Common use of Bankruptcy Court Approvals Clause in Contracts

Bankruptcy Court Approvals. (i) Seller confirms that its negotiation of this Agreement with Buyer is critical to its obtaining the highest and best price for its assets, and that without Buyer's commitment of substantial time and expense to the process, Seller would have to employ a less orderly process for the sale of its assets and therefore risk attracting lower prices. Seller acknowledges that Buyer would not have invested the time and incurred the expense of negotiating and documenting the transaction if it were not entitled to a break up fee as described below. Notwithstanding anything in this Agreement to the contrary, if Buyer is not the successful bidder for the Acquired Assets because a bid or bids higher and better than the Purchase Price is approved by the Bankruptcy Court, Buyer shall be entitled to a break-up fee of Fifty Thousand and 00/00 United States Dollars (US $50,000.00) (the "Break-up Fee"), provided this Agreement has not been terminated by Seller under Section 11(a)(v) at that time. The Break-Up fee shall be payable to Buyer at the closing of the sale of the Acquired Assets to such alternate bidder.

Bankruptcy Court Approvals. (i) Seller confirms that its negotiation of this Agreement with Buyer is critical to its obtaining the highest and best price for its assets, and that without Buyer's commitment of substantial time and expense to the process, Seller would have to employ a less orderly process for the sale of its assets and therefore risk attracting lower prices. Seller acknowledges that Buyer would not have invested the time and incurred the expense of negotiating and documenting the transaction if it were not entitled to a break up fee as described below. Notwithstanding anything in this Agreement to the contrary, if Buyer is not the successful bidder for the Acquired Assets because a bid or bids higher and better than the Purchase Price is approved by the Bankruptcy Court, Buyer shall be entitled to a break-up fee of Fifty Forty Thousand and 00/00 United States Dollars Xxxxxx Xxxxxx Xxxxxxx (US XX $50,000.0000,000.00) (the "Break-up Fee"), provided this Agreement has not been terminated by Seller under Section 11(a)(v) at that time. The Break-Up fee shall be payable to Buyer at the closing of the sale of the Acquired Assets to such alternate bidder.

Bankruptcy Court Approvals. (i) Seller confirms that its negotiation of this Agreement with Buyer is critical to its obtaining the highest and best price for its assets, and that without Buyer's commitment of substantial time and expense to the process, Seller would have to employ a less orderly process for the sale of its assets and therefore risk attracting lower prices. Seller acknowledges that Buyer would not have invested the time and incurred the expense of negotiating and documenting the transaction if it were not entitled to a break break-up fee as described belowfee. Notwithstanding anything in this Agreement to the contrary, if Buyer is not the successful bidder for the Acquired Assets because a bid or bids higher and better than the Purchase Price is approved by the Bankruptcy CourtCourt and closes, and provided this Agreement has not been terminated by Seller pursuant to Section 13(a)(vi) at that time, Buyer shall be entitled to a break-up fee of Fifty Thirty-Three Thousand and 00/00 United States Dollars (US $50,000.0033,000.00) (or such other amounts as the Bankruptcy Court may approve) (the "Break-up Fee"), provided this Agreement has not been terminated by Seller under Section 11(a)(v) at that time. The Break-Up fee Fee shall be payable to Buyer at the closing of the sale of the Acquired Assets to such alternate bidderbidder from the gross proceeds of such sale.

Bankruptcy Court Approvals. (i) Seller confirms that its negotiation of this Agreement with Buyer is critical to its obtaining the highest and best price for its assets, and that without Buyer's commitment of substantial time and expense to the process, Seller would have to employ a less orderly process for the sale of its assets and therefore risk attracting lower prices. Seller acknowledges that Buyer would not have invested the time and incurred the expense of negotiating and documenting the transaction if it were not entitled to a break up fee as described below. Notwithstanding anything in this Agreement to the contrary, if Buyer is not the successful bidder for the Acquired Assets because a bid or bids higher and better than the Purchase Price is approved by the Bankruptcy Court, Buyer shall be entitled to a break-up fee of Fifty Thousand and Xxxxx Xxxxxxxx xxx 00/00 United States Xxxxxx Xxxxxx Dollars (US $50,000.0040,000.00) (the "BreakBREAK-up FeeUP FEE"), provided this Agreement has not been terminated by Seller under Section SECTION 11(a)(v) at that time. The Break-Up fee shall be payable to Buyer at the closing of the sale of the Acquired Assets to such alternate bidder.