(1) 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.
(2) The Commonwealth of Massachusetts is not responsible for technical difficulties that result in loss of Bidder's internet connection with BidMass, slowness in transmission of bids, or other technical problems.
(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 Issuer exercises its right to reject bids, as set forth in related Terms.
(4) Bids which generate error messages are not accepted until error is corrected and bid is resubmitted.
(5) Bidders accept and agree to abide by all terms and conditions specified in Terms (including Amendments, if any) related to each auction.
(6) The Commonwealth of Massachusetts is not responsible for any defect or inaccuracy in the Terms and/or Amendments, as applicable, as they appear on BidMass.
(7) Only Bidders who request and receive admission to an auction may submit bids. The Commonwealth of Massachusetts reserves right to deny access to BidMass website to any Bidder, whether registered or not, at any time and for any reason whatsoever, in its sole and absolute discretion.
(8) Neither the Commonwealth of Massachusetts nor Auction Administrator is responsible for protecting the confidentiality of a Bidders BidMass password.
(9) 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 BidMass within 15 minutes after the auction ends. Regardless of the final results reported on the BidMass website, the SWAP is not definitively awarded to bidder(s) until officially awarded by the Commonwealth of Massachusetts.
(10) 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.
(11) 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 BidMass. 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.

"Bid" - any confirmed purchase offer received by BidMass on or before the auction deadline.
"Bidder" - any firm registered with BidMass and approved for participation in auctions.
"Bonds" - includes bonds, notes, and any other debt instrument.
"Investments" - includes investment agreements, repurchase agreements, certificates of deposit, commercial paper, and any other investment vehicle.
"Notice" - issuer's official solicitation to Bidders which sets forth the terms and conditions Bidders agree to abide by.
"True Interest Cost" - 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."
"Winning Bid" - 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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