Common use of Conversion to an Active Listing Clause in Contracts

Conversion to an Active Listing. (1) The “Coming Soon” status shall be automatically converted to a public, Active status, on the “On Market Date”. (2) The Participant or Subscriber may change the listing to Active status at the time prior to the “On Market Date”. (3) If the listing cannot be shown on the “On Market Date”, then the listing status must be changed to “Temporarily Off the Market” (XXX) on the “On Market Date”, in accordance with Rule 404.3 herein. (4) The listing’s “Days on Market” (DOM) will start when the listing is converted to Active status (regardless of whether it is then changed to XXX). (5) Once the listing status is changed from “Coming Soon” to Active status, it cannot revert to “Coming Soon” status.