{"component": "clause", "props": {"groups": [{"snippet": "The Buyer and the Sellers acknowledge that the Sellers must take reasonable steps to demonstrate that they have sought to obtain the highest and best price for the Purchased Assets and the Shares and the consummation of the transactions contemplated by this Agreement, including giving notice thereof to the Sellers' creditors and other interested parties, providing information about the Business to prospective bidders (subject to appropriate confidentiality agreements), entertaining higher and better offers from such prospective bidders, and, if necessary, conducting an auction. To facilitate the foregoing, the Sellers shall seek entry of the Bidding Procedures Order providing for the bidding provisions and procedures as set forth in Exhibit A to the Bidding Procedures Order (the \"Overbid Procedures\"", "snippet_links": [{"key": "buyer-and-the", "type": "clause", "offset": [4, 17]}, {"key": "reasonable-steps", "type": "definition", "offset": [65, 81]}, {"key": "best-price", "type": "clause", "offset": [145, 155]}, {"key": "the-purchased-assets", "type": "definition", "offset": [160, 180]}, {"key": "the-shares", "type": "clause", "offset": [185, 195]}, {"key": "the-transactions-contemplated-by-this-agreement", "type": "clause", "offset": [220, 267]}, {"key": "notice-thereof", "type": "clause", "offset": [286, 300]}, {"key": "to-the-sellers", "type": "clause", "offset": [301, 315]}, {"key": "other-interested-parties", "type": "clause", "offset": [331, 355]}, {"key": "providing-information", "type": "clause", "offset": [357, 378]}, {"key": "the-business", "type": "clause", "offset": [385, 397]}, {"key": "prospective-bidders", "type": "clause", "offset": [401, 420]}, {"key": "to-appropriate", "type": "clause", "offset": [430, 444]}, {"key": "confidentiality-agreements", "type": "clause", "offset": [445, 471]}, {"key": "higher-and-better-offers", "type": "clause", "offset": [487, 511]}, {"key": "the-foregoing", "type": "definition", "offset": [599, 612]}, {"key": "bidding-procedures-order", "type": "definition", "offset": [650, 674]}, {"key": "and-procedures", "type": "clause", "offset": [712, 726]}, {"key": "exhibit-a-to", "type": "definition", "offset": [743, 755]}], "samples": [{"hash": "qoVJSbvcGi", "uri": "/contracts/qoVJSbvcGi#overbid-procedures", "label": "Stock and Asset Purchase Agreement", "score": 20.340862423, "published": false}, {"hash": "3KOSz5hKOT4", "uri": "/contracts/3KOSz5hKOT4#overbid-procedures", "label": "Stock and Asset Purchase Agreement (Insilco Technologies Inc)", "score": 18.0, "published": true}], "size": 4, "hash": "7a4654b3978325d5572496a8a413ee40", "id": 1}, {"snippet": "The parties acknowledge that, notwithstanding anything to the contrary herein, under the Bankruptcy Code and applicable law Seller must take reasonable steps to demonstrate that it has sought to obtain the highest or best price possible for the Acquired Assets, including, but not limited to, giving notice of the transactions contemplated by this Agreement to creditors and other interested parties as ordered by the Bankruptcy Court, providing information about the Acquired Business to responsible bidders subject to appropriate confidentiality agreements, entertaining higher or better offers from responsible bidders, and, if necessary, conducting an auction. To facilitate the foregoing, Seller shall, promptly following the Petition Date, seek the entry of an order (the \"Overbid Procedures Order\") providing for procedures substantially similar to the following procedures:\n(a) Seller shall give notice of the transactions contemplated by this Agreement to such persons and in such manner as the Bankruptcy Court shall direct.\n(b) Unless this Agreement has been terminated in accordance with its terms and except as provided pursuant to Section 5.4(a), Seller will not authorize or permit any of its officers, directors or employees, or any investment banker, financial adviser, attorney, accountant or any other representative to solicit, initiate or encourage, or take any other direct or indirect action to facilitate, any inquiry or the making of any proposal that constitutes, or may reasonably expected to lead to, an Overbid (as hereinafter defined); provided, however, that if, after Bankruptcy Court approval of the Overbid Procedures Order, the Board of Directors of Seller determines in good faith that it is necessary to do so to comply with its fiduciary duties under corporate law or the Bankruptcy Code, Seller may, in response to an unsolicited Overbid (x) provide public and non-public information concerning the Acquired Business to those parties who have delivered an Overbid, which meets the requirements of clause (c) below, provided that such party executes a confidentiality agreement substantially the same as the Confidentiality Agreement, and (y) participate in negotiations or discussions concerning such Overbid. Seller shall promptly notify Purchaser in writing of (i) any proposal received from any third party within 24 hours of the Seller's receipt of such proposal, and (ii) any inquiry or request for information from any third party within five Business Days of receipt of such inquiry or request. Notices by the Seller pursuant to the preceding sentence shall include (to the extent known by the Seller) the material terms and conditions of such inquiry, proposal or request and the identity of the person making such inquiry, proposal or request. Seller shall keep Purchaser informed of the status (including amendments or proposed amendments) of any such inquiry, proposal or request, and upon the request of Purchaser shall identify and furnish to Purchaser all information provided in response to any such inquiry, proposal or request.\n(c) Seller will consider as higher or better offers (\"Overbids\") for the Acquired Business and Assumed Liabilities only those proposals that meet all of the following requirements:\n(i) Overbids that propose consideration having a readily ascertainable fair market value of not less than $3,500,000 in excess of the sum of the Purchase Price (without taking into account possible adjustments hereunder) and any amounts payable pursuant to Section 7.3, subject to adjustments no less favorable to Seller than the adjustments hereunder.\n(ii) Overbids that are in the form of this Agreement marked to show all changes thereto and that are on terms and conditions no less favorable in the aggregate to Seller than terms and conditions contained in this Agreement, including, but not limited to, the Escrow, the indemnities and the time of closing.\n(iii) Overbids that are delivered to Seller with copies to Purchaser not later than 5:00 p.m. Eastern Standard Time on the seventh Business Day prior to the date set for the hearing to approve the transactions contemplated by this Agreement (the \"Section 363/365 Hearing\") and that are accompanied by appropriate evidence (as determined in good faith by Seller) of the bidder's financial ability to consummate a transaction on or prior to the Closing Date.\n(iv) With respect to subsequent Overbids (including any by Purchaser), Overbids that include additional consideration of at least $1,000,000 over the highest previous Overbid.\n(d) If any qualified Overbids are timely received, an auction will be conducted on the second business day following the due date for Overbids at the offices of counsel for Seller at which only Purchaser, any member of the \"statutory committee\" appointed in the Chapter 11 Case and any person who has timely submitted an Overbid in conformity with this Section 5.4 shall be entitled to participate. At the auction, bidding shall begin with the highest qualifying Overbid and shall not conclude until each participating bidder has had the opportunity to submit any additional Overbid with full knowledge of the existing highest bid.\n(e) Seller shall determine in good faith whether a submitted Overbid meets the requirements described herein and whether this Agreement or such Overbid constitutes the highest or best offer for the Acquired Assets and Assumed Liabilities. The highest or best offer so determined so determined by Seller shall be submitted to the Bankruptcy Court for approval at the Section 363/365 Hearing. Purchaser shall be deemed a party in interest with standing to appear and be heard in connection with any motion, hearing, or other proceeding relating to this Agreement or any Overbid.", "snippet_links": [{"key": "the-parties-acknowledge", "type": "clause", "offset": [0, 23]}, {"key": "notwithstanding-anything-to-the-contrary", "type": "clause", "offset": [30, 70]}, {"key": "bankruptcy-code", "type": "clause", "offset": [89, 104]}, {"key": "applicable-law", "type": "clause", "offset": [109, 123]}, {"key": "reasonable-steps", "type": "definition", "offset": [141, 157]}, {"key": "best-price", "type": "clause", "offset": [217, 227]}, {"key": "the-acquired-assets", "type": "clause", "offset": [241, 260]}, {"key": "not-limited", "type": "clause", "offset": [277, 288]}, {"key": "to-creditors", "type": "clause", "offset": [358, 370]}, {"key": "other-interested-parties", "type": "clause", "offset": [375, 399]}, {"key": "ordered-by", "type": "definition", "offset": [403, 413]}, {"key": "providing-information", "type": "clause", "offset": [436, 457]}, {"key": "acquired-business", "type": "definition", "offset": [468, 485]}, {"key": "responsible-bidders", "type": "clause", "offset": [489, 508]}, {"key": "to-appropriate", "type": "clause", "offset": [517, 531]}, {"key": "confidentiality-agreements", "type": "clause", "offset": [532, 558]}, {"key": "the-foregoing", "type": "definition", "offset": [679, 692]}, {"key": "seller-shall", "type": "clause", "offset": [694, 706]}, {"key": "petition-date", "type": "definition", "offset": [731, 744]}, {"key": "an-order", "type": "clause", "offset": [764, 772]}, {"key": "procedures-order", "type": "definition", "offset": [787, 803]}, {"key": "similar-to", "type": "definition", "offset": [845, 855]}, {"key": "give-notice", "type": "definition", "offset": [899, 910]}, {"key": "unless-this-agreement", "type": "clause", "offset": [1039, 1060]}, {"key": "in-accordance-with", "type": "definition", "offset": [1081, 1099]}, {"key": "section-54", "type": "clause", "offset": [1145, 1156]}, {"key": "seller-will", "type": "clause", "offset": [1161, 1172]}, {"key": "investment-banker", "type": "definition", "offset": [1249, 1266]}, {"key": "financial-adviser", "type": "definition", "offset": [1268, 1285]}, {"key": "other-representative", "type": "definition", "offset": [1315, 1335]}, {"key": "to-solicit", "type": "definition", "offset": [1336, 1346]}, {"key": "direct-or-indirect-action", "type": "clause", "offset": [1389, 1414]}, {"key": "to-lead", "type": "definition", "offset": [1517, 1524]}, {"key": "approval-of", "type": "clause", "offset": [1617, 1628]}, {"key": "the-board-of-directors", "type": "clause", "offset": [1659, 1681]}, {"key": "of-seller", "type": "clause", "offset": [1682, 1691]}, {"key": "in-good-faith", "type": "definition", "offset": [1703, 1716]}, {"key": "comply-with", "type": "clause", "offset": [1750, 1761]}, {"key": "fiduciary-duties", "type": "definition", "offset": [1766, 1782]}, {"key": "corporate-law", "type": "clause", "offset": [1789, 1802]}, {"key": "concerning-the", "type": "clause", "offset": [1923, 1937]}, {"key": "meets-the-requirements", "type": "definition", "offset": [2010, 2032]}, {"key": "provided-that", "type": "clause", "offset": [2054, 2067]}, {"key": "such-party", "type": "clause", "offset": [2068, 2078]}, {"key": "the-confidentiality-agreement", "type": "clause", "offset": [2142, 2171]}, {"key": "participate-in", "type": "definition", "offset": [2181, 2195]}, {"key": "promptly-notify", "type": "clause", "offset": [2262, 2277]}, {"key": "in-writing", "type": "clause", "offset": [2288, 2298]}, {"key": "third-party", "type": "clause", "offset": [2337, 2348]}, {"key": "of-the-seller", "type": "clause", "offset": [2365, 2378]}, {"key": "receipt-of", "type": "clause", "offset": [2381, 2391]}, {"key": "information-from", "type": "clause", "offset": [2443, 2459]}, {"key": "business-days-of-receipt", "type": "clause", "offset": [2488, 2512]}, {"key": "by-the-seller", "type": "clause", "offset": [2549, 2562]}, {"key": "pursuant-to-the", "type": "clause", "offset": [2563, 2578]}, {"key": "to-the-extent", "type": "clause", "offset": [2613, 2626]}, {"key": "terms-and-conditions-of", "type": "clause", "offset": [2661, 2684]}, {"key": "proposed-amendments", "type": "definition", "offset": [2868, 2887]}, {"key": "the-request", "type": "clause", "offset": [2940, 2951]}, {"key": "of-purchaser", "type": "clause", "offset": [2952, 2964]}, {"key": "to-purchaser", "type": "definition", "offset": [2992, 3004]}, {"key": "information-provided", "type": "clause", "offset": [3009, 3029]}, {"key": "having-a", "type": "definition", "offset": [3305, 3313]}, {"key": "fair-market-value", "type": "clause", "offset": [3336, 3353]}, {"key": "sum-of", "type": "clause", "offset": [3399, 3405]}, {"key": "the-purchase-price", "type": "clause", "offset": [3406, 3424]}, {"key": "amounts-payable", "type": "definition", "offset": [3494, 3509]}, {"key": "section-73", "type": "clause", "offset": [3522, 3533]}, {"key": "subject-to-adjustments", "type": "clause", "offset": [3535, 3557]}, {"key": "less-favorable", "type": "definition", "offset": [3561, 3575]}, {"key": "to-seller", "type": "definition", "offset": [3576, 3585]}, {"key": "form-of-this-agreement", "type": "clause", "offset": [3648, 3670]}, {"key": "in-the-aggregate", "type": "definition", "offset": [3761, 3777]}, {"key": "in-this-agreement", "type": "clause", "offset": [3824, 3841]}, {"key": "the-escrow", "type": "clause", "offset": [3874, 3884]}, {"key": "time-of-closing", "type": "clause", "offset": [3910, 3925]}, {"key": "with-copies-to", "type": "definition", "offset": [3971, 3985]}, {"key": "eastern-standard-time", "type": "definition", "offset": [4021, 4042]}, {"key": "the-hearing", "type": "clause", "offset": [4097, 4108]}, {"key": "to-approve", "type": "clause", "offset": [4109, 4119]}, {"key": "by-seller", "type": "clause", "offset": [4278, 4287]}, {"key": "the-bidder", "type": "clause", "offset": [4292, 4302]}, {"key": "ability-to", "type": "definition", "offset": [4315, 4325]}, {"key": "prior-to-the-closing-date", "type": "clause", "offset": [4357, 4382]}, {"key": "with-respect-to", "type": "clause", "offset": [4389, 4404]}, {"key": "by-purchaser", "type": "clause", "offset": [4440, 4452]}, {"key": "additional-consideration", "type": "definition", "offset": [4477, 4501]}, {"key": "timely-received", "type": "definition", "offset": [4594, 4609]}, {"key": "due-date", "type": "clause", "offset": [4681, 4689]}, {"key": "counsel-for-seller", "type": "definition", "offset": [4721, 4739]}, {"key": "member-of-the", "type": "clause", "offset": [4769, 4782]}, {"key": "statutory-committee", "type": "definition", "offset": [4784, 4803]}, {"key": "chapter-11-case", "type": "definition", "offset": [4822, 4837]}, {"key": "any-person", "type": "definition", "offset": [4842, 4852]}, {"key": "timely-submitted", "type": "definition", "offset": [4861, 4877]}, {"key": "conformity-with", "type": "clause", "offset": [4892, 4907]}, {"key": "the-auction", "type": "definition", "offset": [4962, 4973]}, {"key": "shall-begin", "type": "definition", "offset": [4983, 4994]}, {"key": "participating-bidder", "type": "definition", "offset": [5065, 5085]}, {"key": "the-opportunity", "type": "clause", "offset": [5094, 5109]}, {"key": "to-submit", "type": "definition", "offset": [5110, 5119]}, {"key": "knowledge-of", "type": "clause", "offset": [5153, 5165]}, {"key": "highest-bid", "type": "definition", "offset": [5179, 5190]}, {"key": "agreement-or", "type": "definition", "offset": [5318, 5330]}, {"key": "best-offer", "type": "definition", "offset": [5371, 5381]}, {"key": "acquired-assets-and-assumed-liabilities", "type": "clause", "offset": [5390, 5429]}, {"key": "for-approval", "type": "definition", "offset": [5538, 5550]}, {"key": "a-party-in-interest", "type": "clause", "offset": [5609, 5628]}, {"key": "in-connection-with", "type": "clause", "offset": [5666, 5684]}, {"key": "other-proceeding", "type": "clause", "offset": [5709, 5725]}, {"key": "to-this-agreement", "type": "clause", "offset": [5735, 5752]}], "samples": [{"hash": "fkLxyokykB2", "uri": "/contracts/fkLxyokykB2#overbid-procedures", "label": "Purchase Agreement (Arm Financial Group Inc)", "score": 18.0, "published": true}], "size": 2, "hash": "765252dd40422e27047d168d76581414", "id": 2}, {"snippet": "GC acknowledges that Sponsors have expended and will continue to expend considerable time and money in developing the Proposed Transaction, which it is not prepared to continue, however, except upon the terms hereof. GC and Sponsors therefore agree that the following overbid procedures (the \"Overbid Procedures\"), among others, shall be employed with respect to the Plan or any other chapter 11 plan for GC that incorporates the Sponsors Investment:", "snippet_links": [{"key": "the-proposed-transaction", "type": "clause", "offset": [114, 138]}, {"key": "the-terms", "type": "definition", "offset": [199, 208]}, {"key": "with-respect-to", "type": "clause", "offset": [347, 362]}, {"key": "the-plan", "type": "clause", "offset": [363, 371]}, {"key": "chapter-11-plan", "type": "clause", "offset": [385, 400]}], "samples": [{"hash": "gKeS1XAar9h", "uri": "/contracts/gKeS1XAar9h#overbid-procedures", "label": "Acquisition Agreement (Gc Companies Inc)", "score": 18.0, "published": true}], "size": 1, "hash": "532de447730b7fcf01e94692783a7bbe", "id": 3}, {"snippet": "Third parties interested in acquiring the Servicing Rights, may submit to the Seller an acquisition proposal (an \"Acquisition Proposal\") including terms and conditions that are at least as favorable to the Seller as those set forth in this Agreement, in accordance with the provisions of a sales procedure order of the Bankruptcy Court which shall include terms and procedures as set forth in the order entered on June 29, 2000.", "snippet_links": [{"key": "parties-interested", "type": "clause", "offset": [6, 24]}, {"key": "servicing-rights", "type": "clause", "offset": [42, 58]}, {"key": "to-the-seller", "type": "definition", "offset": [71, 84]}, {"key": "acquisition-proposal", "type": "definition", "offset": [88, 108]}, {"key": "terms-and-conditions", "type": "definition", "offset": [147, 167]}, {"key": "in-this-agreement", "type": "clause", "offset": [232, 249]}, {"key": "in-accordance-with", "type": "definition", "offset": [251, 269]}, {"key": "the-provisions-of-a", "type": "clause", "offset": [270, 289]}, {"key": "order-of-the-bankruptcy-court", "type": "clause", "offset": [306, 335]}, {"key": "terms-and-procedures", "type": "clause", "offset": [356, 376]}], "samples": [{"hash": "o0rQUNfgJN", "uri": "/contracts/o0rQUNfgJN#overbid-procedures", "label": "Servicing Rights Purchase Agreement (First Alliance Corp /De/)", "score": 18.0, "published": true}], "size": 1, "hash": "707a6ba8ae48636ef432da31710a06a1", "id": 4}, {"snippet": "The following procedures (the \"Overbid Procedures\") shall be used by Seller in connection with the acquisition or sale of the Property:\n(a) Any third party (an \"Offeror\") who desires to submit a competing offer (a \"Competing Offer\") for the Property (i) must present an offer on substantially the same terms and conditions as are set forth in this Agreement, including the requirement that such Competing Offer be for all of the Property; (ii) must deposit a security deposit with Seller in the form of a cashier's check or certified check equal to the Escrow Deposit, as defined in Section 1.3 of this Agreement; (iii) must contain an acknowledgment that if the Offeror is determined by Seller to have the highest and best offer, the Offeror shall be obligated to execute an agreement that will contain terms and conditions substantially similar to this Agreement; (iv) cannot contain any conditions inconsistent with this Agreement; (v) must be accompanied by proof, in a form satisfactory to Seller, of the Offeror's financial ability to consummate its offer for the Property; (vi) must contain a minimum initial bid for the Property that is 7.5% greater than the Purchase Price under this Agreement; (vii) must contain an acknowledgment that the Competing Offer shall remain open and irrevocable until the closing of a sale under this Agreement and (viii) otherwise comply with the terms and conditions of the Bankruptcy Court Order.\n(b) Competing Offers must be received no later than 5:00 p.m. on August 10, 2000 (the \"Competing Offer Deadline\") and shall be directed to (i) Fried, Frank, Harris, \u2587\u2587\u2587\u2587\u2587\u2587\u2587 & \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587 \u2587\u2587\u2587 \u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587 \u2587\u2587\u2587\u2587, \u2587\u2587\u2587 \u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587 (Attn: \u2587\u2587\u2587\u2587\u2587\u2587 \u2587. \u2587\u2587\u2587\u2587\u2587\u2587, Esq.), (ii) Berlack, Israels & \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587, LLP, \u2587\u2587\u2587 \u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587 \u2587\u2587\u2587\u2587, \u2587\u2587\u2587 \u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587 (Attn: \u2587\u2587\u2587\u2587\u2587 \u2587. \u2587\u2587\u2587\u2587\u2587\u2587, Esq.), (iii) \u2587\u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587\u2587\u2587 & \u2587\u2587\u2587\u2587\u2587\u2587\u2587, LLP, \u2587\u2587\u2587 \u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587 \u2587\u2587\u2587\u2587, \u2587\u2587\u2587 \u2587\u2587\u2587\u2587, \u2587\u2587\u2587\u2587\u2587 (Attn: \u2587\u2587\u2587\u2587\u2587 \u2587. \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587, Esq.), (iv) Keen Realty Consultants, Inc., \u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587, \u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587, \u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587, \u2587\u2587\u2587 \u2587\u2587\u2587\u2587, \u2587\u2587\u2587\u2587\u2587 (Attn: \u2587\u2587\u2587\u2587\u2587\u2587 \u2587. \u2587\u2587\u2587\u2587\u2587\u2587), (v) \u2587\u2587\u2587\u2587\u2587 Realty, LP, \u2587\u2587\u2587 \u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587, Suite 1300, Chicago, Illinois, 60604 (Attn: \u2587\u2587\u2587\u2587\u2587 \u2587. \u2587\u2587\u2587\u2587\u2587 and \u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587), and (vi) \u2587'\u2587\u2587\u2587\u2587\u2587\u2587 & \u2587\u2587\u2587\u2587\u2587\u2587 L.L.C., \u2587\u2587\u2587 \u2587. \u2587\u2587\u2587\u2587\u2587\u2587 Drive, Suite 2800, Chicago, Illinois, 60601 (Attn: Marc. \u2587. \u2587\u2587\u2587\u2587\u2587\u2587).\n(c) If any Competing Offers are received by the Competing Offer Deadline, an auction (the \"Auction\") shall be conducted at the adjourned hearing in connection with Seller's motion seeking authorization for the sale of the Property, before the \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587 \u2587. Bernstein, United States Bankruptcy Judge, United States Bankruptcy Court, Room 723 \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 Custom House, \u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587 \u2587\u2587\u2587\u2587, \u2587\u2587\u2587 \u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587-\u2587\u2587\u2587\u2587. Only Purchaser and any bidder that has complied with the bidding procedures contained herein shall be eligible to participate in such Auction. At such Auction, the initial bid shall be the highest Competing Offer. Bidding will continue, in increments of at least $25,000, until such time as, in the sole discretion of Seller (subject to the approval of the Court), the highest and best bid is received. Following such Auction, the person or entity submitting the highest and best bid (the \"Successful Bidder\") shall execute an agreement (or if the Successful Bidder is Purchaser, an amendment to the Agreement) reflecting the outcome of the Auction, which agreement (or amendment of the Agreement) shall be presented to the Bankruptcy Court, for approval and authorization. In the event that a Successful Bidder (other than Purchaser) does not consummate the purchase of the Property by the Closing Date, Seller shall promptly notify Purchaser of such failure and Purchaser shall have the right, exercisable within seven (7) days of Purchaser's receipt of such notice, to elect to purchase the Property for the Purchase Price, and upon such election, the sale of the Property shall close in accordance with the terms of this Agreement.\n(d) At the closing of a sale to a Competing Offeror other than Purchaser, Purchaser shall receive a fee (the \"Overbid Fee\") equal to three percent (3%) of the Purchase Price from the gross proceeds of the sale; provided, however, that such Overbid Fee shall be payable if and upon consummation of a sale to a Competing Offeror.", "snippet_links": [{"key": "by-seller", "type": "clause", "offset": [66, 75]}, {"key": "in-connection-with", "type": "clause", "offset": [76, 94]}, {"key": "the-acquisition", "type": "clause", "offset": [95, 110]}, {"key": "sale-of-the-property", "type": "clause", "offset": [114, 134]}, {"key": "third-party", "type": "clause", "offset": [144, 155]}, {"key": "to-submit", "type": "definition", "offset": [183, 192]}, {"key": "same-terms-and-conditions", "type": "clause", "offset": [297, 322]}, {"key": "in-this-agreement", "type": "clause", "offset": [340, 357]}, {"key": "the-requirement", "type": "clause", "offset": [369, 384]}, {"key": "a-security-deposit", "type": "clause", "offset": [457, 475]}, {"key": "form-of", "type": "definition", "offset": [495, 502]}, {"key": "certified-check", "type": "definition", "offset": [524, 539]}, {"key": "equal-to", "type": "definition", "offset": [540, 548]}, {"key": "the-escrow-deposit", "type": "clause", "offset": [549, 567]}, {"key": "section-13", "type": "clause", "offset": [583, 594]}, {"key": "the-offeror", "type": "definition", "offset": [659, 670]}, {"key": "highest-and-best-offer", "type": "clause", "offset": [707, 729]}, {"key": "an-agreement", "type": "clause", "offset": [773, 785]}, {"key": "to-this-agreement", "type": "clause", "offset": [847, 864]}, {"key": "form-satisfactory", "type": "clause", "offset": [974, 991]}, {"key": "to-seller", "type": "definition", "offset": [992, 1001]}, {"key": "ability-to", "type": "definition", "offset": [1030, 1040]}, {"key": "initial-bid", "type": "definition", "offset": [1108, 1119]}, {"key": "the-purchase-price", "type": "clause", "offset": [1163, 1181]}, {"key": "closing-of-a", "type": "definition", "offset": [1310, 1322]}, {"key": "the-bankruptcy-court-order", "type": "clause", "offset": [1410, 1436]}, {"key": "competing-offers", "type": "clause", "offset": [1442, 1458]}, {"key": "offer-deadline", "type": "definition", "offset": [1535, 1549]}, {"key": "directed-to", "type": "definition", "offset": [1565, 1576]}, {"key": "received-by", "type": "definition", "offset": [2345, 2356]}, {"key": "the-sale", "type": "clause", "offset": [2519, 2527]}, {"key": "the-\u2587", "type": "clause", "offset": [2552, 2557]}, {"key": "united-states", "type": "definition", "offset": [2587, 2600]}, {"key": "bidding-procedures", "type": "definition", "offset": [2800, 2818]}, {"key": "participate-in", "type": "definition", "offset": [2857, 2871]}, {"key": "sole-discretion", "type": "clause", "offset": [3042, 3057]}, {"key": "of-seller", "type": "clause", "offset": [3058, 3067]}, {"key": "approval-of-the-court", "type": "clause", "offset": [3084, 3105]}, {"key": "best-bid", "type": "definition", "offset": [3124, 3132]}, {"key": "person-or-entity", "type": "definition", "offset": [3174, 3190]}, {"key": "the-successful-bidder", "type": "definition", "offset": [3287, 3308]}, {"key": "amendment-to-the-agreement", "type": "clause", "offset": [3326, 3352]}, {"key": "the-auction", "type": "definition", "offset": [3380, 3391]}, {"key": "amendment-of-the-agreement", "type": "clause", "offset": [3413, 3439]}, {"key": "presented-to", "type": "definition", "offset": [3450, 3462]}, {"key": "approval-and-authorization", "type": "clause", "offset": [3489, 3515]}, {"key": "in-the-event", "type": "clause", "offset": [3517, 3529]}, {"key": "purchase-of-the-property", "type": "clause", "offset": [3602, 3626]}, {"key": "the-closing-date", "type": "clause", "offset": [3630, 3646]}, {"key": "seller-shall", "type": "clause", "offset": [3648, 3660]}, {"key": "promptly-notify", "type": "clause", "offset": [3661, 3676]}, {"key": "the-right", "type": "clause", "offset": [3728, 3737]}, {"key": "of-purchaser", "type": "clause", "offset": [3773, 3785]}, {"key": "receipt-of", "type": "clause", "offset": [3788, 3798]}, {"key": "in-accordance-with", "type": "definition", "offset": [3931, 3949]}, {"key": "terms-of-this-agreement", "type": "clause", "offset": [3954, 3977]}, {"key": "at-the-closing", "type": "definition", "offset": [3983, 3997]}, {"key": "gross-proceeds", "type": "definition", "offset": [4162, 4176]}, {"key": "consummation-of", "type": "clause", "offset": [4260, 4275]}], "samples": [{"hash": "hcqfOKALO6n", "uri": "/contracts/hcqfOKALO6n#overbid-procedures", "label": "Agreement of Sale (Family Golf Centers Inc)", "score": 16.0, "published": true}], "size": 1, "hash": "830426bf245bcb57d97c7f200621e139", "id": 5}, {"snippet": "At 11:00 AM, Eastern Time, on the date of the 363 Hearing, Purchaser and all Third Parties submitting or intending to submit Acquisition Proposals shall attend an overbid auction to be conducted by Seller at the Bankruptcy Court (the \"Overbid Auction\"). Purchaser also may attend the Overbid Auction at which it may, in its sole and absolute discretion, improve the terms of this Agreement (a \"Topping Offer\"). Purchaser and any Third Party submitting an Acquisition Proposal may improve upon their respective offers to Seller at any time prior to the conclusion of the Overbid Auction, in increments of at least $250,000 in consideration. The Overbid Auction shall be deemed concluded in Seller's discretion, and in any event no later than the commencement of the 363 Hearing. Neither Purchaser nor any Third Party shall be entitled to improve their respective Acquisition Proposals after the conclusion of the Overbid Auction without the Bankruptcy Court's express approval.", "snippet_links": [{"key": "eastern-time", "type": "definition", "offset": [13, 25]}, {"key": "date-of", "type": "clause", "offset": [34, 41]}, {"key": "third-parties", "type": "clause", "offset": [77, 90]}, {"key": "to-submit", "type": "definition", "offset": [115, 124]}, {"key": "acquisition-proposals", "type": "definition", "offset": [125, 146]}, {"key": "by-seller", "type": "clause", "offset": [195, 204]}, {"key": "bankruptcy-court", "type": "clause", "offset": [212, 228]}, {"key": "sole-and-absolute-discretion", "type": "clause", "offset": [324, 352]}, {"key": "terms-of-this-agreement", "type": "clause", "offset": [366, 389]}, {"key": "topping-offer", "type": "definition", "offset": [394, 407]}, {"key": "third-party", "type": "clause", "offset": [429, 440]}, {"key": "to-seller", "type": "definition", "offset": [517, 526]}, {"key": "at-any-time", "type": "clause", "offset": [527, 538]}, {"key": "prior-to-the", "type": "clause", "offset": [539, 551]}, {"key": "conclusion-of", "type": "clause", "offset": [552, 565]}, {"key": "in-consideration", "type": "clause", "offset": [622, 638]}, {"key": "commencement-of-the", "type": "clause", "offset": [745, 764]}], "samples": [{"hash": "djy27hSHYMq", "uri": "/contracts/djy27hSHYMq#overbid-procedures", "label": "Asset Purchase Agreement (Information Management Associates Inc)", "score": 18.0, "published": true}], "size": 1, "hash": "58e4517f7603a23c1e91d2612ad6b653", "id": 6}, {"snippet": "Debtor agrees to use its Best Efforts to obtain an Order of the Bankruptcy Court substantially in the form of Exhibit 2.10, and Debtor agrees to abide by and comply with the procedures set forth therein.", "snippet_links": [{"key": "agrees-to", "type": "clause", "offset": [7, 16]}, {"key": "efforts-to-obtain", "type": "clause", "offset": [30, 47]}, {"key": "order-of-the-bankruptcy-court", "type": "clause", "offset": [51, 80]}, {"key": "form-of", "type": "definition", "offset": [102, 109]}, {"key": "the-procedures", "type": "definition", "offset": [170, 184]}], "samples": [{"hash": "bIIN3oM3DIW", "uri": "/contracts/bIIN3oM3DIW#overbid-procedures", "label": "Stock Subscription and Purchase Agreement (Southern Pacific Funding Corp)", "score": 18.0, "published": true}], "size": 1, "hash": "648e1b8155227a1851dd6c829bdc31ca", "id": 7}, {"snippet": "The term Overbid Procedures shall mean the following procedures for the Sellers to pursue an Alternative Transaction: (i) any offer by a third party for an Alternative Transaction (the \"Offeror\") must be received at least eight (8) Business Days prior to the hearing on the Sales Order by each of Rona\u2587\u2587 \u2587. \u2587\u2587\u2587\u2587, \u2587\u2587q., Stut\u2587\u2587\u2587, \u2587\u2587ei\u2587\u2587\u2587\u2587 & \u2587lat\u2587 \u2587\u2587\u2587fessional Corporation, 3699 \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587, \u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587, \u2587\u2587oy\u2587 \u2587\u2587\u2587\u2587\u2587 \u2587\u2587 Grei\u2587 & \u2587ompany, 777 \u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587, 29th Floor, Los Angeles, California 90017, and John \u2587\u2587\u2587\u2587, \u2587\u2587esident, Bumble Bee Seafoods, Inc., 8899 \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587, \u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587, \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587; (\u2587i) all offers for an Alternative Transaction must be made in the form of a definitive written purchase agreement, complete with all exhibits and accompanied by the definitive form of any ancillary documents contemplated thereby. The definitive purchase agreement must be signed by the Offeror and contain a representation and warranty that it is the valid and binding agreement of the Offeror, enforceable against the Offeror in accordance with its terms. The definitive purchase agreement cannot contemplate the closing of the transactions contemplated thereby on a day later than the 180th day following the commencement of the Sellers chapter 11 cases; (iii) all offers for an Alternative Transaction must be accompanied by evidence that establishes to the Sellers, in their sole and absolute discretion, that the Offeror is ready, willing and able to perform its obligations, monetary or otherwise, under the definitive purchase agreement; (iv) all offers for an Alternative Transaction must be accompanied by a certified or official bank check in the amount of the Overbid Fee payable to the order of IHF together with an acknowledgment that such check may be delivered to IHF contemporaneously with the Seller's termination of the Agreement as provided in Section 11.2. hereof and acceptance of the offered Alternative Transaction, with the Offeror having no recourse against IHF and its only recourse with respect to Sellers is to have such amount credited against the purchase price it is obligated to pay as, if and when the offered Alternative Transaction is consummated; (v) upon receipt of an offer for any Alternative Transaction, the Sellers will promptly notify IHF in writing and indicate in such notice, the identity of the Offeror and a complete and accurate description of the material terms of such Alternative Transaction, and thereafter keep IHF informed on a current basis, of the status and terms of such offer for an Alternative Transaction. Upon the Board of Directors of BBSI determining in good faith that an offer for an Alternative Transaction represents the highest and best offer for the BBSI Business, the Sellers shall deliver, at least five (5) Business Days prior to the hearing on", "snippet_links": [{"key": "the-term", "type": "clause", "offset": [0, 8]}, {"key": "alternative-transaction", "type": "clause", "offset": [93, 116]}, {"key": "by-a-third-party", "type": "clause", "offset": [132, 148]}, {"key": "the-hearing", "type": "clause", "offset": [255, 266]}, {"key": "sales-order", "type": "definition", "offset": [274, 285]}, {"key": "los-angeles", "type": "clause", "offset": [509, 520]}, {"key": "john-\u2587", "type": "clause", "offset": [544, 550]}, {"key": "bumble-bee", "type": "definition", "offset": [566, 576]}, {"key": "form-of", "type": "definition", "offset": [718, 725]}, {"key": "definitive-form", "type": "clause", "offset": [817, 832]}, {"key": "ancillary-documents", "type": "definition", "offset": [840, 859]}, {"key": "contemplated-thereby", "type": "clause", "offset": [860, 880]}, {"key": "definitive-purchase-agreement", "type": "definition", "offset": [886, 915]}, {"key": "the-offeror", "type": "definition", "offset": [934, 945]}, {"key": "representation-and-warranty", "type": "definition", "offset": [960, 987]}, {"key": "valid-and-binding-agreement", "type": "clause", "offset": [1003, 1030]}, {"key": "in-accordance-with", "type": "definition", "offset": [1079, 1097]}, {"key": "transactions-contemplated", "type": "clause", "offset": [1181, 1206]}, {"key": "a-day", "type": "definition", "offset": [1218, 1223]}, {"key": "following-the", "type": "definition", "offset": [1249, 1262]}, {"key": "of-the-sellers", "type": "clause", "offset": [1276, 1290]}, {"key": "chapter-11-cases", "type": "clause", "offset": [1291, 1307]}, {"key": "to-the-sellers", "type": "clause", "offset": [1406, 1420]}, {"key": "sole-and-absolute-discretion", "type": "clause", "offset": [1431, 1459]}, {"key": "able-to-perform", "type": "clause", "offset": [1500, 1515]}, {"key": "payable-to", "type": "definition", "offset": [1735, 1745]}, {"key": "order-of", "type": "clause", "offset": [1750, 1758]}, {"key": "termination-of-the-agreement", "type": "clause", "offset": [1871, 1899]}, {"key": "the-offered", "type": "definition", "offset": [1954, 1965]}, {"key": "no-recourse-against", "type": "clause", "offset": [2015, 2034]}, {"key": "to-sellers", "type": "definition", "offset": [2074, 2084]}, {"key": "the-purchase-price", "type": "clause", "offset": [2125, 2143]}, {"key": "to-pay", "type": "clause", "offset": [2160, 2166]}, {"key": "upon-receipt-of-an", "type": "clause", "offset": [2239, 2257]}, {"key": "promptly-notify", "type": "clause", "offset": [2314, 2329]}, {"key": "in-writing", "type": "clause", "offset": [2334, 2344]}, {"key": "terms-of", "type": "definition", "offset": [2458, 2466]}, {"key": "the-board-of-directors", "type": "clause", "offset": [2625, 2647]}, {"key": "in-good-faith", 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