Initial Market Submission means a submission from a Participating Bidder consisting of both an Initial Market Bid and an Initial Market Offer (each expressed as a percentage, in increments equal to the Relevant Pricing Increment, of the outstanding principal balance, rather than the face amount, of Deliverable Obligations (but not less than 0.00%)) which do not differ from one another by more than the Maximum Initial Market Bid-Offer Spread, and for which the Initial Market Bid is not greater than or equal to the Initial Market Offer.
Initial Market Submission means a submission from a Participating Bidder consisting of both an Initia l Market Bid and an Initia l Market Offer (each expressed as a percentage, in increments equal to the Relevant Pricing Increment, of the outstanding princ ipal balance, rather than the face amount, of Deliverable Obligations (but not less than 0.00%)) which do not differ from one another by more than the Maximum Initia l Market Bid-Offer Spread, and for which the Initia l Market Bid is not greater than or equal to the Initia l Market Offer.
Initial Market Submission means a submission from a Participating Bidder consisting of both an Initial Market Bid and an Initial Market Offer (each expressed as a percentage, in increments equal to the Relevant Pricing Increment, of the outstanding principal balance, rather than the face amount, of Deliverable Obligations (but not less than 0.00%)) which do not differ from one another by more than