Auction Policies
Introduction
All 天美传媒 auctions are subject to the terms below unless otherwise stated in the relevant claim listing and/or auction communications.
Exclusivity
The Seller has engaged 天美传媒, on an exclusive basis, to solicit bids for their claim and sell their claim pursuant to any Confirmed Trade.聽
Pricing
Auction listings typically specify a Minimum Bid and an Ask Price (also referred to as Immediate Execution Price), both calculated as a percentage of the face value of the claim as displayed by 天美传媒 (the 鈥淐laim Amount鈥)
Bidding
Bids must be submitted as a percentage of the Claim Amount. Buyers may supplement any bid with additional context to reconcile their bid price to an amount other than the Claim Amount.
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Buyers may submit a bid that includes more than one transaction structure and a bid price corresponding with each structure.
Seller Obligations
天美传媒鈥檚 exclusive listing and brokerage agreements obligate the Seller to work in good faith to close a transaction if any bid is received by 天美传媒 that is equal to or greater than a specified Reserve Price, which Reserve Price must be equal to or greater than the Minimum Bid price indicated in the auction listing.
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Upon receipt by 天美传媒, a bid at the Ask Price (or Immediate Execution Price) will win the auction and, at Seller鈥檚 discretion, provided that the Seller has received at least one other bid equal to or greater than the Reserve Price, terminate the auction. The Seller and winning bidder shall promptly proceed to enter into a binding trade confirmation on 天美传媒 Standard Terms or such other terms as agreed by the parties. 天美传媒 will notify other participating buyers of the early termination of the auction.
Commissions and Fees
Buyer's responsibility for commissions and fees is set forth in Section 3 of the most recently published Investor Access Agreement. On a case-by-case basis, Seller may owe an additional commission to 天美传媒 at closing, which shall be remitted directly to 天美传媒 from the Purchase Price at Seller's direction.
Process
天美传媒 auctions typically operate as follows:
- 天美传媒 will make limited diligence materials available to Buyers in advance of the auction
- All bids must be received by the stated bid deadline.
- Buyers may submit auction-related questions and bid submissions to brokerage@x-claim.com, or via the 天美传媒 Marketplace (XCM) if bidding is enabled on the relevant claim listing.聽
- Buyers may submit revised bids at any time prior to the bid deadline.
- All bids are confidential during the auction, but 天美传媒 may inform Buyers if their bid is 鈥渘ot competitive鈥..聽
- After the bid deadline, 天美传媒 may disclose, only to auction participants, the winning bid price, and the quantity and range of bids received