The Auction Process Sample Clauses

The Auction Process. Applications to bid, with a minimum credit prequalification, with such amount to be agreed upon by Guernsey’s and Consignor, shall be solicited and accepted up until midnight on April 1, 2012 by bidders who will be pre-qualified by Guernsey’s in accordance with the Terms and Conditions of the sale and who confirm in writing that they will comply with the Covenants and Conditions. The Terms and Conditions shall require that a plan for compliance with the Covenants and Conditions in Exhibit A shall be submitted with each application. Applications will be reviewed by Consignor for compliance with the Covenants and Conditions. All acceptable bidders shall thereafter participate in an auction of the Property to be held on April 15, 2012 at an appropriate New York City venue. Consignor and Guernsey’s will agree as to the specific place and date of the auction. Guernsey’s will have discretion as to a) the manner in which the sale is conducted, provided that Guernsey’s will obtain the prior approval of Consignor to the Terms and Conditions of Sale and Information to Intending Bidders then in effect or any decision to waive or modify the same, which approval shall not be unreasonably withheld, b) consulting any expert, c) the description of the Property in its sale literature and other descriptions, provided that Guernsey’s will obtain the prior approval of Consignor to the dissemination of any such document. The Property will be sold as a complete collection, and offered for sale as one lot. Should no acceptable bidder be approved, the auction shall be canceled on April 1, 2012 and Guernsey’s shall be paid its buy in fee in accordance with paragraph12. Guernsey’s agrees that Consignor shall have the right to accept or reject any bid in its discretion based on price, terms, identity of the buyer or other factors, whether or not the bid meets the reserve price, and that unless Consignor accepts a bid, no compensation other than the buy-in fee in Section 12 shall be due to Guernsey’s.
Sample 1
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The Auction Process. 1. The Seller Shall Conduct the Auction. Upon the Bankruptcy Court’s direction, the Seller and its professionals shall direct and preside over the Auction. At the commencement of the Auction, the Seller shall announce the Pre-Auction Successful Bid. The only other bids made during the Auction shall be Overbids (as defined below), and they shall be made and received on an open basis, such that all material terms of each bid will be fully disclosed to all other bidders. Subject to order of the Bankruptcy Court, the Seller reserves the right to impose additional terms and conditions at or prior to the Auction, provided that such additional terms and conditions are disclosed to all Potential Bidders and Qualified Bidders. The Seller shall maintain a transcript of all bids made and announced at the Auction, including all Overbids and the Successful Bid (as defined below).
Sample 1

Related to The Auction Process

  • The Auction Agent may perform its duties and exercise its rights hereunder either directly or by or through agents or attorneys.

  • Selection Process The Mortgage Loans were selected from among the outstanding one- to four-family mortgage loans in the Seller's portfolio at the related Closing Date as to which the representations and warranties set forth in Subsection 9.02 could be made and such selection was not made in a manner so as to affect adversely the interests of the Purchaser;

  • Auction Procedures The provisions contained in Section 11.10 of the Amended and Restated Bylaws concerning Auction Procedures will be followed by the Fund and, to the extent applicable, the Auction Agent, and the provisions contained therein are incorporated herein by reference in their entirety and shall be deemed to be a part of this Agreement to the same extent as if such provisions were set forth fully herein.

  • Notice of Auction Results (a) On each Auction Date, the Auction Agent shall notify BD by telephone as set forth in paragraph (a) of the Settlement Procedures. On the Business Day next succeeding such Auction Date, the Auction Agent shall notify BD in writing of the disposition of all Orders submitted by BD in the Auction held on such Auction Date.

  • Arbitration Process Any arbitration proceeding under this Section shall be presided over by a single arbitrator and conducted by Judicial Arbitration and Mediation Services, Inc. (“JAMS”) in Los Angeles County, California, or as otherwise agreed to by you and the Company, under the then applicable JAMS rules for the resolution of employment disputes (available upon request and also currently available at xxxx://xxx.xxxxxxx.xxx/rules-employment-arbitration/). You and the Company both have the right to be represented by legal counsel at any arbitration proceeding, at each party’s own expense. The Arbitrator shall: (i) have the authority to compel adequate discovery for the resolution of the dispute; (ii) issue a written arbitration decision, to include the arbitrator’s essential findings and conclusions and a statement of the award; and (iii) be authorized to award any or all remedies that you or the Company would be entitled to seek in a court of law. The Company shall pay all JAMS arbitration fees in excess of the amount of court fees that would be required of you if the dispute were decided in a court of law.

  • Collection Procedure Escrow Agent is hereby authorized to deposit the proceeds of each wire in the Escrow Account.

  • Approval Process Tenant shall notify Landlord whether it approves of the submitted working drawings within three business days after Landlord’s submission thereof. If Tenant disapproves of such working drawings, then Tenant shall notify Landlord thereof specifying in reasonable detail the reasons for such disapproval, in which case Landlord shall, within five business days after such notice, revise such working drawings in accordance with Tenant’s objections and submit the revised working drawings to Tenant for its review and approval. Tenant shall notify Landlord in writing whether it approves of the resubmitted working drawings within one business day after its receipt thereof. This process shall be repeated until the working drawings have been finally approved by Landlord and Tenant. If Tenant fails to notify Landlord that it disapproves of the initial working drawings within three business days (or, in the case of resubmitted working drawings, within one business day) after the submission thereof, then Tenant shall be deemed to have approved the working drawings in question. Any delay caused by Tenant’s unreasonable withholding of its consent or delay in giving its written approval as to such working drawings shall constitute a Tenant Delay Day (defined below). If the working drawings are not fully approved (or deemed approved) by both Landlord and Tenant by the 15th business day after the delivery of the initial draft thereof to Tenant, then each day after such time period that such working drawings are not fully approved (or deemed approved) by both Landlord and Tenant shall constitute a Tenant Delay Day.

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

  • Alternative Process Nothing herein shall in any way be deemed to limit the ability of the Lenders to serve any such process or summonses in any other manner permitted by applicable law.

  • Sale Process If a Non-Economic Facility is marketed for sale in accordance with Section 5.02 and Manager receives an offer therefor which it wishes to accept on behalf of the relevant TRS and Owner, Manager shall give the relevant TRS prompt notice thereof, which notice shall include a copy of the offer and any other information reasonably requested by such TRS. If the relevant TRS, on behalf of the relevant Owner, shall fail to accept or reject such offer within seven (7) Business Days after receipt of such notice and other information from Manager, such offer shall be deemed to be accepted. If the offer is rejected by the relevant TRS on behalf of the relevant Owner, and if Manager elects to continue marketing the Non-Economic Facility by providing written notice to the relevant TRS within seven (7) days of such rejection and Manager does not obtain another offer within ninety (90) days that is accepted by the relevant TRS, the Non-Economic Facility shall be deemed to have been sold to the relevant TRS on the date, at the price and on such other terms contained in the offer. If a Non-Economic Facility is sold to a third party or deemed to have been sold to the relevant Owner pursuant to such offer, effective as of the date of sale or deemed sale: (i) the Management Agreement shall terminate with respect to such Non-Economic Facility; (ii) Aggregate Invested Capital shall be reduced by an amount equal to the net proceeds of sale after reduction for the costs and expenses of the relevant TRS, the relevant Owner and/or Manager (or, in the case of a deemed sale, the net proceeds of sale determined by reference to such offer, after reduction for any amounts actually expended and any amounts which would reasonably have been expected to have been expended if the sale had been consummated by the relevant TRS, the relevant Owner and/or Manager). If the reduction in Aggregate Invested Capital is less than the Invested Capital of the Non-Economic Facility sold or deemed to have been sold, the difference shall be proportionately reallocated to the Invested Capital of the remaining Facilities.

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