Auction Process. (a) The Advisor, any underwriter, or any Certificate Owner will be allowed to bid in the Auction, but will not be required to do so.
(b) The Servicer will also be allowed to bid in the Termination Auction if it deems appropriate, but will not be required to do so.
(c) On the Auction Date, all bids will be due by facsimile to the offices of the Trustee by 1:00 p.m. New York City time, with the winning bidder to be notified by 2:00 p.m. New York City time. All acceptable bids (as described in Section 10.01 (b) of the Agreement) will be due on a conforming basis on the bid sheet contained in the solicitation package.
(d) If the Trustee receives fewer than two market value bids from participants in the market for manufactured housing installment sales contracts and installment loan contracts willing and able to purchase the Contracts, the Trustee shall decline to consummate the sale.
(e) Upon notification to the winning bidder, a good faith deposit equal to one percent (1%) of the Pool Scheduled Principal Balance will be required to be wired to the Trustee upon acceptance of the bid. This deposit, along with any interest income attributable to it, will be credited to the purchase price but will not be refundable. The trustee will establish a separate account for the acceptance of the good faith deposit, until such time as the account is fully funded and all monies are transferred into the Collection Account, such time not to be later than one Business Day before the related Distribution Date (as described above).
(f) The winning bidder will receive on the Auction Date a copy of the draft Sale and Servicing Agreement and Servicer's Representations and Warranties (which shall be substantially identical to the representations and warranties set forth in Section 3.01 of the Agreement).
(g) The Advisor will provide to the Trustee a letter concluding whether or not the winning bid is a fair market value bid. The Advisor will also provide such letter if it is the winning bidder. In the case where the Advisor or the Servicer is the winning bidder it will provide for market comparables and valuations in its letter.
(h) The Auction will stipulate the Servicer be retained to service the Contracts sold pursuant to the terms of the Sale and Servicing Agreement.
(i) The Auction will stipulate that such sale and consequent termination of the Trust Fund must constitute a "qualified liquidation" of the Trust Fund under Section 860F of the Code, including the requirement that s...
Auction Process. (i) Xxxxx Fargo Bank, National Association or its Affiliates may, but shall not be required to, bid at the Auction. The Collateral Manager and its Affiliates may bid in the Auction if the Collateral Manager deems such bidding to be appropriate but is not required to do so.
(ii) On the second Business Day prior to the Auction Date (the “Auction Bid Date”), all bids will be due by facsimile at the offices of the Trustee by 11:00 a.m. New York City time, with the winning bidder or bidders to be notified by 2:00 p.m. New York City time. All bids from Listed Bidders on the List will be due on the bid sheet contained in the solicitation package. Each bid shall be for the purchase and delivery to one purchaser (i) of all (but not less than all) of the Collateral Debt Securities or (ii) of one or more (but not all) of the Collateral Debt Securities.
(iii) Unless the Trustee receives (A) at least one bid from a Listed Bidder to purchase all of the Collateral Debt Securities or (B) receives bids from one or more Listed Bidders (to purchase one or more (but not all) Collateral Debt Securities) for all Collateral Debt Securities in the aggregate, the Trustee will decline to consummate the sale.
(iv) Subject to clause (iii) above, with the advice of the Collateral Manager, the Trustee shall select the bid or bids which result in the Highest Auction Price from one or more Listed Bidders (in excess of the specified minimum purchase price). “Highest Auction Price” means the higher of (i) the highest price bid by any Listed Bidder for all of the Collateral Debt Securities or (ii) the sum of the highest prices bid by one or more Listed Bidders (for one or more (but not all) Collateral Debt Securities) for all Collateral Debt Securities in the aggregate. In each case, the price bid by a Listed Bidder will be the dollar amount which the Collateral Manager certifies to the Trustee based on the Collateral Manager’s review of the bids, which certification shall be binding and conclusive.
Auction Process. 1. All applicable documents for the Auction will be published on the Storage Service Provider’s website and on the website of the Electronic Marketing Platform in due time before the Auction takes place.
2. Authorized Storage Customers may submit their binding offers on the Electronic Marketing Platform within the call period as outlined on the Electronic Marketing Platform. Erdgasspeicher Peissen GmbH may decide to set a Minimum Bid Price that shall be displayed on the Electronic Marketing Platform (here: PRISMA) and in the Product Information; Article 4 para.1. of the T&C Online Auctions shall continue to apply. Additional requirements by the Electronic Marketing Platform must be met at the Authorized Storage Customer’s discretion, but shall be observed to be able to properly take part in the Auction.
3. By submitting a binding offer via the Electronic Marketing Platform the potential Storage Customer, limited to the product the offer is made for, bindingly declares to be willing to conclude a Storage Services Agreement including Annex 1, 1a, 2 and 3. 4. A Storage Services Agreement is concluded when the Storage Service Provider accepts the Authorized Storage Customer´s binding offer in writing.
Auction Process. (a) The Advisor, any underwriter, or any Certificate Owner will be allowed to bid in the Auction, but will not be required to do so.
(b) The Servicer will also be allowed to bid in the Termination Auction if it deems appropriate, but will not be required to do so.
Auction Process. 1.1. The sale by public auction is subject to a reserve price.
1.2. The auctioneer and/or his agent shall be entitled to bid on behalf of the Seller or owner to an amount which is less than the reserve price.
1.3. These auction rules 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(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 start at the published time and will not be delayed to allow participation by any specific persons.
1.6. Only properly registered bidders may participate:
1.6.1. Anyone intending to bid at the auction must register their identity on the bidder’s record prior to the commencement of the auction. Such registration must meet the requirements of FICA (Financial Intelligence Centre Act, 2001) and that 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 be properly authorised to do so. You will be required to satisfy the Auctioneer that you are properly authorised. This will include a letter of authority on the letterhead of the authoriser and must be accompanied by a certified copy of the resolution authorising you to bid on behalf of a company.
1.7. The bidder’s record and the vendor roll will be made available for inspection at the offices of Aucor during ordinary business hours at no cost. The bidders’ record will also be available for inspection at the auction.
1.8. Aucor holds a trust account. Any 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, minus any commission or costs payable to Aucor.
1.9. The reason for the auction will be announced unless it is a normal and voluntary sale. The cost of conducting the auction is R50 000.00 and this cost includes: Advertising; Brochures, packs and marketing material; Venue hire costs; Photographs.
1.10. The auctioneer will control the auction and bidding process.
1.11. The sale will be by the rise and the property will be sold to the highest bidder and subject to the Rules of Auction.
1.12. You as...
Auction Process in its role as Advisor to the Trustee, will be allowed to bid in the Auction, but will not be required to do so.
Auction Process. (a) The auction room will be open only for the Registered Bidders who have paid the Caution Money and such Registered Bidders may enter the auction room using the URL xxxx://xxxxxxx.xxxxxxxxxx.xxx.
(b) The Auction Window will be opened soon, and the details shall be uploaded on the webpage mentioned above.
(c) During the term of the Auction Window remaining open, a Registered Bidder may place bids in multiples of Rs.25000 (Rupees Twenty Five Thousand Only).
(d) Whilst the Winning Bidder will be awarded no more than one (1) vehicle, the Registered Bidders may place unlimited bids during the Auction Window on the platform in bid increments of INR. 25,000 (Rupees Twenty Five Thousand)over and above the Reserve Price set by M&M i.e the Registered Bidder may place bids during the Auction Window in multiples of INR 25,000/- (Rupees Twenty Five Thousand) only.
(e) M&M, at its sole discretion may either reduce or increase the bid increment limits from INR 25,000(Rupees Twenty Five Thousand) at any time during the Auction Window without notice to the Registered Bidders.
(f) The bids for the vehicle may be placed by a Registered bidder till the closing time of the Auction Window.
(g) You agree to be aware that, M&M has placed a reserve price (a minimum selling price for the vehicle on auction which hereinafter is referred to as the “Reserve Price”) on the vehicle being auctioned. The Reserve Price on the vehicle throughout the Auction Window will be INR 25,00,000 (Indian Rupees Twenty Five Lakhs Only). Bids may only be placed by the Registered Bidders over and above the Reserve Price.
(h) A Registered Bidder may put in unlimited bids for the vehicle over and above the Reserve Price.
(i) Periodic SMS related to status of the bids will be sent to the Registered Bidders participating in the auction.
(j) Subject to these terms and conditions, the Registered Bidder, whose bid has, met and exceeded the Reserve Price and has placed the highest bid at the end of the Auction Window, which will be announced soon, will be Winning Bid and the Registered Bidder with the Winning Bid will be adjudged as the Winning Bidder by M&M. Subject to the terms and conditions appearing under the Mahindra XUV400 User Agreement, on conclusion of the bidding process the Winning Bidder's bid shall form a contract for sale between the Winning Bidder and M&M, which unless otherwise specified in writing by M&M, shall incorporate these terms and conditions.
Auction Process. The Selling Parties and Parent acknowledge that (i) this Agreement and the other Transaction Documents are the culmination of an extensive auction process, fair in substance and procedure, undertaken by the Selling Parties and Parent to identify and negotiate a transaction with a bidder who was prepared to give the best offer for the Securities, (ii) they have selected Buyer as the successful bidder in accordance with the bidding procedures established for such auction and (iii) this Agreement constitutes the best offer for the Securities.
Auction Process. The Parties acknowledge that this Agreement is the culmination of an extensive process undertaken by the Sellers to identify and negotiate a transaction with a bidder who was prepared to maximize the value for the Sellers’ constituents.
Auction Process a. The Advisor will be allowed to bid in the auction, but will not be required to do so.
b. The Seller will also be allowed to bid in the auction if it deems appropriate, but will not be required to do so.
c. On the Auction Date, all bids will be due by facsimile to such office as shall be designated by the Trustee by 1:00 p.m. EST; with the winning bidder to be notified by 2:00 p.m.
