Auction Settlement Clause Samples

The Auction Settlement clause defines the procedures and terms under which the results of an auction are finalized and payment or asset transfers are completed. Typically, this clause outlines the timeline for settlement, the responsibilities of both buyers and sellers, and the methods of payment or delivery of goods. For example, it may specify that payment must be made within a certain number of days after the auction closes and detail how ownership of the auctioned item is transferred. Its core practical function is to ensure a clear, enforceable process for concluding auction transactions, thereby reducing disputes and providing certainty to all parties involved.
Auction Settlement. Where the Issuer is to redeem Notes by means of Auction Settlement, the redemption of each Note shall be effected by the payment of the Auction Settlement Amount on the Credit Event Redemption Date, such amount to be apportioned pro rata among the Noteholders, rounding the resulting figure downwards to the nearest sub-unit of the relevant currency. Unless settlement has occurred in accordance with the above paragraph, if (a) an Auction Cancellation Date occurs, (b) a No Auction Announcement Date occurs (and in circumstances where such No Auction Announcement Date occurs pursuant to paragraph (b) or (c)(ii) of the definition of No Auction Announcement Date, the Issuer has not exercised the Movement Option), (c) ISDA publicly announces that the relevant Credit Derivatives Determinations Committee has Resolved, following a Credit Event Resolution Request Date, not to determine the matters described in the definition of Credit Event Resolution Request Date, (d) a Credit Event Determination Date was determined pursuant to paragraph (a)(i) of the definition of Credit Event Determination Date or paragraph (a) of the definition of Non- Standard Credit Event Determination Date and no Credit Event Resolution Request Date has occurred on or prior to the date falling three Business Days after such Credit Event Determination Date or (e) if the Issuer (or an affiliate acting on behalf of the Issuer) otherwise determines that it is appropriate by reference to its and/or any of its affiliates' Hedge Positions: (a) if "Fallback Settlement Method – Physical Settlement" is specified as applicable in the applicable Final Terms, the Issuer shall redeem the Notes in accordance with Condition 19.6; or (b) if "Fallback Settlement Method – Cash Settlement" is specified as applicable in the applicable Final Terms, the Issuer shall redeem the Notes in accordance with Condition 19.7.
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Auction Settlement. The Credit Event Redemption Date may be a date falling after the originally scheduled Maturity Date in which case the originally scheduled Maturity Date shall be deemed to be replaced by the relevant date specified in the Credit Event Notice or otherwise notified to the Noteholders. For the avoidance of doubt and notwithstanding any other provision of these Conditions, no amount of interest shall be payable on the Notes from (and including) the Interest Payment Date (or, the Interest Commencement Date) immediately preceding the date on which the Credit Event occurred, unless otherwise specified in the applicable Final Terms. The Credit Event Notice shall be notified to the Noteholders in accordance with Condition 13 of the English Law Notes or Condition 14 of the French Law Notes, as the case may be, and shall:
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Auction Settlement execution, by ▇▇▇▇▇, of the Term of Consent required by Section 3.1, (vii), of Level 1 Corporate Governance Listing Rules; and
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Auction Settlement. If an Event Determination Date has occurred and Auction Settlement is specified as the Settlement Method in the applicable Confirmation, the Investments will be cash settled by reference to the price of certain deliverable obligations of the Reference Entity determined under an auction conducted in accordance with an auction procedure set out in the relevant Credit Derivatives Auction Settlement Terms, a form of which will be published by ISDA on its website and which may be amended from time to time. Although based on auctions held to date, auctions generally can be expected to be held for a Reference Entity that is widely traded in the credit markets, there can be no assurance that an Auction will be held, or that, if held, the auction will result in the determination of a final price. In such circumstances, the Fallback Settlement Method will apply. It is possible that credit losses determined pursuant to an Auction may be greater or less than the losses which would have been determined in the absence of the Auction. In particular, the auction process may be affected by technical or operational factors or errors which would not otherwise apply or may be subject to actual or attempted manipulations. Auctions may be conducted by ISDA or a relevant third party. If the Bank or its affiliates participates in an Auction, then it will do so without regard to the interest of holders of particular Investments.
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Auction Settlement. If the Additional Credit Terms specify Auction Settlement as the Settlement Method in relation to a Reference Entity, then, subject to Credit Linked Provision 13 (Linear Basket Credit Linked Notes), following a Credit Event Determination Date and unless a Fallback Settlement Event occurs: (i) each Credit Linked Note shall be redeemed by the payment by the Issuer to the holders of the Auction Settlement Amount on a date (the "Auction Settlement Date") selected by the Calculation Agent and falling not later than ten Business Days following the date on which market credit default swaps are settled in accordance with and on the basis of the "Auction Final Price" established by means of the relevant Auction; (ii) to the extent not already in cash, an Affected Principal Amount of Assets will be liquidated by the Disposal Agent; (iii) any Interest Rate Swap will be terminated in an amount equal to the proportion that the relevant Affected Principal Amount bears to the aggregate Principal Amount of the Notes; and (iv) the balance remaining from the Net Proceeds following payment of such Auction Settlement Amount will be used to pay any Swap Termination Payment determined by the Calculation Agent as being payable by the Issuer to the IRS Counterparty, and any amounts remaining will be payable by the Issuer to the CDS Counterparty under the Credit Default Swap. For the purpose of these Credit Linked Provisions:
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Auction Settlement. If the Additional Credit Terms specify that Auction Settlement is applicable but, among other things, ISDA does not sponsor an Auction or if the Auction is considered abandoned, the Credit Linked Notes will be redeemed in accordance with the Fallback Settlement Method specified in the Additional Credit Terms. Credit losses determined pursuant to a market auction process may be greater than the losses which would have been determined in the absence of the Auction. In particular, the auction process may be affected by technical factors or operational errors which would not otherwise apply or may be the subject of actual or attempted manipulation. Auctions may be conducted by ISDA or by a relevant third party. Neither the Calculation Agent, the Issuer, the Guarantor nor any of their respective affiliates has any responsibility for verifying that any Auction has been conducted in accordance with its rules. If the Issuer, the Guarantor or any of their respective affiliates participates in an Auction, then it will do so without regard to the interests of the Noteholders of the Credit Linked Notes. Such participation may have a material adverse effect on the outcome of the relevant Auction and/or on the Credit Linked Notes. Where the terms of any Credit Linked Notes state that "Restructuring Maturity Limitation Date and Fully Transferable Obligation" or "Modified Restructuring Maturity Limitation Date and Conditionally Transferable Obligation" is applicable in respect of a Reference Entity, and the only relevant Credit Event is a Restructuring, several concurrent but separate Auctions may occur with respect to such Reference Entity and such Credit Event. The Auction Settlement Amount may be based on the price of one or more obligations of the Reference Entity having a final maturity date different from the Restructured Bond or Loan. In certain circumstances, for example where ISDA does not sponsor an Auction or the Auction is considered abandoned and the Issuer is unable to deliver any relevant Deliverable Obligations, a pro rata proportion of the market value of such undelivered Deliverable Obligations will be paid in cash in respect of each Credit Linked Note, which may be significantly less than the outstanding principal amount of any Credit Linked Notes or even be zero. If ISDA sponsors an auction, Credit Linked Notes will not be redeemed until the settlement date for market credit default swap transactions which are the subject of that auction occurs. Such s...
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Related to Auction Settlement

  • Termination Settlement Upon the occurrence of any Acceleration Event, Dealer shall have the right to designate, upon at least one Scheduled Trading Day’s notice, any Scheduled Trading Day following such occurrence to be a Settlement Date hereunder (a “Termination Settlement Date”) to which Physical Settlement shall apply, and to select the number of Settlement Shares relating to such Termination Settlement Date; provided that (i) in the case of an Acceleration Event arising out of an Ownership Event, the number of Settlement Shares so designated by Dealer shall not exceed the number of Shares necessary to reduce the Share Amount to reasonably below the Post-Effective Limit and (ii) in the case of an Acceleration Event arising out of a Stock Borrow Event, the number of Settlement Shares so designated by Dealer shall not exceed the number of Shares as to which such Stock Borrow Event exists. If, upon designation of a Termination Settlement Date by Dealer pursuant to the preceding sentence, Counterparty fails to deliver the Settlement Shares relating to such Termination Settlement Date when due or otherwise fails to perform obligations within its control in respect of the Transaction, it shall be an Event of Default with respect to Counterparty and Section 6 of the Agreement shall apply. If an Acceleration Event occurs during an Unwind Period relating to a number of Settlement Shares to which Cash Settlement or Net Share Settlement applies, then on the Termination Settlement Date relating to such Acceleration Event, notwithstanding any election to the contrary by Counterparty, Cash Settlement or Net Share Settlement shall apply to the portion of the Settlement Shares relating to such Unwind Period as to which Dealer has unwound its hedge (assuming that Dealer has a commercially reasonable hedge and unwinds its hedge in a commercially reasonable manner) and Physical Settlement shall apply in respect of (x) the remainder (if any) of such Settlement Shares and (y) the Settlement Shares designated by Dealer in respect of such Termination Settlement Date. If an Acceleration Event occurs after Counterparty has designated a Settlement Date to which Physical Settlement applies but before the relevant Settlement Shares have been delivered to Dealer, then Dealer shall have the right to cancel such Settlement Date and designate a Termination Settlement Date in respect of such Shares pursuant to the first sentence hereof. Notwithstanding the foregoing, in the case of a Nationalization or Merger Event, if at the time of the related Relevant Settlement Date the Shares have changed into cash or any other property or the right to receive cash or any other property, the Calculation Agent shall adjust the nature of the Shares as it determines appropriate to account for such change such that the nature of the Shares is consistent with what shareholders receive in such event. If Dealer designates a Termination Settlement Date as a result of an Acceleration Event caused by an excess dividend of the type described in Paragraph 7(f)(ii), no adjustments(s) shall be made to the terms of this contract to account for the amount of such excess dividend.

  • Combination Settlement If Combination Settlement is applicable to any Option exercised or deemed exercised hereunder, Dealer will pay or deliver, as the case may be, to Counterparty, on the relevant Settlement Date for each such Option:

  • Liquidation Settlement Procedures If at any time on or prior to the Termination Date for such Class the Aggregate Percentage Factor is greater than the Maximum Percentage Factor, then the Transferor shall immediately pay to the Administrative Agent, for the benefit of the Class Investors from previously received Collections, an amount equal to the amount such that, when applied in reduction of the Aggregate Net Investment, will result in an Aggregate Percentage Factor less than or equal to the Maximum Percentage Factor. Such amounts shall be applied pro rata to the reduction of the Net Investment for each Class of the Tranche Periods selected by the Class Agent for such Class. With respect to each Class, on the Termination Date for such Class and on each day thereafter, and on each day on which a Termination Event or Potential Termination Event has occurred and is continuing for such Class, the Collection Agent shall set aside and hold in trust for the applicable Class Investors for such Class (or deposit into the Collection Account if so required pursuant to Section 2.12 hereof) the Percentage Factor for such Class of all Collections received on such day and shall set aside and hold in trust for the Transferor such portion of Collections not allocated to the Class Investors. On each such Termination Date or the day on which a Termination Event or Potential Termination Event for such Class for which there is no grace period occurs, the Collection Agent shall deposit to the Administrative Agent’s account, for the benefit of the applicable Class Investors for such Class, any amounts set aside pursuant to Section 2.5 above. With respect to each Class, on the last day of each Tranche Period to occur on or after such Termination Date for such Class or during the continuance of a Termination Event or Potential Termination Event for such Class, the Collection Agent shall deposit to the Administrative Agent’s account to the extent not already so deposited, for the benefit of the Class Investors for such Class, the amounts so set aside for such Class Investors, pursuant to the second preceding sentence, but not to exceed the sum of (i) the accrued Discount (which, in the case of Discount computed by reference to the CP Rate with respect to any Class Conduit that utilizes “pool” funding, shall be determined for such purpose using the CP Rate most recently determined by the related Class Agent, multiplied by the Fluctuation Factor) for such Tranche Period (ii) the portion of the Net Investment allocated to such Tranche Period and (iii) all other Aggregate Unpaids owing to such Class Investors. On such day, the Collection Agent shall deposit to its account, from the amounts set aside for such Class, pursuant to the preceding sentence which remain after payment in full of the aforementioned amounts, the accrued Servicing Fee for such Tranche Period. If there shall be insufficient funds on deposit for the Collection Agent to distribute funds in payment in full of the aforementioned amounts, the Collection Agent shall distribute funds first, if the Transferor, Tech Data or any Affiliate of the Transferor or Tech Data is not then the Collection Agent, to the Collection Agent’s account, in payment of the Servicing Fee payable to the Collection Agent, second, in payment of all fees payable by the Transferor to the Administrative Agent or any of the Class Investors, third, in payment of the accrued Discount to each Class, fourth, in reduction of the Net Investment allocated to any Tranche Period ending on such date, fifth, in payment of all other Aggregate Unpaids owing to the Class Investors, as applicable, and sixth, if the Transferor, Tech Data or any Affiliate of the Transferor or Tech Data is the Collection Agent, to its account as Collection Agent, in payment of the Servicing Fee payable to such Person as Collection Agent. The Administrative Agent, upon its receipt of such amounts in the Administrative Agent’s account, shall distribute such amounts to the Class Investors, each as entitled thereto as set forth above; provided that if the Administrative Agent shall have insufficient funds to pay all of the above amounts in full on any such date, the Administrative Agent shall pay such amounts in the order of priority set forth above and, with respect to any such category above for which the Administrative Agent shall have insufficient funds to pay all amounts owing on such date, ratably (based on the amounts in such categories owing to such Persons) among all such Persons entitled to payment thereof. Following the date after all Termination Dates on which the Aggregate Net Investment has been reduced to zero, all accrued Discount and Servicing Fees have been paid in full and all other Aggregate Unpaids have been paid in full, (i) the Collection Agent shall recompute the Percentage Factor for each Class, (ii) the Administrative Agent, on behalf of the Class Investors, shall be considered to have reconveyed to the Transferor all of the Class Investors’ right, title and interest in and to the Affected Assets (including the Transferred Interest), (iii) the Collection Agent shall pay to the Transferor any remaining Collections set aside and held by the Collection Agent pursuant to the third sentence of this Section 2.6 and (iv) the Administrative Agent, on behalf of the applicable Class Investor(s), shall execute and deliver to the Transferor, at the Transferor’s expense, such documents or instruments as are necessary to terminate the Class Investors’ respective interests in the Affected Assets. Any such documents shall be prepared by or on behalf of the Transferor. On the last day of each Tranche Period, the Collection Agent shall remit to the Transferor such portion of Collections set aside for the Transferor pursuant to this Section 2.6.

  • The Settlement Following mediation with a neutral party, a Settlement has been reached. As part of the Settlement, a Qualified Settlement Fund of $39,500,000 will be established to resolve the Class Action. The Net Settlement Amount is $39,500,000 minus any Administrative Expenses (including taxes and tax expenses), Court-approved Attorneys’ Fees and Costs, and Class Representative Compensation. The Net Settlement Amount will be allocated to Class Members according to a Plan of Allocation to be approved by the Court.

  • Equity Trading and Transaction Settlement The equity trading desks execute buy and sell order based on instructions provided by affiliated advisers. The trading staff either places orders electronically or contacts brokers to place orders, find liquidity and seek price levels. Upon completion of a transaction, the transaction settlement group works with the broker and the account custodian to ensure timely and accurate exchange of securities and monies.