AMR Initiation: 4 Days
Manager/Majority Equity Equity sends notice to the
Trustee, including: AMR-eligible classes, AMR Pricing
Date, AMR Settlement Date, non-AMR period.
Trustee notifies KopenTech, Note Holders, Manager and Issuer (CC) with the following:
- AMR Pricing Date
- AMR Settlement Date
- Outstanding Amount
- Retained Amount
- Current Margin
- Cap Margin
- Redemption Price
- Participating B/Ds
- AMR Indenture Language
Trustee may cancel AMR if some conditions are not met.
to Broker-Dealers via its platform.
Auction Day: 1 Day
Broker-Dealers submit orders to KopenTech.
Results Dissemination — Broker-Dealers
KopenTech displays auction results to the participants.
Allocation Error Correction Notification
KopenTech should be notified of any allocation errors.
Allocation Error Correction
KopenTech recalculates and disseminates auction results.
Results Dissemination — Public
KopenTech AMR displays results publicly on its website.
Settlement: 5 Days
Day Before Settlement
The Broker-Dealers with accepted
the Redemption Price of the
in the AMR
AMR Settlement Day
Deadline or Failed
A Broker-Dealer that failed to
deposit the required funds,
will be notified by the Trustee to fix
If any Broker-Dealer fails to post
AMR Settlement Accounts, the
The Trustee will direct DTC to
transfer funds to original
Note holders via the
AMR Settlement Account.
The Trustee directs DTC to
deposit the tendered Notes
into the relevant
Settlement Account and free
deliver Notes (or via DWAC)
affiliate) purchasing the Notes.