Auction Period Clause Samples
The Auction Period clause defines the specific timeframe during which an auction is open for bids. Typically, this clause will state the exact start and end dates and times, and may outline any conditions under which the period can be extended or shortened, such as in the event of technical issues or last-minute bids. Its core practical function is to ensure all participants have a clear and fair opportunity to submit offers, thereby promoting transparency and preventing disputes over when bids are accepted.
Auction Period. With respect to a Series of Notes in a 35-day Auction Period, if Auctions generally are conducted on the day of the week specified in column A of the table above, a period of generally 35 days beginning on the day of the week specified in column B of the table above (or the day following the last day of the prior Auction Period if the prior Auction Period does not end on the day of the week specified in column C of the table above) and ending on the day of the week specified in column C of the table above five weeks later (unless such day is not followed by a Business Day, in which case on the next succeeding day which is followed by a Business Day).
Auction Period. With respect to a Series of Notes in a seven-day Auction Period, if Auctions generally are conducted on the day of the week specified in column A of the table below, a period of generally seven days beginning on the day of the week specified in column B of the table below (or the day following the last day of the prior Auction Period if the prior Auction Period does not end on the day of the week specified in column C of the table below) and ending on the day of the week specified in column C of the table below in the next succeeding week (unless such day is not followed by a Business Day, in which case on the next succeeding day which is followed by a Business Day):
(A) (B) (C) When Auctions Occur on this day Auction Period Generally Begins this day Auction Periods Generally End this day
Auction Period. The Auction period shall be determined by IronPlanet.
Auction Period. (b) The length of any such adjusted Auction Period pursuant to an Auction Period Adjustment shall be subject to the limitations thereon set forth in the definition of an Auction Period Adjustment in this Indenture.
(c) An Auction Period Adjustment shall not be allowed unless Sufficient Clearing Bids existed or all of the Outstanding Auction Rate Notes were subject to Submitted Hold Orders at both the Auction, if any, before the date on which the notice of the proposed change was given as provided in this Section 2.03.2.7 and the Auction immediately preceding the proposed change.
(d) An Auction Period Adjustment shall take effect on an Auction Period Distribution Date only if (A) the Indenture Trustee and the Auction Agent receive, by 11:00 a.m., eastern time, on the Business Day before the Interest Determination Date for the first such Auction Period, a certificate from the Issuer in substantially the form attached as, or containing substantially the same information contained in, Exhibit I to this Indenture, authorizing the Auction Period Adjustment specified in such certificate along with a copy of the certificate of the Calculation Agent described above in subparagraph (a) and (B) Sufficient Clearing Bids exist or all of the Outstanding Auction Rate Notes are subject to Submitted Hold Orders on the Interest Determination Date for such first Auction Period. If the condition referred to in (A) above is not met, the Auction Rate for the Auction Period commencing on the Effective Date (as defined in Exhibit I) will be determined pursuant to the Auction Procedures and the Auction Period shall be the Auction Period determined without reference to the proposed change. If the condition referred to in (A) is met but the condition referred in (B) above is not met, the Series Interest Rate for the next Auction Period shall be the lesser of the Auction Rate (which shall be the Maximum Auction Rate) and the Net Loan Rate, but in no event greater than 17%, and the Auction Period shall be the Auction Period determined without reference to the proposed change.
(e) In connection with any Auction Period Adjustment, the Auction Agent will provide such further notice as is specified in Section 2.5 of the Auction Agent Agreement.
(f) While any of the Auction Rate Notes are Outstanding, the Issuer may, from time to time, change the length of one or more Auction Periods pursuant to an Auction Period Conversion. In such case, the Issuer, the Indenture Trustee and the Auction A...
Auction Period. Upon purchase, You will retain access to the Cause4Auction Administrative Page for your Auction Date for a period of no longer than twelve (12) months to prepare for your event. After your Auction Date, You will continue to have modified access to the Cause4Auction Admin Page for a period of four (4) weeks for post-auction activity, during which time you may download auction data and export reports.
Auction Period. For each Series of 1999 Notes during the Series Initial Period for such Series and each Auction Period thereafter, interest at the Series Interest Rate shall accrue daily and shall be computed for the actual number of days elapsed on the basis of a year consisting of 365/366 days, as applicable. The Series Interest Rate to be borne by each Series of 1999 Notes after such Series Initial Period for each Auction Period prior to an Auction Period Adjustment, if any, shall be determined as herein described. Each such Auction Period shall commence on and include the day following the expiration of the immediately preceding Auction Period and terminate on and include the Auction Date for the next succeeding Auction Period, subject to adjustment as described below; provided, however, that in the case of the Auction Period that immediately follows the Series Initial Period for a Series of 1999 Notes, such Auction Period shall commence on the Series Initial Rate Adjustment Date for such Series. The Series Interest Rate on each Series of 1999 Notes for each Auction Period shall be the lesser of the (i) Net Loan Rate in effect for such Auction Period and (ii) the Auction Rate in effect for such Auction Period as determined in accordance with Section 2.5.1 hereof; provided however, that such Series Interest Rate shall in no event exceed the Series Interest Rate Limitation, and further provided that if, on any Series Rate Determination Date, an Auction is not held for any reason, then the Series Interest Rate on such Series of 1999 Notes for the next succeeding Auction Period shall be the Net Loan Rate. Notwithstanding the foregoing: