Auction, Bidding Increments and Bids Remaining Open Sample Clauses

Auction, Bidding Increments and Bids Remaining Open. (i) If Seller receives a Qualified Bid, Seller will conduct an auction (the "AUCTION") at the location designated by Seller at least 3 business days prior to the Auction, on the date that is one (1) business day prior to the date scheduled by the Bankruptcy Court for the Sale Hearing, beginning at 11:00 a.m., prevailing Eastern time, or such later time or other place as Seller shall notify all Qualified Bidders who have submitted Qualified Bids. Only Buyer, Seller, representatives of the Committee, and a representative from the U.S. Trustee's office (via telephone conference) and any Qualified Bidders who have timely submitted Qualified Bids and their respective counsel shall be entitled to attend the Auction, and only Buyer and Qualified Bidders will be entitled to make any subsequent Qualified Bids at the Auction. The opening bid, which does not need to be re-submitted at the Auction, is the highest Qualified Bid submitted before the Auction by a Qualified Bidder (the "OPENING BID"), which must include (A) the Break-up Fee and (B) an incremental increase in the Purchase Price of not less than $200,000 (the "OVERBID INCREMENT"). Bidding at the Auction will continue until such time as the highest and best Qualified Bid is determined. Seller may announce at or prior to the Auction additional procedural rules that are reasonable under the circumstances (e.g., the amount of time allotted to make subsequent overbids) for conducting the Auction so long as such rules are not inconsistent with these Bidding Procedures. (ii) After the Opening bid, all subsequent bids must exceed the previous bid by not less than the Overbid Increment. Any bid by Buyer over the Opening Bid must be in an amount not less than the last bid plus the Overbid Increment (giving Buyer non-cash credit for the Break-Up Fee). For the duration of the Auction, all bids by either a Qualified Bidder or Buyer include the Break-Up Fee. If Buyer is the successful bidder at the close of the Auction, Buyer's winning bid will be reduced by the Break-Up Fee. (iii) At least one (1) business day prior to the Auction, Seller will give Buyer and all other Qualified Bidders a copy of the highest and best Qualified Bid received and copies of all other Qualified Bids. In addition, Seller will inform Buyer and each Qualified Bidder who has expressed its intention to participate in the Auction of the identity of all Qualified Bidders that may participate in the Auction.
Sample 1See All (4)
AutoNDA by SimpleDocs
Auction, Bidding Increments and Bids Remaining Open. If Delphi receives at least one (1) Qualified Bid in addition to the Agreement, Delphi will conduct an auction (the “Auction”) of the Acquired Assets and the Business upon notice to all Qualified Bidders who have submitted Qualified Bids at 10:00 a.m. EST on or before the tenth (10th) Business Day following the expiration of the Bid Deadline, at the offices of Skadden, Arps, Slate, Xxxxxxx & Xxxx LLP, 000 Xxxx Xxxxxx Xxxxx, Chicago, Illinois 60601-1285 or Xxxx Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 (at Delphi's election) or such later time or other place as Delphi will notify all Qualified Bidders who have submitted Qualified Bids (but in no event later than the second (2nd) Business Day prior to the Sale Hearing), in accordance with the following procedures. In the event that Delphi does not receive any Qualified Bids prior to the Bid Deadline, the Auction shall be deemed to have occurred on the Bid Deadline and Buyers shall be deemed the successful bidder for the Acquired Assets:
Sample 1
Auction, Bidding Increments and Bids Remaining Open. If Seller receives at least one (1) Qualified Bid in addition to the Agreement, Seller will conduct an auction (the "Auction") of the Acquired Assets and the Business upon notice to all Qualified Bidders who have submitted Qualified Bids at 10:00 a.m. EST on or before the tenth (10th) Business Day following the expiration of the Bid Deadline, at the offices of Skadden, Arps, Slate, Xxxxxxx & Xxxx LLP, Xxxx Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx 00000 or 000 Xxxx Xxxxxx Xxxxx, Chicago, Illinois 60606, or such later time or other place as Seller shall notify all Qualified Bidders who have submitted Qualified Bids (but in no event later than the second (2nd) Business Day prior to the Sale Hearing), in accordance with the following procedures:
Sample 1

Related to Auction, Bidding Increments and Bids Remaining Open

  • RESERVE PRICE AND BIDDING AT AUCTION CONDITIONS OF SALE 1.1 This sale is made by XxXxxx (M) Berhad [196901000166 (8515-D)][formerly known as AmFinance Berhad](“Assignee/Bank”) in exercise of the rights and powers conferred upon the Assignee/Bank pursuant to the Facility Agreement, Deed Of Assignment and Power Of Attorney all dated the 4th day of May, 2017 executed by Xxx Xxx Xxx (Assignor/Borrower”) in favour of the Assignee/Bank subject to all conditions and category of land use, express or implied or imposed upon or relating to or affecting the property (“Property”) and shall further subject to the reserve price (“Reserve Price”) and the Conditions of Sale as appearing in the Proclamation of Sale. 1.2 Subject to the provisions of Clause 5 below the highest bidder for the Property described in the Proclamation of Sale if so allowed by the Auctioneer shall be the Purchaser (“Purchaser”) thereof and the Auctioneer shall have the right to reject any bid. If any dispute shall arise as to any bidding, the Property shall be at the option of the Auctioneer be put up again for sale at the last undisputed bid or the Auctioneer may decide on the dispute and the decision of the Auctioneer on all matters not provided for in this Conditions of Sale shall be final and binding in all respects if such decision is made during the course of conducting the auction on the auction date. 1.3 No bid shall be less than the previous bid and each bid shall be increased by a minimum amount to be determined by the Auctioneer at the time the Property is put up for sale and no bidding shall be withdrawn or retracted. Should there be any withdrawal or retraction from the registered bidder(s) or the highest bidder before or after the fall of the hammer, the bidding deposit (“Bidding Deposit”) shall be forfeited to the Assignee/Bank and the Property shall be at the option of the Auctioneer be put up for sale again or the Auctioneer may decide to adjourn the auction sale to another date. 1.4 In the event the subject matter offered for auction comprises more than one (1) property, the Auctioneer shall have the right to: - (a) determine or vary the order of sale; (b) offer the properties for sale either individually or en bloc or in any combination/manner as determined by the Auctioneer; and/or (c) withdraw any of the properties from the sale.

  • Funding Increases Before the Funder can make an allocation of additional funds to the HSP, the parties will: (1) agree on the amount of the increase; (2) agree on any terms and conditions that will apply to the increase; and (3) execute an amendment to this Agreement that reflects the agreement reached.

  • Annual Increments ‌ 12.1 Employees will proceed to the maximum of their salary range by annual increments, after 12 months’ continuous service at each increment point, unless there is an adverse report on the Employee's performance or conduct which recommends the non-payment of an annual increment. 12.2 The following process will apply where a report on an Employee’s performance or conduct recommends the non-payment of an annual increment: (a) The Employee will be shown the report prior to completing 12 months’ continuous service since their last incremental advance; (b) The Employee will be provided with an opportunity to comment in writing; (c) The Employee’s comments will be considered immediately by the Employer and a decision made as to whether to approve the payment of the increment or withhold payment for a specific period; and (d) Where the increment is withheld, the Employer before the expiry of the specified period will complete a further report and the above provisions will apply. 12.3 The non-payment of an increment will not change the normal anniversary date of any further increment payments. 12.4 For the purposes of this clause "continuous service", except where an increment is payable according to age, will not include any period: (a) exceeding 14 calendar days during which an Employee is absent on Leave Without Pay. In the case of leave without pay which exceeds 14 calendar days the entire period of such Leave Without Pay is excised in full; (b) which exceeds six (6) months in one continuous period during which an Employee is absent on workers' compensation. Provided that only that portion of such continuous absence which exceeds six (6) months will not count as "continuous service"; and (c) which exceeds three (3) months in one (1) continuous period during which an Employee is absent on Personal Leave without pay. Provided that only that portion of such continuous absence which exceeds three (3) months will not count as "continuous service".

  • Bidding Amount 8.1. The Auctioneer shall have discretion to determine the increase of bidding rate based on the total number of Registered E-Bidders and value of the property auctioned. 8.2. In the event there is only one Registered E-Bidders during the auction, the public auction will begin at the property's reserve price while if there are more than one Registered E-Bidders, the public auction will begin at the increment rate which to be determined.

  • Longevity Increments 11.6.1 Each regular classified employee shall receive a two-range increase (5%) upon completion of five (5) years of satisfactory and continuous service. This increase will become effective at the beginning of the sixth year. 11.6.2 Each regular classified employee shall receive an additional two-range increase (5%) upon completion of ten (10) years of satisfactory and continuous service. This increase will become effective at the beginning of the eleventh year. 11.6.3 Each regular classified employee shall receive an additional two-range increase (5%) upon completion of fifteen (15) years of satisfactory and continuous service. This in-crease will become effective at the beginning of the sixteenth year.

  • Price Increase For purposes of this paragraph, “Contract Year” means a twelve

  • Step Increases (a) The following is the method used to determine service credit, since the last date of hire, for purposes of positioning on the salary range: i) all continuous service shall be retained and transferred with the employee if she/he changes her/his status from full-time to part- time and vice versa. ii) a part-time employee who changes status to full-time will be given credit on the basis of fifteen hundred (1500) paid hours of part- time being equivalent to one (1) year of full-time service and vice versa. iii) in addition, an employee who is so transferred will be given credit for paid hours accumulated since the date of last advancement. (b) Annual increments for full-time employees shall be paid on their anniversary date. (c) Annual increments for part-time employees shall be paid on the completion of each fifteen hundred (1500) hours worked.

  • Date Increment Due Increments shall accrue and become due and payable on the next day following completion of required service as an employee in the class, unless otherwise provided herein.

  • Salary Increments The Employer may grant an increment for meritorious service after an Employee has served for a period of twelve (12) months following the day established in Article 25.07 or twelve (12) months following the date of a change in his rate of compensation as established in Articles 25.04, 25.05, or 25.06.

  • Initial Borrowing Base For the period from and including the Closing Date to but excluding the first Redetermination Date, the amount of the Borrowing Base shall be $2,250,000,000. Notwithstanding the foregoing, the Borrowing Base may be subject to further adjustments from time to time pursuant to Section 2.14(e), (f) and (g).

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!