Competing Bidder definition
Examples of Competing Bidder in a sentence
Any Competing Bidder shall execute this Escrow Agreement and be bound by its terms.
In the event a Competing Bid is made pursuant to Section 9.3(b) of the Agreement, the deposit made by any Competing Bidder shall be held by the Escrow Agent pursuant to the terms hereof ("Overbid Escrow Funds").
The Expense Reimbursement shall be earned by Buyer immediately upon the entry of the Interim Order and payable to Buyer immediately upon the earliest to occur of (i) the closing of a sale pursuant to an order approving the sale of all or a material part of the Purchased Assets to a Competing Bidder or (ii) the effective date of a confirmed chapter 11 plan of reorganization that does not involve a sale of the Purchased Assets to Buyer.
In addition, the Debtor will attach to the Supplement, as exhibits, (a) any revised proposed order approving the Sale and (b) copies of the asset purchase agreement entered into by the Debtor and the Winning Competing Bidder.
At the Sale Hearing, Sellers will determine the highest and best bid and will request the Bankruptcy Court to confirm Sellers' determination of the prevailing Competing Bidder; if so determined, the prevailing Competing Bidder shall execute and deliver at the Sale Hearing, to the extent not delivered already, a signed instrument of irrevocable agreement with terms substantially similar to those described in this Master Agreement.