Examples of Bid Protections in a sentence
Motion of the Debtors for Entry of (I) an Order (A) Approving Bidding Procedures and Bid Protections in Connection with the Sale of the Debtors Benji Assets,(B) Approving the Form and Manner of Notice Thereof, (C) Scheduling an Auction and Sale Hearing, (D) Approving Procedures for the Assumption and Assignment of Contracts, and 1 The Debtors in these chapter 11 cases, along with the last four digits of each Debtor’s federal tax identification number, include Renovate America, Inc.
Approving Auction Procedures and Related Bid Protections; (II) Scheduling a Hearing to Consider the Sale of the Debtors’ Assets; and (B) Authorizing and Approving (I) the Sale of the Debtors’ Assets Free and Clear of Liens, Claims, and Encumbrances; (II) the Assumption of Certain Executory Contracts and Unexpired Leases; and (III) Granting Related Relief.
If this Agreement is terminated pursuant to Sections 3.4(g), or (h), in addition to the return of the Deposit provided in Section 2.2, Sellers shall pay to Purchaser the Bid Protections and the Parties shall have no further obligations to one another except for any obligations that, by their terms, survive the termination of this Agreement, as described in Section 3.6.
In addition, the Bidding Procedures Order shall provide for an initial overbid protection in the amount of $1,000,000 per Plant over and above the aggregate of the applicable Purchase Price and the Bid Protections, and minimum bid increments thereafter of $250,000 per Plant (the “Overbid Protection”).
You should read the Debtors’ Expedited Motion to Approve Procedures and Bid Protections for the Sales of Real Property Free and Clear of Liens, Claims, Encumbrances, and Other Interests (Owned Real Property) [Docket No. 234], the Sale Procedures Order, the Sale Procedures, and this Notice carefully as your rights may be affected.
WHEREAS, on March 22, 2017, the Bankruptcy Court entered an Order (I) Establishing Bidding Procedures and Granting Related Relief and (II) Approving the Bid Protections Related to the Disposition of Certain Assets Free and Clear of Liens, Claims and Encumbrances and Interests [Docket No. 159] (the “Bid Procedures Order” and the bidding procedures approved thereby, the “Bid Procedures”) in the Bankruptcy Case.
The Foreign Representative has set forth a notice process that is reasonably calculated to provide all interested parties with timely and proper notice of the entry of this Order, the Stalking Horse Bidder’s designation, the Stalking Horse PSA, the grant of the Bid Protections, and the extension of the Sale Process Dates, including the Bid Deadline to February 3, 2023.
On January 12, 2011, the Court entered its Order Approving Procedures and Bid Protections for the Sales of Real Property Free and Clear of Liens, Claims, Encumbrances, and Other Interests (Owned Real Property) [Docket No. 365] (the “Sale Procedures Order”) in which it approved, among other things, a procedure for the sale of certain real property and improvements owned by Lack Properties, Inc.
I In the event of termination of this Agreement pursuant to Section 3.4, this Agreement shall forthwith become null and void and there shall be no liability on the part of any Party or any of its partners, officers, directors or shareholders; provided, however, that Section 3.6, Section 3.5, the Sellers’ obligation to pay the Bid Protections pursuant to Section 7.1, Section 2.2, Section 3.8, Article XII (Miscellaneous), and the Bidding Procedures Order (if entered) shall survive any such termination.
The obligation to pay the Bid Protections under this Agreement shall be absolute and unconditional and shall not be subject to any defense, claim, counterclaim, offset, recoupment or reduction of any kind whatsoever.