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The Auction Process Sample Clauses

The Auction Process. 1. The Seller Shall Conduct the Auction. Upon the Bankruptcy Court’s direction, the Seller and its professionals shall direct and preside over the Auction. At the commencement of the Auction, the Seller shall announce the Pre-Auction Successful Bid. The only other bids made during the Auction shall be Overbids (as defined below), and they shall be made and received on an open basis, such that all material terms of each bid will be fully disclosed to all other bidders. Subject to order of the Bankruptcy Court, the Seller reserves the right to impose additional terms and conditions at or prior to the Auction, provided that such additional terms and conditions are disclosed to all Potential Bidders and Qualified Bidders. The Seller shall maintain a transcript of all bids made and announced at the Auction, including all Overbids and the Successful Bid (as defined below).
Sample 1
The Auction Process. Applications to bid, with a minimum credit prequalification, with such amount to be agreed upon by Guernsey’s and Consignor, shall be solicited and accepted up until midnight on April 1, 2012 by bidders who will be pre-qualified by Guernsey’s in accordance with the Terms and Conditions of the sale and who confirm in writing that they will comply with the Covenants and Conditions. The Terms and Conditions shall require that a plan for compliance with the Covenants and Conditions in Exhibit A shall be submitted with each application. Applications will be reviewed by Consignor for compliance with the Covenants and Conditions. All acceptable bidders shall thereafter participate in an auction of the Property to be held on April 15, 2012 at an appropriate New York City venue. Consignor and Guernsey’s will agree as to the specific place and date of the auction. Guernsey’s will have discretion as to a) the manner in which the sale is conducted, provided that Guernsey’s will obtain the prior approval of Consignor to the Terms and Conditions of Sale and Information to Intending Bidders then in effect or any decision to waive or modify the same, which approval shall not be unreasonably withheld, b) consulting any expert, c) the description of the Property in its sale literature and other descriptions, provided that Guernsey’s will obtain the prior approval of Consignor to the dissemination of any such document. The Property will be sold as a complete collection, and offered for sale as one lot. Should no acceptable bidder be approved, the auction shall be canceled on April 1, 2012 and Guernsey’s shall be paid its buy in fee in accordance with paragraph12. Guernsey’s agrees that Consignor shall have the right to accept or reject any bid in its discretion based on price, terms, identity of the buyer or other factors, whether or not the bid meets the reserve price, and that unless Consignor accepts a bid, no compensation other than the buy-in fee in Section 12 shall be due to Guernsey’s.
Sample 1

Related to The Auction Process

  • The Auction Section 2.01. Purpose: Incorporation by Reference of Auction Procedures and Settlement Procedures....

  • ONLINE PUBLIC AUCTION PROCESS Bidders may browse through the PAH Website and select the properties they wish to bid online.

  • Selection Process The Mortgage Loans were selected from among the outstanding one- to four-family mortgage loans in the Seller's portfolio at the related Closing Date as to which the representations and warranties set forth in Subsection 9.02 could be made and such selection was not made in a manner so as to affect adversely the interests of the Purchaser;

  • Acceptance Process All deliverables must be received and accepted in writing by Department’s Grant Manager before payment. The Grantee shall work diligently to correct all deficiencies in the deliverable that remain outstanding, within a reasonable time at Grantee’s expense. If Department’s Grant Manager does not accept the deliverables within 30 days of receipt, they will be deemed rejected.

  • Application Process The employees wishing to enter into a job share arrangement will apply in writing to the Employer and forward a copy to the Union outlining the proposed commencement date of the job share, how the hours and days of work will be shared and how communication and continuity of work will be maintained. The Employer shall communicate a decision on a job share request in writing to the applicants. Applications to Job Sharing shall not be unreasonably denied.

  • Escalation Process If Customer believes in good faith that Customer has not received quality or timely assistance in response to a support request or that Customer urgently need to communicate important support related business issues to Service Provider’s management, Customer may escalate the support request by contacting Service Provider and requesting that the support request be escalated to work with Customer to develop an action plan.

  • Auction Procedures The provisions contained in Section 11.10 of the Amended and Restated Bylaws concerning Auction Procedures will be followed by the Fund and, to the extent applicable, the Auction Agent, and the provisions contained therein are incorporated herein by reference in their entirety and shall be deemed to be a part of this Agreement to the same extent as if such provisions were set forth fully herein.

  • The Auction Agent 17 6.1 Duties and Responsibilities..................................................17 6.2 Rights of the Auction Agent..................................................18 6.3 Auction Agent's Disclaimer...................................................18 6.4 Compensation, Expenses and Indemnification...................................18

  • AFTER AUCTION 6.1 Any successful E-bidders shall and undertake to sign the Contract of Sale within three (3) working days. 6.2 The Auctioneer shall send the Contract of Sale for stamping and thereafter forward the same together with the deposit paid to the Assignee/Bank. 6.3 For stamping of 5 contracts, the successful E-bidders shall transfer RM100.00 to the ESZAM AUCTIONEER SDN BHD bank account or pay by cash when signing the Contract of Sale within two (2) working days from the Auction day.

  • POST ONLINE PUBLIC AUCTION PROCEDURES 4.1. Successful E-bidders shall and undertake to sign the Memorandum of Sale at the office of the Auctioneer within 3 working days from the date of auction, failing which the deposit paid will be forfeited to the Assignee bank and the sale will be deemed cancelled/terminated and the property may be put up again for subsequent auction without further notice to the said E-Bidders. The Auctioneer shall send the Memorandum of Sale for stamping and thereafter forward the same together with the required deposit paid under Clause 2.4 above and the differential sum paid under this clause (if any) to the Assignee bank. 4.2. Any successful E-bidder who is unable to attend to sign the Memorandum of Sale at the Auctioneer's office may do so by authorising another person to sign the same of his/her behalf by inserting the particulars of the authorised person and furnishing a copy of his/her identity card and also a Letter of Authorisation for this purpose. 4.3. In the event that there is inconsistency between the personal details and the documents uploaded in the PAH Website and the actual documents produced by the successful bidder, the Auctioneer shall have the right to refuse the successful bidder from signing the Memorandum of Sale and may at its discretion cancel the sale and proceed to put up property up for a new auction and the deposit paid shall be forfeited. 4.4. The Memorandum of Sale upon being signed by the Auctioneer, Solicitor for the Assignee bank and the successful Bidder/Authorised agent shall be conclusive evidence of the sale of the property to the successful bidder.

Most Referenced Clauses

Most Referenced Definitions