THE BIDDING Sample Clauses

THE BIDDING. 6.1 Each new bid shall not be less than the immediately preceding bid.
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THE BIDDING. Procedures Order shall be a Final Order and the Sellers shall have complied in all materials respects with the requirements of the Bidding Procedures Order;
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THE BIDDING. Before the Purchaser obtains its own IDL in the Territory, Novartis shall cause Novartis distributor in the Territory to continue to participate in the bidding process in connection with the Product in those provinces in the Territory where Novartis has existing bids as at the date of signature of this Agreement as listed in Part A of Annex 7. For the avoidance of doubt, Novartis shall have no liability to the Purchaser, its Affiliates or distributors in the event that Novartis or Novartis’ distributor is not successful with any of the proposed bids. Purchaser acknowledges and agrees that Novartis and/or its distributor in the Territory shall participate in bidding projects during the Transition Period. For any bidding projects that Novartis participates in during the Transition Period, the Purchser shall promptly confirm the tendering price before it is proposed by Novartis to the respective tendering office in the Territory solely for those tenders where: (1) the expected tendering price is below the current bidding price by more than one percent in the same areas; or (ii) the expected tendering price is below the current national lowest price. In all other cases, Novartis, its Affiliate in the Territory or Novartis’ distributor shall be responsible for determining the tendering price. Following the expiry of the Transition Period, Novartis, its Affiliates and/or its distributor in the Territory shall no longer participate in bidding projects for the Product and the Purchaser shall be responsible for and shall cause its distributor to be responsible for any new bidding projects for the Product. A list of the bids in place with respect to the Product in the Territory as at signature of this Agreement is set out in Part B of Annex 7. Within seven (7) days of the expiry of the Transition Period and with respect to any ongoing bidding projects which started prior to the expiry of the Transition Period, the Purchaser shall immediately cause its distributor to apply for a change of the “Bidder” from Novartis’ distributor to the Purchaser’s distributor, and Novartis shall cause Novartis’ distributor to assist Purchaser’s distributor in such application process. In order to apply for the change of the bidder, the Purchaser it’s distributor to enter into a written agreement with Novartis’ distributor pursuant to any request by the respective Tendering Office. In the event that the application for change of bidder is not allowed until the bidding procedures are co...
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Related to THE BIDDING

  • Credit Bidding The Secured Parties hereby irrevocably authorize the Administrative Agent, at the direction of the Required Lenders, to credit bid all or any portion of the Obligations (including by accepting some or all of the Collateral in satisfaction of some or all of the Obligations pursuant to a deed in lieu of foreclosure or otherwise) and in such manner purchase (either directly or through one or more acquisition vehicles) all or any portion of the Collateral (a) at any sale thereof conducted under the provisions of the Bankruptcy Code, including under Sections 363, 1123 or 1129 of the Bankruptcy Code, or any similar laws in any other jurisdictions to which a Loan Party is subject, or (b) at any other sale, foreclosure or acceptance of collateral in lieu of debt conducted by (or with the consent or at the direction of) the Administrative Agent (whether by judicial action or otherwise) in accordance with any applicable law. In connection with any such credit bid and purchase, the Obligations owed to the Secured Parties shall be entitled to be, and shall be, credit bid by the Administrative Agent at the direction of the Required Lenders on a ratable basis (with Obligations with respect to contingent or unliquidated claims receiving contingent interests in the acquired assets on a ratable basis that shall vest upon the liquidation of such claims in an amount proportional to the liquidated portion of the contingent claim amount used in allocating the contingent interests) for the asset or assets so purchased (or for the equity interests or debt instruments of the acquisition vehicle or vehicles that are issued in connection with such purchase). In connection with any such bid, (i) the Administrative Agent shall be authorized to form one or more acquisition vehicles and to assign any successful credit bid to such acquisition vehicle or vehicles, (ii) each of the Secured Parties’ ratable interests in the Obligations which were credit bid shall be deemed without any further action under this Agreement to be assigned to such vehicle or vehicles for the purpose of closing such sale, (iii) the Administrative Agent shall be authorized to adopt documents providing for the governance of the acquisition vehicle or vehicles (provided that any actions by the Administrative Agent with respect to such acquisition vehicle or vehicles, including any disposition of the assets or equity interests thereof, shall be governed, directly or indirectly, by, and the governing documents shall provide for, control by the vote of the Required Lenders or their permitted assignees under the terms of this Agreement or the governing documents of the applicable acquisition vehicle or vehicles, as the case may be, irrespective of the termination of this Agreement and without giving effect to the limitations on actions by the Required Lenders contained in Section 9.02 of this Agreement), (iv) the Administrative Agent on behalf of such acquisition vehicle or vehicles shall be authorized to issue to each of the Secured Parties, ratably on account of the relevant Obligations which were credit bid, interests, whether as equity, partnership, limited partnership interests or membership interests, in any such acquisition vehicle and/or debt instruments issued by such acquisition vehicle, all without the need for any Secured Party or acquisition vehicle to take any further action, and (v) to the extent that Obligations that are assigned to an acquisition vehicle are not used to acquire Collateral for any reason (as a result of another bid being higher or better, because the amount of Obligations assigned to the acquisition vehicle exceeds the amount of Obligations credit bid by the acquisition vehicle or otherwise), such Obligations shall automatically be reassigned to the Secured Parties pro rata with their original interest in such Obligations and the equity interests and/or debt instruments issued by any acquisition vehicle on account of such Obligations shall automatically be cancelled, without the need for any Secured Party or any acquisition vehicle to take any further action. Notwithstanding that the ratable portion of the Obligations of each Secured Party are deemed assigned to the acquisition vehicle or vehicles as set forth in clause (ii) above, each Secured Party shall execute such documents and provide such information regarding the Secured Party (and/or any designee of the Secured Party which will receive interests in or debt instruments issued by such acquisition vehicle) as the Administrative Agent may reasonably request in connection with the formation of any acquisition vehicle, the formulation or submission of any credit bid or the consummation of the transactions contemplated by such credit bid.

  • Auction The one-time auction conducted by the Trustee, as described in Section 9.01(b) hereof.

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