Common use of Subsequent Offers Clause in Contracts

Subsequent Offers. All purchase agreements are subject to approval and order of the Bankruptcy Court. The Seller will apply to the Bankruptcy Court for approval of the sale set forth herein as soon as reasonably practicable. The Bankruptcy Court hearing generally takes place within six weeks of mutual acceptance. Further, if the trustee receives a better offer on the property prior to the court hearing, the trustee may accept such offer contingent upon approval of the court and request that the court accept the better offer. This clause is an explanation of the law and removal of this clause from this Agreement will not change the law. The trustee agrees, however, to follow the procedure set forth in the next paragraph allowing for Buyer to attempt to match an opportunity competing offer.

Subsequent Offers. All purchase agreements are subject to approval and order of the Bankruptcy Court. The Seller will apply to the Bankruptcy Court for approval of the sale set forth herein as soon as reasonably practicable. The Bankruptcy Court hearing generally takes place within six weeks of mutual acceptance. Further, if the trustee receives a better offer on the property prior to the court hearing, the trustee may accept such offer contingent upon approval of the court and request that the court accept the better offer. This clause is an explanation of the law and removal of this clause from this Agreement will not change the law. The trustee agrees, however, to follow the procedure set forth in the next paragraph allowing for Buyer Xxxxx to attempt to match an opportunity competing offer.