Auction Advances Clause Samples
The "Auction Advances" clause defines the terms under which a party, typically a lender or auctioneer, may provide funds in advance of an auction event. This clause outlines the conditions for advancing money, such as the maximum amount, repayment terms, and any interest or fees that may apply. For example, it may allow a seller to receive a portion of expected auction proceeds before the auction takes place, with the advance being repaid from the final sale amount. The core function of this clause is to provide liquidity to sellers or participants before an auction, addressing cash flow needs and ensuring the smooth operation of the auction process.
Auction Advances. With regard to Auction Advances, an amount equal to the amount of the Auction Cost (other than anticipated closing costs (inclusive of curative amounts payable with respect to liens, code violations, HOA fees and similar items)) will at all times be held by a Governmental Authority until such time as the Auction Property becomes an Approved Auction Property or the amount so held is returned to Borrower.
Auction Advances. If such Advance is an Auction Advance, a rate per annum equal at all times from the date of such Advance until the maturity thereof at the rate of interest for such Auction Advance specified by the Participating Bank making such Auction Advance in its notice with respect thereto delivered pursuant to subsection (a)(ii) of Section 2.03 above, payable on the proposed maturity date specified by the Borrower for such Auction Advance in the related Notice of Auction Borrowing delivered pursuant to subsection (a)(i) of Section 2.03 above, provided that in the case of Advances with maturities of greater than three months, interest shall be payable at the end of each three-month period for such Advance.
Auction Advances. The Auction Advances which Buyer purchases as provided in Section 2.8(7) above (the "Assigned Advances") are free and clear of any Liens and are fully collectible in the ordinary course of business in accordance with their terms, either from the proceeds of the sales of the consigned Collectibles which secure such Assigned Advances or from the Persons to whom such Assigned Advances were made. In the event that this collectibility representation is breached as to any Assigned Advance, Buyer’s sole remedy shall be to reassign such Advance to Seller, together with the consigned Collectible(s) securing the payment thereof, free of any Liens, in return for which Seller shall pay to Buyer the amount paid by Buyer to Seller for such Assigned Advance. Notwithstanding the foregoing, upon the sale by Buyer of any one or more of the consigned Collectible(s) that secures any Assigned Advance, thereafter Buyer shall have no recourse against Seller therefor, whether pursuant to Article 6 hereof, or otherwise, if Buyer fails or is unable to collect the full amounts due in respect of such Assigned Advance.
Auction Advances. Upon the earlier of (i) one week after the settlement date with the buyer at auction and (ii) forty five (45) days after the relevant auction, LLC shall reimburse B&M the aggregate principal amount of the Auction Advances made by B&M to Consignors for auctions scheduled to be conducted after the Closing Date, together with all interest accrued thereon. A description of all open Auction Advances, including the name of the Consignor, the amount of the Auction Advance, the collateral securing the Auction Advance and the date the consignment is intended to be auctioned, is set forth in Schedule 8.07. The amount to be reimbursed from the auction sale of the consigned coins, paper money or numismatic collectibles which secure such Auction Advances shall be an amount equal to the sum of (i) the principal face amount of the Auction Advance and (ii) all interest accrued thereon, at the rate agreed to be paid by the Consignor to whom the Auction Advance was made, from the date of the Advance to the date of repayment by the Consignor. Notwithstanding the foregoing, upon the sale by LLC of any one or more of the consigned coins, paper money or numismatic collectibles that secures any Auction Advance, if the proceeds of the auction sale of such items are insufficient to repay the Auction Advance in full, B&M shall have no recourse against LLC, but may pursue repayment from the Consignor, and LLC shall cooperate with B&M in collecting such deficiency from the Consignor.
Auction Advances. SECTION 3.1 The Auction Advance 28 SECTION 3.2 Conditions Precedent to Each Auction Borrowing 31