Common use of Auction Call/Optional Redemption Clause in Contracts

Auction Call/Optional Redemption. (a) On the Initial Auction Call Date, the Master Servicer (or its agent) shall begin to solicit bids in a commercially reasonable manner for the purchase of the Mortgage Loans and other property of the Trust Estate. The Issuer shall sell the assets of the Trust Estate to the highest bidder so long as the Master Servicer has received at least three bids from prospective purchasers (other than an affiliate of the Depositor) and at least one such bid is equal to the Redemption Price for the Notes. This process will be repeated as frequently as the Master Servicer deems reasonable until the related Redemption Price is received. The Notes shall be redeemed on the Payment Date next succeeding a successful auction. The Master Servicer shall be reimbursed for the costs, including expenses associated with engaging an agent, of the sale before the proceeds are paid to the Securityholders. Notwithstanding the foregoing, the Master Servicer may, in its sole discretion, elect to delay the commencement of any auction for any period of time.

Auction Call/Optional Redemption. (a) On the Initial Auction Call DateDate for each Note Group, the Master Servicer (or its agent) shall begin to solicit bids in a commercially reasonable manner for the purchase of the related Mortgage Loans and other property of the Trust Estatesuch Loan Group. The Issuer shall sell the assets of the Trust Estate such Loan Group to the highest bidder so long as the Master Servicer has received at least three bids from prospective purchasers (other than an affiliate of the Depositor) and at least one such bid is equal to the Redemption Price for the Notessuch Note Group. This process will be repeated as frequently as the Master Servicer deems reasonable (but in no event less frequently than every six months) until the related Redemption Price is received. The Notes of the related Note Group shall be redeemed on the Payment Date next succeeding a successful auction. The Master Servicer shall be reimbursed for the costs, including expenses associated with engaging an agent, of the sale before the proceeds are paid to the Securityholders. Notwithstanding the foregoing, the Master Servicer may, in its sole discretion, elect to delay the commencement of any auction for any period of timeHolders.