The Auction Sample Clauses
The "THE AUCTION" clause defines the procedures and rules governing the conduct of an auction within a contract. It typically outlines how the auction will be held, who may participate, the bidding process, and how the winning bid is determined. For example, it may specify whether the auction is open or sealed, the minimum bid increments, and the timeline for submitting bids. This clause ensures transparency and fairness in the auction process, providing clear guidelines to prevent disputes and misunderstandings among participants.
The Auction. Section 2.01. Purpose: Incorporation by Reference of Auction Procedures and Settlement Procedures....
The Auction. Agent may perform its duties and exercise its rights hereunder either directly or by or through agents or attorneys.
The Auction. Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures..................................................
The Auction. 2.1 Purposes; Incorporation by Reference of Auction Procedures and Settlement Procedures.................................. 3 2.2 Preparation of Each Auction................................ 3
The Auction. ... 4 2.1 Purpose; Incorporation by Reference of Auction Procedures and Settlement Procedures....................................
... 4 2.2 Preparation for Each Auction; Maintenance of Registry of Existing Holders............................................ 4 2.3
The Auction. SECTION 2.01. PURPOSE; INCORPORATION BY REFERENCE OF AUCTION PROCEDURES AND SETTLEMENT PROCEDURES.
(a) On each Auction Date, the provisions of the Auction Procedures will be followed by the Auction Agent for the purpose of determining the Applicable Interest Rate for the next Interest Period. Each periodic operation of such procedures is hereinafter referred to as an "Auction."
(b) Without prejudice to Section 3.01(a) hereof, all of the provisions contained in the Auction Procedures and the Settlement Procedures are incorporated herein by reference in their entirety and shall be deemed to be a part of this Agreement to the same extent as if such provisions were fully set forth herein.
(c) BD agrees to act as, and assumes the obligations of and limitations and restrictions placed upon, a Broker-Dealer under this Agreement. BD understands that other persons meeting the requirements specified in the definition of "Broker-Dealer" contained in [Section 1] of the Supplemental Indenture may execute Broker-Dealer Agreements and participate as Broker-Dealers in Auctions.
(d) BD and other Broker-Dealers may participate in Auctions for their own accounts. [However, except during the Rate Lock Period with respect to the Series _____ Senior Notes, the Auction Agent may by notice to BD and all other Broker-Dealers prohibit all Broker-Dealers from submitting Bids in Auctions for their own accounts, provided that Broker-Dealers may continue to submit Hold Orders and Sell Orders.] The Auction Agent shall have no duty or liability with respect to monitoring or enforcing the requirements of this Section 2.01(d).
(e) BD agrees to act as, and assumes the obligations of, and limitations and restrictions placed upon, a Broker-Dealer under this Broker-Dealer Agreement, and to otherwise act as, and assume the obligations of and limitations and restrictions placed upon, a Broker-Dealer under [Appendix A] of the Supplemental Indenture.
The Auction. Interest Rate on Auction Rate Notes; Incorporation by Reference of Auction Procedures and Settlement Procedures..
The Auction. The property is being offered as an Online Only Auction. The property will be sold to the highest bidder, upon approval and acceptance of bid by seller. Seller(s) may accept or reject such bid(s) at their sole and absolute discretion. This is a “Reserve” and not “Absolute” auction.
The Auction. 4.1 Industrial Auctions reserves the right to cancel an auction earlier than reported on the website or to extend one. In case of a technical malfunction of the website, causing it not complete and/or inaccessible to all users, Industrial Auctions reserves the right to extend the auction.
4.2 The effectiveness of the internet and its website depends on many factors and many others. Industrial Auctions is not in control of many factors and can accept no liability for things they are not in control off. User and seller declare themselves familiar with and agree with the special circumstances of an internet auction and with the technical imperfections that can arise. Industrial Auctions must therefore limit its liability. For example, it may involve downtime, interruptions, delays in the connection, maintenance, updates, viruses, limited accessibility, et cetera et cetera. Industrial Auctions is not liable for any damage that might result therefrom.
4.3 Industrial Auctions hereby exclude to both the user and the seller any liability for any damage directly and/or indirectly, in any way arise, including but not limited to the damage arising from the use of the website, unless there is intent or willful recklessness of Industrial Auctions.
4.4 Industrial Auctions also accepts no liability for any damage whatsoever that arises in any way by and/or arising from: - Actions by the user that may have been prompted by information placed on the website; - The impossibility of using the website (completely) and/or another malfunction in the website or the supporting system; - The failure of the lots to the specifications as reported on the website; - The fact that the information on the website is incorrect, incomplete or out of date; - Errors in the software and/or the supporting system of the website; - The unlawful use of systems, including the website of Industrial Auctions by a third party; - Acts of the seller after the user has concluded a purchase agreement;
4.5 Industrial Auctions organizes online auctions on behalf of sellers. She does not sell own products. Industrial Auctions reserves the right to cancel an auction, earlier than reported on the website, or to extend one.
The Auction. Using an online bidding system to host the auction, BOEM will start the bidding for the Lease Areas as described below. A-2 OCS-A0557 101,443 $10,144,300 C-1 OCS-A0558 176,505 $17,650,500 Each auction will be conducted in a series of rounds. Before each round, the auction system will announce a clock price for each Lease Area offered in the auction. In Round 1, the clock prices (also known as the ‘opening prices’) are the minimum bid prices, and each bidder can bid for one Lease Area at those prices. After Round 1, the processed demand for a bidder is the Lease Area for which it bid in Round 1. After any round, if there is no processed demand for a bidder, the bidder’s eligibility drops to zero, and the bidder can no longer bid in the auction. Starting in Round 2, each Lease Area is assigned a range of prices for the round. The start-of-round price is the lowest price in the range, and the clock price is the highest price in the range. A bidder still eligible to bid after the previous round can either continue bidding at the new round’s clock price for the Lease Area for which the bidder’s processed demand is one or submit a bid to exit (reduce demand for) that Lease Area at any price in the range for that round. A bid to reduce demand at some price indicates that the bidder is not willing to acquire that Lease Area at a price exceeding the specified bid price. A bidder that submits a bid to reduce demand for a Lease Area can optionally bid on another Lease Area. If an eligible bidder does not place a bid for that Lease Area during the round, the auction system will consider this a request to exit that Lease Area at the start-of-round price. If an eligible bidder does not place a bid for that Lease Area during the round, the auction system will consider this a request to exit that Lease Area at the start-of-round price. After each round, the auction system processes the bids and determines each bidder’s processed demand for each Lease Area and the posted prices for all the Lease Areas. The posted price is the price determined for each Lease Area after processing of all bids for a round. The posted price for a Lease Area in each round is the start-of-round price for that Lease Area in the next round. Because of the ‘one-per-customer’ rule, a bidder will have at most one bid on one Lease Area. After the bids are processed, if each Lease Area has received one or fewer bids, the auction will end and each bidder on a Lease Area will become a provisional winner ...