OVERBID TERMS Sample Clauses

OVERBID TERMS. This Agreement is made subject to overbid at the hearing on the Bankruptcy Court's approval of this Agreement. The Targets shall give notice of their application for approval of the sale of the Acquired Assets to Buyer to overbid, and shall immediately following the Bankruptcy Filing Date seek the Bankruptcy Court's approval of the overbid procedures and the break-up fee as set forth below. The overbid provisions shall be as follows: the initial minimum overbid shall be $150,000, with additional overbids in minimum increments thereafter of $50,000. Prospective overbidders will be notified that they will be required to pre-qualify with Targets forty-eight (48) hours prior to the hearing in order to demonstrate their financial capacity to close the transactions contemplated hereby. As part of the pre-qualification process, each overbidder shall deliver to Tecmar forty-eight (48) hours prior to the hearing a deposit of a minimum $500,000 cashier's check or other immediately available funds made payable to Tecmar. Such deposit shall be nonrefundable if the bid of such overbidder is accepted by the Bankruptcy Court and such overbidder fails to consummate the transactions contemplated hereby due to such overbidder's default. The balance of the Purchase Price shall be paid as set forth above in Section 2(c). Any and all overbids shall be on the same terms and conditions in all material respects to those set forth herein. In the event a prospective overbidder pre-qualifies with Tecmar, Tecmar shall immediately notify and inform Buyer of the pre-qualification and the identity or identities of the prospective overbidder(s).
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Related to OVERBID TERMS

  • Contract Terms Within thirty (30) days after Buyer exercises an option to purchase Option Aircraft pursuant to paragraph 4 above, Boeing and Buyer will use their best reasonable efforts to enter into a supplemental agreement amending the Agreement to add the applicable Option Aircraft to the Agreement as a firm Aircraft (the Option Aircraft Supplemental Agreement). If the parties have not entered into such an Option Aircraft Supplemental Agreement within the time period contemplated herein, either party shall have the right, exercisable by written or telegraphic notice given to the other within ten (10) days after such period, to cancel the purchase of such Option Aircraft.

  • Extended Terms Tenant shall have the right to extend the Term for up to five (5) consecutive renewal terms of ten (10) years each (each, an “Extended Term”), provided that (unless Landlord shall elect in its sole discretion to waive any such condition), at the time Tenant exercises a right to extend the Term, (a) no Event of Default shall have occurred and be continuing and (b) on the date of the exercise of the extension option and on the first day of each such Extended Term, there shall be a Guaranty in favor of Landlord from a Qualifying Guarantor which shall either meet the standard in clause (a) or (c) of the definition of Qualifying Guarantor or shall provide Landlord with the audited financial statement described in the last paragraph of the definition of Qualifying Guarantor to establish that it meets the criteria in clause (b) thereof to be a Qualifying Guarantor, even if such Entity is a BP Affiliate. All of the terms, covenants and provisions of this Agreement shall apply to each Extended Term (including, but without limitation, the two percent annual Minimum Rent increases provided in the definition of Minimum Rent), except that Tenant shall have no right to extend the Term beyond the expiration of the fifth Extended Term. If Tenant shall elect to exercise its option to extend the Term for any Extended Term, it shall do so by giving Landlord Notice thereof not later than eighteen (18) months prior to the commencement of the applicable Extended Term, it being understood and agreed that time shall be of the essence with respect to the giving of any such Notice. If Tenant shall fail to give any such Notice, this Agreement shall automatically terminate at the end of the Fixed Term or the applicable Extended Term, and Tenant shall have no further option to extend the Term of this Agreement. If Tenant shall give such Notice, the extension of this Agreement shall be automatically effected without the execution of any additional documents; it being understood and agreed, however, that Tenant and Landlord shall execute such documents and agreements as either party shall reasonably require to evidence the same.

  • Same Terms All terms used herein which are defined in the Credit Agreement shall have the same meanings when used herein, unless the context hereof otherwise requires or provides. In addition, (i) all references in the Loan Documents to the “Agreement” shall mean the Credit Agreement, as amended by this Amendment, and (ii) all references in the Loan Documents to the “Loan Documents” shall mean the Loan Documents, as amended by this Amendment, as the same shall hereafter be amended from time to time.

  • Commercial Terms 1. Type of loan: þ Short term working capital loan x Medium to long term working capital loan

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  • Negotiated Terms The Parties agree that the terms and conditions of this Agreement are the result of negotiations between the Parties and that this Agreement shall not be construed in favor of or against any Party by reason of the extent to which any Party or its professional advisors participated in the preparation of this Agreement.

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  • PURCHASE TERMS Subject to the satisfaction of the conditions set forth in Article VII, the parties agree as follows:

  • Plural Terms All terms defined in this Agreement or any other Credit Document in the singular form shall have comparable meanings when used in the plural form and vice versa.

  • Specific Terms Whenever used in this Agreement, the following words and phrases, unless the context otherwise requires, shall have the following meanings:

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