AUCTION PROCEDURE Clause Samples

AUCTION PROCEDURE. 2.1. The sale of the PROPERTY is through the auction sales method. The auction procedure and conditions of sale are defined in the Rules of Auction as included in the bidders’ registration card and auction catalogue. 2.2. All proceeds payable to the AUCTIONEERS as per this agreement must be paid to the AUCTIONEER’s trust account.

AUCTION PROCEDURE. 1.1. The rules of this auction shall comply with the provisions of Section 45 and all relevant regulations to the Consumer Protection Act No 68 of 2008. 1.2. When goods are put up for sale by auction in lots, each lot is, unless there is evidence to the contrary, regarded to be the subject of aseparate transaction. 1.3. The above-mentioned property is sold subject to a reserve price. 1.4. Registration to bid at the auction: 1.4.1. Anyone that intends to bid at the auction must register his or her identity on the bidder’s record prior to the commencement of the auction and such registration must be in line with the requirements of FICA (Financial Intelligence Centre Act, 2001) in respect of the establishment and verification of identity of the person and the person must sign the registration entry. 1.4.2. A person who attends the auction to bid on behalf of another person (i.e. on behalf of a company) must produce a letter of authority that expressly authorises him or her to bid on behalf of that person and that person and the person bidding on his or her behalf must meet the requirements set out in clause 1.4.1 above. Where a person is bidding on behalf of a company and must be accompanied by a certified copy of the resolution authorising him or her to bid on behalf of the company. (For purposes of this rule any reference to a company will include any reference to juristic person including partnerships, trusts, or incorporated entities). 1.5. The auction shall take place at the date and time as advertised or publicised and will not be postponed or delayed enabling any member or group of the public to partake in the auction. 1.6. The bidders’ roll and vendor roll will be available for registered BUYERS for inspection with written notice and good reason during the normal office hours at the business premises of the AUCTIONEER. 1.7. All money due to the SELLER in terms of the rules of auction and conditions of the auction will be paid into the SELLER’s attorney’s trust account for the benefit of the SELLER, or alternatively into a nominated AUCTIONEER’s trust account. 1.8. The AUCTIONEER will during the auction announce the reason for the auction unless that reason is the normal and voluntary disposal of the PROPERTY by the SELLER. 1.9. Should the AUCTIONEER become aware of any error on advertising material or any other publication or amendment to these rules of auction, the AUCTIONEER will prior to the auction point out such matters and when necessary, amend...

AUCTION PROCEDURE. 1.1 The Sale by auction is subject to: 1.2 The Rules of Auction comply with section 45 of the Consumer Protection Act, Act 68 of 2008 (“the Act”) and with the Consumer Protection Act Regulations (“the Regulations”) that have been published in terms thereof in Government Gazette No. 34180 on 1 April 2011 (Volume 550) and any amendments thereto from time to time. 1.3 The document containing the Rules of Auction were made available in writing by the auctioneer to the general public not less than twenty-four hours prior to such auction and complies with the formalities as set out in Regulation 21(2) in the Regulations. 1.4 Every prospective bidder must read the Rules of Auction and must not bid unless he or she has done so. Every bidder, by bidding acknowledges that they have read and understood the Auction Rules by bidding. ▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇, Menlo Park, Pretoria, Gauteng P.O Box 11246, Menlo Park, Gauteng, 0161 1.5 Section 45 subsection (2) of the Act provides that: “When goods are put up for sale by auction in lots, each lot is, unless there is evidence to the contrary, regarded to be the subject of a separate transaction.” 1.6 The auction will commence at the published time and will not be delayed allowing any specific person or more persons to take part in the auction. 1.7 The Terms and Conditions and the vendor roll, where applicable, will be made available for inspection at the offices of Root X Auctioneers during normal business hours without the charge of a fee. 1.8 Root X Auctioneers has a trust account. All money due to the seller in terms of the Rules of Auction will be paid into this trust account for the benefit of the seller, to Root X Africa Auctioneers CC. FNB, Trust Account 625 318 325 84, Branch Code 250 655 - Trust Account. The interest on the deposit is for the benefit of the seller. 1.9 The auctioneer will during the auction announce the reason for the auction unless that reason is the normal and voluntary disposal of property by the seller. 1.10 The conduct of the auction is subject to the control of the auctioneer who has the sole right to regulate the bidding procedure. 1.11 Registration to bid at the auction: 1.11.1 Anyone that intends to bid at the auction must register his or her identity on the bidder’s record prior to the commencement of the auction and such registration must meet the requirements of FICA (Financial Intelligence Centre Act, 2001) in respect of the establishment and verification of identity of the person and the p...

AUCTION PROCEDURE. On any Business Day, the Seller may request the Agent, on behalf of the Company and the Bank Investors, to conduct an auction with respect to the Pledged Interest and the interest in the Secured Note represented by all or a specified portion (such portion to have been specified by the Pledgors) of the Receivables and the Related Security on the terms and conditions set forth herein. With respect to any such auction, the Agent shall accept the highest bid submitted so long as (i) at least two bids are received, and at least one bid is made by a Person that is not a Pledgor or an Affiliate of the Pledgors, (ii) the highest such bid shall be at least equal to the amount necessary so that after giving effect to the application of such proceeds to pay Net Investment and other Aggregate Unpaids, the remaining Net Investment and Net Receivables Balance will be such that the Percentage Factor will not exceed the Maximum Percentage Factor and (iii) the highest such bid shall in addition not be less than the principal component of the Company's maturing Commercial Paper which was issued to fund the portion of the Net Investment relating to the Receivables being auctioned or the principal component subject to the Tranche Period otherwise utilized by the Company or the Bank Investors to fund such portion of the Net Investment, as applicable plus all unreimbursed Servicer Advances and all Discount associated with the Tranche Periods utilized to fund such portion of the Net Investment, as well as all other Carrying Costs related to the auctioned Contracts accrued through the date of such reassignment. The Pledgors shall be entitled to notification of the amount of the highest qualifying bid for any such auction and either or both Pledgors, or any Affiliate thereof, shall be entitled to purchase the auctioned portion of the Pledged Interest for an amount equal to such highest bid. The method, manner, time, place and terms of any such auction shall be commercially reasonable. The Pledgors shall also be obligated to pay to the Agent the Agent's reasonable legal fees and expenses incurred in connection with any such auction and any Early Collection Fees in connection with such auction. Upon the deposit to the Collection Account and the payment to the Company of the amounts described in this Section, the Agent shall execute and deliver to the Person so acquiring the Receivables at such Person's expense, such documents or instruments as are necessary to terminate the Agent's ...

AUCTION PROCEDURE. If the sum of all Bids submitted for a given Auction falls short of or equals the total Interconnection Capacity, no Clearing Price is charged to the PTR holder. If the sum of all Bids submitted for a given Auction strictly exceeds the Interconnection Capacity, a Clearing Price is charged to the PTR holder. For this purpose, the Bids are sorted out by the criterion price/time stamp, starting with the highest price and ending with the lowest one. Should several bids have the same price, the priority shall be given to Bids with earlier time stamp. The requested Interconnection Capacities of the Bids are added up. Up to the Bid (marginal Bid), which represents the level above which the sum of the Interconnection Capacity requested by the Auction participants strictly exceeds the Interconnection Capacity. Each Auction participant receives the Interconnection Capacity requested at the price of this marginal Bid in form of a PTR. In cases where several Bids have the same price, the priority shall be given to Bids with earlier time stamp. The Clearing Price determined according to the above principle is used as a basis for calculating the charges for Interconnection Capacity Price and apply to all PTR holders. PTRs are considered to have been awarded to a successful PTR holder at the moment that PTR holder has been informed by the respective Auction Operator. Year 2010 Publication of Auction Specifications Auction Day Publication of Auction Results 03.12.2009 10.12.2009 14.12.2009 January 2010 Publication of Auction Specifications Auction Day 10.12.2009 15.12.2009 February 2010 Publication of Auction Specifications Auction Day 08.01.2010 13.01.2010 March 2010 Publication of Auction Specifications Auction Day 11.02.2010 16.02.2010 April 2010 Publication of Auction Specifications Auction Day 11.03.2010 16.03.2010 May 2010 Publication of Auction Specifications Auction Day 08.04.2010 13.04.2010 June 2010 Publication of Auction Specifications Auction Day 07.05.2010 12.05.2010 July 2010 Publication of Auction Specifications Auction Day 10.06.2010 15.06.2010 August 2010 Publication of Auction Specifications Auction Day 09.07.2010 14.07.2010 September 2010 Publication of Auction Specifications Auction Day 12.08.2010 17.08.2010 October 2010 Publication of Auction Specifications Auction Day 10.09.2010 15.09.2010 November 2010 Publication of Auction Specifications Auction Day 08.10.2010 13.10.2010 December 2010 Publication of Auction Specifications Auction Day 11.11.2010 16...

AUCTION PROCEDURE. 3.1. Information of the Customer by OGSA regarding available capacities 3.2. Submission of the bid by the Customer ▇▇▇▇▇▇.▇▇▇▇▇@▇▇▇-▇▇▇-▇▇▇▇▇▇▇.▇▇▇ ▇▇▇▇▇▇.▇▇▇▇▇@▇▇▇-▇▇▇-▇▇▇▇▇▇▇.▇▇▇

AUCTION PROCEDURE. 1.1.1 The sale shall be subject to the control of the AUCTIONEER who shall have the sole right to regulate the bidding procedure. 1.1.2 Every bid shall constitute an offer to purchase the Property for sale at the amount bid, which the SELLER or the AUCTIONEER may accept or reject in their sole discretion. 1.1.3 The highest accepted bidder shall be the PURCHASER, who shall sign these conditions of sale immediately on the fall of the hammer. Should the PURCHASER fail to sign these Conditions of Sale, when requested to do so, the AUCTIONEER may, without prejudice to any other remedies that may be available to it or the SELLER, in law, declare the sale cancelled and again put up the Property for auction. 1.1.4 Should any dispute arise between two or more bidders, the Property may be put up again and re-auctioned OR the AUCTIONEER may choose the PURCHASER from amongst the bidders, his decision to this effect being final. 1.1.5 The AUCTIONEER may refuse any bid without being obligated to furnish any reasons for such refusal and may likewise not proceed with the sale of the Property at any time prior to the conclusion of the sale, in which event the AUCTIONEER shall not be liable for any damages whatsoever to any person(s) by reason of the sale not being proceeded with, whether it has been advertised to take place at any specific time or on any specific date or not. 1.1.6 If the AUCTIONEER suspects that a bidder is unable to pay either the AUCTIONEER’s fee or the purchase price, the AUCTIONEER may refuse to accept the bid of such bidder; alternatively, the AUCTIONEER may elect to accept it provisionally until the bidder has satisfied the AUCTIONEER that he is in a position to pay all such amounts. On the refusal of a bid under such circumstances, the Property may immediately be put up for auction again. 1.1.7 If the AUCTIONEER commits any bona fide error in the concluding of the sale, or in his reference to the Property, such error shall not be considered binding either upon the AUCTIONEER, the SELLER, or the PURCHASER.

AUCTION PROCEDURE. On the Initial Auction Date, each Principal Stockholder shall initiate the bidding process by delivering simultaneously to the other Principal Stockholder a written offer (the "INITIAL OFFER") which sets forth its valuation of the outstanding Common Stock of the Company, taken as a whole. The higher of the valuations shall constitute the initial bid. Such initial bid and each subsequent valuation must be met in turn, within forty-eight (48) hours following delivery thereof, by either acceptance or delivery of a written counteroffer. Each counteroffer after the initial bid must be in a minimum amount equal to the lesser of (a) the amount that is five percent (5%) higher than the preceding bid (on a percentage basis) and (b) the amount that is $10,000.00 higher than the preceding bid. Any failure to respond within forty-eight (48) hours of delivery of a bid as provided above shall be deemed to constitute an irrevocable and unconditional acceptance of that bid. This bidding process shall continue until one Principal Stockholder accepts the other Principal Stockholder's latest valuation, either affirmatively or by failing to make a counteroffer (such final valuation, the "FINAL AUCTION PRICE").

AUCTION PROCEDURE. The Available Transmission Capacity (ATC) on each interconnection is offered by the respective Auction Operator in form of Physical Transmission Rights (PTRs). The auctioning of Interconnec- tion Capacity is not a commercially motivated activity but one aimed at providing a transparent market based method of congestion management. The importance of the interconnections for the liberalization of the electricity market requires a strict policy with regard to the collection of payments and default consequences. For the allocation of ATC on the Slovenia-Croatia Interconnection:  ELES operates as Auction Operator for Yearly, Monthly and Daily capacities allocation in direction from Croatia to Slovenia.  HEP OPS operates as Auction Operator for Yearly, Monthly and Daily capacities allocation in direction from Slovenia to Croatia.  For Intraday capacities allocation for both directions (from Croatia to Slovenia and from Slovenia to Croatia) ELES operates as Auction Operator. All relevant information related to allocation of PTRs is made available on the Auction Website and/or Auction Tool/Auction System of the Auction Operator according to this Auction Rules.