Common use of Concurrent Bids Clause in Contracts

Concurrent Bids. Subject to section 2.2 (f), The Auction Agent shall allow a Qualified Bidder to place up to five separate, concurrent bids, each independent of the other. Each bid may be made for different numbers of Securities and for different bid prices. At the Auction Agent’s discretion, Qualified Bidders may bid on either prices or yields. If a Qualified Bidder places a bid on the basis of yield, such bid shall be deemed to be a bid at the price necessary to achieve that yield, given the other terms of the offered Securities. A Qualified Bidder who has one active bid will be able to bid up to such Qualified Bidder’s Bid Limit in that one bid. However, if a Qualified Bidder has more than one active bid, the aggregate amount of In-The-Money bids cannot exceed that Qualified Bidder’s Bid Limit. The Bid Limit shall be allocated first to the highest bid price (which may be determined by bid yield) multiplied by the number of Securities bid for at that bid price. Any remaining Bid Limit shall then be allocated to the next highest bid price (which may be determined by bid yield) multiplied by the number of Securities bid for at that bid price. This process will continue until the Bid Limit assigned to that Qualified Bidder has been reached. The bids of a Qualified Bidder who has placed multiple bids shall be deemed to be In-the-Money only to the extent that (i) the bid price is at or above the Market-Clearing Price and (i) the aggregate dollar amount of the multiple bids that are In-The-Money is less than or equal to that Qualified Bidder’s Bid Limit.