Document ID: chunk:federal_register_of_legislation:F2016L01970:clause:1_11:p1
Version: federal_register_of_legislation:F2016L01970
Segment Type: clause
Provision Reference: sch 1 cl 11 (pt 1/2)
Character Range: 118167–120249

11  Final round for bids on the 10 MHz lot and final round of the auction
 (1) The final round for bids on the 10 MHz lot is the first round where one of the following applies:
 (a) one bid is made for the 10 MHz lot;
 (b) one or more exit bids, and no more than one continue bid, are made for the 10 MHz lot;
 (c) no bids are made for the 10 MHz lot.
Note 1: For general rules about bidding, see clauses 7, 8 and 9.
Note 2: The round after the final round for bids on the 10 MHz lot is the first round for bids on the 5 MHz lot; see paragraph 2(3)(b) of this Schedule.
Note 3: The definition of bid in section 4 of this instrument includes a bid that is taken to be made.
 (2) The final round of the auction is the first round where one of the following applies:
 (a) one bid is made for the 5 MHz lot;
 (b) one or more exit bids, and no more than one continue bid, are made for the 5 MHz lot;
 (c) no bids are made for the 5 MHz lot.
Note 1: For general rules about bidding, see clauses 7, 8 and 9.
Note 2: The definition of bid in section 4 of this instrument includes a bid that is taken to be made.
 (3) For the 10 MHz lot, the final high bid is:
 (a) if one bid was made on the 10 MHz lot in the final round for bids on the 10 MHz lot – that bid;
 (b) if one continue bid was made on the 10 MHz lot in the final round for the 10 MHz lot – that continue bid;
 (c) if each of the following applies:
 (i) no continue bid was made on the 10 MHz lot in the final round for bids on the 10 MHz lot; and
 (ii) two or more exit bids were made on the 10 MHz lot in the final round for the 10 MHz lot; and
 (iii) one of those exit bids (the high exit bid) was greater than each of the other exit bids;
  – the high exit bid;
 (d) in any other case – worked out in accordance with clause 12.
 (4) For the 5 MHz lot, the final high bid is:
 (a) if one bid was made on the 5 MHz lot in the final round of the auction – that bid;
 (b) if one continue bid was made on the 5 MHz lot in the final round of the auction – that continue bid;
 (c) if each of the following applies:
 (i) no continue