 765
Anne Arundel, MD 80c - $1.92/min 80c - $2.99/min $2-$ 3.73 $ 675 N/A $ 660
Montgomery, MD 80c - $1.92/min 80c - $2.99/min $2-$ 3.74 $ 790 N/A $ 785
Prince Georges MD 80c - $1.92/min 80c - $2.99/min $2-$ 3.75 $ 790 N/A $ 785
Washington D.C. 80c - $1.92/min 80c - $2.99/min $2-$ 3.76 $ 900 N/A $1,110
Alexandria, VA 80c - $1.92/min 80c - $2.99/min $2-$ 3.77 $ 550 N/A $ 425
Arlington VA 80c - $1.92/min 80c - $2.99/min $2-$ 3.78 $ 550 N/A $ 425
Fairfax, VA 80c - $1.92/min 80c - $2.99/min $2-$ 3.79 $ 800 N/A $ 750
Loudon, VA 80c - $1.92/min 80c - $2.99/min $2-$ 3.80 $ 550 N/A $ 600
Prince William, VA 80c - $1.92/min 80c - $2.99/min $2-$ 3.81 $ 600 N/A $ 600
New Castle, DE 80c - $1.92/min 80c - $2.99/min $2-$ 3.82 N/A N/A $1,350
<CAPTION>
HC Aerial HC Flat HC FLAT LID HC MTHLY HC YR END HC VACANT ILLEGIGLE
CALIFORNIA Maps Library UPDATE SVC. SALES RPTS SALES RPTS LAND RPT PROT ATLAS
- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
Los Angeles
Orange
Riverside
San Bernardino
Sam Diego
Alameda
Contra Costa
San Francisco
San Mateo
Marin
Sacramento
El Dorado
Ventura
WASHINGTON
- ----------
King
ILLINOIS
- --------
Cook $795
D.C. METRO
- ----------
Baltimore City, MD City product is combined with County product.
Baltimore County $895 $ 695 $466 $845 $290 $315
Anne Arundel, MD $895 $ 946 $400 $400 $290
Montgomery, MD $895 $1,080 $420 $650 $290
Prince Georges MD $895 $ 960 $426 $650 $290
Washington D.C. $400 $290 $720
Alexandria, VA $355 $185
Arlington VA $355 $185
Fairfax, VA $ 600 $165 $355 $290
Loudon, VA $355 $185
Prince William, VA $355 $185
New Castle, DE $500 $290
</TABLE>
PAGE 1
<PAGE>
EXHIBIT B
<TABLE>
<CAPTION>
GEORGIA
- -------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Cherokee 80c - $1.92/min 80c - $2.99/min $2-$ 3.85 N/A N/A $ 715
City of Atlanta 80c - $1.92/min 80c - $2.99/min $2-$ 3.86 N/A N/A $ 725
Clayton 80c - $1.92/min 80c - $2.99/min $2-$ 3.87 $ 595 N/A $ 850
Cobb 80c - $1.92/min 80c - $2.99/min $2-$ 3.88 $ 595 N/A $ 850
Dekalb 80c - $1.92/min 80c - $2.99/min $2-$ 3.89 $ 595 N/A $ 850
Douglass 80c - $1.92/min 80c - $2.99/min $2-$ 3.90 $ 595 N/A $ 660
Fayette 80c - $1.92/min 80c - $2.99/min $2-$ 3.91 $ 595 N/A $ 660
Forsyth 80c - $1.92/min 80c - $2.99/min $2-$ 3.92 $ 595 N/A $ 660
Fulton 80c - $1.92/min 80c - $2.99/min $2-$ 3.93 $ 695 N/A $1,260
Gwinnet 80c - $1.92/min 80c - $2.99/min $2-$ 3.94 $ 595 N/A $ 805
Hall 80c - $1.92/min 80c - $2.99/min $2-$ 3.95 $ 595 N/A $ 660
Henry 80c - $1.92/min 80c - $2.99/min $2-$ 3.96 $ 595 N/A $ 660
Rockdale 80c - $1.92/min 80c - $2.99/min $2-$ 3.97 $ 595 N/A $ 660
FLORIDA
- -------
Brevard 80c - $1.92/min 80c - $2.99/min $2-$ 3.100 $ 595 N/A $1,785 included $ 695 $140
Broward 80c - $1.92/min 80c - $2.99/min $2-$ 3.101 $ 795 N/A $3,535 included
Dade 80c - $1.92/min 80c - $2.99/min $2-$ 3.102 $ 795 N/A $3,030 included
Hillsborough 80c - $1.92/min 80c - $2.99/min $2-$ 3.103 $ 695 N/A $2,245 included $ 795 $175
Orange 80c - $1.92/min 80c - $2.99/min $2-$ 3.104 $ 695 N/A $2,035 included $ 695 $135
Palm Beach 80c - $1.92/min 80c - $2.99/min $2-$ 3.105 $ 795 N/A $3,155 included $1,500 $205
Pinellas 80c - $1.92/min 80c - $2.99/min $2-$ 3.106 $ 695 N/A $2,025 included $ 895 $170
Sarasota 80c - $1.92/min 80c - $2.99/min $2-$ 3.107 $ 695 N/A $2,360 $750 $ 795 $255 $600
Seminole 80c - $1.92/min 80c - $2.99/min $2-$ 3.108 $ 695 N/A $ 790 $525 $ 795 $140 $800
Volusia 80c - $1.92/min 80c - $2.99/min $2-$ 3.109 $ 695 N/A $1,430 $865 $ 795 $185 $745
</TABLE>
PAGE 2
<PAGE>
EXHIBIT C-1
-----------
TRW REDI DATA RECORD INPUT LAYOUT
[Insert record layout]
23
<PAGE>
EXHIBIT C-2
-----------
TRW REDI ONLINE DATA FORMAT
[Insert Data Format]
24
<PAGE>
Exhibit C-2
Command/Feature: pri 2
--------------------------------------------------------
Address:325 CAJON ST, REDLANDS 92373
County :SAN BERNARDINO CA Land Use :OFFICE BUILDING
Lot Size :A.27 Bldg Area: 2,200 New Page :
Lot Area :11,920 Rent Area: Map Page :29-C3 Source :I
Zoning : Bsmt Area: APN-Acct#:0171-371-04-0000
Ofc. Area: Census Tr:82.00
Year Blt :1930/30 Assessed Land: $39,658
# Bldgs : 1 Park Type:GARAGE Improvement: $68,760
# Stories : 2 Park Spcs:2 Total Value: $108,418
Units : 1 Paving : Assessed Yr:94
CLASS D BUILDING;AVERAGE QUALITY;AVERAGE CONDITION;FRAME $/Sqft : $100.00
CONSTRUCTION;WOOD FRAME;STUCCO/WOOD SIDING;RAISED Price/Un:$220,000
FOUNDATION;GABLE ROOF;COMPOSITION SHINGLE ROOF;FLOOR
FURNACE HEAT;WALL A/C;BUILDING SQUARE FOOTAGE PER THE BUYER
Publication Reference: BEC-08/95-0069
Legal Dsc:L7 BA /ATWOOD & FORD'S SUB
Price : $220,OOOC Sale Date:06/07/95
Cash Down: $121,000 Document#:198109
1st Mtg : $99,000 Int: Yrs:
2nd Mtg : Int: Yrs:
Prev Sale: $24,750U Prev Date:07/30/80 Lease:OWNER=USER
Buyer :BARRE JUDITH Y
Address :612 N LINCOLN ST;REDLANDS,CA 923744151
Seller :UPSTON WILLIAM F
Address :325 CAJON ST.;REDLANDS,CA 92373
Lender :CHINO VLY BK
(TRW REDI) Incomnet:BDR2183
All Rights Reserved
--------------------------------------------------------
25
<PAGE>
Command/Feature: pri 4
--------------------------------------------------
Address:2280 S LILAC AV, RIALTO 92316
County :SAN BERNARDINO CA Land Use :WAREHOUSE
Lot Size :A2.92 Bldg Area: 17,264 New Page :
Lot Area :1276,195 Rent Area: Map Page :26-C2 Source :I
Zoning : Bsmt Area: APN-Acct#:0258-011-21-0000
Ofc. Area: 2,200 Census Tr:36.01
Year Blt :1989/89 Assessed Land: $134,741
# Bldgs : 1 Park Type: Improvement: $419,271
# Stories : 1 Park Spcs: Total Value: $544,012
Units : 1 Paving : Assessed Yr:94
CLASS S BUILDING;AVERAGE QUALITY;AVERAGE CONDITION;METAL $/Sqft : $ 44.89
CONSTRUCTION;STEEL FRAME;METAL SIDING;CONCRETE FOUNDATION Price/Un:$775,000
TRUCK DOORS 2;THIS SALE INCLUDED; ;XS LAND;;NO SPECIFIC
VALUE ASSIGNED TO THIS XS LAND
Publication Reference: BEC-08/95-0087
Legal Dsc:L2 /B54P20
Price : $775,000C Sale Date:06/05/95
Cash Down : $ 52,000 Document#:194427
1st Mtg : $723,000S Int: Yrs:
2nd Mtg : Int: Yrs:
Prev Sale : $115,000U Prev Date:10/02/85 Lease:OWNER=USER
Buyer :PACIFIC KILN & INSULATIONS
Address :8639 ETIWANDA AVE;RANCHO CUCAMONGA,CA 91739;909/899-1711
Seller :MUNRO CHILDRENS TRUS
Address :PO BOX 1219;S. PASADENA,CA 91031
Lender :SELLER
Broker :DAN BORIS(L)
Address :;714/361-7670
(TRW REDI) Incomnet:BDR1622
All Rights Reserved
------------------------------------------------
<PAGE>
Command/Feature: pri 2
--------------------------------------------------
Address:295 -97 ACACIA AV, CARLSBAD 92008
County :SAN DIEGO CA Land Use :APARTMENT
Lot Size :A.43 Bldg Area: 9,000 New Page :1106-E6
Lot Area :18,897 Rent Area: Map Page :13-F2 Source :
Zoning :R3 Bsmt Area: APN-Acct#:204-240-05-00
Ofc. Area: Census Tr:180.00
Year Blt :1987/87 Assessed Land: $350,000
# Bldgs : 2 Park Type:GARAGE Improvement: $400,000
# Stories : 2 Park Spcs:8 Total Value: $750,000
Units : 8 Paving : Assessed Yr:94
CLASS D BUILDING;AVERAGE QUALITY;AVERAGE CONDITION;FRAME $/Sqft : $95.44
CONSTRUCTION;WOOD FRAME;STUCCO EXTERIOR; SLAB FOUNDATION; G.I.M. : 10.34
FLAT ROOF;BUILT-UP ROOF COVER;FORCED AIR HEAT;NO A/C;NO Cap Rate: 7.05
ELEVATOR;NO FIRE SPRINKLER SYSTEM;6(3+2) $850; 1(2+2);$795 RNT/#/MO: $ 0.76
1(3+2) $900;TOWNHOME; BYR UPLEG 1031; SEVERAL BLKS FROM Price/Un:$107,375
Publication Reference: SDA-08/95-0003
Legal Dsc:PTN OF *L9 BQ/PALISADES UN 02
Price : $859,000C Sale Date:06/05/95 Gross Income : $ 83,040
Cash Down : $719,000 Document#:242492 Expenses : $ 19,132
1st Mtg : $140,000C Int: Yrs:30 Net Income : $ 60,586
2nd Mtg : Int: Yrs:
Prev Sale : $900,000C Prev Date:05/16/89
Buyer :POTTER TRUST & MARYANNE MI
Address :8775 AERO DR #135;SAN DIEGO,CA 921231779
Seller :TANNER ROB
Address :321 WILSHIRE RD;SAN LUIS REY,CA 92068
Lender :HOME SAVINGS OF AM
Broker :CREAGAN/ADAMS(L)
Address :;619/431-4200
(TRW REDI) Incomnet:BDR3597
All Rights Reserved
------------------------------------------------
<PAGE>
Command/Feature: print 2
--------------------------------------------------
Address:274 -276 28 ST, SAN FRANCISCO 94131
County :SAN FRANCISCO CA Land Use :DUPLEX
Lot Size :A.06 Bldg Area: 3,184 New Page :
Lot Area :2,850 Rent Area: Map Page :14-B1 Source :
Zoning :R-3 Bsmt Area: APN-Acct#:6601-018
Ofc. Area: Census Tr:215.00
Year Blt :1927/27 Assessed Land: $ 24,186
# Bldgs : 1 Park Type:BASEMENT Improvement: $ 40,909
# Stories : 2 Park Spcs:1 Total Value: $ 65,095
Units : 2 Paving : Assessed Yr:94
CLASS D BUILDING;GOOD QUALITY;GOOD CONDITION;FRAME $/Sqft :$ 138.19
CONSTRUCTION;WOOD FRAME;STUCCO/WOOD SIDING;CONCRETE G.I.M. : 25.18
FOUNDATION;FLAT ROOF;TAR & GRAVEL ROOF COVER;FLOOR FURNACE Cap Rate: 2.92
HEAT;NO A/C;NO ELEVATOR;NO FIRE SPRINKLER SYSTEM;2(2+1) RNT/#/MO:$ 0.45
ADJUSTABLE RATE RIDER;/UNIT HAS RENT CONTROL Price/Un:$220,000
Publication Reference: SFA-08/95-0083
Legal Dsc:/HORNER'S ADD BL 095
Price : $440,000C Sale Date:05/26/95 Gross Income : $17,472
Cash Down : $44,100 Document#:F797024 Expenses : $ 4,280
1st Mtg : $395,900H Int: 7.12 Yrs:30 Net Income : $12,843
2nd Mtg : Int: Yrs: Type :ACTUAL
Buyer :BAERG MARLENE A & ROBERT C
Address :274 28TH ST;SAN FRANCISCO,CA 94131
Seller :DREWES FAMILY 1/2 /TR
Address :1150 CANTERFORD CIR;WESTLAKE VILLAGE,CA
Lender :BANK OF AMERICA
Broker :JIM GOODWIN(L)
Address :;415/731-9350
(TRW REDI) Incomnet:BDN9444
All Rights Reserved
------------------------------------------------
<PAGE>
Command/Feature: pri 2
--------------------------------------------------
Address:ARCHBALD, ONTARIO 91761
County :SAN BARNARDINO CA Land Use :COMMERCIAL ACREAGE
Lot Size :A1.07 Bldg Area: New Page :
Lot Area :46,800 Rent Area: Map Page :23-A6 Source :
Zoning :C1 Bsmt Area: APN-Acct#:0218-021-21-0000
Ofc. Area: Census Tr:22.02
Year Blt : / Assessed Land: $374,400
# Bldgs : Park Type: Improvement:
# Stories : Park Spcs: Total Value: $374,400
Units : Paving : Assessed Yr:94
UTILITIES AVAILABLE;PRICE PER DOCUMENT;TRANSFER TAXI; $/Sqft :$11.54
ARCHIBALD STATE HWY
Publication Reference: BEC-08/95-0095
Legal Dsc: L1 /B178P30
Price : $540,000F Sale Date:06/14/95
Cash Down : $540,000 Document#:204914
1st Mtg : K Int: Yrs:
2nd Mtg : Int: Yrs:
Buyer :WOLFSON & SEGAL REALTY
Address :1250 6TH ST #400;SANTA MONICA,CA 90401
Seller :ARCHIBALD ASSOCIATES
(TRW REDI) Incomnet:BDS7003
All Rights Reserved
------------------------------------------------
<PAGE>
Command/Feature: pri 2
--------------------------------------------------
Address:12335 LLAGAS AV, SAN MARTIN 95046
County :SANTA CLARA CA Land Use :ORCHARD
Lot Size :A17.08 Bldg Area: New Page :
Lot Area :736,164 Rent Area: Map Page :81-C5 Source :I
Zoning :AW Bsmt Area: APN-Acct#:825-01-008+
Ofc. Area: Census Tr:5124.00
Year Blt : / Assessed Land: $ 57,983
# Bldgs : Park Type: Improvement: $ 54,501
# Stories : Park Spcs: Total Value: $112,484
Units : Paving : Assessed Yr:94
UTILITIES AVAILABLE;CHERRY ORCHARD;70 TREES PER ACRE;;FULLY $/Sqft :$0.51
IRRIGATED MKT TIME 3-5 YRS, ESCROW 45 DAYS, 6/95
Publication Reference: SCC-06/95-0055
Multi-APN:825-1-(8,10)
Legal Dsc: L11, L112-113 /SAN MARTIN RANCH MA
Price : $375,000C Sale Date:04/18/95
Cash Down : $100,000 Document#:12864554
1st Mtg : $275,000S Int: Yrs:
2nd Mtg : Int: Yrs:
Buyer :MARIANI MITCHELL L & MARIA
Address :1615 HALF RD;MORGAN HILL,CA 950372905;408/779-5467
Seller :ESTATE OF JENNIE MAR
Address :420 UNION AVENUE #5;CAMPBELL,CA 95008
Lender :MARFIA, JENNIE
Broker :JERRY MARTIN(L)
Address :;408/842-0505
(TRW REDI) Incomnet:BDG5037
All Rights Reserved
------------------------------------------------
<PAGE>
Command/Feature: DETAIL;pri 3
--------------------------------------------------
Address:11455 -S CLAYTON RD, SAN JOSE 95127
County :SANTA CLARA CA Land Use :PRIVATE SCHOOL
Lot Size :A10.00 Bldg Area: 39,750 New Page :
Lot Area :435,600 Rent Area: Map Page :56-D6 Source :I
Zoning :A SJ Bsmt Area: APN-Acct#:612-38-012
Ofc. Area: Census Tr:5033.12
Year Blt :1975/75 Assessed Land: $72,171
# Bldgs : 8 Park Type:PAVED Improvement: $ 931,811
# Stories: 1 Park Spcs:40 Total Value: $1,003,982
Units : 1 Paving : Assessed Yr:94
CLASS D BUILDING;AVERAGE QUALTIY;AVERAGE CONDITION;FRAME $/Sqft :$28.93
CONSTRUCTION;WOOD FRAME;STUCCO EXTERIOR;SLAB FOUNDATION;
LAT ROOF;TAR & GRAVEL ROOF COVER;BUILDING HEATED;PARTIAL
A/C;NO ELEVATOR;NO FIRE SPRINKLER SYSTEM;3/95;POOL, RUNNING
TRACK & BASKETBALL COURT
Publication Reference: SCC-07/95-0009
Legal Dsc:/B80 P39 M
Price : $1,150,000C Sale Date:03/31/95
Cash Down: $1,150,000 Document#:12847952
1st Mtg : K Int: Yrs:
2nd Mtg : Int: Yrs:
Prev Sale: Prev. Date: Lease:OWNER=USER
Buyer : DHARMA REALM BUDDHIST ASSN
Address : 11455 CLAYTON RD;SAN JOSE,CA 951275007;408/721-3702
Seller : TWELVEACRES INC
Address : 11455 CLAYTON RD;SAN JOSE,CA 95127
Broker : LISA GIIMRE(L)
Address : ;408/246-5020
(TRW REDI) Incomnet:BDD6187
All Rights Reserved
------------------------------------------------
<PAGE>
APN :279-41-031 Price: $510,000C Date:03/09/95 Bldar:5,238
County:SANTA CLARA CA $/Sq : $97.37 Doc#:12827598 Units:1
MapPg :66-B3 NewPg: AssLd: $ 24,460 Zone:R1 CAStory:1
Source:I (Inc#:BCZ0868) Total: $ 83,445 Lot :14,950 Yrblt:1950/50
Comment:ALSO USED AS A CHURCH
------------------------------------------------
5) Address:14614 MAGNOLIA ST, WESTMINSTER Use :RELIGIOUS
APN :098-391-1B Price:$1,875,000C Date:03/31/95 Bldar:13,900
County:ORANGE CA $/Sq : $134.89 Doc#:137390 Units:480
MapPg :21-E2 NewPg:828-C3 AssdLd: $156,928 Zone:R2 Story:2
Source:I (Inc#:ASN1841) Total: $749,916 Lot :91,040 Yrblt:1963/86
Comment:DBA CHINESE PRESBYTERIAN CHURCH
<PAGE>
Command/Feature: format 80;pri
----------------------------------------------------
No. Street City St Sale Price Date Bldg Area Unit Lot Area Use
1 1027 S 1 ARCADIA CA $ 600,000C 95/06 6,577 150 17,589 675
2 10844 TUXFORD SUN VALLE CA $ 230,000C 95/05 1,760 1 25,700 675
3 11455 CLAYTON SAN JOSE CA $ 1,150,000C 95/03 39,750 1 435,600 655
4 109 N 1 CAMPBELL CA $ 510,000C 95/03 5,238 1 14,950 675
5 14614 MAGNOLIA WESTMINST CA $ 1,875,000C 95/03 13,900 480 91,040 675
6 4990 BLACK MOUNT SAN DIEGO CA $ 2,100,000C 95/03 5,151 1 203,425 675
<PAGE>
EXHIBIT D
---------
TRW REDI REVENUES (1994)
<TABLE>
<S> <C>
California On-line $240,000
California Published 260,000
Washington & D.C. 80,000
Chicago 75,000
Quick Source C&I in covered areas 30,000 to 70,000
TOTAL 685,000 to $725,000
</TABLE>
25
<PAGE>
EXHIBIT E
---------
PURCHASED CONTRACTS
[To be Completed]
26
<PAGE>
EXHIBIT F
---------
ACCOUNTS RECEIVABLE
27
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
CUSTOMER LIST BY REGION Cont $
- -----------------------------------------------------------------------------------------------------------------------------
CUST NAME CUST # CONTRACT # CONT DATE BILL DATE ANN DATE CONT $ Per Hardcopy
- -----------------------------------------------------------------------------------------------------------------------------
ILLINOIS
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13266508 253795700 93-05-09 94-08-27 95-08-27 820 495 pi
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13504042 335042500 90-05-23 95-05-28 96-05-28 820 725 pi
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13171079 253163801 93-09-02 94-10-10 95-10-10 595 3,325 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13180624 253347800 86-10-28 94-11-15 95-11-15 820 495 pi
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13172593 232423800 88-08-22 95-04-07 96-04-07 824 495 pi
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13196997 253257800 86-12-19 94-12-24 95-12-24 820 645 pi
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13537909 353317400 91-01-24 95-01-10 96-01-10 820 725 pi
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13569537 355401300 91-07-09 94-05-10 95-09-10 820 795 pi
- -----------------------------------------------------------------------------------------------------------------------------
I N *** 10355391 178189201 95-06-08 95-06-10 96-06-10 612 3,200 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13181908 457069000 94-12-14 94-12-30 94-12-30 NO CHG 495 -
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 10767512 178198100 93-10-21 95-06-29 96-06-29 1,371 3,915 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13135855 344968403 95-01-15 95-01-15 96-01-15 595 1,634 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13190012 232295801 95-01-05 95-03-07 96-03-07 659 3,390 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13655049 457068000 94-12-22 94-12-30 95-12-30 NO CHG 795 -
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13430358 306796600 95-04-27 95-06-25 96-06-25 820 690 pi
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13056099 148171901 93-06-08 94-07-10 95-12-10 575 1,807 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13211380 253328800 87-02-10 95-02-19 96-02-19 820 645 pi
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13583052 8355452200 93-08-19 93-11-10 95-08-10 595 950 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 10752639 152194100 92-03-24 94-07-28 95-07-28 NO CHG NO CHG -
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 10518198 152195100 95-01-19 94-10-13 95-10-13 575 2,890 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13658206 405003201 95-04-03 95-03-26 96-03-26 744 2,678 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13186756 232287800 86-11-14 94-11-19 95-11-19 820 495 pi
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13549269 356237401 95-06-01 95-07-08 96-07-08 595 3,015 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13351813 284553600 88-06-10 94-06-25 95-12-25 820 1,800 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13188110 469100200 93-10-22 95-06-04 96-06-04 820 795 pi
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13628182 405378200 92-09-05 95-03-09 95-09-09 595 3,015 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13608953 377942300 92-04-17 95-06-01 96-09-01 595 795 Disc
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13556906 8355852300 93-07-29 94-10-01 95-10-01 744 2,890 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13547148 8355761300 91-04-02 94-06-15 95-10-15 280 2,890 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13257320 253464701 94-07-01 94-08-27 95-08-27 820 4,010 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 10375944 180711100 86-07-30 94-11-15 95-11-15 595 370 pi
- -----------------------------------------------------------------------------------------------------------------------------
I N *** 13751301 9416910000 95-05-08 01-01-01 01-01-01 982 2,975 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13629451 405259200 92-09-11 94-09-30 95-09-30 744 3,370 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13180095 180835100 86-10-24 94-10-15 95-10-15 347 575 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 10527576 158477101 94-03-22 94-10-10 95-10-10 595 3,345 mp
- -----------------------------------------------------------------------------------------------------------------------------
I N *** 13183014 253219801 95-05-31 95-07-10 96-07-10 794 2,500 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13662054 447228100 93-04-06 94-07-15 95-07-15 982 2,890 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13308208 254802701 94-12-30 94-12-30 95-12-30 910 2,975 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 10481366 8178157100 88-07-15 95-10-29 95-10-29 595 370 pi
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13106211 267876500 94-01-20 94-12-15 95-12-15 744 2,700 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13166389 249490801 94-10-12 94-11-10 95-11-10 595 1,995 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13666030 447257100 93-05-05 94-07-15 95-09-15 982 3.015 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13189140 249428800 86-11-12 94-11-15 95-11-15 1,985 1,090 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13293032 469091100 93-12-06 94-12-28 95-12-28 820 795 pi
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13498602 334516500 95-01-24 95-04-30 96-04-30 820 725 pi
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13265574 244890800 87-07-16 95-07-21 96-07-21 820 645 pi
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13189117 253276800 86-11-24 95-01-15 96-01-15 595 3,995 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13183218 249422800 93-08-19 94-11-10 95-11-10 820 495 pi
- -----------------------------------------------------------------------------------------------------------------------------
I N *** 13585489 355509301 95-05-19 95-05-10 96-05-10 842 2,678 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13170805 232413800 86-09-24 94-10-04 95-10-04 820 495 pi
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13185191 278214800 86-11-07 94-11-17 95-11-17 820 495 pi
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13436293 306746600 89-07-14 95-07-28 96-07-28 820 690 pi
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13215403 253359800 87-02-19 95-02-26 96-02-26 820 805 pi
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13524565 334912400 93-07-21 94-10-10 95-10-10 595 725 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13182314 253185800 90-10-18 94-10-29 95-10-29 744 M M
- -----------------------------------------------------------------------------------------------------------------------------
I M *** 13678363 447233100 93-07-27 94-10-16 96-02-16 491 2,890 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13099764 227701900 93-10-27 95-06-15 96-06-15 595 2,265 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 10726650 178156100 94-09-29 94-10-10 95-10-10 595 370 pi
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13180679 253288800 94-02-16 95-06-19 96-06-19 1,285 3,295 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13188235 253192800 93-08-24 94-11-10 95-11-10 820 495 pi
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13106233 249921901 95-04-11 95-04-15 96-04-15 1,071 2,678 mp
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 13218004 253624800 93-08-25 94-11-10 95-11-10 1,3375 495 mp
- -----------------------------------------------------------------------------------------------------------------------------
I N *** 13412701 306640600 89-03-31 95-04-07 96-04-07 820 690 pi
- -----------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------------
OUT- Cur DAYS PAST DUE TOTAL
- -----------------------------------------------------------------------------------------------------------------------------
CUST NAME STANDING Due 30 60 90 120 150+ REC UNBILLED TERMS
- -----------------------------------------------------------------------------------------------------------------------------
ILLINOIS
- -----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 820 820 820 0 6 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 463 149 149 314 6 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 820 820 820 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 508 73 73 434 12 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 10 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I N *** 612 450 450 161 10 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 NET 30 DAYS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 321 64 64 257 10 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 820 149 149 299 521 6 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 10 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 PO
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 571 82 82 489 10 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 595 0 595 10 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 6 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 820 149 149 299 521 6 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 595 0 595 12 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 595 0 595 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 744 66 66 677 12 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 12 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I N *** 982 0 982 10 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 3 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I N *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 12 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 744 66 66 66 66 66 199 531 213 12 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 982 90 99 179 802 12 PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I N *** 0 0 NET 3
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 6 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 181 149 149 31 6 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I M *** 491 123 123 368 12 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 1,285 0 1,285 12 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 1,071 0 1,071 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
I N *** 820 820 820 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------
</TABLE>
For each agreement
referred herein:
A = assignable; N = non-assignable;
M = unlocated.
Page 1
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
<TABLE>
<CAPTION>
CUSTOMER LIST BY REGION
- ------------------------------------------------------------------------------------------------------------------------
Cont $
- ------------------------------------------------------------------------------------------------------------------------
CUST NAME CUST # CONTRACT # CONT DATE BILL DATE ANN DATE CONT $ Per Hardcopy
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A *** 13676620 447407100 93-07-21 94-09-27 95-09-27 1,589 2,890 mp
- -----------------------------------------------------------------------------------------------------------------------
I A *** 13133064 249546800 93-07-21 94-10-10 95-10-10 595 1,975 mp
- -----------------------------------------------------------------------------------------------------------------------
I A *** 13060577 334349400 90-12-11 94-12-18 95-12-18 595 425 pi
- -----------------------------------------------------------------------------------------------------------------------
I A *** 13706295 405564100 94-03-28 95-03-30 96-03-30 820 820 --
- -----------------------------------------------------------------------------------------------------------------------
I A *** 13221682 253782800 95-06-01 95-07-10 96-07-10 595 2,795 mp
- -----------------------------------------------------------------------------------------------------------------------
I A *** 13352106 284365600 90-07-30 94-07-10 95-12-10 1,060 1,485 mp
- -----------------------------------------------------------------------------------------------------------------------
I A *** 13512702 334632400 92-07-17 94-07-23 95-12-23 744 725 --
- -----------------------------------------------------------------------------------------------------------------------
I N *** 13532643 353637401 95-01-19 95-02-10 96-02-10 2,460 2,940 mp
- -----------------------------------------------------------------------------------------------------------------------
I A *** 13198807 253475800 93-09-27 94-12-31 95-12-31 744 645 pi
- -----------------------------------------------------------------------------------------------------------------------
I N *** 13537910 353619401 95-01-24 95-04-10 96-04-10 489 2,620 mp
- -----------------------------------------------------------------------------------------------------------------------
I N *** 13564026 8355823302 95-02-07 95-02-10 95-09-10 360 360 --
- -----------------------------------------------------------------------------------------------------------------------
I A *** 13187537 253411700 88-06-22 94-07-05 96-01-05 595 765 disc
- -----------------------------------------------------------------------------------------------------------------------
I A *** 13608384 405205200 92-07-02 94-07-10 95-07-10 820 820 --
- -----------------------------------------------------------------------------------------------------------------------
I A *** 13423266 306561600 89-05-17 95-06-16 96-06-16 1,952 5,110 mp
- -----------------------------------------------------------------------------------------------------------------------
I M *** 13299551 8255357600 93-08-25 94-11-10 95-11-10 744 M M
- -----------------------------------------------------------------------------------------------------------------------
I A *** 13250941 253846800 87-05-29 95-07-21 96-07-21 595 2,585 mp
- -----------------------------------------------------------------------------------------------------------------------
I A *** 13293247 255317700 87-10-20 94-11-16 95-11-16 595 645 --
- -----------------------------------------------------------------------------------------------------------------------
I A *** 13517110 334683500 91-02-28 95-05-01 96-05-01 595 3,010 mp
- -----------------------------------------------------------------------------------------------------------------------
I A *** 10388894 180713100 91-04-02 94-05-28 95-10-28 595 CR --
- -----------------------------------------------------------------------------------------------------------------------
I A *** 13300925 8254734800 92-04-22 95-05-04 96-05-04 595 2,580 mp
- -----------------------------------------------------------------------------------------------------------------------
I N *** 13527313 353540401 95-01-24 95-02-13 96-02-13 659 3,295 mp
- -----------------------------------------------------------------------------------------------------------------------
I A *** 13242423 253667700 88-02-23 94-04-26 95-09-26 655 645 --
- -----------------------------------------------------------------------------------------------------------------------
I A *** 13050938 8136511000 90-04-02 95-06-07 96-06-07 1,045 CR --
- -----------------------------------------------------------------------------------------------------------------------
I A *** 13186312 253407701 93-08-17 94-09-10 95-09-10 595 495 pi
- -----------------------------------------------------------------------------------------------------------------------
I A *** 13226982 253634800 92-03-11 95-06-01 96-06-01 851 695 pi
- -----------------------------------------------------------------------------------------------------------------------
I A *** 13149348 258326502 94-06-10 94-06-10 95-06-10 368 2,312 mp
- -----------------------------------------------------------------------------------------------------------------------
I A *** 13187427 269430800 93-08-01 94-11-20 95-11-20 820 895 --
- -----------------------------------------------------------------------------------------------------------------------
I A *** 13188213 253409800 86-11-21 95-08-15 96-08-15 820 495 pi
- -----------------------------------------------------------------------------------------------------------------------
I A *** 13155617 231658801 94-04-13 94-08-04 95-08-04 820 820 --
- -----------------------------------------------------------------------------------------------------------------------
I A *** 13477197 31965500 93-10-21 95-01-27 96-01-27 1,351 2,795 mp
- -----------------------------------------------------------------------------------------------------------------------
***
- -----------------------------------------------------------------------------------------------------------------------
***
- -----------------------------------------------------------------------------------------------------------------------
***
- -----------------------------------------------------------------------------------------------------------------------
*** 93 72,150 150,025
- -----------------------------------------------------------------------------------------------------------------------
***
- -----------------------------------------------------------------------------------------------------------------------
***
- -----------------------------------------------------------------------------------------------------------------------
***
- -----------------------------------------------------------------------------------------------------------------------
***
- -----------------------------------------------------------------------------------------------------------------------
***
- -----------------------------------------------------------------------------------------------------------------------
A *** 13090978 470977200 93-06-15 95-07-10 96-07-10 1,634 1,200 pi
- -----------------------------------------------------------------------------------------------------------------------
A *** 10092537 501775000 94-09-29 94-10-10 95-10-10 3,128 3,128 --
- -----------------------------------------------------------------------------------------------------------------------
M *** 10092537 501775001 94-11-16 94-12-27 95-12-27 1,000 M M
- -----------------------------------------------------------------------------------------------------------------------
A *** 13735079 475650000 94-12-12 95-02-01 96-02-01 725 725 --
- -----------------------------------------------------------------------------------------------------------------------
A *** 13735079 475649000 94-12-27 94-12-27 95-12-27 775 775 --
- -----------------------------------------------------------------------------------------------------------------------
A *** 13723342 417967000 94-08-16 94-08-30 95-08-30 800 708 --
- -----------------------------------------------------------------------------------------------------------------------
A *** 13505605 489062100 95-05-22 95-06-10 96-06-10 NO CHARGE NO CHARGE --
- -----------------------------------------------------------------------------------------------------------------------
A *** 13723560 492719000 94-08-24 94-10-01 95-10-01 775 775 --
- -----------------------------------------------------------------------------------------------------------------------
A *** 14809780 492401000 94-09-12 94-10-10 95-10-10 1,275 1,275 --
- -----------------------------------------------------------------------------------------------------------------------
A *** 13164321 417498101 94-12-05 94-12-01 95-12-01 2,808 3,744 disc
- -----------------------------------------------------------------------------------------------------------------------
A *** 13562785 475795002 94-12-14 95-04-10 96-04-10 536 536 --
- -----------------------------------------------------------------------------------------------------------------------
A *** 13592443 944180100 93-03-03 94-10-01 95-10-01 NO CHARGE NO CHARGE --
- -----------------------------------------------------------------------------------------------------------------------
A *** 13631969 485576100 93-08-11 94-08-17 95-08-17 0 --
- -----------------------------------------------------------------------------------------------------------------------
A *** 13654886 419604200 93-01-25 95-02-28 96-02-28 0 --
- -----------------------------------------------------------------------------------------------------------------------
A *** 10098171 497442000 94-07-15 94-08-09 95-08-09 553 553 --
- -----------------------------------------------------------------------------------------------------------------------
A *** 13675584 417750200 93-07-06 95-07-10 96-07-10 0 0 Can
- -----------------------------------------------------------------------------------------------------------------------
A *** 13739772 499907000 95-01-19 95-03-01 96-03-01 708 708 --
- -----------------------------------------------------------------------------------------------------------------------
A *** 13446049 390235300 92-01-16 95-03-06 96-03-06 708 576 pi
- -----------------------------------------------------------------------------------------------------------------------
A *** 10008631 418966100 94-06-08 94-10-10 95-10-10 6,000 5,995 --
- -----------------------------------------------------------------------------------------------------------------------
A *** 13665277 431158200 93-04-30 95-05-04 96-05-04 1,500 1,368 pi
- -----------------------------------------------------------------------------------------------------------------------
A *** 13593992 424614200 92-11-18 94-12-01 95-12-01 708 708 --
- -----------------------------------------------------------------------------------------------------------------------
A *** 10024044 499952000 94-10-03 94-10-10 95-10-10 775 775 --
- -----------------------------------------------------------------------------------------------------------------------
A *** 13684728 418867103 93-11-30 94-12-21 95-12-02 3,792 3,408 pi
- -----------------------------------------------------------------------------------------------------------------------
A *** 10308832 497330000 94-06-17 94-10-01 95-10-01 775 775 --
- -----------------------------------------------------------------------------------------------------------------------
A *** 10307163 944500200 93-07-01 95-07-01 96-07-01 708 708 --
- -----------------------------------------------------------------------------------------------------------------------
A *** 13719833 499698000 94-07-14 94-10-01 95-10-01 6,810 6,810 --
- -----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
CUSTOMER LIST BY REGION
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
OUT- Cur TOTAL
CUST NAME STANDING Due 30 60 90 120 150+ REC UNBILLED TERMS
- -----------------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------------
I A *** 595 52 52 543 12 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- ------------------------------------------------------------------------------------------------------------------------------------
I A *** - 0 0 0 NET 30
- ------------------------------------------------------------------------------------------------------------------------------------
I A *** 595 595 595 0 12 MO PMTS
- ------------------------------------------------------------------------------------------------------------------------------------
I A *** 1,060 0 1,060 6 MO PMTS
- ------------------------------------------------------------------------------------------------------------------------------------
I A *** - 0 0 0 12 MO PMTS
- ------------------------------------------------------------------------------------------------------------------------------------
I N *** 2,460 223 223 2,237 12 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------------
I A *** 744 434 434 310 12 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------------
I N *** 489 489 489 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------------
I N *** - 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 3 PMTS
- ----------------------------------------------------------------------------------------------------------------------------------
I A *** - 0 0 0 6 MO PMTS
- ----------------------------------------------------------------------------------------------------------------------------------
I A *** 1,952 208 208 417 1,535 10 MO PMTS
- ----------------------------------------------------------------------------------------------------------------------------------
I M *** 0 0 0 12 MO PMTS
- ------------------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- ------------------------------------------------------------------------------------------------------------------------------------
I A *** - 0 0 0 NET 30
- ------------------------------------------------------------------------------------------------------------------------------------
I A *** 595 595 595 0 NET 30
- ------------------------------------------------------------------------------------------------------------------------------------
I A *** - 0 0 0 NET 30
- ------------------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------------
I N *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------------
I A *** - 0 0 0 12 MO PMTS
- ------------------------------------------------------------------------------------------------------------------------------------
I A *** - 1,045 1,045 1,045 0 NET 40
- ------------------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------------
I A *** 851 76 76 152 700 12 MO PMTS
- -----------------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 NET 30
- ------------------------------------------------------------------------------------------------------------------------------------
I A *** - 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------------
I A *** 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------------
I A *** - 0 0 0 NET 30
- ------------------------------------------------------------------------------------------------------------------------------------
I A *** 1,351 118 118 1,233 12 MO PMTS
- ------------------------------------------------------------------------------------------------------------------------------------
***
- ------------------------------------------------------------------------------------------------------------------------------------
***
- ------------------------------------------------------------------------------------------------------------------------------------
***
- ------------------------------------------------------------------------------------------------------------------------------------
*** 26,574 3,318 1,814 2,030 156 186 1,839 9,044 17,531
- ------------------------------------------------------------------------------------------------------------------------------------
***
- ------------------------------------------------------------------------------------------------------------------------------------
***
- ------------------------------------------------------------------------------------------------------------------------------------
***
- ------------------------------------------------------------------------------------------------------------------------------------
***
- ------------------------------------------------------------------------------------------------------------------------------------
***
- ------------------------------------------------------------------------------------------------------------------------------------
A *** 1,634 0 1,634 NET 30
- ------------------------------------------------------------------------------------------------------------------------------------
A *** - 0 0 NET 30
- ------------------------------------------------------------------------------------------------------------------------------------
M *** 0 0 NET 30
- ------------------------------------------------------------------------------------------------------------------------------------
A *** - 391 65 65 65 65 65 325 66 12 MO. PYMTS.
- ------------------------------------------------------------------------------------------------------------------------------------
A *** - 713 418 70 70 70 70 713 0 12 MO. PYMTS.
- ------------------------------------------------------------------------------------------------------------------------------------
A *** - 0 0 10 MO. PYMTS.
- ------------------------------------------------------------------------------------------------------------------------------------
A *** - 0 0 NET 30
- ------------------------------------------------------------------------------------------------------------------------------------
A *** - 0 0 NET 30
- ------------------------------------------------------------------------------------------------------------------------------------
A *** - 138 138 138 0 10 MO. PYMTS.
- ------------------------------------------------------------------------------------------------------------------------------------
A *** 779 283 283 496 10 MO. PYMTS.
- ------------------------------------------------------------------------------------------------------------------------------------
A *** - 514 47 47 467 12 MO. PYMTS.
- ------------------------------------------------------------------------------------------------------------------------------------
A *** - 0 0 12 MO. PYMTS.
- ------------------------------------------------------------------------------------------------------------------------------------
A *** - 0 0 NET 30
- ------------------------------------------------------------------------------------------------------------------------------------
A *** - 0 0 0 NET 30
- ------------------------------------------------------------------------------------------------------------------------------------
A *** - 0 0 NET 30
- ------------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 6 MO. PYMTS.
- ------------------------------------------------------------------------------------------------------------------------------------
A *** - 0 0 0 NET 30
- ------------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------------
A *** - 0 0 12 MO. PYMTS.
- -----------------------------------------------------------------------------------------------------------------------------------
A *** 492 164 164 328 164 10 MO. PYMTS.
- -----------------------------------------------------------------------------------------------------------------------------------
A *** - 0 0 0 NET 30
- ------------------------------------------------------------------------------------------------------------------------------------
A *** - 0 0 NET 30
- ------------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 0 NET 30
- ------------------------------------------------------------------------------------------------------------------------------------
A *** - 0 0 0 NET 30
- ------------------------------------------------------------------------------------------------------------------------------------
A *** - 733 0 733 12 MO. PYMTS.
- ------------------------------------------------------------------------------------------------------------------------------------
A *** - 6,810 568 568 568 568 568 1,703 4,540 2,270 12 MO. PYMTS.
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
2
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------
CUSTOMER LIST BY REGION Conl $ OUT-
- -----------------------------------------------------------------------------------------------------------
CUST NAME CUST # CONTRACT # CONT DATE BILL DATE ANN DATE CONT $ Per Hardcopy STANDING
- -----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A *** 10038380 382027300 93-12-01 95-03-10 96-03-10 3,289 2,760 pi 3,289
- -----------------------------------------------------------------------------------------------------------
A *** 10006952 492640100 94-11-30 95-10-01 96-06-30 1,500 1,500 - 1,500
- -----------------------------------------------------------------------------------------------------------
A *** 10048459 492639100 94-11-30 95-10-01 96-06-30 750 750 - 750
- -----------------------------------------------------------------------------------------------------------
A *** 10330831 492638100 94-11-30 95-10-01 96-06-30 750 750 - 750
- -----------------------------------------------------------------------------------------------------------
A *** 13677627 485385102 94-07-01 94-07-01 94-09-30 550 550 - 550
- -----------------------------------------------------------------------------------------------------------
A *** 13677627 485386102 94-07-01 94-07-01 94-09-30 138 550 dg 138
- -----------------------------------------------------------------------------------------------------------
A *** 13677627 485388102 94-07-01 94-07-01 94-09-30 138 550 dg 138
- -----------------------------------------------------------------------------------------------------------
A *** 13713194 499901000 94-09-19 94-09-21 95-09-21 3,900 3,900 -
- -----------------------------------------------------------------------------------------------------------
A *** 13731176 464681000 94-11-01 94-11-10 95-11-10 6,197 6,197 - 0
- -----------------------------------------------------------------------------------------------------------
A *** 14292029 499429100 94-07-11 95-07-21 96-07-21 775 800 - 0
- -----------------------------------------------------------------------------------------------------------
A *** 13718955 493265100 94-11-30 95-10-01 96-06-30 2,000 2,000 - 1,000
- -----------------------------------------------------------------------------------------------------------
A *** 13529054 492629100 94-11-30 95-10-01 96-06-01 4,000 4,000 - 3,000
- -----------------------------------------------------------------------------------------------------------
A *** 13688959 944340200 93-06-23 95-06-30 96-06-30 0 0 Can 0
- -----------------------------------------------------------------------------------------------------------
A *** 13417953 499693001 94-06-13 94-07-01 95-07-01 4,992 4,992 - 0
- -----------------------------------------------------------------------------------------------------------
A *** 13688443 944170100 93-01-28 94-10-01 95-10-01 NO CHARGE NO CHARGE - 0
- -----------------------------------------------------------------------------------------------------------
A *** 10030607 433331200 92-12-04 95-01-20 96-01-20 1,368 1,368 - 0
- -----------------------------------------------------------------------------------------------------------
A *** 14113588 423322100 93-10-10 94-09-10 95-09-10 219 219 - 0
- -----------------------------------------------------------------------------------------------------------
A *** 13593619 469634100 93-07-30 94-08-13 95-08-13 900 900 - 900
- -----------------------------------------------------------------------------------------------------------
A *** 17788897 501638000 94-09-07 94-12-10 95-12-10 708 708 - 0
- -----------------------------------------------------------------------------------------------------------
A *** 10310875 501515000 94-06-01 94-06-01 95-09-01 NO CHARGE NO CHARGE - 0
- -----------------------------------------------------------------------------------------------------------
A *** 10047753 390492200 93-02-16 95-05-10 96-05-10 708 708 - 660
- -----------------------------------------------------------------------------------------------------------
A *** 14292018 448376200 93-03-25 95-04-02 96-04-02 708 708 - 0
- -----------------------------------------------------------------------------------------------------------
A *** 13670918 440268200 93-06-02 95-06-10 96-06-10 708 708 - 0
- -----------------------------------------------------------------------------------------------------------
A *** 13716937 500168100 94-06-17 95-06-30 96-06-30 1,500 1,500 - 1,500
- -----------------------------------------------------------------------------------------------------------
A *** 10062358 492950000 94-10-07 95-01-19 96-01-19 2,400 2,400 - 1,848
- -----------------------------------------------------------------------------------------------------------
A *** 10062358 499906000 94-12-01 95-01-17 96-01-17 600 600 - 375
- -----------------------------------------------------------------------------------------------------------
A *** 13714838 501569100 94-05-18 95-06-09 96-06-09 708 708 - 0
- -----------------------------------------------------------------------------------------------------------
A *** 14350961 944320100 95-02-06 95-02-21 96-02-21 708 708 - 615
- -----------------------------------------------------------------------------------------------------------
A *** 13689538 406545100 93-10-10 94-10-10 95-10-10 2,592 2,203 pi 0
- -----------------------------------------------------------------------------------------------------------
A *** 13615641 497405000 94-06-03 94-10-10 95-10-10 6,000 6,000 - 5,925
- -----------------------------------------------------------------------------------------------------------
A *** 13615641 497408000 94-06-08 94-10-10 95-10-10 500 500 - 100
- -----------------------------------------------------------------------------------------------------------
A *** 13720970 500188000 97-07-26 94-08-03 95-08-03 775 775 -
- -----------------------------------------------------------------------------------------------------------
A *** 10085506 496058000 95-05-01 95-05-10 96-05-10 1,275 1,275 - 1,275
- -----------------------------------------------------------------------------------------------------------
A *** 10085430 471102200 93-06-21 95-06-10 96-06-10 1,368 1,488 1,161
- -----------------------------------------------------------------------------------------------------------
A *** 13427530 497001000 94-10-26 95-01-10 96-01-10 5,150 5,150 - 5,150
- -----------------------------------------------------------------------------------------------------------
A *** 13420292 500176000 94-06-24 94-12-02 95-12-02 400 400 - 0
- -----------------------------------------------------------------------------------------------------------
A *** 13128707 944390201 94-06-15 95-06-15 96-06-15 708 586 pi 611
- -----------------------------------------------------------------------------------------------------------
A *** 10062688 499877000 94-10-13 94-12-31 95-12-31 3,450 3,450 - 1,448
- -----------------------------------------------------------------------------------------------------------
A *** 10062688 499877001 94-12-02 94-12-31 95-12-31 660 660 - 275
- -----------------------------------------------------------------------------------------------------------
A *** 10062677 430010200 93-09-17 94-10-10 95-10-10 708 672 pi 0
- -----------------------------------------------------------------------------------------------------------
A *** 10062688 499875000 94-10-13 94-11-15 95-11-15 690 690 - 0
- -----------------------------------------------------------------------------------------------------------
A *** 10062688 499876000 94-10-13 94-10-26 95-10-26 690 690 -
- -----------------------------------------------------------------------------------------------------------
A *** 13085088 475799000 94-12-29 95-06-10 96-06-10 775 775 - 733
- -----------------------------------------------------------------------------------------------------------
A *** 13587531 381878301 94-10-13 95-01-10 96-01-10 1,368 1,284 - 0
- -----------------------------------------------------------------------------------------------------------
A *** 13733927 475414000 94-11-29 94-12-10 95-12-10 698 775 - 0
- -----------------------------------------------------------------------------------------------------------
A *** 10084549 944470201 95-04-11 95-06-10 96-06-10 2,700 2,600 pi 2,497
- -----------------------------------------------------------------------------------------------------------
A *** 13733927 475414000 94-11-29 94-12-10 95-12-10 698 700 - 0
- -----------------------------------------------------------------------------------------------------------
A *** 10049221 430822200 94-05-20 95-07-10 96-07-10 1,368 1,368 - 0
- -----------------------------------------------------------------------------------------------------------
A *** 13688285 944090100 93-03-28 94-10-01 95-10-01 NO CHARGE NO CHARGE - 0
- -----------------------------------------------------------------------------------------------------------
A *** 10063263 487731000 95-04-25 95-09-10 96-09-10 5,949 5,924 - 5,949
- -----------------------------------------------------------------------------------------------------------
A *** 10063285 417422101 94-09-19 94-10-05 95-10-05 1,026 1,026 - 13
- -----------------------------------------------------------------------------------------------------------
M *** 10314426 431774200 93-04-02 95-04-19 96-04-19 775 944 dr 0
- -----------------------------------------------------------------------------------------------------------
A *** 10314426 491462100 94-01-14 95-01-25 96-01-25 708 M M 0
- -----------------------------------------------------------------------------------------------------------
A *** 13738672 478907000 95-03-17 95-03-01 96-03-01 620 620 - 620
- -----------------------------------------------------------------------------------------------------------
A *** 13185540 501507100 94-06-06 95-07-01 96-07-01 2,850 2,850 -
- -----------------------------------------------------------------------------------------------------------
A *** 13643064 421014201 94-11-15 94-10-10 95-10-10 3,600 3,600 - 432
- -----------------------------------------------------------------------------------------------------------
A *** 13741070 464788000 95-02-03 95-02-27 96-02-27 5,900 5,900 - 2,963
- -----------------------------------------------------------------------------------------------------------
A *** 10015963 419562201 94-05-11 95-06-01 96-06-01 1,368 1,368 - 1,368
- -----------------------------------------------------------------------------------------------------------
A *** 12318365 408158200 93-06-30 95-07-10 96-07-10 1,500 1,500 - 1,500
- -----------------------------------------------------------------------------------------------------------
A *** 13688274 94480100 94-04-29 94-10-10 95-10-10 NO CHARGE NO CHARGE - 0
- -----------------------------------------------------------------------------------------------------------
A *** 13675629 471138200 94-06-21 95-07-10 96-07-10 1,500 1,500 - 1,500
- -----------------------------------------------------------------------------------------------------------
A *** 14041003 393371300 92-09-01 94-11-10 95-11-10 1,151 0
- -----------------------------------------------------------------------------------------------------------
A *** 14041003 393371204 95-04-25 95-06-22 96-06-22 775 775 - 0
- -----------------------------------------------------------------------------------------------------------
A *** 14041003 393371400 94-03-14 95-03-21 96-03-21 2,592 2,592 - 0
- -----------------------------------------------------------------------------------------------------------
A *** 13729001 492364000 94-10-10 94-11-01 95-11-01 1,800 1,800 - 0
- -----------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
CUR DAYS PAST DUE TOTAL
- -------------------------------------------------------------------------------------------------------------------
CUST NAME DUE 30 60 90 120 150+ REC UNBILLED TERMS
- -------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A *** 3,289 3,289 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 0 1,500 PURCH ORDER
- -------------------------------------------------------------------------------------------------------------------
A *** 0 750 PURCH ORDER
- -------------------------------------------------------------------------------------------------------------------
A *** 0 750 PURCH ORDER
- -------------------------------------------------------------------------------------------------------------------
A *** 550 550 0 PURCH ORDER
- -------------------------------------------------------------------------------------------------------------------
A *** 138 138 0 PURCH ORDER
- -------------------------------------------------------------------------------------------------------------------
A *** 138 138 0 PURCH ORDER
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 1,000 1,000 0 PURCH ORDER
- -------------------------------------------------------------------------------------------------------------------
A *** 0 3,000 PURCH ORDER
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 12 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 12 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 0 12 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 WRITE OFF
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 93 93 808 10 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 73 73 147 513 10 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 508 508 1,017 483 3 MO. PYMT.
- -------------------------------------------------------------------------------------------------------------------
A *** 243 243 243 243 970 878 10 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 63 63 63 188 188 10 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 461 77 77 615 0 10 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 600 600 600 600 600 2,925 5,925 0 10 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 50 50 100 0 10 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 12 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 106 106 1,169 12 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 106 106 1,055 12 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 5,150 5,150 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 61 61 550 12 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 290 290 1,158 12 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 55 55 220 12 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 67 67 667 12 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 12 MO. PYMTS
- -------------------------------------------------------------------------------------------------------------------
A *** 227 227 2,270 12 MO. PYMTS
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 12 MO. PYMTS
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 0 12 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 0 5,949 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 13 13 0 10 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
M *** 0 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 58 58 58 174 446 12 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 12 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 363 363 70 10 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 593 593 2,370 12 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 1,368 1,368 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 137 137 1,363 12 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 165 165 1,335 10 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- -------------------------------------------------------------------------------------------------------------------
A *** 0 0 12 MO. PYMTS.
- -------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 3
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
CUSTOMER LIST BY REGION Cont $ OUT- Cur
CUST NAME CUST # CONTRACT # CONT DATE BILL DATE ANN DATE CONT $ Per Hardcopy STANDING Due
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A *** 13297522 413677200 92-12-04 95-01-10 96-01-10 708 708 367 61
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13683802 944360200 93-05-21 95-05-30 96-05-30 2,595 2,592 2,219 218
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 10303673 49270200 94-09-16 94-09-23 95-09-23 8,000 8,000 0
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13641217 433322200 92-11-30 94-10-10 95-10-10 4,641 4,641 0
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13723814 437428000 94-08-30 94-09-10 95-09-10 1,500 1,500 386 137
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13485554 492783000 94-12-01 94-12-15 95-12-15 775 775 0
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 10051028 427500100 93-08-10 94-11-10 95-11-10 4,800 4,800 1,448 965
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 10051028 487790100 94-04-13 94-05-01 95-05-01 3,625 3,625 965 483
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13740552 49990900 95-02-10 95-02-16 96-02-16 4,800 4,800 3,217 402
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13731558 492742000 94-11-10 94-11-18 95-11-18 775 775 0
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13576078 501422000 95-03-06 95-03-27 96-03-27 730 730 593 66
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13576078 501423000 94-10-19 94-11-10 95-11-10 775 775 593 66
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13708064 492072101 95-06-02 95-07-15 96-07-15 2,500 2,500 2,500 210
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 10094984 944270100 93-10-08 94-10-01 95-10-01 NO CHARGE NO CHARGE 0
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13734924 478718000 94-12-07 95-06-30 95-12-27 2,757 2,732 2,757
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13018453 418946100 94-12-23 94-10-01 95-10-01 2,156 1,992 ug 2,156
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13359394 413376100 93-03-04 94-03-10 95-03-10 3,402 3,402 ug
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13635573 410863101 93-09-28 94-01-10 95-01-10 3,744 3,744
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13512609 418594200 94-01-05 94-02-21 95-02-21 3,048 3,048 0
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13528895 433329200 94-01-24 95-02-08 96-02-08 708 708 - 367 73
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 10328573 499696000 94-07-07 94-08-01 95-08-01 1,500 1,500 - 0
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 10304636 486449100 94-12-29 94-11-10 95-11-10 3,000 3,000 -
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13545050 418634300 92-08-27 95-04-01 96-04-01 708 708 - 0
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 10099859 497333000 94-09-09 94-09-19 95-09-19 1,500 1,500 - 0
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13545050 418634301 94-04-02 95-04-08 96-04-8 685 685 - 685 114
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13687699 492473000 94-10-28 94-12-10 95-12-10 775 775 - 0
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 10051996 432624200 94-03-09 95-02-01 96-02-01 1,368 1,080 ug 0
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13564275 433385200 93-03-17 95-06-30 96-06-30 708 708 -
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 10052252 419099200 92-12-18 95-04-10 96-04-10 1,368 1,368 -
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13715158 437436100 94-05-26 95-05-10 96-05-10 1,368 1,248 pi 1,368 116
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13714407 501109100 94-05-25 95-06-10 96-06-10 1,368 1,368 - 1,368 1,368
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13689901 327631501 94-01-13 95-01-13 96-01-13 2,882 2,640 pi 2,882 2,882
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 10089726 419936100 94-03-10 94-03-10 95-06-15 635 635 - 0
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13645457 419233200 92-12-03 94-12-17 95-12-17 708 708 - 788 79
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13689440 475834000 95-03-17 95-04-30 96-04-30 3,000 3,000 - 2,118 2,118
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13053418 464162000 95-04-10 95-10-10 96-10-10 1,425 1,425 - 1,329
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 10078735 486496000 94-09-01 94-12-31 95-12-31 2,592 2,592 - 0
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13740518 464558000 94-12-14 95-02-16 96-02-16 775 775 - 0
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 14276898 424579201 94-04-19 95-07-28 96-07-28 792 792 -
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13672725 470985200 93-12-23 95-06-24 96-06-24 0 0 Can
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13750249 463841000 95-05-04 95-05-17 96-05-17 800 795 - 800 266
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 10053790 382179301 94-12-16 95-02-24 96-06-24 1,284 1,284 - 0
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13672736 470986200 93-12-05 95-06-23 96-06-23 0 0 Can 0
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13743483 464012000 95-03-07 95-03-09 96-03-09 840 840 - 519 87
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13720712 483880000 94-07-14 94-07-10 95-11-10 776 775 - 0
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 10024167 467166000 95-05-18 95-05-10 96-05-10 695 695 - 695
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13702219 427259100 94-01-31 95-02-23 96-02-23 0 0 Can
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13683813 469832101 95-03-01 94-12-01 95-12-01 995 1,095 dg 271 109
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13716610 501595000 94-06-13 94-10-10 95-10-10 6,835 6,810 pi 7,553 570
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 10092869 492701000 94-09-06 95-01-10 96-01-10 775 775 - 0
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13748161 466603000 95-04-06 95-04-28 96-04-28 NO CHARGE NO CHARGE - 0
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13714755 501584100 94-05-27 95-06-15 96-06-15 708 775 - 791 132
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13753020 475456000 95-05-23 95-05-10 96-05-10 300 300 - 300 35
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13753020 475456001 95-05-23 95-05-10 96-11-10 300 300 - 300 32
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13687600 431112100 95-05-22 95-06-02 96-06-02 708 708 -
- ----------------------------------------------------------------------------------------------------------------------------------
M *** 13687600 475628000 93-10-13 94-10-10 95-10-10 708 708 - 648 59
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13038035 448917100 93-08-19 94-08-27 95-08-27 2,203 2,203 - 1,162 222
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13715181 458201100 94-05-26 95-05-10 96-05-10 1,368 1,248 pi 1,161 1,161
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13720169 469399000 94-07-11 94-08-02 95-08-02 708 708 - 603 60
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13614376 427253100 93-09-23 94-10-10 95-10-10 8,400 8,400 - 843 843
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13672747 470988200 93-06-21 95-06-23 96-06-23 NO CHARGE NO CHARGE - 0
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13737077 475401000 95-01-01 95-01-13 96-01-13 5,490 5,490 - 3,203 458
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13748950 500544000 95-04-14 95-04-28 96-04-28 200 200 - 0
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 10087605 491700101 94-12-22 94-12-29 95-12-29 1,296 1,296 -
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 13486304 421117101 93-12-16 94-12-30 95-12-30 600 600 -
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
DAYS PAST DUE TOTAL
CUST NAME 30 60 90 120 150+ REC UNBILLED TERMS
- ----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A *** 61 305 12 MO.PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 218 2 ,001 12 MO.PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 137 249 12 MO.PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 3 QTRLY PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 965 483 10 MO.PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 483 965 0 10 MO.PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 402 2,815 12 MO.PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 66 527 12 MO.PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 66 527 12 MO.PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 210 2,290 12 MO.PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 12 MO.PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 2,757 2,757 0 NET 30
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 2,156 2,156 0 PURCHASE ORDER
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 PURCHASE ORDER
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 PURCHASE ORDER
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 PURCHASE ORDER
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 73 293 10 MO.PYMTS
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 12 MO.PYMTS
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 3 QTRLY PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 6 MO PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 114 571 NET 30
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 10 MO. PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 3 QTRLY PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 232 348 1,020 12 MO. PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 1,368 0 NET 30
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 2,882 0 NET 30
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 10 MO. PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 79 79 79 79 314 708 80 10 MO. PYMTS.
- -----------------------------------------------------------------------------------------------------------------------------------
A *** 2,118 0 10 MO. PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 1,329 12 MO. PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 12 MO. PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- -----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 266 266 798 2 3 QTRLY PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 87 433 10 MO. PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 12 MO. PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 695 695 0 NET 30
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 10 MO. PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 109 162 10 MO. PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 570 570 570 570 3,987 6,835 718 12 MO. PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 NET 30
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 132 264 527 6 MO PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 35 70 230 10 MO. PYMTS.
---------------------------------------------------------------------------------------------------------------------------------
A *** 32 65 235 10 MO. PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 12 MO. PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
M *** 59 589 6 MO PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 222 222 222 887 275 10 MO PTMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 1,161 0 12 MO. PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 60 60 60 60 301 603 1 12 MO. PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 843 0 10 MO PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 NET 30
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 458 915 2,288 12 MO. PYMTS.
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ----------------------------------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Page 4
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
CUSTOMER LIST BY REGION CONT # OUT-
- ---------------------------------------------------------------------------------------------------------
CUST NAME CUST # CONTRACT # CONT DATE BILL DATE ANN DATE CONT $ Per Hardcopy STANDING
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A *** 13486304 421117200 93-05-24 95-06-04 93-06-04 2,592 2,592 - 2,592
- ---------------------------------------------------------------------------------------------------------
A *** 13683824 944440100 92-11-01 94-10-30 95-10-30 708 708 - 188
- ---------------------------------------------------------------------------------------------------------
A *** 13734902 492409000 94-11-08 95-01-10 96-06-10 1,200 1,200 - 1,200
- ---------------------------------------------------------------------------------------------------------
A *** 13694260 478875000 94-12-02 95-07-31 96-07-31 3,416 3,416 - 3,065
- ---------------------------------------------------------------------------------------------------------
A *** 10055505 449455100 94-04-28 95-04-01 96-04-10 1,368 1,368 - 899
- ---------------------------------------------------------------------------------------------------------
M *** 10067944 417647200 93-06-15 95-07-27 96-07-27 1,368 1,368 - 1,368
- ---------------------------------------------------------------------------------------------------------
A *** 13724783 492723000 94-09-02 94-09-14 95-09-14 1,500 1,500 - 0
- ---------------------------------------------------------------------------------------------------------
A *** 13715170 437434100 94-05-26 95-05-10 96-05-10 1,368 1,248 pi 1,180
- ---------------------------------------------------------------------------------------------------------
A *** 10323679 944010101 94-08-23 94-10-31 95-10-31 945 945 - 97
- ---------------------------------------------------------------------------------------------------------
A *** 13736597 464559000 94-12-15 95-01-09 96-01-09 3,600 3,600 - 0
- ---------------------------------------------------------------------------------------------------------
A *** 13736597 493582000 94-12-15 95-01-18 96-01-18 8,400 8,400 - 0
- ---------------------------------------------------------------------------------------------------------
A *** 13043806 464369000 94-10-24 94-11-01 95-11-01 1,500 1,500 - 500
- ---------------------------------------------------------------------------------------------------------
A *** 13664210 491604100 93-10-01 95-02-10 96-02-10 5,400 3,600 5,234
- ---------------------------------------------------------------------------------------------------------
A *** 13517824 469750100 94-04-01 95-05-01 96-05-01 775 708 - 0
- ---------------------------------------------------------------------------------------------------------
A *** 13682650 500181000 94-06-27 94-11-01 95-11-01 4,392 4,392 -
- ---------------------------------------------------------------------------------------------------------
A *** 13717189 485047000 94-06-21 94-10-01 95-10-01 3,009 3,009 - 0
- ---------------------------------------------------------------------------------------------------------
A *** 10081339 413457201 95-02-01 95-03-01 96-03-01 3,089 3,744 dg 0
- ---------------------------------------------------------------------------------------------------------
A *** 13689439 944460101 94-08-09 94-10-30 95-10-30 900 900 -
- ---------------------------------------------------------------------------------------------------------
A *** 13042126 421662200 94-05-18 95-07-10 96-07-10 4,170 4,170 - 4,170
- ---------------------------------------------------------------------------------------------------------
A *** 10305097 471254300 95-03-17 96-03-01 96-08-31 750 750 - 750
- ---------------------------------------------------------------------------------------------------------
M *** 10305097 471254200 95-03-17 94-03-01 96-03-01 1,585 1,500 - 1,585
- ---------------------------------------------------------------------------------------------------------
A *** 13184462 314324400 93-10-07 93-10-10 94-10-10 3,500 3,500 - 0
- ---------------------------------------------------------------------------------------------------------
A *** 13749766 463906000 95-04-24 95-05-10 95-10-10 1,600 1,600 - 1,600
- ---------------------------------------------------------------------------------------------------------
A *** 12901370 430371201 95-03-16 95-01-03 96-01-03 1,070 1,070 -
- ---------------------------------------------------------------------------------------------------------
A *** 13672004 401989101 93-12-03 94-12-10 95-12-10 708 708 - 220
- ---------------------------------------------------------------------------------------------------------
A *** 14286178 448797200 93-04-28 95-05-10 96-05-10 1,368 972 ug
- ---------------------------------------------------------------------------------------------------------
A *** 13256686 469802101 94-09-20 94-10-01 95-10-01 3,575 3,575 - 0
- ---------------------------------------------------------------------------------------------------------
A *** 17814158 418511201 94-12-05 95-01-01 96-01-01 3,033 3,033 - 917
- ---------------------------------------------------------------------------------------------------------
A *** 13723043 497443100 94-08-08 95-02-10 96-02-10 1,992 1,162 ug 0
- ---------------------------------------------------------------------------------------------------------
A *** 13114423 492092100 94-02-01 95-02-08 96-02-08 1,368 1,368 - 761
- ---------------------------------------------------------------------------------------------------------
M *** 13114423 478719000 94-12-09 94-12-30 95-12-30 1,500 1,500 -
- ---------------------------------------------------------------------------------------------------------
M *** 13522846 368523300 92-09-18 94-09-10 95-09-10 708 708 - 0
- ---------------------------------------------------------------------------------------------------------
A *** 13730153 467320000 95-06-05 95-06-05 96-06-05 1,500 1,500 - 1,240
- ---------------------------------------------------------------------------------------------------------
M *** 13730153 493476000 94-10-26 94-11-04 95-11-04 750 750 - 155
- ---------------------------------------------------------------------------------------------------------
A *** 13731570 492876000 94-10-28 94-11-17 95-11-17 1,500 1,500 - 305
- ---------------------------------------------------------------------------------------------------------
A *** 10098171 497442001 94-07-15 94-08-09 95-08-09 553 553 -
- ---------------------------------------------------------------------------------------------------------
A *** 13684726 418867100 93-09-21 94-09-29 95-09-29 2,592 2,592 - 0
- ---------------------------------------------------------------------------------------------------------
A *** 13677627 485389103 94-07-01 94-07-01 94-09-30 275 550 dg 138
- ---------------------------------------------------------------------------------------------------------
A *** 13677627 485394102 94-07-01 94-07-01 94-09-30 138 550 dg 138
- ---------------------------------------------------------------------------------------------------------
A *** 13753020 475456002 95-05-23 95-05-10 96-11-10 300 300 - 300
- ---------------------------------------------------------------------------------------------------------
***
- ---------------------------------------------------------------------------------------------------------
***
- ---------------------------------------------------------------------------------------------------------
***
- ---------------------------------------------------------------------------------------------------------
*** 196 336,639 330,691 138,288
- ---------------------------------------------------------------------------------------------------------
***
- ---------------------------------------------------------------------------------------------------------
***
- ---------------------------------------------------------------------------------------------------------
***
- ---------------------------------------------------------------------------------------------------------
W A *** 40001333 485936100 93-10-10 95-01-14 96-01-14 695 1,865 mp
- ---------------------------------------------------------------------------------------------------------
W A *** 40001333 485937100 93-10-10 95-01-14 96-01-14 695 695 -
- ---------------------------------------------------------------------------------------------------------
W A *** 40002291 432234200 93-01-08 95-01-08 96-01-08 695 1,815 mp
- ---------------------------------------------------------------------------------------------------------
W A *** 40002291 498712100 93-09-06 94-09-06 95-09-06 695 695 -
- ---------------------------------------------------------------------------------------------------------
W A *** 40000893 499099100 93-10-26 94-10-26 95-10-26 695 695 -
- ---------------------------------------------------------------------------------------------------------
W A *** 40000893 400990200 92-08-18 94-08-18 95-08-18 695 2,480 Can
- ---------------------------------------------------------------------------------------------------------
W A *** 40000893 400990201 92-08-18 94-08-14 95-08-14 695 895 mp
- ---------------------------------------------------------------------------------------------------------
W A *** 40002835 406266100 93-01-12 95-04-30 96-04-30 695 1,290 mp 695
- ---------------------------------------------------------------------------------------------------------
W A *** 40002835 406266101 93-01-12 95-04-30 96-04-30 695 1,290 mp
- ---------------------------------------------------------------------------------------------------------
W M *** 40002835 406265100 93-01-12 95-04-30 96-04-30 695 M M
- ---------------------------------------------------------------------------------------------------------
W A *** 40002943 009215001 90-03-10 94-03-10 96-03-10 235 235 -
- ---------------------------------------------------------------------------------------------------------
W A *** 40003692 401019201 89-06-05 94-09-23 95-09-23 595 1,985 mp,dg
- ---------------------------------------------------------------------------------------------------------
W A *** 40012320 457429000 94-10-21 94-12-03 95-12-03 695 695 - 504
- ---------------------------------------------------------------------------------------------------------
W A *** 40012320 494372000 94-10-21 94-12-03 95-12-03 695 1,290 mp 504
- ---------------------------------------------------------------------------------------------------------
W A *** 40012320 457431000 94-10-21 94-12-03 95-12-03 695 1,290 mp 504
- ---------------------------------------------------------------------------------------------------------
W A *** 40004071 064318300 92-02-19 94-06-10 98-09-10 695 1,390 mp 1,529
- ---------------------------------------------------------------------------------------------------------
W A *** 40004347 406252000 92-09-18 94-12-12 95-12-12 695 2,955
- ---------------------------------------------------------------------------------------------------------
W A *** 40004347 406253000 94-04-01 94-12-01 95-12-01 695 1,423
- ---------------------------------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------
CUR DAYS PAST DUE TOTAL
- ---------------------------------------------------------------------------------------------------------
CUST NAME DUE 30 60 90 120 150+ REC UNBILLED TERMS
- ---------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A *** 259 259 2,333 NET 30
- ---------------------------------------------------------------------------------------------------------
A *** 61 61 127 12 MO PYMTS
- ---------------------------------------------------------------------------------------------------------
A *** 1,200 1,200 0 2 MO PYMTS
- ---------------------------------------------------------------------------------------------------------
A *** 3,065 3,065 0 NET 30
- ---------------------------------------------------------------------------------------------------------
A *** 150 150 750 10 MO PYMTS
- ---------------------------------------------------------------------------------------------------------
M *** 139 139 1,229 10 MO PYMTS
- ---------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
A *** 116 116 1,064 12 MO PYMTS
- ---------------------------------------------------------------------------------------------------------
A *** 97 97 0 10 MO PYMTS
- ---------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
A *** 125 124 375 12 MO PYMTS
- ---------------------------------------------------------------------------------------------------------
A *** 543 543 543 543 543 543 3,255 1,979 10 MO PYMTS
- ---------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
A *** 0 0 3 QTRLY PYMTS
- ---------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
A *** 0 0 12 MO PYMTS
- ---------------------------------------------------------------------------------------------------------
A *** 454 454 3,716 10 MO PYMTS
- ---------------------------------------------------------------------------------------------------------
A *** 0 750 PURCHASE ORDER
- ---------------------------------------------------------------------------------------------------------
M *** 790 790 795 PURCHASE ORDER
- ---------------------------------------------------------------------------------------------------------
A *** 0 0 PURCHASE ORDER
- ---------------------------------------------------------------------------------------------------------
A *** 1,600 1,600 0 PURCHASE ORDER
- ---------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
A *** 73 73 147 10 MO PYMTS
- ---------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
A *** 0 0 3 QTRLY PYMTS
- ---------------------------------------------------------------------------------------------------------
A *** 306 306 612 10 MO PYMTS
- ---------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
A *** 139 139 621 10 MO PYMTS
- ---------------------------------------------------------------------------------------------------------
M *** 0 0 3 QTRLY PYMTS
- ---------------------------------------------------------------------------------------------------------
M *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
A *** 155 155 1,085 10 MO PYMTS
- ---------------------------------------------------------------------------------------------------------
M *** 78 78 78 10 MO PYMTS
- ---------------------------------------------------------------------------------------------------------
A *** 153 153 305 0 10 MO PYMTS
- ---------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
A *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
A *** 138 138 0 PURCH ORDER
- ---------------------------------------------------------------------------------------------------------
A *** 138 138 0 PURCH ORDER
- ---------------------------------------------------------------------------------------------------------
A *** 32 32 65 235 10 MO PYMTS
- ---------------------------------------------------------------------------------------------------------
***
- ---------------------------------------------------------------------------------------------------------
***
- ---------------------------------------------------------------------------------------------------------
***
- ---------------------------------------------------------------------------------------------------------
*** 29,105 9,285 3,481 3,018 6,859 19,378 71,127 67,162
- ---------------------------------------------------------------------------------------------------------
***
- ---------------------------------------------------------------------------------------------------------
***
- ---------------------------------------------------------------------------------------------------------
***
- ------------------------------------------------------------------------------------------ ---------------
W A *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
W A *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
W A *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
W A *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
W A *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
W A *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
W A *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
W A *** 695 695 0 NET 30
- ---------------------------------------------------------------------------------------------------------
W A *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
W M *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
W A *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
W A *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
W A *** 324 324 181 NET 30
- ---------------------------------------------------------------------------------------------------------
W A *** 348 348 157 NET 30
- ---------------------------------------------------------------------------------------------------------
W A *** 348 348 157 NET 30
- ---------------------------------------------------------------------------------------------------------
W A *** 695 695 1,390 139 NET 30
- ---------------------------------------------------------------------------------------------------------
W A *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
W A *** 0 0 NET 30
- ---------------------------------------------------------------------------------------------------------
</TABLE>
For each agreement referred herein:
A = assignable; N = non-assignable;
M = unlocated.
Page 5
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------------
CUSTOMER LIST BY REGION Cont $ OUT- Cur
- ---------------------------------------------------------------------------------------------------------------------------
CUST NAME CUST # CONTRACT # CONT DATE BILL DATE ANN DATE CONT $ Per Hardcopy STANDING Due
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40004347 406254000 94-04-01 94-12-01 95-12-01 695 695 -
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40004927 406112100 93-08-10 94-11-22 95-11-22 695 695 -
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40004927 406267100 94-01-30 95-04-03 96-04-03 695 695 - 777
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40004927 406231100 93-11-14 95-02-19 96-02-19 695 695 -
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40005760 499007100 93-06-22 94-09-29 95-09-29 695 1,340 mp
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40006006 412980200 93-01-12 95-04-19 96-04-19 695 695 - 752 695
- ---------------------------------------------------------------------------------------------------------------------------
W M *** 40005984 376843300 93-04-22 95-04-02 96-04-02 1,390 M M 799 695
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40006152 426296200 93-04-25 95-07-20 96-07-20 695 695 -
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40006196 494221100 94-03-19 95-05-20 96-05-20 695 1,553 mp
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40008334 063954201 91-09-27 94-09-30 95-09-30 595 2,520 mp
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40012054 400912200 92-08-15 94-08-15 95-08-15 695 695 -
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40009308 400929100 92-08-19 NO CHG NO CHG -
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40009616 400396300 94-01-13 NO CHG 695 -
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40009627 006525000 89-08-02 NO CHG NO CHG -
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40010216 485453100 93-10-10 95-01-13 96-01-13 695 695 -
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40010216 406271100 94-01-30 95-04-19 95-04-19 1,390 1,390 -
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40013110 429113100 93-04-06 94-06-12 95-06-12 595 595 -
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40014951 506251100 93-07-16 94-09-22 95-09-22 695 1,665 mp
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40015822 064739200 92-04-06 95-04-06 96-04-06 695 695 -
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40015952 542611400 93-06-21 94-09-08 95-09-08 595 695 -
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40008464 063919200 92-07-15 94-09-27 95-09-27 895 845 -
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40008497 406236000 94-06-13 94-06-13 95-06-13 895 870 -
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40009010 506255100 93-07-20 94-09-30 95-09-30 695 1,310 mp
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40012122 494234100 94-03-19 95-06-20 96-06-20 752 1,340 mp 752 752
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40012100 494233100 94-03-19 NO CHG NO CHG -
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40012627 489279000 90-01-10 95-01-10 96-01-10 495 470 -
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40012627 489280100 93-12-22 94-12-22 95-12-22 695 695 -
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40013279 506543100 94-03-08 95-03-09 96-03-09 695 695 -
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40003997 063499200 91-08-10 94-08-10 95-08-10 644 1,490 mp 644 644
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40013363 062699200 90-06-14 94-09-27 95-09-27 595 795
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40001674 412997200 93-01-13 95-04-14 96-04-14 695 920 mp
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40001979 506202100 92-09-15 94-10-31 95-10-31 695 1,291 mp
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40002097 413081200 87-03-26 95-03-24 96-03-24 695 495 ug
- ---------------------------------------------------------------------------------------------------------------------------
W M *** 40002729 062768301 94-04-01 94-11-01 95-11-01 695 M M
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40014412 400336200 92-05-10 95-05-10 96-05-10 695 3,005 mp 723
- ---------------------------------------------------------------------------------------------------------------------------
W M *** 40019112 447177200 93-04-22 95-04-22 96-04-22 1,790 M M 2,047
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40010607 063469200 91-11-20 94-12-04 95-12-04 595 595 -
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40009764 400530000 90-09-03 94-12-16 95-12-16 595 695 -
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40009764 061775200 92-09-15 94-09-12 95-09-12 695 1,140 mp 325
- ---------------------------------------------------------------------------------------------------------------------------
W A *** 40016614 376435300 92-06-08 95-06-08 96-06-08 1,390 1,390 - 777
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
46 39,756 57,732 11,333 5,195
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
- ---------------------------------------------------------------------------------------------------------------------------
448,545 538,448 176,196 37,618
- ---------------------------------------------------------------------------------------------------------------------------
<CAPTION>
- -------------------------------------------------------------------------------
DAYS PAST DUE TOTAL
- -------------------------------------------------------------------------------
CUST NAME 30 60 90 120 150+ REC UNBILLED TERMS
- -------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 695 695 82 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 695 57 NET 30
- -------------------------------------------------------------------------------
W M *** 695 104 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 LIEU/ADVERTISE
- -------------------------------------------------------------------------------
W A *** 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 752 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 644 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W M *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 723 NET 30
- -------------------------------------------------------------------------------
W M *** 695 895 1,590 457 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 0 NET 30
- -------------------------------------------------------------------------------
W A *** 0 325 NET 30
- -------------------------------------------------------------------------------
W A *** 0 777 NET 30
- -------------------------------------------------------------------------------
0 1,390 0 895 695 8,175 3,158
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
11,099 6,901 3,174 7,941 21,912 88,345 87,850
- -------------------------------------------------------------------------------
</TABLE>
For each agreement referred herein:
A = assignable; N = non-assignable;
M = unlocated.
Page 6
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
EXHIBIT G
---------
TRW REDI SUBSCRIPTION AGREEMENT
<TABLE>
<CAPTION>
<S> <C>
[LOGO] TRW REDI PROPERTY DATA Unless otherwise stipulated and agreed to herein, this is an
1700 N.W. 66th Avenue, Ft. Lauderdale, FL 33313 ANNUAL (12-MONTH) LEASE AGREEMENT for TRW REDI products and/or
1-800-345-7334 services, as specified below, relating to....
EXHIBIT G
- ------------------------------------------------------------------------------------------------------------------------------------
This is an [_] ORIGINAL-LEASE AGREEMENT
[_] ADDENDUM (Continuation and/or Revision)
Revision) PRODUCTS COUNTY NAME COUNTY STATE EDITION
- ------------------------------------------------------------------------------------------------------------------------------------
LESSEE CUSTOMER (BILLING) ADDRESS IS LOCATED IN
[_] Same county as shown above [_] Other COUNTY NUMBER
NAME OR TRADEMARK OF CUSTOMER
- ------------------------------------------------------------------------------------------------------------------------------------
REP: IF CUSTOMERS NAME OR BILLING ADDRESS HAS CHANGED SINCE LAST COUNTY NAME STATE
AGREEMENT SEE INSTRUCTIONS ON REVERSE SIDE.
- ------------------------------------------------------------------------------------------------------------------------------------
BILLING / CORRESPONDENCE SHIP TO & PICK UP FROM
ADDRESS ADDRESS/IF SAME LEAVE BLANK
- ----------------------------------------------------------------------- --------------------------------------------------------
Street Address Department Room Number Street Address Department Room Number Ship Code
- ----------------------------------------------------------------------- --------------------------------------------------------
City State City State
- ----------------------------------------------------------------------- --------------------------------------------------------
Zip Code Area Code Telephone Zip Code Area Code Telephone
- ----------------------------------------------------------------------- --------------------------------------------------------
Attention Of Department Attention Of Department
- ----------------------------------------------------------------------- --------------------------------------------------------
PLEASE SUPPLY STREET ADDRESS, WE CANNOT SHIP TO A POST OFFICE BOX
- ------------------------------------------------------------------------------------------------------------------------------------
CHECK PRODUCTS and/or SERVICES ORDERED....
APPLICABLE TO THE ABOVE NAMED COUNTY OR THIS AGREEMENT ONLY
- ------------------------------------------------------------------------------------------------------------------------------------
[X] Deliver IF THIS ORDER IS FOR # OF PRODUCT COMPONENTS
----------- LESS THAN FULL COUNTY SETS and/or SERVICES
No Yes give "SPLIT" specifics. ORDERED
Has (if more
Already than 1)
- ------------------------------------------------------------------------------------------------------------------------------------
Microfiche:
OWNERSHIP BY ASSESSOR # (NUMERICAL)
- ------------------------------------------------------------------------------------------------------------------------------------
Microfiche:
OWNERSHIP BY NAME (ALPHABETICAL)
- ------------------------------------------------------------------------------------------------------------------------------------
Microfiche:
OWNERSHIP BY ADDRESS
- ------------------------------------------------------------------------------------------------------------------------------------
Microfiche:
OWNERSHIP BY CATEGORY (INVEST. PACKAGE)
- ------------------------------------------------------------------------------------------------------------------------------------
Microfiche:
ASSESSOR MAPS
- ------------------------------------------------------------------------------------------------------------------------------------
"REALTY DIRECTORY" (OWNERSHIP)
- ------------------------------------------------------------------------------------------------------------------------------------
"AERIAL & MARSEES ATLAS"
- ------------------------------------------------------------------------------------------------------------------------------------
RECORDED PLATS LIBRARY
- ------------------------------------------------------------------------------------------------------------------------------------
RECORDED PLATS UPDATE SERVICE
- ------------------------------------------------------------------------------------------------------------------------------------
SALES TRANSACTIONS/OWNERSHIP UPDATES
- ------------------------------------------------------------------------------------------------------------------------------------
OTHER:
- ------------------------------------------------------------------------------------------------------------------------------------
OTHER:
- ------------------------------------------------------------------------------------------------------------------------------------
SERIAL NUMBER MICROFICHE READER (VIEWER)
(If Known)
- ------------------------------------------------------------------------------------------------------------------------------------
Annual Membership / Access Fee: NATIONAL DATA RESEARCH CENTER (DRC)
- ------------------------------------------------------------------------------------------------------------------------------------
* Check which report REDI REDI WEEKLY
and circle frequency REALTY C I & L --------------------------- MONTHLY
[_] REPORT [_] REPORT [_] OTHER TITLE QUARTERLY
- ------------------------------------------------------------------------------------------------------------------------------------
========================= =====================
CUSTOMER ACCOUNT NUMBER THIS AGREEMENT NUMBER
- ------------------------- ---------------------
[1][_][_][_][_][_][_] [0][4][6][6][5][0]
REP: If this is an ADDENDUM the number above MUST be
crossed out (on all copies).
========================= =====================
ORIGINAL LEASE NUMBER BILLING ONLY
- ------------------------- ---------------------
[_][_][_][_][_][_][_] - [_][_][_]
========================= ======================
FIELD REPRESENTATIVE SUPPORT REPRESENTATIVE
- ------------------------- ----------------------
- ------------------------- ----------------------
Name Number Name Number
- ------------------------- ----------------------
========================= =====================
LEASE TYPE ADDENDUM TYPE
NEW ACCOUNT CONTINUANCE AS IS
- ------------------------- ---------------------
REP: Check here if [_] Continuance downgrade
this is a former customer
- ------------------------- ---------------------
[_] New Existing Account [_] Add-on
[_] Superceding Lease* [_] Superceding*
- ------------------------- ---------------------
====================================================
REP: If this is a super-
ceding lease, enter here the
number of the lease it is
replacing
- -----------------------------------------------------
[_] UPON DELIVERY OF PRODUCTS ORDERED HEREIN, ON THE
MONTH OF _______________________________ 199 ___
========================= =====================
DATE OF THIS AGREEMENT LEAD SOURCE CODE
- ------------------------- ---------------------
[_][_] [_][_] [9][_] [_][_][_][_]
- ------------------------- ---------------------
Month Day Year
- -----------------------------------------------------
==========================================================================================================
ANNUAL LEASE AMOUNT
- ----------------------------------------------------------------------------------------------------------
Lease amount or 12 months $_______________ Extended Term Lease $_______________
(2nd Year)
Add on _______________
(Less Credits if any) (_______________) Extended Term Lease $_______________
(3rd Year)
SUB-TOTAL $_______________
SALES USE TAX: _______________
TOTAL PAYABLE + $_______________ TOTAL PAYABLE FOR LEASE TERMS ELECTED: $_______________
SHIPPING/HANDLING $ 25.00 (Plus applicable excess charges)
---------------
REP: If this is a "Special Rush" order via UPS 2-day service or Federal Express, change shipping charge
above to $50.00.
==========================================================================================================
==============================================================================================================
PAYMENT TERMS FOR THE LEASSEE
- --------------------------------------------------------------------------------------------------------------
A finance charge equal to the lesser of (a) 1.5% or The undersigned hereby affirms that he/she is duly
(b) the maximum rate permitted by law, will be authorized to commit the lessee to all Terms and
added to any unpaid balance hereon. Conditions set forth in this agreement...including
any "Extended Term" elected herein.
( ) PAID IN FULL
( ) PAYABLE NET 30 DAYS --------------------------------------------------
( ) PURCHASE ORDER Authorizer's Name (Please Print)
PO # ________________________
OTHER (Rep Explain): --------------------------------------------------
Authorizer's Title
X
--------------------------------------------------
Authorizer's Signature
$__________ Check Attached
( ) CREDIT CARD Customer's Business Category Code: [_][_]
HQ USE ONLY (See Other Side)
TERM CODE [_][_]
- --------------------------------------------------------------------------------------------------------------
</TABLE>
28
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
[LOGO] TRW REDI PROPERTY DATA Unless otherwise stipulated and agreed to herein, this is an
1700 N.W. 66th Avenue, Ft. Lauderdale, FL 33313 ANNUAL (12-MONTH) LEASE AGREEMENT for TRW REDI products and/or
1-800-345-7334 services, as specified below, relating to....
EXHIBIT G
- ------------------------------------------------------------------------------------------------------------------------------------
This is an [_] ORIGINAL-LEASE AGREEMENT
[_] ADDENDUM (Continuation and/or Revision)
Revision) PRODUCTS COUNTY NAME COUNTY STATE EDITION
- ------------------------------------------------------------------------------------------------------------------------------------
LESSEE CUSTOMER (BILLING) ADDRESS IS LOCATED IN
[_] Same county as shown above [_] Other COUNTY NUMBER
NAME OR TRADEMARK OF CUSTOMER
- ------------------------------------------------------------------------------------------------------------------------------------
REP: IF CUSTOMERS NAME OR BILLING ADDRESS HAS CHANGED SINCE LAST COUNTY NAME STATE
AGREEMENT SEE INSTRUCTIONS ON REVERSE SIDE.
- ------------------------------------------------------------------------------------------------------------------------------------
BILLING / CORRESPONDENCE SHIP TO & PICK UP FROM
ADDRESS ADDRESS/IF SAME LEAVE BLANK
- ----------------------------------------------------------------------- --------------------------------------------------------
Street Address Department Room Number Street Address Department Room Number Ship Code
- ----------------------------------------------------------------------- --------------------------------------------------------
City State City State
- ----------------------------------------------------------------------- --------------------------------------------------------
Zip Code Area Code Telephone Zip Code Area Code Telephone
- ----------------------------------------------------------------------- --------------------------------------------------------
Attention Of Department Attention Of Department
- ----------------------------------------------------------------------- --------------------------------------------------------
PLEASE SUPPLY STREET ADDRESS, WE CANNOT SHIP TO A POST OFFICE BOX
- ------------------------------------------------------------------------------------------------------------------------------------
CHECK PRODUCTS and/or SERVICES ORDERED....
APPLICABLE TO THE ABOVE NAMED COUNTY OR THIS AGREEMENT ONLY
- ------------------------------------------------------------------------------------------------------------------------------------
[X] Deliver IF THIS ORDER IS FOR # OF PRODUCT COMPONENTS
----------- LESS THAN FULL COUNTY SETS and/or SERVICES
No Yes give "SPLIT" specifics. ORDERED
Has (if more
Already than 1)
- ------------------------------------------------------------------------------------------------------------------------------------
Microfiche:
OWNERSHIP BY ASSESSOR # (NUMERICAL)
- ------------------------------------------------------------------------------------------------------------------------------------
Microfiche:
OWNERSHIP BY NAME (ALPHABETICAL)
- ------------------------------------------------------------------------------------------------------------------------------------
Microfiche:
OWNERSHIP BY ADDRESS
- ------------------------------------------------------------------------------------------------------------------------------------
Microfiche:
OWNERSHIP BY CATEGORY (INVEST. PACKAGE)
- ------------------------------------------------------------------------------------------------------------------------------------
ASSESSOR MAPS
- ------------------------------------------------------------------------------------------------------------------------------------
"REALTY DIRECTORY" (OWNERSHIP)
- ------------------------------------------------------------------------------------------------------------------------------------
"AERIAL & MARSEES ATLAS"
- ------------------------------------------------------------------------------------------------------------------------------------
RECORDED PLATS LIBRARY
- ------------------------------------------------------------------------------------------------------------------------------------
RECORDED PLATS UPDATE SERVICE
- ------------------------------------------------------------------------------------------------------------------------------------
SALES TRANSACTIONS/OWNERSHIP UPDATES
- ------------------------------------------------------------------------------------------------------------------------------------
OTHER:
- ------------------------------------------------------------------------------------------------------------------------------------
OTHER:
- ------------------------------------------------------------------------------------------------------------------------------------
SERIAL NUMBER MICROFICHE READER (VIEWER)
(If Known)
- ------------------------------------------------------------------------------------------------------------------------------------
Annual Membership / Access Fee: NATIONAL DATA RESEARCH CENTER (DRC)
- ------------------------------------------------------------------------------------------------------------------------------------
* Check which report REDI REDI WEEKLY
and circle frequency REALTY C 1 & L --------------------------- MONTHLY
[_] REPORT [_] REPORT [_] OTHER TITLE QUARTERLY
- ------------------------------------------------------------------------------------------------------------------------------------
========================= =====================
???????????????????? THIS AGREEMENT NUMBER
- ------------------------- ---------------------
[1][_][_][_][_][_][_] [0][4][6][6][5][0]
REP: If this is an ADDENDUM the number above MUST be
crossed out (on all copies).
========================= =====================
ORIGINAL LEASE NUMBER BILLING ONLY
- ------------------------- ---------------------
[_][_][_][_][_][_][_] - [_][_][_]
[illegible copy]
========================= =====================
LEASE TYPE ADDENDUM TYPE
NEW ACCOUNT CONTINUANCE AS IS
- ------------------------- ---------------------
REP: Check here if [_] Continuance downgrade
this is a former customer
- ------------------------- ---------------------
[_] New Existing Account [_] Add-on
[_] Superceding Lease* [_] Superceding*
- ------------------------- ---------------------
====================================================
REP: If this is a super-
ceding lease, enter here the
number of the lease it is
replacing
- -----------------------------------------------------
[_] UPON DELIVERY OF PRODUCTS ORDERED HEREIN, ON THE
MONTH OF _______________________________ 199 ___
========================= =====================
DATE OF THIS AGREEMENT LEAD SOURCE CODE
- ------------------------- ---------------------
[_][_] [_][_] [9][_] [_][_][_][_]
- ------------------------- ---------------------
Month Day Year
- -----------------------------------------------------
==========================================================================================================
ANNUAL LEASE AMOUNT
- ----------------------------------------------------------------------------------------------------------
Lease amount or 12 months $_______________ Extended Term Lease $_______________
(2nd Year)
Add on _______________
(Less Credits if any) (_______________) Extended Term Lease $_______________
(3rd Year)
SUB-TOTAL $_______________
SALES USE TAX: _______________
TOTAL PAYABLE + $_______________ TOTAL PAYABLE FOR LEASE TERMS ELECTED: $_______________
SHIPPING/HANDLING $ 25.00 (Plus ?????? excess charges)
---------------
==========================================================================================================
==============================================================================================================
PAYMENT TERMS FOR THE LEASSEE
- --------------------------------------------------------------------------------------------------------------
A finance charge equal to the lesser of (a) 1.5% or The undersigned hereby affirms that he/she is duly
(b) the maximum rate permitted by law, will be authorized to commit the lessee to all Terms and
added to any unpaid balance hereon. Conditions set forth in this agreement...including
any "Extended Term" elected herein.
( ) PAID IN FULL
( ) PAYABLE NET 30 DAYS --------------------------------------------------
( ) PURCHASE ORDER Authorizer's Name (Please Print)
PO # ________________________
OTHER (Rep Explain): --------------------------------------------------
Authorizer's Title
X
--------------------------------------------------
Authorizer's Signature
$__________ Check Attached
( ) CREDIT CARD Customer's Business Category Code: [_][_]
MO USE ONLY (See Other Side)
TERM CODE [_][_]
- --------------------------------------------------------------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
TRW REDI Property Data [LOGO]
CD ROM Subscription Agreement TRW-REDI
==================================================================================================================================
Date of Agreement Field Representative Number/Name Customer Account Number
[_][_] [_][_] [_][_] [_][_][_]_________________________________________________ [_][_] - [_][_][_][_][_][_]
Month Day Year [_][_][_]_________________________________________________
==================================================================================================================================
<S> <C>
Subject to the terms and conditions of this agreement, TRW REDI =============================================================
Property Data ("Licensor") grants to Licensee, identified below LICENSED AREAS # COPIES N/R $ ADD ON ANNUAL PRICE
and Licensee accepts a limited non-exclusive, non-transferable -------------------------------------------------------------
license without right of sub-license, to use the information
published by the Licensor on CD-ROM disk(s) listed herein (the -------------------------------------------------------------
"Information"), and a limited, non-exclusive, non-transferable
license, without the right of sub-license, to use the Retrieval -------------------------------------------------------------
Software only for the purposes of retrieving the information from
CD-ROM disk(s) at the Licensee's location, solely during the term -------------------------------------------------------------
and in concordance with the terms, conditions, and restrictions of
this agreement. -------------------------------------------------------------
TERMS AND CONDITIONS. -------------------------------------------------------------
1. ACCOUNT ESTABLISHMENT FEE: The Licensee shall pay TRW
REDI a one-time, non-refundable account establishment fee. -------------------------------------------------------------
2. PRODUCT SHIPPING COSTS: The Licensee shall pay TRW REDI
recurring product shipping fees. -------------------------------------------------------------
3. PRODUCT DEFINITION: The information, the CD disks containing
the information, the retrieval software, and the security -------------------------------------------------------------
system together constitute "The Product."
4. PAYMENT TERMS: -------------------------------------------------------------
[____________] equal payment payable [____________]
5. TERM: -------------------------------------------------------------
The initial term of this agreement shall be for [_________]
months, commencing [___________] through [____________] -------------------------------------------------------------
and is non-cancelable during that period; however, the Licensor Sub Total:
may terminate the licenses granted herein at any time without Product Shipping Fee:
notice if the Licensee breaches this agreement. This agreement Sales/Use Tax:
will renew automatically for successive twelve month periods TOTAL $:
unless canceled by either party in writing not less than thirty -------------------------------------------------------------
(30) days prior to the expiration of any term. Monthly Payment $:
6. ACCEPTANCE: This agreement shall be deemed accepted by the -------------------------------------------------------------
Licensor upon issuance of the Product to the Licensee.
7. ENTIRE UNDERSTANDING: This agreement (constituting this page THE FOLLOWING ITEMS ARE PAYABLE IN ADVANCE:
and the additional terms and conditions on the reverse hereto,
sets forth the entire understanding between the Licensor and -------------------------------------------------------------
the Licensee and supersedes all prior agreements, memoranda, First Service Month:
arrangements, and understandings relating to the subject Account Establishment Fee:
matter hereof and may only be amended subsequent written PAYABLE WITH THIS AGREEMENT $:
agreement of the parties hereto. -------------------------------------------------------------
==================================================================================================================================
SUBSCRIBER'S ACCEPTANCE
Account Name:____________________________________________________________________________ Telephone Number:_________________
[_] Individual [_] Partnership [_] Corporation [_] dba
Address:_________________________________________________________________________________
City, State, Zip Code:___________________________________________________________________
Authorized Signature:____________________________________________________________________ Date:_____________________________
Print Name:______________________________________________________________________________ Title:____________________________
==================================================================================================================================
TRW REDI Property Data . 3610 Central Avenue . Riverside California 92506 . (800) 345-7334
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
ON-LINE SUBSCRIPTION TRW REDI
Agreement PROPERTY DATA
[LOGO]
TRW-REDI
====================================================================================================================================
Date Account Representative Existing TRW REDI Account Number
- ----------------------------------------------- --------------------------------------------- --------------------------------
<S> <C>
. ACCOUNT ESTABLISHMENT FEE
The Subscriber shall pay TRW RED Property Data (hereinafter referred to as "TRW REDI") a one-time Account
Establishment Fee in the amount of $________. The Subscriber may cancel Application for service and receive a full
refund of the Establishment Fee for any reason up to three (3) business days after the initial date of application.
After the three (3) days cancellation period has expired, TRW REDI will not refund the Account Establishment Fee for
any reason. A reinstatement fee of $150 will be charged for all accounts which have been cancelled for ninety (90)
days or more.
. CONTRACT TERMS AND RATES (Select one and initial)
______ A) STANDARD ANNUAL TERM WITH REDUCED WEEKEND RATES
Initial The term of this agreement shall be twelve (12) months effective ______/_____/______ and will automatically renew for
successive twelve (12) month periods unless cancelled by either party in writing not less than thirty (30) days prior
to the expiration of any term.
The Subscriber will be billed a monthly minimum of $_______. The combined usage from all databases and usernames is
applied to the total monthly minimum charge.
Reduced weekend rates of __________ cents per minute for 300/1200 baud access and ______ cents per minute for 2400
baud access for usage on the Real Property File only between the hours of 7:00 PM Friday and 7:00 A.M. Monday, Local
Time. Reduced weekend rates will be effective only after the monthly minimum has been met at the standard rates.
Billing for any usage prior to the above effective date will be calculated at the per minute rate noted herein.
_____ B) ANNUAL FIXED FEE
Initial The initial term of this agreement shall be twelve (12) months, effective _____/______/___, and will automatically
renew for successive twelve (12) month periods unless cancelled by either party in writing not less than thirty (30)
days prior to the expiration of any term.
FIXED MONTHLY FEE OPTIONS (Select and initial one:)
1) 300/1200 Baud Option ____ (Initial and date here)
The Subscriber will be billed a fixed monthly fee of $_______ for access to the Real Property File at 300 or 1200
baud, providing the Subscriber up to _____ minutes (____ hours) of usage per month. Each minute of usage (at 300
or 1200 baud) which exceeds the monthly time allotment will be billed at the rate of _____ cents per minute, in
the event the Subscriber elects to access the On-Line Service at 2400 baud, the fixed monthly fee will remain the
same, however. the per minute charge will be billed at the rate of ______ cents per minute, thereby reducing the
amount of time provided at the 300/1200 baud fixed monthly fee.
2) 2400 Baud Option ____ (Initial and date here)
The Subscriber will be billed a fixed monthly fee of $______ for access to the Real Property File at 300, 1200 or
2400 baud, providing the Subscriber up to ____ minutes (____ hours) of usage per month. Each minute of usage which
exceeds the monthly time allotment, will be billed at the rate of _____ cents per minute.
Usage on all other databases will be accumulated separately from the Real Property File. The Subscriber will be billed
for usage on all other databases at the standard rates according to the On-Line Price List, dated _______, __. Billing
for any usage prior to the above effective date will be calculated at the per minute rate noted herein.
_____ C) OTHER _________________________________________
Initial The Subscriber shall be billed a monthly minimum charge of $______. The combined usage from all databases and
usernames is applied to the total monthly minimum charge.
This agreement shall remain in full force and effect until terminated by either party upon thirty (30) days advance,
written notice to the other party. For the month in which termination becomes effective, the Subscriber will pay TRW
REDI the actual accrued charges or the full monthly minimum charge, whichever is greater. Billing for any usage prior
to the above effective date will be calculated at the per minute rate noted herein.
_____ D) PREPAID ANNUAL WITH NO MONTHLY MINIMUM
Initial The term of this agreement shall be twelve (12) months effective _____/_____/____.
Subscriber shall pay TRW RED the sum of $_______ to be applied to the Subscriber's account as a prepaid, non-
refundable, annual minimum fee. The charges for actual usage shall be deducted from this credit balance on a monthly
basis. In the event that the prepaid balance is depleted prior to the expiration of this agreement, the Subscriber
shall be billed for accumulated monthly usage per the payment terms set forth on the reverse side hereof for the
remainder of the annual term. Billing for any usage prior to the above effective date will be calculated at the per
minute rate noted herein.
. ON-LINE DATABASE ACCESS AND RATES (FOR APPLICABLE FEES, REFER TO THE "ON-LINE PRICE LIST," DATED ___________)
All Subscribers will be given access to the Real Property File for their "local" region. Subscriber also requests
access to additional databases specified below:
_____________________________________ _____________________________________ ____________________________________
_____________________________________ _____________________________________ ____________________________________
_____________________________________ _____________________________________ ____________________________________
The undersigned Subscriber understands the uses and limitations of the On-Line Service and databases with regard to
the available data items. Further, the Subscriber accepts and acknowledges the terms and conditions set form on the
reverse side hereof.
====================================================================================================================================
</TABLE>
<TABLE>
<S> <C>
SUBSCRIBER'S ACCEPTANCE (Including required Subscriber's initials, where noted above)
Account Name:____________________________________________________________________________ Telephone Number:_________________
[_] Individual [_] Partnership [_] Corporation [_] dba
Address:_________________________________________________________________________________
City, State, Zip Code:___________________________________________________________________
Authorized Signature:____________________________________________________________________ Date:_____________________________
Print Name:______________________________________________________________________________ Title:____________________________
==================================================================================================================================
</TABLE>
<PAGE>
EXHIBIT H
---------
FORM OF PROMISSORY NOTE
29
<PAGE>
PROMISSORY NOTE
$750,000 San Diego, California
As of August 31, 1995
1. OBLIGATION. COMPS InfoSystems, Inc., a Delaware corporation
----------
("Maker"), for value received, hereby promises to pay to TRW REDI Property Data,
(together with any successors and assigns, "Holder"), or order, at 5601 East La
Palma Avenue, Anaheim, California 92807, or at such other place as holder may
specify, the principal amount of Seven Hundred Fifty Thousand Dollars
($750,000).
2. INTEREST RATE. Beginning on the fourth anniversary date,
-------------
December 1, 1999, any unpaid principal balance shall begin bearing interest at a
fixed rate per annum of Eight Percent (8%). Prior to December 1, 1999, this
note shall not be interest bearing.
3. PAYMENT SCHEDULE. Payment of principal shall be made according
----------------
to the Schedule attached hereto as Schedule A. Whenever any payment to be made
----------
under this Note is stated to be due on a Saturday, Sunday or a public or bank
holiday or the equivalent for banks generally under the laws of the State of
California (any other day being a "Business Day"), such payment shall be made on
the next succeeding Business Day, and such extension of time shall in such case
be included in the computation of the payment of interest.
4. PREPAYMENTS; APPLICATION. This Note may be prepaid in whole or
------------------------
in part at anytime without penalty or premium. Any principal prepayment shall
be accompanied by a payment of the interest which has accrued on the amount
prepaid. All prepayments of principal shall be applied to principal
installments in the inverse order of their maturity (that is, against the last
principal installment first). Payments received with respect to this Note shall
be applied first to any fees and expenses then owing, second to unpaid accrued
interest, and lastly to unpaid principal.
5. EVENTS OF DEFAULT. The occurrence of any of the following shall
-----------------
constitute an "Event of Default" under this Note:
(a) Maker shall fail to pay any principal, interest or other amounts
payable under this Note within ten (10) days after such principal, interest or
other amount shall be due and payable; or
(b) Maker shall suffer or consent to or apply for the appointment of
a receiver, trustee, custodian or liquidator of any substantial portion of its
property, or shall make a general assignment for the benefit of creditors; Maker
shall file a voluntary petition in bankruptcy, or seeking reorganization, in
order to effect a plan or other arrangement with creditors or any other relief
under the Bankruptcy Reform Act, Title 11 of the United States Bankruptcy Code,
as amended or recodified from time to time ("Bankruptcy Code"), or under any
state or federal law granting relief to debtors, whether now or hereafter in
effect; or any involuntary petition or proceeding pursuant to the Bankruptcy
Code or any other applicable state or federal law relating to bankruptcy,
reorganization or other relief for debtors is filed or commenced against Maker,
and such involuntary petition or proceeding is not dismissed within sixty days
of its filing or commencement; or Maker shall file an answer admitting the
jurisdiction of such a court and the
1
<PAGE>
material allegations of any involuntary petition; or Maker shall be adjudicated
a bankrupt, or an order for relief shall be entered by any court of competent
jurisdiction under the Bankruptcy Code or any other applicable state or federal
law relating to bankruptcy, reorganization or other relief for debtors; or
(c) Maker shall become insolvent or become unable to fulfill its
financial obligations as they mature.
6. MAXIMUM RATE. All agreements which either are now or which shall
------------
become agreements between Maker and the holder of this Note are hereby expressly
limited so that in no contingency or event whatever, whether by reason of
deferment of advancement of the indebtedness represented by this Note, or
otherwise, shall the amount paid or agreed to be paid to the holder of this Note
for the use, forbearance or detention of the indebtedness evidenced hereby
exceed the maximum amount of interest permissible under applicable law. If,
from any circumstance whatsoever, fulfillment of any provision hereof or of any
other agreement between Maker and the holder hereof, at the time performance of
such provision shall be due, shall involve exceeding the maximum limit as
prescribed by law, then, ipso facto, the obligation to be fulfilled shall be
reduced so as not to exceed said limit.
7. COMPLIANCE WITH PURCHASE AGREEMENT. Notwithstanding the above,
----------------------------------
Maker's performance under this Promissory Note is subject to and conditioned
upon Holder's full compliance with the terms of that certain Purchase Agreement
between Maker and Holder executed as of the date hereof (the "Purchase
Agreement"), and Maker shall be entitled as a defense to any proceeding to
enforce this Promissory Note to advance any defenses available to Maker pursuant
to the Purchase Agreement.
8. WAIVER. Presentment, demand, protest, notices of protest,
------
dishonor and non-payment of this Note and all notices of every kind are hereby
waived, except notices required by this Note. No single or partial exercise of,
or forbearance from exercising, any power hereunder or under any guaranty
pertaining to this Note shall preclude other or further exercises thereof or the
exercise of any other power.
9. GOVERNING LAW. Principal and interest are payable in lawful
-------------
money of the United States. This Note has been executed and delivered by Maker
in the State of California and shall be governed by and construed in accordance
with the laws of the State of California, without giving effect to any choice of
law or conflict of law provisions (whether of the State of California or any
other jurisdiction) that would cause the application of the laws of any
jurisdiction other than the State of California.
Maker:
COMPS InfoSystems, Inc.,
a Delaware corporation
By: /s/ Christopher Crane
------------------------------------
Christopher Crane, President
2
<PAGE>
EXHIBIT A
---------
REPAYMENT SCHEDULE
------------------
<TABLE>
<CAPTION>
Date Amount Due
---- ----------
<S> <C>
December 1, 1996 $125,000
December 1, 1997 $125,000
December 1, 1998 $125,000
December 1, 1999 $125,000
December 1, 2000 $125,000 + accrued interest
December 1, 2001 $125,000 + accrued interest
</TABLE>
3
<PAGE>
EXHIBIT I
---------
NONDISCLOSURE AGREEMENT
[To be Completed]
30
<PAGE>
EXHIBIT I
CONFIDENTIAL DISCLOSURE AGREEMENT
---------------------------------
This AGREEMENT is made and entered into on August 7, 1995 (the
"Effective Date"), by and between COMPS, Inc. having a principal place of
business at San Diego, California ("RECIPIENT") and TRW REDI Property Data ("TRW
REDI").
WHEREAS, TRW REDI desires to disclose to RECIPIENT Proprietary
Information (as defined below) relating to its Commercial and Industrial
Property Data Publishing business for the purpose of RECIPIENT conducting due
diligence for a sale of assets by TRW REDI to RECIPIENT (the "Purpose").
TRW REDI and RECIPIENT agree as follows:
1. For the purposes of this Agreement, "Proprietary Information"
means all information originated by or otherwise peculiarly within the knowledge
of TRW REDI and those in privity with TRW REDI and which TRW REDI protects
against unrestricted disclosure to others.
2. In consideration of TRW REDI disclosing Proprietary Information
to RECIPIENT, RECIPIENT shall hold all Proprietary Information in trust and
confidence, shall use same only for the Purpose, and shall not disclose
Proprietary Information to persons outside RECIPIENT or to any of its employees
not directly concerned with furthering the Purpose.
3. RECIPIENT shall have no obligation with respect to any
Proprietary Information (a) after the same is published or becomes generally
available through no act or failure to act on the part of Recipient, (b) after
the same is received by RECIPIENT from a third party having no obligation to TRW
REDI with respect thereto, or (c) is independently developed by RECIPIENT.
4. No specific item of Proprietary Information shall be deemed to be
within any one of the foregoing exceptions merely because such item is embraced
by more general information that is within such exception.
5. Prior to disclosure of Proprietary Information to any employee,
RECIPIENT shall fully advise such employee that he or she is required to hold in
confidence all information and that such information is not to be disclosed to
persons outside his or her organization nor to any co-employee not directly
concerned with furthering the Purposes. RECIPIENT shall maintain between itself
and its officers, employees and consultants duly binding agreements by such
persons as may be necessary to fulfill the confidence obligations of RECIPIENT
under this Agreement. RECIPIENT shall not disclose Proprietary Information to
consultants without the prior written approval of TRW REDI.
6. This Agreement may be terminated at any time by either party
giving thirty (30) days prior written notice to the other party. Unless earlier
terminated, this Agreement
<PAGE>
shall expire one (1) year from the Effective Date. The RECIPIENT'S obligation to
protect Proprietary Information shall survive any such termination for a period
of two (2) years.
7. No rights or obligations other than those expressly recited
herein are to be implied from this Agreement.
8. All documents, drawings and writings disclosing Proprietary
Information to RECIPIENT and all copies thereof shall be returned promptly by
RECIPIENT to TRW REDI upon TRW REDI'S request.
9. This Agreement merges all prior discussions and is the entire
understanding and agreement of the parties relating to the protection of
Proprietary Information; neither party shall be bound by any additional or other
representation, condition, or promise except as subsequently set forth in a
writing signed by the party to be bound.
10. The validity and interpretation of this Agreement shall be
governed by the laws of the State of California, U.S.A., applicable to
agreements made and to be performed wholly within such jurisdiction.
TRW REDI
By: /s/ Illegible
---------------------------------
Title: V.P. Sales
------------------------------
RECIPIENT
By: /s/ Christopher A. Crane
---------------------------------
Title: Pres.
------------------------------
<PAGE>
[LOGO]
TRW REDI Property Data
5601 E. La Palma Avenue
Anaheim, CA 92807
714 701-2100
August 31, 1995
COMPS Infosystems, Inc.
9888 Carroll Centre Road, Suite 100
San Diego, California 92126
Dear Mr. Crane:
This letter sets forth certain agreements relating to the transactions provided
for in that certain Purchase Agreement dated as of August 31, 1995, between
COMPS Infosystems, Inc., and TRW REDI Property Data (the "Agreement"). In
addition to the terms and conditions in the agreement and in consideration
thereof parties agree as follows:
. TRW REDI shall use reasonable efforts to incorporate a field for the "COMPS
Number" in its on-line output format with respect to full-detail and six-
line reports as soon as practicable; and
. TRW REDI acknowledges that specifications substantially in the form
attached hereto as Exhibit 1 are "reasonably acceptable" for purposes of
---------
section 3.1 of the agreement.
Except as set forth in this letter, the Agreement remains unmodified.
Accepted:
/s/ Edwin P. Setzer
----------------------------
Edwin P. Setzer, President
TRW REDI Property Data
Agreed:
/s/ Christopher Crane
- -----------------------------
Christopher Crane, President
COMPS lnfosystems, Inc.
A joint venture partnership of TRW Inc. and Elsevier Realty Information, Inc.
<PAGE>
PHALINX AGREEMENT
AUGUST 29, 1995
In response to your proposed set of functional specifications dated August 28,
1995, we recommend the following methodology and applications changes to satisfy
what we understand to be the users' requirements.
I. USER INPUT AND & SYSTEM FUNCTIONALITIES
When Customer logs into the C&I Online database, Customer is prompted with
command line, i.e., COMMAND/FEATURE:, to enter search parameters using current
methodology. In order to use the C&I online service Customer is required to
know a few basic commands and syntax as any other system would. The following
is an example of a search:
E.G., ORANGE CA;APARTMENTS;12-14 UNITS;CITY ANAHEIM;SEARCH
The above comps search criteria will look for apartments with 12 to 14
units in the county of Orange, California in the city of Anaheim.
Once command line is entered and the search is executed, the customer receives a
message with the number of records that matched their parameters:
- --------------------------------------------------------------------------------
35 records found.
COMMAND/FEATURE:
- --------------------------------------------------------------------------------
If the search parameter's are too wide, the search defaults to automatically
stop as soon as 100 comps are found in the database and displays the following
message:
- --------------------------------------------------------------------------------
100+ records found.
COMMAND/FEATURE:
- --------------------------------------------------------------------------------
II. MANIPULATING COMPS FOUND AND SEARCH PARAMETERS
The interface is not a menu-driven system. Experienced users are familiar with
the command line codes and do not require prompting. At anytime, however, the
new user can get help and see all the valid commands/syntax simply by typing
"HELP" at the COMMAND/FEATURE prompt. (see attachment D)
Once Customer is notified of the number of comps found in the database and the
COMMAND/FEATURE prompt is displayed, Customer has the following options:
<PAGE>
A. Customer can receive an answer set by entering the new command "VIEW'
- one row per comp identified by line numbers. The "VIEW" command
without including any range of line numbers will display on the screen
all the comps found. "VIEW" has the same effect as "80 FORMAT;PRINT".
The difference is that "VIEW" will not allow viewing in SHORT or
DETAIL format and will not trigger the warning message for extra print
fees.
In order to allow ease of viewing and to prevent data rolling off the
screen, Customer can limit the number of comps they can view by
specifying a range or specific line numbers. For example,
- --------------------------------------------------------------------------------
COMMAND/FEATURE: VIEW 1-15
- --------------------------------------------------------------------------------
Will display the following:
<TABLE>
<CAPTION>
No. Street City St Sale Price Date Bldg Area Unit Lot Area Use
<S> <C> <C> <C> <C> <C> <C> <C> <C>
1 223 E CLIFTON ANAHEIM CA $ 685,OOOC 95/05 14,442 16 20,194 106
2 527 N ANNA ANAHEIM CA $ 400,OOOC 95/05 9,951 16 14,349 106
3 120 E PINE SANTA ANA CA $ 415,OOOC 95/04 7,350 14 13,121 106
4 1651 E LA HABRA LA HABRA CA $ 725,OOOC 95/03 15,570 15 30,120 106
5 8562 WATSON CYPRESS CA $ 660,OOOC 95/03 13,600 16 50,166 106
6 121 19 HUNTINGTO CA $2,100,OOOC 95/01 15,260 18 17,700 106
7 1541 W BALL ANAHEIM CA $ 557,OOOC 95/01 10,552 16 7,952 106
8 9752 ACACIA GARDEN GR CA $ 930,OOOC 95/01 18,832 16 39,390 106
9 6742 WESTERN BUENA PAR CA $ 861,375A 95/01 14,171 17 23,736 106
10 400 W VERMONT ANAHEIM CA $ 850,OOOC 95/01 13,770 14 16,800 106
11 7681 ELLIS HUNTINGTO CA $1,650,OOOC 94/12 19,830 16 34,300 106
12 17542 JEFFERSON HUNTINGTO CA $ 980,OOOF 94/12 14,284 15 26,307 106
13 1418 W DAHL SANTA ANA CA $ 440,OOOC 94/12 9,040 16 23,045 106
14 3185 HELENA ANAHEIM CA $1,150,OOOF 94/12 12,700 14 17,955 106
15 504 PAULINE ANAHEIM CA $ 550,000F 94/11 10,172 16 19,880 106
</TABLE>
To view the next answer set, the customer will enter
- --------------------------------------------------------------------------------
COMMAND/FEATURE: VIEW 16-30
- --------------------------------------------------------------------------------
The scroll-up/scroll down feature can be accomplished by simply
supplying the line number range with the VIEW command. This also
allows Customer the ability to view any single comp or range of comps
in any sequence as many times as they wish to until they begin a "NEW"
search.
VIEW 3-10 will display comp numbers 3 through 10; VIEW 5,21,26-30 will
display comp numbers 5, 21 and 26 through 30; etc.
B. Customer can choose to PRINT, VIEW the answer set again, make
modifications to the search parameters, or EXIT the system. As
enumerated in COMPS Inc.'s
<PAGE>
proposed functional specifications, here is how these requested user
tasks can be accomplished in the current system. Once all of the
records have been viewed in the answer set format, Customer can do any
of the following:
1) PRINT SELECTED COMPS IN THE 6-LINE FORMAT
Solution: Type in SHORT;PRINT 3,5,9,16,20
(see notes below)
(see attachment A: SHORT format)
2) PRINT SELECT COMPS IN THE FULL-RECORD FORMAT.
Solution: Type in DETAIL;PRINT 1, 6,9
(see notes below)
(see attachment B: DETAIL format)
3) RETURN TO FIRST PAGE OF THE ANSWER SET
Solution: Customer can view any portion of the one-line display
at any time by using the VIEW command, e.g. VIEW 1-15
4) EXIT BACK TO THE SEARCH PARAMETERS TO MAKE ADJUSTMENTS
Solution: It is not necessary to exit. Customer simply enters
additional parameters at the COMMAND/FEATURE prompt.
5) EXIT SYSTEM
by entering one of the following: LOG, LOGOFF, BYE
Notes:
a. "Tagging" of the desired comps is accomplished by specifying the
line number(s) or range(s) in the PRINT command.
b. Additional print fees cannot be dynamically calculated. The
following new message will be displayed when DETAIL or SHORT is
selected for printing:
----------------------------------------------------------------------
Notice: You will be charged an additional fee for each record
printed. Please make sure your printer is set to capture
screen output:
[Return] to continue
[Control Z] to exit
This notice can be turned on or off by entering "SET NOTICE
OFF" or "SET NOTICE ON" at the COMMAND/FEATURE prompt.
----------------------------------------------------------------------
<PAGE>
c. The per minute fee can vary by customer. The fees for 6-line
(SHORT) and full-record (DETAIL) formats must currently be a
fixed amount for all customers.
III. OUTPUT RECORD SCREEN LAYOUTS
(see attachments A, B, C)
<PAGE>
<TABLE>
<CAPTION>
ATTACHMENT A: SHORT FORMAT
- --------------------------
<S> <C> <C> <C>
3) Address:328 W 1 ST, SAN PEDRO Use :APARTMENT
APN :7449-023-028+ Price: $ 850,000F Date:07/07/95 Bldar:17,056
County :LOS ANGELES CA $/Sq : $ 49.84 Doc#:1091308 Units:22
MapPg :79-A2 NewPg:824-C4 AssdLd: $ 681,252 Zone:R4-1 LAStory:2
Source:I <Inc#:BDV4048> Total: $2,384,384 Lot :24,400 Yrblt:1986/88
Comment:8 VACANCIES AT SALE 7/6/95
-------------------------------------------------------
5) Address:433 OHIO AV, LONG BEACH Use :APARTMENT
APN :7263-022-017 Price: $ 260,000F Date:07/12/95 Bldar:3,800
County :LOS ANGELES CA $/Sq : $ 68.42 Doc#:1118975 Units:10
MapPg :75-F5 NewPg:795-H7 AssdLd: $ 43,803 Zone:RR2N LBStory:1
Source:I <Inc#:BDW5201> Total: $ 94,263 Lot :6,400 Yrblt:1923/68
Comment:1) 8UN,2816#,23YB;2)1UN,984#,3BD,1BA
-------------------------------------------------------
9) Address:428 -32 BONITO AV, LONG BEACH Use :APARTMENT
APN :7266-009-008 Price: $ 235,000F Date:07/05/95 Bldar:5,323
County :LOS ANGELES CA $/Sq : $ 44.15 Doc#:1074294 Units:8
MapPg :75-D5 NewPg:795-E7 AssdLd: $ 47,568 Zone:RR3S LBStory:2
Source:I <Inc#:BDV2278> Total: $ 135,918 Lot :7,496 Yrblt:1922/68
Comment:MO - MARKET; SALE 6/13/95
-------------------------------------------------------
16)Address:3937 W IMPERIAL HY, HAWTHORNE Use :APARTMENT
APN :4033-025-003 Price: $ 215,000C Date:07/05/95 Bldar:5,296
County :LOS ANGELES CA $/Sq : $ 40.60 Doc#:1070595 Units:13
MapPg :57-B5 NewPg:703-E7 AssdLd: $ 164,487 Zone:C2 LAStory:2
Source:I <Inc#:BDV1923> Total: $ 546,521 Lot :7,980 Yrblt:1960/68
Comment:BUYER; SALE 5/22/95
-------------------------------------------------------
20)Address:1058 WALNUT AV, LONG BEACH Use :APARTMENT
APN :7267-011-001 Price: $ 50,000P Date:07/06/95 Bldar:6,876
County :LOS ANGELES CA $/Sq : Doc#:1083003 Units:9
MapPg :75-E4 NewPg:795-G6 AssdLd: $ 163,200 Zone:R4* LAStory:2
Source:I <Inc#:BDV3133> Total: $ 341,700 Lot :6,110 Yrblt:1962/80
Comment:2-3BR/1BA $575/MO - MARKET
-------------------------------------------------------
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
<S> <C>
ATTACHMENT B: DETAIL FORMAT (1 OF 3)
- ------------------------------------
Address:328 W 1 ST, SAN PEDRO 90731
County :LOS ANGELES CA Land Use :APARTMENT
Lot Size :200X122 Bldg Area: 17,056 New Page :824-C4
Lot Area :24,400 Rent Area: Map Page :79-A2 Source :I
Zoning :R4-1 LA Bsmt Area: APN-Acct#:7449-023-028+
Ofc. Area: Census Tr:2962.00
Year Blt :1986/88 Assessed Land: $ 681,252
# Bldgs : 1 Park Type:PAVED Improvement: $1,703,132
# Stories : 2 Park Spcs:30 Total Value: $2,384,384
Units : 22 Paving : Assessed Yr:94
CLASS D BUILDING; AVERAGE QUALITY; AVERAGE CONDITION; FRAME $/Sqft : $ 49.84
CONSTRUCTION; WOODFRAME; STUCCO EXTERIOR; CONCRETE FOUNDATION; G.I.M. : 6.13
GABLE ROOF; COMPOSITION SHINGLE ROOF; WALL FURNACE HEAT; NO Cap Rate: 6.15
A/C; 22-2BR/1BA ;;$525/MO-MARKET;; 8 VACANCIES AT SALE RNT/#/MO: $0.67
7/6/95 Price/Un:$38,636
Publication Reference: SBA-08/95-0059
Multi-APN:7449-23-(27,30) A
Legal Dsc:L15, L18 & L19 /MC DONALD'S SUB
Price : $840,000F Sale Date:07/07/95 Gross Income : $ 138,600
Cash Down : $307,500 Document#:1091308 Expenses : $ 37,837
1st Mtg : $542,500H Int: Yrs: Net Income : $ 52,253
2nd Mtg : Int: Yrs:
Prev Sale : $75,000U Prev Date:12/31/91
Buyer : CARSON, THOMAS & BARBARA
Address : 500 SILVER SPUR RD #201;RLLNG HLS EST,CA 90275;310/377-5552
Seller : SHAFFER, DENNIS
Address : 500 SILVER SPUR RD #201;RLLNG HLS ES
Lender : QUAKER CITY FED'L
</TABLE>
<PAGE>
ATTACHMENT B: DETAIL FORMAT (2 OF 3)
- ------------------------------------
6) Address:5895 -909 MAKEE ST, LOS ANGELES 90001
County :LOS ANGELES CA Land Use :APARTMENT
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Lot Size :A.49 Bldg Area: 8,514 New Page :674-F5
Lot Area :21,600 Rent Area: Map Page :52-D4 Source :
Zoning :R3 LC Bsmt Area: APN-Acct#:6008-036-013
Ofc. Area: Census Tr:5327.00
Year Blt :1948/60 Assessed Land: $220,814
# Bldgs : 4 Park Type:PAVED Improvement: $618,284
# Stories : 1 Park Spcs:28 Total Value: $839,098
Units : 28 Paving : Assessed Yr:94
CLASS D BUILDING;AVERAGE QUALITY;FAIR CONDITION;FRAME $/Sqft : $ 542.87
CONSTRUCTION;WOOD FRAME;STUCCO EXTERIOR; CONCRETE FOUNDATION; G.I.M. : 4.35
GABLE ROOF;COMPOSITION SHINGLE ROOF;WALL FURNACE HEAT;NO Cap Rate : 12.52
A/C;REO SALE 7/95; 28-SG;L $250/MO;2-7UN-2160# EA; RNT/#/MO : $ 0.82
2-4UN-1332# EA;3UN-918#;2UN-612#; 27 SGLS Price/Un : $ 13,036
Publication Reference: SBA-08/95-0005
Legal Dsc:L16-20 /AHREN'S MIRAMONTE A
Price : $365,000F Sale Date:07/03/95 Gross Income : $ 84,000
Cash Down : $54,750 Document#:1056622 Expenses : $ 25,704
1st Mtg : $182,500H Int: Yrs: Net Income : $ 45,696
2nd Mtg : $127,750S Int: Yrs:
Prev Sale : $760,000F Prev Date:03/14/89
Buyer :MENDEZ ORTELIO & MENDEZ, E
Address :225 JASON CT;PERRIS,CA 925719100;213/588-5536
Seller :PRESIDENTIAL MTG
Address :21031 VENTURE BLVD 1ST FLR;WOODLAND HILL
Lender :PACIFIC T&L
</TABLE>
<PAGE>
ATTACHMENT B: DETAIL FORMAT (3 OF 3)
- ------------------------------------
9) Address:133 -35 e 73 ST, LOS ANGELES 90003
County :LOS ANGELES CA Land Use :APARTMENT
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
Lot Size :60X120 Bldg Area: 3,906 New Page :704-D1
Lot Area :7,205 Rent Area: Map Page :52-B6 Source :I
Zoning :R2-1 LA Bsmt Area: APN-Acct#:6022-001-023
Ofc. Area: Census Tr:2396.00
Year Blt :1929/75 Assessed Land: $ 76,406
# Bldgs : 4 Park Type:PAVED Improvement: $199,506
# Stories : 1 Park Spcs:4 Total Value: $275,912
Units : 8 Paving : Assessed Yr:94
CLASS D BUILDING;AVERAGE QUALITY;FAIR CONDITION;FRAME S/Sqft : $ 33.28
CONSTRUCTION;WOOD FRAME;STUCCO EXTERIOR; RAISED FOUNDATION; G.I.M. : 3.01
FLAT ROOF; ROLL COMPOSITION ROFF COV; WALL FURNACE HEAT;NO Cap Rate: 9.70
A/C;REO SALE 5/26/95;; 8-1BR $450/MO;;2 DUPS 1000# EA; RNT/#/MO: $ 0.92
2SFR 500# EA; PER TENANTS Price/Un: $16,250
Publication Reference: SBA-08/95-0019
Legal Dsc:L19 TR4219
Price : $130,000F Sale Date:07/14/95 Gross Income : $ 43,200
Cash Down : $13,000 Document#:1135957 Expenses : $ 4,665
1st Mtg : $117,000S Int: Yrs: Net Income : $ 12,615
2nd Mtg : Int: Yrs:
Prev Sale : $184,820C Prev Date:05/30/91
Buyer :MELGOZA MARTIN
Address :1431 W. 89TH ST; LOS ANGELES, CA 900473417
Seller :SOUTHERN PACIFIC T & L
Address :12300 WILSHIRE BL; LOS ANGELES, CA 90025
Lender :SELLER
</TABLE>
<PAGE>
ATTACHMENT C: ONE-LINE FORMAT
- -----------------------------
<TABLE>
<CAPTION>
No. Street City St Sale Price Date Bldg Area Unit Lot Area Use
<C> <S> <C> <C> <C> <C> <C> <C> <C> <C>
1 223 E CLIFTON ANAHEIM CA $ 685,OOOC 95/05 14,442 16 20,194 106
2 527 4 ANNA ANAHEIM CA $ 400,OOOC 95/05 9,951 16 14,349 106
3 120 E PINE SANTA ANA CA $ 415,OOOC 95/04 7,350 14 13,121 106
4 1651 E LA HABRA LA HABRA CA $ 725,OOOC 95/03 15,570 15 30,120 106
5 8562 WATSON CYPRESS CA $ 660,OOOC 95/03 13,600 16 50,166 106
6 121 19 HUNTINGTO CA $2,100,OOOC 95/01 15,260 18 17,700 106
7 1541 W BALL ANAHEIM CA $ 557,OOOC 95/01 10,552 16 7,952 106
8 9752 ACACIA GARDEN GR CA $ 930,OOOC 95/01 18,832 16 39,390 106
9 6742 WESTERN BUENA PAR CA $ 861,375A 95/01 14,171 17 23,736 106
10 400 W VERMONT ANAHEIM CA $ 850,OOOC 95/01 13,770 14 16,800 106
11 7681 ELLIS HUNTINGTO CA $1,650,OOOC 94/12 19,830 16 34,300 106
12 17542 JEFFERSON HUNTINGTO CA $ 980,OOOF 94/12 14,284 15 26,307 106
13 1418 W DAHL SANTA ANA CA $ 440,OOOC 94/12 9,040 16 23,045 106
14 3185 S HELENA ANAHEIM CA $1,150,OOOF 94/12 12,700 14 17,955 106
15 504 N PAIJLINE ANAHEIM CA $ 550,OOOF 94/11 10,172 16 19,880 106
</TABLE>
<PAGE>
ATTACHMENT D
- ------------
<TABLE>
<CAPTION>
*** SEARCHABLES *** *** FILTERS ***
APN OWNER or BUYER CENSUS RECTYPE
BLDAR or LVAREA PAGEGRID or AREA CONSTRUCTION SALECODE
CITY SALEDATE DIRECTION
<S> <C> <C> <C>
SITEINFLUENCE
COUNTY SALEPRICE DOLLARSQFT SOURCE
INCOMNET STATE GRLEASE STORIES
LANDUSE STREET GROSS INCOME SUFFIX
LVAREA UNITS LOTAREA TOTALVALUE
NUMBER OFFICEAREA UNITNO
PARKSPACES YEARBUILT
POOL ZONING
RAILSPUR
*** COMMANDS *** *** FORMATS ***
DELETE MENU or OPTION DETAIL SHORT
DSORT NEW 80
FORMAT PRINT
JOBID SEARCH
LIST SORT
(VIEW)
</TABLE>
NOTE: ITEMS IN PARENTHESIS CURRENTLY NOT IMPLEMENTED.
<PAGE>
ADDENDUM TO AND AMENDMENT OF PURCHASE AGREEMENT
BY AND BETWEEN
COMPS INFOSYSTEMS, INC. AND TRW REDI PROPERTY DATA
DATED AUGUST 31, 1995
This Addendum to and Amendment ("Addendum & Amendment") of Purchase
Agreement by and between COMPS InfoSystems, Inc. ("COMPS") and TRW REDI Property
Data dated August 31, 1995 (the "Purchase Agreement") is entered into this 20th
day of November, 1997 by and between COMPS and Experian Information Solutions,
Inc. ("Experian RES"), the successor in interest to TRW REDI under the Purchase
Agreement. The relationship of the parties hereto with respect to the subject
matters hereof and the subject matters of the Purchase Agreement shall be
governed by the Purchase Agreement and this Addendum & Amendment, read together
as a whole. Except as set forth herein, all terms and provisions of the
Purchase Agreement remain unmodified and in full force and effect and are
binding upon COMPS and Experian RES. Terms used and not otherwise defined
herein shall have the definitions given them in the Purchase Agreement.
1. Recitals:
---------
WHEREAS, COMPS and TRW REDI Property Data ("TRW REDI") are parties to
the Purchase Agreement;
WHEREAS, Experian RES is the successor-in-interest to TRW REDI under
the Purchase Agreement and is bound by all of the obligations of TRW REDI
thereunder;
WHEREAS, the parties desire to provide for the purchase by COMPS of
the Florida and Georgia C&I Data Extract Business, on the terms and conditions
set forth herein;
WHEREAS, the parties desire to provide for the expansion of the Sales
Agency of Experian RES described in Section 3 of the Purchase Agreement; and
WHEREAS, the parties desire to further amend and supplement the
Purchase Agreement as set forth herein;
NOW THEREFORE, the parties hereto agree as follows:
2. Parties. The Purchase Agreement is hereby amended to substitute
-------
"Experian RES" in place of "TRW' and "TRW REDI" in each instance such defined
term occurs throughout the Purchase Agreement.
3. Business Sale and Transfer. Upon the Closing (as defined below), and
--------------------------
upon the terms and subject to the conditions of this Addendum & Amendment,
Experian RES agrees to sell, assign, transfer and convey to COMPS, and COMPS
agrees to purchase and acquire from Experian RES, all of Experian RES's right,
title and interest in and to all of the Assets of the Florida & Georgia C&I Data
Extract Business, which is part of the Real Estate Solutions Group within
Experian RES. For purposes of this Addendum & Amendment, "Assets" shall have the
meaning set forth in Section 2.2 of the Purchase Agreement and, in addition,
shall include the
<PAGE>
right to publish the products of the Purchased Businesses in substantially the
same formats and media and containing substantially the same types of
information as had been provided to customers by Experian RES; provided that the
"Purchased Businesses" shall be deemed to include the Florida & Georgia C&I Data
Extract Business. A complete and accurate schedule of the Accounts Receivable of
the Florida & Georgia C&I Data Extract Business shall be attached hereto as
Exhibit A (Experian RES will forward any accounts receivable collected after
- ---------
Closing within 30 days of receipt). Assets shall also include, without
limitation, all work-in-process, print masters, pertinent software and finished
goods inventory as relates directly to the Florida & Georgia C&I Data Extract
Business. The Assets will be sold, assigned, transferred and conveyed to COMPS
upon the Closing, free and clear of all mortgages, pledges, liens, licenses,
rights of possession, security interests, restrictions, encumbrances, charges,
title retention, conditional sale or other security arrangements and all claims
or agreements of any nature whatsoever (except for Experian RES's obligations
with respect to licenses and other agreements with customers assigned to and
accepted and assumed by COMPS pursuant to the terms of this Addendum &
Amendment, all of which are identified on Exhibit B).
----------
3.1. Assignment of Experian RES Contract; Fulfillment of Obligations
---------------------------------------------------------------
to Customers. Experian RES will assign to COMPS and COMPS agrees to fulfill and
- ------------
assume, subject to Section 3.2 ("Liabilities Not Assumed") hereof, those
agreements with customers set forth in Exhibit B. The obligations of the parties
set forth in Section 2. 1 .1 of the Purchase Agreement shall apply with respect
to contracts of the Florida & Georgia C&I Data Extract Business not assigned to
COMPS.
3.1.1. Post-Closing Publication Obligations. Following the
------------------------------------
Closing, and notwithstanding anything in this section or this Addendum &
Amendment to the contrary, Experian RES agrees to publish the regular products
of the Florida & Georgia C&I Data Extract Business identified on Exhibit C on
---------
such products' standard publication schedules and for a period of sixty (60)
days following the Closing. Such publication in the first thirty (30) days of
said period shall be at the expense of Experian RES and in the second thirty
(30) days of said period shall be at the expense of COMPS, reimbursable by COMPS
to Experian RES in an amount equal to actual publication costs (including direct
labor, printing and packaging) not to exceed Eleven Thousand Six Hundred Dollars
($11,600.00) based on existing quantities at the time of Closing. If said
quantities are greater, the actual publication cost shall be increased
proportionately. The amount due hereunder shall be paid by COMPS to Experian RES
net thirty (30) days. Notwithstanding the foregoing, in the event COMPS provides
notice to Experian RES on or prior to December 15, 1997 that COMPS does not
desire the publication or production of any product or products (or portion
thereof), Experian RES shall not publish or produce, as applicable, such product
or products (or portion(s)) during the second thirty (30) day period and the
amount of COMPS's obligations to reimburse expenses of Experian RES shall be
reduced accordingly based upon publication and production cost information
identified on Exhibit F.
---------
3.2. Liabilities Not Assumed. Except as specifically set forth in
-----------------------
Section 3.1, above, Experian RES does not transfer hereunder and COMPS does not
assume hereby, any liability associated with the Florida & Georgia C&I Data
Extract Business. Experian RES agrees to defend, indemnify and hold COMPS
harmless against any and all loss, cost, claims and liabilities not expressly
assumed by COMPS hereunder, including but not limited to any liabilities arising
under any contracts relating to the Florida & Georgia C&I Data Extract
-2-
<PAGE>
Business, and based upon facts, circumstances or events occurring prior to the
Closing. Without limiting the generality of the foregoing, Experian RES shall be
solely responsible for any refunds and/or cancellations fees it becomes
obligated to pay as a result of the attempted transfer of Experian RES customer
agreements to COMPS pursuant to this Addendum & Amendment or the Purchase
Agreement.
4. Purchase Price. At the Closing, COMPS shall pay to Experian RES ***
--------------
Dollars ($***).
4.1. Amendment of Purchase Price and Payment Terms in Purchase
---------------------------------------------------------
Agreement. The schedule of payments set forth in Section 2.5 of the Purchase
- ---------
Agreement is hereby amended to read in full as follows:
Date Amount
---- ------
12/1/97 $***
12/1/98 $***
12/31/99 $***
12/31/00 $***
12/31/01 $***
5. Purchase of Experian RES Data; Termination of Data Credit. Effective
---------------------------------------------------------
upon the Closing, the Data Credit described in Section 2.5 of the Purchase
Agreement shall terminate and be of no further force and effect with regard to
Experian RES Data ("TRW REDI Data" as defined in the Purchase Agreement prior to
the effectiveness of this Addendum & Amendment) purchased by COMPS following the
Closing.
5.1. Amended Data Purchase. Upon the Closing and on each subsequent
---------------------
annual anniversary of the Closing during the Amended Term (as defined herein),
COMPS shall pay Experian RES *** Dollars ($***). In exchange for such payment,
COMPS shall be entitled to obtain during the twelve-month period following such
payment, Experian RES Data valued at *** Dollars ($***). In addition, COMPS
shall have the right, at its option, to obtain up to an additional *** Dollars
($***) of Experian RES Data annually, based upon payment by COMPS of *** Dollars
($***) for each *** Dollars ($***) of Experian RES Data purchased by COMPS. The
value of Experian RES Data purchased by COMPS shall be based upon the lowest
price for such data offered by Experian RES to a Comparable Most Favored
Customer at the time of the purchase of such data by COMPS, less a ten percent
(10%) discount. For purposes of this Addendum & Amendment, "Comparable Most
Favored Customer" shall mean any purchaser of Experian RES Data (other than
Experian RES Related Parties, as defined below) in comparable quantities as
those purchased by COMPS. All of such Experian RES Data purchased pursuant to
this Section shall be delivered either through Experian RES's on-line service or
in CD-ROM or other digital media (including, without limitation, mag tape),
except that up to Five Percent (5%) of annual purchases by COMPS may, at COMPS's
election, be in the form of Experian RES's
-3-
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
printed and microfiche products. Any purchases by COMPS exceeding the limits
herein specified shall be at prevailing Comparable Most Favored Customer prices.
5.2. COMPS Data Purchase Option. COMPS may at its option continue to
--------------------------
purchase Experian RES Data on the terms described in Section 5.1 herein for a
period two (2) years following the expiration of the Amended Term; provided,
--------
however, in the event COMPS grants Expanded Rights to Other Existing On-line
- -------
Distributors as defined and described in Section 5.3 herein, COMPS shall forfeit
said post-Term option in accordance with the terms of Section 5.4 herein.
5.3. COMPS Arrangements With Other Existing On-line Distributors. In
-----------------------------------------------------------
consideration of Experian RES's investment of time, effort and resources to
increase the customer base and revenues for the COMPS Data, and further in
consideration of the transfer of Assets of the Florida & Georgia C&I Data
Extract Business, for a period of two (2) years commencing on the Closing Date,
COMPS shall not grant an expansion of existing on-line distribution rights for
any markets in addition to those markets for which such rights had already been
granted as of August 1, 1997 ("Expanded Rights") to any other party with which
COMPS has an existing arrangement or agreement with regard to the on-line
distribution of COMPS Data and from which COMPS is presently realizing any
royalties or other payments from said distribution ("Other Existing On-line
Distributors"); provided, however, that after one (1) year from the Closing
-------- -------
Date, COMPS shall have the right to grant such Expanded Rights to such Other
Existing On-line Distributors if COMPS gives Experian RES six (6) months prior
notice. Except as specified in this Section 5.3, none of the foregoing shall
restrict the right of COMPS with regard to the entering into or expansion of any
arrangement or agreement with any other party, including without limitation any
entity not deemed to be an Other Existing On-line Distributor. For purposes of
Section 5.3 herein, COMPS itself shall not be considered an Other Existing
Online Distributor.
5.4. Forfeiture of Data Purchase Rights. If COMPS exercises its right
----------------------------------
to grant Expanded Rights to an Other Existing On-line Distributor, less than two
(2) years from the Closing Date, then COMPS shall forfeit all rights with
respect to the post-Term purchase of Experian RES Data, as provided for in
Section 5.2 herein, for the two (2) year period following expiration of the
Amended Term.
6. Rights in Data.
--------------
6.1. Amendment of Section 4 of Purchase Agreement. Section 4 of the
--------------------------------------------
Purchase Agreement is hereby amended to read in full as follows:
Except as expressly provided in this Agreement, each
party reserves all proprietary rights in and to: (i)
all of the underlying data, compilations and information
gathered, compiled or published by such party in
connection with the creation and preparation of the
Licensed Data; (ii) all of the other data, compilations
and publications created, prepared or authorized by each
party not consisting of the Licensed Data; and (iii) all
copyrights and other proprietary rights in any of the
foregoing.
-4-
<PAGE>
However, notwithstanding anything in any Experian
RES Data subscription or other agreement to which
COMPS may be subject, COMPS is expressly licensed
and permitted to incorporate Experian RES Data into
its permanent enhanced Investment Property database;
provided, however, that (except as set forth in
-------- -------
Section 3 of the Addendum & Amendment with respect
to the Florida & Georgia C&I Data Extract Business)
such incorporated information may not be transferred,
re-sold, licensed or sub-licensed by COMPS "as is,"
except in a "work-in-process" format. The foregoing
license shall survive termination of this Purchase
Agreement as amended in the Addendum & Amendment.
For purposes of this Purchase Agreement, as amended
by this Addendum & Amendment, a "work-in-process"
format shall mean a COMPS format which COMPS will
enhance within an average of ninety (90) days from
the date of first delivery to a COMPS customer with
other proprietary and/or non-proprietary information
added by COMPS. Except as set forth in the foregoing
proviso, Experian RES Data may only be transferred,
re-sold, licensed or sub-licensed by COMPS as part of
COMPS Data or another COMPS enhanced information
product. Nothing herein shall be construed as a
license by Experian RES to COMPS relating to any
Experian RES tradenames or trademarks.
6.2. Protection of COMPS Data. COMPS may, in its sole discretion,
------------------------
upon fifteen (15) days notice to Experian RES, prohibit Experian RES or any
successor to or affiliate of Experian RES or its successors (for purposes of
this Addendum & Amendment, "Experian RES Related Parties") from providing COMPS
Data or any other COMPS proprietary information to any user or other third party
whom COMPS reasonably believes has infringed or is infringing upon COMPS
proprietary rights in such COMPS Data or COMPS proprietary information or
software, and with respect to whom COMPS has taken some remedial action such as,
for example, sending a written demand to cease and desist (a copy of which shall
be included with any notice to Experian RES). In addition, neither Experian RES
nor any Experian RES Related Party will use, provide access to, publish,
transfer, license or sub-license COMPS Data for any purpose other than the
distribution to bona fide end user customers of individual property reports.
Neither Experian RES nor any Experian RES Related Party will make or cause to be
made any derivative products or works from COMPS Data, append any data to COMPS
Data or license or otherwise permit any third party other than a bona fide end
user customer to perform analysis incorporating or relying upon COMPS Data.
7. Expansion of Sales Agency; Delivery of COMPS Data; Price. The parties
--------------------------------------------------------
intend to expand the scope of Experian RES's Sales Agency to include all markets
for which COMPS compiles and supplies an Enhanced C&I Product ("COMPS Markets")
as of the date of Closing and as may subsequently be added during the Amended
Term. Such markets as of the date hereof are set forth on Exhibit D, which
---------
shall be amended to include any additional markets added from time to time
during the Amended Term. Therefore, the definition of COMPS Data set forth in
Section 1.7 of the Purchase Agreement is hereby modified so that all references
to "California" (such references occurring in the second, ninth and last lines
of such section) are
-5-
<PAGE>
deleted, and such definition shall hereafter be read without geographic
restriction to include all geographic markets within which COMPS provides such
products.
7.1. Delivery of COMPS Data. On or before thirty (30) days following
----------------------
the Closing (as defined below), COMPS shall deliver to Experian RES one (1) year
of historical COMPS Data (as defined in the Purchase Agreement and amended and
modified by this Addendum & Amendment), to the extent such COMPS Data then
exists, for each COMPS Market and shall on a timely basis deliver to Experian
RES weekly updates of new transactions in such markets (this amends Section
5.1.2 of the Purchase Agreement). Said deliveries (of both historical and
updated data) shall be made by COMPS in accordance with subsections 5.1.3
("Shipping Address") and 5.1.4 ("Format & Layout") of the Purchase Agreement,
unless altered or modified by the mutual consent of the parties.
Notwithstanding anything herein or in the Purchase Agreement to the contrary,
COMPS may withhold the data elements "confirmed sales price" and "cap rates"
from COMPS Data for markets in Non-Disclosure States, as defined herein.
7.2. Additional COMPS Markets. For all geographic markets in addition
------------------------
to the current COMPS Markets identified on Exhibit D, for which COMPS initiates
---------
the sale of Enhanced C&I Data during the Amended Term hereof, COMPS shall
deliver to Experian RES weekly updates and, to the extent commercially available
from COMPS, historical COMPS Data.
7.3. Amendment of Fees Paid to Experian RES. The parties desire to
--------------------------------------
increase the COMPS Data Commission Fees provided in the Purchase Agreement.
Accordingly, Section 3.3 ("Fees Paid to Experian RES") of the Purchase Agreement
is amended to read in full as follows:
"3.3 Fees Paid to Experian RES. In consideration
-------------------------
of its performance under the Sales Agency,(***%) COMPS agrees
to pay Experian RES *** percent (***%) of Gross Revenues
collected by Experian RES for the benefit of COMPS."
7.4. Restrictions on Price Increases. Subsection 3.1.1 of the
-------------------------------
Purchase Agreement is hereby amended to read in full as follows:
"3.1.1 Obligations of Experian RES. In connection
---------------------------
with the Sales Agency, Experian RES agrees (i) it shall
publish COMPS Data as a stand-alone product and only in
the format attached hereto as Exhibit C-2; (ii) it shall
-----------
make COMPS Data available through its on-line database
services to Experian RES subscribers on a consistent
basis; (iii) it shall provide a level of customer service
to purchasers of COMPS Data consistent with the level of
service provided by Experian RES to subscribers to other
Experian RES on-line information services; (iv) Experian
RES will use its reasonable efforts to keep its on-line
technology current with competitive on-line services;
and (v) Experian RES shall use reasonable care to notify
its on-line subscribers that COMPS Data
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
-6-
<PAGE>
is owned by COMPS and subject to copyright and other
intellectual property protection.
7.4.1. Prices of COMPS Data. Effective from the Closing through
--------------------
December 31, 1997, prices for COMPS Data shall remain as presently determined by
COMPS. On January 1, 1998, said prices may be increased by COMPS to not more
than $13.95 for each on-line report of a property with a most recent sale price
of up to five million dollars ($5,000,000) ("Report A") or $19.95 for each on-
line report of a property with a most recent sale price of five million dollars
($5,000,000) or more ("Report B"), and shall remain in effect at least until
December 31, 1998. As of January 1, 1999, except by mutual agreement of the
parties hereto said prices shall not exceed these maximum amounts as of their
respective dates indicated. Notwithstanding any provision to the contrary
herein, Experian RES shall offer and provide COMPS Data at such prices and terms
determined by COMPS and provided to Experian RES (such prices to change at
COMPS' discretion upon 30 days notice to Experian RES). In the event COMPS
elects at its sole discretion to determine and set the prices for COMPS Data to
be charged by Experian RES at any amount(s) higher than indicated in the
following table, then COMPS shall pay to Experian RES one hundred thousand
dollars ($100,000) within thirty (30) days of giving notice of such price
change:
Maximum per Report
As of Report A Report B
----- -------- --------
January 1, 1999 $19.50 $26.00
January 1, 2000 $22.50 $30.00
January 1, 2001 $26.00 $35.00
January 1, 2002 $30.00 $40.00
7.4.2. Per-minute Usage Charges. Experian RES shall have sole
------------------------
discretion in the per-minute rates charges to users of its on-line system for
access to and on-line digital transmission of COMPS Data in connection with the
Sales Agency provided such per-minute rates are consistent with and comparable
to those established by Experian RES and in effect with regard to its customers'
access to databases other than COMPS Data on the Experian RES on-line system.
7.5. Scope of License. In connection with the expanded Sales
----------------
Agency as set forth herein, the parties agree that the license set forth in
section 3.1 ("Sales Agency") of the Purchase Agreement shall be limited such
that Experian RES, in the conduct of the Sales Agency, may not provide COMPS
Data at prices other than those established by COMPS and in no event may COMPS
Data be transferred without charge for promotional purposes or otherwise to any
third party, including, without limitation, title companies.
8. Non-Disclosure States. COMPS shall have the right to withhold the
---------------------
data element "confirmed sales price" and "cap rates" from the COMPS Data for
markets in which there is a statutory restriction on the public disclosure by
government agencies of real property sales prices (such states commonly known as
"non-disclosure states"), as listed on Exhibit E and as may change from time to
time; Experian RES shall have the commensurate right for the same states to
withhold "sales price" (whether contained in the public record or obtained
elsewhere) from the
-7-
<PAGE>
data it supplies to COMPS under the Data Purchase arrangement provided for in
Section 5 herein.
9. Certain Covenants.
-----------------
9.1. Notice in Event of Discontinuation of Coverage. Upon
----------------------------------------------
written notice to Experian RES, COMPS shall be entitled to discontinue the offer
and sale of COMPS Data and/or Experian RES Data, respectively, in any market
currently served by the Florida and Georgia C&I Data Extract Business. Each
party agrees to provide a minimum of ninety (90) days' notice prior to
discontinuing the offer and sale of COMPS Data and/or Experian RES Data,
respectively, in any other market. In the event that COMPS discontinues its
services or the products for any markets served currently by Experian RES in its
Florida & Georgia C&I Data Extract Business, Experian RES shall have no
obligation to customers with respect thereto other than any obligation remaining
with Experian RES as a result of Section 3.2 ("Liabilities Not Assumed") hereof.
9.2. Covenant Not to Compete. For a period of nine (9) months
-----------------------
commencing on the date of Closing (as defined below), Experian RES shall not,
directly or indirectly, through an Experian RES Related Party or otherwise, make
available through its on-line database services any of the COMPS Data for the
geographic markets addressed by the Florida & Georgia C&I Data Extract Business
("Florida & Georgia Markets"), and Experian RES shall not, directly or
indirectly, through an Experian RES Related Party or otherwise, solicit any
print customer of the Florida & Georgia C&I Data Extract Business to cancel its
print subscription in lieu of Experian RES's on-line services. In addition,
Experian RES agrees for such nine (9) month period following the Closing that it
will not, directly or indirectly, through an Experian RES related party or
otherwise, make any on-line pricing offers in the Florida & Georgia Markets
materially inconsistent with Experian RES's on-line pricing elsewhere. Experian
RES further agrees that, for a period of one (1) year following termination of
the Amended Term (as defined below), it shall not, directly or indirectly,
through an Experian RES Related Party or otherwise, enter into or conduct or
assist another to conduct the C&I Data Extract Business or C&I Photo Illustrated
Business in any market covered by COMPS Data as of the termination of the
Amended Term.
10. Term. The Purchase Agreement, as amended by this Addendum &
----
Amendment, shall have an initial term ("Initial Term") of five (5) years from
the date of Closing as provided for in Section 11 hereof, and shall renew
automatically for successive one (1) year periods ("Renewal Terms") unless
terminated by either party upon provision of written notice to the other at
least six (6) months prior to the end of the Initial Term or any subsequent
Renewal Term. The period from the date of the Purchase Agreement through the
termination of such agreement as amended by this Addendum & Amendment, shall be
referred to herein as the "Amended Term."
11. Closing. The closing of the transactions contemplated by this
-------
Addendum & Amendment (the "Closing") shall occur at a mutually agreeable
location and time on December 1, 1997, and shall be deemed to be closed on 12:01
a.m. on said date.
-8-
<PAGE>
11.1. Payment. At the Closing, COMPS shall deliver or cause to be
-------
delivered to Experian RES the *** Dollar ($***) payment described in Section 4
hereof and the *** Dollar ($***) payment described in Section 5.1 hereof.
11.2. Further Documents. At any time before or after the Closing,
-----------------
each party shall execute, acknowledge and deliver any further deeds,
assignments, conveyances, and other assurances, documents and instruments of
transfer reasonably requested by the other, and will take any other action
consistent with the terms of this Addendum & Amendment that may reasonably be
requested by the other.
12. Conditions Precedent to COMPS' Performance. The obligation of COMPS
------------------------------------------
to consummate the transactions contemplated by this Addendum & Amendment is
subject to the satisfaction, at or before the Closing, of all the conditions set
forth below in this Section 12. COMPS may waive in writing any or all of these
conditions, in whole or in part, without prior notice; provided, however, that
-------- -------
no such waiver of a condition shall constitute a waiver by COMPS of any of its
other rights or remedies, at law or in equity, if Experian RES shall be in
default of any of the representations or covenants under this Addendum &
Amendment.
12.1. Financial Information. Experian RES shall have provided COMPS
---------------------
with financial information to the reasonable satisfaction of COMPS that the
annual purchase commitments existing as of November 7, 1997, from customers of
Experian RES under contract for its Florida and Georgia C&I Data Extract
Business is Two Hundred and Ninety Thousand Dollars ($290,000).
12.2. Due Diligence. Within five (5) business days of the execution
-------------
of this Addendum & Amendment, COMPS shall have completed due diligence and be
satisfied, in its sole discretion (i) that the transactions contemplated herein
do not conflict with any material contract or commitment to which Experian RES
is a party; (ii) that the status and condition of the Florida and Georgia C&I
Data Extract Business are substantially as has been represented by Experian RES
to COMPS; and (iii) as to the quality and quantity of the customer base for the
Florida and Georgia C&I Data Extract Business. If such due diligence is not
completed within the time provided and COMPS has not provided Experian RES with
notice of its dissatisfaction with the results of such due diligence, this
condition shall be deemed to have been waived.
12.3. Transfer of Business. Experian RES shall have transferred to
--------------------
COMPS all of the Assets, and Experian RES shall have executed a Bill of Sale and
Assignment in form reasonably satisfactory to COMPS and its counsel relating to
the Assets.
12.4. Accuracies of Experian RES's Representations and Warranties.
-----------------------------------------------------------
Except as otherwise permitted by this Addendum & Amendment, all representations
by Experian RES in this Addendum & Amendment or in any written statement that
shall be delivered to COMPS under this Addendum & Amendment shall be true on and
as of the Closing as though made at that time.
13. Conditions Precedent to Experian RES's Performance. The obligation of
--------------------------------------------------
Experian RES to consummate the transactions contemplated by this Addendum &
Amendment is subject to the satisfaction, at or before the Closing, of all the
conditions set out below in this
-9-
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
section. Experian RES may waive in writing any or all of these conditions, in
whole or in part, without prior notice; provided, however, that no such waiver
of a condition shall constitute a waiver by Experian RES of any of its other
rights or remedies, at law or in equity, if COMPS shall be in default of any of
the representations or covenants under this Purchase Agreement.
13.1. Accuracies of COMPS's Representations. Except as otherwise
-------------------------------------
permitted by this Addendum & Amendment, all representations by COMPS in this
Addendum & Amendment shall be true on and as of the Closing as though made at
that time.
13.2. Performance by COMPS. COMPS shall have performed, satisfied,
--------------------
complied with all covenants, agreement, and conditions required by this Purchase
Agreement to be performed or complied with by COMPS on or before the Closing.
13.3. President's Certificate as to Financial Condition. Experian
-------------------------------------------------
RES shall have received a certificate duly executed by the President of COMPS,
stating that the audited balance sheet of COMPS as of December 31, 1996 and the
unaudited balance sheet of COMPS as of October 31, 1997 reflect cash and cash
equivalents, together with amounts available under COMPS bank agreements and
lines of credit, in excess of Eight Hundred Thousand Dollars ($800,000.00).
14. Warranties and Indemnification.
------------------------------
14.1. Warranties. COMPS and Experian RES each represents and
----------
warrants to the other than (i) it has the right, title and authority to enter
into and perform this Addendum & Amendment (including, in the case of Experian
RES, good and marketable title to the Assets); and (ii) its execution, delivery
and performance of this Addendum & Amendment will not conflict with the terms of
any other agreement to which it is a party. COMPS and Experian RES each further
covenant not to enter into any agreement which will conflict with the terms of
this Addendum & Amendment. Neither party guarantees the accuracy or reliability
of any Licensed Data. THIS WARRANTY IS THE ONLY WARRANTY WITH RESPECT TO THE
LICENSED DATA, AND SUCH WARRANTY IS IN LIEU OF ALL OTHER WARRANTIES EXPRESS OR
IMPLIED, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A
PARTICULAR PURPOSE.
14.2. Limitation of Liability. EXCEPT AS SET FORTH IN SECTION 14.3,
-----------------------
UNDER NO CIRCUMSTANCES WILL EITHER PARTY HAVE ANY OBLIGATION OR LIABILITY TO THE
OTHER PARTY FOR ANY CLAIM, INJURY, OR DAMAGE RELATING TO, ARISING OUT OF, OR
RESULTING FROM THE INACCURACY OF ANY LICENSED DATA. NOTWITHSTANDING ANY OTHER
PROVISION OF THIS ADDENDUM & AMENDMENT, UNDER NO CIRCUMSTANCES WILL EITHER PARTY
HAVE ANY OBLIGATION OR LIABILITY TO THE OTHER FOR ANY INCIDENTAL, SPECIAL,
INDIRECT OR CONSEQUENTIAL DAMAGES INCURRED BY THE 0THER PARTY, REGARDLESS OF HOW
SUCH DAMAGES ARISE AND OF WHETHER OR NOT A PARTY WAS ADVISED SUCH DAMAGES MIGHT
ARISE.
14.3. Other Parties; Indemnification. Each party will include
------------------------------
provisions consistent with those set forth in Sections 14.1 and 14.2, above, in
any agreement pursuant to
-10-
<PAGE>
which the Licensed Data is provided to any third party. Each party to this
Addendum & Amendment will indemnify (in this capacity, the "Indemnifying
Party"), defend and hold harmless the other party (the "Indemnified Party")
hereto, its employees, agents and representatives, from and against any losses,
claims, suits, costs and/or expenses, including attorney fees, arising out of or
resulting from any claim by any third party to whom the Indemnifying Party has
provided the Licensed Data and based exclusively on such Licensed Data, whether
such data was provided prior to or during the Amended Term. The Indemnified
Party shall provide prompt notice to the Indemnifying Party of a claim
potentially giving rise to obligations under this section, and the Indemnifying
Party shall be permitted to assume and control the defense thereof. The
Indemnifying Party shall not be liable for any settlement entered into with its
prior written consent, which shall not unreasonably be withheld.
IN WITNESS WHEREOF, each party hereto has caused this Addendum &
Amendment to be executed by its duly authorized representatives.
EXPERIAN INFORMATION SOLUTIONS, INC. COMPS INFOSYSTEMS, INC.
an Ohio corporation a Delaware corporation
By: /s/ [illegible] By: /s/ CHRISTOPHER A. CRANE
-------------------------------- ------------------------------
Title: Senior V.P. and Secretary Title: Pres & CEO
------------------------------ ---------------------------
-11-
<PAGE>
<TABLE>
<CAPTION>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT A. Product Name=TRW REDI Comps (Commercial) Effective 01/01/96 to 11/07/97
(SALES TAX INCL.)
# OF PRODUCT FL & GA
COUNTY NAME QTY CUSTOMER NAME CUST# CONTRACT# EFFEC. ANNIV. DATE LEASE PRICE CUSTOMER AR
DATE YEARS BAL
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ST
FL BREVARD 1 *** 3725603 0473890 302 09/30/97 09/30/98 1 546.25 585.28
FL BREVARD 1 *** 2124016 0172865 401 10/29/96 10/29/97 1 411.60 0.00
FL BREVARD 1 *** 3477018 0323780 801 10/05/97 10/05/98 1 499.95 356.05
FL BREVARD 1 *** 3081657 0216085 303 11/10/97 11/10/98 1 1006.00 1,073.79
FL BREVARD 1 *** 2293037 2142805 500 10/10/97 10/10/98 1 757.50 763.75
FL BREVARD 1 *** 2288219 0196502 400 04/28/97 04/28/98 1 0.00 0.00
FL BREVARD 1 *** 2298708 2142871 403 05/10/97 05/10/98 1 732.60 304.38
FL BREVARD 1 *** 3400324 2008271 200 10/18/97 10/18/98 1 1006.00 1,091.36
FL BFIEVARD 1 *** 3147450 3027612 702 07/10/97 07/10/98 1 419.10 0.00
FL BREVARD 1 *** 2950648 0205905 301 03/10/97 03/10/98 1 875.00 0.00
FL BREVARD 1 *** 3613103 0220301 100 03/28/97 03/28/98 1 0.00 0.00
FL BREVARD 1 *** 2320058 2142839 401 09/30/97 09/30/98 1 732.60 633.71
FL BREVARD 1 *** 3090167 0284966 900 12/28/97 12/28/98 1 0.00 0.00
FL BREVARD 1 *** 2915683 2014768 200 10/30/97 10/30/98 1 0.00 0.00
FL BREVARD 1 *** 0038841 0237919 200 12/28/97 12/28/98 1 0.00 0.00
FL BREVARD 1 *** 3495111 0341510 701 04/10/97 04/10/98 1 1090.00 0.00
FL BREVARD 1 *** 3515332 0357563 704 08/10/97 08/10/98 1 640.00 0.00
FL BREVARD 1 *** 3014600 0187524 600 08/27/97 08/27/98 1 0.00 0.00
FL BREVARD 1 *** 2462851 0235541 001 03/10/97 03/10/98 1 750.00 0.00
FL BREVARD 1 *** 2595478 0175928 301 01/10/98 01/10/99 1 739.00 789.59
FL BREVARD 1 *** 2444796 2123182 502 11/10/97 11/10/98 1 738.75 788.94
FL BREVARD 1 *** 3175963 0239070 102 11/10/97 11/10/98 1 694.65 744.12
FL BREVARD 1 *** 2354107 2142874 503 10/10/97 10/10/98 1 0.00 0.00
FL BREVARD 1 *** 3532410 0349532 601 03/10/97 03/10/98 1 950.00 1,032.00
FL BREVARD 1 *** 3532421 0941354 701 08/25/97 08/25/98 1 431.67 0.00
FL BREVARD 1 *** 2181664 2142822 502 11/03/97 11/03/98 1 694.65 744.12
FL BREVARD 1 *** 2536361 2142830 402 04/01/97 04/01/98 1 610.00 0.00
FL BREVARD 1 *** 3665679 2027953 000 03/25/97 03/25/98 1 990.00 1,084.30
FL BREVARD 1 *** 3398940 0278748 800 04/10/97 04/10/98 1 620.00 202.88
FL BREVARD 1 *** 3800458 2018869 000 03/07/97 03/07/98 1 990.00 0.00
FL BREVARD 1 *** 2016429 0354955 602 04/10/97 04/10/98 1 640.00 0.00
</TABLE>
Page 1
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
<TABLE>
<CAPTION>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT A. Product Name=TRW REDI Comps (Commercial) Effective 01/01/96 to 11/07/97
- ---------
(SALES TAX INCL.)
# OF PRODUCT FL & GA
COUNTY QTY CUSTOMER NAME CUST# CONTRACT# EFFEC. ANNIV. LEASE PRICE CUSTOMER AR
NAME DATE DATE YEARS BAL
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ST
FL BREVARD 1 *** 2296476 0323776 702 02/10/97 02/10/97 1 422.40 0.00
FL BREVARD 1 *** 2296476 8123184 500 01/10/98 01/10/98 1 739.00 789.59
FL BREVARD 1 *** 3170300 0239042 100 08/10/97 08/10/97 1 732.60 269.45
FL BREVARD 1 *** 3733770 0504778 201 07/24/97 07/24/98 1 373.75 335.36
FL BREVARD 8 *** 3308736 8237919 100 12/30/97 12/30/98 1 0.00 0.00
FL BROWARD 1 *** 2337799 2160527 402 03/10/97 03/10/98 1 758.17 0.00
FL BROWARD 1 *** 2989020 0175905 300 08/10/97 08/10/98 1 1285.00 1,362.10
FL BROWARD 1 *** 2012003 2127986 400 08/10/97 08/10/98 2 879.50 0.00
FL BROWARD 1 *** 2255727 2146237 400 05/01/97 05/01/98 1 758.17 647.39
FL BROWARD 1 *** 2124016 2146254 401 05/01/97 05/01/98 1 573.10 0.00
FL BROWARD 1 *** 3346037 0282455 903 10/10/97 10/10/98 1 588.06 524.20
FL BROWARD 1 *** 2146351 2160504 500 02/28/98 02/28/99 1 0.00 0.00
FL BROWARD 1 *** 2774941 2123322 502 04/10/97 04/10/98 1 1009.68 0.00
FL BROWARD 1 *** 3449718 2018776 000 04/10/97 04/10/98 1 1385.00 0.00
FL BROWARD 1 *** 3096152 0259150 902 05/10/97 05/10/98 2 1100.00 0.00
FL BROWARD 1 *** 3576629 0375361 609 10/10/97 10/10/98 1 648.00 691.88
FL BROWARD 1 *** 3695102 0452568 401 12/10/97 12/10/98 1 1480.00 1,582.01
FL BROWARD 1 CUSHMAN & WAKEFIELD 2498113 2160466 503 01/15/98 01/15/99 1 1480.00 1,585.95
OF FLORIDA INC
FL BROWARD 1 CUSHMAN & WAKEFIELD 3147416 0176031 100 07/10/97 07/10/98 1 1285.00 0.00
OF FLORIDA INC
FL BROWARD 1 *** 2207342 2123328 404 05/10/97 05/10/98 2 679.50 0.00
FL BROWARD 1 *** 2931049 0206917 403 12/10/97 12/10/98 1 1480.00 1,593.80
FL BROWARD 1 *** 3613103 0220370 100 03/28/97 03/28/98 1 0.00 0.00
FL BROWARD 1 *** 3090167 0258778 104 08/07/97 08/07/98 1 0.00 0.00
FL BROWARD 1 *** 0038841 0271265 100 07/18/97 07/18/98 1 0.00 0.00
FL BROWARD 1 *** 2013240 2189608 402 04/10/97 04/10/98 1 0.00 0.00
FL BROWARD 1 *** 2013240 2189608 403 10/07/97 10/07/98 1 1285.00 0.00
FL BROWARD 1 *** 3014600 2160393 500 10/30/97 10/30/98 1 0.00 0.00
FL BROWARD 1 *** 3673115 0445336 402 07/01/97 07/01/98 1 887.50 891.67
FL BROWARD 1 *** 2308416 2151544 402 05/10/97 05/10/98 1 898.75 (958.93
FL BROWARD 1 *** 3756964 2007363 202 08/01/97 08/01/98 1 767.50 654.17
FL BROWARD 1 *** 2210201 2123299 401 04/15/97 04/15/98 1 1132.50 0.00
FL BROWARD 1 *** 3556151 0351443 604 06/10/97 06/10/98 1 1285.00 0.00
FL BROWARD 1 *** 3026283 0183708 203 02/28/97 02/28/98 1 1285.00 0.00
</TABLE>
Page 2
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
<TABLE>
<CAPTION>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT A. Product Name=TRW REDI Comps (Commercial) Effective 01/01/96 to 11/07/97
- ---------
(Sales tax incl.)
# OF PRODUCT FL & GA
COUNTY NAME QTY CUSTOMER NAME CUST# CONTRACT# EFFEC. ANNIV. LEASE PRICE CUSTOMER AR
DATE DATE YEARS BAL
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FL BROWARD 1 *** 3757116 2018722 101 05/20/98 05/20/99 1 1285.00 0.00
FL BROWARD 1 *** 2131795 2189613 401 05/10/97 05/10/98 1 1285.00 0.00
FL BROWARD 1 *** 3008157 0183064 302 03/10/97 03/10/98 1 1141.50 0.00
FL BROWARD 1 *** 2514587 2123343 403 05/10/97 05/10/98 1 1285.00 0.00
FL BROWARD 1 *** 2973685 0213588 300 06/10/97 06/10/98 1 1285.00 1,387.10
FL BROWARD 1 *** 2003540 0338023 701 05/01/97 05/01/98 1 1148.75 0.00
FL BROWARD 1 *** 2003540 2156536 401 05/01/97 05/01/98 1 765.83 0.00
FL BROWARD 1 *** 3625211 0408430 501 05/03/97 05/03/98 1 1285.00 970.97
FL BROWARD 1 *** 2147219 0205546 203 02/10/97 02/10/98 1 285.00 0.00
FL BROWARD 1 *** 2220136 2151556 503 02/27/97 02/27/98 1 900.00 0.00
FL BROWARD 1 *** 2780120 0450911 402 06/01/97 06/01/98 1 1285.00 0.00
FL BROWARD 1 *** 3385735 2160655 401 03/10/97 03/10/98 1 1285.00 0.00
FL BROWARD 1 *** 3805068 2017710 001 06/30/97 06/30/98 1 1285.00 0.00
FL BROWARD 1 *** 2773526 2123372 401 07/10/97 07/10/98 1 1285.00 916.89
FL BROWARD 1 *** 2170480 2123363 401 05/10/97 05/10/98 1 859.51 0.00
FL BROWARD 1 *** 2382078 2189625 403 06/10/97 06/10/98 1 0.00 0.00
FL BROWARD 1 *** 2264402 0187464 402 06/10/97 06/10/98 1 744.00 0.00
FL BROWARD 1 *** 2014881 2156510 401 04/15/97 04/15/98 1 131.84 0.00
FL BROWARD 1 *** 2162537 2002360 200 04/10/97 04/10/98 1 1285.00 182.99
FL BROWARD 1 *** 2309844 2179108 001 11/29/97 11/29/98 1 1480.00 1,505.00
FL BROWARD 1 *** 2167938 2179033 403 02/10/97 02/10/98 1 0.00 0.00
FL BROWARD 1 *** 3752427 2007221 300 09/10/97 09/10/98 1 0.00 0.00
FL BROWARD 1 *** 2795395 0482454 301 08/10/97 08/10/98 1 303.27 296.19
FL BROWARD 1 *** 2922773 0186783 402 11/15/97 11/15/98 1 999.05 1,063.16
FL BROWARD 1 *** 3662753 0427015 402 07/01/97 07/01/98 1 919.00 489.57
FL BROWARD 1 *** 2589510 0304366 805 08/15/97 08/15/98 1 1285.00 0.00
FL BROWARD 8 *** 3308736 8271265 100 12/30/97 12/30/98 1 0.00 0.00
FL DADE 1 *** 2989020 2008307 201 10/11/97 10/11/98 1 1325.00 1,429.50
FL DADE 1 *** 2012003 2167502 401 03/10/97 03/10/98 2 1155.00 0.00
FL DADE 1 *** 2255727 2146236 501 05/01/97 08/01/98 1 818.32 420.33
FL DADE 1 *** 2124016 2134363 501 11/09/97 11/09/98 1 545.00 583.55
FL DADE 1 *** 3346037 0282441 903 06/13/97 06/13/98 1 609.18 217.18
FL DADE 1 *** 2945950 8123259 503 10/01/97 10/01/98 1 2142.50 2,294.27
</TABLE>
Page 3
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
<TABLE>
<CAPTION>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT A. Product Name=TRW REDI Comps (Commercial) Effective 01/01/96 to 11/07/97
- ---------
(SALES TAX INCL.)
# OF PRODUCT FL & GA
COUNTY QTY CUSTOMER NAME CUST# CONTRACT# EFFEC. ANNIV. LEASE PRICE CUSTOMER AR
NAME DATE DATE YEARS BAL
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ST
FL DADE 1 *** 3096152 0228743 201 06/10/97 06/10/98 1 1325.00 0.00
FL DADE 1 *** 3079593 0216778 301 10/28/97 10/28/98 1 1525.00 397.98
FL DADE 1 *** 3576629 0375363 609 10/10/97 10/10/98 1 528.75 564.64
FL DADE 1 CUSHMAN & WAKEFIELD 2498113 2134390 602 01/19/98 01/19/99 1 1525.00 1,634.33
OF FLORIDA INC
FL DADE 1 CUSHMAN & WAKEFIELD 3147416 2030659 000 03/25/97 03/25/98 1 1498.00 0.00
OF FLORIDA INC
FL DADE 1 *** 3613103 0220302 100 03/03/97 03/03/98 1 0.00 0.00
FL DADE 1 *** 2276818 0205528 301 10/01/97 10/01/98 1 1155.00 24.73
FL DADE 1 *** 3090167 0284975 000 12/05/97 12/05/98 1 0.00 0.00
FL DADE 1 *** 0038841 0300076 100 12/05/97 12/05/98 1 0.00 0.00
FL DADE 1 *** 2572154 2156596 500 05/24/97 05/24/98 1 1325.00 0.00
FL DADE 1 *** 3014600 0196520 400 05/07/97 05/07/98 1 0.00 0.00
FL DADE 1 *** 2730251 0205515 301 07/16/97 07/16/98 1 615.33 0.00
FL DADE 1 *** 2336231 2143053 402 10/27/96 10/27/97 1 0.00 0.00
FL DADE 1 *** 3756964 2007365 202 08/01/97 08/01/98 1 711.67 606.83
FL DADE 1 *** 3539792 0369333 601 05/01/97 05/01/98 1 1325.00 0.00
FL DADE 1 *** 3026283 2028288 100 07/16/97 07/16/98 1 1325.00 0.00
FL DADE 1 *** 3757116 2008315 302 10/10/98 10/10/99 1 1325.00 1,436.13
FL DADE 1 *** 3711280 0460278 301 05/16/97 05/16/98 1 1325.00 0.00
FL DADE 1 *** 2003540 2156801 501 11/10/97 11/10/98 1 0.00 0.00
FL DADE 1 *** 2719630 2028293 000 08/06/96 08/06/97 1 825.00 0.00
FL DADE 1 *** 2147219 2143046 500 02/10/98 02/10/99 1 1525.00 1,631.85
FL DADE 1 *** 2290131 2127965 500 11/14/97 11/14/98 1 434.62 464.54
FL DADE 1 *** 2585651 2143467 600 06/10/97 06/10/98 1 1325.00 0.00
FL DADE 1 *** 2780120 2146675 601 03/14/97 03/14/98 1 1325.00 0.00
FL DADE 1 *** 2111717 2134314 501 09/28/97 09/28/98 1 883.75 947.45
FL DADE 1 *** 2773526 0262602 001 03/10/97 03/10/98 1 1325.00 707.37
FL DADE 1 *** 2249685 2156598 503 11/01/97 11/01/98 1 1139.40 1,218.86
FL DADE 1 *** 3155204 2018891 000 04/01/97 04/01/98 1 797.67 334.71
FL DADE 1 *** 2014881 8251261 902 12/10/96 12/10/97 1 592.25 0.00
FL DADE 1 *** 3291852 2146300 504 12/01/97 12/01/98 1 1392.98 1,488.35
FL DADE 1 *** 2309844 2179109 600 11/29/97 11/29/98 1 0.00 0.00
FL DADE 1 *** 2243616 2134343 501 12/10/97 12/10/98 1 1024.35 1,095.47
FL DADE 1 *** 3752427 2022838 100 06/10/97 06/10/98 1 0.00 0.00
</TABLE>
Page 4
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
<TABLE>
<CAPTION>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT A. Product Name=TRW REDI Comps (Commercial) Effective 01/01/96 to 11/07/97
- ---------
(SALES TAX INCL.)
# OF PRODUCT FL & GA
COUNTY NAME QTY CUSTOMER NAME CUST# CONTRACT# EFFEC. ANNIV. LEASE PRICE CUSTOMER AR
DATE DATE YEARS BAL
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FL DADE 1 *** 3198757 0235782 102 01/28/97 01/28/98 1 1047.38 0.00
FL DADE 1 *** 2589510 2146608 402 08/15/97 08/15/98 1 324.06 0.00
FL DADE 2 *** 2363684 0207107 700 09/30/97 09/30/98 1 0.00 0.00
FL DADE 8 *** 3308736 8271267 000 12/30/97 12/30/98 1 0.00 0.00
FL DUVAL 1 *** 3544886 0367089 600 03/22/97 03/22/98 1 965.00 0.00
FL DUVAL 1 *** 3685118 0480442 402 09/30/97 09/30/98 1 965.00 0.00
FL DUVAL 1 *** 2248864 0130038 400 06/07/97 06/07/98 1 387.75 0.00
FL DUVAL 1 *** 3613103 0220265 100 04/15/97 04/15/98 1 0.00 0.00
FL DUVAL 1 *** 3090167 0258778 301 08/07/97 08/07/98 1 0.00 0.00
FL DUVAL 1 *** 3091641 8271268 100 12/05/97 12/05/98 1 0.00 0.00
FL DUVAL 1 *** 3014600 3276128 100 08/14/97 08/14/98 1 0.00 0.00
FL DUVAL 1 *** 3221880 2017777 000 08/12/97 08/12/98 1 965.00 0.00
FL DUVAL 1 *** 3054154 0182799 200 06/10/97 06/10/98 1 387.75 0.00
FL DUVAL 1 *** 3360796 0277782 900 10/30/97 10/30/98 1 0.00 0.00
FL DUVAL 1 *** 2566722 0130020 401 07/10/97 07/10/98 1 387.75 0.00
FL DUVAL 1 *** 2002419 0358229 601 09/30/97 09/30/98 1 621.50 0.00
FL DUVAL 1 *** 3658057 0439723 500 02/25/98 02/25/99 1 1110.00 1,207.15
FL DUVAL 1 *** 3213870 0251561 100 01/10/98 01/10/99 1 1110.00 1,195.43
FL DUVAL 1 *** 3265664 0235601 000 07/10/97 07/10/98 1 457.50 370.12
FL DUVAL 1 *** 2438124 0187553 600 06/25/97 06/25/98 1 457.50 287.88
FL DUVAL 1 *** 2438124 0187553 700 06/25/97 06/25/98 1 0.00 0.00
FL DUVAL 1 *** 3128086 2002259 202 06/15/97 06/15/98 1 965.00 842.19
FL DUVAL 1 *** 2572648 2130545 502 11/04/97 11/04/98 1 447.15 484.47
FL DUVAL 1 *** 2499257 8259961 000 03/17/97 03/17/98 1 965.00 0.00
FL DUVAL 1 *** 2486189 2017775 000 07/23/97 07/23/98 1 965.00 0.00
FL DUVAL 8 *** 3308736 9271268 100 12/30/97 12/30/98 1 0.00 0.00
FL HILLSBOROUGH 1 *** 3409664 0302309 802 04/10/97 04/10/98 1 449.50 0.00
FL HILLSBOROUGH 1 *** 2327006 2015993 101 02/13/97 02/13/98 1 702.00 0.00
FL HILLSBOROUGH 1 *** 2103895 2130772 301 05/10/96 05/10/97 1 680.00 0.00
FL HILLSBOROUGH 1 *** 3614651 0409315 502 10/01/97 10/01/98 1 465.00 505.88
FL HILLSBOROUGH 1 *** 2814267 2156386 303 05/10/97 05/10/98 1 685.00 0.00
FL HILLSBOROUGH 1 *** 2174516 2125072 403 03/14/97 03/14/98 1 780.00 0.00
FL HILLSBOROUGH 1 *** 3613103 0220264 100 04/15/97 04/15/98 1 0.00 0.00
</TABLE>
Page 5
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
<TABLE>
<CAPTION>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT A. Product Name=TRW REDI Comps (Commercial) Effective 01/01/96 to 11/07/97
- ---------
(SALES TAX INCL.)
# OF PRODUCT FL & GA
COUNTY NAME QTY CUSTOMER NAME CUST# CONTRACT# EFFEC. ANNIV. LEASE PRICE CUSTOMER AR
DATE DATE YEARS BAL
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FL HILLSBOROUGH 1 *** 3229963 0251165 001 04/10/97 04/10/98 1 0.00 0.00
FL HILLSBOROUGH 1 *** 3229963 2028139 000 03/10/97 03/10/98 1 0.00 0.00
FL HILLSBOROUGH 1 *** 3090167 0258778 600 08/07/97 08/07/98 1 0.00 0.00
FL HILLSBOROUGH 1 *** 0038841 0300077 101 12/05/97 12/05/98 1 0.00 0.00
FL HILLSBOROUGH 1 *** 3014600 0207125 300 09/30/97 09/30/98 1 0.00 0.00
FL HILLSBOROUGH 1 *** 2016539 2130450 702 01/30/98 01/30/99 1 797.97 857.55
FL HILLSBOROUGH 1 *** 3729595 0459312 302 01/01/98 01/01/99 1 785.00 847.44
FL HILLSBOROUGH 1 *** 2133380 2130413 401 12/10/96 12/10/97 1 678.75 0.00
FL HILLSBOROUGH 1 *** 2227533 2160774 502 12/10/97 12/10/98 1 654.00 704.78
FL HILLSBOROUGH 1 *** 3472464 0323542 801 08/10/97 08/10/98 1 780.00 0.00
FL HILLSBOROUGH 1 *** 2943534 0213602 203 06/10/97 06/10/98 1 780.00 0.00
FL HILLSBOROUGH 1 *** 3120783 0211713 303 06/10/97 06/10/98 1 780.00 0.00
FL HILLSBOROUGH 1 *** 3774711 2026766 101 09/12/97 09/12/98 1 780.00 0.00
FL HILLSBOROUGH 1 *** 3030022 2108269 200 02/21/98 02/21/99 1 1325.00 1,429.29
FL HILLSBOROUGH 1 *** 3455564 0323476 801 05/01/97 05/01/98 1 788.00 0.00
FL HILLSBOROUGH 4 *** 3151435 0232699 200 07/14/97 07/14/98 1 0.00 0.00
FL HILLSBOROUGH 8 *** 3308736 8271269 100 12/30/97 12/30/98 1 0.00 0.00
FL ORANGE 1 *** 2124016 2146280 402 09/30/97 09/30/98 1 0.00 0.00
FL ORANGE 1 *** 3707753 0452612 306 04/12/97 04/12/98 1 760.00 0.00
FL ORANGE 1 *** 2246660 0166425 302 07/10/96 07/10/97 1 0.00 0.00
FL ORANGE 1 *** 2281193 0219404 002 12/10/96 12/10/97 1 615.00 0.00
FL ORANGE 1 *** 2525859 0277343 701 12/01/96 12/01/97 1 0.00 0.00
FL ORANGE 1 *** 2524650 2166168 400 06/10/97 06/10/98 1 825.11 0.00
FL ORANGE 1 *** 2782298 0166396 403 10/10/97 10/10/98 1 683.75 731.03
FL ORANGE 1 *** 2972778 0211755 301 01/10/98 01/10/99 1 694.00 747.23
FL ORANGE 1 *** 2743297 0166486 401 09/10/97 09/10/98 1 361.35 10.68
FL ORANGE 1 *** 3613103 0186716 100 12/28/97 12/28/98 1 0.00 0.00
FL ORANGE 1 *** 3090167 0284988 900 12/28/97 12/28/98 1 0.00 0.00
FL ORANGE 1 *** 0038841 0271275 300 12/28/97 12/28/98 1 0.00 0.00
FL ORANGE 1 *** 3676334 0189884 402 03/01/97 03/01/98 1 531.25 0.00
FL ORANGE 1 *** 3014600 2160342 500 10/30/97 10/30/98 1 0.00 0.00
FL ORANGE 1 *** 2462851 0334219 701 03/10/97 03/10/98 1 760.00 0.00
FL ORANGE 1 *** 2222754 0251195 001 06/15/97 06/15/98 1 760.00 0.00
</TABLE>
Page 6
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
<TABLE>
<CAPTION>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT A. Product Name=TRW REDI Comps (Commercial) Effective 01/01/96 to 11/07/97
- ---------
(SALES TAX INCL.)
# OF PRODUCT FL & GA
COUNTY QTY CUSTOMER NAME CUST# CONTRACT# EFFEC. ANNIV. LEASE PRICE CUSTOMER AR
NAME DATE DATE YEARS BAL
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FL ORANGE 1 *** 2300535 2166016 405 02/10/97 02/10/98 1 0.00 0.00
FL ORANGE 1 *** 2255435 0358245 603 08/10/97 08/10/98 1 507.37 511.00
FL ORANGE 1 *** 2002419 2166143 504 06/10/97 06/10/98 1 380.00 0.00
FL ORANGE 1 *** 2011985 2166158 302 11/10/96 11/10/97 1 507.40 0.00
FL ORANGE 1 *** 3807695 2017783 000 06/30/97 06/30/98 1 817.00 0.00
FL ORANGE 1 *** 3342811 0208136 201 04/10/97 04/10/98 1 825.00 0.00
FL ORANGE 1 *** 2778633 0166475 402 09/10/97 09/10/98 1 760.00 823.96
FL ORANGE 1 *** 3388923 8278680 801 01/10/97 01/10/98 1 0.00 0.00
FL ORANGE 1 *** 2236904 0462048 203 02/16/97 02/16/98 1 760.00 0.00
FL ORANGE 1 TRAMMELL CROW 3627303 8433820 503 08/30/97 08/30/98 1 760.00 0.00
COMPANY
FL ORANGE 7 *** 3308736 8271275 100 12/30/97 12/30/98 1 0.00 0.00
FL PALM BEACH 1 *** 2337799 2123381 402 04/10/97 04/10/98 1 784.57 0.00
FL PALM BEACH 1 *** 2989020 0175906 300 08/10/97 08/10/98 1 784.57 835.77
FL PALM BEACH 1 *** 2012003 0462283 300 08/10/97 08/10/98 2 810.00 0.00
FL PALM BEACH 1 *** 2213082 0187409 408 05/10/97 05/10/98 1 1395.00 0.00
FL PALM BEACH 1 *** 2255727 2179313 400 05/01/97 05/01/98 1 784.58 689.82
FL PALM BEACH 1 *** 2300728 2151658 400 03/10/97 03/10/98 1 780.64 193.08
FL PALM BEACH 1 *** 2124016 2146279 401 04/01/97 04/01/98 1 523.05 0.00
FL PALM BEACH 1 *** 3192694 2020690 202 11/30/97 11/30/98 1 1260.00 1,360.60
FL PALM BEACH 1 *** 3449718 2002174 001 04/10/97 04/10/98 1 1095.00 0.00
FL PALM BEACH 1 *** 3576629 0375362 606 10/10/97 10/10/98 1 846.00 903.01
FL PALM BEACH 1 CUSHMAN & WAKEFIELD 3147416 8321927 801 01/10/98 01/10/99 1 1262.00 1,346.22
OF FLORIDA INC
FL PALM BEACH 1 *** 3613103 0220272 100 04/28/97 04/28/98 1 0.00 0.00
FL PALM BEACH 1 *** 3616345 0408846 603 12/10/97 12/10/98 1 445.00 477.95
FL PALM BEACH 1 *** 3090167 0271317 100 12/28/97 12/28/98 1 0.00 0.00
FL PALM BEACH 1 *** 0038841 0271272 101 12/28/97 12/28/98 1 0.00 0.00
FL PALM BEACH 1 *** 2773504 0187423 402 08/10/97 08/10/98 1 392.29 0.00
FL PALM BEACH 1 *** 3014600 0179053 400 05/07/97 05/07/98 1 0.00 0.00
FL PALM BEACH 1 *** 3673115 0445335 401 07/01/97 07/01/98 1 1061.00 1,065.67
FL PALM BEACH 1 *** 2308416 2123376 402 05/05/97 05/05/98 1 413.34 (441.90)
FL PALM BEACH 1 *** 3756964 2007364 202 08/01/97 08/01/98 1 480.00 71.67
FL PALM BEACH 1 *** 2210201 0263980 001 08/17/97 08/17/98 1 392.29 0.00
FL PALM BEACH 1 *** 3026283 8182450 203 02/28/97 02/28/98 1 1340.00 0.00
</TABLE>
Page 7
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
<TABLE>
<CAPTION>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT A. Product Name=TRW REDI Comps (Commercial) Effective 01/01/96 to 11/07/97
- ---------
(SALES TAX INCL.)
# OF PRODUCT FL & GA
COUNTY NAME QTY CUSTOMER NAME CUST# CONTRACT# EFFEC. ANNIV. LEASE PRICE CUSTOMER AR
DATE DATE YEARS BAL
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FL PALM BEACH 1 *** 3681790 0503384 303 08/28/97 08/28/97 1 0.00 0.00
FL PALM BEACH 1 *** 2003540 2179302 401 05/01/98 05/01/98 1 695.00 0.00
FL PALM BEACH 1 *** 2952051 0205845 302 11/10/98 11/10/98 1 978.65 1,043.12
FL PALM BEACH 1 *** 2709594 2015790 102 10/28/97 10/28/98 1 0.00 0.00
FL PALM BEACH 1 *** 2743938 2190126 402 05/19/97 05/19/98 1 1095.00 0.00
FL PALM BEACH 1 *** 3805068 2017709 001 06/30/97 06/30/98 1 1115.00 0.00
FL PALM BEACH 1 *** 2264402 0187465 401 06/10/97 06/10/98 1 1091.00 0.00
FL PALM BEACH 1 *** 2014881 2084351 301 04/25/97 04/25/98 1 694.20 0.00
FL PALM BEACH 1 *** 2162537 2002360 201 04/10/97 04/10/98 1 1095.00 0.00
FL PALM BEACH 1 *** 3722516 0386331 401 04/10/97 04/10/98 1 1095.00 0.00
FL PALM BEACH 1 *** 2309844 0176513 301 11/29/97 11/29/98 1 0.00 0.00
FL PALM BEACH 1 *** 3752427 2007221 203 06/30/97 06/30/98 1 0.00 0.00
FL PALM BEACH 1 *** 2795395 2017695 000 05/05/97 05/05/98 1 1095.00 638.24
FL PALM BEACH 8 *** 3308736 8271272 100 12/30/97 12/30/98 1 0.00 0.00
FL PINELLAS 1 *** 3409664 0304072 802 04/10/97 04/10/98 1 437.29 0.00
FL PINELLAS 1 *** 2174516 0208134 203 03/14/97 03/14/98 1 780.00 0.00
FL PINELLAS 1 *** 3613103 0949020 300 12/28/97 12/28/98 1 0.00 0.00
FL PINELLAS 1 *** 3229963 2028139 001 03/10/97 03/10/98 1 0.00 0.00
FL PINELLAS 1 *** 3031238 0213657 001 01/10/96 01/10/97 1 0.00 0.00
FL PINELLAS 1 *** 3090167 0271318 100 12/28/97 12/28/98 1 0.00 0.00
FL PINELLAS 1 *** 0038841 0271276 001 05/21/97 05/21/98 1 0.00 0.00
FL PINELLAS 1 *** 3676334 0189887 402 03/01/97 03/01/98 1 658.75 0.00
FL PINELLAS 1 *** 3014600 0187527 300 08/27/97 08/27/98 1 0.00 0.00
FL PINELLAS 1 *** 2124083 0187305 503 12/10/97 12/10/98 1 1345.00 1,464.15
FL PINELLAS 1 *** 3776654 2018317 100 03/12/97 03/12/98 1 1030.73 266.42
FL PINELLAS 1 *** 2016539 0226857 403 01/30/98 01/30/99 1 523.20 563.12
FL PINELLAS 1 *** 3729595 0459311 402 01/01/98 01/01/99 1 980.00 1,057.56
FL PINELLAS 1 *** 2811194 8160371 300 04/28/97 04/28/98 1 0.00 0.00
FL PINELLAS 1 *** 3120783 0322393 701 06/10/97 06/10/98 1 1170.00 0.00
FL PINELLAS 1 *** 3030022 2018268 100 02/21/97 02/21/98 1 721.50 0.00
FL PINELLAS 1 *** 2958732 0213317 301 05/10/97 05/10/98 1 1170.00 0.00
FL PINELLAS 8 *** 3308736 8271276 100 12/30/97 12/30/98 1 0.00 0.00
FL SARASOTA 1 *** 3613103 0220309 100 03/03/97 03/03/98 1 0.00 0.00
</TABLE>
Page 8
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
<TABLE>
<CAPTION>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT A. Product Name=TRW REDI Comps (Commercial) Effective 01/01/96 to 11/07/97
- ---------
(SALES TAX INCL.)
# OF PRODUCT FL & GA
COUNTY NAME QTY CUSTOMER NAME CUST# CONTRACT# EFFEC. ANNIV. LEASE PRICE CUSTOMER AR
DATE DATE YEARS BAL
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FL SARASOTA 1 *** 3090167 8258775 700 08/07/97 08/07/98 1 0.00 0.00
FL SARASOTA 1 *** 0038841 0271278 100 12/05/97 12/05/98 1 0.00 0.00
FL SARASOTA 1 *** 3014600 0207003 300 09/30/97 09/30/98 1 0.00 0.00
FL SARASOTA 1 *** 2518608 0277531 901 07/01/97 07/01/98 1 498.33 0.00
FL SARASOTA 1 *** 2904762 0187110 405 01/10/98 01/10/99 1 1650.00 1,664.08
FL SARASOTA 1 *** 2809562 0187630 304 02/25/97 02/25/98 1 260.10 56.04
FL SARASOTA 1 *** 2309233 2151773 402 05/10/97 05/10/98 1 0.00 0.00
FL SARASOTA 1 *** 2762195 2152231 402 03/10/97 03/10/98 1 1060.00 0.00
FL SARASOTA 2 *** 2309589 0179092 300 09/30/97 09/30/98 1 0.00 0.00
FL SARASOTA 7 *** 3308736 8271278 100 12/30/97 12/30/98 1 0.00 0.00
FL SEMINOLE 1 *** 2124016 2146276 402 03/01/97 03/01/98 1 760.00 0.00
FL SEMINOLE 1 *** 3707753 0452612 207 03/20/97 03/20/98 1 855.00 0.00
FL SEMINOLE 1 *** 3611447 2028502 101 07/30/97 07/30/98 1 0.00 0.00
FL SEMINOLE 1 *** 2281193 0358762 603 08/10/97 08/10/98 1 760.00 813.88
FL SEMINOLE 1 *** 3575860 0375272 502 05/03/97 05/03/98 1 760.00 0.00
FL SEMINOLE 1 *** 2525859 0277344 801 11/17/96 11/17/97 1 0.00 0.00
FL SEMINOLE 1 *** 2524650 2166169 400 06/10/97 06/10/98 1 442.50 0.00
FL SEMINOLE 1 *** 2782298 0166395 403 10/10/97 10/10/98 1 875.00 936.97
FL SEMINOLE 1 *** 2972778 0211710 201 11/10/97 11/10/98 1 389.40 0.00
FL SEMINOLE 1 *** 2743297 0166487 401 09/10/97 09/10/98 1 389.40 280.52
FL SEMINOLE 1 *** 3613103 0304031 800 05/24/97 05/24/98 1 0.00 0.00
FL SEMINOLE 1 *** 3090167 0271322 100 12/28/97 12/28/98 1 0.00 0.00
FL SEMINOLE 1 *** 0038841 8259978 100 08/27/97 08/27/98 1 0.00 0.00
FL SEMINOLE 1 *** 2323260 0166367 401 06/10/97 06/10/98 1 760.00 0.00
FL SEMINOLE 1 *** 3676334 0189886 403 03/01/97 03/01/98 1 376.25 0.00
FL SEMINOLE 1 *** 2462851 0334223 701 03/10/97 03/10/98 1 760.00 0.00
FL SEMINOLE 1 *** 2337894 0166322 307 07/10/96 07/10/97 1 0.00 0.00
FL SEMINOLE 1 *** 2222754 0297000 900 12/10/97 12/10/98 1 0.00 0.00
FL SEMINOLE 1 *** 2300535 2166017 403 02/10/97 02/10/98 1 0.00 0.00
FL SEMINOLE 1 *** 2723769 2166163 302 02/10/97 02/10/98 1 256.25 0.00
FL SEMINOLE 1 *** 2002419 2166142 402 06/10/97 06/10/98 1 760.00 0.00
FL SEMINOLE 1 *** 2011985 2166159 401 04/10/97 04/10/98 1 0.00 0.00
FL SEMINOLE 1 *** 3807695 2017781 000 06/30/97 06/30/98 1 812.25 0.00
</TABLE>
Page 9
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT A. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
<TABLE>
<CAPTION>
(Sales tax incl.)
COUNTY # OF FL & GA
ST NAME QTY CUSTOMER NAME CUST# CONTRACT# EFFEC. DATE ANNIV. DATE LEASE PRODUCT Customer AR
YEARS PRICE Bal
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FL SEMINOLE 1 *** 3342811 0208135 101 02/24/97 02/24/98 1 760.00 0.00
FL SEMINOLE 1 *** 2778633 0166474 402 09/10/97 09/10/98 1 1210.00 1,311.10
FL SEMINOLE 1 *** 3388923 0278681 803 11/29/96 11/29/97 1 0.00 0.00
FL SEMINOLE 1 *** 2233194 2152171 600 12/28/97 12/28/98 1 0.00 0.00
FL SEMINOLE 1 *** 2236904 0462048 202 02/16/97 02/16/98 1 1089.00 0.00
FL SEMINOLE 1 TRAMMELL CROW 3627303 8433820 502 08/30/97 08/30/98 1 1210.00 0.00
COMPANY
FL SEMINOLE 2 *** 2915683 2014759 200 10/18/97 10/18/98 1 0.00 0.00
FL SEMINOLE 7 *** 3308736 9259978 100 12/30/97 12/30/98 1 0.00 0.00
FL VOLUSIA 1 *** 2124016 0172866 401 10/10/96 10/10/97 1 541.00 0.00
FL VOLUSIA 1 *** 2281193 2125452 402 09/10/97 09/10/98 1 522.23 557.41
FL VOLUSIA 1 *** 3158120 2166170 402 08/10/97 08/10/98 1 522.23 557.69
FL VOLUSIA 1 *** 3613103 0320883 800 12/10/97 12/10/98 1 0.00 0.00
FL VOLUSIA 1 *** 3090167 0258778 000 08/07/97 08/07/98 1 0.00 0.00
FL VOLUSIA 1 *** 0038841 0271279 100 12/05/97 12/05/98 1 0.00 0.00
FL VOLUSIA 1 *** 3676334 2156449 502 03/01/97 03/01/98 1 825.00 0.00
FL VOLUSIA 1 *** 3014600 0127775 400 06/15/97 06/15/98 1 0.00 0.00
FL VOLUSIA 1 *** 2462851 0334224 701 03/10/97 03/10/98 1 910.00 0.00
FL VOLUSIA 1 *** 3040304 0208283 101 04/10/96 04/10/97 1 0.00 0.00
FL VOLUSIA 1 *** 3690996 2018481 101 03/01/97 03/01/98 1 720.38 228.18
FL VOLUSIA 1 *** 3512676 2156317 501 01/10/98 01/10/99 1 990.00 1,055.74
FL VOLUSIA 2 *** 2915683 2014758 200 10/13/97 10/13/98 1 0.00 0.00
FL VOLUSIA 7 *** 3308736 8271279 100 12/30/97 12/30/98 1 0.00 0.00
GA CHEROKEE 1 *** 3098778 0232104 200 01/10/98 01/10/99 1 0.00 0.00
GA CHEROKEE 1 *** 2925677 0351712 601 09/30/97 09/30/98 1 232.65 246.61
GA CHEROKEE 1 *** 3214266 3161878 304 06/15/96 12/15/97 1 171.00 0.00
GA CHEROKEE 1 *** 3542075 0453849 301 03/15/97 03/15/98 1 202.50 0.00
GA CHEROKEE 1 *** 3418200 3161740 402 08/18/97 08/18/98 1 163.20 123.08
GA CHEROKEE 1 *** 3571383 0453856 212 07/28/96 07/28/97 1 133.00 0.00
GA CHEROKEE 1 *** 3271724 0247892 919 02/25/97 02/25/98 1 85.50 36.25
GA CHEROKEE 1 *** 3090167 0271313 100 12/28/97 12/28/98 1 0.00 0.00
GA CHEROKEE 1 *** 3091641 0242872 100 12/28/97 12/28/98 1 0.00 0.00
GA CHEROKEE 1 *** 3345302 0354890 702 02/10/98 02/10/99 1 187.85 201.71
GA CHEROKEE 1 *** 3758218 2001659 205 08/21/97 08/21/98 1 91.80 0.00
Data as of 11/07/97 Page 10 11/20/97
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT A. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
<TABLE>
<CAPTION>
(Sales tax incl.)
# OF FL & GA
COUNTY LEASE PRODUCT Customer AR
ST NAME QTY CUSTOMER NAME CUST# CONTRACT# EFFEC. DATE ANNIV. DATE YEARS PRICE Bal
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GA CHEROKEE 1 *** 3606067 0394443 500 04/10/97 04/10/98 1 405.00 0.00
GA CHEROKEE 1 *** 3224573 0345482 726 01/16/98 01/16/99 1 465.00 497.55
GA CHEROKEE 1 *** 3688960 2008478 200 10/26/97 10/26/98 1 311.85 336.11
GA CHEROKEE 1 *** 3463866 0374898 616 12/31/97 12/31/98 1 250.00 267.50
GA CHEROKEE 1 *** 3026551 2018656 000 10/23/97 10/23/98 1 209.37 232.85
GA CHEROKEE 1 *** 3811786 2021209 002 09/18/97 09/18/98 1 243.75 234.73
GA CHEROKEE 1 *** 3707720 8355277 637 04/10/97 04/10/98 1 176.17 92.49
GA CHEROKEE 1 *** 3564183 8353721 601 06/17/97 06/17/98 1 127.71 0.00
GA CHEROKEE 1 *** 3219861 0248564 921 01/01/97 01/01/98 1 0.00 0.00
GA CHEROKEE 1 *** 3219861 0248564 921 01/01/97 01/01/98 1 195.75 0.00
GA CHEROKEE 1 *** 3012086 0228496 101 06/14/97 06/14/98 1 405.00 450.98
GA CHEROKEE 1 *** 3012075 0314749 795 08/01/97 08/01/98 1 217.50 56.08
GA CHEROKEE 1 *** 3012075 0314749 913 08/01/97 08/01/98 1 143.55 153.60
GA CHEROKEE 1 *** 3012075 0314749 928 08/01/97 08/01/98 1 405.00 433.35
GA CHEROKEE 1 *** 3012075 0314749 953 08/01/97 08/01/98 1 232.65 248.94
GA CHEROKEE 1 *** 3331688 3161588 332 02/01/97 02/01/98 1 405.00 128.79
GA CHEROKEE 1 *** 3731493 0462489 302 11/22/97 11/22/98 1 440.00 479.65
GA CHEROKEE 1 *** 3778944 2022340 100 04/05/97 04/05/98 1 237.50 0.00
GA CHEROKEE 1 *** 3513240 3161658 438 11/12/97 11/12/98 1 182.32 195.08
GA CHEROKEE 1 *** 3751745 9414194 300 09/12/97 09/12/98 1 405.00 0.00
GA CHEROKEE 1 *** 3103692 2038893 100 06/26/97 06/26/98 1 175.00 33.75
GA CHEROKEE 1 *** 3419058 0196126 400 01/29/98 01/29/99 1 166.00 179.25
GA CHEROKEE 1 *** 3804517 2017754 000 05/12/97 05/12/98 1 237.50 139.15
GA CHEROKEE 8 *** 3308736 8242872 100 12/30/97 12/30/98 1 0.00 0.00
GA CITY ATLANTA 1 *** 3098778 0232104 201 01/10/98 01/10/99 1 0.00 0.00
GA CITY ATLANTA 1 *** 3214266 3146302 250 11/08/97 11/08/98 1 580.00 0.00
GA CITY ATLANTA 1 *** 3802962 3130263 503 07/10/97 07/10/98 1 360.00 0.00
GA CITY ATLANTA 1 *** 2925769 0345525 700 02/15/98 02/15/99 1 580.00 643.25
GA CITY ATLANTA 1 *** 3090167 8244453 000 06/25/97 06/25/98 1 0.00 0.00
GA CITY ATLANTA 1 *** 0038841 0242871 100 12/28/97 12/28/98 1 0.00 0.00
GA CITY ATLANTA 1 *** 3124505 3151856 500 11/30/97 11/30/98 1 0.00 0.00
GA CITY ATLANTA 1 *** 3219861 0248564 020 01/01/97 01/01/98 1 0.00 0.00
GA CITY ATLANTA 1 *** 3219861 0248564 020 01/01/97 01/01/98 1 324.00 0.00
Data as of 11/07/97 Page 11 11/20/97
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT A. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
<TABLE>
<CAPTION>
(Sales tax incl.)
# OF FL & GA
COUNTY LEASE PRODUCT Customer AR
ST NAME QTY CUSTOMER NAME CUST# CONTRACT# EFFEC. DATE ANNIV. DATE YEARS PRICE Bal
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GA CITY ATLANTA 1 *** 3012075 0341749 800 08/01/97 08/01/98 1 505.00 540.35
GA CITY ATLANTA 1 *** 3619689 0424326 401 03/15/97 03/15/98 1 275.00 310.19
GA CITY ATLANTA 4 *** 3313101 3151857 500 01/28/98 01/28/99 1 0.00 0.00
GA CITY ATLANTA 5 *** 3308736 8242871 100 12/30/97 12/30/98 1 0.00 0.00
GA CLAYTON 1 *** 3098778 0232104 202 01/10/98 01/10/99 1 0.00 0.00
GA CLAYTON 1 *** 3214266 3146302 410 06/15/97 06/15/98 1 169.13 180.97
GA CLAYTON 1 *** 3542075 0351789 616 03/15/97 03/15/98 1 202.50 0.00
GA CLAYTON 1 *** 3257111 0187507 300 08/27/97 08/27/98 1 0.00 0.00
GA CLAYTON 1 *** 3552728 3151863 500 01/28/98 01/28/99 1 0.00 0.00
GA CLAYTON 1 *** 3255894 0260383 000 07/28/97 07/28/98 1 0.00 0.00
GA CLAYTON 1 *** 3271724 0310394 702 02/25/97 02/25/98 1 78.19 4.61
GA CLAYTON 1 *** 3268438 3146403 427 07/10/97 07/10/98 1 224.25 0.00
GA CLAYTON 1 *** 3803769 2028078 001 04/25/97 04/25/98 1 217.82 0.00
GA CLAYTON 1 *** 3090167 0320887 800 12/28/97 12/28/98 1 0.00 0.00
GA CLAYTON 1 *** 3609938 0454616 301 07/05/97 07/05/98 1 0.00 0.00
GA CLAYTON 1 *** 0038841 0242869 100 12/28/97 12/28/98 1 0.00 0.00
GA CLAYTON 1 *** 3259865 2028115 000 06/16/97 06/16/98 1 165.59 107.00
GA CLAYTON 1 *** 3758218 2001659 202 08/21/97 08/21/98 1 91.80 0.00
GA CLAYTON 1 *** 3679843 0426737 410 08/26/97 08/26/98 1 285.45 5.93
GA CLAYTON 1 *** 3123746 0229033 100 09/19/97 09/19/98 1 169.12 181.56
GA CLAYTON 1 *** 3331677 3146390 409 06/15/97 06/15/98 1 405.00 0.00
GA CLAYTON 1 *** 3463866 0374898 614 12/31/97 12/31/98 1 295.00 315.65
GA CLAYTON 1 *** 3707720 8355277 632 04/10/97 04/10/98 1 212.77 92.44
GA CLAYTON 1 *** 2970864 0348990 607 04/30/97 04/30/98 1 185.55 0.00
GA CLAYTON 1 *** 3219861 0248564 019 01/01/97 01/01/98 1 0.00 0.00
GA CLAYTON 1 *** 3219861 0248564 019 01/01/97 01/01/98 1 230.62 0.00
GA CLAYTON 1 *** 3488261 0341605 701 03/10/97 03/10/98 1 149.55 0.00
GA CLAYTON 1 *** 3012075 0341749 952 08/01/97 08/01/98 1 285.45 305.43
GA CLAYTON 1 *** 3331688 3161588 335 02/01/97 02/01/98 1 405.00 0.00
GA CLAYTON 1 *** 3513240 3161658 437 11/12/97 11/12/98 1 194.70 208.33
GA CLAYTON 1 *** 3396814 0341772 802 09/12/97 09/12/98 1 256.25 278.25
GA CLAYTON 1 *** 3019988 0181514 155 05/10/97 05/10/98 1 405.00 429.30
GA CLAYTON 1 *** 3600049 0383560 515 03/01/97 03/01/98 1 405.00 460.10
Data as of 11/07/97 Page 12 11/20/97
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT A. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
<TABLE>
<CAPTION>
(Sales tax incl.)
# OF FL & GA
COUNTY LEASE PRODUCT Customer AR
ST NAME QTY CUSTOMER NAME CUST# CONTRACT# EFFEC. DATE ANNIV. DATE YEARS PRICE Bal
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GA CLAYTON 1 *** 3697683 0503835 301 03/01/97 03/01/98 1 405.00 0.00
GA CLAYTON 5 *** 3308736 8242869 100 12/30/97 12/30/98 1 0.00 0.00
GA COBB 1 *** 3098778 0232104 203 01/10/98 01/10/99 1 0.00 0.00
GA COBB 1 *** 3214266 3146302 407 06/15/97 06/15/98 1 169.13 180.97
GA COBB 1 *** 3480869 0438768 506 12/16/97 12/16/98 1 465.00 497.55
GA COBB 1 *** 3542075 0351789 615 03/15/97 03/15/98 1 202.50 0.00
GA COBB 1 *** 3418200 3161740 403 08/18/97 08/18/98 1 189.55 142.44
GA COBB 1 *** 3611513 0394437 502 06/01/97 06/01/98 1 169.13 73.53
GA COBB 1 *** 3583403 0375456 603 12/10/97 12/10/98 1 465.00 514.50
GA COBB 1 *** 3418211 0498050 300 05/23/97 05/23/98 1 0.00 0.00
GA COBB 1 *** 3519758 0341694 625 07/10/97 07/10/98 1 218.76 0.00
GA COBB 1 *** 3571383 0453856 209 07/28/96 07/28/97 1 156.62 0.00
GA COBB 1 *** 3271724 0247892 917 02/25/97 02/25/98 1 102.94 43.65
GA COBB 1 *** 3268438 3146403 423 07/10/97 07/10/98 1 132.90 0.00
GA COBB 1 *** 3722044 0462403 300 08/17/97 08/17/98 1 256.25 0.00
GA COBB 1 *** 3090167 0320889 800 12/28/97 12/28/98 1 0.00 0.00
GA COBB 1 *** 3609938 0454616 302 07/05/97 07/05/98 1 0.00 0.00
GA COBB 1 *** 3565748 0379272 500 07/01/97 07/01/98 1 405.00 0.00
GA COBB 1 *** 3345302 2066907 000 05/17/97 05/17/98 1 405.00 0.00
GA COBB 1 *** 3758218 2001659 302 08/21/97 08/21/98 1 89.10 0.00
GA COBB 1 *** 2938435 0204210 402 02/27/98 02/27/99 1 253.00 271.18
GA COBB 1 *** 3593420 9418835 200 05/19/97 05/19/98 1 405.00 0.00
GA COBB 1 *** 3021277 0213199 202 12/31/97 12/31/98 1 465.00 488.25
GA COBB 1 *** 3009763 0213146 205 08/15/97 08/15/98 1 256.25 222.60
GA COBB 1 *** 3224573 0345482 715 08/15/97 08/15/98 1 285.45 305.43
GA COBB 1 *** 3331677 3146390 408 06/15/97 06/15/98 1 405.00 0.00
GA COBB 1 *** 3348990 3161699 328 08/31/97 08/31/98 1 285.45 0.00
GA COBB 1 *** 3463866 0374898 615 12/31/97 12/31/98 1 295.00 315.65
GA COBB 1 *** 3026551 0341738 712 05/28/97 05/28/98 1 239.23 255.98
GA COBB 1 *** 3052192 0206739 209 08/10/97 08/10/98 1 256.25 183.75
GA COBB 1 *** 3707720 8355277 633 04/10/97 04/10/98 1 212.77 111.71
GA COBB 1 *** 3500565 3161626 300 04/10/97 04/10/98 1 189.55 0.00
GA COBB 1 *** 3279685 8250635 002 09/10/97 09/10/98 1 405.00 0.00
Data as of 11/07/97 Page 13 11/20/97
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT A. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
<TABLE>
<CAPTION>
(Sales tax incl.)
# OF FL & GA
COUNTY LEASE PRODUCT Customer AR
ST NAME QTY CUSTOMER NAME CUST# CONTRACT# EFFEC. DATE ANNIV. DATE YEARS PRICE Bal
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GA COBB 1 *** 3564183 0353716 601 06/17/97 06/17/98 1 170.33 0.00
GA COBB 1 *** 2970864 0348990 608 04/30/97 04/30/98 1 185.55 108.70
GA COBB 1 *** 3219861 0248564 018 01/01/97 01/01/98 1 0.00 0.00
GA COBB 1 *** 3219861 0248564 018 01/01/97 01/01/98 1 230.62 0.00
GA COBB 1 *** 3318117 0330923 713 10/20/97 10/20/98 1 237.50 280.88
GA COBB 1 *** 3318117 0330923 714 06/10/97 06/10/98 1 0.00 0.00
GA COBB 1 *** 3012086 3146369 407 06/14/97 06/14/98 1 405.00 429.30
GA COBB 1 *** 3475593 2022446 100 04/03/97 04/03/98 1 403.75 0.47
GA COBB 1 *** 3012075 0341749 863 08/01/97 08/01/98 1 169.13 180.97
GA COBB 1 *** 3012075 0341749 895 08/01/97 08/01/98 1 142.73 149.87
GA COBB 1 *** 3012075 0341749 939 08/01/97 08/01/98 1 169.12 177.58
GA COBB 1 *** 3012075 0341749 949 08/01/97 08/01/98 1 285.44 305.42
GA COBB 1 *** 3517363 0345474 706 10/01/97 10/01/98 1 133.93 0.00
GA COBB 1 *** 3331688 3161588 336 02/01/97 02/01/98 1 405.00 0.00
GA COBB 1 *** 3052170 8353776 602 04/10/97 04/10/98 1 189.55 0.00
GA COBB 1 *** 3144237 0453886 301 07/28/97 07/28/98 1 256.25 0.00
GA COBB 1 *** 3632576 0386193 402 10/06/96 10/06/97 1 0.00 0.00
GA COBB 1 *** 3513240 3161658 441 11/12/97 11/12/98 1 212.02 226.86
GA COBB 1 *** 3212978 3146307 327 09/10/96 09/10/97 1 205.00 99.36
GA COBB 1 *** 3396814 0345472 702 09/12/97 09/12/98 1 256.25 278.25
GA COBB 1 *** 3646436 0433775 505 02/10/98 02/10/99 1 328.35 360.16
GA COBB 1 *** 3103692 0227047 201 12/23/96 12/23/97 1 256.90 0.00
GA COBB 1 *** 3812985 2027006 000 10/08/97 10/08/98 1 273.11 298.92
GA COBB 1 *** 3600049 0383560 516 03/01/97 03/01/98 1 405.00 433.35
GA COBB 2 *** 3091641 0242870 100 12/28/97 12/28/98 1 0.00 0.00
GA COBB 5 *** 3308736 8242870 100 12/30/97 12/30/98 1 0.00 0.00
GA COBB 12 *** 3550988 0238044 001 05/15/97 05/15/98 1 0.00 0.00
GA COWETA 1 *** 3214266 0438734 300 06/15/97 06/15/98 1 380.00 0.00
GA COWETA 1 *** 3090167 0439830 400 08/30/97 08/30/98 1 0.00 0.00
GA COWETA 1 *** 3609938 0439782 200 10/24/97 10/24/98 1 0.00 0.00
GA COWETA 1 *** 0038841 0031247 216 01/30/98 01/30/99 1 0.00 0.00
GA COWETA 1 *** 3091641 0454176 300 10/17/97 10/17/98 1 0.00 0.00
GA COWETA 1 *** 3219861 0248564 021 01/01/97 01/01/98 1 0.00 0.00
Data as of 11/07/97 Page 14 11/20/97
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT A. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
<TABLE>
<CAPTION>
(Sales tax incl.)
# OF FL & GA
COUNTY LEASE PRODUCT Customer AR
ST NAME QTY CUSTOMER NAME CUST# CONTRACT# EFFEC. DATE ANNIV. DATE YEARS PRICE Bal
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GA COWETA 1 *** 3219861 0248564 021 01/01/97 01/01/98 1 342.00 0.00
GA COWETA 1 *** 3552919 0378967 301 10/17/97 10/17/98 1 440.00 480.62
GA COWETA 1 *** 3019988 0181514 130 08/15/97 08/15/98 1 380.00 402.80
GA DEKALB 1 *** 3098778 0232104 204 01/10/98 01/10/99 1 0.00 0.00
GA DEKALB 1 *** 3214266 3146302 408 06/15/97 06/15/98 1 169.13 180.97
GA DEKALB 1 *** 3480869 0438768 507 12/16/97 12/16/98 1 465.00 497.55
GA DEKALB 1 *** 3542075 0351789 617 03/15/97 03/15/98 1 202.50 0.00
GA DEKALB 1 *** 3519758 0341694 623 07/10/97 07/10/98 1 218.76 0.00
GA DEKALB 1 *** 3571383 0453856 210 07/28/96 07/28/97 1 156.62 0.00
GA DEKALB 1 *** 3271724 0247892 918 02/27/97 02/27/98 1 102.94 23.31
GA DEKALB 1 *** 3268438 3146403 422 07/10/97 07/10/98 1 132.90 0.00
GA DEKALB 1 *** 3291115 3161572 401 06/25/97 06/25/98 1 475.00 486.10
GA DEKALB 1 *** 3219849 3146407 403 06/25/97 06/25/98 1 189.55 0.00
GA DEKALB 1 *** 3803769 2028078 002 04/25/97 04/25/98 1 217.81 0.00
GA DEKALB 1 *** 3090167 0320890 800 12/28/97 12/28/98 1 0.00 0.00
GA DEKALB 1 *** 3609938 0454616 304 07/05/97 07/05/98 1 0.00 0.00
GA DEKALB 1 *** 0038841 0242862 100 12/28/97 12/28/98 1 0.00 0.00
GA DEKALB 1 *** 3796357 2018740 101 12/20/97 12/20/98 1 0.00 0.00
GA DEKALB 1 *** 3565748 0379272 511 07/01/97 07/01/98 1 405.00 252.72
GA DEKALB 1 *** 3758218 2001659 201 08/21/97 08/21/98 1 95.20 0.00
GA DEKALB 1 *** 3331677 3146390 407 06/15/97 06/15/98 1 405.00 433.35
GA DEKALB 1 *** 3348990 3161699 326 08/31/97 08/31/98 1 285.45 0.00
GA DEKALB 1 *** 3463866 0374898 617 12/31/97 12/31/98 1 295.00 315.65
GA DEKALB 1 *** 3026551 0341738 615 05/28/97 05/28/98 1 235.22 251.69
GA DEKALB 1 *** 3707720 8355277 634 04/10/97 04/10/98 1 212.77 111.71
GA DEKALB 1 *** 2970864 0348990 609 04/30/97 04/30/98 1 185.55 116.91
GA DEKALB 1 *** 3219861 0248564 015 01/01/97 01/01/98 1 0.00 0.00
GA DEKALB 1 *** 3219861 0248564 015 01/01/97 01/01/98 1 230.62 0.00
GA DEKALB 1 *** 3318117 0330923 705 06/10/97 06/10/98 1 0.00 0.00
GA DEKALB 1 *** 3012086 3146369 406 06/14/97 06/14/98 1 405.00 429.30
GA DEKALB 1 *** 3475593 2022446 101 04/03/97 04/03/98 1 403.75 169.60
GA DEKALB 1 *** 3266735 0351843 610 04/10/97 04/10/98 1 154.28 108.00
GA DEKALB 1 *** 3012075 0341749 950 08/01/97 08/01/98 1 285.45 305.43
Data as of 11/07/97 Page 15 11/20/97
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT A. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
<TABLE>
<CAPTION>
(Sales tax incl.)
# OF FL & GA
COUNTY LEASE PRODUCT Customer AR
ST NAME QTY CUSTOMER NAME CUST# CONTRACT# EFFEC. DATE ANNIV. DATE YEARS PRICE Bal
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GA DEKALB 1 *** 3517363 0345474 711 10/01/97 10/01/98 1 133.97 0.00
GA DEKALB 1 *** 3331688 3161588 337 02/01/97 02/01/98 1 405.00 0.00
GA DEKALB 1 *** 3144237 0358131 604 06/14/97 06/14/98 1 256.25 0.00
GA DEKALB 1 *** 3513240 3161658 440 11/12/97 11/12/98 1 194.70 208.33
GA DEKALB 1 *** 3212978 2008643 101 09/10/96 09/10/97 1 205.00 22.39
GA DEKALB 1 *** 3396814 0291044 800 09/12/97 09/12/98 1 256.25 278.25
GA DEKALB 1 *** 3019988 0181514 156 05/10/97 05/10/98 1 405.00 429.30
GA DEKALB 1 *** 3646436 2008639 200 07/27/97 07/27/98 1 405.00 0.00
GA DEKALB 5 *** 3308736 8242862 100 12/30/97 12/30/98 1 0.00 0.00
GA DOUGLAS 1 *** 3098778 0232104 205 01/10/98 01/10/99 1 0.00 0.00
GA DOUGLAS 1 *** 3214266 3161878 405 06/15/97 06/15/98 1 132.83 142.13
GA DOUGLAS 1 *** 3611513 0394437 503 06/01/97 06/01/98 1 132.83 139.47
GA DOUGLAS 1 *** 3571383 0453856 213 07/28/96 07/28/97 1 122.50 0.00
GA DOUGLAS 1 *** 3271724 0247892 920 02/27/97 02/27/98 1 78.19 4.61
GA DOUGLAS 1 *** 3268438 3146403 425 07/10/97 07/10/98 1 103.95 0.00
GA DOUGLAS 1 *** 3425875 8172794 400 06/10/97 06/10/98 1 0.00 0.00
GA DOUGLAS 1 *** 3090167 0320891 800 12/28/97 12/28/98 1 0.00 0.00
GA DOUGLAS 1 *** 3609938 3161712 400 04/28/97 04/28/98 1 0.00 0.00
GA DOUGLAS 1 *** 0038841 0242868 100 12/28/97 12/28/98 1 0.00 0.00
GA DOUGLAS 1 *** 3758218 2001659 206 08/21/97 08/21/98 1 91.80 0.00
GA DOUGLAS 1 *** 3009763 0213146 206 08/15/97 08/15/98 1 201.25 170.66
GA DOUGLAS 1 *** 3026551 0341738 714 05/28/97 05/28/98 1 211.20 225.98
GA DOUGLAS 1 *** 3707720 8355277 640 04/10/97 04/10/98 1 163.01 85.59
GA DOUGLAS 1 *** 3564183 0353722 601 06/17/97 06/17/98 1 136.94 0.00
GA DOUGLAS 1 *** 3219861 0248564 922 01/01/97 01/01/98 1 0.00 0.00
GA DOUGLAS 1 *** 3219861 0248564 922 01/01/97 01/01/98 1 181.12 0.00
GA DOUGLAS 1 *** 3012075 0341749 955 08/01/97 08/01/98 1 211.20 225.98
GA DOUGLAS 1 *** 3331688 0302429 702 02/01/97 02/01/98 1 380.00 0.00
GA DOUGLAS 1 *** 3761465 2008428 200 09/13/97 09/13/98 1 201.25 0.00
GA DOUGLAS 1 *** 3812985 2027006 001 10/08/97 10/08/98 1 273.11 292.23
GA DOUGLAS 8 *** 3308736 8242868 100 12/30/97 12/30/98 1 0.00 0.00
GA FAYETTE 1 *** 3098778 0232104 206 01/10/98 01/10/99 1 0.00 0.00
GA FAYETTE 1 *** 3214266 3146302 411 06/15/97 06/15/98 1 132.83 142.13
Data as of 11/07/97 Page 16 11/20/97
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT A. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
<TABLE>
<CAPTION>
(Sales tax incl.)
# OF FL & GA
COUNTY LEASE PRODUCT Customer
ST NAME QTY CUSTOMER NAME CUST# CONTRACT# EFFEC. DATE ANNIV. DATE YEARS PRICE Bal
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GA FAYETTE 1 *** 3237511 0341742 702 07/14/97 07/14/98 1 211.20 0.00
GA FAYETTE 1 *** 3102053 0228441 200 02/10/98 02/10/99 1 231.25 249.38
GA FAYETTE 1 *** 3701362 0454303 301 04/01/97 04/01/98 1 201.25 0.00
GA FAYETTE 1 *** 2304924 3161571 404 05/15/97 05/15/98 1 167.90 0.00
GA FAYETTE 1 *** 3090167 0320893 800 12/28/97 12/28/98 1 0.00 0.00
GA FAYETTE 1 *** 0038841 0242866 100 12/28/97 12/28/98 1 0.00 0.00
GA FAYETTE 1 *** 3259865 2028115 001 06/16/97 06/16/98 1 132.45 83.45
GA FAYETTE 1 *** 3758218 2001659 207 08/21/97 08/21/98 1 91.80 0.00
GA FAYETTE 1 *** 3679843 0426737 408 08/10/97 08/10/98 1 211.20 0.00
GA FAYETTE 1 *** 3707720 8355277 638 04/10/97 04/10/98 1 163.01 85.59
GA FAYETTE 1 *** 3219861 0248564 926 01/01/97 01/01/98 1 0.00 0.00
GA FAYETTE 1 *** 3219861 0248564 926 01/01/97 01/01/98 1 181.12 0.00
GA FAYETTE 1 *** 3552919 3161301 400 04/10/97 04/10/98 1 132.80 0.00
GA FAYETTE 1 *** 3012075 0341749 956 08/01/97 08/01/98 1 211.20 225.98
GA FAYETTE 1 *** 3721160 3161359 403 12/10/97 12/10/98 1 152.63 164.59
GA FAYETTE 1 *** 3331688 3161588 330 02/01/97 02/01/98 1 380.00 120.84
GA FAYETTE 1 *** 3513240 3161658 439 11/12/97 11/12/98 1 152.62 163.30
GA FAYETTE 1 *** 3019988 0181514 157 05/10/97 05/10/98 1 380.00 402.80
GA FAYETTE 8 *** 3308736 8242866 100 12/30/97 12/30/98 1 0.00 0.00
GA FORSYTH 1 *** 3098778 0232104 207 01/10/98 01/10/99 1 0.00 0.00
GA FORSYTH 1 *** 2925677 0351712 612 09/30/97 09/30/98 1 211.20 223.87
GA FORSYTH 1 *** 3214266 3161878 415 06/15/97 06/15/98 1 211.20 225.98
GA FORSYTH 1 *** 3780079 0351786 600 04/19/97 04/19/98 1 380.00 0.00
GA FORSYTH 1 *** 3121458 0452391 202 01/17/96 01/17/97 1 0.00 0.00
GA FORSYTH 1 *** 3645833 0433758 506 01/15/98 01/15/99 1 231.25 247.44
GA FORSYTH 1 *** 3542075 0453934 301 03/15/97 03/15/98 1 190.00 0.00
GA FORSYTH 1 *** 3812084 2027009 001 09/26/97 09/26/98 1 221.13 0.00
GA FORSYTH 1 *** 3271724 0247892 921 02/27/97 02/27/98 1 79.50 0.00
GA FORSYTH 1 CUSHMAN WAKEFIELD 3533619 0345394 612 05/01/97 05/01/98 1 0.00 0.00
INCORPORATED
GA FORSYTH 1 *** 3268438 3146403 426 07/10/97 07/10/98 1 103.95 0.00
GA FORSYTH 1 *** 3397084 0435407 400 04/12/97 04/12/98 1 190.08 0.00
GA FORSYTH 1 *** 3090167 0320894 800 12/28/97 12/28/98 1 0.00 0.00
GA FORSYTH 1 *** 0038841 0242883 100 12/28/97 12/28/98 1 0.00 0.00
Data as of 11/07/97 Page 17 11/20/97
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT A. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
<TABLE>
<CAPTION>
(Sales tax incl.)
# OF FL & GA
COUNTY LEASE PRODUCT Customer
ST NAME QTY CUSTOMER NAME CUST# CONTRACT# EFFEC. DATE ANNIV. DATE YEARS PRICE Bal
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GA FORSYTH 1 *** 3796357 2018740 102 12/20/97 12/20/98 1 0.00 0.00
GA FORSYTH 1 *** 3758218 2001659 208 09/20/97 09/20/98 1 101.20 0.00
GA FORSYTH 1 *** 3538953 0349640 608 06/04/97 06/04/98 1 380.00 0.00
GA FORSYTH 1 *** 3224573 0345482 727 01/30/98 01/30/99 1 260.00 299.60
GA FORSYTH 1 *** 3348990 3161699 415 08/31/97 08/31/98 1 211.20 21.53
GA FORSYTH 1 *** 3026551 0341738 713 05/28/97 05/28/98 1 179.32 191.87
GA FORSYTH 1 *** 3811786 2021209 003 09/18/97 09/18/98 1 227.50 219.08
GA FORSYTH 1 *** 3707720 8355277 641 04/10/97 04/10/98 1 172.80 90.72
GA FORSYTH 1 *** 2970864 0348990 610 04/30/97 04/30/98 1 172.30 108.56
GA FORSYTH 1 *** 3539938 0355268 621 09/15/97 09/15/98 1 211.20 232.62
GA FORSYTH 1 *** 3219861 0248564 920 01/01/97 01/01/98 1 0.00 0.00
GA FORSYTH 1 *** 3219861 0248564 920 01/01/97 01/01/98 1 181.12 0.00
GA FORSYTH 1 *** 3012086 0205769 302 06/14/97 06/14/98 1 380.00 402.80
GA FORSYTH 1 *** 3266735 0351843 612 04/10/97 04/10/98 1 117.98 82.59
GA FORSYTH 1 *** 3012075 0341749 865 08/01/97 08/01/98 1 132.83 142.13
GA FORSYTH 1 *** 3012075 0341749 957 08/01/97 08/01/98 1 132.83 142.13
GA FORSYTH 1 *** 3012075 2000764 201 08/01/97 08/01/98 1 211.20 223.87
GA FORSYTH 1 *** 3012075 2013809 100 11/02/96 11/02/97 1 380.00 406.60
GA FORSYTH 1 *** 3774300 2020615 200 02/08/98 02/08/99 1 520.00 583.15
GA FORSYTH 1 *** 3331688 3161588 329 02/01/97 02/01/98 1 380.00 120.84
GA FORSYTH 1 *** 3746385 9414173 200 04/07/97 04/07/98 1 380.00 0.00
GA FORSYTH 1 *** 3513240 2022494 100 08/08/97 08/08/98 1 380.00 0.00
GA FORSYTH 1 *** 3751745 9414194 200 04/10/97 04/10/98 1 380.00 0.00
GA FORSYTH 1 *** 3588068 0379210 603 02/02/98 02/02/99 1 244.20 258.85
GA FORSYTH 1 *** 3103692 2008741 100 12/04/96 12/04/97 1 175.00 133.85
GA FORSYTH 1 *** 3475526 3161745 402 09/10/97 09/10/98 1 0.00 0.00
GA FORSYTH 1 *** 3429460 0351793 601 06/15/97 06/15/98 1 190.08 0.00
GA FORSYTH 8 *** 3308736 8242883 400 12/30/97 12/30/98 1 0.00 0.00
GA FULTON 1 *** 3214266 3146302 406 06/15/97 06/15/98 1 246.67 268.35
GA FULTON 1 *** 3680238 0426742 422 11/05/97 11/05/98 1 520.00 583.15
GA FULTON 1 *** 3480869 0324237 802 12/16/97 12/16/98 1 705.00 781.10
GA FULTON 1 *** 3220823 3161872 402 06/15/97 06/15/98 1 404.25 0.00
GA FULTON 1 *** 3271724 0247892 915 02/27/97 02/27/98 1 126.56 0.00
Data as of 11/07/97 Page 18 11/20/97
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT A. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
<TABLE>
<CAPTION>
(Sales tax incl.)
# OF FL & GA
COUNTY LEASE PRODUCT Customer
ST NAME QTY CUSTOMER NAME CUST# CONTRACT# EFFEC. DATE ANNIV. DATE YEARS PRICE Bal
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GA FULTON 1 *** 3268438 3146403 415 07/10/97 07/10/98 1 192.90 0.00
GA FULTON 1 *** 3803769 2028078 000 04/25/97 04/25/98 1 318.00 0.00
GA FULTON 1 *** 3090167 0320895 800 12/28/97 12/28/98 1 0.00 0.00
GA FULTON 1 *** 3609938 0454616 307 07/05/97 07/05/98 1 0.00 0.00
GA FULTON 1 *** 3718650 0453860 301 10/01/97 10/01/98 1 190.00 0.00
GA FULTON 1 *** 3331677 3146390 406 06/15/97 06/15/98 1 610.00 0.00
GA FULTON 1 *** 3463866 0374898 618 12/31/97 12/31/98 1 430.00 466.79
GA FULTON 1 *** 3707720 8355277 636 04/10/97 04/10/98 1 302.63 158.89
GA FULTON 1 *** 3318117 0330923 703 10/20/97 10/20/98 1 237.50 254.13
GA FULTON 1 *** 3012086 3146363 702 06/14/97 06/14/98 1 610.00 667.19
GA FULTON 1 *** 3475593 2022446 200 06/01/97 06/01/98 1 475.00 299.27
GA FULTON 1 *** 3331688 3161588 339 02/01/97 02/01/98 1 610.00 0.00
GA FULTON 1 *** 3320943 0345468 709 08/10/97 08/10/98 1 404.25 0.00
GA FULTON 1 *** 3513240 3161658 435 11/12/97 11/12/98 1 283.80 307.60
GA FULTON 1 *** 3212978 3146307 325 09/10/96 09/10/97 1 299.00 0.00
GA FULTON 1 *** 3646436 0433775 502 02/01/98 02/01/99 1 465.30 497.87
GA FULTON 1 *** 3600049 0383560 518 03/01/97 03/01/98 1 610.00 652.70
GA FULTON 1 *** 3098778 0232104 208 01/10/98 01/10/99 1 0.00 0.00
GA FULTON 1 *** 2925677 0351712 610 09/30/97 09/30/98 1 285.45 311.32
GA FULTON 1 *** 3500792 0341746 902 01/10/98 01/10/99 1 352.50 390.55
GA FULTON 1 *** 3615113 0386162 501 09/04/97 09/04/98 1 305.00 0.00
GA FULTON 1 *** 3518395 3161821 405 12/16/97 12/16/98 1 364.80 400.50
GA FULTON 1 *** 3542075 0351789 614 03/15/97 03/15/98 1 152.50 0.00
GA FULTON 1 *** 3812084 2027009 000 09/26/97 09/26/98 1 221.12 0.00
GA FULTON 1 *** 3198779 8262398 100 01/10/98 01/10/99 1 543.00 602.69
GA FULTON 1 *** 3755051 2001751 200 06/30/97 06/30/98 1 188.10 203.44
GA FULTON 1 *** 3519758 0341694 633 07/10/97 07/10/98 1 156.68 0.00
GA FULTON 1 *** 3571383 0453856 208 07/28/96 07/28/97 1 174.12 0.00
GA FULTON 1 *** 3565748 0379272 510 07/01/97 07/01/98 1 305.00 63.55
GA FULTON 1 *** 3758218 2001659 204 08/21/97 08/21/98 1 44.55 0.00
GA FULTON 1 *** 3510690 3146420 400 06/10/97 06/10/98 1 405.00 0.00
GA FULTON 1 *** 3224573 0345482 705 08/15/97 08/15/98 1 202.12 220.13
GA FULTON 1 *** 3348990 3161699 327 08/31/97 08/31/98 1 285.45 0.00
Data as of 11/07/97 Page 19 11/20/97
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT A. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
<TABLE>
<CAPTION>
(Sales tax incl.)
# OF FL & GA
COUNTY LEASE PRODUCT Customer
ST NAME QTY CUSTOMER NAME CUST# CONTRACT# EFFEC. DATE ANNIV. DATE YEARS PRICE Bal
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GA FULTON 1 *** 3026551 0181538 203 05/28/97 05/28/98 1 254.22 280.75
GA FULTON 1 *** 3811786 2021209 000 09/18/97 09/18/98 1 287.50 282.88
GA FULTON 1 *** 3564183 8353720 601 06/17/97 06/17/98 1 188.19 0.00
GA FULTON 1 *** 2970864 0348990 611 04/30/97 04/30/98 1 205.88 129.71
GA FULTON 1 *** 3219861 0248564 016 01/01/97 01/01/98 1 0.00 0.00
GA FULTON 1 *** 3219861 0248564 016 01/01/97 01/01/98 1 168.19 0.00
GA FULTON 1 *** 3318117 0330923 704 06/10/97 06/10/98 1 0.00 0.00
GA FULTON 1 *** 3025967 0181533 300 02/21/98 02/21/99 1 465.00 524.30
GA FULTON 1 *** 3266735 0351843 609 04/10/97 04/10/98 1 108.90 40.97
GA FULTON 1 *** 3012075 0341749 670 08/01/97 08/01/98 1 196.35 210.09
GA FULTON 1 *** 3012075 0341749 912 08/01/97 08/01/98 1 142.73 152.72
GA FULTON 1 *** 3012075 0341749 925 08/01/97 08/01/98 1 405.00 433.35
GA FULTON 1 *** 3012075 2000711 202 08/01/97 08/01/98 1 188.10 201.27
GA FULTON 1 *** 3517363 0345474 716 10/01/97 10/01/98 1 92.00 0.00
GA FULTON 1 *** 3144237 0358130 601 05/14/97 05/14/98 1 188.10 0.00
GA FULTON 1 *** 3583063 0374671 603 11/10/97 11/10/98 1 141.90 154.04
GA FULTON 1 *** 3396814 0291044 003 09/12/97 09/12/98 1 123.34 132.93
GA FULTON 1 *** 3019988 0181514 158 05/10/97 05/10/98 1 305.00 336.55
GA FULTON 1 *** 3589560 0379219 608 02/23/98 02/23/99 1 465.00 519.40
GA FULTON 1 *** 3751745 9414194 201 04/10/97 04/10/98 1 360.00 0.00
GA FULTON 1 *** 3103692 0227047 123 03/10/97 03/10/98 1 226.25 170.47
GA FULTON 1 *** 3618224 0395886 524 07/29/97 07/06/98 1 0.00 0.00
GA FULTON 1 *** 3475526 3161745 512 09/10/97 09/10/98 1 0.00 0.00
GA FULTON 1 *** 3388901 0310773 801 10/25/97 10/25/98 1 232.65 250.98
GA FULTON 1 *** 3429460 3161813 406 06/15/97 06/15/98 1 169.29 0.00
GA FULTON 1 *** 3098778 0232104 208 01/10/98 01/10/99 1 0.00 0.00
GA FULTON 1 *** 3500792 0341746 902 01/10/98 01/10/99 1 352.50 390.55
GA FULTON 1 *** 3615113 0386162 501 09/04/97 09/04/98 1 305.00 0.00
GA FULTON 1 *** 3542075 0351789 614 03/15/97 03/15/98 1 152.50 0.00
GA FULTON 1 *** 3519758 0341694 633 07/10/97 07/10/98 1 156.68 0.00
GA FULTON 1 *** 3571383 0453865 200 07/28/96 07/28/97 1 0.00 0.00
GA FULTON 1 *** 2304924 3161571 402 05/10/97 05/10/98 1 315.15 0.00
GA FULTON 1 *** 3259865 2028115 002 06/16/97 06/16/98 1 245.98 154.97
Data as of 11/07/97 Page 20 11/20/97
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
<TABLE>
<CAPTION>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Reprot
EXHIBIT A Product Name=TRW RED Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
(Sales tax
incl.)
# OF FL & GA
LEASE PRODUCT CUSTOMER AR
COUNTY NAME QTY CUSTOMER NAME CUST # CONTRACT # EFFEC.DATE ANNIV.DATE YEARS PRICE BAL
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ST
GA FULTON 1 *** 3565748 0379272 510 07/01/97 07/01/98 1 305.00 63.55
GA FULTON 1 *** 3758218 2001659 204 08/21/97 08/21/98 1 44.55 0.00
GA FULTON 1 *** 3679843 0426737 409 08/26/97 08/26/98 1 285.45 0.00
GA FULTON 1 *** 3778449 2022323 100 04/03/97 04/03/98 1 326.66 355.09
GA FULTON 1 *** 3224573 0345482 705 08/15/97 08/15/98 1 202.13 220.14
GA FULTON 1 *** 3026551 0181538 204 08/29/97 08/29/98 1 259.50 277.67
GA FULTON 1 *** 2970864 0348990 611 04/03/97 04/03/98 1 205.88 129.71
GA FULTON 1 *** 3219861 0248564 016 01/01/97 01/01/98 1 0.00 0.00
GA FULTON 1 *** 3219861 0248564 016 01/01/97 01/01/98 1 168.19 0.00
GA FULTON 1 *** 3318117 0330923 704 06/10/97 06/10/98 1 0.00 0.00
GA FULTON 1 *** 3266735 0351843 609 04/10/97 04/10/98 1 108.90 40.97
GA FULTON 1 *** 3012075 0341749 670 08/01/97 08/01/98 1 196.35 210.09
GA FULTON 1 *** 3517363 0345474 716 10/01/97 10/01/98 1 97.75 0.00
GA FULTON 1 *** 3583063 0374671 603 11/10/97 11/10/98 1 141.90 154.04
GA FULTON 1 *** 3396814 0291044 003 09/12/97 09/12/98 1 123.34 132.93
GA FULTON 1 *** 3019988 0181514 158 05/10/97 05/10/98 1 305.00 336.55
GA FULTON 1 *** 3618224 0395886 524 07/29/97 07/06/98 1 0.00 0.00
GA FULTON 1 *** 3388901 0310773 801 10/25/97 10/25/98 1 232.65 250.98
GA FULTON 2 *** 3091641 0242865 100 12/28/97 12/28/98 1 0.00 0.00
GA FULTON 4 *** 3313101 2001040 100 07/22/97 07/22/98 1 0.00 0.00
GA FULTON 4 *** 3313101 2001040 100 07/22/97 07/22/98 1 0.00 0.00
GA FULTON 5 *** 3308736 8242865 100 12/30/97 12/30/98 1 0.00 0.00
GA GWINNETT 1 *** 3098778 0232104 209 01/10/98 01/10/99 1 0.00 0.00
GA GWINNETT 1 *** 3214266 3146302 409 06/15/97 06/15/98 1 169.12 180.96
GA GWINNETT 1 *** 3584886 0379201 404 06/10/97 06/10/98 1 405.00 150.50
GA GWINNETT 1 *** 3504581 0341883 701 06/13/97 06/13/98 1 256.25 0.00
GA GWINNETT 1 *** 3674462 2001643 200 07/09/97 07/09/98 1 405.00 439.33
GA GWINNETT 1 *** 3680238 2022338 100 05/31/97 05/31/98 1 405.00 0.00
GA GWINNETT 1 *** 3480869 0438768 508 12/16/97 12/16/98 1 465.00 497.55
GA GWINNETT 1 *** 3500758 0341867 701 07/16/97 07/16/98 1 189.55 0.00
GA GWINNETT 1 *** 3542075 0351789 618 03/15/97 03/15/98 1 202.50 0.00
GA GWINNETT 1 *** 3482636 0324075 702 02/15/97 02/15/98 1 405.00 0.00
GA GWINNETT 1 *** 3519758 0341694 624 07/10/97 07/10/98 1 218.76 0.00
</TABLE>
Page 21
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
<TABLE>
<CAPTION>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Reprot
EXHIBIT A Product Name=TRW RED Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
(SALES TAX
INCL.)
# OF FL & GA
LEASE PRODUCT CUSTOMER AR
COUNTY NAME QTY CUSTOMER NAME CUST # CONTRACT # EFFEC.DATE ANNIV.DATE YEARS PRICE BAL
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ST
GA GWINNETT 1 *** 3792401 2030389 100 10/23/97 10/23/98 1 274.54 295.51
GA GWINNETT 1 *** 3571383 0453856 211 07/28/96 07/28/97 1 156.62 0.00
GA GWINNETT 1 *** 3127694 0230026 102 07/03/97 07/03/98 1 405.00 0.00
GA GWINNETT 1 *** 3795013 2018643 100 11/26/97 11/26/98 1 550.00 588.50
GA GWINNETT 1 *** 3713622 0461640 300 06/06/97 06/06/98 1 405.00 0.00
GA GWINNETT 1 *** 3271724 0247892 916 02/27/97 02/27/98 1 102.94 6.07
GA GWINNETT 1 *** 3268438 3146403 424 07/10/97 07/10/98 1 132.90 0.00
GA GWINNETT 1 *** 3090167 0271334 100 12/28/97 12/28/98 1 0.00 0.00
GA GWINNETT 1 *** 3609938 0454616 308 07/05/97 07/05/98 1 0.00 0.00
GA GWINNETT 1 *** 0038841 0242864 100 12/28/97 12/28/98 1 0.00 0.00
GA GWINNETT 1 *** 3453232 0311030 809 10/21/97 10/21/98 1 0.00 0.00
GA GWINNETT 1 *** 3565748 0379272 601 07/01/97 07/01/98 1 256.25 163.80
GA GWINNETT 1 *** 3577426 3161641 406 03/10/97 03/10/98 1 405.00 0.00
GA GWINNETT 1 *** 3758218 2001659 301 10/19/97 10/19/98 1 62.10 0.00
GA GWINNETT 1 *** 3200894 3071759 304 07/28/97 07/28/98 1 0.00 0.00
GA GWINNETT 1 *** 3562558 0353670 601 05/29/97 05/29/98 1 285.45 0.00
GA GWINNETT 1 *** 3610039 0395837 500 05/07/97 05/07/98 1 405.00 0.00
GA GWINNETT 1 *** 2999632 0213788 304 11/21/97 11/21/98 1 328.35 356.80
GA GWINNETT 1 *** 3224573 0345482 716 08/15/97 08/15/98 1 285.45 305.43
GA GWINNETT 1 *** 3654433 0435417 506 02/23/98 02/23/99 1 328.35 360.16
GA GWINNETT 1 *** 3615089 0386062 501 06/11/97 06/11/98 1 256.25 0.00
GA GWINNETT 1 *** 3331677 3146390 405 06/15/97 06/15/98 1 405.00 0.00
GA GWINNETT 1 *** 3348990 0206516 203 08/31/97 08/31/98 1 285.45 2.85
GA GWINNETT 1 *** 3463866 0374898 613 12/31/97 12/31/98 1 295.00 315.65
GA GWINNETT 1 *** 3026551 0341682 715 05/28/97 05/28/98 1 328.23 351.21
GA GWINNETT 1 *** 3811786 2021209 001 09/18/97 09/18/98 1 287.50 276.86
GA GWINNETT 1 *** 3707720 8355277 635 04/10/97 04/10/98 1 212.76 111.70
GA GWINNETT 1 *** 2970864 0348990 612 04/30/97 04/30/98 1 185.55 116.91
GA GWINNETT 1 *** 3539938 0355268 609 09/15/97 09/15/98 1 256.25 278.25
GA GWINNETT 1 *** 3219861 0248564 017 01/01/97 01/01/98 1 0.00 0.00
GA GWINNETT 1 *** 3219861 0248564 017 01/01/97 01/01/98 1 230.63 0.00
GA GWINNETT 1 *** 3318117 0330923 711 11/04/97 11/04/98 1 237.50 254.13
GA GWINNETT 1 *** 3318117 0330923 715 06/10/97 06/10/98 1 0.00 0.00
</TABLE>
Page 22
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
<TABLE>
<CAPTION>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Reprot
EXHIBIT A Product Name=TRW RED Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
(SALES TAX
INCL.)
# OF FL & GA
LEASE PRODUCT CUSTOMER AR
COUNTY NAME QTY CUSTOMER NAME CUST # CONTRACT # EFFEC.DATE ANNIV.DATE YEARS PRICE BAL
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ST
GA GWINNETT 1 *** 3012086 3146369 408 06/14/97 06/14/98 1 405.00 450.98
GA GWINNETT 1 *** 3475593 2022446 103 04/03/97 04/03/98 1 403.75 169.60
GA GWINNETT 1 *** 3266735 0271825 001 10/10/97 10/10/98 1 169.13 172.92
GA GWINNETT 1 *** 3012075 0341749 864 08/01/97 08/01/98 1 169.13 180.97
GA GWINNETT 1 *** 3012075 0341749 919 08/01/97 08/01/98 1 169.13 179.28
GA GWINNETT 1 *** 3012075 0341749 951 08/01/97 08/01/98 1 285.45 305.43
GA GWINNETT 1 *** 3537729 0349633 608 08/01/97 08/01/98 1 285.45 0.00
GA GWINNETT 1 *** 3110300 0374613 601 08/20/97 08/20/98 1 256.25 275.63
GA GWINNETT 1 *** 3517363 0345474 712 10/14/97 10/14/98 1 133.93 0.00
GA GWINNETT 1 *** 3525298 3161606 402 06/25/97 06/25/98 1 169.13 0.00
GA GWINNETT 1 *** 3331688 3161588 338 02/01/97 02/01/98 1 405.00 0.00
GA GWINNETT 1 *** 3748026 2022464 101 05/24/97 05/24/98 1 475.00 0.00
GA GWINNETT 1 *** 3375932 3161826 402 05/28/97 05/28/98 1 405.00 0.00
GA GWINNETT 1 *** 3774744 2008089 101 10/10/97 10/10/98 1 170.00 0.00
GA GWINNETT 1 *** 3590210 0379218 602 02/15/98 02/15/99 1 328.35 356.80
GA GWINNETT 1 *** 3590221 0379217 602 02/15/98 02/15/99 1 328.35 356.80
GA GWINNETT 1 *** 3513240 3161658 436 11/12/97 11/12/98 1 194.70 208.33
GA GWINNETT 1 *** 3212978 3146307 326 09/10/96 09/10/97 1 205.00 28.42
GA GWINNETT 1 *** 3805389 2017755 000 05/21/97 05/21/98 1 475.00 0.00
GA GWINNETT 1 *** 3396814 0341720 802 09/12/97 09/12/98 1 256.25 278.25
GA GWINNETT 1 *** 3646436 2008629 200 08/02/97 08/02/98 1 405.00 0.00
GA GWINNETT 1 *** 3589560 0379219 607 02/23/98 02/23/99 1 465.00 492.90
GA GWINNETT 1 *** 3744468 9415765 200 05/01/97 05/01/98 1 285.45 0.00
GA GWINNETT 1 *** 3751262 2001702 200 08/23/97 08/23/98 1 256.25 0.00
GA GWINNETT 1 *** 3588068 0379210 602 02/10/98 02/10/99 1 328.35 356.80
GA GWINNETT 1 *** 3103692 0227047 325 03/10/97 03/10/98 1 221.25 162.62
GA GWINNETT 1 *** 3812985 2027006 002 10/08/97 10/08/98 1 216.11 231.24
GA GWINNETT 1 *** 3600049 0383560 519 03/01/97 03/01/98 1 405.00 433.35
GA GWINNETT 1 *** 3796687 2028067 100 06/27/97 06/27/98 1 475.00 0.00
GA GWINNETT 1 *** 3475526 3161745 505 09/10/97 09/10/98 1 0.00 0.00
GA GWINNETT 1 *** 3429460 3146377 405 06/15/97 06/15/98 1 230.61 0.00
GA GWINNETT 5 *** 3308736 8242864 100 12/30/97 12/30/98 1 0.00 0.00
GA GWINNETT 8 *** 3200894 3071759 500 06/10/97 06/10/98 1 0.00 0.00
</TABLE>
Page 23
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
<TABLE>
<CAPTION>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Reprot
EXHIBIT A Product Name=TRW RED Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
(SALES TAX
INCL.)
# OF FL & GA
LEASE PRODUCT CUSTOMER AR
COUNTY NAME QTY CUSTOMER NAME CUST # CONTRACT # EFFEC.DATE ANNIV.DATE YEARS PRICE BAL
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ST
GA HALL 1 *** 3098778 0232104 210 01/10/98 01/10/99 1 0.00 0.00
GA HALL 1 *** 3214266 3146302 412 06/15/97 06/15/98 1 211.20 225.98
GA HALL 1 *** 3795013 2028063 000 03/18/97 03/18/98 1 251.75 0.00
GA HALL 1 *** 3090167 0320898 800 12/28/97 12/28/98 1 0.00 0.00
GA HALL 1 *** 0038841 9410090 100 05/24/97 05/24/98 1 0.00 0.00
GA HALL 1 *** 3091641 0242863 100 12/28/97 12/28/98 1 0.00 0.00
GA HALL 1 *** 3577426 3161641 407 03/10/97 03/10/98 1 380.00 0.00
GA HALL 1 *** 3758218 2001659 209 08/21/97 08/21/98 1 145.20 0.00
GA HALL 1 *** 3783870 2018685 100 06/13/97 06/13/98 1 150.15 0.00
GA HALL 1 *** 2321325 0302129 704 04/03/97 04/03/98 1 211.20 0.00
GA HALL 1 *** 3224573 2001797 201 07/27/97 07/27/98 1 211.20 234.81
GA HALL 1 *** 3654433 2017753 000 04/23/97 04/23/98 1 288.00 0.00
GA HALL 1 *** 3539938 0355268 620 09/15/97 09/15/98 1 211.20 232.62
GA HALL 1 *** 3219861 0248564 923 01/01/97 01/01/98 1 0.00 0.00
GA HALL 1 *** 3219861 0248564 923 01/01/97 01/01/98 1 181.12 0.00
GA HALL 1 *** 3012086 2022339 100 06/14/97 06/14/98 1 380.00 402.80
GA HALL 1 *** 3266735 0351843 611 04/10/97 04/10/98 1 117.98 82.59
GA HALL 1 *** 3012075 0341749 914 08/01/97 08/01/98 1 380.00 406.60
GA HALL 1 *** 3012075 0341749 943 08/01/97 08/01/98 1 211.20 223.87
GA HALL 1 *** 3012075 0341749 958 08/01/97 08/01/98 1 211.20 225.98
GA HALL 1 *** 3537729 0349633 607 08/01/97 08/01/98 1 202.50 0.00
GA HALL 1 *** 3331688 3161588 331 02/01/97 02/01/98 1 380.00 120.84
GA HALL 1 *** 3774744 2008090 200 02/15/98 02/15/99 1 244.20 267.60
GA HALL 1 *** 3751262 2001702 201 05/23/97 05/23/98 1 132.83 0.00
GA HALL 1 *** 3751273 2001703 201 05/30/97 05/30/98 1 87.63 0.00
GA HALL 1 *** 3429460 3146377 501 06/15/97 06/15/98 1 190.08 0.00
GA HALL 4 *** 3347607 8152111 400 07/28/97 07/28/98 1 0.00 0.00
GA HALL 8 *** 3308736 8242863 100 12/30/97 12/30/98 1 0.00 0.00
GA HENRY 1 *** 3214266 0302431 805 06/19/97 06/19/98 1 380.00 0.00
GA HENRY 1 *** 3808870 2050023 000 07/21/97 07/21/98 1 237.60 0.00
GA HENRY 1 *** 3271724 0438774 402 02/27/97 02/27/98 1 96.00 0.00
GA HENRY 1 *** 3090167 0320899 800 12/28/97 12/28/98 1 0.00 0.00
GA HENRY 1 *** 0038841 0031247 202 01/19/98 01/19/99 1 0.00 0.00
</TABLE>
Page 24
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
<TABLE>
<CAPTION>
RESexA.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Reprot
EXHIBIT A Product Name=TRW RED Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
(SALES TAX
INCL.)
# OF FL & GA
LEASE PRODUCT CUSTOMER AR
COUNTY NAME QTY CUSTOMER NAME CUST # CONTRACT # EFFEC.DATE ANNIV.DATE YEARS PRICE BAL
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ST
GA HENRY 1 *** 3259865 2028115 003 06/16/97 06/16/98 1 233.10 146.86
GA HENRY 1 *** 3679843 2008631 200 08/26/97 08/26/98 1 211.20 155.08
GA HENRY 1 *** 3218927 0353661 504 11/06/97 11/06/98 1 440.00 497.55
GA HENRY 1 *** 3219861 0248564 925 01/01/97 01/01/98 1 0.00 0.00
GA HENRY 1 *** 3219861 0248564 925 01/01/97 01/01/98 1 201.38 0.00
GA HENRY 1 *** 3488261 0351796 604 03/10/97 03/10/98 1 120.75 0.00
GA HENRY 1 *** 3019988 0181514 005 08/15/97 08/15/98 1 380.00 402.80
GA HENRY 8 *** 3308736 0450895 500 11/30/97 11/30/98 1 0.00 0.00
GA ROCKDALE 1 *** 3098778 0232104 211 01/10/98 01/10/99 1 0.00 0.00
GA ROCKDALE 1 *** 3490994 0461639 301 06/06/97 06/06/98 1 201.25 0.00
GA ROCKDALE 1 *** 3214266 0248316 001 06/15/97 06/15/98 1 105.60 0.00
GA ROCKDALE 1 *** 3121458 0441571 401 05/20/97 05/20/98 1 380.00 0.00
GA ROCKDALE 1 *** 3271724 0341687 602 02/27/97 02/27/98 1 78.19 4.61
GA ROCKDALE 1 *** 3090167 0320816 800 12/28/97 12/28/98 1 0.00 0.00
GA ROCKDALE 1 *** 0038841 0271251 100 12/28/97 12/28/98 1 0.00 0.00
GA ROCKDALE 1 *** 3758218 2001659 210 08/21/97 08/21/98 1 91.80 0.00
GA ROCKDALE 1 *** 3348990 3161699 414 08/31/97 08/31/98 1 211.20 0.00
GA ROCKDALE 1 *** 3707720 8355277 639 04/10/97 04/10/98 1 163.01 85.59
GA ROCKDALE 1 *** 2966854 0341645 600 06/01/97 06/01/98 1 132.83 83.99
GA ROCKDALE 1 *** 3219861 0248564 924 01/01/97 01/01/98 1 0.00 0.00
GA ROCKDALE 1 *** 3219861 0248564 924 01/01/97 01/01/98 1 181.12 0.00
GA ROCKDALE 1 *** 3318117 0435487 403 06/10/97 06/10/98 1 0.00 0.00
GA ROCKDALE 1 *** 3266735 0351843 513 08/10/97 08/10/98 1 132.83 136.54
GA ROCKDALE 1 *** 3012075 0341749 959 08/01/97 08/01/98 1 211.20 225.98
GA ROCKDALE 1 *** 3265697 0271849 004 08/21/97 08/21/98 1 201.25 0.00
GA ROCKDALE 1 *** 3331688 3161588 328 02/01/97 02/01/98 1 380.00 75.25
GA ROCKDALE 1 *** 3513240 2017747 000 05/05/97 05/05/98 1 211.20 0.00
GA ROCKDALE 1 *** 3768208 2008785 201 12/14/97 12/14/98 1 268.33 296.03
GA ROCKDALE 8 *** 3308736 8271251 100 12/30/97 12/30/98 1 0.00 0.00
TOTAL 293,803.83 131,473.19
</TABLE>
Page 25
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
<TABLE>
<CAPTION>
RESexB.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
COUNTY NAME QTY CUSTOMER NAME CUST CUST# CON. # EFFEC. ANNIV. LEASE PRODUCT PRICE TOT. SALE
TYPE DATE DATE #YRS AMT, FL/GA
C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BREVARD, FL 1 *** 01 3725603 0473890 302 09/30/97 09/30/98 1 546.25 546.25
BREVARD, FL 1 *** 01 2124016 0172865 401 10/29/96 10/29/97 1 411.60 411.60
BREVARD, FL 1 *** 01 3477018 0323780 801 10/05/97 10/05/98 1 499.95 499.95
BREVARD, FL 1 *** 99 3081657 0216085 303 11/10/97 11/10/98 1 1006.00 1006.00
BREVARD, FL 1 *** 38 2293037 2142805 500 10/10/97 10/10/98 1 757.50 757.50
BREVARD, FL 1 *** 38 2288219 0196502 400 04/28/97 04/28/98 1 0.00 0.00
BREVARD, FL 1 *** 50 2298708 2142871 403 05/10/97 05/10/98 1 732.60 732.60
BREVARD, FL 1 *** 50 3400324 2008271 200 10/18/97 10/18/98 1 1006.00 1006.00
BREVARD, FL 1 *** 50 3147450 3027612 702 07/10/97 07/10/98 1 419.10 419.10
BREVARD, FL 1 *** 54 2950648 0205905 301 03/10/97 03/10/98 1 875.00 875.00
BREVARD, FL 1 *** 87 3613103 0220301 100 03/28/97 03/28/98 1 0.00 0.00
BREVARD, FL 1 *** 50 2320058 2142839 401 09/30/97 09/30/98 1 732.60 732.60
BREVARD, FL 1 *** 87 3090167 0284966 900 12/28/97 12/28/98 1 0.00 0.00
BREVARD, FL 1 *** 86 2916683 2014768 200 10/30/97 10/30/98 1 0.00 0.00
BREVARD, FL 1 *** 99 0038841 0237919 200 12/28/97 12/28/98 1 0.00 0.00
BREVARD, FL 1 *** 50 3495111 0341510 701 04/10/97 04/10/98 1 1090.00 1090.00
BREVARD, FL 1 *** 01 3515332 0357563 704 08/10/97 08/10/98 1 640.00 640.00
BREVARD, FL 1 *** 37 3014600 0187524 600 08/27/97 08/27/98 1 0.00 0.00
BREVARD, FL 1 *** 37 2462851 0235541 001 03/10/97 03/10/98 1 750.00 750.00
BREVARD, FL 1 *** 01 2595478 0175928 301 01/10/98 01/10/98 1 739.00 739.00
BREVARD, FL 1 *** 01 2444796 2123182 502 11/10/97 11/10/98 1 738.75 738.75
BREVARD, FL 1 *** 50 3175963 0239070 102 11/10/97 11/10/98 1 694.65 694.65
BREVARD, FL 1 *** 01 2354107 2142874 503 10/10/97 10/10/98 1 0.00 0.00
BREVARD, FL 1 *** 50 3532410 0349532 601 03/10/97 03/10/98 1 950.00 950.00
BREVARD, FL 1 *** 50 3532421 0941354 701 08/25/97 08/25/98 1 431.67 431.67
BREVARD, FL 1 *** 50 2181664 2142822 502 11/03/97 11/03/98 1 694.65 694.65
BREVARD, FL 1 *** 50 2536361 2142830 402 04/01/97 04/01/98 1 610.00 610.00
BREVARD, FL 1 *** 50 3665679 2027953 000 03/25/97 03/25/98 1 990.00 990.00
BREVARD, FL 1 *** 01 3398940 0278748 800 04/10/97 04/10/98 1 620.00 620.00
BREVARD, FL 1 *** 50 3800458 2018869 000 03/07/97 03/07/98 1 990.00 990.00
BREVARD, FL 1 *** 50 2016429 0354955 602 04/10/97 04/10/98 1 640.00 640.00
</TABLE>
Page 1
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
<TABLE>
<CAPTION>
RESexB.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
COUNTY QTY CUSTOMER NAME CUST CUST# CON. # EFFEC. ANNIV. LEASE PRODUCT PRICE TOT. SALE
NAME TYPE DATE DATE #YRS AMT, FL/GA
C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BREVARD, FL 1 *** 01 2296476 0323776 702 02/10/97 02/10/98 1 422.40 422.40
BREVARD, FL 1 *** 01 2296476 8123184 500 01/10/98 01/10/99 1 739.00 739.00
BREVARD, FL 1 *** 50 3170300 0239042 100 08/10/97 08/10/98 1 732.60 732.60
BREVARD, FL 1 *** 01 3733770 0504778 201 07/24/97 07/24/98 1 373.75 373.75
BREVARD, FL 8 *** 87 3308736 8237919 100 12/30/97 12/30/98 1 0.00 0.00
BROWARD, FL 1 *** 01 2337799 2160527 402 03/10/97 03/10/98 1 758.17 758.17
BROWARD, FL 1 *** 01 2989020 0175905 300 08/10/97 08/10/98 1 1285.00 1285.00
BROWARD, FL 1 *** 01 2102003 2127986 400 08/10/97 08/10/98 2 879.50 1759.00
BROWARD, FL 1 *** 01 2255727 2146237 400 05/01/97 05/01/98 1 758.17 758.17
BROWARD, FL 1 *** 01 2124016 2146254 401 05/01/97 05/01/98 1 573.10 573.10
BROWARD, FL 1 *** 01 3346037 0282455 903 10/10/97 10/10/98 1 588.06 588.06
BROWARD, FL 1 *** 38 2146351 2160504 500 02/28/98 02/28/99 1 0.00 0.00
BROWARD, FL 1 *** 38 2774941 2123322 502 04/10/97 04/10/98 1 1009.68 1009.68
BROWARD, FL 1 *** 01 3449718 2018776 000 04/10/97 04/10/98 1 1385.00 1385.00
BROWARD, FL 1 *** 01 3096152 0259150 902 05/10/97 05/10/98 2 1100.00 2200.00
BROWARD, FL 1 *** 01 3576629 0375361 609 10/10/97 10/10/98 1 648.00 648.00
BROWARD, FL 1 *** 01 3695102 0452568 401 12/10/97 12/10/98 1 1480.00 1480.00
BROWARD, FL 1 CUSHMAN & WAKEFIELD 51 2498113 2160466 503 01/15/98 01/15/99 1 1480.00 1480.00
OF FLORIDA INC
BROWARD, FL 1 CUSHMAN & WAKEFIELD 51 3147416 0176031 100 07/10/97 07/10/98 1 1285.00 1285.00
OF FLORIDA INC
BROWARD, FL 1 *** 01 2207342 2123328 404 05/10/97 05/10/98 2 679.50 1359.00
BROWARD, FL 1 *** 50 2931049 0206917 403 12/10/97 12/10/98 1 1480.00 1480.00
BROWARD, FL 1 *** 87 3613103 0220370 100 03/28/97 03/28/98 1 0.00 0.00
BROWARD, FL 1 *** 87 3090167 0258778 104 08/07/97 08/07/98 1 0.00 0.00
BROWARD, FL 1 *** 99 0038841 0271265 100 07/18/97 07/18/98 1 0.00 0.00
BROWARD, FL 1 *** 01 2013240 2189608 402 04/10/97 04/10/98 1 0.00 0.00
BROWARD, FL 1 *** 01 2013240 2189608 403 10/07/97 10/07/98 1 1285.00 1285.00
BROWARD, FL 1 *** 37 3014600 2160393 500 10/30/97 10/30/98 1 0.00 0.00
BROWARD, FL 1 *** 37 3673115 0445336 402 07/01/97 07/01/98 1 887.50 887.50
BROWARD, FL 1 *** 53 2308416 2151544 402 05/10/97 05/10/98 1 898.75 898.75
BROWARD, FL 1 *** 01 3756964 2007363 202 08/01/97 08/01/98 1 767.50 767.50
BROWARD, FL 1 *** 01 2210201 2123299 401 04/15/97 04/15/98 1 1132.50 1132.50
BROWARD, FL 1 *** 01 3556151 0351443 604 06/10/97 06/10/98 1 1285.00 1285.00
BROWARD, FL 1 *** 01 3026283 0183708 203 02/28/97 02/28/98 1 1285.00 1285.00
</TABLE>
Page 2
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
<TABLE>
<CAPTION>
RESexB.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
COUNTY NAME QTY CUSTOMER NAME CUST CUST# CON. # EFFEC. ANNIV. LEASE PRODUCT PRICE TOT. SALE
TYPE DATE DATE #YRS AMT, FL/GA
C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BROWARD, FL 1 *** 50 3757116 2018722 101 05/20/98 05/20/99 1 1285.00 1285.00
BROWARD, FL 1 *** 01 2131795 2189613 401 05/10/97 05/10/98 1 1285.00 1285.00
BROWARD, FL 1 *** 08 3008157 0183064 302 03/10/97 03/10/98 1 1141.50 1141.50
BROWARD, FL 1 *** 01 2514587 2123343 403 05/10/97 05/10/98 1 1285.00 1285.00
BROWARD, FL 1 *** 01 2973685 0213588 300 06/10/97 06/10/98 1 1285.00 1285.00
BROWARD, FL 1 *** 50 2003540 0338023 701 05/01/97 05/01/98 1 1148.75 1148.75
BROWARD, FL 1 *** 50 2003540 2156536 401 05/01/97 05/01/98 1 765.83 765.83
BROWARD, FL 1 *** 50 3625211 0408430 501 05/03/97 05/03/98 1 1285.00 1285.00
BROWARD, FL 1 *** 50 2147219 0205546 203 02/10/97 02/10/98 1 285.00 285.00
BROWARD, FL 1 *** 01 2220136 2151556 503 02/27/97 02/27/98 1 900.00 900.00
BROWARD, FL 1 *** 01 2780120 0450911 402 06/01/97 06/01/98 1 1285.00 1285.00
BROWARD, FL 1 *** 50 3385735 2160655 401 03/10/97 03/10/98 1 1285.00 1285.00
BROWARD, FL 1 *** 51 3805068 2017710 001 06/30/97 06/30/98 1 1285.00 1285.00
BROWARD, FL 1 *** 01 2773526 2123372 401 07/10/97 07/10/98 1 1285.00 1285.00
BROWARD, FL 1 *** 01 2170480 2123363 401 05/10/97 05/10/98 1 859.51 859.51
BROWARD, FL 1 *** 53 2382078 2189625 403 06/10/97 06/10/98 1 0.00 0.00
BROWARD, FL 1 *** 01 2264402 0187464 402 06/10/97 06/10/98 1 744.00 744.00
BROWARD, FL 1 *** 01 2014881 2156510 401 04/15/97 04/15/98 1 131.84 131.84
BROWARD, FL 1 *** 50 2162537 2002360 200 04/10/97 04/10/98 1 1285.00 1285.00
BROWARD, FL 1 *** 61 2309844 2179108 001 11/29/97 11/29/98 1 1480.00 1480.00
BROWARD, FL 1 *** 54 2167938 2179033 403 02/10/97 02/10/98 1 0.00 0.00
BROWARD, FL 1 *** 01 3752427 2007221 300 09/10/97 09/10/98 1 0.00 0.00
BROWARD, FL 1 *** 01 2795395 0482454 301 08/10/97 08/10/98 1 303.27 303.27
BROWARD, FL 1 *** 01 2922773 0186783 402 11/15/97 11/15/98 1 999.05 999.05
BROWARD, FL 1 *** 01 3662753 0427015 402 07/01/97 07/01/98 1 919.00 919.00
BROWARD, FL 1 *** 01 2589510 0304366 805 08/15/97 08/15/98 1 1285.00 1285.00
BROWARD, FL 8 *** 87 3308736 8271266 100 12/30/97 12/30/98 1 0.00 0.00
BROWARD, FL 1 *** 87 3098778 0232104 200 01/10/98 01/10/99 1 0.00 0.00
CHEROKEE, GA 1 *** 50 2925677 0351712 601 09/30/97 09/30/98 1 232.65 232.65
CHEROKEE, GA 1 *** 53 3214266 3161878 304 06/15/96 12/15/97 1 171.00 171.00
CHEROKEE, GA 1 *** 50 3542075 0453849 301 03/15/97 03/15/98 1 202.50 202.50
CHEROKEE, GA 1 *** 50 3418200 3161740 402 08/18/97 08/18/98 1 163.20 163.20
CHEROKEE, GA 1 *** 53 3571383 0453856 212 07/28/96 07/28/97 1 133.00 133.00
</TABLE>
Page 3
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
<TABLE>
<CAPTION>
RESexB.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
COUNTY NAME QTY CUSTOMER NAME CUST CUST# CON. # EFFEC. ANNIV. LEASE PRODUCT PRICE TOT. SALE
TYPE DATE DATE #YRS AMT, FL/GA
C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CHEROKEE, GA 1 *** 01 3271724 0247892 919 02/25/97 02/25/98 1 85.50 85.50
CHEROKEE, GA 1 *** 87 3090167 0271313 100 12/28/97 12/28/98 1 0.00 0.00
CHEROKEE, GA 1 *** 99 3091641 0242872 100 12/28/97 12/28/98 1 0.00 0.00
CHEROKEE, GA 1 *** 01 3345302 0354890 702 02/10/98 02/10/99 1 187.85 187.85
CHEROKEE, GA 1 *** 37 3758218 2001659 205 08/21/97 08/21/98 1 91.80 91.80
CHEROKEE, GA 1 *** 01 3606067 0394443 500 04/10/97 04/10/98 1 405.00 405.00
CHEROKEE, GA 1 *** 50 3224573 0345482 726 01/16/98 01/16/99 1 465.00 465.00
CHEROKEE, GA 1 *** 01 3688960 2008478 200 10/26/97 10/26/98 1 311.85 311.85
CHEROKEE, GA 1 *** 50 3463866 0374898 616 12/31/97 12/31/98 1 250.00 250.00
CHEROKEE, GA 1 *** 50 3026551 2018656 000 10/23/97 10/23/98 1 209.37 209.37
CHEROKEE, GA 1 *** 50 3811786 2021209 002 09/18/97 09/18/98 1 243.75 243.75
CHEROKEE, GA 1 *** 01 3707720 8355277 637 04/10/97 04/10/98 1 176.17 176.17
CHEROKEE, GA 1 *** 01 3564183 8353721 601 06/17/97 06/17/98 1 127.71 127.71
CHEROKEE, GA 1 *** 53 3219861 0248564 921 01/01/97 01/01/98 1 0.00 0.00
CHEROKEE, GA 1 *** 53 3219861 0248564 921 01/01/97 01/01/98 1 195.75 195.75
CHEROKEE, GA 1 *** 50 3012086 0228496 101 06/14/97 06/14/98 1 405.00 405.00
CHEROKEE, GA 1 *** 50 3012075 0314749 795 08/01/97 08/01/98 1 217.50 217.50
CHEROKEE, GA 1 *** 50 3012075 0341749 913 08/01/97 08/01/98 1 143.55 143.55
CHEROKEE, GA 1 *** 50 3012075 0341749 928 08/01/97 08/01/98 1 405.00 405.00
CHEROKEE, GA 1 *** 50 3012075 0341749 953 08/01/97 08/01/98 1 232.65 232.65
CHEROKEE, GA 1 *** 01 3331688 3161588 332 02/01/97 02/01/98 1 405.00 405.00
CHEROKEE, GA 1 *** 01 3731493 0462489 302 11/22/97 11/22/98 1 440.00 440.00
CHEROKEE, GA 1 *** 01 3778944 2022340 100 04/05/97 04/05/98 1 237.50 237.50
CHEROKEE, GA 1 *** 01 3513240 3161658 438 11/12/97 11/12/98 1 182.32 182.32
CHEROKEE, GA 1 *** 99 3751745 9414194 300 09/12/97 09/12/98 1 405.00 405.00
CHEROKEE, GA 1 *** 01 3103692 2038893 100 06/26/97 06/26/98 1 175.00 175.00
CHEROKEE, GA 1 *** 50 3419058 0196126 400 01/29/98 01/29/99 1 166.00 166.00
CHEROKEE, GA 1 *** 01 3804517 2017754 000 05/12/97 05/12/98 1 237.50 237.50
CHEROKEE, GA 1 *** 87 3308736 8242872 100 12/30/97 12/30/98 1 0.00 0.00
CITY ATLANTA, GA 1 *** 87 3008778 0232104 201 01/10/98 01/10/99 1 0.00 0.00
CITY ATLANTA, GA 1 *** 53 3214266 3146302 250 11/08/97 11/08/98 1 580.00 580.00
CITY ATLANTA, GA 1 *** 39 3802962 3130263 503 07/10/97 07/10/98 1 360.00 360.00
CITY ATLANTA, GA 1 *** 33 2925769 0345525 700 02/15/98 02/15/99 1 580.00 580.00
</TABLE>
Page 4
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
<TABLE>
<CAPTION>
RESexB.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
COUNTY NAME QTY CUSTOMER NAME CUST CUST# CON. # EFFEC. ANNIV. LEASE PRODUCT PRICE TOT. SALE
TYPE DATE DATE #YRS AMT, FL/GA
C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CITY ATLANTA, GA 1 *** 87 3090167 8244453 000 06/26/97 06/26/98 1 0.00 0.00
CITY ATLANTA, GA 1 *** 99 0038841 0242871 100 12/28/97 12/28/98 1 0.00 0.00
CITY ATLANTA, GA 1 *** 50 3124505 3151856 500 11/30/97 11/30/98 1 0.00 0.00
CITY ATLANTA, GA 1 *** 53 3219861 0248564 020 01/01/97 01/01/98 1 0.00 0.00
CITY ATLANTA, GA 1 *** 53 3219861 0248564 020 01/01/97 01/01/98 1 324.00 324.00
CITY ATLANTA, GA 1 *** 50 3012075 0341749 800 08/01/97 08/01/98 1 505.00 505.00
CITY ATLANTA, GA 1 *** 20 3619689 0424326 401 03/15/97 03/15/98 1 275.00 275.00
CITY ATLANTA, GA 4 *** 38 3313101 3151857 500 01/28/98 01/28/99 1 0.00 0.00
CITY ATLANTA, GA 5 *** 87 3308736 8242871 100 12/30/97 12/30/98 1 0.00 0.00
CLAYTON, GA 1 *** 87 3098778 0232104 202 01/10/98 01/10/99 1 0.00 0.00
CLAYTON, GA 1 *** 53 3214266 3146302 410 06/15/97 06/15/98 1 169.13 169.13
CLAYTON, GA 1 *** 50 3542075 0351789 616 03/15/97 03/15/98 1 202.50 202.50
CLAYTON, GA 1 *** 38 3257111 0187507 300 08/27/97 08/27/98 1 0.00 0.00
CLAYTON, GA 1 *** 38 3552728 3151863 500 01/28/98 01/28/99 1 0.00 0.00
CLAYTON, GA 1 *** 38 3255894 0260383 000 07/28/97 07/28/98 1 0.00 0.00
CLAYTON, GA 1 *** 01 3271724 0310394 702 02/25/97 02/25/98 1 78.19 78.19
CLAYTON, GA 1 *** 50 3268438 3146403 427 07/10/97 07/10/98 1 224.25 224.25
CLAYTON, GA 1 *** 54 3803769 2028078 001 04/25/97 04/25/98 1 217.82 217.82
CLAYTON, GA 1 *** 87 3090167 0320887 800 12/28/97 12/28/98 1 0.00 0.00
CLAYTON, GA 1 *** 85 3609938 0454616 301 07/05/97 07/05/98 1 0.00 0.00
CLAYTON, GA 1 *** 99 0038841 0242869 100 12/28/97 12/28/98 1 0.00 0.00
CLAYTON, GA 1 *** 50 3259865 2028115 000 06/16/97 06/16/98 1 165.59 165.59
CLAYTON, GA 1 *** 37 3758218 2001659 202 08/21/97 08/21/98 1 91.80 91.80
CLAYTON, GA 1 *** 52 3679843 0426737 410 08/26/97 08/26/98 1 285.45 285.45
CLAYTON, GA 1 *** 50 3123746 0229033 100 09/19/97 09/19/98 1 169.12 169.12
CLAYTON, GA 1 *** 01 3331677 3146390 409 06/15/97 06/15/98 1 405.00 405.00
CLAYTON, GA 1 *** 50 3463866 0374898 614 12/31/97 12/31/98 1 295.00 295.00
CLAYTON, GA 1 *** 01 3707720 8355277 632 04/10/97 04/10/98 1 212.77 212.77
CLAYTON, GA 1 *** 01 2970864 0348990 607 04/30/97 04/30/98 1 185.55 185.55
CLAYTON, GA 1 *** 53 3219861 0248564 019 01/01/97 01/01/98 1 0.00 0.00
CLAYTON, GA 1 *** 53 3219861 0248564 019 01/01/97 01/01/98 1 230.62 230.62
CLAYTON, GA 1 *** 50 3488261 0341605 701 03/10/97 03/10/98 1 149.55 149.55
CLAYTON, GA 1 *** 50 3012075 0341749 952 08/01/97 08/01/98 1 285.45 285.45
</TABLE>
Page 5
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexB.XLS, EXPERIAN CONFIDENTIAL
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
<TABLE>
<CAPTION>
COUNTY NAME QTY CUSTOMER NAME CUST# CUST CON # EFFEC. ANNIV. LEASE PRODUCT TOT.SALE
TYPE DATE DATE # YRS PRICE AMT, FL/GA
C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CLAYTON, GA 1 *** 01 3331688 3161588 335 02/01/97 02/01/98 1 405.00 405.00
CLAYTON, GA 1 *** 01 3513240 3161658 437 11/12/97 11/12/98 1 194.70 194.70
CLAYTON, GA 1 *** 50 3396814 0341772 802 09/12/97 09/12/98 1 256.25 256.25
CLAYTON, GA 1 *** 01 3019988 0181514 155 05/10/97 05/10/98 1 405.00 405.00
CLAYTON, GA 1 *** 01 3600049 0383560 515 03/01/97 03/01/98 1 405.00 405.00
CLAYTON, GA 1 *** 01 3697683 0503835 301 03/01/97 03/01/98 1 405.00 405.00
CLAYTON, GA 5 *** 87 3308736 8242869 100 12/30/97 12/30/98 1 0.00 0.00
COBB, GA 1 *** 87 3098778 0232104 203 01/10/98 01/10/99 1 0.00 0.00
COBB, GA 1 *** 53 3214266 3146302 407 06/15/97 06/15/98 1 169.13 169.13
COBB, GA 1 *** 01 3480869 0438768 506 12/16/97 12/16/98 1 465.00 465.00
COBB, GA 1 *** 50 3542075 0351789 615 03/15/97 03/15/98 1 202.50 202.50
COBB, GA 1 *** 50 3418200 3161740 403 08/18/97 08/18/98 1 189.55 189.55
COBB, GA 1 *** 51 3611513 0394437 502 06/01/97 06/01/98 1 169.13 169.13
COBB, GA 1 *** 50 3583403 0375456 603 12/10/97 12/10/98 1 465.00 465.00
COBB, GA 1 *** 38 3418211 0498050 300 05/23/97 05/23/98 1 0.00 0.00
COBB, GA 1 *** 01 3519758 0341694 625 07/10/97 07/10/98 1 218.76 218.76
COBB, GA 1 *** 53 3571383 0453856 209 07/28/96 07/28/97 1 156.62 156.62
COBB, GA 1 *** 01 3271724 0247892 917 02/25/97 02/25/98 1 102.94 102.94
COBB, GA 1 *** 50 3268438 3146403 423 07/10/97 07/10/98 1 132.90 132.90
COBB, GA 1 *** 51 3722044 0462403 300 08/17/97 08/17/98 1 256.25 256.25
COBB, GA 1 *** 87 3090167 0320889 800 12/28/97 12/28/98 1 0.00 0.00
COBB, GA 1 *** 85 3609938 0454616 302 07/06/97 07/06/98 1 0.00 0.00
COBB, GA 1 *** 01 3565748 0379272 500 07/01/97 07/01/98 1 405.00 405.00
COBB, GA 1 *** 01 3345302 2066907 000 05/17/97 05/17/98 1 405.00 405.00
COBB, GA 1 *** 37 3758218 2001659 302 08/21/97 08/21/98 1 89.10 89.10
COBB, GA 1 *** 50 2938435 0204210 402 02/27/98 02/27/99 1 253.00 253.00
COBB, GA 1 *** 50 3593420 9418835 200 05/19/97 05/19/98 1 405.00 405.00
COBB, GA 1 *** 01 3021277 0213199 202 12/31/97 12/31/98 1 465.00 465.00
COBB, GA 1 *** 54 3009763 0213146 205 08/15/97 08/15/98 1 256.25 256.25
COBB, GA 1 *** 50 3224573 0345482 715 08/15/97 08/15/98 1 285.45 285.45
COBB, GA 1 *** 01 3331677 3146390 408 06/16/97 06/16/98 1 405.00 405.00
COBB, GA 1 *** 50 3348990 3161699 328 08/31/97 08/31/98 1 285.45 285.45
COBB, GA 1 *** 50 3463866 0374898 615 12/31/97 12/31/98 1 295.00 295.00
Date as of 11/07/97 Page 6 11/20/97
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexB.XLS, EXPERIAN CONFIDENTIAL
<TABLE>
<CAPTION>
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
TOT. SALE
CUST CUST# CON.# EFFEC. ANNIV. LEASE PRODUCT AMT. FL/GA
COUNTY NAME QTY CUSTOMER NAME TYPE DATE DATE #YRS PRICE C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
COBB, GA 1 *** 50 3026551 0341738 712 05/28/97 05/28/98 1 239.23 239.23
COBB, GA 1 *** 50 3052192 0206739 209 08/10/97 08/10/98 1 256.25 256.25
COBB, GA 1 *** 01 3707720 8355277 633 04/10/97 04/10/98 1 212.77 212.77
COBB, GA 1 *** 50 3500565 3161626 300 04/10/97 04/10/98 1 189.55 189.55
COBB, GA 1 *** 32 3279685 8250635 002 09/10/97 09/10/98 1 405.00 405.00
COBB, GA 1 *** 01 3564183 0353716 601 06/17/97 06/17/98 1 170.33 170.33
COBB, GA 1 *** 01 2970864 0348990 608 04/30/97 04/30/98 1 185.55 185.55
COBB, GA 1 *** 53 3219861 0248564 018 01/01/97 01/01/98 1 0.00 0.00
COBB, GA 1 *** 53 3219861 0248564 018 01/01/97 01/01/98 1 230.62 230.62
COBB, GA 1 *** 50 3318117 0330923 713 10/20/97 10/20/98 1 237.50 237.50
COBB, GA 1 *** 50 3318117 0330923 714 06/10/97 06/10/98 1 0.00 0.00
COBB, GA 1 *** 50 3012086 3146369 407 06/14/97 06/14/98 1 405.00 405.00
COBB, GA 1 *** 50 3475593 2022446 100 04/03/97 04/03/98 1 403.75 403.75
COBB, GA 1 *** 50 3012075 0341749 863 08/01/97 08/01/98 1 169.13 169.13
COBB, GA 1 *** 50 3012075 0341749 895 08/01/97 08/01/98 1 142.73 142.73
COBB, GA 1 *** 50 3012075 0341749 939 08/01/97 08/01/98 1 169.12 169.12
COBB, GA 1 *** 50 3012075 0341749 949 08/01/97 08/01/98 1 285.44 285.44
COBB, GA 1 *** 01 3517363 0345474 706 10/01/97 10/01/98 1 133.93 133.93
COBB, GA 1 *** 01 3331688 3161588 336 02/01/97 02/01/98 1 405.00 405.00
COBB, GA 1 *** 01 3052170 8353776 602 04/10/97 04/10/98 1 189.55 189.55
COBB, GA 1 *** 50 3144237 0453886 301 07/28/97 07/28/98 1 256.25 256.25
COBB, GA 1 *** 19 3632576 0386193 402 10/06/96 10/06/97 1 0.00 0.00
COBB, GA 1 *** 01 3513240 3161658 441 11/12/97 11/12/98 1 212.02 212.02
COBB, GA 1 *** 01 3212978 3146307 327 09/10/96 09/10/97 1 205.00 205.00
COBB, GA 1 *** 50 3396814 0345472 702 09/12/97 09/12/98 1 256.25 256.25
COBB, GA 1 *** 54 3646436 0433775 505 02/10/98 02/10/99 1 328.35 328.35
COBB, GA 1 *** 01 3103692 0227047 201 12/23/96 12/23/97 1 256.90 256.90
COBB, GA 1 *** 12 3812985 2027006 000 10/08/97 10/08/98 1 273.11 273.11
COBB, GA 1 *** 01 3600049 0383560 516 03/10/97 03/10/98 1 405.00 405.00
COBB, GA 2 *** 99 3091611 0242870 100 12/28/97 12/28/98 1 0.00 0.00
COBB, GA 6 *** 87 3308736 0242870 100 12/28/97 12/28/98 1 0.00 0.00
COBB, GA 12 *** 38 3550988 0238044 001 05/15/97 05/15/98 1 0.00 0.00
COWETA, GA 1 *** 53 3214266 0438734 300 06/15/97 06/15/98 1 380.00 380.00
Data as of 11/07/97 Page 7 11/20/97
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexB.XLS, EXPERIAN CONFIDENTIAL
<TABLE>
<CAPTION>
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
TOT. SALE
COUNTY CUST CUST# CON.# EFFEC. ANNIV. LEASE PRODUCT AMT. FL/GA
NAME QTY CUSTOMER NAME TYPE DATE DATE #YRS PRICE C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
COWETA, GA 1 *** 87 3090167 0439830 400 08/30/97 08/30/98 1 0.00 0.00
COWETA, GA 1 *** 85 3609938 0439782 200 10/24/97 10/24/98 1 0.00 0.00
COWETA, GA 1 *** 99 0038841 0031247 216 01/30/98 01/30/99 1 0.00 0.00
COWETA, GA 1 *** 99 3091641 0454176 300 10/17/97 10/17/98 1 0.00 0.00
COWETA, GA 1 *** 53 3219861 0248564 021 01/01/97 01/01/98 1 0.00 0.00
COWETA, GA 1 *** 53 3219861 0248564 021 01/01/97 01/01/98 1 342.00 342.00
COWETA, GA 1 *** 11 3552919 0378967 301 10/17/97 10/17/98 1 440.00 440.00
COWETA, GA 1 *** 01 3019988 0181514 130 08/15/97 08/15/98 1 380.00 380.00
DADE, FL 1 *** 01 2989020 2008307 201 10/11/97 10/11/98 1 1325.00 1325.00
DADE, FL 1 *** 01 2012003 2167502 401 03/10/97 03/10/98 2 1155.00 1155.00
DADE, FL 1 *** 01 2255727 2146236 501 05/01/97 05/01/98 1 818.32 818.32
DADE, FL 1 *** 01 2124016 2134363 501 11/09/97 11/09/98 1 545.00 545.00
DADE, FL 1 *** 01 3346037 0282441 903 06/13/97 06/13/98 1 609.18 609.18
DADE, FL 1 *** 51 2945950 8123259 503 10/01/97 10/01/98 1 2142.50 2142.50
DADE, FL 1 *** 01 3096152 0228743 201 06/10/97 06/10/98 1 1325.00 1325.00
DADE, FL 1 *** 50 3079593 0216778 301 10/28/97 10/28/98 1 1525.00 1525.00
DADE, FL 1 *** 01 3576629 0375363 609 10/10/97 10/10/98 1 528.75 528.75
DADE, FL 1 CUSHMAN & WAKEFIELD 51 2498113 2134390 602 01/19/98 01/19/98 1 1525.00 1525.00
OF FLORIDA INC
DADE, FL 1 CUSHMAN & WAKEFIELD 51 3147416 2030659 000 03/25/97 03/25/98 1 1498.00 1498.00
OF FLORIDA INC
DADE, FL 1 *** 87 3613103 0220302 100 03/03/97 03/03/98 1 0.00 0.00
DADE, FL 1 *** 50 2276818 0205528 301 10/01/97 10/01/98 1 1155.00 1155.00
DADE, FL 1 *** 87 3090167 0284975 000 12/05/97 12/05/98 1 0.00 0.00
DADE, FL 1 *** 99 0038841 0300076 100 12/05/97 12/05/98 1 0.00 0.00
DADE, FL 1 *** 50 2572154 2156596 500 05/24/97 05/24/98 1 1325.00 1325.00
DADE, FL 1 *** 37 3014600 0196520 400 05/07/97 05/07/98 1 0.00 0.00
DADE, FL 1 *** 37 2730251 0205515 301 07/16/97 07/16/98 1 615.33 615.33
DADE, FL 1 *** 01 2336231 2143053 402 10/27/96 10/27/97 1 0.00 0.00
DADE, FL 1 *** 01 3756964 2007365 202 08/01/97 08/01/98 1 711.67 711.67
DADE, FL 1 *** 01 3539792 0369333 601 05/01/97 05/01/98 1 1325.00 1325.00
DADE, FL 1 *** 01 3026283 2028288 100 07/16/97 07/16/98 1 1325.00 1325.00
DADE, FL 1 *** 50 3757116 2008315 302 10/10/98 10/10/99 1 1325.00 1325.00
DADE, FL 1 *** 01 3711280 0460278 301 05/16/97 05/16/98 1 1325.00 1325.00
DADE, FL 1 *** 50 2003540 2156801 501 11/10/97 11/10/98 1 0.00 0.00
Data as of 11/07/97 Page 8 11/20/97
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexB.XLS, EXPERIAN CONFIDENTIAL
<TABLE>
<CAPTION>
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
TOT. SALE
CUST CUST# CON.# EFFEC. ANNIV. LEASE PRODUCT AMT. FL/GA
COUNTY NAME QTY CUSTOMER NAME TYPE DATE DATE #YRS PRICE C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
DADE, FL 1 *** 50 2719630 2028293 000 08/06/96 08/06/97 1 825.00 825.00
DADE, FL 1 *** 50 2147219 2143046 500 02/10/98 02/10/98 1 1525.00 1525.00
DADE, FL 1 *** 53 2290131 2127965 500 11/14/97 11/14/98 1 434.62 434.62
DADE, FL 1 *** 01 2585651 2143467 600 06/10/97 06/10/98 1 1325.00 1325.00
DADE, FL 1 *** 01 2780120 2146675 601 03/14/97 03/14/98 1 1325.00 1325.00
DADE, FL 1 *** 50 2111717 2134314 501 09/28/97 09/28/98 1 883.75 883.75
DADE, FL 1 *** 01 2773526 0262602 001 03/10/97 03/10/98 1 1325.00 1325.00
DADE, FL 1 *** 53 2249685 2156598 503 11/01/97 11/01/98 1 1139.40 1139.40
DADE, FL 1 *** 01 3155204 2018891 000 04/01/97 04/01/98 1 797.67 797.67
DADE, FL 1 *** 01 2014881 8251261 902 12/10/96 12/10/97 1 592.25 592.25
DADE, FL 1 *** 01 3291852 2146300 504 12/01/97 12/01/98 1 1392.98 1392.98
DADE, FL 1 *** 61 2309844 2179109 600 11/29/97 11/29/98 1 0.00 0.00
DADE, FL 1 *** 10 2243616 2134343 501 12/10/97 12/10/98 1 1024.35 1024.35
DADE, FL 1 *** 01 3752427 2022838 100 06/10/97 06/10/98 1 0.00 0.00
DADE, FL 1 *** 01 3198757 0235782 102 01/28/97 01/28/98 1 1047.38 1047.38
DADE, FL 1 *** 01 2589510 2146608 402 08/15/97 08/15/98 1 324.06 324.06
DADE, FL 2 *** 38 2363684 0207107 700 09/30/97 09/30/98 1 0.00 0.00
DADE, FL 8 *** 87 3308736 8271267 000 12/30/97 12/30/98 1 0.00 0.00
DEKALB, GA 1 *** 87 3098778 0232104 204 01/10/98 01/10/99 1 0.00 0.00
DEKALB, GA 1 *** 53 3214266 3146302 408 06/15/97 06/15/98 1 169.13 169.13
DEKALB, GA 1 *** 01 3480869 0438768 507 12/16/97 12/16/98 1 465.00 465.00
DEKALB, GA 1 *** 50 3542075 0351789 617 03/15/97 03/15/98 1 202.50 202.50
DEKALB, GA 1 *** 01 3519758 0341694 623 07/10/97 07/10/98 1 218.76 218.76
DEKALB, GA 1 *** 53 3571383 0453856 210 07/28/96 07/28/97 1 156.62 156.62
DEKALB, GA 1 *** 01 3271724 0247892 918 02/27/97 02/27/98 1 102.94 102.94
DEKALB, GA 1 *** 50 3268438 3146403 422 07/10/97 07/10/98 1 132.90 132.90
DEKALB, GA 1 *** 38 3291115 3161572 401 06/25/97 06/25/98 1 475.00 475.00
DEKALB, GA 1 *** 68 3219849 3146407 403 06/25/97 06/25/98 1 189.55 189.55
DEKALB, GA 1 *** 54 3803769 2028078 002 04/25/97 04/25/98 1 217.81 217.81
DEKALB, GA 1 *** 87 3090167 0320890 800 12/28/97 12/28/98 1 0.00 0.00
DEKALB, GA 1 *** 85 3609938 0454616 304 07/06/97 07/05/98 1 0.00 0.00
DEKALB, GA 1 *** 99 0038841 0242862 100 12/28/97 12/28/98 1 0.00 0.00
DEKALB, GA 1 *** 85 3796357 2018740 101 12/20/97 12/20/98 1 0.00 0.00
Data as of 11/07/97 Page 9 11/20/97
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexB.XLS, EXPERIAN CONFIDENTIAL
<TABLE>
<CAPTION>
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
TOT. SALE
CUST CUST# CON.# EFFEC. ANNIV. LEASE PRODUCT AMT. FL/GA
COUNTY NAME QTY CUSTOMER NAME TYPE DATE DATE #YRS PRICE C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
DEKALB, GA 1 *** 01 3565748 0379272 511 07/01/97 07/01/98 1 405.00 405.00
DEKALB, GA 1 *** 37 3758218 2001559 201 08/21/97 08/21/98 1 95.20 95.20
DEKALB, GA 1 *** 01 3331677 3146390 407 06/15/97 06/15/98 1 405.00 405.00
DEKALB, GA 1 *** 50 3348990 3161699 326 08/31/97 08/31/98 1 285.45 285.45
DEKALB, GA 1 *** 50 3463866 0374898 617 12/31/97 12/31/98 1 295.00 295.00
DEKALB, GA 1 *** 50 3026551 0341738 615 05/28/97 05/28/98 1 235.22 235.22
DEKALB, GA 1 *** 01 3707720 8355277 634 04/10/97 04/10/98 1 212.77 212.77
DEKALB, GA 1 *** 01 2970864 0348990 609 04/30/97 04/30/98 1 185.55 185.55
DEKALB, GA 1 *** 53 3219861 0248564 015 01/01/97 01/01/98 1 0.00 0.00
DEKALB, GA 1 *** 53 3219861 0248564 015 01/01/97 01/01/98 1 230.62 230.62
DEKALB, GA 1 *** 50 3318117 0330923 705 06/10/97 06/10/98 1 0.00 0.00
DEKALB, GA 1 *** 50 3012086 3146369 406 06/14/97 06/14/98 1 405.00 405.00
DEKALB, GA 1 *** 50 3475593 2022446 101 04/03/97 04/03/98 1 403.75 403.75
DEKALB, GA 1 *** 53 3266735 0351843 610 04/10/97 04/10/98 1 154.28 154.28
DEKALB, GA 1 *** 50 3012075 0341749 950 08/01/97 08/01/98 1 285.45 285.45
DEKALB, GA 1 *** 01 3517363 0345474 711 10/01/97 10/01/98 1 133.97 133.97
DEKALB, GA 1 *** 01 3331688 3161588 337 02/01/97 02/01/98 1 405.00 405.00
DEKALB, GA 1 *** 50 3144237 0358131 604 06/14/97 06/14/98 1 256.25 256.25
DEKALB, GA 1 *** 01 3513240 3161658 440 11/12/97 11/12/98 1 194.70 194.70
DEKALB, GA 1 *** 01 3212978 2008543 101 09/10/96 09/10/97 1 205.00 205.00
DEKALB, GA 1 *** 50 3396814 0291044 800 09/12/97 09/12/98 1 256.25 256.25
DEKALB, GA 1 *** 01 3019988 0181514 156 05/10/97 05/10/98 1 405.00 405.00
DEKALB, GA 1 *** 54 3646436 2008530 200 07/27/97 07/27/98 1 405.00 405.00
DEKALB, GA 5 *** 87 3308736 8242962 100 12/30/97 12/30/98 1 0.00 0.00
DOUGLAS, GA 1 *** 87 3098778 0232104 205 01/10/98 01/10/99 1 0.00 0.00
DOUGLAS, GA 1 *** 53 3214266 3161878 405 06/15/97 06/15/98 1 132.83 132.83
DOUGLAS, GA 1 *** 51 3611513 0394437 503 06/01/97 06/01/98 1 132.83 132.83
DOUGLAS, GA 1 *** 53 3571383 0453956 213 07/28/96 07/28/97 1 122.50 122.50
DOUGLAS, GA 1 *** 01 3271724 0247892 920 02/27/97 02/27/98 1 78.19 78.19
DOUGLAS, GA 1 *** 50 3268438 3146403 425 07/10/97 07/10/98 1 103.95 103.95
DOUGLAS, GA 1 *** 38 3425875 8172794 400 06/10/97 06/10/98 1 0.00 0.00
DOUGLAS, GA 1 *** 87 3090167 0320891 800 12/28/97 12/28/98 1 0.00 0.00
DOUGLAS, GA 1 *** 85 3609938 3161712 400 04/28/97 04/28/98 1 0.00 0.00
Data as of 11/07/97 Page 10 11/20/97
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexB.XLS, EXPERIAN CONFIDENTIAL
<TABLE>
<CAPTION>
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
TOT. SALE
CUST CUST# CON.# EFFEC. ANNIV. LEASE PRODUCT AMT. FL/GA
COUNTY NAME QTY CUSTOMER NAME TYPE DATE DATE #YRS PRICE C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
DOUGLAS, GA 1 *** 99 0038841 0242868 100 12/28/97 12/28/98 1 0.00 0.00
DOUGLAS, GA 1 *** 37 3758218 2001659 206 08/21/97 08/21/98 1 91.80 91.80
DOUGLAS, GA 1 *** 54 3009763 0213146 206 08/15/97 08/15/98 1 201.25 201.25
DOUGLAS, GA 1 *** 50 3026551 0341738 714 05/28/97 05/28/98 1 211.20 211.20
DOUGLAS, GA 1 *** 01 3707720 8355277 640 04/10/97 04/10/98 1 163.01 163.01
DOUGLAS, GA 1 *** 01 3564183 0353722 601 06/17/97 06/17/98 1 136.94 136.94
DOUGLAS, GA 1 *** 53 3219861 0248564 922 01/01/97 01/01/98 1 0.00 0.00
DOUGLAS, GA 1 *** 53 3219861 0248564 922 01/01/97 01/01/98 1 181.12 181.12
DOUGLAS, GA 1 *** 50 3012075 0341749 955 08/01/97 08/01/98 1 211.20 211.20
DOUGLAS, GA 1 *** 01 3331688 0302429 702 02/01/97 02/01/98 1 380.00 380.00
DOUGLAS, GA 1 *** 99 3761465 2008428 200 09/13/97 09/13/98 1 201.25 201.25
DOUGLAS, GA 1 *** 12 3812985 2027006 001 10/08/97 10/08/98 1 273.11 273.11
DOUGLAS, GA 8 *** 87 3308736 8242868 100 12/30/97 12/30/98 1 0.00 0.00
DUVAL, FL 1 *** 01 3544886 0367089 600 03/22/97 03/22/98 1 965.00 965.00
DUVAL, FL 1 *** 50 3685118 0480442 402 09/30/97 09/30/98 1 965.00 965.00
DUVAL, FL 1 *** 99 2248864 0130038 400 06/07/97 06/07/98 1 387.75 387.75
DUVAL, FL 1 *** 87 3613103 0220266 100 04/15/97 04/15/98 1 0.00 0.00
DUVAL, FL 1 *** 87 3090167 0268778 301 08/07/97 08/07/98 1 0.00 0.00
DUVAL, FL 1 *** 99 3091641 8271268 100 12/05/97 12/05/98 1 0.00 0.00
DUVAL, FL 1 *** 37 3014600 3276128 100 08/14/97 08/14/98 1 0.00 0.00
DUVAL, FL 1 *** 44 3221880 2017777 000 08/12/97 08/12/98 1 965.00 965.00
DUVAL, FL 1 *** 01 3054154 0182799 200 06/10/97 06/10/98 1 387.75 387.75
DUVAL, FL 1 *** 39 3360796 0277782 900 10/30/97 10/30/98 1 0.00 0.00
DUVAL, FL 1 *** 53 2566722 0130020 401 07/10/97 07/10/98 1 398.75 398.75
DUVAL, FL 1 *** 01 2002419 0358229 601 09/30/97 09/30/98 1 621.50 621.50
DUVAL, FL 1 *** 01 3658057 0439723 500 02/25/98 02/25/99 1 1110.00 1110.00
DUVAL, FL 1 *** 19 3213870 0251561 100 01/10/98 01/10/99 1 1110.00 1110.00
DUVAL, FL 1 *** 01 3265664 0235601 000 07/10/97 07/10/98 1 457.50 457.50
DUVAL, FL 1 *** 54 2438124 0187553 600 06/25/97 06/25/98 1 457.50 457.50
DUVAL, FL 1 *** 54 2438124 0187553 700 06/25/97 06/25/98 1 0.00 0.00
DUVAL, FL 1 *** 01 3128086 2002259 202 06/15/97 06/15/98 1 965.00 965.00
DUVAL, FL 1 *** 50 2572648 2130545 502 11/04/97 11/04/98 1 447.15 447.15
DUVAL, FL 1 *** 01 2499257 8259961 000 03/17/97 03/17/98 1 965.00 965.00
Data as 11/07/97 Page 11 11/20/97
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexB.XLS, EXPERIAN CONFIDENTIAL
<TABLE>
<CAPTION>
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
TOT. SALE
COUNTY CUST CUST# CON.# EFFEC. ANNIV. LEASE PRODUCT AMT. FL/GA
NAME QTY CUSTOMER NAME TYPE DATE DATE #YRS PRICE C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
DUVAL, FL 1 *** 50 2486189 2017775 000 07/23/97 07/23/98 1 965.00 965.00
DUVAL, FL 8 *** 87 3308736 9271268 100 12/30/97 12/30/98 1 0.00 0.00
FAYETTE, GA 1 *** 87 3098778 0232104 206 01/10/98 01/10/99 1 0.00 0.00
FAYETTE, GA 1 *** 53 3214266 3146302 411 06/15/97 06/15/98 1 132.83 132.83
FAYETTE, GA 1 *** 50 3237511 0341742 702 07/14/97 07/14/98 1 211.20 211.20
FAYETTE, GA 1 *** 50 3702053 0228441 200 02/10/98 02/10/99 1 231.25 231.25
FAYETTE, GA 1 *** 50 3701362 0454303 301 04/01/97 04/01/98 1 201.25 201.25
FAYETTE, GA 1 *** 50 2304924 3161571 404 05/15/97 05/15/98 1 167.90 167.90
FAYETTE, GA 1 *** 87 3090167 0320893 800 12/28/97 12/28/98 1 0.00 0.00
FAYETTE, GA 1 *** 99 0038841 0242866 100 12/28/97 12/28/98 1 0.00 0.00
FAYETTE, GA 1 *** 50 3259865 2028115 001 06/16/97 06/16/98 1 132.45 132.45
FAYETTE, GA 1 *** 37 3758218 2001659 207 08/21/97 08/21/98 1 91.80 91.80
FAYETTE, GA 1 *** 52 3679843 0426737 408 08/10/97 08/10/98 1 211.20 211.20
FAYETTE, GA 1 *** 01 3707720 8355277 638 04/10/97 04/10/98 1 163.01 163.01
FAYETTE, GA 1 *** 53 3219861 0248564 926 01/01/97 01/01/98 1 0.00 0.00
FAYETTE, GA 1 *** 53 3219861 0248564 926 01/01/97 01/01/98 1 181.12 181.12
FAYETTE, GA 1 *** 11 3552919 3161301 400 04/10/97 04/10/98 1 132.80 132.80
FAYETTE, GA 1 *** 50 3012075 0341749 956 08/01/97 08/01/98 1 211.20 211.20
FAYETTE, GA 1 *** 50 3721160 3161359 403 12/10/97 12/10/98 1 152.63 152.63
FAYETTE, GA 1 *** 01 3331688 3161588 330 02/01/97 02/01/98 1 380.00 380.00
FAYETTE, GA 1 *** 01 3513240 3161658 439 11/12/97 11/12/98 1 152.62 152.62
FAYETTE, GA 1 *** 01 3019988 0181514 157 05/10/97 05/10/98 1 380.00 380.00
FAYETTE, GA 8 *** 87 3308736 8242866 100 12/30/97 12/30/98 1 0.00 0.00
FORSYTH, GA 1 *** 87 3098778 0232104 207 01/10/98 01/10/99 1 0.00 0.00
FORSYTH, GA 1 *** 50 2925677 0351712 612 09/30/97 09/30/98 1 211.20 211.20
FORSYTH, GA 1 *** 53 3214266 3161878 415 06/15/97 06/15/98 1 211.20 211.20
FORSYTH, GA 1 *** 50 3780079 0351786 600 04/19/97 04/19/98 1 380.00 380.00
FORSYTH, GA 1 *** 50 3121458 0452391 202 01/17/96 01/17/97 1 0.00 0.00
FORSYTH, GA 1 *** 51 3645833 0433758 506 01/15/98 01/15/99 1 231.25 231.25
FORSYTH, GA 1 *** 50 3542075 0453934 301 03/15/97 03/15/98 1 190.00 190.00
FORSYTH, GA 1 *** 50 3812084 2027009 001 09/26/97 09/26/98 1 221.13 221.13
FORSYTH, GA 1 *** 01 3271724 0247892 921 02/27/97 02/27/98 1 79.50 79.50
FORSYTH, GA 1 CUSHMAN WAKEFIELD 50 3533619 0345394 612 05/01/97 05/01/98 1 0.00 0.00
INCORPORATED
Data as of 11/07/97 Page 12 11/20/97
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexB.XLS, EXPERIAN CONFIDENTIAL
<TABLE>
<CAPTION>
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
TOT. SALE
CUST CUST# CON.# EFFEC. ANNIV. LEASE PRODUCT AMT. FL/GA
COUNTY NAME QTY CUSTOMER NAME TYPE DATE DATE #YRS PRICE C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FORSYTH, GA 1 *** 50 3268438 3146403 426 07/10/97 07/10/98 1 103.95 103.95
FORSYTH, GA 1 *** 50 3397084 0435407 400 04/12/97 04/12/98 1 190.08 190.08
FORSYTH, GA 1 *** 87 3090167 0320894 800 12/28/97 12/28/98 1 0.00 0.00
FORSYTH, GA 1 *** 99 0038841 0242883 100 12/28/97 12/28/98 1 0.00 0.00
FORSYTH, GA 1 *** 85 3796857 2018740 102 12/20/97 12/20/98 1 0.00 0.00
FORSYTH, GA 1 *** 37 3758218 2001659 208 09/20/97 09/20/98 1 101.20 101.20
FORSYTH, GA 1 *** 50 3538953 0349640 608 06/04/97 06/04/98 1 380.00 380.00
FORSYTH, GA 1 *** 50 3224573 0345482 727 01/30/98 01/30/99 1 260.00 260.00
FORSYTH, GA 1 *** 50 3348990 3161699 415 08/31/97 08/31/98 1 211.20 211.20
FORSYTH, GA 1 *** 50 3026551 0341738 713 05/28/97 05/28/98 1 179.32 179.32
FORSYTH, GA 1 *** 50 3811786 2021209 003 09/18/97 09/18/98 1 227.50 227.50
FORSYTH, GA 1 *** 01 3707720 8355277 641 04/10/97 04/10/98 1 172.80 172.80
FORSYTH, GA 1 *** 01 2970864 0348990 610 04/30/97 04/30/98 1 172.30 172.30
FORSYTH, GA 1 *** 01 3539938 0355268 621 09/15/97 09/15/98 1 211.20 211.20
FORSYTH, GA 1 *** 53 3219861 0248564 920 01/01/97 01/01/98 1 0.00 0.00
FORSYTH, GA 1 *** 53 3219861 0248564 920 01/01/97 01/01/98 1 181.12 181.12
FORSYTH, GA 1 *** 50 3012086 0205769 302 06/14/97 06/14/98 1 380.00 380.00
FORSYTH, GA 1 *** 53 3266735 0351843 612 04/10/97 04/10/98 1 117.98 117.98
FORSYTH, GA 1 *** 50 3012075 0341749 865 08/01/97 08/01/98 1 132.83 132.83
FORSYTH, GA 1 *** 50 3012075 0341749 957 08/01/97 08/01/98 1 132.83 132.83
FORSYTH, GA 1 *** 50 3012075 2000764 201 08/01/97 08/01/98 1 211.20 211.20
FORSYTH, GA 1 *** 50 3012075 2013809 100 11/02/96 11/02/97 1 380.00 380.00
FORSYTH, GA 1 *** 01 3774300 2020615 200 02/08/98 02/08/99 1 520.00 520.00
FORSYTH, GA 1 *** 01 3331688 3161588 329 02/01/97 02/01/98 1 380.00 380.00
FORSYTH, GA 1 *** 50 3746385 9414173 200 04/07/97 04/07/98 1 380.00 380.00
FORSYTH, GA 1 *** 01 3513240 2022494 100 08/08/97 08/08/98 1 380.00 380.00
FORSYTH, GA 1 *** 99 3751745 9414194 200 04/10/97 04/10/98 1 380.00 380.00
FORSYTH, GA 1 *** 51 3588068 0379210 603 02/02/98 02/02/99 1 244.20 244.20
FORSYTH, GA 1 *** 01 3103692 2008741 100 12/04/96 12/04/97 1 175.00 175.00
FORSYTH, GA 1 *** 02 3475526 3161745 402 09/10/97 09/10/98 1 0.00 0.00
FORSYTH, GA 1 *** 01 3429460 0351793 601 06/15/97 06/15/98 1 190.08 190.08
FORSYTH, GA 8 *** 87 3308736 8242883 400 12/30/97 12/30/98 1 0.00 0.00
FULTON, GA 1 *** 53 3214266 3146302 406 06/15/97 06/15/98 1 246.67 246.67
Data as of 11/07/97 Page 13 11/20/97
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexB.XLS, EXPERIAN CONFIDENTIAL
<TABLE>
<CAPTION>
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
TOT. SALE
CUST CUST# CON.# EFFEC. ANNIV. LEASE PRODUCT AMT. FL/GA
COUNTY NAME QTY CUSTOMER NAME TYPE DATE DATE #YRS PRICE C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FULTON, GA 1 *** 52 3680238 0426742 422 11/05/97 11/05/98 1 520.00 520.00
FULTON, GA 1 *** 01 3480869 0324237 802 12/16/97 12/16/98 1 705.00 705.00
FULTON, GA 1 *** 50 3220823 3161872 402 06/15/97 06/15/98 1 404.25 404.25
FULTON, GA 1 *** 01 3271724 0247892 915 02/27/97 02/27/98 1 126.56 126.56
FULTON, GA 1 *** 50 3268438 3146403 415 07/10/97 07/10/98 1 192.90 192.90
FULTON, GA 1 *** 54 3803769 2028078 000 04/25/97 04/25/98 1 318.00 318.00
FULTON, GA 1 *** 87 3090167 0320895 800 12/28/97 12/28/98 1 0.00 0.00
FULTON, GA 1 *** 85 3609938 0454616 307 07/05/97 07/05/98 1 0.00 0.00
FULTON, GA 1 *** 38 3718650 0453860 301 10/01/97 10/01/98 1 190.00 190.00
FULTON, GA 1 *** 01 3331677 3146390 406 06/15/97 06/15/98 1 610.00 610.00
FULTON, GA 1 *** 50 3463866 0374898 618 12/31/97 12/31/98 1 430.00 430.00
FULTON, GA 1 *** 01 3707720 8355277 636 04/10/97 04/10/98 1 302.63 302.63
FULTON, GA 1 *** 50 3318117 0330923 703 10/20/97 10/20/98 1 237.50 237.50
FULTON, GA 1 *** 50 3012086 3146363 702 06/14/97 06/14/98 1 610.00 610.00
FULTON, GA 1 *** 50 3475593 2022446 200 06/01/97 06/01/98 1 475.00 475.00
FULTON, GA 1 *** 01 3331688 3161588 339 02/01/97 02/01/98 1 610.00 610.00
FULTON, GA 1 *** 54 3320943 0345468 709 08/10/97 08/10/98 1 404.25 404.25
FULTON, GA 1 *** 01 3513240 3161658 435 11/12/97 11/12/98 1 283.80 283.80
FULTON, GA 1 *** 01 3212978 3146307 325 09/10/96 09/10/97 1 299.00 299.00
FULTON, GA 1 *** 54 3646436 0433775 502 02/01/98 02/01/99 1 465.30 465.30
FULTON, GA 1 *** 01 3600049 0383560 518 03/01/97 03/01/98 1 610.00 610.00
FULTON, GA 1 *** 87 3098778 0232104 208 01/10/98 01/10/99 1 0.00 0.00
FULTON, GA 1 *** 50 2925677 0351712 610 09/30/97 09/30/98 1 285.45 285.45
FULTON, GA 1 *** 32 3500792 0341746 902 01/10/98 01/10/99 1 352.50 352.50
FULTON, GA 1 *** 32 3615113 0386162 501 09/04/97 09/04/98 1 305.00 305.00
FULTON, GA 1 *** 50 3518395 3161821 405 12/16/97 12/16/98 1 364.80 364.80
FULTON, GA 1 *** 50 3542075 0351789 614 03/15/97 03/15/98 1 152.50 152.50
FULTON, GA 1 *** 50 3812084 2027009 000 09/26/97 09/26/98 1 221.12 221.12
FULTON, GA 1 *** 50 3198779 8262398 100 01/10/98 01/10/99 1 543.00 543.00
FULTON, GA 1 *** 02 3755051 2001751 200 06/30/97 06/30/98 1 188.10 188.10
FULTON, GA 1 *** 01 3519758 0341694 633 07/10/97 07/10/98 1 156.68 156.68
FULTON, GA 1 *** 53 3571383 0453856 208 07/28/96 07/28/97 1 174.12 174.12
FULTON, GA 1 *** 01 3565748 0379272 510 07/01/97 07/01/98 1 305.00 305.00
Data as of 11/07/97 Page 14 11/20/97
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexB.XLS, EXPERIAN CONFIDENTIAL
<TABLE>
<CAPTION>
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
TOT. SALE
CUST CUST# CON.# EFFEC. ANNIV. LEASE PRODUCT AMT. FL/GA
COUNTY NAME QTY CUSTOMER NAME TYPE DATE DATE #YRS PRICE C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FULTON, GA 1 *** 37 3758218 2001659 204 08/21/97 08/21/98 1 44.55 44.55
FULTON, GA 1 *** 50 3510690 3146420 400 06/10/97 06/10/98 1 405.00 405.00
FULTON, GA 1 *** 50 3224573 0345482 705 08/15/97 08/15/98 1 202.12 202.12
FULTON, GA 1 *** 50 3348990 3161699 327 08/31/97 08/31/98 1 285.45 285.45
FULTON, GA 1 *** 50 3026551 0181538 203 05/28/97 05/28/98 1 254.22 254.22
FULTON, GA 1 *** 50 3811786 2021209 000 09/18/97 09/18/98 1 287.50 287.50
FULTON, GA 1 *** 01 3564183 8353720 601 06/17/97 06/17/98 1 188.19 188.19
FULTON, GA 1 *** 01 2970864 0348990 611 04/30/97 04/30/98 1 205.88 205.88
FULTON, GA 1 *** 53 3219861 0248564 016 01/01/97 01/01/98 1 0.00 0.00
FULTON, GA 1 *** 53 3219861 0248564 016 01/01/97 01/01/98 1 168.19 168.19
FULTON, GA 1 *** 50 3318117 0330923 704 06/10/97 06/10/98 1 0.00 0.00
FULTON, GA 1 *** 50 3025967 0181533 300 02/21/98 02/21/99 1 465.00 465.00
FULTON, GA 1 *** 53 3266735 0351843 609 04/10/97 04/10/98 1 108.90 108.90
FULTON, GA 1 *** 50 3012075 0341749 670 08/01/97 08/01/98 1 196.35 196.35
FULTON, GA 1 *** 50 3012075 0341749 912 08/01/97 08/01/98 1 142.73 142.73
FULTON, GA 1 *** 50 3012075 0341749 925 08/01/97 08/01/98 1 405.00 405.00
FULTON, GA 1 *** 50 3012075 2000711 202 08/01/97 08/01/98 1 188.10 188.10
FULTON, GA 1 *** 01 3517363 0345474 716 10/01/97 10/01/98 1 92.00 92.00
FULTON, GA 1 *** 50 3144237 0358130 601 05/14/97 05/14/98 1 188.10 188.10
FULTON, GA 1 *** 50 3583063 0374671 603 11/10/97 11/10/98 1 141.90 141.90
FULTON, GA 1 *** 50 3396814 0291044 003 09/12/97 09/12/98 1 123.34 123.34
FULTON, GA 1 *** 01 3019988 0181514 158 05/10/97 05/10/98 1 305.00 305.00
FULTON, GA 1 *** 51 3589560 0379219 608 02/23/98 02/23/99 1 465.00 465.00
FULTON, GA 1 *** 99 3751745 9414194 201 04/10/97 04/10/98 1 360.00 360.00
FULTON, GA 1 *** 01 3103692 0227047 123 03/10/97 03/10/98 1 226.25 226.25
FULTON, GA 1 *** 10 3618224 0395886 524 07/29/97 07/06/98 1 0.00 0.00
FULTON, GA 1 *** 02 3475526 3161745 512 09/10/97 09/10/98 1 0.00 0.00
FULTON, GA 1 *** 50 3388901 0310773 801 10/25/97 10/25/98 1 232.65 232.65
FULTON, GA 1 *** 01 3429460 3161813 406 06/15/97 06/15/98 1 169.29 169.29
FULTON, GA 1 *** 87 3098778 0232104 208 01/10/98 01/10/99 1 0.00 0.00
FULTON, GA 1 *** 32 3500792 0341746 902 01/10/98 01/10/99 1 352.50 352.50
FULTON, GA 1 *** 32 3615113 0386162 501 09/04/97 09/04/98 1 305.00 305.00
FULTON, GA 1 *** 50 3542075 0351789 614 03/15/97 03/15/98 1 152.50 152.50
Data as of 11/07/97 Page 15 11/20/97
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexB.XLS, EXPERIAN CONFIDENTIAL
<TABLE>
<CAPTION>
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
TOT. SALE
CUST CUST# CON.# EFFEC. ANNIV. LEASE PRODUCT AMT. FL/GA
COUNTY NAME QTY CUSTOMER NAME TYPE DATE DATE #YRS PRICE C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FULTON, GA 1 *** 01 3519758 0341694 633 071/0/97 071/0/98 1 156.68 156.68
FULTON, GA 1 *** 53 3571383 0453865 200 07/28/96 07/28/97 1 0.00 0.00
FULTON, GA 1 *** 50 2304924 3161571 402 05/10/97 05/10/98 1 315.15 315.15
FULTON, GA 1 *** 50 3259865 2028115 002 06/16/97 06/16/98 1 245.98 245.98
FULTON, GA 1 *** 01 3565748 0379272 510 07/01/97 07/01/98 1 305.00 305.00
FULTON, GA 1 *** 37 3758218 2001659 204 08/21/97 08/21/98 1 44.55 44.55
FULTON, GA 1 *** 52 3679843 0426737 409 08/26/97 08/26/98 1 285.45 285.45
FULTON, GA 1 *** 51 3778449 2022323 100 04/03/97 04/03/98 1 326.66 326.66
FULTON, GA 1 *** 50 3224573 0345482 705 08/15/97 08/15/98 1 202.13 202.13
FULTON, GA 1 *** 50 3026551 0181538 204 08/29/97 08/29/98 1 259.50 259.50
FULTON, GA 1 *** 01 2970864 0348990 611 04/30/97 04/30/98 1 205.88 205.88
FULTON, GA 1 *** 53 3219861 0248564 016 01/01/97 01/01/98 1 0.00 0.00
FULTON, GA 1 *** 53 3219861 0248564 016 01/01/97 01/01/98 1 168.19 168.19
FULTON, GA 1 *** 50 3318117 0330923 704 06/10/97 06/10/98 1 0.00 0.00
FULTON, GA 1 *** 53 3266735 0351843 609 04/10/97 04/10/98 1 108.90 108.90
FULTON, GA 1 *** 50 3012075 0341749 670 08/01/97 08/01/98 1 196.35 196.35
FULTON, GA 1 *** 01 3517363 0345474 716 10/01/97 10/01/98 1 97.75 97.75
FULTON, GA 1 *** 50 3583063 0374671 603 11/10/97 11/10/98 1 141.90 141.90
FULTON, GA 1 *** 50 3396814 0291044 003 09/12/97 09/12/98 1 123.34 123.34
FULTON, GA 1 *** 01 3019988 0181514 158 05/10/97 05/10/98 1 305.00 305.00
FULTON, GA 1 *** 10 3618224 0395886 524 07/29/97 07/06/98 1 0.00 0.00
FULTON, GA 1 *** 50 3388901 0310773 801 10/25/97 10/25/98 1 232.65 232.65
FULTON, GA 2 *** 99 3091641 0242866 100 12/28/97 12/28/98 1 0.00 0.00
FULTON, GA 4 *** 38 3313101 2001040 100 07/22/97 07/22/98 1 0.00 0.00
FULTON, GA 4 *** 38 3313101 2001040 100 07/22/97 07/22/98 1 0.00 0.00
FULTON, GA 5 *** 87 3308736 8242865 100 12/30/97 12/30/98 1 0.00 0.00
GWINNETT, GA 1 *** 87 3098778 0232104 209 01/10/98 01/10/99 1 0.00 0.00
GWINNETT, GA 1 *** 53 3214266 3146302 409 06/15/97 06/15/98 1 169.12 169.12
GWINNETT, GA 1 *** 01 3584886 0379201 404 06/10/97 06/10/98 1 405.00 405.00
GWINNETT, GA 1 *** 50 3504581 0341883 701 06/13/97 06/13/98 1 256.25 256.25
GWINNETT, GA 1 *** 01 3674462 2001643 200 07/09/97 07/09/98 1 405.00 405.00
GWINNETT, GA 1 *** 52 3680238 2022338 100 05/31/97 05/31/98 1 405.00 405.00
GWINNETT, GA 1 *** 01 3480869 0438768 508 12/16/97 12/16/98 1 465.00 465.00
Data as of 11/07/97 Page 16 11/20/97
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexB.XLS, EXPERIAN CONFIDENTIAL
<TABLE>
<CAPTION>
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
TOT. SALE
CUST CUST# CON.# EFFEC. ANNIV. LEASE PRODUCT AMT. FL/GA
COUNTY NAME QTY CUSTOMER NAME TYPE DATE DATE #YRS PRICE C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GWINNETT, GA 1 *** 01 3500758 0341867 701 07/16/97 07/16/98 1 189.55 189.55
GWINNETT, GA 1 *** 50 3542075 0351789 618 03/15/97 03/15/98 1 202.50 202.50
GWINNETT, GA 1 *** 50 3482636 0324075 702 02/15/97 02/15/98 1 405.00 405.00
GWINNETT, GA 1 *** 01 3519758 0341694 624 07/10/97 07/10/98 1 218.76 218.76
GWINNETT, GA 1 *** 54 3792401 2030389 100 10/23/97 10/23/98 1 274.54 274.54
GWINNETT, GA 1 *** 53 3571383 0453856 211 07/28/96 07/28/97 1 156.62 156.62
GWINNETT, GA 1 *** 50 3127694 0230026 102 07/03/97 07/03/98 1 405.00 405.00
GWINNETT, GA 1 *** 51 3795013 2018643 100 11/26/97 11/26/98 1 550.00 550.00
GWINNETT, GA 1 *** 51 3713622 0461640 300 06/06/97 06/06/98 1 405.00 405.00
GWINNETT, GA 1 *** 01 3271724 0247892 916 02/27/97 02/27/98 1 102.94 102.94
GWINNETT, GA 1 *** 50 3268438 3146403 424 07/10/97 07/10/98 1 132.90 132.90
GWINNETT, GA 1 *** 87 3090167 0271334 100 12/28/97 12/28/98 1 0.00 0.00
GWINNETT, GA 1 *** 86 3609938 0461616 308 07/05/97 07/05/98 1 0.00 0.00
GWINNETT, GA 1 *** 99 0038841 0242864 100 12/28/97 12/28/98 1 0.00 0.00
GWINNETT, GA 1 *** 50 3453232 0311030 809 10/21/97 10/21/98 1 0.00 0.00
GWINNETT, GA 1 *** 01 3565748 0379272 601 07/01/97 07/01/98 1 256.25 256.25
GWINNETT, GA 1 *** 44 3577426 3161641 406 03/10/97 03/10/98 1 405.00 405.00
GWINNETT, GA 1 *** 37 3758218 2001659 301 10/19/97 10/19/98 1 62.10 62.10
GWINNETT, GA 1 *** 38 3200894 3071759 304 07/28/97 07/28/98 1 0.00 0.00
GWINNETT, GA 1 *** 02 3562558 0353670 601 05/29/97 05/29/98 1 285.45 285.45
GWINNETT, GA 1 *** 51 3610039 0395837 500 05/07/97 05/07/98 1 405.00 405.00
GWINNETT, GA 1 *** 50 2999632 0213788 304 11/21/97 11/21/98 1 328.35 328.35
GWINNETT, GA 1 *** 50 3224573 0345482 716 08/15/97 08/15/98 1 285.45 285.45
GWINNETT, GA 1 *** 51 3654433 0435417 506 02/23/98 02/23/99 1 328.35 328.35
GWINNETT, GA 1 *** 01 3615089 0386062 501 06/11/97 06/11/98 1 256.25 256.25
GWINNETT, GA 1 *** 01 3331677 3146390 405 06/15/97 06/15/98 1 405.00 405.00
GWINNETT, GA 1 *** 50 3348990 0206516 203 08/31/97 08/31/98 1 285.45 285.45
GWINNETT, GA 1 *** 50 3463866 0374898 613 12/31/97 12/31/98 1 295.00 295.00
GWINNETT, GA 1 *** 50 3026551 0341682 715 05/28/97 05/28/98 1 328.23 328.23
GWINNETT, GA 1 *** 50 3811786 2021209 001 09/18/97 09/18/98 1 287.50 287.50
GWINNETT, GA 1 *** 01 3707720 8355277 635 04/10/97 04/10/98 1 212.76 212.76
GWINNETT, GA 1 *** 01 2970864 0348990 612 04/30/97 04/30/98 1 185.55 185.55
GWINNETT, GA 1 *** 01 3539938 0355268 609 09/15/97 09/15/98 1 256.25 256.25
Data as of 11/07/97 Page 17 11/20/97
</TABLE>
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexB.XLS, EXPERIAN CONFIDENTIAL
<TABLE>
<CAPTION>
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
TOT. SALE
COUNTRY NAME QTY CUSTOMER NAME CUST CUST# CON.# EFFEC. ANNIV LEASE PRODUCT AMT,FL/GA
TYPE DATE DATE #YRS PRICE C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GWINNETT, GA 1 *** 53 3219861 0248564 017 01/01/97 01/01/98 1 0.00 0.00
GWINNETT, GA 1 *** 53 3219861 0248564 017 01/01/97 01/01/98 1 230.63 230.63
GWINNETT, GA 1 *** 50 3318117 0330923 711 11/04/97 11/04/98 1 237.50 237.50
GWINNETT, GA 1 *** 50 3318117 0330923 715 06/10/97 06/10/98 1 0.00 0.00
GWINNETT, GA 1 *** 50 3012086 3146369 408 06/14/97 06/14/98 1 405.00 405.00
GWINNETT, GA 1 *** 50 3475593 2022446 103 04/03/97 04/03/98 1 403.75 403.75
GWINNETT, GA 1 *** 53 3266735 0271825 001 10/10/97 10/10/98 1 169.13 169.13
GWINNETT, GA 1 *** 50 3012075 0341749 864 08/01/97 08/01/98 1 169.13 169.13
GWINNETT, GA 1 *** 50 3012075 0341749 919 08/01/97 08/01/98 1 169.13 169.13
GWINNETT, GA 1 *** 50 3012075 0341749 951 08/01/97 08/01/98 1 285.45 285.45
GWINNETT, GA 1 *** 50 3537729 0349633 608 08/01/97 08/01/98 1 285.45 285.45
GWINNETT, GA 1 *** 50 3110300 0374613 601 08/20/97 08/20/98 1 256.25 256.25
GWINNETT, GA 1 *** 01 3517363 0345474 712 10/14/97 10/14/98 1 133.93 133.93
GWINNETT, GA 1 *** 01 3525298 3161606 402 06/25/97 06/25/98 1 169.13 169.13
GWINNETT, GA 1 *** 01 3331688 3161588 338 02/01/97 02/01/98 1 405.00 405.00
GWINNETT, GA 1 *** 50 3748026 2022464 101 05/24/97 05/24/98 1 475.00 475.00
GWINNETT, GA 1 *** 50 3375932 3161826 402 05/28/97 05/28/98 1 405.00 405.00
GWINNETT, GA 1 *** 02 3774744 2008089 101 10/10/97 10/10/98 1 170.00 170.00
GWINNETT, GA 1 *** 50 3590210 0379218 602 02/15/98 02/15/99 1 328.35 328.35
GWINNETT, GA 1 *** 50 3590221 0379217 602 02/15/98 02/15/99 1 328.35 328.35
GWINNETT, GA 1 *** 01 3513240 3161658 436 11/12/97 11/12/98 1 194.70 194.70
GWINNETT, GA 1 *** 01 3212978 3146307 326 09/10/96 09/10/97 1 205.00 205.00
GWINNETT, GA 1 *** 51 3805389 2017755 000 05/21/97 05/21/98 1 475.00 475.00
GWINNETT, GA 1 *** 50 3396814 0341720 802 09/12/97 09/12/98 1 256.25 256.25
GWINNETT, GA 1 *** 54 3646436 2008629 200 08/02/97 08/02/98 1 405.00 405.00
GWINNETT, GA 1 *** 51 3589560 0379219 607 02/23/98 02/23/99 1 465.00 465.00
GWINNETT, GA 1 *** 51 3744468 9415765 200 05/01/97 05/01/98 1 285.45 285.45
GWINNETT, GA 1 *** 50 3751262 2001702 200 08/23/97 08/23/98 1 256.25 256.25
GWINNETT, GA 1 *** 51 3588068 0379210 602 02/10/98 02/10/99 1 328.35 328.35
GWINNETT, GA 1 *** 01 3103692 0227047 325 03/10/97 03/10/98 1 221.25 221.25
GWINNETT, GA 1 *** 12 3812985 2027006 002 10/08/97 10/08/98 1 216.11 216.11
GWINNETT, GA 1 *** 01 3600049 0383560 519 03/01/97 03/01/98 1 405.00 405.00
GWINNETT, GA 1 *** 51 3796687 2028067 100 06/27/97 06/27/98 1 475.00 475.00
</TABLE>
PAGE 18
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Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexB.XLS, EXPERIAN CONFIDENTIAL
<TABLE>
<CAPTION>
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
TOT. SALE
COUNTRY NAME QTY CUSTOMER NAME CUST CUST# CON.# EFFEC. ANNIV LEASE PRODUCT AMT,FL/GA
TYPE DATE DATE #YRS PRICE C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
GWINNETT, GA 1 *** 02 3475526 3161745 505 09/10/97 09/10/98 1 0.00 0.00
GWINNETT, GA 1 *** 01 3429460 3146377 405 06/15/97 06/15/98 1 230.61 230.61
GWINNETT, GA 5 *** 87 3308736 8242864 100 12/30/97 12/30/98 1 0.00 0.00
GWINNETT, GA 8 *** 38 3200894 3071759 500 06/10/97 06/10/98 1 0.00 0.00
HALL, GA 1 *** 87 3098778 0232104 210 01/10/98 01/10/99 1 0.00 0.00
HALL, GA 1 *** 53 3214266 3146302 412 06/15/97 06/15/98 1 211.20 211.20
HALL, GA 1 *** 51 3795013 2028063 000 03/18/97 03/18/98 1 251.75 251.75
HALL, GA 1 *** 87 3090167 0320898 800 12/28/97 12/28/98 1 0.00 0.00
HALL, GA 1 *** 99 0038841 9410090 100 05/24/97 05/24/98 1 0.00 0.00
HALL, GA 1 *** 99 3091641 0242863 100 12/28/97 12/28/98 1 0.00 0.00
HALL, GA 1 *** 44 3577426 3161641 407 03/10/97 03/10/98 1 380.00 380.00
HALL, GA 1 *** 37 3758218 2001659 209 08/21/97 08/21/98 1 145.20 145.20
HALL, GA 1 *** 10 3783870 2018685 100 06/13/97 06/13/98 1 150.15 150.15
HALL, GA 1 *** 50 2321325 0302129 704 04/03/97 04/03/98 1 211.20 211.20
HALL, GA 1 *** 50 3224573 2001797 201 07/27/97 07/27/98 1 211.20 211.20
HALL, GA 1 *** 51 3654433 2017753 000 04/23/97 04/23/98 1 288.00 288.00
HALL, GA 1 *** 01 3539938 0355268 620 09/15/97 09/15/98 1 211.20 211.20
HALL, GA 1 *** 53 3219861 0248564 923 01/01/97 01/01/98 1 0.00 0.00
HALL, GA 1 *** 53 3219861 0248564 923 01/01/97 01/01/98 1 181.12 181.12
HALL, GA 1 *** 50 3012086 2022339 100 06/14/97 06/14/98 1 380.00 380.00
HALL, GA 1 *** 53 3266735 0351843 611 04/10/97 04/10/98 1 117.98 117.98
HALL, GA 1 *** 50 3012075 0341749 914 08/01/97 08/01/98 1 380.00 380.00
HALL, GA 1 *** 50 3012075 0341749 943 08/01/97 08/01/98 1 211.20 211.20
HALL, GA 1 *** 50 3012075 0341749 958 08/01/97 08/01/98 1 211.20 211.20
HALL, GA 1 *** 50 3537729 0349633 607 08/01/97 08/01/98 1 202.50 202.50
HALL, GA 1 *** 01 3331688 3161588 331 02/01/97 02/01/98 1 380.00 380.00
HALL, GA 1 *** 02 3774744 2008090 200 02/15/98 02/15/99 1 244.20 244.20
HALL, GA 1 *** 50 3751262 2001702 201 05/23/97 05/23/98 1 132.83 132.83
HALL, GA 1 *** 50 3751273 2001703 201 05/30/97 05/30/98 1 87.63 87.63
HALL, GA 1 *** 01 3429460 3146377 501 06/15/97 06/15/98 1 190.08 190.08
HALL, GA 4 *** 38 3347607 8152111 400 07/28/97 07/28/98 1 0.00 0.00
HALL, GA 8 *** 87 3308736 8242863 100 12/30/97 12/30/98 1 0.00 0.00
HENRY, GA 1 *** 53 3214266 0302431 805 06/19/97 06/19/98 1 380.00 380.00
</TABLE>
PAGE 19
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Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexB.XLS, EXPERIAN CONFIDENTIAL
<TABLE>
<CAPTION>
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
TOT. SALE
COUNTRY NAME QTY CUSTOMER NAME CUST CUST# CON.# EFFEC. ANNIV LEASE PRODUCT AMT,FL/GA
TYPE DATE DATE #YRS PRICE C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
HENRY, GA 1 *** 50 3808870 2050023 000 07/21/97 07/21/98 1 237.60 237.60
HENRY, GA 1 *** 01 3271724 0438774 402 02/27/97 02/27/98 1 96.00 96.00
HENRY, GA 1 *** 87 3090167 0320899 800 12/28/97 12/28/98 1 0.00 0.00
HENRY, GA 1 *** 99 0038841 0031247 202 01/19/98 01/19/99 1 0.00 0.00
HENRY, GA 1 *** 50 3259865 2028115 003 06/16/97 06/16/98 1 233.10 233.10
HENRY, GA 1 *** 52 3679843 2008631 200 08/26/97 08/26/98 1 211.20 211.20
HENRY, GA 1 *** 01 3218927 0353661 504 11/06/97 11/06/98 1 440.00 440.00
HENRY, GA 1 *** 53 3219861 0248564 925 01/01/97 01/01/98 1 0.00 0.00
HENRY, GA 1 *** 53 3219861 0248564 925 01/01/97 01/01/98 1 201.38 201.38
HENRY, GA 1 *** 50 3488261 0351796 604 03/10/97 03/10/98 1 120.75 120.75
HENRY, GA 1 *** 01 3019988 0181514 005 08/15/97 08/15/98 1 380.00 380.00
HENRY, GA 8 *** 87 3308736 0150895 500 11/30/97 11/30/98 1 0.00 0.00
HILLSBOROUGH, FL 1 *** 01 3409664 0302309 802 04/10/97 04/10/98 1 449.50 449.50
HILLSBOROUGH, FL 1 *** 01 2327006 2015993 101 02/13/97 02/13/98 1 702.00 702.00
HILLSBOROUGH, FL 1 *** 50 2103895 2130772 301 05/10/96 05/10/97 1 680.00 680.00
HILLSBOROUGH, FL 1 *** 01 3614651 0409315 502 10/01/97 10/01/98 1 465.00 465.00
HILLSBOROUGH, FL 1 *** 01 2814267 2156386 303 05/10/97 05/10/98 1 685.00 685.00
HILLSBOROUGH, FL 1 *** 50 2174516 2125072 403 03/14/97 03/14/98 1 780.00 780.00
HILLSBOROUGH, FL 1 *** 87 3613103 0220264 100 04/15/97 04/15/98 1 0.00 0.00
HILLSBOROUGH, FL 1 *** 01 3229963 0251165 001 04/10/97 04/10/98 1 0.00 0.00
HILLSBOROUGH, FL 1 *** 01 3229963 2028139 000 03/10/97 03/10/98 1 0.00 0.00
HILLSBOROUGH, FL 1 *** 87 3090167 0258778 600 08/07/97 08/07/98 1 0.00 0.00
HILLSBOROUGH, FL 1 *** 99 0038841 0300077 101 12/05/97 12/05/98 1 0.00 0.00
HILLSBOROUGH, FL 1 *** 37 3014600 0207125 300 09/30/97 09/30/98 1 0.00 0.00
HILLSBOROUGH, FL 1 *** 53 2016539 2130450 702 01/30/98 01/30/99 1 797.97 797.97
HILLSBOROUGH, FL 1 *** 01 3729595 0459312 302 01/01/98 01/01/99 1 785.00 785.00
HILLSBOROUGH, FL 1 *** 38 2133380 2130413 401 12/10/96 12/10/97 1 678.75 678.75
HILLSBOROUGH, FL 1 *** 01 2227533 2160774 502 12/10/97 12/10/98 1 654.00 654.00
HILLSBOROUGH, FL 1 *** 01 3472464 0323542 801 08/10/97 08/10/98 1 780.00 780.00
HILLSBOROUGH, FL 1 *** 01 2943534 0213602 203 06/10/97 06/10/98 1 780.00 780.00
HILLSBOROUGH, FL 1 *** 01 3120783 0211713 303 06/10/97 06/10/98 1 780.00 780.00
HILLSBOROUGH, FL 1 *** 01 3774711 2026766 101 09/12/97 09/12/98 1 780.00 780.00
HILLSBOROUGH, FL 1 *** 50 3030022 2018269 200 02/21/98 02/21/99 1 1325.00 1325.00
</TABLE>
PAGE 20
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexB.XLS, EXPERIAN CONFIDENTIAL
<TABLE>
<CAPTION>
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
TOT. SALE
COUNTRY QTY CUSTOMER NAME CUST CUST# CON.# EFFEC. ANNIV LEASE PRODUCT AMT,FL/GA
NAME TYPE DATE DATE #YRS PRICE C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
HILLSBOROUGH, FL 1 *** 01 3455564 0323476 801 05/01/97 05/01/98 1 788.00 788.00
HILLSBOROUGH, FL 4 *** 38 3151435 0232699 200 07/14/97 07/14/98 1 0.00 0.00
HILLSBOROUGH, FL 8 *** 87 3308736 8271269 100 12/30/97 12/30/98 1 0.00 0.00
ORANGE, FL 1 *** 01 2124016 2146280 402 09/30/97 09/30/98 1 0.00 0.00
ORANGE, FL 1 *** 01 3707753 0452612 306 04/12/97 04/12/98 1 760.00 760.00
ORANGE, FL 1 *** 50 2246660 0166425 302 07/10/96 07/10/97 1 0.00 0.00
ORANGE, FL 1 *** 01 2281193 0219404 002 12/10/96 12/10/97 1 615.00 615.00
ORANGE, FL 1 *** 01 2525859 0277343 701 12/01/96 12/01/97 1 0.00 0.00
ORANGE, FL 1 *** 14 2524650 2166168 400 06/10/97 06/10/98 1 825.11 825.11
ORANGE, FL 1 *** 01 2782298 0166396 403 10/10/97 10/10/98 1 683.75 683.75
ORANGE, FL 1 *** 12 2972778 0211755 301 01/10/98 01/10/99 1 694.00 694.00
ORANGE, FL 1 *** 01 2743297 0166486 401 09/10/97 09/10/98 1 361.35 361.35
ORANGE, FL 1 *** 87 3613103 0186716 100 12/28/97 12/28/98 1 0.00 0.00
ORANGE, FL 1 *** 87 3090167 0284988 900 12/28/97 12/28/98 1 0.00 0.00
ORANGE, FL 1 *** 99 0038841 0271275 300 12/28/97 12/28/98 1 0.00 0.00
ORANGE, FL 1 *** 43 3676334 0189884 402 03/01/97 03/01/98 1 531.25 531.25
ORANGE, FL 1 *** 37 3014600 2160342 500 10/30/97 10/30/98 1 0.00 0.00
ORANGE, FL 1 *** 37 2462851 0334219 701 03/10/97 03/10/98 1 760.00 760.00
ORANGE, FL 1 *** 01 2222754 0251195 001 06/15/97 06/15/98 1 760.00 760.00
ORANGE, FL 1 *** 19 2300535 2166016 405 02/10/97 02/10/98 1 0.00 0.00
ORANGE, FL 1 *** 68 2255435 0358245 603 08/10/97 08/10/98 1 507.37 507.37
ORANGE, FL 1 *** 01 2002419 2166143 504 06/10/97 06/10/98 1 380.00 380.00
ORANGE, FL 1 *** 01 2011985 2166158 302 11/10/96 11/10/97 1 507.40 507.40
ORANGE, FL 1 *** 01 3807695 2017783 000 06/30/97 06/30/98 1 817.00 817.00
ORANGE, FL 1 *** 50 3342811 0208136 201 04/10/97 04/10/98 1 825.00 825.00
ORANGE, FL 1 *** 01 2778633 0166475 402 09/10/97 09/10/98 1 760.00 760.00
ORANGE, FL 1 *** 02 3388923 8278680 801 01/10/97 01/10/98 1 0.00 0.00
ORANGE, FL 1 *** 54 2236904 0462048 203 02/16/97 02/16/98 1 760.00 760.00
ORANGE, FL 1 TRAMMELL CROW 50 3627303 8433820 503 08/30/97 08/30/98 1 760.00 760.00
COMPANY
ORANGE, FL 7 *** 87 3308736 8271275 100 12/30/97 12/30/98 1 0.00 0.00
PALM BEACH, FL 1 *** 01 2337799 2123381 402 04/10/97 04/10/98 1 784.57 784.57
PALM BEACH, FL 1 *** 01 2989020 0175906 300 08/10/97 08/10/98 1 784.57 784.57
PALM BEACH, FL 1 *** 01 2012003 0462283 300 08/10/97 08/10/98 2 810.00 1620.00
</TABLE>
PAGE 21
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexB.XLS, EXPERIAN CONFIDENTIAL
<TABLE>
<CAPTION>
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
TOT. SALE
COUNTRY QTY CUSTOMER NAME CUST CUST# CON.# EFFEC. ANNIV LEASE PRODUCT AMT,FL/GA
NAME TYPE DATE DATE #YRS PRICE C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PALM BEACH, FL 1 *** 54 2213082 0187409 408 05/10/97 05/10/98 1 1395.00 1395.00
PALM BEACH, FL 1 *** 01 2255727 2179313 400 05/01/97 05/01/98 1 784.58 784.58
PALM BEACH, FL 1 *** 01 2300728 2151658 400 03/10/97 03/10/98 1 780.64 780.64
PALM BEACH, FL 1 *** 01 2124016 2146279 401 04/01/97 04/01/98 1 523.05 523.05
PALM BEACH, FL 1 *** 01 3192694 2020690 202 11/30/97 11/30/98 1 1260.00 1260.00
PALM BEACH, FL 1 *** 01 3449718 2002174 001 04/10/97 04/10/98 1 1095.00 1095.00
PALM BEACH, FL 1 *** 01 3576629 0375362 606 10/10/97 10/10/98 1 846.00 846.00
PALM BEACH, FL 1 CUSHMAN & WAKEFIELD 51 3147416 8321927 801 01/10/98 01/10/99 1 1262.00 1262.00
OF FLORIDA INC
PALM BEACH, FL 1 *** 87 3613103 0220272 100 04/28/97 04/28/98 1 0.00 0.00
PALM BEACH, FL 1 *** 01 3616345 0408846 603 12/10/97 12/10/98 1 445.00 445.00
PALM BEACH, FL 1 *** 87 3090167 0271317 100 12/28/97 12/28/98 1 0.00 0.00
PALM BEACH, FL 1 *** 99 0038841 0271272 101 12/28/97 12/28/98 1 0.00 0.00
PALM BEACH, FL 1 *** 01 2773504 0187423 402 08/10/97 08/10/98 1 392.29 392.29
PALM BEACH, FL 1 *** 37 3014600 0179053 400 05/07/97 05/07/98 1 0.00 0.00
PALM BEACH, FL 1 *** 37 3673115 0445335 401 07/01/97 07/01/98 1 1061.00 1061.00
PALM BEACH, FL 1 *** 53 2308416 2123376 402 05/05/97 05/05/98 1 413.34 413.34
PALM BEACH, FL 1 *** 01 3756964 2007364 202 08/01/97 08/01/98 1 480.00 480.00
PALM BEACH, FL 1 *** 01 2210201 0263980 001 08/17/97 08/17/98 1 392.29 392.29
PALM BEACH, FL 1 *** 01 3026283 8182450 203 02/28/97 02/28/98 1 1340.00 1340.00
PALM BEACH, FL 1 *** 01 3681790 0503384 303 08/28/96 08/28/97 1 0.00 0.00
PALM BEACH, FL 1 *** 50 2003540 2179302 401 05/01/97 05/01/98 1 695.00 695.00
PALM BEACH, FL 1 *** 50 2952051 0205845 302 11/10/97 11/10/98 1 978.65 978.65
PALM BEACH, FL 1 *** 38 2709594 2015790 102 10/28/97 10/28/98 1 0.00 0.00
PALM BEACH, FL 1 *** 01 2743938 2190126 402 05/19/97 05/19/98 1 1095.00 1095.00
PALM BEACH, FL 1 *** 51 3805068 2017709 001 06/30/97 06/30/98 1 1115.00 1115.00
PALM BEACH, FL 1 *** 01 2264402 0187465 401 06/10/97 06/10/98 1 1091.00 1091.00
PALM BEACH, FL 1 *** 01 2014881 2084351 301 04/25/97 04/25/98 1 694.20 694.20
PALM BEACH, FL 1 *** 50 2162537 2002360 201 04/10/97 04/10/98 1 1095.00 1095.00
PALM BEACH, FL 1 *** 01 3722516 0386331 401 04/10/97 04/10/98 1 1095.00 1095.00
PALM BEACH, FL 1 *** 61 2309844 0176513 301 11/29/97 11/29/98 1 0.00 0.00
PALM BEACH, FL 1 *** 01 3752427 2007221 203 06/30/97 06/30/98 1 0.00 0.00
PALM BEACH, FL 1 *** 01 2795395 2017695 000 05/05/97 05/05/98 1 1095.00 1095.00
PALM BEACH, FL 8 *** 87 3308736 8271272 100 12/30/97 12/30/98 1 0.00 0.00
</TABLE>
PAGE 22
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexB.XLS, EXPERIAN CONFIDENTIAL
<TABLE>
<CAPTION>
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
TOT. SALE
COUNTRY NAME QTY CUSTOMER NAME CUST CUST# CON.# EFFEC. ANNIV LEASE PRODUCT AMT,FL/GA
TYPE DATE DATE #YRS PRICE C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
PINELLAS, FL 1 *** 01 3409664 0304072 802 04/10/97 04/10/98 1 437.29 437.29
PINELLAS, FL 1 *** 50 2-74516 0208134 203 03/14/97 03/14/98 1 780.00 780.00
PINELLAS, FL 1 *** 87 3613103 0949020 300 12/28/97 12/28/98 1 0.00 0.00
PINELLAS, FL 1 *** 01 3229963 2028139 001 03/10/97 03/10/98 1 0.00 0.00
PINELLAS, FL 1 *** 50 3031238 0213657 001 01/10/96 01/10/97 1 0.00 0.00
PINELLAS, FL 1 *** 87 3090167 0271318 100 12/28/97 12/28/98 1 0.00 0.00
PINELLAS, FL 1 *** 99 0038841 0271276 001 05/21/97 05/21/98 1 0.00 0.00
PINELLAS, FL 1 *** 43 3676334 0189887 402 03/01/97 03/01/98 1 658.75 658.75
PINELLAS, FL 1 *** 37 3014600 0187527 300 08/27/97 08/27/98 1 0.00 0.00
PINELLAS, FL 1 *** 01 2-24083 0187305 503 12/10/97 12/10/98 1 1345.00 1345.00
PINELLAS, FL 1 *** 50 3776654 2018317 100 03/12/97 03/12/98 1 1030.73 1030.73
PINELLAS, FL 1 *** 53 2016539 0226857 403 01/30/98 01/30/99 1 523.20 523.20
PINELLAS, FL 1 *** 01 3729595 0459311 402 01/01/98 01/01/99 1 980.00 980.00
PINELLAS, FL 1 *** 38 2811194 8160371 300 04/28/97 04/28/98 1 0.00 0.00
PINELLAS, FL 1 *** 01 3-20783 0322393 701 06/10/97 06/10/98 1 1170.00 1170.00
PINELLAS, FL 1 *** 50 3030022 2018268 100 02/21/97 02/21/98 1 721.50 721.50
PINELLAS, FL 1 *** 01 2958732 0213317 301 05/10/97 05/10/98 1 1170.00 1170.00
PINELLAS, FL 8 *** 87 3308736 8271276 100 12/30/97 12/30/98 1 0.00 0.00
ROCKDALE, GA 1 *** 87 3098778 0232104 211 01/10/98 01/10/99 1 0.00 0.00
ROCKDALE, GA 1 *** 50 3490994 0461639 301 06/06/97 06/06/98 1 201.25 201.25
ROCKDALE, GA 1 *** 53 3214266 0248316 001 06/15/97 06/15/98 1 105.60 105.60
ROCKDALE, GA 1 *** 50 3121458 0441571 401 05/20/97 05/20/98 1 380.00 380.00
ROCKDALE, GA 1 *** 01 3271724 0341687 602 02/27/97 02/27/98 1 78.19 78.19
ROCKDALE, GA 1 *** 87 3090167 0320816 800 12/28/97 12/28/98 1 0.00 0.00
ROCKDALE, GA 1 *** 99 0038841 0271251 100 12/28/97 12/28/98 1 0.00 0.00
ROCKDALE, GA 1 *** 37 3758218 2001659 210 08/21/97 08/21/98 1 91.80 91.80
ROCKDALE, GA 1 *** 50 3348990 3161699 414 08/31/97 08/31/98 1 211.20 211.20
ROCKDALE, GA 1 *** 01 3707720 8355277 639 04/10/97 04/10/98 1 163.01 163.01
ROCKDALE, GA 1 *** 50 2966854 0341645 600 06/01/97 06/01/98 1 132.83 132.83
ROCKDALE, GA 1 *** 53 3219861 0248564 924 01/01/97 01/01/98 1 0.00 0.00
ROCKDALE, GA 1 *** 53 3219861 0248564 924 01/01/97 01/01/98 1 181.12 181.12
ROCKDALE, GA 1 *** 50 3318117 0435487 403 06/10/97 06/10/98 1 0.00 0.00
ROCKDALE, GA 1 *** 53 3266735 0351843 513 08/10/97 08/10/98 1 132.83 132.83
</TABLE>
PAGE 23
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexB.XLS, EXPERIAN CONFIDENTIAL
<TABLE>
<CAPTION>
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
TOT. SALE
COUNTRY NAME QTY CUSTOMER NAME CUST CUST# CON.# EFFEC. ANNIV LEASE PRODUCT AMT,FL/GA
TYPE DATE DATE #YRS PRICE C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ROCKDALE, GA 1 *** 50 3012075 0341749 959 08/01/97 08/01/98 1 211.20 211.20
ROCKDALE, GA 1 *** 54 3265697 0271849 004 08/21/97 08/21/98 1 201.25 201.25
ROCKDALE, GA 1 *** 01 3331688 3161588 328 02/01/97 02/01/98 1 380.00 380.00
ROCKDALE, GA 1 *** 01 3513240 2017747 000 05/05/97 05/05/98 1 211.20 211.20
ROCKDALE, GA 1 *** 01 3768208 2008785 201 12/14/97 12/14/98 1 268.33 268.33
ROCKDALE, GA 8 *** 87 3308736 8271251 100 12/30/97 12/30/98 1 0.00 0.00
SARASOTA, FL 1 *** 87 3613103 0220309 100 03/03/97 03/03/98 1 0.00 0.00
SARASOTA, FL 1 *** 87 3090167 8258775 700 08/07/97 08/07/98 1 0.00 0.00
SARASOTA, FL 1 *** 99 0038841 0271278 100 12/05/97 12/05/98 1 0.00 0.00
SARASOTA, FL 1 *** 37 3014600 0207003 300 09/30/97 09/30/98 1 0.00 0.00
SARASOTA, FL 1 *** 37 2518608 0277531 901 07/01/97 07/01/98 1 498.33 498.33
SARASOTA, FL 1 *** 01 2904762 0187110 405 01/10/98 01/10/99 1 1650.00 1650.00
SARASOTA, FL 1 *** 01 2809562 0187630 304 02/25/97 02/25/98 1 260.10 260.10
SARASOTA, FL 1 *** 53 2309233 2151773 402 05/10/97 05/10/98 1 0.00 0.00
SARASOTA, FL 1 *** 01 2762195 2152231 402 03/10/97 03/10/98 1 1060.00 1060.00
SARASOTA, FL 2 *** 38 2309589 0179092 300 09/30/97 09/30/98 1 0.00 0.00
SARASOTA, FL 7 *** 87 3308736 8271278 100 12/30/97 12/30/98 1 0.00 0.00
SEMINOLE, FL 1 *** 01 2124016 2146276 402 03/01/97 03/01/98 1 760.00 760.00
SEMINOLE, FL 1 *** 01 3707753 0452612 207 03/20/97 03/20/98 1 855.00 855.00
SEMINOLE, FL 1 *** 01 3611447 2028502 101 07/30/97 07/30/98 1 0.00 0.00
SEMINOLE, FL 1 *** 01 2281193 0358762 603 08/10/97 08/10/98 1 760.00 760.00
SEMINOLE, FL 1 *** 54 3575860 0375272 502 05/03/97 05/03/98 1 760.00 760.00
SEMINOLE, FL 1 *** 01 2525859 0277344 801 11/17/96 11/17/97 1 0.00 0.00
SEMINOLE, FL 1 *** 14 2524650 2166169 400 06/10/97 06/10/98 1 442.50 442.50
SEMINOLE, FL 1 *** 01 2782298 0166395 403 10/10/97 10/10/98 1 875.00 875.00
SEMINOLE, FL 1 *** 12 2972778 0211710 201 11/10/97 11/10/98 1 389.40 389.40
SEMINOLE, FL 1 *** 01 2743297 0166487 401 09/10/97 09/10/98 1 389.40 389.40
SEMINOLE, FL 1 *** 87 3613103 0304031 800 05/24/97 05/24/98 1 0.00 0.00
SEMINOLE, FL 1 *** 87 3090167 0271322 100 12/28/97 12/28/98 1 0.00 0.00
SEMINOLE, FL 1 *** 99 0038841 8259978 100 08/27/97 08/27/98 1 0.00 0.00
SEMINOLE, FL 1 *** 54 2323260 0166367 401 06/10/97 06/10/98 1 760.00 760.00
SEMINOLE, FL 1 *** 43 3676334 0189886 403 03/01/97 03/01/98 1 376.25 376.25
SEMINOLE, FL 1 *** 37 2462851 0334223 701 03/10/97 03/10/98 1 760.00 760.00
</TABLE>
PAGE 24
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
RESexB.XLS, EXPERIAN CONFIDENTIAL
<TABLE>
<CAPTION>
Southeast C&I Report
EXHIBIT B. Product Name=TRW REDI Comps (Commercial)
- ---------
Effective 01/01/96 to 11/07/97
TOT. SALE
COUNTRY NAME QTY CUSTOMER NAME CUST CUST# CON.# EFFEC. ANNIV LEASE PRODUCT AMT,FL/GA
TYPE DATE DATE #YRS PRICE C&I ONLY
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SEMINOLE, FL 1 *** 01 2337894 0166322 307 07/10/96 07/10/97 1 0.00 0.00
SEMINOLE, FL 1 *** 01 2222754 0297000 900 12/10/97 12/10/98 1 0.00 0.00
SEMINOLE, FL 1 *** 19 2300535 2166017 403 02/10/97 02/10/98 1 0.00 0.00
SEMINOLE, FL 1 *** 01 2723769 2166163 302 02/10/97 02/10/98 1 256.25 256.25
SEMINOLE, FL 1 *** 01 2002419 2166142 402 06/10/97 06/10/98 1 760.00 760.00
SEMINOLE, FL 1 *** 01 2011985 2166159 401 04/10/97 04/10/98 1 0.00 0.00
SEMINOLE, FL 1 *** 01 3807695 2107781 000 06/30/97 06/30/98 1 812.25 812.25
SEMINOLE, FL 1 *** 50 3342811 0208135 101 02/24/97 02/24/98 1 760.00 760.00
SEMINOLE, FL 1 *** 01 2778633 0166474 402 09/10/97 09/10/98 1 1210.00 1210.00
SEMINOLE, FL 1 *** 02 3388923 0278681 803 11/29/96 11/29/97 1 0.00 0.00
SEMINOLE, FL 1 *** 38 2233194 2152171 600 12/28/97 12/28/98 1 0.00 0.00
SEMINOLE, FL 1 *** 54 2236904 0462048 202 02/16/97 02/16/98 1 1089.00 1089.00
SEMINOLE, FL 1 TRAMMELL CROW 50 3627303 8433820 502 08/30/97 08/30/98 1 1210.00 1210.00
COMPANY
SEMINOLE, FL 2 *** 85 2915683 2014759 200 10/18/97 10/18/98 1 0.00 0.00
SEMINOLE, FL 7 *** 87 3308736 9259978 100 12/30/97 12/30/98 1 0.00 0.00
VOLUSIA, FL 1 *** 01 2124016 0172866 401 10/10/96 10/10/97 1 541.00 541.00
VOLUSIA, FL 1 *** 01 2281193 2125452 402 09/10/97 09/10/98 1 522.23 522.23
VOLUSIA, FL 1 *** 02 3158120 2166170 402 08/10/97 08/10/98 1 522.23 522.23
VOLUSIA, FL 1 *** 87 3613103 0320883 800 12/10/97 12/10/98 1 0.00 0.00
VOLUSIA, FL 1 *** 87 3090167 0258778 000 08/07/97 08/07/98 1 0.00 0.00
VOLUSIA, FL 1 *** 99 0038841 0271279 100 12/05/97 12/05/98 1 0.00 0.00
VOLUSIA, FL 1 *** 43 3676334 2156449 502 03/01/97 03/01/98 1 825.00 825.00
VOLUSIA, FL 1 *** 37 3014600 0127775 400 06/15/97 06/15/98 1 0.00 0.00
VOLUSIA, FL 1 *** 37 2462851 0334224 701 03/10/97 03/10/98 1 910.00 910.00
VOLUSIA, FL 1 *** 01 3040304 0208283 101 04/10/96 04/10/97 1 0.00 0.00
VOLUSIA, FL 1 *** 01 3690996 2018481 101 03/01/97 03/01/98 1 720.38 720.38
VOLUSIA, FL 1 *** 01 3512676 2156317 501 01/10/98 01/10/99 1 990.00 990.00
VOLUSIA, FL 2 *** 85 2915683 2014758 200 10/13/97 10/13/98 1 0.00 0.00
VOLUSIA, FL 7 *** 87 3308736 8271279 100 12/30/97 12/30/98 1 0.00 0.00
Total All Above 293,803.83 298,427.83
</TABLE>
PAGE 25
*** Portions of this page have been omitted pursuant to a request for
Confidential Treatment and filed separately with the Commission.
<PAGE>
EXHIBIT C -
-----------
REGULAR PRODUCTS OF EXPERIAN RES'S
----------------------------------
FLORIDA AND GEORGIA C&I DATA EXTRACT BUSINESS
---------------------------------------------
All are in printed media only.
Monthly publication:
Florida: Brevard, Broward, Dade, Duval, Hillsborough, Orange, Palm Beach,
Pinellas, Sarasota, Seminole and Volusia counties.
Georgia: Cherokee, Coweta, Douglas, Fayette, Forsyth, Hall, Henry and Rock-
dale counties.
Weekly publication:
Georgia: City of Atlanta, and Clayton, Cobb, Dekalb, Fulton and Gwinnett
counties.
<PAGE>
EXHIBIT D - COMPS MARKETS
-------------------------
<TABLE>
<S> <C> <C> <C> <C> <C>
1 AZ Maricopa 37 FL Orange
2 AZ Pima 38 FL Osceola
3 CA Alameda 39 FL Seminole
4 CA Contra Costa 40 GA Forsyth
5 CA El Dorado 41 GA Fulton
6 CA Fresno 42 GA Gwinnett
7 CA Los Angeles 43 IL Cook
8 CA Madera 44 IL DuPage
9 CA Marin 45 IL Lake
10 CA Merced 46 MA Essex
11 CA Napa 47 MA Middlesex
12 CA Orange 48 MA Norfolk
13 CA Placer 49 MA Suffolk
14 CA Riverside 50 MD Montgomery
15 CA Sacramento 51 MD Prince George's
16 CA San Bernardino 52 MD Washington, D.C.
17 CA San Diego 53 MD Anne Arundel
18 CA San Francisco 54 MD Baltimore
19 CA San Joaquin 55 MD City of Baltimore
20 CA San Mateo 56 MD Harford
21 CA Santa Clara 57 MD Howard
22 CA Solano 58 NV Clark
23 CA Sonoma 59 NY Manhattan
24 CA Stanislau 60 TX Collin
25 CA Ventura 61 TX Dallas
26 CA Yolo 62 TX Denton
27 CO Adams 63 TX Tarrant
28 CO Arapahoe 64 VA Fairfax
29 CO Boulder 65 VA Loudoun
30 CO Denver 66 VA Prince William
31 CO Douglas 67 VA Arlington
32 CO El Paso 68 VA City of Alexandria
33 CO Jefferson 69 WA King
34 GA Clayton 70 WA Pierce
35 GA Cobb 71 WA Snohomish
36 GA DeKalb
</TABLE>
<PAGE>
EXHIBIT E - NON-DISCLOSURE STATES
---------------------------------
<TABLE>
<S> <C> <C> <C>
1 Alabama 8 Montana
2 Alaska 9 Michigan
3 Idaho 10 New Mexico
4 Indiana 11 North Dakota
5 Kansas 12 Texas
6 Missouri 13 Utah
7 Mississippi 14 Wyoming
</TABLE>
<PAGE>
EXHIBIT F -
-----------
PUBLICATION AND PRODUCTION COST INFORMATION
-------------------------------------------
Estimated for January 1997:
Direct labor (including research and preparation), printing and packaging:
$11,600 for all Florida and Georgia regular products, or $6,000 for all Florida
only
Reproduction-ready masters only (if COMPS elects to print, package and
fulfill itself, with such services from Experian RES): $3,575 for Florida only,
$3,575 for Georgia only
<PAGE>
Exhibit 10.45
- --------------------------------------------------------------------------------
ASSET PURCHASE AGREEMENT
by and among
COMPS INFOSYSTEMS, INC.,
AOBR, INC.,
LINDA HOFFMAN,
GUY GOODWIN
and
DON GUY
dated as of December 4, 1998
- --------------------------------------------------------------------------------
*** Certain confidential portions of this Exhibit were omitted by means of
blackout of the text (the "Mark"). This Exhibit has been filed separately
with the Secretary of the Commission without the Mark pursuant to the
Company's Application Requesting Confidential Treatment under Rule 406 under
the Act.
<PAGE>
TABLE OF CONTENTS
-----------------
<TABLE>
<CAPTION>
Page
----
<C> <S> <C>
ARTICLE 1 DEFINITIONS........................................................... 1
1.1 Defined Terms....................................................... 1
1.2 Construction of Certain Terms and Phrases........................... 5
ARTICLE 2 PURCHASE AND SALE OF PURCHASED ASSETS................................. 6
2.1 Purchase and Sale of the Company's Assets........................... 6
2.2 Excluded Assets..................................................... 6
2.3 Assumed Liabilities................................................. 7
2.4 Purchase Price...................................................... 7
2.5 Allocation of Aggregate Purchase Price.............................. 7
2.6 Sales, Use and Other Taxes.......................................... 7
2.7 Title............................................................... 7
2.8 Bulk Sales Compliance............................................... 8
2.9 Closing............................................................. 8
ARTICLE 3 REPRESENTATIONS AND WARRANTIES OF SELLERS............................. 10
3.1 Organization and Ownership of the Company........................... 10
3.2 Authority of Sellers and the Company Principals..................... 10
3.3 Ownership of the Business/Purchased Assets.......................... 10
3.4 The Report Agreement................................................ 11
3.5 No Conflicts........................................................ 11
3.6 Governmental Approvals and Filings.................................. 11
3.7 Books and Records................................................... 12
3.8 Financial Statements................................................ 12
3.9 Absence of Changes.................................................. 12
3.10 No Undisclosed Liabilities.......................................... 12
3.11 Purchased Assets.................................................... 12
3.12 Intellectual Property Rights........................................ 13
3.13 Litigation.......................................................... 13
3.14 Compliance with Law................................................. 14
3.15 Tax Matters......................................................... 14
3.16 No Other Agreements to Sell the Business or the Purchased Assets.... 14
3.17 Exclusive Dealing................................................... 14
3.18 [Intentionally Left Blank].......................................... 15
3.19 Customers........................................................... 15
3.20 Third Party Consents................................................ 15
3.21 Brokers............................................................. 15
3.22 Disclosure.......................................................... 15
ARTICLE 4 REPRESENTATIONS AND WARRANTIES OF BUYER............................... 16
4.1 Organization of Buyer............................................... 16
4.2 Authority of Buyer.................................................. 16
</TABLE>
i
<PAGE>
<TABLE>
<C> <S> <C>
4.3 Litigation.......................................................... 16
4.4 Governmental Approvals and Filings.................................. 16
4.5 No Undisclosed Liabilities.......................................... 16
4.6 Brokers............................................................. 17
4.7 Third Party Consents................................................ 17
ARTICLE 5 CONDITIONS TO THE OBLIGATIONS OF SELLERS.............................. 17
5.1 Representations, Warranties and Covenants........................... 17
5.2 No Actions or Proceedings........................................... 17
5.3 Consents............................................................ 17
5.4 Performance of Agreement............................................ 18
5.5 Approval of Documentation........................................... 18
5.6 Closing Deliveries.................................................. 18
ARTICLE 6 CONDITIONS TO THE OBLIGATIONS OF BUYER................................ 18
6.1 Representations, Warranties and Covenants........................... 18
6.2 No Actions or Proceedings........................................... 18
6.3 Due Diligence....................................................... 18
6.4 Material Adverse Effect............................................. 18
6.5 Consents............................................................ 19
6.6 Board Approval...................................................... 19
6.7 Company Board and Shareholder Approval.............................. 19
6.8 Performance of Agreement............................................ 19
6.9 Approval of Documentation........................................... 19
6.10 Possible Infringement Claims........................................ 19
6.11 Closing Deliveries.................................................. 19
ARTICLE 7 COVENANTS OF THE PARTIES.............................................. 19
7.1 Covenants by Sellers and Buyer...................................... 19
7.2 Covenants of Sellers................................................ 21
7.3 Covenant of Buyer................................................... 23
ARTICLE 8 ACTIONS BY THE PARTIES AFTER THE CLOSING.............................. 23
8.1 Survival of Representations, Warranties, Etc........................ 23
8.2 Indemnification..................................................... 23
ARTICLE 9 MISCELLANEOUS......................................................... 26
9.1 Termination......................................................... 26
9.2 Notices............................................................. 26
9.3 Entire Agreement.................................................... 27
9.4 Waiver.............................................................. 28
9.5 Amendment........................................................... 28
9.6 No Third Party Beneficiary.......................................... 28
9.7 No Assignment; Binding Effect....................................... 28
9.8 Headings............................................................ 28
9.9 Severability........................................................ 28
9.10 Governing Law....................................................... 29
</TABLE>
ii
<PAGE>
<TABLE>
<C> <S> <C>
9.11 Arbitration and Venue............................................... 29
9.12 Expense............................................................. 29
9.13 Construction........................................................ 29
9.14 Counterparts........................................................ 29
</TABLE>
iii
<PAGE>
ASSET PURCHASE AGREEMENT
This Asset Purchase Agreement (this "AGREEMENT") is made and entered
into as of December 4, 1998 (the "Effective Date"), by and among Comps
InfoSystems, Inc., a Delaware corporation ("Buyer"), AOBR, Inc., a Texas
corporation (the "Company"), Linda Hoffman, an individual ("Hoffman, and
together with AOBR, "Sellers"), Guy Goodwin, an individual ("Goodwin"), and Don
Guy, an individual ("Guy," and together with Goodwin, the "Company Principals).
RECITALS
--------
WHEREAS, pursuant to that certain Agreement of Purchase and Sale dated
March 24, 1998, by and between Hoffman and Jones and Jones Enterprises, Inc.
("Jones and Jones") (the "Jones Agreement"), Hoffman acquired from Jones and
Jones all of Jones and Jones' right, title and interest in the Business (as
defined below) free and clear of all Encumbrances (as defined below), which
interest equaled fifty percent (50%) of the Business;
WHEREAS, Hoffman owned one hundred percent (100%) of the Business free
and clear of all Encumbrances after her purchase of Jones and Jones' interest in
the Business;
WHEREAS, pursuant to that certain Agreement Between Linda Hoffman and
AOBR, Inc., dated March 23, 1998 (the "Report Agreement"), AOBR acquired from
Hoffman fifty percent (50%) of Hoffman's right, title and interest in the
Business free and clear of all Encumbrances;
WHEREAS, Sellers desire to sell to Buyer and the Company Principals
desire to cause Sellers to sell to Buyer, and Buyer desires to purchase from
Sellers the assets, properties and rights of Sellers to the Business as set
forth in Section 2.1; and
-----------
WHEREAS, Buyer, Sellers and the Company Principals desire to make
certain representations, warranties, covenants and agreements in connection with
such purchase and sale.
NOW, THEREFORE, in consideration of the premises and the mutual
covenants and promises contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which hereby are acknowledged, the
parties agree as follows:
ARTICLE 1
DEFINITIONS
-----------
1.1 DEFINED TERMS. As used in this Agreement, the following defined terms
-------------
have the meanings indicated below:
"ACTIONS OR PROCEEDINGS" means any action, suit, proceeding,
arbitration, Order (as defined below), inquiry, hearing, assessment with respect
to fines or penalties or litigation (whether civil, criminal, administrative,
investigative or informal) commenced, brought,
1
<PAGE>
conducted or heard by or before, or otherwise involving, any Governmental or
Regulatory Authority (as defined below).
"ADVERSE CONSEQUENCE" means all actions, suits, proceedings, hearings,
investigations, charges, complaints, claims, demands, Orders, decrees, rulings,
damages, dues, penalties, fines, costs, amounts paid in settlements,
liabilities, obligations, taxes, liens, losses, expenses, and fees, including
court costs and reasonable attorneys' fees and expenses.
"AFFILIATE" means, with respect to any Person (as defined below),
another Person that directly, or indirectly through one or more intermediaries,
controls, is controlled by or is under common control with such Person.
"ASSETS AND PROPERTIES" and "ASSETS OR PROPERTIES" of any Person each
means all assets and properties of every kind, nature, character and description
(whether real, personal or mixed, whether tangible or intangible, whether
absolute, accrued, contingent, fixed or otherwise and wherever situated),
including the goodwill related thereto, operated, owned or leased by such
Person, including, without limitation, documents, instruments, general
intangibles, real estate, equipment, inventory, goods and Intellectual Property.
"BEST KNOWLEDGE OF SELLERS OR THE COMPANY PRINCIPALS" or "BEST KNOWN
TO SELLERS OR THE COMPANY PRINCIPALS" means the knowledge of Hoffman, Goodwin,
Guy, the Company or any officer or director of the Company, in each case after
reasonable due inquiry and reasonable comprehensive investigation.
"BOOKS AND RECORDS" of any Person means all files, documents,
instruments, papers, books and records relating to the business, operations or
condition of such Person.
"BUSINESS" means the Hoffman Valuation Data Services, which services
consists of obtaining sales information on real estate transactions,
documentation for the same (in electronic form and hard copy form) and the sale
of such information to the public in the form of any reports created, published
and distributed related to the Hoffman Valuation Data Services (the "Report")
and any other format (whether in electronic form or hard copy form), the
creation, publication and distribution of such information in the Report and in
any other format (whether in electronic form or hard copy form), and the assets
of the Business that Buyer is licensing to the Company pursuant to the License
Agreement required by Section 2.9; provided, however, Business shall not include
----------- -------- -------
any assets owned by the Company or the Company Principals and not listed in
Section 2.1 below.
- -----------
"BUSINESS DAY" means a day other than Saturday, Sunday or any day on
which banks located in the State of California are authorized or obligated to
close.
"CLOSING DATE" means January 7, 1999.
"CODE" means the Internal Revenue Code of 1986, as amended.
"COMPANY INTELLECTUAL PROPERTY" means any Intellectual Property
relating, directly or indirectly, to the Business or the Purchased Assets that
is owned by or held by or on behalf of the Company and/or Hoffman, or
exclusively licensed to, the Company or Hoffman,
2
<PAGE>
including without limitation all of the Company Trademarks, all proprietary
techniques, procedures and routines developed to facilitate the monthly
publication of the Report or any other publications using the information
contained in the historical database of the Business; provided, however, that
-------- -------
Company Intellectual Property will not include (i) any software used to operate
the databases of the Business and (ii) any Intellectual Property owned by the
Company or the Company Principals that is not listed in Section 2.1.
-----------
"COMPANY TRADEMARKS" means Sellers' rights to the names "Hoffman
Valuation Data Services," and the "Hoffman Report" and all variations thereof,
provided the word "Hoffman" is included therein, and all trademarks, trade
names, service marks and goodwill associated therewith (excluding "AOBR" or the
"Austin Office Building Report").
"CONFIDENTIAL INFORMATION" means all of the following (whether or not
reduced to writing and whether or not patentable or protected by copyright): (i)
any and all trade secrets concerning the business and affairs of a Person,
product specifications, data, know-how, formulae, compositions, processes,
designs, sketches, photographs, graphs, drawings, samples, inventions and ideas,
past, current and planned research and development, current and planned
manufacturing and distribution methods and processes, customer lists, current
and anticipated customer requirements, price lists, market studies, business
plans, computer software and programs (including object code and source code),
computer software and database technologies, systems, structures and
architectures (and related processes, formulae, compositions, improvements,
derivatives, devices, know-how, inventions, discoveries, concepts, ideas,
designs, methods and information) of a Person and any other information,
however, documented, of a Person that is a trade secret within the meaning of
any and all applicable state and federal trade secret laws; (ii) any and all
information concerning the business and affairs of a Person (which includes
historical financial statements, financial projections and budgets, historical
and projected sales, capital spending budgets and plans, the names and
backgrounds of key personnel and personnel training and techniques and
materials), however documented; and (iii) any and all notes, analysis,
compilations, studies, summaries, and other material prepared by or for a Person
containing or based, in whole or in part, on any information included in the
foregoing.
"DISCLOSURE SCHEDULE" means the disclosure schedule attached hereto
which sets forth the exceptions to the representations and warranties contained
in Article 3 hereof and certain other information called for by this Agreement.
---------
"ENCUMBRANCE" means any mortgage, pledge, assessment, security
interest, deed of trust, lease, lien, adverse claim, levy, charge or other
encumbrance of any kind, or any conditional sale or title retention agreement or
other agreement to give any of the foregoing in the future.
"FINANCIAL STATEMENTS" means the balance sheets, related statements of
income and retained earnings and the general ledger of the Company related to
the Business for the period from June 15, 1998 to November 15, 1998.
"GOVERNMENTAL OR REGULATORY AUTHORITY" means any court, tribunal,
arbitrator, authority, agency, commission, official or other instrumentality of
the United States or other country, any state, county, city or other political
subdivision.
3
<PAGE>
"INTELLECTUAL PROPERTY" means any or all of the following and all
rights in, arising out of, or associated therewith: (i) all United States,
international and foreign patents and applications therefor and all reissues,
divisions, renewals, extensions, provisionals, continuations and continuations-
in-part thereof; (ii) registered trademarks, applications to register
trademarks, intent-to-use applications, or other registrations or applications
related to trademarks; (iii) registered copyrights and applications for
copyright registration; (iv) any other Intellectual Property that is the subject
of an application, certificate, filing, registration or other document issued,
filed with, or recorded by any Governmental or Regulatory Authority (items (i)
through (iv) shall also be referred to hereinafter as the "Registered
Intellectual Property"); (v) any and all trade secrets concerning the business
and affairs of a Person, product specifications, data, know-how, formulae,
compositions, processes, designs, sketches, photographs, graphs, drawings,
samples, inventions and ideas, past, current and planned research and
development, current and planned manufacturing and distribution methods and
processes, customer lists, current and anticipated customer requirements, price
lists, market studies, business plans, computer software and programs (including
object code and source code), computer software and database technologies,
systems, structures and architectures (and related processes, formulae,
compositions, improvements, devices, know-how, inventions, discoveries,
concepts, ideas, designs, methods and information) of a Person and any other
information, however, documented, of a Person that is a trade secret within the
meaning of any and all applicable state and federal trade secret laws; (vi) any
and all information concerning the business and affairs of a Person (which
includes historical financial statements, financial projections and budgets,
historical and projected sales, capital spending budgets and plans, the names
and backgrounds of key personnel and personnel training and techniques and
materials), however documented; (vii) any and all notes, analysis, compilations,
studies, summaries, and other material prepared by or for a Person containing or
based, in whole or in part, on any information included in the foregoing; (viii)
all industrial designs and any registrations and applications therefor
throughout the world; (ix) all databases and data collections and all rights
therein throughout the world; and (x) any similar or equivalent rights to any of
the foregoing anywhere in the world.
"LIABILITIES" means any liability (whether known or unknown, whether
asserted, or unasserted, whether absolute or contingent, whether accrued or
unaccrued, whether liquidated or unliquidated, and whether due or to become
due), including but not limited to any liability for Taxes.
"MATERIAL ADVERSE EFFECT" means, for any Person, a material adverse
effect whether individually or in the aggregate (i) on the business, operations,
financial condition, Assets and Properties, Liabilities or prospects of such
Person, or (ii) on the ability of such Person to consummate the transactions
contemplated hereby.
"ORDER" means any writ, judgment, decree, injunction or similar order
of any Governmental or Regulatory Authority (in each such case whether
preliminary or final).
"ORDINARY COURSE OF BUSINESS" means the action of a Person (as defined
below) that is consistent with the past practices of such Person and is taken in
the ordinary course of the normal day-to-day operations of such Person.
4
<PAGE>
"PERMITS" means all licenses, permits, certificates of authority,
authorizations, approvals, registrations and similar consents granted or issued
by any Governmental or Regulatory Authority.
"PERMITTED ENCUMBRANCE" means (i) any Encumbrance for taxes not yet
due or delinquent or being contested in good faith by appropriate proceedings
for which adequate reserves have been established and (ii) any minor
imperfection of title or similar Encumbrance which individually or in the
aggregate with other such Encumbrances does not impair the value of the property
subject to such Encumbrance or the use of such property in the conduct of the
Business.
"PERSON" means any natural person, corporation, general partnership,
limited partnership, limited liability company, proprietorship, other business
organization, trust, union, association or Governmental or Regulatory Authority.
"TAX" (and, with correlative meaning, "Taxes," "Taxable" and "Taxing")
means (i) any federal, state, local or foreign income, alternative or add-on
minimum tax, gross income, gross receipts, sales, use, ad valorem, transfer,
franchise, profits, license, withholding, payroll, employment, excise,
severance, stamp, occupation, premium, property, environmental or windfall
profit tax, custom, duty or other tax, governmental fee or other like assessment
or charge of any kind whatsoever, together with any interest or any penalty,
addition to tax or additional amount imposed by any Governmental or Regulatory
Authority responsible for the imposition of any such tax (domestic or foreign),
(ii) any Liability for payment of any amounts of the type described in (i) as a
result of being a member of an affiliated, consolidated, combined, unitary or
other group for any Taxable period and (iii) any Liability for the payment of
any amounts of the type described in (i) or (ii) as a result of any express or
implied obligation to indemnify any other person.
"TAX RETURN" means any return, report, information return, schedule or
other document (including any related or supporting information) filed or
required to be filed with respect to any taxing authority with respect to Taxes.
1.2 CONSTRUCTION OF CERTAIN TERMS AND PHRASES. Unless the context of this
-----------------------------------------
Agreement otherwise requires, (a) words of any gender include each other gender;
(b) words using the singular or plural number also include the plural or
singular number, respectively; (c) the terms "hereof," "herein," "hereby" and
derivative or similar words refer to this entire Agreement; (d) the terms
"Article" or "Section" refer to the specified Article or Section of this
Agreement; (e) the term "or" has, except where otherwise indicated, the
inclusive meaning represented by the phrase "and/or"; and (f) the term
"including" means "including without limitation." Whenever this Agreement refers
to a number of days, such number shall refer to calendar days unless Business
Days are specified. All accounting terms used herein and not expressly defined
herein shall have the meanings given to them under GAAP.
5
<PAGE>
ARTICLE 2
PURCHASE AND SALE OF PURCHASED ASSETS
-------------------------------------
2.1 PURCHASE AND SALE OF THE COMPANY'S ASSETS. Subject to the terms and
-----------------------------------------
conditions of this Agreement, at the Closing, Sellers agree to grant, sell,
convey, assign, transfer and deliver to Buyer, and Buyer agrees to purchase and
acquire from Sellers, free and clear of any Encumbrance or adverse claim of any
kind whatsoever, all of Sellers' right, title, and interest in and to the
assets, properties, rights, contracts and interests of Sellers, wherever
located, that are used in or pertain to the Business, as set forth below
(collectively, the "Purchased Assets"):
(a) the historical database of the Business, in electronic and
hard copy form, including, without limitation, the Report, plat maps,
photographs, and sales comparable data, owned or licensed by the Company and
used in the Business;
(b) all former, current and prospective customer lists, mailing
lists, telephone numbers, correspondence, vendor lists, list of billings and
receivables for former and current customer accounts of the Company related to
the Business set forth in Schedule 2.1(b) attached hereto (the "Business
---------------
Customer Lists");
(c) all the Books and Records of the Company relating to the
Business, including without limitation, operating data, the data collection
methodology, sales and other literatures, files and documents relating to the
Business (the "Business Records");
(d) all right, title and interest in and to all of the Company
Intellectual Property, including, without limitation, (i) all of the Company's
rights to the Company Trademarks; and (ii) the Company Intellectual Property set
forth on Schedule 2.1(d) attached hereto and all improvements, modifications and
---------------
other Intellectual Property derived therefrom;
(e) all licenses, permits, consents, approvals, orders,
certificates, authorizations, declarations and filings held by the Company,
including the fictitious business name statement or other similar document, if
any, filed with the Texas Secretary of State for the name "Hoffman Valuation
Data Services," necessary or incidental to the conduct of the Business as set
forth in Schedule 2.1(e) attached hereto (the "Business Permits"); and
--------------
(f) the goodwill and going concern value of the Business.
2.2 EXCLUDED ASSETS. Notwithstanding Section 2.1 hereof, the Purchased
--------------- -----------
Assets do not include the assets set forth on Schedule 2.2 attached hereto (the
------------
"Excluded Assets").
2.3 ASSUMED LIABILITIES. Buyer agrees to assume, satisfy and perform when
-------------------
due only those liabilities arising from the liabilities and obligations of the
Business under the Purchased Assets which arise in the Ordinary Course of
Business on or after the Closing Date (the "Assumed Liabilities"). Other than
the Assumed Liabilities, Buyer is not required to, and shall not assume, pay,
perform, defend, discharge or guarantee or be deemed to have assumed, paid,
performed, defended or discharged or guaranteed, or otherwise be responsible for
any Liability, obligation or claim of any nature of the Company or the Business,
including all payment obligations and any other obligations under the Report
Agreement, whether matured or
6
<PAGE>
unmatured, liquidated or unliquidated, fixed or contingent, known or unknown, or
whether arising out of acts or occurrences prior to, at or after the date
hereof. Without limiting the generality of the foregoing, Sellers shall remain
liable for the payment of all Liabilities, obligations or claims to personnel
employed by the Company (the "Company Employees") with respect to the notice and
continuation coverage requirement of Section 4980B(e) of the Code and
regulations thereunder for all Company Employees whose employment is terminated
for whatever reason prior to the Closing, for all the Company Employees who
terminated employment prior to the Closing, payroll, overtime, accrued vacation
time, holiday time, severance arrangements or worker's compensation of any
nature which are accrued but unpaid as of the Closing Date or which accrued as a
result of the consummation of the transactions contemplated herein.
2.4 PURCHASE PRICE. At the Closing, as consideration for the Purchased
--------------
Assets, Buyer agrees to pay, or cause to be paid, an aggregate purchase price in
cash of One Hundred Twenty Thousand Dollars ($120,000) (the "Purchase Price") as
follows:
(a) to AOBR, Sixty Thousand Six Hundred Twenty-Five Dollars
($60,625); and
(b) to Hoffman, Fifty-Nine Thousand Three Hundred Seventy-Five
Dollars ($59,375).
2.5 ALLOCATION OF AGGREGATE PURCHASE PRICE. The Purchase Price shall be
--------------------------------------
allocated among the Purchased Assets as set forth on Schedule 2.5 attached
------------
hereto which allocation shall be in compliance with Section 1060 of the Internal
Revenue Code and Regulations. Buyer and Sellers agree (i) to report the sale of
the Purchased Assets for federal and state Tax purposes in accordance with the
allocations set forth on Schedule 2.5 hereto and (ii) not to take any position
------------
inconsistent with such allocations on any of their respective tax returns.
2.6 SALES, USE AND OTHER TAXES. Sellers shall be responsible for all
--------------------------
sales and use taxes, if any, arising out of the sale of the Purchased Assets to
Buyer pursuant to this Agreement.
2.7 TITLE. Title to the Purchased Assets shall pass to Buyer at the
-----
Closing and the Purchased Assets shall be at the risk of the Sellers prior to
the Closing.
2.8 BULK SALES COMPLIANCE. Buyer hereby waives compliance by Sellers with
---------------------
the provisions of the bulk transfer laws of any state. Sellers and the Company
Principals warrant and agree to pay and discharge when due all claims of
creditors which could be asserted against Buyer by reason of such noncompliance.
Sellers and the Company Principals shall indemnify and hold Buyer harmless from,
against and in respect of (and shall on demand reimburse Buyer for) any Damages
suffered or incurred by Buyer by reason of the failure of Sellers to pay or
discharge such claims.
2.9 CLOSING.
-------
(a) TIME AND PLACE. The consummation of the purchase and sale of the
--------------
Purchased Assets under this Agreement (the "Closing") shall take place by
facsimile (with original signed documents to be delivered by overnight courier)
at 10:00 a.m. on the Closing Date, or at such time and in such manner as the
parties mutually agree.
7
<PAGE>
(b) CLOSING DELIVERIES BY BUYER. Buyer shall have delivered or caused
---------------------------
to be delivered to Sellers:
(i) the Purchase Price to Sellers by wire transfer in immediately
available funds to the accounts designated by Sellers;
(ii) a certificate of an officer of Buyer substantially in the form of
Exhibit A attached hereto to evidence compliance with Section 5.1
--------- -----------
hereof;
(iii) an Assignment and Assumption Agreement by and among Buyer and
Sellers substantially in the form of Exhibit B attached hereto (the
---------
"General Assignment"), duly executed by Buyer as of the Closing
Date;
(iv) a License Agreement by and between Buyer and the Company for the
licensing by Buyer to the Company of certain Purchased Assets
necessary for the AOBR operations of the Company, substantially in
the form of Exhibit C to be attached hereto (the "License
---------
Agreement"), duly executed by Buyer;
(v) an Independent Contractor Agreement by and between Buyer and Hoffman
for the transition of the Purchased Assets from the Company to Buyer
(the "Independent Contractor Agreement"), which Independent
Contractor Agreement shall be executed by Buyer and Hoffman by no
later than December 15, 1998;
(vi) (1) certified copies of the Certificate of Incorporation and Bylaws
of COMPS and (2) certificate of good standing for COMPS issued by
the appropriate governmental office of its state of incorporation
and each state in which it is qualified to do business;
(vii) such other documents as Sellers may reasonably request for the
purpose of facilitating the consummation of the transactions
contemplated herein.
(c) CLOSING DELIVERIES BY SELLERS. Sellers and the Company Principals
-----------------------------
shall have delivered or caused to be delivered to Buyer:
(i) possession of all of the Purchased Assets, together will all files,
Books and Records relating to the Purchased Assets;
(ii) Bill of Sale substantially in the form of Exhibit D attached hereto,
---------
conveying good and marketable title in all of the Purchased Assets
duly executed by Sellers;
(iii) the General Assignment, duly executed by Sellers;
(iv) the Non-Competition Agreements by and between Buyer and the Company,
Hoffman and each Company Principal substantially in the form of
Exhibit E attached hereto (the "Non-Competition Agreements"), duly
---------
8
<PAGE>
executed by the Company, Hoffman and each Company Principal,
respectively, as of the Closing Date (the "Non-Competition
Agreements");
(v) an Intellectual Property Assignment of all of the Company
Intellectual Property by and among Buyer and Sellers substantially
in the form of Exhibit F attached hereto (the "Intellectual Property
---------
Assignment"), duly executed by Buyer;
(vi) the Independent Contractor Agreement, duly executed by the Hoffman
and Buyer by no later than December 15, 1998;
(vii) the License Agreement, duly executed by the Company;
(viii) a certificate of an officer of the Company, Hoffman and each Company
Principal substantially in the form of Exhibit G attached hereto to
evidence compliance with Section 6.1 hereof; and
(ix) (1) certified copies of the Articles of Incorporation and Bylaws of
AOBR and (2) certificate(s) of good standing for AOBR issued by the
appropriate governmental office of its state of incorporation and
each state in which it is qualified to do business;
(x) such other documents as Buyer may reasonably request for the purpose
of facilitating the consummation of the transactions contemplated
herein.
ARTICLE 3
REPRESENTATIONS AND WARRANTIES OF SELLERS
-----------------------------------------
Each of the Company, Hoffman and the Company Principals, jointly and
severally, represent and warrant to Buyer as of the date hereof and as of the
Closing, except as set forth in the Disclosure Schedule furnished to Buyer,
specifically identifying the relevant Section hereof, which exceptions shall be
deemed to be representations and warranties as if made in this Article 3
(provided that the disclosure in such exceptions shall be true, complete and
correct), as follows:
3.1 ORGANIZATION AND OWNERSHIP OF THE COMPANY. The Company is a
-----------------------------------------
corporation duly organized, validly existing, and in good standing under the
laws of the State of Texas. The Company is duly authorized to conduct business
and is in good standing in each jurisdiction where such qualification is
required except for any jurisdiction where failure so to qualify would not have
a Material Adverse Effect upon the Company. Sellers have full power and
authority, and holds all Permits and authorizations necessary to carry on the
Business and to own and use the Assets and Properties owned and used by it
except where the failure to have such power and authority or to hold such Permit
or authorization would not have a Material Adverse Effect on the Company, the
Business or the Purchased Assets. Section 3.1(a) of the Disclosure Schedule
--------------
lists the officers and directors of the Company. The Company has delivered to
Buyer correct and complete copies of its Articles of Incorporation, bylaws, each
as amended to date.
9
<PAGE>
(b) The Company Principals are the sole shareholders of the Company.
All of the Company's issued and outstanding capital stock have been issued only
to the Company Principals and are duly authorized, validly issued, fully paid
and non-assessable, and issued in accordance with all federal and state
securities laws.
3.2 AUTHORITY OF SELLERS AND THE COMPANY PRINCIPALS. Each Seller and
-----------------------------------------------
Company Principal has all necessary power and authority and has taken all
actions necessary to own, lease and operate its Assets and Properties and the
Business as currently conducted and to enter into this Agreement, to consummate
the transactions contemplated hereby and to perform its obligations hereunder,
and no other proceedings on the part of Sellers or the Company Principals are
necessary to authorize this Agreement or to consummate the transactions
contemplated hereby. This Agreement has been duly and validly executed and
delivered by each Seller and each Company Principal and constitutes a legal,
valid and binding obligation of each Seller and each Company Principal
enforceable against each Seller and each Company Principal in accordance with
its terms except (i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium and other laws of general application affecting
enforcement of creditors' rights generally and (ii) as limited by laws relating
to the availability of specific performance, injunctive relief or other
equitable remedies.
3.3 OWNERSHIP OF THE BUSINESS/PURCHASED ASSETS. Hoffman and the Company
------------------------------------------
each own a fifty percent (50%) interest in the Business and the Purchased Assets
free and clear of all Encumbrances. Entry into this Agreement and the
Consummation of the transactions contemplated hereby will not impair Sellers
ownership of the Business and the Purchased Assets prior to the Closing Date or
Buyer's ownership of the Business and the Purchased Assets after the Closing
Date. Except for COMPS, no Person has, or will have as a result of Sellers entry
into this Agreement or the consummation of the transactions contemplated hereby,
any rights to the Business or the Purchased Assets.
3.4 THE REPORT AGREEMENT. All payment obligations and any other
--------------------
obligations under the Report Agreement will terminate upon the Effective Date of
this Agreement.
3.5 NO CONFLICTS. The execution and delivery by Sellers of this Agreement
------------
does not, and the performance by Sellers of their respective obligations under
this Agreement and the consummation of the transactions contemplated hereby will
not (with or without the lapse of time):
(a) conflict with or result in a violation or breach of any of the
terms, conditions or provisions of the charter documents, other organizational
documents or other documents, of the Company;
(b) conflict with or result in a violation or breach of any term or
provision of any law, Order, license, statute, rule or regulation applicable to
any Seller or the Business or the Purchased Assets;
(c) result in a breach of, or default under (or give rise to a right
of termination, cancellation or acceleration under) any of the terms, conditions
or provisions of any note, bond, mortgage, indenture, license, agreement, lease
or other similar instrument or obligation to which
10
<PAGE>
any of the Purchased Assets may be bound, except for such breaches or defaults
as set forth in the Disclosure Schedule as to which requisite waivers or
consents will have been obtained by Sellers by the Closing Date;
(d) conflict with or result in a breach of the Report Agreement or
the Jones Agreement; or
(e) result in an imposition of any Encumbrance on the Business or the
Purchased Assets.
3.6 GOVERNMENTAL APPROVALS AND FILINGS. No consent, approval or action
----------------------------------
of, filing with or notice to any or Regulatory Authority, or any other Person or
entity, on the part of any Seller is required in connection with the execution,
delivery and performance of this Agreement or the consummation of the
transactions contemplated hereby.
3.7 BOOKS AND RECORDS. The Business Records and all other Books and
-----------------
Records of the Company as made available by Sellers to Buyer are true, correct
and complete.
3.8 FINANCIAL STATEMENTS. Sellers have previously delivered to Buyer the
--------------------
Financial Statements. The Financial Statements (i) are true, correct and
complete, (ii) are in accordance with the Business Records, (iii) to the Best
Knowledge of Sellers or the Company Principals, have been prepared in a manner
that is not materially different from GAAP, and (iv) fairly present the
financial condition and results of operations of the Company as of the
respective dates thereof and for the periods covered thereby.
3.9 ABSENCE OF CHANGES. Since the date of the Letter of Intent by and
------------------
between Buyer and the Company (the "LOI Date"), and up to the Closing Date,
Sellers have conducted the Business only in the Ordinary Course of Business and
there has not been any adverse change in, or any event or development which,
individually or together with other such events, could reasonably be expected to
result in a Material Adverse Effect on the Business or any of the Purchased
Assets. Without limiting the generality of the foregoing, no event as described
below has occurred since the LOI Date:
(a) The Company has not sold, leased, transferred or assigned any of
the Purchased Assets, tangible or intangible.
(b) The Company has not entered into any agreement, contract, lease
or license (or series of related agreements, contracts, leases and licenses)
involving the Business or the Purchased Assets other than in the Ordinary Course
of Business and as described in Section 3.9(b) of the Disclosure Schedule.
(c) The Company has not granted any Encumbrance of any kind upon any
of the Purchased Assets, tangible or intangible.
(d) The Company has not granted any license or sublicense of any
rights under or with respect to any Company Intellectual Property.
11
<PAGE>
3.10 NO UNDISCLOSED LIABILITIES. Except as disclosed in the Financial
--------------------------
Statements, there are no Liabilities or claims, nor any basis for any
Liabilities or claims against, relating to or affecting the Business or the
Purchased Assets, other than Liabilities incurred in the Ordinary Course of
Business which have not had, and could not be expected to result, individually
or in the aggregate, in a Material Adverse Effect on the Business or the
Purchased Assets.
3.11 PURCHASED ASSETS. Section 3.11 of the Disclosure Schedule contains a
---------------- ------------
complete and accurate schedule specifying the location of all of the Purchased
Assets, where applicable, as of the Closing Date. The Company has good and
marketable title to, or a valid leasehold interest in all of the Purchased
Assets to be delivered to Buyer by Sellers, free and clear of all Encumbrances.
The Purchased Assets being transferred to Buyer pursuant to this Agreement
include all the Intellectual Property necessary for the ownership and operation
of the Business.
3.12 INTELLECTUAL PROPERTY RIGHTS.
----------------------------
(a) Schedule 2.1(d) lists (i) the federal registration number and
---------------
the date of registration of patents, trademarks and of other marks, trade names,
brand names or other trade rights currently used by Sellers, including the
Company Trademarks, in the conduct of the Business, (ii) all of the copyrights
and all federal applications, if any, for any of the foregoing, (iii) all other
Company Intellectual Property rights (including the Company Trademarks) and (iv)
all Intellectual Property rights owned by any third party which are not
generally commercially available and are currently used by Sellers in the
conduct of the Business and whether such use is or will be pursuant to license,
sublicense, agreement or permission.
(b) Sellers have delivered to Buyer complete and accurate copies of
each agreement, registration and other documents relating to the Company
Intellectual Property set forth in the Disclosure Schedule.
(c) Sellers own or possess adequate and enforceable licenses or other
rights to use (a) all of the Company Intellectual Property rights and (b) all
other patents, trademarks, service marks, brand names and tradenames, all
applications for any of the foregoing, all other trade secrets, designs, plans,
specifications and other Intellectual Property rights of every kind that are
used in, possessed by or necessary for the conduct of the Business by it. Entry
into this Agreement and consummation of the transactions contemplated hereby
will not impair Seller's ownership or use of the Company Intellectual Property.
No Person has a right to receive a royalty or similar payment in respect of any
item of Company Intellectual Property pursuant to any contractual arrangements
entered into by the Company. Sellers have not granted any license, sublicense or
other similar agreement relating in whole or in part to any Company Intellectual
Property. No Seller has received any notice that the Company's or Hoffman's or
any third party's use of any item of Intellectual Property is interfering with,
infringing upon or otherwise violating the rights of the Company, Hoffman or any
third party in or to such Intellectual Property, and no proceedings have been
instituted against or notices received by any Seller alleging that use or
proposed use of any item of the Intellectual Property by the Company, Hoffman or
any third party infringes upon or otherwise violates any rights of the Company,
Hoffman or a third party in or to such Intellectual Property.
12
<PAGE>
3.13 LITIGATION. There are no Actions or Proceedings pending or, to the
----------
Best Knowledge of Sellers or the Company Principals, threatened or anticipated
against, relating to or affecting (i) either Seller, the Purchased Assets or the
Business or (ii) the transactions contemplated by this Agreement, and there is
no basis for any such Action or Proceeding. Since the inception of the Report
and the Business (regardless of who owned or operated the Report or the
Business), there have been no Actions or Proceedings against, relating to or
affecting the Report, the Purchased Assets or the Business. No Seller is in
default with respect to any Order relating to the Company, Hoffman, the Business
or the Purchased Assets, and there are no unsatisfied judgments against any
Seller, the Business or the Purchased Assets.
3.14 COMPLIANCE WITH LAW. Sellers and the Company Principals are in
-------------------
compliance with all applicable laws, statutes, Orders, ordinances and
regulations, whether federal, state, local or foreign, except where the failure
to comply, in each instance and in the aggregate, would not be expected to
result in a Material Adverse Effect on the Business or the Purchased Assets.
Neither Sellers nor the Company Principals have not received any written notice
to the effect that, or otherwise have been advised that, any of them are not in
compliance with any of such laws, statutes, Orders, ordinances or regulations,
where the failure to comply would be expected to result in a Material Adverse
Effect on the Business or the Purchased Assets.
3.15 TAX MATTERS. All Taxes, including, without limitation, income,
-----------
property, sales, use, franchise, value added, employees, income withholding,
social security and other employee-related taxes, imposed by the United States,
by any state, municipality, other local government or other subdivision or
instrumentality of the United States, or by any foreign country or any state or
other government thereof, or by any other taxing authority, that are due and
payable by the Company or Hoffman and all interest and penalties thereon,
whether disputed or not, and which would result in the imposition of an
Encumbrance on the Purchased Assets, the Company, Hoffman or against Buyer,
other than Taxes which are not yet due and payable, have been paid in full or
contested in appropriate proceedings. All Tax Returns required to be filed in
connection therewith have been accurately prepared and duly and timely filed and
all deposits required by law to be made by the Company or Hoffman with respect
to the Company Employees' withholding or other taxes have been duly made.
Sellers are not delinquent in the payment of any tax, assessment or governmental
charge or deposits which would result in the imposition of an Encumbrance on the
Company, Hoffman or the Purchased Assets or against Buyer, and the Company and
Hoffman have no tax, deficiency or claim outstanding, proposed or assessed
against it, and there is no basis for any such deficiency or claim, which would
result in the imposition of any Encumbrances on the Company, Hoffman, the
Business, the Purchased Assets or against Buyer.
3.16 NO OTHER AGREEMENTS TO SELL THE BUSINESS OR THE PURCHASED ASSETS.
----------------------------------------------------------------
Neither the Company nor the Company Principals nor any affiliate or
representative of the Company has any obligation, absolute or contingent, to any
other person or firm to sell or encumber the Business, the Purchased Assets or
to effect any sale, consolidation or other reorganization of the Business or to
enter into any agreement with respect thereto, nor has any such party had any
discussion with any third party regarding any of the foregoing.
3.17 EXCLUSIVE DEALING. Sellers and the Company Principals represent and
-----------------
warrant that they are not entertaining any bids, inquiries or other offers
toward a transaction with any
13
<PAGE>
other entity that would affect the ownership of the Business or the Purchased
Assets, and that they will continue not to do and will not orally or in writing
agree to any such transaction until this Agreement has been terminated. Any such
offers or indications of interest received by Sellers or the Company Principals
will be promptly disclosed to Buyer.
3.18 [INTENTIONALLY LEFT BLANK].
--------------------------
3.19 CUSTOMERS.
---------
(a) The Company has previously provided to Buyer a true
and correct list of the Business' customers during the 1997 fiscal year and for
the eleven-month period ended November 15, 1998. Except as set forth in Section
-------
3.19 of the Disclosure Schedule, since November 13, 1998, no single customer or
- ----
group of affiliated customers contributing more than $250 per month to the gross
revenues of the Business has stopped doing business with the Company or Hoffman,
and to the Best Knowledge of Sellers and the Company Principals, no such
customer has an intention to discontinue doing business or reduce the level of
gross revenues from that in fiscal year 1997 with the Company or Hoffman.
(b) The Company has delivered to Buyer all of the billings/invoices
for the services of Business charged to the customers of the Business for the
period between April 1, 1998 and November 13, 1998 (the "Billings"). The
Billings are (i) true, correct and complete, (ii) in accordance with the
Business Records and (iii) fairly present billing information and related
operations of the Business.
3.20 THIRD PARTY CONSENTS. No consent, approval or authorization of any
third party on the part of any Seller or Company Principal is required in
connection with the consummation of the transactions contemplated hereunder
except as otherwise provided in Section 3.20 of the Disclosure Schedule.
------------
3.21 BROKERS. No Seller or Company Principal has retained any broker in
-------
connection with the transactions contemplated hereunder. Buyer does not have any
nor will have any obligation to pay any broker's, finder's, investment banker's,
financial advisor's or similar fee in connection with this Agreement or the
transactions contemplated hereby by reason of any action taken by or on behalf
of any Seller or Company Principal.
3.22 DISCLOSURE. The representations and warranties by Sellers and the
----------
Company Principals in this Agreement and the statements contained in the
Disclosure Schedule, the other schedules, certificates, exhibits and other
writings furnished and to be furnished by Sellers or Company Principals to Buyer
pursuant to this Agreement do not and will not contain any untrue statement of
material fact and do not and will not omit to state any material fact necessary
to make the statements herein or therein not misleading.
ARTICLE 4
REPRESENTATIONS AND WARRANTIES OF BUYER
---------------------------------------
Buyer represents and warrants to Sellers, as of the date hereof and as
of the Closing, as follows:
14
<PAGE>
4.1 ORGANIZATION OF BUYER. Buyer is a corporation duly organized, validly
---------------------
existing, and in good standing under the laws of the State of Delaware. Buyer is
duly authorized to conduct business and is in good standing under the laws of
each jurisdiction where such qualification is required except for any
jurisdiction where failure so to qualify would not have a Material Adverse
Effect upon Buyer. Buyer has full power and authority, and holds all Permits and
authorizations necessary, to carry on the business in which it is engaged and to
own and use the properties owned and used by it except where the failure to have
such power and authority or to hold such license, permit or authorization would
not have a Material Adverse Effect on Buyer.
4.2 AUTHORITY OF BUYER. Buyer has all necessary corporate power and
------------------
corporate authority and has taken all corporate actions necessary to enter into
this Agreement, to consummate the transactions contemplated hereby and to
perform its obligations hereunder and no other proceedings on the part of Buyer
are necessary to authorize this Agreement or to consummate the transactions
contemplated hereby. This Agreement has been duly and validly executed and
delivered by Buyer and constitutes a legal, valid and binding obligation of
Buyer enforceable against Buyer in accordance with its terms except (i) as
limited by applicable bankruptcy, insolvency, reorganization, moratorium and
other laws of general application affecting enforcement of creditors' rights
generally and (ii) as limited by laws relating to the availability of specific
performance, injunctive relief or other equitable remedies.
4.3 LITIGATION. There are no Actions or Proceedings pending, or to the
----------
knowledge of Buyer, threatened or anticipated against, relating to or affecting
Buyer's ability to consummate the transactions contemplated by this Agreement
and perform any of its obligations under this Agreement, and to the knowledge of
Buyer, there is no basis for any such Action or Proceedings. Buyer is not in
default with respect to any Order, and there are no unsatisfied judgments
against Buyer.
4.4 GOVERNMENTAL APPROVALS AND FILINGS. No consent, approval or action
----------------------------------
of, filing with or notice to any Governmental or Regulatory Authority on the
part of Buyer is required in connection with the execution, delivery and
performance of this Agreement or the consummation of the transactions
contemplated hereby.
4.5 NO UNDISCLOSED LIABILITIES. There are no Liabilities or claims, nor
--------------------------
any basis for any material Liabilities or claims against Buyer, its officers or
directors, other than Liabilities incurred in the Ordinary Course of Business
which have not had, and, to the knowledge of Buyer, could not be expected to
result, individually or in the aggregate, in an Adverse Effect on Buyer.
4.6 BROKERS. Buyer has not retained any broker in connection with the
-------
transactions contemplated hereunder. Sellers have no and will have no obligation
to pay any broker's, finder's, investment banker's, financial advisor's or
similar fee in connection with this Agreement or the transactions contemplated
hereby by reason of any action taken by or on behalf of Buyer.
4.7 THIRD PARTY CONSENTS. No consent, approval or authorization of any
--------------------
third party on the part of Buyer is required in connection with the consummation
of the transactions contemplated hereunder.
15
<PAGE>
ARTICLE 5
CONDITIONS TO THE OBLIGATIONS OF SELLERS
----------------------------------------
The obligations of Sellers to effect the transactions contemplated
hereby are subject to the satisfaction, at or before the Closing, of each of the
following conditions:
5.1 REPRESENTATIONS, WARRANTIES AND COVENANTS. All representations and
-----------------------------------------
warranties of Buyer contained in this Agreement shall be true and correct on and
as of the Closing Date and Buyer shall have performed all agreements and
covenants required to be performed by them prior to or on the Closing Date.
5.2 NO ACTIONS OR PROCEEDINGS. No Actions or Proceedings shall have been
-------------------------
instituted or threatened which question the validity or legality of the
transactions contemplated hereby.
5.3 CONSENTS. All Permits, authorizations, consents, approvals and
--------
waivers from third parties and Governmental or Regulatory Authorities and other
Persons necessary or appropriate to permit Buyer to perform its obligations
hereunder and to consummate the transactions contemplated hereby shall have been
obtained.
5.4 PERFORMANCE OF AGREEMENT. All covenants, conditions and other
------------------------
obligations under this Agreement which are to be performed or complied with by
Buyer shall have been fully performed and complied with, or waived by Sellers at
or prior to the Closing.
5.5 APPROVAL OF DOCUMENTATION. The form and substance of all
-------------------------
certificates, instruments, exhibits, schedules and other documents delivered to
or to be delivered to Sellers under this Agreement shall be reasonably
satisfactory to Sellers and their counsel.
5.6 CLOSING DELIVERIES. Buyer shall have executed and delivered the
------------------
documents required to be executed and delivered by Buyer pursuant to Section
-------
2.9(b) above.
- ------
ARTICLE 6
CONDITIONS TO THE OBLIGATIONS OF BUYER
--------------------------------------
The obligation of Buyer to effect the transactions contemplated hereby
is subject to the satisfaction, at or before the Closing, of each of the
following conditions:
6.1 REPRESENTATIONS, WARRANTIES AND COVENANTS. All representations and
-----------------------------------------
warranties of Sellers and the Company Principals contained in this Agreement
shall be true and correct on and as of the Closing Date and Sellers and the
Company Principals shall have performed all agreements and covenants required to
be performed by them prior to or on the Closing Date.
6.2 NO ACTIONS OR PROCEEDINGS. No Actions or Proceedings shall have been
-------------------------
instituted or threatened which question the validity or legality of the
transactions contemplated hereby.
16
<PAGE>
6.3 DUE DILIGENCE. The results of an investigation of the Company, the
-------------
Business and the Purchased Assets by Buyer, its counsel and other advisors shall
have been received and completed by Buyer.
6.4 MATERIAL ADVERSE EFFECT. Sellers and the Company Principals shall not
-----------------------
have acted or caused any Person to have acted in any manner which has created or
could reasonably create any Material Adverse Effect on the Company, Hoffman, the
Business or the Purchased Assets, nor shall there be any event or development
which, individually or together with other such events, could reasonably be
expected to result in an Material Adverse Effect on the Company, Hoffman, the
Business or the Purchased Assets.
6.5 CONSENTS. All Permits, authorizations, consents, approvals and
--------
waivers from third parties (including without limitation required consents set
forth on Section 3.20 of the Disclosure Schedule) and Governmental or Regulatory
Authorities and other Persons necessary or appropriate to permit Sellers to
perform their obligations hereunder and to consummate the transactions
contemplated hereby shall have been obtained.
6.6 BOARD APPROVAL. Buyer shall have received the approval of this
--------------
Agreement and the terms and conditions herein by its Board of Directors.
6.7 COMPANY BOARD AND SHAREHOLDER APPROVAL. The Company shall have
--------------------------------------
received the approval of this Agreement and the terms and conditions herein by
its Board of Directors and a majority of its shareholders.
6.8 PERFORMANCE OF AGREEMENT. All covenants, conditions and other
------------------------
obligations under this Agreement which are to be performed or complied with by
Sellers shall have been fully performed and complied with at or prior to the
Closing.
6.9 APPROVAL OF DOCUMENTATION. The form and substance of all
-------------------------
certificates, instruments, exhibits, schedules and other documents delivered to
or to be delivered to Buyer under this Agreement shall be reasonably
satisfactory to Buyer and its counsel.
6.10 POSSIBLE INFRINGEMENT CLAIMS. All matters which, in the discretion
----------------------------
of Buyer, may result in a litigation matter related to the Business or the
Purchased Assets shall have been resolved in a manner satisfactory to Buyer.
6.11 CLOSING DELIVERIES. Sellers shall have executed and delivered the
------------------
documents required to be executed and delivered by Sellers pursuant to Section
-------
2.9(c) above.
- ------
ARTICLE 7
COVENANTS OF THE PARTIES
------------------------
7.1 COVENANTS BY SELLERS AND BUYER. Prior to the Closing Date, Sellers
------------------------------
and Buyer covenant to act as follows:
(a) NOTIFICATION OF CERTAIN MATTERS. Each of the parties shall
-------------------------------
give prompt notice to the other party, of (i) the discovery of a fact or facts
of which the notifying party has actual
17
<PAGE>
knowledge which cause any of the representations, warranties or statements made
by it or him or in an any exhibit, schedule or other document delivered pursuant
to this Agreement, to be false or misleading or omit any facts necessary in
order to make such representations, warranties or statements not false or
misleading; (ii) the occurrence, or failure to occur, of any event which
occurrence or failure would be likely to cause any representation or warranty
made by them in this Agreement to be untrue or inaccurate any time from the date
of this Agreement to the Closing Date; and (iii) any failure of the notifying
party to comply with or satisfy any covenant, condition or agreement to be
complied with or satisfied by it or him hereunder. Each party hereto shall use
all reasonable efforts to remedy any failure on its or his part to comply with
or satisfy any covenant, condition or agreement to be complied with or satisfied
by it or him/her hereunder. During the period from the date of this Agreement to
the Closing Date, Sellers will promptly notify Buyer of any material change in,
or outside of, the Ordinary Course of Business of the Company, the Business or
the Purchased Assets and of any Governmental or Regulatory Authority complaints,
investigative hearings, or the institution, threat (to the extent Sellers has or
should have Knowledge of such threat) or settlement of litigation, in each case
involving an amount in excess of $5,000 and relating to the Company, the
Business or the Purchased Assets, and shall keep Buyer fully informed in
reasonable detail of such events. Sellers shall not enter into any settlements
over $5,000 in connection with any such litigation without the prior written
consent of Buyer.
(b) REASONABLE COMMERCIAL EFFORTS. Subject to the terms and
-----------------------------
conditions of this Agreement, each of the parties hereto will use its reasonable
commercial efforts to take, or cause to be taken, all action, or to do, or cause
to be done, all things necessary, proper or advisable under applicable laws and
regulations to consummate and make effective the transactions contemplated by
this Agreement, including, without limitation, obtaining all consents and
approvals of all Persons and Governmental or Regulatory Authorities and removing
any injunctions or other impairments or delays or otherwise which are necessary
to the consummation of the transactions contemplated by this Agreement.
(c) CONFIDENTIALITY.
---------------
(i) Except as and to the extent required by law, the parties
hereto will not disclose or use, and will direct their
respective representatives not to disclose or use to the
detriment of the other parties, any Confidential Information
with respect to such other party furnished, or to be
furnished, by such other party or its representatives to the
disclosing party or its representatives at any time or in
any manner other than in connection with the transaction
contemplated in this Agreement. Notwithstanding the
foregoing, Confidential Information shall not include any
information which is generally known to the public or to
companies in businesses similar to the Business, or which
later, through no act of the disclosing party, becomes
generally known.
(ii) Upon consummation of this Agreement, Sellers shall (a)
return to Buyer, or shall destroy in a manner satisfactory
to Buyer, all tangible forms of such Confidential
Information, including any and all copies thereof, and those
portions of any documents, memoranda, notes, studies and
analyses
18
<PAGE>
prepared by or on behalf of Sellers or any of its directors,
officers, employees, advisors or representatives that
incorporate or are derived from such Confidential
Information, and (b) immediately cease, and shall cause its
directors, officers, employees, partners, advisors and
representatives to cease, use of such Confidential
Information as well as any information or materials that
incorporate or are derived from such Confidential
Information.
(iii) In the event this Agreement is terminated prior to the
consummation of the transaction contemplated hereunder, the
party receiving any such Confidential Information shall (a)
return to the party disclosing the same, or shall destroy in
a manner satisfactory to such disclosing party, all tangible
forms of such Confidential Information, including any and
all copies thereof, and those portions of any documents,
memoranda, notes, studies and analyses prepared by or on
behalf of the receiving party or any of its directors,
officers, employees, advisors or representatives that
incorporate or are derived from such Confidential
Information, and (b) immediately cease, and shall cause its
directors, officers, employees, partners, advisors and
representatives to cease, use of such Confidential
Information as well as any information or materials that
incorporate or are derived from such Confidential
Information.
(d) PUBLIC ANNOUNCEMENTS. Sellers, the Company Principals and Buyer
--------------------
shall not issue any press release or make any public announcement with respect
to this Agreement and the transactions contemplated hereby without obtaining the
prior consent of the other parties, except as may be required by applicable law
upon the advice of counsel, and any such press release issued by Sellers, the
Company Principals or Buyer shall not disclose any information regarding the
terms or the Purchase Price of the transactions contemplated by this Agreement.
7.2 COVENANTS OF SELLERS. Prior to the Closing Date, Sellers covenant to
--------------------
act as follows:
(a) MAINTENANCE OF BUSINESS PRIOR TO CLOSING. Except as otherwise
----------------------------------------
contemplated by this Agreement, during the period from the Effective Date to the
Closing Date, Sellers have conducted and will continue to conduct the Business
in accordance with its Ordinary Course of Business and seek to preserve its
current relationships with the customers and other persons with whom it has
business relations to the extent consistent with its Ordinary Course of
Business. Without limiting the generality of the foregoing and, except as
otherwise expressly provided in this Agreement, prior to the Closing Date,
without the prior written consent of Buyer, Sellers will not, and the Company
Principals will cause Sellers not to, with respect to the Business and the
Purchased Assets:
(i) (A) sell, transfer or otherwise dispose of, or agree to sell,
transfer or otherwise dispose of the Business or any Purchased
Assets or (B) permit any Encumbrance on the Business or any
Purchased Assets;
(ii) make any changes to the accounting methods, principles or
practices applicable to the Company;
19
<PAGE>
(iii) permit any damage, destruction or casualty loss, whether covered
by insurance or not, material to the Business taken as a whole, or
to any Purchased Assets;
(iv) take or omit to take any action in violation or contravention of
any provision of Section 3.9 above or any other representation or
-----------
warranty hereunder;
(v) agree, whether in writing or orally, whether formally or
informally, to engage in any of the actions described in clauses
-------
(i) through (iv) of this Section 7.2(a).
--- ---- --------------
(b) INVESTIGATION BY BUYER. Sellers shall allow Buyer, at its
----------------------
own expense during regular business hours, or otherwise with the consent of
Sellers (which consent shall not be unreasonably withheld), to make such
inspection of the Company and the Business and to inspect (and, if applicable,
make copies of) Books and Records, offices and other facilities of the Company
as requested by Buyer and reasonably necessary for or reasonably related to the
operation of the Business, including historical financial information,
concerning the Business; provided, however, that any information obtained from
-------- -------
the Sellers is subject to the obligations imposed by Section 7.1(c) above.
--------------
(c) CONSENTS. As soon as practicable, Sellers will commence all
--------
reasonable action required hereunder to obtain all applicable Permits, consents,
approvals and agreements of, and to give all notices and make all filings with,
any third parties as may be necessary to authorize, approve or permit the full
and complete consummation of the transactions contemplated hereby by the Closing
Date.
(d) TRANSITION PERIOD. From the Effective Date until all of the
-----------------
Purchased Assets are transferred to Buyer in a manner satisfactory to Buyer (the
"Transfer Period"), Sellers and the Company Principals shall use their best
efforts to completely transfer the Purchased Assets to Buyer, including without
limitation facilitating the transfer of customers to Buyer, the development of
press releases or any other actions the Buyer deems necessary, so that Buyer
shall have full use of the Purchased Assets in the same manner and to the same
extent that the Company used the Purchased Assets on the Effective Date.
Notwithstanding the foregoing, all costs, expenses and revenues arising from the
Purchased Assets during the period from the Effective Date to the Closing Date
shall belong to the Company.
(e) CESSATION OF USE OF THE COMPANY TRADEMARKS AND PURCHASED
--------------------------------------------------------
ASSETS. On the Closing Date, Sellers and the Company Principals shall cease
- ------
using (i) the Company Trademarks and any variations thereof in any capacity and
(ii) subject to the terms of the License Agreement, all Purchased Assets
including without limitation all databases for the Business, and will assign to
Buyer all rights in and to the Company Trademarks and the Purchased Assets.
7.3 COVENANT OF BUYER. As soon as practicable after the Effective Date
-----------------
and prior to the Closing Date, Buyer covenants to act as follows: Buyer will
commence all reasonable action required hereunder to obtain all applicable
Permits, consents, approvals and agreements of, and to give all notices and make
all filings with, any third parties as may be necessary to authorize,
20
<PAGE>
approve or permit the full and complete consummation of the transactions
contemplated hereby by the Closing Date.
ARTICLE 8
ACTIONS BY THE PARTIES AFTER THE CLOSING
----------------------------------------
8.1 SURVIVAL OF REPRESENTATIONS, WARRANTIES, ETC. The representations,
--------------------------------------------
warranties and covenants contained in or made pursuant to this Agreement or any
certificate, document or instrument delivered pursuant to or in connection with
this Agreement in the transactions contemplated hereby shall survive the
execution and delivery of this Agreement and the Closing hereunder
notwithstanding any investigation, analysis or evaluation by Buyer or its
designees of the Purchased Assets, Business, operations or condition (financial
or otherwise) of the Company and the Purchased Assets and thereafter the
representations and warranties of Sellers shall continue to survive in full
force and effect for a period of two (2) years after the Closing Date.
8.2 INDEMNIFICATION.
---------------
(a) BY HOFFMAN AND COMPANY PRINCIPALS. Subject to the
---------------------------------
limitations set forth in Section 8.2(d) below, Hoffman and the Company
--------------
Principals shall jointly and severally, indemnify, defend and hold harmless
Buyer, and its officers, directors, employees, agents, successors and assigns
(collectively the "BUYER GROUP") from and against any and all costs, losses
(including, without limitation, diminution in value), Liabilities, damages,
lawsuits, deficiencies, claims and expenses, including without limitation,
interest, penalties, costs of mitigation, lost profits and other losses
resulting from any shutdown or curtailment of operations, attorneys' fees and
all amounts paid in investigation, defense or settlement of any of the foregoing
(collectively, the "DAMAGES"), incurred in connection with, arising out of,
resulting from or incident to (i) any breach of any covenant, representation,
warranty or agreement or the inaccuracy of any representation, made by Sellers
in or pursuant to this Agreement, (ii) Actions or Proceedings set forth in the
Disclosure Schedule or (iii) any Liabilities of Sellers which relates to the
Business and arises out of transactions entered into or events occurring prior
to the Closing; however, such indemnification shall exclude any loss in revenue
due to any customers of the Business prior to the Closing Date not remaining
customers of the Business after the Closing Date.
(b) BY BUYER. Buyer shall indemnify, defend and hold harmless
--------
Sellers and the Company's officers, employees, agents, successors and assigns
from and against any and all costs, losses (including, without limitation,
diminution in value), Liabilities, damages, lawsuits, deficiencies, claims and
expenses, including without limitation, interest, penalties, costs of
mitigation, lost profits and other losses resulting from any shutdown or
curtailment of operations, attorneys' fees and all amounts paid in
investigation, defense or settlement of any of the foregoing, incurred in
connection with, arising out of, resulting from or incident to any breach of any
covenant, representation, warranty or agreement or the inaccuracy of any
representation, made by Buyer in or pursuant to this Agreement.
(c) DEFENSE OF CLAIMS. If any Action or Proceeding is filed or
initiated against any party entitled to the benefit of indemnity hereunder,
written notice thereof shall be given to
21
<PAGE>
the indemnifying party as promptly as practicable (and in any event within ten
(10) days after the service of the citation or summons); provided, however, that
-------- -------
the failure of any indemnified party to give timely notice shall not affect
rights to indemnification hereunder except to the extent that the indemnifying
party demonstrates actual damage caused by such failure. After such notice, if
the indemnifying party shall acknowledge in writing to the indemnified party
that the indemnifying party shall be obligated under the terms of its indemnity
hereunder in connection with such Action or Proceeding, then the indemnifying
party shall be entitled, if it so elects, to take control of the defense and
investigation of such Action or Proceeding and to employ and engage attorneys of
its own choice to handle and defend the same, such attorneys to be reasonably
satisfactory to the indemnified party, at the indemnifying party's cost, risk
and expense (unless (i) the indemnifying party has failed to assume the defense
of such Action or Proceeding or (ii) the named parties to such Action or
Proceeding include both of the indemnifying party and the indemnified party, and
the indemnified party and its counsel determine in good faith that there may be
one or more legal defenses available to such indemnified party that are
different from or additional to those available to the indemnifying party and
that joint representation would be inappropriate), and to compromise or settle
such Action or Proceeding, which compromise or settlement shall be made only
with the written consent of the indemnified party, such consent not to be
unreasonably withheld. The indemnified party may withhold such consent if such
compromise or settlement would adversely affect the conduct of business or
requires less than an unconditional release to be obtained. If (i) the
indemnifying party fails to assume the defense of such Action or Proceeding
within fifteen (15) days after receipt of notice thereof pursuant to this
Section 8.2, or (ii) the named parties to such Action or Proceeding include both
- -----------
the indemnifying party and the indemnified party and the indemnified party and
its counsel determine in good faith that there may be one or more legal defenses
available to such indemnified party that are different from or additional to
those available to the indemnifying party and that joint representation would be
inappropriate, the indemnified party against which such Action or Proceeding has
been filed or initiated will (upon delivering notice to such effect to the
indemnifying party) have the right to undertake, at the indemnifying party's
cost and expense, the defense, compromise or settlement of such Action or
Proceeding on behalf of and for the account and risk of the indemnifying party;
provided, however, that such Action or Proceeding shall not be compromised or
- -------- -------
settled without the written consent of the indemnifying party, which consent
shall not be unreasonably withheld. In the event the indemnified party assumes
defense of the Action or Proceeding, the indemnified party will keep the
indemnifying party reasonably informed of the progress of any such defense,
compromise or settlement and will consult with, when appropriate, and consider
any reasonable advice from, the indemnifying party of any such defense,
compromise or settlement. The indemnifying party shall be liable for any
settlement of any action effected pursuant to and in accordance with this
Section 8.2 and for any final judgment (subject to any right of appeal), and the
- -----------
indemnifying party agrees to indemnify and hold harmless the indemnified party
from and against any Damages by reason of such settlement or judgment.
Subject to the limitations set forth in Section 8.2(d) below,
--------------
regardless of whether the indemnifying party or the indemnified party takes up
the defense, the indemnifying party will pay reasonable costs and expenses in
connection with the defense, compromise or settlement for any Action or
Proceeding under this Section 8.2.
-----------
22
<PAGE>
The indemnified party shall cooperate in all reasonable respects
with the indemnifying party and such attorneys in the investigation, trial and
defense of such Action or Proceeding and any appeal arising therefrom; provided,
--------
however, that the indemnified party may, at its own cost, participate in the
- -------
investigation, trial and defense of such Action or Proceeding and any appeal
arising therefrom. The indemnifying party shall pay all expenses due under this
Section 8.2 as such expenses become due. In the event such expenses are not so
- -----------
paid, the indemnified party shall be entitled to settle any Action or Proceeding
under this Section 8.2 without the consent of the indemnifying party and without
-----------
waiving any rights the indemnified party may have against the indemnifying
party.
(d) LIMITATION ON INDEMNIFICATION.
-----------------------------
(i) Hoffman and the Company Principal shall not have liability for
amounts payable to any member of the Buyer Group pursuant to
her or its indemnification obligations in this Article 8 until
---------
the total of all Damages of the Buyer exceeds Ten Thousand
Dollars ($10,000) in the aggregate (the "Threshold Amount"),
after which the indemnification obligations of Hoffman and the
Company Principals shall include all such Damages as if this
Section 8.2(d)(i) were not part of this Agreement.
-----------------
(ii) Buyer shall not have liability for amounts payable to any
Seller or Company Principal pursuant to its indemnification
obligations in this Article 8 until the total of all Damages
---------
of the Sellers and the Company Principals exceeds Ten Thousand
Dollars ($10,000) in the aggregate (the "Threshold Amount"),
after which the indemnification obligations of Buyer shall
include all such Damages as if this Section 8.2(d)(i) were not
-----------------
part of this Agreement.
(iii) Hoffman and the Company Principal shall not have liability to
any member of the Buyer Group pursuant to his or her
indemnification obligations in this Article 8 to the extent
---------
that the total of all Damages paid by Hoffman and the Company
Principals in the aggregate to members of the Buyer Group
pursuant to such indemnification obligations exceeds One
Hundred Twenty Thousand Dollars ($120,000). Buyer shall not
have liability to any Seller or Company Principal pursuant to
its indemnification obligations in this Article 8 to the
---------
extent that the total of all Damages paid by Buyer in the
aggregate to Sellers and the Company Principals pursuant to
such indemnification obligations exceeds One Hundred Twenty
Thousand Dollars ($120,000). Hoffman shall not have liability
to any member of the Buyer Group pursuant to her
indemnification obligations in this Article 8 to the extent
---------
the total of all Damages paid to members of the Buyer Group by
Hoffman exceeds Sixty Thousand Dollars ($60,000), and each of
the Company Principals shall not have liability to any member
of the Buyer Group pursuant to such Company Principal's
liability obligation in this Article 8 to the extent the total
---------
of all damages paid to the member of the Buyer Group by such
Company Principal exceeds Thirty Thousand Dollars ($30,000).
Notwithstanding the foregoing, this clause (iii) shall
------------
23
<PAGE>
not apply to any intentional breach by any Seller or Company
Principal of any representation, warranty, covenant or
agreement of such Seller or Company Principal.
ARTICLE 9
MISCELLANEOUS
-------------
9.1 TERMINATION. This Agreement may be terminated at any time prior to
-----------
Closing:
(a) by mutual consent of the parties hereto;
(b) by Sellers, if (i) any condition precedent to Sellers'
obligations hereunder is not satisfied and such condition is not waived by
Sellers at or prior to the Closing Date or (ii) there has been a material
violation or breach by Buyer of any covenant, agreement, representation or
warranty contained in this Agreement and such violation or breach has not been
waived in writing by Sellers; or
(c) by Buyer if (i) any condition precedent to Buyer's obligations
hereunder is not satisfied and such condition is not waived by Buyer at or prior
to the Closing Date or (ii) there has been a material violation or breach by
Sellers of any covenant, agreement, representation or warranty contained in this
Agreement and such violation or breach has not been waived in writing by Buyer;
(d) In the event that a condition precedent to its obligations is
not satisfied, nothing contained herein shall be deemed to require any party to
terminate this Agreement, rather than to waive such condition precedent and
proceed with the Closing.
(e) In the event of termination of this Agreement as provided in
this Section 9.1, this Agreement shall forthwith become void and there shall be
-----------
no liability or obligations on the part of Buyer or Sellers; provided, however,
-------- -------
that (i) each party shall remain liable for any breaches of this Agreement prior
to its termination and (ii) the provisions of Section 7.1(c) and Article 9 of
-------------- ---------
this Agreement shall remain in full force and effect and survive any termination
of this Agreement.
9.2 NOTICES. All notices, requests and other communications hereunder
-------
must be in writing and will be deemed to have been duly given only if delivered
personally against written receipt or by facsimile transmission with answer back
confirmation or mailed (postage prepaid by certified or registered mail, return
receipt requested) or by overnight courier to the parties at the following
addresses or facsimile numbers:
IF TO SELLERS OR THE COMPANY PRINCIPALS:
AOBR, Inc.
8303 North Mopac, Suite B-325
Austin, TX 78759
Facsimile No: (512) 346-4873
Attention: Linda Hoffman and Guy Goodwin
24
<PAGE>
IF TO BUYER, TO:
Comps InfoSystems, Inc.
9888 Carroll Centre Road, Suite 100
San Diego, CA 92126-4580
Facsimile No: (619) 684-3292
Attention: Christopher Crane
with copies to:
Brobeck, Phleger & Harrison LLP
550 West "C" Street
Suite 1300
San Diego, CA 92101
Facsimile No.: (619) 234-1966
Attention: Craig S. Andrews, Esq.
All such notices, requests and other communications will (i) if delivered
personally to the address as provided in this Section 9.2, be deemed given upon
-----------
delivery, (ii) if delivered by facsimile transmission to the facsimile number as
provided in this Section 9.2, be deemed given upon receipt, and (iii) if
-----------
delivered by mail in the manner described above to the address as provided in
this Section 9.2, be deemed given upon receipt (in each case regardless of
-----------
whether such notice, request or other communication is received by any other
Person to whom a copy of such notice, request or other communication is to be
delivered pursuant to this Section). Any party from time to time may change its
address, facsimile number or other information for the purpose of notices to
that party by giving notice specifying such change to the other parties hereto.
9.3 ENTIRE AGREEMENT. This Agreement (and all Exhibits and Schedules
----------------
attached hereto, all other documents delivered in connection herewith)
supersedes all prior discussions and agreements among the parties with respect
to the subject matter hereof and contains the sole and entire agreement among
the parties hereto with respect thereto.
9.4 WAIVER. Any term or condition of this Agreement may be waived at any
------
time by the party that is entitled to the benefit thereof, but no such waiver
shall be effective unless set forth in a written instrument duly executed by or
on behalf of the party waiving such term or condition. No waiver by any party
hereto of any term or condition of this Agreement, in any one or more instances,
shall be deemed to be or construed as a waiver of the same or any other term or
condition of this Agreement on any future occasion. All remedies, either under
this Agreement or by law or otherwise afforded, will be cumulative and not
alternative.
9.5 AMENDMENT. This Agreement may be amended, supplemented or modified
---------
only by a written instrument duly executed by or on behalf of each party hereto.
9.6 NO THIRD PARTY BENEFICIARY. The terms and provisions of this
--------------------------
Agreement are intended solely for the benefit of each party hereto and their
respective successors or permitted assigns, and it is not the intention of the
parties to confer third-party beneficiary rights upon any other Person other
than any Person entitled to indemnity under Section 8.2.
-----------
25
<PAGE>
9.7 NO ASSIGNMENT; BINDING EFFECT. Neither this Agreement nor any right,
-----------------------------
interest or obligation hereunder may be assigned by any party hereto without the
prior written consent of the other parties hereto and any attempt to do so will
be void, except that any party's rights to indemnification under Article 8 may
---------
be freely assigned. This Agreement is binding upon, inures to the benefit of and
is enforceable by the parties hereto and their respective successors and
assigns.
9.8 HEADINGS. The headings used in this Agreement have been inserted for
--------
convenience of reference only and do not define or limit the provisions hereof.
9.9 SEVERABILITY. If any provision of this Agreement is held to be
------------
illegal, invalid or unenforceable under any present or future law, and if the
rights or obligations of any party hereto under this Agreement will not be
materially and adversely affected thereby, (a) such provision will be fully
severable, (b) this Agreement will be construed and enforced as if such illegal,
invalid or unenforceable provision had never comprised a part hereof, (c) the
remaining provisions of this Agreement will remain in full force and effect and
will not be affected by the illegal, invalid or unenforceable provision or by
its severance herefrom and (d) in lieu of such illegal, invalid or unenforceable
provision, there will be added automatically as a part of this Agreement a
legal, valid and enforceable provision as similar in terms to such illegal,
invalid or unenforceable provision as may be possible and mutually acceptable to
the parties herein.
9.10 GOVERNING LAW. This Agreement shall be governed by and construed in
-------------
accordance with the laws of the State of California applicable to contracts
executed and performed in such State, without giving effect to conflicts of laws
principles.
9.11 ARBITRATION AND VENUE. Any controversy or claim arising out of or
---------------------
relating to this Agreement or the making, performance or interpretation thereof
shall be submitted to arbitration in Travis County, Texas, pursuant to the rules
and procedures of the American Arbitration Association before a panel of three
arbitrators. The ruling of the arbitrator shall be final, and judgment thereon
may be entered in any court having jurisdiction. If any question is submitted to
a court of law for resolution, then the Superior Court of Travis County, Texas,
or the United States District Court having jurisdiction in Travis County, Texas
shall be the exclusive court of competent jurisdiction for the resolution of
such question. Each party will bear one half of the cost of the arbitration
filing and hearing fees, and the cost of the arbitrator. Each party will bear
its own attorneys' fees, unless otherwise decided by the arbitrator. The parties
understand and agree that the arbitration shall be instead of any civil
litigation and that the arbitrator's decision shall be final and binding to the
fullest extent permitted by law and enforceable by any court having jurisdiction
thereof. Each party shall be entitled to pre-hearing discovery as provided in
California Code of Civil Procedure Section 1283.05
9.12 EXPENSE. Except as otherwise provided in this Agreement, the Sellers
-------
and Buyer shall pay the expenses and costs of Sellers and Buyer, respectively,
incidental to the preparation of this Agreement and to the consummation of the
transactions contemplated hereby.
9.13 CONSTRUCTION. No provision of this Agreement shall be construed in
------------
favor of or against any party on the ground that such party or its counsel
drafted the provision. Any remedies provided for herein are not exclusive of any
other lawful remedies which may be
26
<PAGE>
available to either party. This Agreement shall at all times be construed so as
to carry out the purposes stated herein.
9.14 COUNTERPARTS. This Agreement may be executed in any number of
------------
counterparts and by facsimile, each of which will be deemed an original, but all
of which together will constitute one and the same instrument.
[SIGNATURE PAGE TO FOLLOW]
27
<PAGE>
IN WITNESS WHEREOF, this Agreement has been duly executed and delivered by
the parties hereto as of the date first above written.
"BUYER"
COMPS INFOSYSTEMS, INC.,
a Delaware corporation
By: /s/ Chris Fenton
-----------------------------------------
Name: Chris Fenton
---------------------------------------
Title: Vice President, Corporate Development
--------------------------------------
"SELLERS"
AOBR, INC.,
a Texas corporation
By: /s/ Guy Goodwin
-----------------------------------------
Name: Guy Goodwin
---------------------------------------
Title: President
--------------------------------------
/s/ Linda Hoffman
---------------------------------------------
Linda Hoffman
"COMPANY PRINCIPALS"
/s/ Guy Goodwin
---------------------------------------------
Guy Goodwin
/s/ Don Guy
---------------------------------------------
Don Guy
28
<PAGE>
EXHIBIT A
FORM OF COMPS OFFICER CERTIFICATE
CERTIFICATE OF OFFICER
COMPS INFOSYSTEMS, INC.
This Certificate is delivered pursuant to Section 2.9(b)(ii) of that
certain Asset Purchase Agreement (the "Agreement"), dated as of December 4,
1998, by and among COMPS InfoSystems, Inc., AOBR, Inc., Linda Hoffman, Guy
Goodwin and Don Guy. Capitalized terms used herein without definition shall
have the same meaning as set forth in the Agreement.
I, Christopher A. Crane, do hereby certify that I am the duly elected,
qualified and acting President of Buyer and as such, am authorized to execute
this Certificate on its behalf, and I further certify that:
1. All representations and warranties of Buyer contained in the
Agreement are true and correct on and as of the date hereof and Buyer has
performed all agreements and covenants in a timely manner required to be
performed by it prior to or on the date hereof.
2. No Actions or Proceedings have been instituted or threatened which
question the validity or legality of the transactions contemplated by the
Agreement.
3. All Permits, authorizations, consents, approvals and waivers from
third parties and Governmental or Regulatory Authorities and other Persons
necessary or appropriate to permit Buyer to perform its obligations hereunder
and to consummate the transactions contemplated by the Agreement have been
obtained.
IN WITNESS WHEREOF, I have executed this Certificate as of the Closing
Date, this ____ day of January, 1999.
By:
---------------------------------------
Christopher A. Crane
President
A-2
<PAGE>
EXHIBIT B
FORM OF GENERAL ASSIGNMENT
ASSIGNMENT AND ASSUMPTION AGREEMENT
This Assignment and Assumption Agreement ("Assignment") is entered
into this ___ day of __________, 199__, by and among AOBR, Inc., a Texas
corporation, Linda Hoffman, an individual, (collectively, "Assignors"), and
COMPS InfoSystems, Inc., a Delaware corporation ("Assignee").
RECITALS
--------
WHEREAS, Assignors and Assignee have entered into that certain Asset
Purchase Agreement dated _____________, 1998 (the "Purchase Agreement") by and
among Assignors Guy Goodwin, Don Guy and Assignee, for the sale by Assignors of
the Purchased Assets (as defined in Section 2.1 of the Purchase Agreement)
-----------
(initially capitalized terms used herein and not otherwise defined herein shall
have the meanings given to such terms in the Purchase Agreement);
WHEREAS, the execution and delivery of this Agreement is a condition
precedent to the closing of the Purchase Agreement;
NOW, THEREFORE, in consideration of the mutual covenants and promises
set forth herein, and for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereby agree as
follows:
1. Assignment and Assumption. Assignors hereby agree that,
-------------------------
effective as of the Closing, they shall grant, sell, convey, assign, transfer
and deliver unto Assignee, and Assignee hereby agrees to accept and assume, free
and clear of any Encumbrance or adverse claim of any kind whatsoever, all of
Assignors' right, title and interest in and to all the Purchased Assets (as such
assets are defined and described in the Purchase Agreement and the schedules
relating thereto). Assignors hereby assigns, and Assignee hereby assumes and
agrees to satisfy and perform when due those liabilities and obligations arising
from the Assumed Liabilities on and after the Closing Date.
2. Assignors Covenant. Assignors hereby covenant that they will, at
------------------
any time and from time to time, upon written request therefor, execute and
deliver to Assignee, its successors and assigns, any new or confirmatory
instruments which may be reasonably necessary in order to protect or fully
assign and transfer to and vest in Assignee, or its successors and assigns, all
of Assignors' right, title and interest in and to the Purchased Assets.
3. Retained Liabilities. The parties acknowledge and agree that,
--------------------
except for the Assumed Liabilities, Assignors shall retain and be responsible
for all obligations, liabilities, and claims of any nature, accruing, arising
out of, or relating to Assignors and the Company's business, whether actual or
contingent, matured or unmatured, liquidated or unliquidated, or know or unknown
(the "Retained Liabilities"). Pursuant to the terms of the Purchase Agreement,
B-2
<PAGE>
Assignors shall indemnify and hold Assignee harmless from, against and in
respect to (and shall reimburse Assignee for) any loss, liability, cost or
expenses, including, without limitation, reasonable attorneys' fees, suffered or
incurred by Assignee by reason of or resulting from the Retained Liabilities.
4. Entire Agreement. This Assignment, together with the Purchase
----------------
Agreement and all documents executed in connection with the Purchase Agreement,
constitutes the entire agreement and understanding between and among the parties
hereto with respect to the matters set forth herein, and supersedes and replaces
any prior agreements and understandings, whether oral or written, between and
among them with respect to such matters. Notwithstanding any other provisions
of this Assignment to the contrary, nothing contained in this Assignment shall
in any way superseded, modify, replace, amend, change, rescind, waive, exceed,
expand, enlarge or in any way affect the provisions, including warranties,
covenants, agreements, conditions, representations, or in general any of the
rights and remedies, and any of the obligations and indemnifications of
Assignors or Assignee set forth in the Purchase Agreement nor shall this
Assignment expand or enlarge any remedies under the Purchase Agreement including
without limitation any limits on indemnification specified therein. This
Assignment is intended only to effect the transfer of certain property
transferred pursuant to the Purchase Agreement and shall be governed entirely in
accordance with the terms and conditions of the Purchase Agreement.
5. Governing Law. This Assignment shall in all respects be
-------------
construed in accordance with and governed by the laws of the State of California
without giving effect to its conflicts-of-laws principles (other than any
provisions thereof validating the choice of the laws of the State of California
in the governing law).
6. Counterparts. This Agreement may be executed in any number of
------------
counter parts and by facsimile and by different parties hereto in separate
counterparts, each of which when so executed shall be deemed to be an original
and all of which taken together shall constitute but one and the same agreement.
[SIGNATURE PAGE TO FOLLOW]
B-3
<PAGE>
IN WITNESS WHEREOF, the parties have executed this Assignment as of
the day and year first written above.
COMPS InfoSystems, Inc., AOBR, INC.
a Delaware corporation a Texas corporation
By: By:
------------------------------ --------------------------------
Christopher A. Crane
President and Chief Executive Officer Name:
------------------------------
Title:
------------------------------
-----------------------------------
Linda Hoffman
[SIGNATURE PAGE TO THE ASSIGNMENT AND ASSUMPTION AGREEMENT]
B-4
<PAGE>
EXHIBIT C
LICENSE AGREEMENT
<PAGE>
[LOGO] COMPS InfoSystems, Inc. Customer # ___________________
Subscription Licensing Agreement Contract # ___________________
Page 1 of 6 Purchase Order # _____________
Exhibit "C"
<TABLE>
<CAPTION>
====================================================================================================================================
<S> <C>
Name: Goodwin Partners Name:
--------------------------------------------------------- ---------------------------------------------------------
Bill-to Contact: Don Guy Ship-to Contact:
------------------------------------------------ ----------------------------------------------
Address: 8303 Mopac, Suite 3325 Address: SAME
-------------------------------------------------------- -----------------------------------------------------
City: Austin State: TX ZIP: 78759 City: State: ZIP:
-------------------------- ----- ----------- ------------------- ------ -----------------
County: Travis E-Mail: [email protected] County: E-Mail:
------------------------- --------------------- ------------------ ----------------------------
Telephone: 512-917-7056 Fax: 512-502-4905 Telephone: Fax:
----------------------- ------------------------ --------------- ------------------------------
</TABLE>
<TABLE>
<CAPTION>
====================================================================================================================================
<S> <C> <C> <C>
SUBCRIPTION TERM BILLING CYCLE (circle one) COMPSLINK WINDOWS VERSION DELIVERY FORMAT
Start: 1/99 End: 12/00 Semi-Yr [Yrly] Mthly Qtrly (circle one) 100 200 300 [400] [X] FTP (N/C)
No. of Mos: 24 Enterprise_____ [_] Diskette ($1.95
Renewal Date: 12/00 USER STATUS month per item)
HARDWARE CONFIGURATION [_] Sole Proprietor [_] CD ($5.00/month
HISTORICAL REPORTS [X] Stand alone [X] Standard per region)
From: 1/92 Thru: 12/98 [X] Network - LAN CONCURRENT USERS (circle one)
No. of Mos.: 72 [_] Network - WAN # locations: 1 2-3 4-5 6-10 Other:_______________
</TABLE>
<TABLE>
<CAPTION>
====================================================================================================================================
LINE #/Sets COUNTY PROPERTY TYPE HISTORIAL REPORTS SUBSCRIPTION TOTAL
# Same / Diff. (Other) Amount Credit Subtotal (Initial (Initial
Location Term) Term)
- -----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
1 1 AUSTIN [C&I] [Apt/Res Lnd] 3495 $3495 (3495) $ -0- $ $ 3495
2 Travis/Williamson C&I Apt/Res Lnd $ $ $ $
3 DALLAS METRO C&I Apt/Res Lnd $ $ $ $
4 Dallas C&I Apt/Res Lnd $ $ $ $
5 Tarrant C&I Apt/Res Lnd $ $ $ $
6 Collin C&I Apt/Res Lnd $ $ $ $
7 Denton C&I Apt/Res Lnd $ $ $ $
8 DENVER METRO C&I Apt/Res Lnd $ $ $ $
9 Denver C&I Apt/Res Lnd $ $ $ $
10 El Paso C&I Apt/Res Lnd $ $ $ $
====================================================================================================================================
Subscription fee waived as term of Acquisition Agreement for Hoffman Valuation Data Services $ $ 3495
for documentation.
</TABLE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
OTHER CHARGES: Duplicate Sets $______ WAN $______ Billing Cycle $______ User Level $______ Other $______ Total: $_____
CREDITS: Sole Proprietor $______ Volume $______ Multi-Year $______ EDS $______ Conversion $______ Other $______ Total: ($3495)
- ------------------------------------------------------------------------------------------------------------------------------------
</TABLE>
Agreement allows Goodwin Partners to export sales price data to the Office
Building Report for the term of this Agreement or so long as Goodwin owns and
publishes the Report. 2 additional copies to be shipped in short term with
allowance to convert to 4-5 multi-task @ their discretion.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
Ordered By: Don Guy Department: Date: 12/7/98 Subtotal $ -0-
------------------ ----------- ---------- --------
Sales Tax ____% $_______
Materials/C.P.R. $_______
Set-Up Fee $_______
GRAND TOTAL $ -0-
--------
</TABLE>
This Subscription Licensing Agreement between the above-named Customer and COMPS
InfoSystems, Inc. ("COMPS") establishes the terms an d conditions under which
COMPS will provide the services (the "Services") as set forth in this Agreement.
Attached to and incorporate d into this Subscrption Licensing Agreement are the
COMPS InfoSystems, Inc. General Terms and Conditions, which are an integral part
of the agreement being formed hereby.
Each person executing this Agreement on behalf of COMPS or Customer represents
and warrants that he or she has been authorized to do so, and that all necessary
actions (if any) required for the execution have been taken.
<TABLE>
<CAPTION>
<S> <C> <C>
TOTAL YEAR 2 $
----------
Customer: Goodwin Partners COMPS Infosystems, Inc. TOTAL YEAR 3 $
------------------------------------ ----------
By: X /s/ Don Guy By: /s/ MICHAEL ARABE Business Code: 84
------------------------------------------ ----------------------------------- ----------
Name (print): Don Guy Name (print): MICHAEL ARABE Source Code:
--------------------------------- ----------------------------------- ----------
Title: PARTNER Date: 12/7/98 Title: SVP OF SALES Date: 12/7/98 Sales Rep: NDA / ___
----------------------- ---------- ----------------- --------- ----------
====================================================================================================================================
</TABLE>
<PAGE>
SUBSCRIPTION LICENSING AGREEMENT
1. TERMS OF AGREEMENT. Attached to this Agreement and incorporated into
this Agreement in its entirety are COMPS' General Terms and Conditions. The
word "Agreement" will apply to all terms and conditions of the parties
---------
whether contained in this Subscription Licensing Agreement or the General
Terms and Conditions. Customer should carefully read all terms of the
Agreement to become thoroughly familiar with all rights granted and duties
imposed by Customer's use of COMPS materials.
2. SUBSCRIPTION. Subject to the terms and conditions of this Agreement,
COMPS will provide to Customer, and Customer accepts, the COMPS services
indicated on the cover page of this Agreement. The materials, documentation,
software and information provided in any medium are collectively referred to
as the "Subscription Materials." Customer may load and use any retrieval
software provided to Customer by COMPS ("Software") on such computer systems
and for such users as are set forth on the cover page of this Agreement.
Customer will be responsible for all telephone charges, Internet service
provider charges, and hardware/software necessary to access the Subscription
Materials.
3. OWNERSHIP. All right, title and interest in Subscription Materials and
any modifications, elaborations, derivatives or updates thereof, regardless
of the authorship of such derivative works, in all languages, formats and
media throughout the world, including all copyrights, are and will continue
to be the exclusive property of COMPS. Customer acknowledges that Customer
is licensing and leasing the use of the Subscription Materials and the
Software, not buying Subscription Materials, Software or information
contained within them.
4. TERM. The initial term of this Agreement, as set forth on the signature
page hereto, extends from the Start Service Date to such End of Initial Term
Date as Customer and COMPS agree to, plus, it so agreed by Customer and
COMPS, an additional period of 12, 24 or 36 months, as indicated on the
order page of the Agreement. The first day of the month following the End of
Initial Term Date or (if applicable) following the agreed-upon additional
period is the "Renewal Date." If no Renewal Date or End of Initial Term Date
appears on the order page of the Agreement, then the term of the Agreement
will be deemed to be 24 months from the Start Service Date. After the End
Date or (if applicable) the Renewal Date, this Agreement, unless terminated
pursuant to Section 5, will automatically renew for successive 12-month
periods.
5. TERMINATION. COMPS may terminate this Agreement or suspend Services
pursuant to this Agreement at any time in its own discretion effective upon
receipt of the notice of termination and at any time effective immediately
upon: (a) any failure of Customer to pay any amounts as required in this
Agreement; (b) any breach by Customer of any provision of this Agreement
related to Customer's use of the Subscription Materials; (c) any insolvency,
bankruptcy, assignment for the benefit of creditors, appointment of a
trustee or receiver or similar event with respect to Customer; (d) any
governmental prohibition or required alteration of services or any violation
of applicable law, rule or regulation or (e) any breach of or other reason
set forth on the attached General Terms and Conditions. Customer may only
terminate this Agreement effective on the Renewal Date or on each successive
anniversary thereof or, if no Renewal Date has been agreed to, on the End of
Initial Term Date or on each successive anniversary thereof by providing
written notice, by certified mail, to COMPS at least 30 days prior to such
applicable Renewal Date, End of Initial Term Date or anniversary of such
date.
6. EFFECT OF TERMINATION. Any termination will not relieve Customer of its
obligation to pay any charges incurred pursuant to this Agreement prior to
such termination. In the event that Customer terminates this Agreement prior
to the Renewal Date: (a) Customer will immediately pay any and all of the
amounts due under this Agreement, (b) any credits, bonuses, or incentives
provided to Customer by COMPS will be due and payable by Customer and (c)
Customer will, upon demand, immediately return all Subscription Materials
and Software to COMPS.
7. CANCELLATION FEES. COMPS will have the right to assess a reasonable
cancellation fee, including a fee for administrative expenses and an amount
equal to COMPS' estimate of lost revenue, in case of any cancellation of
this Agreement: (a) by Customer prior to the next occurring Renewal Date or
anniversary thereof or (b) by COMPS in case of a breach by Customer.
Customer will pay the cancellation fee in addition to any remaining contract
obligations.
8. AUTHORIZED USERS. All terms and conditions of this Agreement are
applicable to all Customer's employees (as this term is defined in Section 3
of the General Terms and Conditions). Customer agrees to assume sole
responsibility for all employees' compliance with this Agreement, for all
charges incurred by each employee and for maintaining the security
respecting any passwords issued to such employees.
9. SUCCESSORS. The rights granted under this Agreement may be transferred to
a successor entity only if (a) such successor entity is approved by COMPS,
(b) the successor entity executes a new Subscription Licensing Agreement and
(c) the successor entity pays COMPS a transfer fee of ten percent (10%) of
the cumulative fees for the Subscription Materials. COMPS expressly reserves
the right to deny, in its sole and absolute discretion, transfer of the
rights granted under this Agreement or the Subscription Materials, and in
the event of such denial, neither Customer nor any employee of Customer may
take the Subscription Materials to another company or other entity.
SUBSCRIPTION LICENSING AGREEMENT (76008.1) Only Page
<PAGE>
COMPS INFOSYSTEMS, INC.
GENERAL TERMS AND CONDITIONS
FOR LICENSED USE OF REPORTS AND SOFTWARE
1. APPLICABILITY OF TERMS AND CONDITIONS. CUSTOMER SHOULD CAREFULLY READ THESE
TERMS AND CONDITIONS. These terms and conditions apply to all products,
services, software, documentation and information that COMPS Infosystems,
Inc. ("COMPS") provides (or has previously provided) to Customer in whatever
media or form, including, but not limited to, paper, diskettes, CD-ROM,
Internet or on-line and any publications and software, produced, published
and/or distributed by COMPS.
2. LIMITED LICENSE. Subject to these terms and conditions, COMPS hereby grants
a revocable, non-transferable, non-exclusive license to use the Reports and
Software provided by COMPS to Customer solely for the Permitted Uses (as
defined below). "Reports" means the information that COMPS provides under
-------
these terms and conditions, including the Internet and on-line services,
data, photographs and maps on diskette or CD-ROM or on any other medium and
all subscription materials and printed reports, whether in electronic or
paper form. and any subsets, annotations, alterations, modifications or
updates thereof. "Software" means any software, including new versions and
--------
the accompanying user documentation, provided by COMPS to Customer to allow
or facilitate Customers access to, retrieval of or use of the Reports.
Customer will not accept copies of the Reports from any person or entity
other than COMPS.
3. PERMITTED ACCESS. For purposes of this Agreement, an "employee" of Customer
is any person who would be deemed such by the Internal Revenue Service and
who performs at least twenty (20) hours of work per week for Customer.
Customer acknowledges that only users who license the Reports or Software
directly from COMPS, or those users' employees, are authorized to access the
Reports or Software. Customer will ensure that access to and use of the
Reports and Software is available only to employees needing such access, and
that such use is conducted in a proper and legal manner. EXCEPT AS PERMITTED
BY COMPS OR THIS AGREEMENT, CUSTOMER WILL NOT ALLOW NON EMPLOYEES ACCESS TO
THE REPORTS OR SOFTWARE FOR ANY REASON.
4. PERMITTED USES. "Permitted Uses" means use of the Reports or Software by
--------------
Customer in the course of Customer's business solely for the purpose of
either supporting Customer's opinion of a property valuation or supporting a
listing of Customer for sale or management of real property, including use
in: (1) working papers or word processing or spreadsheet programs underlying
a report prepared by Customer, (2) the final report prepared by Customer,
(3) appraisals, (4) listing proposals, (5) presentations to financial
institutions for asset valuation and review purposes, and (6) marketing
packages. Customer is permitted to reproduce single Reports where used by
Customer to support the valuation of a specific property. Permission to
reproduce such Reports is limited to reproductions that are contained in
actual final reports and proposals that are submitted to a Customer's client
and to working papers therefor, and such reproductions will in no event
exceed a reasonable number without the express written permission of COMPS.
The permission granted to reproduce paper Reports is strictly limited to the
circumstances described in this paragraph. "Permitted Uses" does not include
use by or duplication for employees of Customer other than at the specific
address to which the Reports are delivered.
5. PROHIBITED USES. Notwithstanding whether Customer obtains COMPS' Reports or
Software from COMPS or any third party, Customer will not copy, annotate,
alter, publish, broadcast, enhance, modify, sell, upload, download or in any
other way reproduce the Reports or the Software except as expressly provided
for in these terms and conditions or unless COMPS gives Customer its prior,
written consent. Customer will not use, key, scan or type any part of the
Reports or enter data contained within the Reports for the purpose of
compiling databases or similar compilations to give, sell, rent or provide
access to anyone, and Customer will not compete with COMPS. Customer will
refer to COMPS anyone seeking to create derivative works from the Reports.
The systematic accumulation of Reports or any part thereof retrieved by
Customer from COMPS for storage in or export to any archival database for
the purpose of future retrieval or re-use not related to the original
purpose or job for which Reports were obtained, is specifically prohibited.
Notwithstanding any provision to the contrary in Section 4 above, Customer
is expressly prohibited from storing, copying, exporting or transferring the
Reports or any part or derivative thereof into any contact management
program, automated valuation programs, statistical analysis program or
searchable database in Customer's own computer or any other electronic or
other device. Customer may not resell the Reports or Software or any part or
derivative thereof. Customer may not adapt, translate, export, decompile,
disassemble or create derivative works of
GENERAL TERMS AND CONDITIONS (76009.1) Page 1 of 4
<PAGE>
the Reports or Software or any part thereof. Customer may not export
Reports or any part thereof into any software other than word processing or
spreadsheet programs, nor further export Reports or any part thereof out of
such software. Customer is specifically prohibited from including COMPS'
Reports or Software in any "data library" or other data-sharing arrangement
accessible to anyone other than Customer's employees. Customer may not
under any circumstances post the Reports or any portion thereof on any
Internet site. The provisions of this Section will survive any termination
or expiration of this Agreement.
6. SATELLITE OFFICES. The license for use of the Reports and the Software
granted to Customer will only include Customer's employees located at the
Customer's address or other address for which the Reports are licensed. If
Customer operates offices at locations other than such address ("Satellite
---------
offices") and if Customer has employees who will use the Reports or
-------
Software at such Satellite Offices then Customer will pay an additional
user fee for those Reports or Software used in the Satellite Offices.
CUSTOMER MAY NOT DUPLICATE THE REPORTS FOR USE IN THE SATELLITE OFFICES OR
OTHERWISE ALLOW ELECTRONIC, NETWORK, ON-LINE OR OTHER ACCESS TO THE REPORTS
OR SOFTWARE FROM SUCH SATELLITE OFFICES.
7. OWNERSHIP. All right, title and interest in reports and Software and any
modifications, elaborations or derivatives thereof, regardless of the
authorship of such derivative works, in all languages, formats and media
throughout the world, including all copyrights, are and will continue to be
the exclusive property of COMPS. Customer acknowledges that Customer is
licensing and leasing the use of the Reports and the Software, not buying
Reports, Software or information contained within them.
8. COPYRIGHTS. COMPS' Reports, Software and databases are copyrighted and are
protected by the copyright laws of the United States and the Universal
Copyright Convention. Customer acknowledges that the Reports and Software
are proprietary to COMPS - and comprise: (a) works of original authorship
including compiled Reports containing COMPS' copyrightable selection,
arrangement and coordination and expression of such Reports or material it
has created, gathered or assembled; (b) confidential and trade secret
information; and (c) work product that has been created. developed and
maintained by COMPS at great expense of time and money such that
misappropriation or unauthorized use by others for commercial gain would
unfairly and irreparably harm COMPS. Customer will not commit or permit any
act omission that would impair COMPS' copyright and other intellectual
property rights in the Reports and Software. COMPS has the sole right to
annotate, alter, or modify any Reports or Software or, except as permitted
by this Agreement, integrate or incorporate the Reports or Software into
another database. contract management, automated valuation or statistical
analysis program or other work. Any Reports or Software that are
reformatted, incorporated into another work, annotated, altered, or
modified by Customer will be derivative works that remain the sole property
of COMPS. Except for the limited license provided, COMPS reserves all
rights in and to Reports, Software and all underlying data compilations and
information maintained by COMPS, including but not limited to the exclusive
rights under copyright and the right to grant further licenses.
9. TRADEMARKS. Customer will not use any trademark, service mark or trade
name of COMPS or any of its affiliated companies without COMPS' prior
written consent. The parties agree that COMPS' copyright and trademark
notices will at all times remain on all Reports and Software. and Customer
will not remove or alter such copyright and trademark notices. Customer
acknowledges that no right has been granted by, COMPS to reproduce or use
in any way COMPS' trademarks.
10. CONFIDENTIALITY. Customer will treat the Reports in any form as
confidential and will not divulge them to any person except as permitted by
these terms and conditions. Customer will instruct its employees who have
access to the Reports to keep them confidential.
11. LIMITED WARRANTY. COMPS warrants that (a) COMPS has obtained the
information contained in the Reports from sources that COMPS believes to be
reliable and (b) the media on which the information contained in the
Reports is delivered is free from defects in material and workmanship for a
period if' 90 days from delivery to Customer. If any media containing any
Reports or Software is defective, COMPS will at COMPS' sole option, either
repair or replace it. In either case, Customer will return to COMPS all
defective media containing Reports or Software along with an explanation of
the nature of the defect. Any replacement media will be warranted for the
remainder of the original warranty period. Customer understands that COMPS
does not and cannot for the fees charged guarantee or warrant the
correctness, completeness, currentness, merchantability or fitness for a
particular purpose of its Reports. Accordingly, the data and information
GENERAL TERMS AND CONDITIONS (76009.1) Page 3 of 4
<PAGE>
contained in the Reports and Software is delivered AS IS, and COMPS does
not warrant, represent, or guaranty its correctness, accuracy or
completeness. Customer acknowledges and agrees that the provisions of this
limited warranty constitute the sole and exclusive remedy available to it
with regard to the Reports and Software.
12. WARRANTY DISCLAIMER. COMPS DISCLAIMS ANY AND ALL OTHER WARRANTIES,
EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, THE IMPLIED WARRANTIES
OF NON-INFRINGEMENT OF THIRD-PARTY RIGHTS, MERCHANTABILITY AND FITNESS FOR
A PARTICULAR PURPOSE.
13. RISK ALLOCATION. Customer also acknowledges that (a) every business
decision to some degree represents an assumption of risk, (b) the prices
that COMPS charges its Customers for Reports are based, in part, upon
COMPS' expectation that the risk of any loss that might be incurred by
Customer in reliance upon the Reports will be borne by Customer, and COMPS
in furnishing information does not assume Customer's risks, (c) certain
information provided in connection with COMPS' Reports is received from
third parties and COMPS has undertaken such inquiry as COMPS, in its
discretion, deems appropriate to determine the qualifications of each such
third party, but COMPS does not in any way guaranty or warrant the accuracy
of any information provided by such third party. COMPS will not be liable
for any loss, injury, claim, liability or damage of any kind resulting in
any way from (1) any errors in or omissions from the Reports, (2) the
unavailability of Reports or an interruption in the delivery of Reports,
(3) Customer's use of the Reports or the Software, (4) COMPS' negligent or
other acts or omissions in procuring, compiling, collecting, interpreting,
reporting, communicating or delivering Reports or (5) any termination or
non-renewal of this Agreement. Customer will defend, indemnify and hold
harmless COMPS from and against any and all claims, losses or damages to
persons or property resulting indirectly or directly from Customer's use of
the Reports, products and services provided under these terms and
conditions.
14. LIMITATION OF LIABILITY. COMPS' AGGREGATE LIABILITY UNDER THESE TERMS AND
CONDITIONS OR IN CONNECTION WITH ANY OTHER CLAIM ARISING OUT OF OR RELATING
TO THE REPORTS OR SOFTWARE WILL NOT EXCEED THE ANNUAL AMOUNT ACTUALLY
RECEIVED BY COMPS FROM CUSTOMER PURSUANT TO THIS AGREEMENT. NEITHER COMPS
NOR ANY RELATED PARTY WILL BE LIABLE FOR ANY SPECIAL, INDIRECT, INCIDENTAL.
OR CONSEQUENTIAL DAMAGES OF ANY KIND WHATSOEVER REGARDLESS OF ANY
NEGLIGENCE OF COMPS OR ANY RELATED PARTY AND EVEN IF ADVISED OF THE
POSSIBILITY OF SUCH DAMAGES, COMPS, ITS AFFILIATES, AGENTS OR LICENSORS
WILL NOT BE LIABLE TO CUSTOMER OR ANYONE ELSE FOR ANY DECISION MADE OR
ACTION TAKEN BY CUSTOMER IN RELIANCE ON COMPS' REPORTS.
15. COMPLIANCE. When Reports or Software are provided subject to restrictions
on frequency of use or on the total number of users. Customer will comply
with those restrictions. Customer will permit COMPS to inspect Customer's
offices or facilities during regular business hours the point or points at
which Reports and Software are used and to furnish whatever assistance is
reasonably necessary to permit COMPS to determine Customer's compliance or
the extent of Customer's noncompliance. Customer authorizes COMPS to send
notices of non-compliance or delinquent account status by means of the most
expedient method available, including without limitation telex, telegram,
facsimile, electronic mail or letter as determined by COMPS. The failure of
Customer strictly to comply with these terms and conditions will constitute
irrevocable default and will lead immediately to the termination of the
right of Customer to use the Reports and Software and, upon COMPS'
election, of any other agreement between Customer and COMPS.
16. EXPIRATION OR TERMINATION. In the event of any expiration or termination
of this Agreement: (a) Customer's continuing right to access or use COMPS'
Reports or any other COMPS products or services, granted at COMPS' sole
discretion, is limited to the Reports and Software that Customer has
licensed from COMPS in the past; (b) Customer has no right to access or use
any other COMPS Reports accessed or obtained from any source other than
COMPS; and (c) Customer will, if COMPS so demands, within seven (7) days
return to COMPS all Reports, Software and any other materials in Customer's
possession containing COMPS' information and will deliver to COMPS a
written certification of Customer's .compliance with the foregoing. Upon
any termination or expiration of this Agreement, COMPS may send a
representative to Customer's location to retrieve COMPS' Reports, Software
and other information belonging to COMPS, which Customer agrees to deliver
to such representative upon demand at that time.
GENERAL TERMS AND CONDITIONS (76009.1) Page 4 of 4
<PAGE>
17. REMEDIES. All of the remedies set forth in these terms and conditions are
in addition to any that may be available under applicable law and are
cumulative and not alternative.
18. PRICES. Unless otherwise specified in writing, COMPS' published prices
will apply to any Reports or Software or other services provided by COMPS
to Customer and are exclusive of taxes, use, excise or other similar taxes
and any such present or future applicable taxes on the sale of Reports or
Software services and/or products will be paid by the Customer. Requested
expedited handling will be subject to an additional charge. COMPS reserves
the right to revise its prices in connection with its adoption of a new
price schedule or modification of existing schedules that are generally
applicable to the Reports and Software. Unless otherwise specified in
writing, such revised prices will be applicable to all Reports and Software
delivered on and after the effective date of the price change.
19. PAYMENT TERMS. Customer will pay the price for the Reports, materials,
Software or services delivered to Customer, as specified on the invoice
therefor delivered to Customer by COMPS. When COMPS has extended credit to
Customer, the terms of payment will be net 30 days from the date of invoice
unless different terms are agreed to in writing. The amount of credit or
terms of payment may be changed or credit withdrawn by COMPS at any time.
Payment will be made without any deduction or offset by reason of any
alleged counterclaim. COMPS' most recent written invoice, change order or
statement of account will constitute presumptive evidence of all amounts
due and owing from Customer unless disputed by Customer in writing within
ten business days or COMPS' mailing or transmittal to Customer of such
invoice, change order or statement of account. All payments received after
the due date will incur a late payment charge in an amount equal to 1-1/2%
per month (18% per year) until paid or at such lesser interest rate as is
required by any applicable law Customer will pay to COMPS fifteen dollars
($15.00) for each check delivered to COMPS that is returned for
insufficient funds. If any suit or arbitration is brought to collect any
amounts owing by Customer, COMPS will be entitled to recover its costs and
attorneys' fees incurred in connection with collecting such amounts owed.
COMPS may withhold delivery of any Reports or Software under this Agreement
if Customer does not pay any amount when due under this Agreement.
20. INJUNCTIVE RELIEF. In the event of a breach of these terms and conditions
by Customer, COMPS will suffer irreparable harm and will be entitled to
injunctive relief as well as all other remedies available at law or equity,
without the necessity of posting a bond.
21. LIQUIDATED DAMAGES. Customer acknowledges and agrees that COMPS' actual
damages for Customer's breach of this Agreement cannot be precisely
estimated in advance. COMPS may elect to recover liquidated damages for
each breach by Customer of any provision of this Agreement related to
COMPS' copyrights in the Subscription Materials. If COMPS elects to do so,
Customer agrees to pay COMPS, for each such breach, liquidated damages of
three times the amount charged Customer by COMPS for the use of
Subscription Materials in the twelve months preceding such breach. Customer
agrees that these liquidated damages are fair and equitable and in no way
punitive.
22. RIGHT OF OFFSET. If COMPS has reason to believe that Customer is in breach
of any provision of this Agreement related to COMPS' copyrights in the
Subscription Materials, Customer agrees that COMPS may retain any or all of
Customer's advance payment(s) for Reports or Software or subscription fees
as a partial or complete offset against any damages amount to which COMPS
may ultimately be entitled for Customer's breach(es). COMPS will not apply
the offset to the total damages amount owed COMPS by Customer for breach
until that amount has been fixed through litigation. arbitration or
agreement.
23. DISPUTES. These terms and conditions will be governed by and construed
under the laws of the State of California without regard to the
application of the principles of conflict of laws, and, subject to the
arbitration provisions set forth below, the Customer and COMPS (the
"Parties") will submit all disputes arising out of or related to these
terms and conditions or to the performance, breach or termination,
thereof, to binding arbitration pursuant to the Expedited Procedures of
the Commercial Arbitration Rules ("Rules") of the American Arbitration
Association ("AAA"). The arbitration will take place in San Diego,
California. The dispute will be resolved by a single arbitrator appointed
by the AAA in accordance with the list procedure described in Paragraph 13
of the Rules, except that the AAA will transmit the list within ten days
of the filing of the Demand for Arbitration, and the Parties will have
five days to return the list to the AAA with their objections and
preferences. Discovery will be limited to no more than two depositions by
each side and written document requests, requesting the production of
specific documents. The Parties will voluntarily produce any and all
documents that they intend to use at the hearing before the close of
GENERAL TERMS AND CONDITIONS (76009.1) Page 5 of 4
<PAGE>
discovery, subject to supplementation for purposes of rebuttal or good
cause shown. The period for taking discovery will be 60 days, commencing
upon the day that the answer is due under the Rules. The arbitrator will
hold a pre-hearing conference within three days of the close of discovery
and will schedule the hearing within 30 days of the close of discovery.
Prior to the selection of the arbitration, nothing in this Agreement will
prevent the Parties from applying to a court that would otherwise have
jurisdiction for provisional or interim injunctive other equitable
measures. After the arbitral panel is selected, it will have sole
jurisdiction to hear such applications, except that any measure ordered by
the arbitrator may be immediately and specifically enforced by a court
otherwise having jurisdiction over the Parties. Each party will pay its
own fees and costs associated with the Arbitration. Each party will pay
one-half the estimated arbitrator's fees up front and if either party
fails to do so a default will be entered against such party. The Parties
submit to the exclusive jurisdiction of any court sitting in the County of
San Diego, State of California, for the resolution of any dispute or
enforcement of any right arising out of or relating to this Section 23,
----------
and waive any objection to the venue or personal jurisdiction of said
courts. The Parties agree that the arbitrator will be entitled to award to
COMPS, for each breach by Customer of any provisions of this Agreement,
actual damages according to proof, liquidated damages in accordance with
Section 21, or statutory damages for copyright infringement in accordance
----------
with the U.S. Copyright Act, at COMPS' election.
24. ENTIRE AGREEMENT. These terms and conditions (and any Subscription
Licensing Agreement, if applicable) constitute the entire agreement
between the parties and supersede all prior agreements, whether oral or
written, which have been entered into before execution of these terms and
conditions.
25. REQUIREMENT OF A WRITING. Copies and facsimiles of signed originals of
these terms and conditions and of orders will be as binding on Customer as
originals. Orders Placed by Customer regardless of communication method
and accepted by COMPS will be binding on Customer.
26. CONSTRUCTION RULES. If any term or provision of these terms and
conditions is held to be to extent invalid or otherwise unenforceable by
any court of' competent jurisdiction, such provision will be construed as
if it were written so as to effectuate to the greatest possible extent the
parties' expressed intent, and in every case the remainder of these terms
and conditions will not be affected thereby and will remain valid and
enforceable. Typographical and clerical errors are subject to correction.
27. NOTICES. Any notice or communication provided for pursuant to these terms
and conditions will be in writing and will be deemed given and received
(a) upon delivery, if personally delivered or by facsimile transmission
with receipt acknowledged, (b) one business day after having been
deposited for overnight delivery with a well-recognized overnight courier
or (c) three business days after deposit in U.S. mail when sent by
registered or certified mail, postage prepaid, with proof of delivery at
the address for such party previously provided to the other party by such
party.
28. FORCE MAJEURE. COMPS' performance under these terms and conditions will
be suspended and excused to the extent that COMPS is hindered or prevented
from performance for causes beyond COMPS' control including, but not
limited to, events of force majeure.
29. AMENDMENTS & WAIVERS. No modification or waiver of these terms and
conditions will be binding on either party unless in writing and executed
by the duly authorized officer of COMPS and by a duly authorized
representative of Customer. The waiver by any party of any specific breach
will not operate or be construed as a waiver of any preceding,
contemporaneous or succeeding breach or as a continuing waiver. No failure
or delay by a party in exercising any right, power, or privilege under
these terms and conditions or other conduct by a party will operate as a
waiver, and no single or partial exercise thereof will preclude the full
exercise or further exercise of any right, power, or privilege.
30. BINDING AGREEMENT. These terms and conditions will only be effective and
enforceable against COMPS when executed by a duly authorized
representative of COMPS if unmodified or by the Chairman or President of
COMPS if modified at COMPS' principal offices in San Diego, California.
These terms and conditions are binding on the Customer and all successors,
permitted assigns, agents, representatives, and employees of Customer.
31. SURVIVAL. The parties' rights and obligations which by their nature would
extend beyond the termination, cancellation, or expiration of any
agreement between the parties or these terms and conditions, will survive
such termination, cancellation or expiration.
32. ASSIGNMENT. Customer will not assign any benefit under any agreement with
COMPS or these terms and conditions without COMPS' written consent, which
will, if given, be on such terms as COMPS deems to be appropriate.
GENERAL TERMS AND CONDITIONS (76009.1) Page 6 of 4
<PAGE>
EXHIBIT D
FORM OF BILL OF SALE
THIS BILL OF SALE dated as of _______________, 199__, is being
executed and delivered by AOBR, Inc., a Texas corporation, and Linda Hoffman
(collectively, "Sellers") pursuant to that certain Asset Purchase Agreement
dated as of ______________, 199__ (the "Purchase Agreement"), by and among
Sellers, Guy Goodwin, Don Guy and COMPS InfoSystems, Inc., a Delaware
corporation ("Buyer"). The execution and delivery of this Bill of Sale is a
condition to Buyer's obligations under the Purchase Agreement.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, Sellers hereby agree as follows:
1. Capitalized terms used herein but not defined herein shall have
the meanings assigned such terms in the Purchase Agreement.
Subject to the terms and conditions set forth in the Purchase
Agreement, Sellers hereby grant, sell, convey, assign, transfer and deliver to
Buyer, and Buyer hereby purchases and acquires from Sellers, free and clear of
any Encumbrance or adverse claim of any kind whatsoever, all of Sellers' right,
title, and interest in and to all assets, properties, rights, contracts and
interests of Sellers, wherever located, that are used in or pertain to the
Business, as set forth below (collectively, the "Purchased Assets").
(a) the historical database of the Business, in electronic and hard
copy form, including, without limitation, the Report, plat maps, photographs,
and sales comparable data, owned or licensed by the Company and used in the
Business;
(b) all former, current and prospective customer lists, mailing lists,
telephone numbers, correspondence, vendor lists, list of billings and
receivables for former and current customer accounts of the Company related to
the Business set forth in Schedule 2.1(b) to the Purchase Agreement (the
---------------
"Business Customer Lists");
(c) all the Books and Records of the Company relating to the Business,
including without limitation, operating data, the data collection methodology,
sales and other literatures, files and documents relating to the Business (the
"Business Records");
(d) all right, title and interest in and to all of the Company
Intellectual Property, including, without limitation, (i) all of the Company's
rights to the Company Trademarks; and (ii) the Company Intellectual Property set
forth on Schedule 2.1(d) to the Purchase Agreement and all improvements,
---------------
modifications and other Intellectual Property derived therefrom;
(e) all licenses, permits, consents, approvals, orders, certificates,
authorizations, declarations and filings held by the Company, including the
fictitious business name statement or other similar document filed with the
Texas Secretary of State for the name "Hoffman Valuation Data Services,"
necessary or incidental to the conduct of the Business as set forth in Schedule
--------
2.1(e) to the Purchase Agreement (the "Business Permits"); and
- ------
D-2
<PAGE>
(f) the goodwill and going concern value of the Business.
2. Buyer hereby waives compliance by Sellers with the provisions of
the bulk transfer laws of any state. Sellers warrant and agree to pay and
discharge when due all claims of creditors which could be asserted against Buyer
by reason of such noncompliance. Pursuant to the terms of the Purchase
Agreement, Sellers shall indemnify and hold Buyer harmless from, against and in
respect of (and shall on demand reimburse Buyer for) any Damages suffered or
incurred by Buyer by reason of the failure of Sellers to pay or discharge such
claims.
3. From time to time after the date hereof, Sellers will execute and
deliver, or cause their affiliates to execute and deliver, to Buyer such
instruments of sale, transfer, conveyance, assignment and delivery, and such
consents, assurances, powers of attorney and other instruments as may be
reasonably requested by Buyer or its counsel in order to vest in the Company all
right, title and interest of Sellers in and to the Purchased Assets and
otherwise in order to carry out the purpose and intent of this Bill of Sale.
4. Notwithstanding any other provisions of this Bill of Sale to the
contrary, nothing contained in this Bill of Sale shall in any way supersede,
modify, replace, amend, change, rescind, waive, exceed, expand, enlarge or in
any way affect the provisions, including warranties, covenants, agreements,
conditions, representations or, in general any of rights and remedies, and any
of the obligations and indemnifications of Sellers or Buyer set forth in the
Purchase Agreement nor shall this Bill of Sale expand or enlarge any remedies
under the Purchase Agreement including without limitation any limits on
indemnification specified therein. This Bill of Sale is intended only to effect
the transfer of certain property transferred pursuant to the Purchase Agreement
and shall be governed entirely in accordance with the terms and conditions of
the Purchase Agreement.
5. This Bill of Sale shall in all respects be construed in
accordance with and governed by the laws of the State of California without
giving effect to its conflicts-of-laws principles (other than any provisions
thereof validating the choice of the laws of the State of California in the
governing law).
6. This Bill of Sale may be executed by the parties herein in
separate counterparts and by facsimile, each of which when so executed and
delivered shall be an original, but all such counterparts and facsimile shall
together shall constitute one and the same instrument.
[SIGNATURE PAGE TO FOLLOW]
D-3
<PAGE>
IN WITNESS WHEREOF, Sellers have caused this Bill of Sale to be
executed and delivered on the date and year first written above.
AOBR, INC.,
a Texas corporation
By:
--------------------------------------
Name:
------------------------------------
Its:
-------------------------------------
--------------------------------------
Linda Hoffman
[SIGNATURE PAGE TO THE BILL OF SALE]
D-4
<PAGE>
EXHIBIT E
FORM OF NON-COMPETITION AGREEMENT
See Exhibit 10.19 to Registration Statement on Form S-1
E-1
<PAGE>
EXHIBIT F
FORM OF INTELLECTUAL PROPERTY ASSIGNMENT
Intellectual Property Assignment is entered into this ___ day of
_____________, 199__ by and among AOBR, Inc., a Texas corporation, Linda Hoffman
(together, "Assignors"), and COMPS InfoSystems, Inc., a Delaware corporation
("Assignee").
WHEREAS, Assignee and Assignors are parties to that certain Asset
Purchase Agreement dated ________________, (the "Purchase Agreement") (initially
capitalized terms used herein and not otherwise defined herein shall have the
meanings given to such terms in the Purchase Agreement);
WHEREAS, the execution and delivery of this Intellectual Property
Assignment is a condition precedent to Assignee's obligations under the Purchase
Agreement.
NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:
1. Assignors assign to Assignee, and Assignee hereby accepts such
assignment of, Assignors' entire right, title and interest in and to all of the
Company Intellectual Property (as such intellectual property is defined and
described in the Purchase Agreement and the schedules relating thereto),
including, without limitation, the names "Hoffman Valuation Data Services" and
the "Hoffman Report," and all variations thereof, and all rights to damages and
payments for past, present or future infringements or misappropriations thereof
in all countries and the goodwill of the Business and operations of the Company
associated with the Intellectual Property.
2. The rights, title and interest assigned under Section 1 above shall be
---------
for Assignee's own use and enjoyment, and for the use and enjoyment of
Assignee's successors, assigns or other legal representatives, as fully and
entirely as the same would have been held and enjoyed by the Assignors if this
assignment and sale had not been made.
3. Where appropriate, Assignors authorize and request the Commissioner of
Patents and Trademarks of the United States, and an official of any country or
countries foreign to the United States, whose duty it is to register patents,
trademarks or copyrights, to record Assignee as the assignee and owner of the
Intellectual Property.
4. Concurrently with the execution of this Intellectual Property
Assignment, Assignors shall deliver the original papers, applications, and other
official documents relating to all patents and trademarks, and other
Intellectual Property, assigned under Section 1 above.
---------
5. Assignors hereby represent and warrant that all rights, title, and
interest assigned under Section 1 above are free and clear of Encumbrances and
---------
that Assignors have not executed and will not execute any agreement or other
instrument in conflict herewith.
F-2
<PAGE>
6. Assignors hereby covenant and agree that they shall cease and refrain
from all use of all rights, title, and interests assigned under Section 1 above
---------
in all countries of the world as of the date hereof.
7. With respect to the Company Intellectual Property, Assignors will,
from and after the Closing (i) use their best efforts to keep such Company
Intellectual Property confidential, including continuing to protect the
confidential nature of such Company Intellectual Property as if the sale
provided for in the Purchase Agreement had not occurred, (ii) not disclose the
Company Intellectual Property to any third party and (iii) not use the Company
Intellectual Property.
8. From time to time after the date hereof, Assignors will execute and
deliver, or cause their affiliates to execute and deliver, to Assignee such
instruments of sale, transfer, conveyance, assignment and delivery, and such
consents, assurances, powers of attorney and other instruments as may be
reasonably requested by Assignee or its counsel in order to vest in Assignee all
right, title and interest of Assignors in and to the Purchased Assets and
otherwise in order to carry out the purpose and intent of this Intellectual
Property Assignment.
9. This Intellectual Property Assignment, together with the Purchase
Agreement and all documents executed in connection with the Purchase Agreement,
constitutes the entire agreement and understanding between and among the parties
hereto with respect to the matters set forth herein, and supersedes and replaces
any prior agreements and understandings, whether oral or written, between and
among them with respect to such matters. Notwithstanding any other provisions
of this Intellectual Property Assignment to the contrary, nothing contained in
this Intellectual Property Assignment shall in any way superseded, modify,
replace, amend, change, rescind, waive, exceed, expand, enlarge or in any way
affect the provisions, including warranties, covenants, agreements, conditions,
representations, or in general any of the rights and remedies, and any of the
obligations and indemnifications of Assignors or Assignee set forth in the
Purchase Agreement nor shall this Intellectual Property Assignment expand or
enlarge any remedies under the Purchase Agreement including without limitation
any limits on indemnification specified therein. This Intellectual Property
Assignment is intended only to effect the transfer of certain property
transferred pursuant to the Purchase Agreement and shall be governed entirely in
accordance with the terms and conditions of the Purchase Agreement.
10. This Intellectual Property Assignment shall in all respects be
construed in accordance with and governed by the laws of the State of California
without giving effect to its conflicts-of-laws principles (other than any
provisions thereof validating the choice of the laws of the State of California
in the governing law).
11. This Intellectual Property Assignment may be executed by the parties
herein in separate counterparts and by facsimile, each of which when so executed
and delivered shall be an original, but all such counterparts and facsimile
shall together shall constitute one and the same instrument.
[SIGNATURE PAGE TO FOLLOW]
F-3
<PAGE>
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date
first set forth above.
COMPS InfoSystems, Inc., AOBR, INC.,
a Delaware corporation a Texas corporation
By: By:
-------------------------------- --------------------------------
Christopher A. Crane
President and Chief Executive Officer Name:
-----------------------------
Title:
----------------------------
----------------------------------
Linda Hoffman
[SIGNATURE PAGE TO THE INTELLECTUAL PROPERTY ASSIGNMENT]
F-4
<PAGE>
ACKNOWLEDGMENT
STATE OF TEXAS )
) ss.
COUNTY OF _________________ )
On this ______ day of November, in the year 1998, before me, the
undersigned Notary Public, duly commissioned and sworn, personally appeared
______________________ and Linda Hoffman, personally known to me (or proved to
me on the basis of satisfactory evidence) to be the persons whose names are
subscribed to the within instrument and acknowledged to me that they
respectively executed the same in their authorized capacities, and that by their
signature on the instrument the persons executed the instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate above written.
[SEAL]
______________________________
Notary Public in and for the
aforesaid County and State
F-5
<PAGE>
ACKNOWLEDGMENT
STATE OF CALIFORNIA )
) ss.
COUNTY OF SAN DIEGO )
On this ______ day of November, in the year 1998, before me, the
undersigned Notary Public, duly commissioned and sworn, personally appeared
Christopher A. Crane, personally known to me (or proved to me on the basis of
satisfactory evidence) to be the persons whose names are subscribed to the
within instrument and acknowledged to me that they respectively executed the
same in their authorized capacities, and that by their signature on the
instrument the persons executed the instrument.
IN WITNESS WHEREOF, I have hereunto set my hand and affixed my
official seal the day and year in this certificate above written.
[SEAL]
______________________________
Notary Public in and for the
aforesaid County and State
F-6
<PAGE>
EXHIBIT G
FORM OF CERTIFICATES OF COMPANY OFFICER, HOFFMAN, GUY AND GOODWIN
CERTIFICATE OF OFFICER
AOBR, INC.
This Certificate is delivered pursuant to Section 2.9(c)(viii) of that
certain Asset Purchase Agreement (the "Agreement"), dated as of December 4,
1998, by and among COMPS InfoSystems, Inc., AOBR, Inc., Linda Hoffman, Guy
Goodwin and Don Guy. Capitalized terms used herein without definition shall
have the same meaning as set forth in the Agreement.
I, ________________________, do hereby certify that I am the duly
elected, qualified and acting ______________________ of the Company and as such,
am authorized to execute this Certificate on its behalf, and I further certify
that:
1. All representations and warranties of the Sellers and the Company
Principals contained in the Agreement are true and correct on and as of the date
hereof and the Sellers and the Company Principals have performed all agreements
and covenants in a timely manner required to be performed by them prior to or on
the date hereof.
2. No Actions or Proceedings have been instituted or threatened which
question the validity or legality of the transactions contemplated by the
Agreement.
3. Sellers and the Company Principals have not acted or caused any
Person to act in any manner which has created or could reasonably create any
Material Adverse Effect on the Company, Hoffman, the Business or the Purchased
Assets, nor has there been any event or development which, individually or
together with other such events, could reasonably be expected to result in a
Material Adverse Effect on the Company, Hoffman, the Business or the Purchased
Assets.
4. All Permits, authorizations, consents, approvals and waivers from
third parties (including without limitation required consents set forth on
Section 3.20 of the Disclosure Schedule to the Agreement) and Governmental or
- ------------
Regulatory Authorities and other Persons necessary or appropriate to permit
Sellers and the Company Principals to perform their respective obligations
hereunder and to consummate the transactions contemplated by the Agreement have
been obtained.
IN WITNESS WHEREOF, I have executed this Certificate as of the Closing
Date, this ____ day of ___________, 199__.
By:
------------------------------
Name:
----------------------------
Title:
---------------------------
G-2
<PAGE>
CERTIFICATE OF LINDA HOFFMAN
This Certificate is delivered pursuant to Section 2.9(c)(viii) of that
certain Asset Purchase Agreement (the "Agreement"), dated as of _______________,
199__, by and among COMPS InfoSystems, Inc., AOBR, Inc., Linda Hoffman, Guy
Goodwin and Don Guy. Capitalized terms used herein without definition shall
have the same meaning as set forth in the Agreement.
I, Linda Hoffman, do hereby certify that:
1. All representations and warranties of the Sellers and the Company
Principals contained in the Agreement are true and correct on and as of the date
hereof and the Sellers and the Company Principals have performed all agreements
and covenants in a timely manner required to be performed by them prior to or on
the date hereof.
2. No Actions or Proceedings have been instituted or threatened which
question the validity or legality of the transactions contemplated by the
Agreement.
3. Sellers and the Company Principals have not acted or caused any
Person to act in any manner which has created or could reasonably create any
Material Adverse Effect on the Company, Hoffman, the Business or the Purchased
Assets, nor has there been any event or development which, individually or
together with other such events, could reasonably be expected to result in a
Material Adverse Effect on the Company, Hoffman, the Business or the Purchased
Assets.
4. All Permits, authorizations, consents, approvals and waivers from
third parties (including without limitation required consents set forth on
Section 3.20 of the Disclosure Schedule to the Agreement) and Governmental or
- ------------
Regulatory Authorities and other Persons necessary or appropriate to permit
Sellers and the Company Principals to perform their respective obligations
hereunder and to consummate the transactions contemplated by the Agreement have
been obtained.
IN WITNESS WHEREOF, I have executed this Certificate as of the Closing
Date, this ____ day of ____________, 199__.
------------------------------
Linda Hoffman
G-3
<PAGE>
CERTIFICATE OF DON GUY
This Certificate is delivered pursuant to Section 2.9(c)(viii) of that
certain Asset Purchase Agreement (the "Agreement"), dated as of _____________,
199__, by and among COMPS InfoSystems, Inc., AOBR, Inc., Linda Hoffman, Guy
Goodwin and Don Guy. Capitalized terms used herein without definition shall
have the same meaning as set forth in the Agreement.
I, Don Guy, do hereby certify that:
1. All representations and warranties of the Sellers and the Company
Principals contained in the Agreement are true and correct on and as of the date
hereof and the Sellers and the Company Principals have performed all agreements
and covenants in a timely manner required to be performed by them prior to or on
the date hereof.
2. No Actions or Proceedings have been instituted or threatened which
question the validity or legality of the transactions contemplated by the
Agreement.
3. Sellers and the Company Principals have not acted or caused any
Person to act in any manner which has created or could reasonably create any
Material Adverse Effect on the Company, Hoffman, the Business or the Purchased
Assets, nor has there been any event or development which, individually or
together with other such events, could reasonably be expected to result in a
Material Adverse Effect on the Company, Hoffman, the Business or the Purchased
Assets.
4. All Permits, authorizations, consents, approvals and waivers from
third parties (including without limitation required consents set forth on
Section 3.20 of the Disclosure Schedule to the Agreement) and Governmental or
- ------------
Regulatory Authorities and other Persons necessary or appropriate to permit
Sellers and the Company Principals to perform their respective obligations
hereunder and to consummate the transactions contemplated by the Agreement have
been obtained.
IN WITNESS WHEREOF, I have executed this Certificate as of the Closing
Date, this ____ day of ____________, 199__.
---------------------------
Don Guy
G-4
<PAGE>
CERTIFICATE OF GUY GOODWIN
This Certificate is delivered pursuant to Section 2.9(c)(viii) of that
certain Asset Purchase Agreement (the "Agreement"), dated as of
_________________, 199__, by and among COMPS InfoSystems, Inc., AOBR, Inc.,
Linda Hoffman, Guy Goodwin and Don Guy. Capitalized terms used herein without
definition shall have the same meaning as set forth in the Agreement.
I, Guy Goodwin, do hereby certify that:
1. All representations and warranties of the Sellers and the Company
Principals contained in the Agreement are true and correct on and as of the date
hereof and the Sellers and the Company Principals have performed all agreements
and covenants in a timely manner required to be performed by them prior to or on
the date hereof.
2. No Actions or Proceedings have been instituted or threatened which
question the validity or legality of the transactions contemplated by the
Agreement.
3. Sellers and the Company Principals have not acted or caused any
Person to act in any manner which has created or could reasonably create any
Material Adverse Effect on the Company, Hoffman, the Business or the Purchased
Assets, nor has there been any event or development which, individually or
together with other such events, could reasonably be expected to result in a
Material Adverse Effect on the Company, Hoffman, the Business or the Purchased
Assets.
4. All Permits, authorizations, consents, approvals and waivers from
third parties (including without limitation required consents set forth on
Section 3.20 of the Disclosure Schedule to the Agreement) and Governmental or
- ------------
Regulatory Authorities and other Persons necessary or appropriate to permit
Sellers and the Company Principals to perform their respective obligations
hereunder and to consummate the transactions contemplated by the Agreement have
been obtained.
IN WITNESS WHEREOF, I have executed this Certificate as of the Closing
Date, this ____ day of _______________, 199__.
---------------------------
Guy Goodwin
G-5
<PAGE>
SCHEDULE 2.1(b)
BUSINESS CUSTOMER LIST
* * *
Deloitte & Touche
* * *
Arthur Anderson LLC
*** = Certain information in this exhibit has been ommited and filed separately
with the commission. Confidential treatment has been requested with
respect to the omitted portions.
<PAGE>
SCHEDULE 2.1(D)
COMPANY INTELLECTUAL PROPERTY
1. The Company Trademarks as defined in the Agreement
2. The method of ascertaining which properties sold during a given period
of time and determining which of those properties are of such significance that
they deserve confirmation of sales data, the preparation of a data sheet on each
property to be confined, and the contacting of buyers, sellers, and brokers to
obtain sales data. A detailed description of such methodology is described in
Annex 2. 1 (d) attached hereto.
<PAGE>
ANNEX 2.1(d)
HVDS REPORT
LAST WEEK OF THE MONTH
- ----------------------
1. Order TCAD Run (Report name 801J) by date-range search. Paper report
produced by TCAD. This report lists all the transactions within a specific
date range. The property types are identified by structure code.
2. From the 801J report, properties are targeted for research. Transactions
are entered into the "Comps -- Add Comps" database.
FIRST WEEK OF THE MONTH
- -----------------------
1. Go to TCAD Working in "Add Comp" (on laptop computer), each transaction
is pulled up and additional information about the property/transaction is
entered. This task can take from 4-8 hours depending on the number of
transactions.
2. Back at office, (a) export comps into their corresponding databases, (b)
Enter Mapsco pages & grids, zip codes, sectors (quadrant), (c) print
worksheets.
3. Compile phone numbers for each of the new transactions. Resources used:
phone books, contact lists, Cole Director, Secretary of State, Co. Clerk,
directory assistance. This typically takes a little less than a day.
FIRST, SECOND & THIRD WEEKS OF THE MONTH
- ----------------------------------------
1. The calls begin. Confirmations typically run 2-1/2 to 3 weeks. We aim for
a minimum of 60 sales per month.
2. Plats & zoning are pulled on weekly basis.
3. Sales info entered in databases.
FINAL WEEK OF MONTH
- -------------------
1. Complete any input, boilerplate info, etc.
2. Final check is done to make sure that all sales have been entered.
3. Generate photo list and print Takephoto.
4. One-two days to take pictures.
5. After pictures, input any construction details lacking.
6. Generate delivery list, fax to Corporate Express.
7. Generate invoices.
8. Generate master report index. Generate indexes for index-only clients.
9. Print and proof report. Make any corrections. Print final master copy.
10. Make copies of report -- 3-hold paper.
11. Generate diskettes. (Client disks & comptroller disk).
12. Bind report -- 3-hold binders. Insert invoices & diskettes. Place in
envelopes -- place for pickup by courier.
13. Mail out-of-town reports & indexes.
<PAGE>
SCHEDULE 2.1(e)
BUSINESS PERMITS
None.
<PAGE>
SCHEDULE 2.2
EXCLUDED ASSETS
Excluded assets are all assets of the Business, the Company, Hoffman and the
Company Principals that are not included in Article 2.1 of the Agreement.
<PAGE>
COMPS INFOSYSTEMS, INC.
HOFFMAN VALUATION DATA SERVICES
ALLOCATION OF PURCHASE PRICE
SCHEDULE 2.5
Assets purchased:
Value assigned to intangible assets purchased
Goodwill 25,000
Research and Development Expense* 95,000
--------
Total value of assets purchased $120,000
========
Purchase Price:
Cash paid at purchase $120,000
--------
Total purchase price $120,000
========
* Cost of assets purchased to be used for research and development of Austin
market. Database to be used for purposes of historical information; no value
assigned to sale or offer of historical information.
<PAGE>
DISCLOSURE SCHEDULES
Section 3.1 (a). Officers and Directors of AOBR, Inc. -- Guy Goodwin,
President, Director, 50% shareholder; Don Guy, Secretary, Director, 50%
shareholder.
Section 3.11. All purchased assets are located at 8303 North Mopac, Suite B325,
Austin, TX 98759
Section 3.19. The billings/invoices provided to the Buyer is as of the
commencement of operations of the Business under AOBR, Inc., subsequent to its
purchase of the 50% interest of the Business from Hoffman up to date of delivery
of same to Buyer on 11/18/98. The billings/invoices do not cover any part of
1997. Invoice prior to 4/98 have been discarded. There is a verbal agreement
with Robin Davis, Austin Investor Interests, to provide her with quarterly
multi-family sales data in return for her multi-family guide which is used by
the business as a resource for data on multi-family properties. There are also
verbal agreements with TCAD and WCAD to supply them with the monthly report in
return for sales transaction data reports. There is a verbal agreement with
Roger Holmes with the State of Texas Comptrollers office to provide him a
monthly report in exchange for his confirmation of sales which is compiled from
a questionnaire sent directly to buyers by the Comptrollers office.
<PAGE>
EXHIBIT 23.1
Consent of Ernst & Young LLP, Independent Auditors
We consent to the reference to our firm under the captions "Selected
Financial Data" and "Experts" and to the use of our report on the COMPS.COM,
Inc. financial statements dated February 5, 1999 (except for Note 15, as to
which the date is April 12, 1999) and our report on the REALBID, LLC financial
statements dated February 17, 1999, in Amendment No. 3 to the Registration
Statement (Form S-1 No. 333-72901) and related Prospectus of COMPS.COM, Inc.
Our audits also included the financial statement schedule of COMPS.COM, Inc.
for the three years ended December 31, 1998 listed in Item 16(b). This schedule
is the responsibility of the Company's management. Our responsibility is to
express an opinion based on our audits. In our opinion, the financial statement
schedule referred to above, when considered in relation to the basic financial
statements taken as a whole, presents fairly in all material respects the
information set forth therein.
Ernst & Young LLP
San Diego, California
April 29, 1999
