Common use of Failure to Submit Clause in Contracts

Failure to Submit. Sealed Bid. Iomed shall, for a period of one (1) year from the expiration of the respective Offer Period, be free to sell the Offered Assets (i) at a price not less than the Floor Price determined by the Escrow Agent in accordance with this Section 7.02, in the event that the Four▇▇▇▇ ▇▇▇led Bid is less than the Iomed Sealed Bid by more than One Hundred Fifty Thousand Dollars ($150,000 U.S.) or (ii) at any price, in the 16 20 event that Four▇▇▇▇ ▇▇▇ls to submit a Four▇▇▇▇ ▇▇▇led Bid prior to the expiration of the Offer Period. Any prospective sale, conveyance or other transfer of the Offered Assets which has not been consummated within such one (1)-year period shall become subject again to this Section 7.02.

Failure to Submit. Sealed Bid. Iomed shall, for a period of one (1) year from the expiration of the respective Offer Period, be free to sell the Offered Assets (i) at a price not less than the Floor Price determined by the Escrow Agent in accordance with this Section 7.02, in the event that the Four▇▇▇▇▇▇▇▇ ▇▇▇led Sealed Bid is less than the Iomed Sealed Bid by more than One Hundred Fifty Thousand Dollars ($150,000 U.S.) or (ii) at any price, in the 16 20 event that Four▇▇▇▇▇▇▇▇ fails to submit a ▇▇▇ls to submit a Four▇▇▇▇▇ ▇▇▇led Sealed Bid prior to the expiration of the Offer Period. Any prospective sale, conveyance or other transfer of the Offered Assets which has not been consummated within such one (1)-year I)-year period shall become subject again to this Section 7.02.