Examples of Bid Protections in a sentence
The Bidding Procedures Order shall approve the Break-Up Fee and the Bid Protections as set forth in this section.
BANKRUPTCY COURT MATTERS 15 6.1. Approval of Bid Protections 15 6.2. Competing Bid and Other Matters.
Subject to the entry of the Bidding Procedures Order, in consideration for the Buyer having expended considerable time and expense in connection with this Agreement and the negotiation hereof, the identification and qualification of assets of the Sellers, and the Buyer’s foregoing of other opportunities, the Sellers shall pay the Bid Protections to the Buyer promptly in accordance with, and only to the extent provided in, the provisions of Section 3.5, and the Bidding Procedures Order.
No Person shall have appealed the Bid Protections Order or Approval Order, or if any such notice of appeal has been given, the Bid Protections Order or the Approval Order shall have become a Final Order.
The obligations of the Sellers to pay the Bid Protections, if any, (i) shall be entitled to super-priority administrative expense claim status under sections 503(b)(1)(A) and 507(a)(2) of the Bankruptcy Code, (ii) shall not be subordinated to any other administrative expense claim against the Seller, and (iii) shall survive the termination of this Agreement in accordance with Section 3.6.
Certain Bid Protections, including the Break-Up Fee, have been approved in the Bidding Procedures Order.
Subject to the entry of the Bid Protections Order by the Bankruptcy Court, if this Agreement is terminated pursuant to Section 12.1(d), the Seller shall pay to Purchaser $125,000 (the “Break-Up Fee”) and return the Deposit to the Purchaser.