Common use of Prohibited To Act Clause in Contracts

Prohibited To Act. BID 4.1 No bankrupts is allowed to bid or act as agents. 4.2 Foreign Citizen/Foreign Company is only allowed to bid for the Property with the prior consent from the Foreign Investment Committee. In the event if no prior consent has been obtained then the Auctioneer shall at its absolute discretion accept or reject such bidding by Foreign Citizen/Foreign Company. 4.3 In the event a bankrupt bids or acts as agent in relation to the sale of the Property, the Bidding Deposit or Purchase Deposit, as the case may be, shall be forfeited to the Assignee/Bank and the Property may be put up for sale again at a date and time to be fixed by the Assignee/Bank or the Assignee/Bank may resolve the matter in any other manner that the Assignee/Bank deems fit. The Assignee/Bank’s decision shall be final and conclusive.

Prohibited To Act. BID 4.1 No bankrupts is allowed to bid or act as agents. 4.2 Foreign Citizen/Foreign Company is only allowed to bid for the Property with the prior consent from the Foreign Investment Committee. In the event if no prior consent has been obtained then the Auctioneer shall at its absolute discretion accept or reject such bidding by Foreign Citizen/Foreign Company. 4.3 In the event a bankrupt bids or acts as agent in relation to the sale of the Property, the Bidding Deposit or Purchase Deposit, as the case may be, shall be forfeited to the Assignee/Bank Assignee and the Property may be put up for sale again at a date and time to be fixed by the Assignee/Bank Assignee or the Assignee/Bank Assignee may resolve the matter in any other manner that the Assignee/Bank Assignee deems fit. The Assignee/Bank’s Assignee decision shall be final and conclusive.