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(1)
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Bidder ("Bidder") submitting winning bid ("Winning Bid") is
irrevocably obligated to purchase Bonds or provide Investments
at
rates and/or prices
submitted, if acceptable to the Issuer, as set forth in related
Notice. Winning Bids are not officially awarded to Winning
Bidders until formally accepted by Issuer.
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(2)
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AICauction is not responsible for technical difficulties
that result in loss of Bidder's internet connection with AICauction,
slowness in transmission of bids, or other technical problems.
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(3)
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If for any reason Bidder is disconnected from Auction Page during
an auction after having submitted a Winning Bid, bid is valid
and binding upon Bidder, unless Issuer exercises its right to
reject bids, as set forth in related Notice.
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(4)
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Bids which generate error messages are not accepted until error
is corrected and bid is resubmitted.
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(5)
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Bidders accept and agree to abide by all terms and
conditions specified in Notice (including Amendments,
if any) related to each auction.
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(6)
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Ameritas Investment Corp. is not responsible for any defect or inaccuracy
in the Notice, Amendments, and Preliminary Official
Statement, as applicable, as
they appear on AICauction.
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(7)
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Only Bidders who request and receive admission to an auction may submit bids.
Ameritas Investment Corp. reserves right to deny access to AICauction
website to any Bidder, whether registered or not, at any time
and for any reason whatsoever, in its sole and absolute discretion.
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(8)
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Neither Ameritas Investment Corp. nor Auction Administrator is responsible for protecting the confidentiality of a Bidders
AICauction password.
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(9)
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If two bids submitted in same auction by same or different Bidders
result in same Yield-to-Maturity (in maturity-by-maturity auction)
or same True Interest Cost (in all-or-none auction),
first confirmed bid received by AICauction
prevails, unless stated otherwise in related Notice. Any
change
to a submitted bid constitutes a new bid,
regardless of whether there is a corresponding change
in True Interest Cost or Yield-to-Maturity.
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(10)
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Bidders must compare their final bids to those shown on the Observation
Pages immediately after the auction ends, and if they disagree with final
results shown on Observation Pages they must report them to AICauction
within 15 minutes after the auction ends. Regardless of the final results
reported by AICauction, and regardless of verbal award by the MBM
Clearing Agent, as applicable, Bonds are definitively awarded to
winning bidders only upon official award by the Issuer. If, for any
reason, the Issuer fails to: i) award Bonds or Investments to the
winner
reported by
AICauction and confirmed by the MBM Clearing Agent,
as applicable, or ii) deliver Bonds or Investments
to winning bidders at settlement, neither Ameritas Investment Corp. nor the MBM Clearing
Agent, as applicable, will be liable for damages.
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(11)
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Bidders who submit a bid on the Auction Page by clicking the 'Submit Bid' button
must confirm that bid by clicking the 'Yes, Submit Bid' button on the Confirmation
Page.
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(12)
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For auctions utilizing the "Two Minute Rule", if any bid becomes a leading bid
within two (2) minutes prior to the scheduled end of the auction, then the
auction will be automatically extended for two (2) minutes from the time such
new leading bid was received by AICauction. The auction end time will
continue to be extended, indefinitely, until all leading bid(s) remain the
leading bid(s) for at least two minutes, unless an absolute end time is
stipulated in the Notice.
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Definitions:
"Bid" -
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any confirmed purchase offer received by AICauction on or before the auction
deadline.
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"Bidder" -
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any firm registered with AICauction and approved for participation
in auctions.
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"Bonds" -
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includes bonds, notes, and any other debt instrument.
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"Investments" -
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includes investment agreements, repurchase agreements, certificates
of deposit, commercial paper, and any other investment vehicle.
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"Notice" -
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issuer's official solicitation to Bidders which sets forth the terms
and conditions Bidder's agree to abide by.
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"True Interest Cost" -
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calculation described in Notice of Sale related to each auction which serves
as basis for awarding Bonds to Winning Bidders in all-or-none auctions or
all-or-none versus maturity-by-maturity auctions. Sometimes referred to
as "Net Interest Cost."
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"Winning Bid" -
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any offer made by a Bidder by clicking the "Submit Bid"
button which, at the end of the auction, results in:
(1) for Bonds:
(a) the lowest True
Interest Cost in an all-or-none auction,
(b) the lowest yield-to-maturity or net interest cost for any
maturity in a
maturity-by-maturity auction, or (c) the lowest True Interest Cost
in an all-or-none versus maturity-by-maturity auction;
(2) for Investments: the highest rate or lowest price, as
applicable;
and which is
acceptable to the Issuer.
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Please direct questions and comments to
Auction Administrator
For assistance, call (412) 391-5555.
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