controlled auction definition

controlled auction procedure (the "Auction Sale Process") set forth in this Section 3.6 shall be initiated by either WEC or EPC by delivering to the Company and the other Party (the "Non-Requesting Party") a written notice (the "Auction Notice") that the Requesting Party has elected to initiate the Auction Sale Process. Such right to request may not be exercised prior to eighteen (18) months after the date of this Agreement. An Auction Notice shall only be effective if the Auction Notice is in writing and delivered after eighteen (18) months from the date of this Agreement to the Company and the other Party in accordance with Section 6.1. Any Auction Notice delivered prior to such date shall be void and not effective. Notwithstanding the foregoing, to the extent that WEC or EPC, either directly or through its director designees, rejects a transaction that would have been a Qualified Public Offering (that is the sale of Common Stock under part (i) of the definition of a Qualified Public Offering and not a merger, consolidation or any similar business combination by the Company under part (ii) of the definition of a Qualified Public Offering) and the other of such Parties, directly and/or through its director designees (as required with respect to the particular matter), voted in favor of and supported such transaction, the Party rejecting the transaction shall be prohibited from initiating the exercise of the Auction Sale Process for the later of (i) twelve (12) months thereafter, or (ii) eighteen (18) months after the date of this Agreement.
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Related to controlled auction

  • Failed Auction has the meaning assigned to such term in the definition of “Dutch Auction”.

  • Dutch Auction means an auction (an “Auction”) conducted by Holdings or one of its Subsidiaries in order to purchase any Term Loans under a Tranche (the “Purchase”) in accordance with the following procedures or such other procedures as may be agreed to between the Administrative Agent and the Borrower:

  • public auction means a method of sale where goods or services are offered by the trader to consumers, who attend or are given the possibility to attend the auction in person, through a transparent, competitive bidding procedure run by an auctioneer and where the successful bidder is bound to purchase the goods or services;

  • controlled airspace means an airspace of defined dimensions within which air traffic control service is provided in accordance with the airspace classification;

  • Controlled area means an area, outside of a restricted area but inside the site boundary, access to which can be limited by the licensee or registrant for any reason.