Common use of Overbid Protection Clause in Contracts

Overbid Protection. (i) Sellers shall seek Bankruptcy Court approval of the following overbid protections: (A) Bids will not be considered by Sellers unless they are $15,000,000 more than the sum of the (x) Total Consideration, (y) Breakup Fee and (z) Expense Reimbursement; (B) any Bids thereafter must be at least $10,000,000 higher than the then existing highest or better Bid; and (C) a provision that Buyer will be credited with, and have added to the aggregate amount of its bid when comparing it to other bids, the amount of the Breakup Fee and the Expense Reimbursement that will be earned by Buyer under Section 8.2(e) if it is not the successful bidder for the Acquired Assets.

Overbid Protection. (i) Sellers shall seek Bankruptcy Court approval of the following overbid protections: (A) Bids will not be considered by Sellers unless they are $15,000,000 1,000,000 more than the sum of the (x) Total Consideration, (y) Breakup Break-Up Fee and (z) Expense Reimbursement; (B) any Bids thereafter must be at least $10,000,000 2,000,000 higher than the then existing highest or better Bid; and (C) a provision that Buyer will be credited with, and have added to the aggregate amount of its bid when comparing it to other bids, the amount of the Breakup Break-Up Fee and the Expense Reimbursement that will be earned by Buyer under Section 8.2(e) 8.2 if it is not the successful bidder for the Acquired Assets.