Examples of Alternate Bidder in a sentence
If contract terms can be agreed upon with the Alternate Bidder, the User Department will prepare an agenda item and make a presentation to the City Council to obtain approval for contract award.
If an Auction is conducted, and the Selling Entities do not choose Buyer as the Successful Bidder, but instead chooses Buyer as the Alternate Bidder, Buyer may elect to be the Alternate Bidder in its sole discretion.
Following the Closing, if requested by Buyer, Seller agrees, at Buyer’s expense, to use commercially reasonable efforts to enforce any Seller Confidentiality Agreement relating to confidentiality obligations of an Alternate Bidder (and related remedies in the event the Alternate Bidder breaches such obligations) with respect to any “Confidential Information” (as such term is defined in the Confidentiality Agreement) with respect to the Business or any Acquired Company.
In the event that this Agreement is terminated pursuant to Sections 7.1(b), 7.1(e), 7.1(f) (but only if at the time of such termination, the Purchaser is the Alternate Bidder (as such term is defined in Exhibit 1 to the Bidding Procedures Order)) or 7.1(g), in addition to any Breakup Fee, the Purchaser will be paid reimbursement of the Purchaser’s actual out-of-pocket due diligence cost and expenses, in an amount not to exceed seven hundred and fifty thousand dollars ($750,000) (“Reimbursement”).
If Buyer is chosen as and elects to be the Alternate Bidder, Buyer will be required to keep its bid to consummate the transactions contemplated by this Agreement on the terms and conditions set forth in this Agreement (as the same may be improved upon by Buyer prior to or at the Auction) open and irrevocable until the closing of the sale of the Assets to the Successful Bidder.