|
(1)
|
Bidder ("Bidder") submitting winning bid ("Winning Bid") is
irrevocably obligated to
provide Investments based on its bid, including conditions (if any),
if acceptable to the Investor, as set forth in the
related
Terms.
Winning Bids are not official
until formally awarded by Investor.
|
|
(2)
|
Grant Street Group, Inc.
is not responsible for
(a) technical difficulties
that result in loss of Bidder's internet connection with
Grant Street Group's GICauction Web Site ("GICauction"),
(b) slowness in transmission of bids, or (c) any other technical
problem resulting in bid submission failure.
|
|
(3)
|
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 Investor exercises its right to
reject bids, as set forth in the related Terms.
|
|
(4)
|
Bids which generate error messages are not accepted until the error
is corrected and the bid is resubmitted.
|
|
(5)
|
Bidders accept and agree to abide by all terms and
conditions specified in the Terms (including Amendments,
if any) related to each auction.
|
|
(6)
|
Grant Street Group is not responsible for any
defect or inaccuracy
in the Terms and Amendments
as they appear on GICauction.
|
|
(7)
|
Only Bidders who receive admission to an auction may submit bids.
Grant Street Group
reserves the right to deny access to
GICauction
to any Bidder, at any time
and for any reason whatsoever, in its sole and absolute discretion.
|
|
(8)
|
Bidders are responsible for maintaining the
confidentiality of their respective passwords.
|
|
(9)
|
If two or more bids submitted in the same auction by different Bidders
result in a tie,
the first confirmed bid received by GICauction
is ranked ahead of other tie bid. Any
change
to a submitted bid constitutes a new bid.
|
|
(10)
|
Bidders must compare their final bids to those shown on the Observation Page.
If Bidders disagree with the final results shown on the Observation Page,
the discrepancies must be reported to Grant Street Group within 15 minutes
of the posting of the final results on GICauction. Investments are
definitively awarded to Winning Bidders only upon official award by the
Investor. If, for any reason: i) the Investor fails to award Investments to
the leading bid at the conclusion of the auction, or ii) funding of Investments
does not occur or is delayed, Grant Street Group shall not be liable for
damages.
|
|
(11)
|
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.
|
|
(12)
|
This Web site is provided "as is" without warranty whatsoever. Grant Street
Group hereby disclaims any and all warranties,
including without limitation any implied warranties of merchantability
and/or fitness for a particular purpose.
|
|
(13)
|
In no event will Grant Street Group be liable for indirect, special,
incidental, economic, cover, consequential, tort, or other damages
(including without limitation damages or costs relating to the loss of
profits, business, goodwill, data or computer programs, even if advised of the
possibility of such damages), without regard to the legal theory of such
damages, arising out of the use or inability to use GICauction.
|
|
|
(14)
|
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 GICauction. 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.
|
|
Definitions:
|
"Bid" -
|
any confirmed bid received by GICauction on or before the auction
deadline.
|
|
"Bidder" -
|
any firm registered with GICauction and approved for participation
in auctions.
|
|
"Investments" -
|
includes investment agreements, repurchase agreements, and any other investment vehicle.
|
|
"Investor" -
|
party soliciting Bids for Investments.
|
|
"Terms" -
|
Investor's official solicitation to Bidders which sets forth the terms
and conditions Bidders agree to abide by.
|
|
"Winning Bid" -
|
any offer made by a Bidder by clicking the "Yes, Submit Bid"
button which, at the end of the auction, results in the
highest rate, and which is acceptable to the Investor.
|
|
"Winning Bidder" -
|
bidder submitting Winning Bid.
|
Grant Street Group auction services are protected by
U.S. Patent Nos. 6,161,099,
7,523,063,
and patents pending.
|