English to French Bus/Financial Investment / Securities

Delayed auction shall mean that following any allocation of any loss of principal or interrest with respect to eligible assets held by a Custodial Trust realized on or after the third Business Day preceding an Auction Date or on an Auction Date, the then outstanding aggregate Liquidation Preference of that Custodial Trus's CPS Securities will be reduced in integral increments of $100,000 to reflect such loss and the auction date for such CPS Securities will be delayed by three business days.