Bidding Procedures Motion Clause Samples
A Bidding Procedures Motion is a legal request submitted to a bankruptcy court to establish the rules and process for soliciting and evaluating bids for the sale of assets in a bankruptcy case. This motion typically outlines the timeline for submitting bids, the qualifications required for bidders, and the criteria for selecting the winning bid, as well as procedures for conducting an auction if necessary. By setting clear and standardized procedures, the clause ensures a fair and competitive bidding process, maximizing value for the debtor's estate and providing transparency to all interested parties.
Bidding Procedures Motion. Sellers shall have filed the Bidding Procedures Motion on the Petition Date.
Bidding Procedures Motion. The Obligors shall have filed in the Bankruptcy Cases, a motion (the "Bidding Procedures Motion") to establish bidding procedures relating to the Sale described in the Sale Motion and shall seek an expedited hearing on the
Bidding Procedures Motion by the date that is no later than thirty-five (35) days after the Petition Date, the Borrower shall have filed a motion, in form and substance reasonably satisfactory to the Required Lenders, requesting entry of the Bidding Procedures Order;
Bidding Procedures Motion. The Obligors shall have filed in the Bankruptcy Cases, a motion (the "Bidding Procedures Motion") to establish bidding procedures relating to the Sale described in the Sale Motion and shall seek an expedited hearing on the Bidding Procedures Motion. The Bidding Procedures Motion on same shall be in form and content satisfactory to the Lender. Notwithstanding anything to the contrary in this Agreement, the Lender shall have no obligation to make Advances which cause the outstanding balance of the Credit Facility to be more than $1 million unless all of the Sale Milestones have been satisfied, as determined by the Lender in its sole discretion.