Acceptable Sale Process definition

Acceptable Sale Process means that on or about the Petition Date (a) Borrower shall
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Acceptable Sale Process means the filing by Borrower of (i) a motion (the “Sale Motion”) pursuant to Section 363 of the Bankruptcy Code, in form and substance satisfactory to the Administrative Agent, to sell all or substantially all of Borrower’s assets and property or all of the Equity Interests of Borrower (a “Sale”), as provided by and in accordance with the Bid Procedures and (ii) a motion (the “Bid Procedures Motion”), in form and substance satisfactory to the Administrative Agent, seeking approval of the Bid Procedures, which shall include the right of the Administrative Agent and the Pre-Petition Administrative Agent to Credit Bid in connection with any sale of Collateral or Pre-Petition Collateral (as the case may be) and which, for the avoidance of doubt, shall otherwise be in form and substance satisfactory to the Administrative Agent. As used in the Loan Documents, “Acceptable Sale Process” refers, as the context may require, to both the occurrence of (a) and (b) in this definition and to the approved process for conducting an Auction and Sale set forth in the Sale Motion and the Bid Procedures Motion.
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Acceptable Sale Process means that, within [●] days of entry of the Interim Order, (a) the Borrower shall have filed a motion (the “Sale Motion”) pursuant to Section 363 of the Bankruptcy Code, in form and substance satisfactory to the Agent, to sell all or substantially all of the Borrower’s assets and property of the Borrower (a “Sale”), as provided by and in accordance with the Bid Procedures and (b) the Borrower shall have filed a motion (the “Bid Procedures Motion”), in form and substance satisfactory to the Agent, seeking approval of the Bid Procedures, which shall include the right of the Agent and the Prepetition Agent to Credit Bid in connection with any sale of Collateral or Prepetition Collateral (as the case may be) and which, for the avoidance of doubt, shall otherwise be in form and substance satisfactory to the Agent. As used in the Loan Documents, “Acceptable Sale Process” refers, as the context may require, to both the occurrence of (a) and (b) in this definition and to the approved process for conducting an Auction and Sale set forth in the Sale Motion and the Bid Procedures Motion.
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Examples of Acceptable Sale Process in a sentence

  • The Borrower will not sell, assign, convey, lease, allow the use of or otherwise transfer any property except a Sale pursuant to and in accordance with an Acceptable Sale Process.

  • On the receipt by the Borrower and/or the Debtor of any proceeds of a Sale pursuant to an Acceptable Sale Process, the Borrower shall prepay the Loans and permanently reduce the Commitment in an aggregate amount equal to 100% of such proceeds (net of amounts to be paid pursuant to the Acceptable Sale Process).

  • The Borrower will not, and will not allow any other Person to, (a) use the Properties in a manner that is improper, dangerous, or otherwise not in compliance with Prudent Industry Practice or (b) move the Bennu Titan from its present location except in connection with a Sale pursuant to and in accordance with an Acceptable Sale Process.