AUCTION PROCEDURE. 2.1. The sale of the PROPERTY is through the auction sales method. The auction procedure and conditions of sale are defined in the Rules of Auction as included in the bidders’ registration card and auction catalogue.
2.2. All proceeds payable to the AUCTIONEERS as per this agreement must be paid to the AUCTIONEER’s trust account.
AUCTION PROCEDURE. 1.1. The rules of this auction shall comply with the provisions of Section 45 and all relevant regulations to the Consumer Protection Act No 68 of 2008.
1.2. When goods are put up for sale by auction in lots, each lot is, unless there is evidence to the contrary, regarded to be the subject of aseparate transaction.
1.3. The above-mentioned property is sold subject to a reserve price.
1.4. Registration to bid at the auction:
1.4.1. Anyone that intends to bid at the auction must register his or her identity on the bidder’s record prior to the commencement of the auction and such registration must be in line with the requirements of FICA (Financial Intelligence Centre Act, 2001) in respect of the establishment and verification of identity of the person and the person must sign the registration entry.
1.4.2. A person who attends the auction to bid on behalf of another person (i.e. on behalf of a company) must produce a letter of authority that expressly authorises him or her to bid on behalf of that person and that person and the person bidding on his or her behalf must meet the requirements set out in clause 1.4.1 above. Where a person is bidding on behalf of a company and must be accompanied by a certified copy of the resolution authorising him or her to bid on behalf of the company. (For purposes of this rule any reference to a company will include any reference to juristic person including partnerships, trusts, or incorporated entities).
1.5. The auction shall take place at the date and time as advertised or publicised and will not be postponed or delayed enabling any member or group of the public to partake in the auction.
1.6. The bidders’ roll and vendor roll will be available for registered BUYERS for inspection with written notice and good reason during the normal office hours at the business premises of the AUCTIONEER.
1.7. All money due to the SELLER in terms of the rules of auction and conditions of the auction will be paid into the SELLER’s attorney’s trust account for the benefit of the SELLER, or alternatively into a nominated AUCTIONEER’s trust account.
1.8. The AUCTIONEER will during the auction announce the reason for the auction unless that reason is the normal and voluntary disposal of the PROPERTY by the SELLER.
1.9. Should the AUCTIONEER become aware of any error on advertising material or any other publication or amendment to these rules of auction, the AUCTIONEER will prior to the auction point out such matters and when necessary, amend...
AUCTION PROCEDURE. 1.1 The Sale by auction is subject to:
1.2 The Rules of Auction comply with section 45 of the Consumer Protection Act, Act 68 of 2008 (“the Act”) and with the Consumer Protection Act Regulations (“the Regulations”) that have been published in terms thereof in Government Gazette No. 34180 on 1 April 2011 (Volume 550) and any amendments thereto from time to time.
1.3 The document containing the Rules of Auction were made available in writing by the auctioneer to the general public not less than twenty-four hours prior to such auction and complies with the formalities as set out in Regulation 21(2) in the Regulations.
1.4 Every prospective bidder must read the Rules of Auction and must not bid unless he or she has done so. Every bidder, by bidding acknowledges that they have read and understood the Auction Rules by bidding. 000 Xxxxxxxxx Xxxx, Menlo Park, Pretoria, Gauteng P.O Box 11246, Menlo Park, Gauteng, 0161
1.5 Section 45 subsection (2) of the Act provides that: “When goods are put up for sale by auction in lots, each lot is, unless there is evidence to the contrary, regarded to be the subject of a separate transaction.”
1.6 The auction will commence at the published time and will not be delayed allowing any specific person or more persons to take part in the auction.
1.7 The Terms and Conditions and the vendor roll, where applicable, will be made available for inspection at the offices of Root X Auctioneers during normal business hours without the charge of a fee.
1.8 Root X Auctioneers has a trust account. All money due to the seller in terms of the Rules of Auction will be paid into this trust account for the benefit of the seller, to Root X Africa Auctioneers CC. FNB, Trust Account 625 318 325 84, Branch Code 250 655 - Trust Account. The interest on the deposit is for the benefit of the seller.
1.9 The auctioneer will during the auction announce the reason for the auction unless that reason is the normal and voluntary disposal of property by the seller.
1.10 The conduct of the auction is subject to the control of the auctioneer who has the sole right to regulate the bidding procedure.
1.11 Registration to bid at the auction:
1.11.1 Anyone that intends to bid at the auction must register his or her identity on the bidder’s record prior to the commencement of the auction and such registration must meet the requirements of FICA (Financial Intelligence Centre Act, 2001) in respect of the establishment and verification of identity of the person and the p...
AUCTION PROCEDURE. If the sum of all Bids submitted for a given Auction falls short of or equals the total Interconnection Capacity, no Clearing Price is charged to the PTR holder. If the sum of all Bids submitted for a given Auction strictly exceeds the Interconnection Capacity, a Clearing Price is charged to the PTR holder. For this purpose, the Bids are sorted out by the criterion price/time stamp, starting with the highest price and ending with the lowest one. Should several bids have the same price, the priority shall be given to Bids with earlier time stamp. The requested Interconnection Capacities of the Bids are added up. Up to the Bid (marginal Bid), which represents the level above which the sum of the Interconnection Capacity requested by the Auction participants strictly exceeds the Interconnection Capacity. Each Auction participant receives the Interconnection Capacity requested at the price of this marginal Bid in form of a PTR. In cases where several Bids have the same price, the priority shall be given to Bids with earlier time stamp. The Clearing Price determined according to the above principle is used as a basis for calculating the charges for Interconnection Capacity Price and apply to all PTR holders. PTRs are considered to have been awarded to a successful PTR holder at the moment that PTR holder has been informed by the respective Auction Operator. Year 2010 Publication of Auction Specifications Auction Day Publication of Auction Results 03.12.2009 10.12.2009 14.12.2009 January 2010 Publication of Auction Specifications Auction Day 10.12.2009 15.12.2009 February 2010 Publication of Auction Specifications Auction Day 08.01.2010 13.01.2010 March 2010 Publication of Auction Specifications Auction Day 11.02.2010 16.02.2010 April 2010 Publication of Auction Specifications Auction Day 11.03.2010 16.03.2010 May 2010 Publication of Auction Specifications Auction Day 08.04.2010 13.04.2010 June 2010 Publication of Auction Specifications Auction Day 07.05.2010 12.05.2010 July 2010 Publication of Auction Specifications Auction Day 10.06.2010 15.06.2010 August 2010 Publication of Auction Specifications Auction Day 09.07.2010 14.07.2010 September 2010 Publication of Auction Specifications Auction Day 12.08.2010 17.08.2010 October 2010 Publication of Auction Specifications Auction Day 10.09.2010 15.09.2010 November 2010 Publication of Auction Specifications Auction Day 08.10.2010 13.10.2010 December 2010 Publication of Auction Specifications Auction Day 11.11.2010 16...
AUCTION PROCEDURE. 2.1. The conduct of the auction is subject to the control of the AUCTIONEER, who has the sole right to regulate the bidding and the bid increments.
2.2. The sale shall be by the rise and the PROPERTY shall be sold to the bidder of the highest accepted bid (“the highest bidder”) subject to the terms hereof.
2.3. Every bid shall constitute an offer to purchase the PROPERTY for the amount bid, which the SELLER or the AUCTIONEER may accept or reject in their absolute discretion. The SELLER and the AUCTIONEER are entitled, in their absolute discretion, to withdraw the PROPERTY from sale prior to acceptance by the SELLER.
2.4. In the event of a dispute between bidders the decision of the AUCTIONEER will be final and binding. In the event of a dispute between any bidder and the AUCTIONEER, the PROPERTY may immediately be re-auctioned, at the sole discretion of the AUCTIONEER.
2.5. In the event of any error being made by the AUCTIONEER, such error shall not be binding on the SELLER or the AUCTIONEER.
2.6. The PROPERTY is sold with reserve. If no bid equals or exceeds the reserve price (“the Minimum Nett Selling Price”), the PROPERTY may be withdrawn from the auction. The SELLER shall be entitled to instruct the AUCTIONEER to accept any lower bid.
2.7. The auction is subject to vendor bidding. Only the AUCTIONEER or his agent shall be entitled to bid up to the Reserve Price on behalf of the SELLER, but shall not be entitled to make a bid equal to or exceeding the Reserve Price.
2.8. No bid may be withdrawn prior to the expiry of the confirmation period, during which time the offer shall remain open for acceptance by the SELLER or his agent.
2.9. The highest bidder (“the PURCHASER”) s hal l sign this document immediately on the fall of the hammer or as soon as possible after the close of the auction in the case of an online auction.
AUCTION PROCEDURE. Auction Notice (each, a “Return Bid”) which shall specify (i) a discount to par that must be expressed as a price per $1,000 in principal amount of Term B Loans (the “Reply Price”) of each Type within the applicable Discount Range and (ii) the par principal amount of Term B Loans of each Type that such Term B Lender accepts for prepayment at its Reply Price, which must be in increments of $100,000 (the “Reply Amount”). The minimum incremental amount requirements described above shall not apply if Term B Lender submits a Reply Amount equal to such Term B Lender’s entire remaining amount of its applicable Type of Term B Loans. Term B Lenders may only submit one Return Bid per Type per Discounted Voluntary Prepayment Offer, but each Return Bid may contain up to three component bids (or such larger number of component bids as may be specified in the Auction Notice), each of which may result in a separate Qualifying Bid and each of which will not be contingent on any other component bid submitted by such Term B Lender resulting in a Qualifying Bid. In addition to the Return Bid, the participating Term B Lender must execute and deliver, to be held in escrow by the Auction Manager, an assignment and acceptance in the form included in the Auction Notice (each, an “Auction Assignment and Assumption”). The Borrower will not prepay any Term B Loans at a price that is outside of the applicable Discount Range, nor will any Return Bids (including any component bids specified therein) submitted at a price that is outside such applicable Discount Range be considered in any calculation of the Applicable Threshold Price (as defined below). Any Term B Lender with outstanding Term B Loans whose Return Bid is not received by the Auction Manager by the Expiration Time shall be deemed to have declined to accept any Discounted Voluntary Prepayment of any of its Term B Loans at any discount to their par value within the Discount Range.
AUCTION PROCEDURE. For the allocation of Available Capacity on the Austria-Slovenia Interconnection during the Interim Period:
a. Auction Office Austria operates, as Auction Operator, the Auction of PTRs in direction from Austria to Slovenia on behalf of both TSOs.
b. ELES operates, as Auction Operator, the Auction of PTRs in direction from Slovenia to Austria on behalf of both TSOs. Auction proceedings may be discontinued or interrupted by the Auction Operators at any time without prior notice - be it temporarily in case of technical failures, or permanently based on instructions from APG and ELES (e.g. change of capacity allocation method). Such temporary or permanent discontinuance will not affect the rights and obligations which have arisen as a consequence of daily auctions having taken place under these Auction Rules prior to such discontinuance or interruption. Receipt of Bids at the Auction Office Austria and ELES is the decisive criterion in meeting the time limit. All relevant information is made available on the Auction Websites: For direction Austria to Slovenia: xxx.Xxxxxxx-Xxxxxx.xx For direction Slovenia to Austria: xxx.xxxx.xx
AUCTION PROCEDURE. On the Initial Auction Date, each Principal Stockholder shall initiate the bidding process by delivering simultaneously to the other Principal Stockholder a written offer (the “INITIAL OFFER”) which sets forth its valuation of the outstanding Common Stock of the Company, taken as a whole. The higher of the valuations shall constitute the initial bid. Such initial bid and each subsequent valuation must be met in turn, within forty-eight (48) hours following delivery thereof, by either acceptance or delivery of a written counteroffer. Each counteroffer after the initial bid must be in a minimum amount equal to the lesser of (a) the amount that is five percent (5%) higher than the preceding bid (on a percentage basis) and (b) the amount that is $10,000.00 higher than the preceding bid. Any failure to respond within forty-eight (48) hours of delivery of a bid as provided above shall be deemed to constitute an irrevocable and unconditional acceptance of that bid. This bidding process shall continue until one Principal Stockholder accepts the other Principal Stockholder’s latest valuation, either affirmatively or by failing to make a counteroffer (such final valuation, the “FINAL AUCTION PRICE”).
AUCTION PROCEDURE. 1.1. The sale by auction is subject to a reserve price.
1.2. The auctioneer or his agent shall be entitled to bid up to the reserve price on behalf of the owner, but shall not be entitled to make a bid equal to or exceeding the reserve price.
1.3. The rules of auction comply with section 45 of the Consumer Protection Act, Act 68 of 2008 (“the Act”) and with the Consumer Protection Act Regulations (“the Regulations”) that have been published in terms thereof in Government Gazette No. 34180 on 1 April 2011 (Volume 550) and any amendments thereto from time to time.
1.4. Section 45 subsection (2) of the Act provides that: “When goods are put up for sale by auction in lots, each lot is, unless there is evidence to the contrary, regarded to be the subject of a separate transaction.”
1.5. The auction will commence at the published time and will not be delayed to allow any specific person or more persons to take part in the auction.
1.6. Registration to bid at the auction:
1.6.1. Anyone that intends to bid at the auction must register his or her identity on the bidder’s record prior to the commencement of the auction and such registration must meet the requirements of FICA (Financial Intelligence Centre Act, 2001) in respect of the establishment and verification of identity of the person and the person must sign the registration entry.
1.6.2. A person who attends the auction to bid on behalf of another person (i.e. on behalf of a company) must produce a letter of authority that expressly authorises him or her to bid on behalf of that person and that person and the person bidding on his or her behalf must meet the requirements set out in clause
AUCTION PROCEDURE. The Available Transmission Capacity (ATC) on each interconnection is offered by the respective Auction Operator in form of Physical Transmission Rights (PTRs). The auctioning of Interconnec- tion Capacity is not a commercially motivated activity but one aimed at providing a transparent market based method of congestion management. The importance of the interconnections for the liberalization of the electricity market requires a strict policy with regard to the collection of payments and default consequences. For the allocation of ATC on the Slovenia-Croatia Interconnection: ELES operates as Auction Operator for Yearly, Monthly and Daily capacities allocation in direction from Croatia to Slovenia. HEP OPS operates as Auction Operator for Yearly, Monthly and Daily capacities allocation in direction from Slovenia to Croatia. For Intraday capacities allocation for both directions (from Croatia to Slovenia and from Slovenia to Croatia) ELES operates as Auction Operator. All relevant information related to allocation of PTRs is made available on the Auction Website and/or Auction Tool/Auction System of the Auction Operator according to this Auction Rules.
