Default Bid definition
Examples of Default Bid in a sentence
Servicer shall be authorized to instruct the Foreclosure Agent to act in accordance with the Default Bid Instructions at the Foreclosure Sale without further Lender approval so long as (i) the Foreclosure Sale Notice includes a statement of Servicer’s intention to do so; and (ii) Servicer has not received a Lender Bid Proposal from one or more Lenders as of the Lender Bid Deadline in accordance with subsection (c), below.
The Foreclosure Sale Notice shall also include either a notice to the Lenders of Servicers intention to conduct the Foreclosure Sale in accordance with the Default Bid Instructions outlined in subsection (d) below or a written proposal from the Servicer outlining alternative bidding instructions for approval by a Lender Majority.
Any bid instructions proposed by the Servicer or any Lender that materially deviate from the Default Bid Instructions shall be approved by a Lender Majority prior to the date of the Foreclosure Sale.
If a Default Bid quantity or a quantity calculated as a sum of the Bid quantity for several Default Bids submitted for the same Auction by a Registered Participant exceeds the final Offered Capacity, the Bids with the lowest Bid Price shall be rejected one by one until the total allowed Bid quantity is reached.
A Default Bid, once identified as such by the Registered Participant, shall apply automatically to each subsequent relevant Auction as defined by the Registered Participant when placing the Default Bid.
At the opening of a relevant Bidding Period, the registered Default Bid shall be considered as a Bid submitted by the Registered Participant for the relevant Auction.
If a pilot indicates insufficient percentile preferences (the pilot is too junior to hold any of his/her percentile bids indicated), then he/she shall be awarded a category bid in accordance with the Default Bid.
Default Bid The Registered Participant willing to participate in Shadow Auctions has the option to place default Bids for Shadow Auctions.
Default Bid for Fallback Auction In case a Fallback Auction takes place in accordance with Article 42, default Bids submitted by 14:00h D-2 will be used as Default Bids for Fallback Auction.