Applicable Auction definition

Applicable Auction means an Auction which the Calculation Agent determines is relevant to a Credit Event with respect to a Reference Entity and Obligations thereof, for which purpose the Calculation Agent shall take into account (a) the credit event, reference entity, obligations and deliverable obligations to which the Auction relates, (b) the provisions of the Notes or, as the case may be, the Swap Agreement that set forth the criteria for establishing what obligations may constitute Reference Obligation(s) where Cash Settlement applies for purposes of Section 7.4 and (c) any exercise of the Movement Option in accordance with Section 12.17; provided that the Calculation Agent may also take into account any hedging transaction that Morgan has entered or may enter into in connection with the Swap Agreement.

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Applicable Auction means an Auction which the Calculation Agent determines is relevant to a Credit Event with respect to a Reference Entity and Obligations thereof.

Examples of Applicable Auction in a sentence

The amount of interest distributable to Owners for any Auction Rate Note Interest Period or part thereof for each $50,000 principal amount of Auction Rate Notes shall be calculated by multiplying 50,000 by the Applicable Auction Rate for such Auction Rate Note Interest Period or part thereof, multiplying such product by the actual number of days in the Auction Rate Note Interest Period or part thereof concerned divided by 365 or 366, as applicable, and rounding the resultant figure to the nearest one cent.
The rate per annum at which interest is payable on an Auction Rate Note for any Auction Rate Note Interest Period is herein referred to as the "Applicable Auction Rate." Notwithstanding anything herein to the contrary, the Applicable Auction Rate cannot exceed the Maximum Interest Rate.
The rate per annum at which interest is payable on an Auction Rate Note for any Auction Rate Note Interest Period is herein referred to as the “Applicable Auction Rate.” Notwithstanding anything herein to the contrary, the Applicable Auction Rate cannot exceed the Maximum Interest Rate.
In these circumstances, the terms of the Investments for which Auction Settlement is specified as the Settlement Method provide that the Calculation Agent will determine which Auction is the Applicable Auction with respect to the Investments.
This Bond is issued as an Auction Rate Security, and will initially bear interest at the Applicable Auction Rate established pursuant to the Auction and Settlement Procedures set forth in the Auction Agent Agreement.
If the condition referred to in clause (A) above is not met, the Applicable Auction Rate for the next Auction Period shall be determined pursuant to the Auction Procedures and the Auction Period shall be the Auction Period determined without reference to the proposed change.
The purchase price shall equal the principal amount of Regular Auction Rate Bonds being purchased plus accrued and unpaid interest thereon to the Tender Date at the Applicable Auction Rate less the Service Charge Rate (the "Tender Price").
If the condition referred to in clause (A) is met but the condition referred to in clause (B) above is not met, the Applicable Auction Rate for the next Auction Period shall be the Maximum Rate and the Auction Period shall be the Auction Period determined without reference to the proposed change.

More Definitions of Applicable Auction

Applicable Auction means an Auction which the Calculation Agent determines is relevant to a Credit Event with respect to a Reference Entity and Obligations thereof and which relates to deliverable obligations which would constitute Reference Obligation(s) and/or Deliverable Obligation(s) and/or Valuation Obligation(s), as applicable, under the Notes (for which purpose the Calculation Agent may take into account (a) the credit derivatives transaction(s), credit event, reference entity, obligations and deliverable obligations to which the Auction relates and if the Auction relates to a Restructuring Credit Event, the scheduled maturity date of the Notes and the scheduled termination date of the credit derivatives transactions covered by the Auction and the maturity date of the deliverable obligations to which the Auction relates, and (b) any credit hedging transaction that the Issuer has entered or may enter into in connection with the Notes);

Applicable Auction means an Auction determined by the Calculation Agent in its sole and absolute discretion to be applicable to the Notes and the Credit Default Swap Transaction, taking into account the terms of the Notes and/or the Credit Default Swap Transaction including, without limitation, the seniority level, the Deliverable Obligation Category and Deliverable Obligation Characteristics specified therein and/or the scheduled termination date;