Auction Sale. If the Sponsor does not elect to exercise its clean-up call option pursuant to Section 10.01 hereof with respect to any Class or all Classes of Notes within three months after the related Clean-up Call Date, on the following Payment Date, the remaining Mortgage Loans in the related Sub-Trust or Sub-Trusts will be sold pursuant to the auction process outlined in Exhibit B. The amounts received from the auction sale must be sufficient to redeem the Notes for an amount equal to the aggregate outstanding Note Principal Balance of the related Class or Classes of Notes, plus all accrued and unpaid interest thereon including shortfalls of Interest Carry-forward Amounts (including, with respect to the Class A-2 Notes, any Class A-2 Net WAC Cap Carry-Forward Amount and the Class A-3 Notes, any Class A-3 Net WAC Cap Carry-Forward Amount), the Indenture Trustee’s fees and expenses associated with such auction sale (including any fees and expenses associated with engaging a third-party as agent to assist in the auction sale process), unreimbursed advances due and owing to the Master Servicer and all amounts due and owing to the Note Insurer (such aggregate amount, the “Minimum Sale Price”). However, if Noteholders representing 66 2/3% of the outstanding principal balance of the related Class or Classes of Notes consent and the Note Insurer consents, the Indenture Trustee may sell the Mortgage Loans remaining in the related Sub-Trust or Sub-Trusts after the Clean-up Call Date for less than the Minimum Sale Price. The Indenture Trustee will submit a claim to the Note Insurer for any resulting shortfalls in Insured Amounts pursuant to Section 8.03 hereof. Additionally, to the extent that the auction sale would not produce sufficient proceeds and the Noteholders do not consent to sell the Mortgage Loans for less than the Minimum Sale Price, the Note Insurer may exercise the clean-up call option with respect to the related Class or Classes of Notes for the Minimum Sale Price (such funds to be distributed according to the priority established, as applicable, in Section 5.07). In any event, the Indenture Trustee shall be entitled to reimbursement of its costs and expenses of any such sale (including any fees and expenses associated with engaging a third-party to assist in any attempted auction sale). In addition, so long as the auction process continues with respect to one or more Groups, all payments from such Group or Groups that would normally be distributed to the Certif...
Auction Sale. 61 ARTICLE XI MISCELLANEOUS
Auction Sale. Not Applicable.
Auction Sale. 110 8.4. Disposition of Proceeds..................................111
Auction Sale. 57 Section 12.17.
Auction Sale. In the event that a Securitization Date has not taken place with respect to all of the Mortgage Loans on or before September 30, 2000, the Indenture Trustee shall conduct an auction sale of the Mortgage Loans on or before October 31, 2000 (or any later date consented to in writing by the Initial Purchaser). The Initial Purchaser shall administer the auction sale and may participate therein. The Depositor may also participate in the auction sale; provided that (i) the Mortgage Loans are offered to at least three other parties simultaneously with the Depositor's bid and (ii) the Depositor's bid does not exceed the fair market value of the Mortgage Loans. Proceeds from the auction sale will be used to pay principal and accrued interest on the Notes together with an auction sale fee to the Initial Purchaser equal to 0.50% of the Aggregate Principal Balance of the Mortgage Loans as of the date of sale.
Auction Sale. 93 ARTICLE X THE TRUSTEE 94
Auction Sale. 93 ARTICLE X THE TRUSTEE 94 Section 10.1. Certain Duties and Responsibilities..................94 Section 10.2. Removal of Trustee for Cause.........................96 Section 10.3. Certain Rights of the Trustee........................97 Section 10.4. Not Responsible for Recitals or Issuance of Certificates.......................................98 Section 10.5. May Hold Certificates................................98 Section 10.6. Money Held in Trust..................................98 Section 10.7. Compensation and Reimbursement; No Lien for Fees.....98 Section 10.8. Corporate Trustee Required; Eligibility..............99 Section 10.9.
Auction Sale. If Seller obtains a Competing Bid, then two business days before the final hearing on the sale of the Asset by the bankruptcy court there shall be an auction sale subject to bankruptcy court approval (the "Auction"). The Auction will take place at the office of Xxxxx X. Xxxxxx, 0000 X. Xxxx Xxxxxx Xxxx, #000, Xxxxxxxxxx, Xxxxxxx at 9:00 a.m., and Purchaser, the competing bidders, and anyone else may bid at the Auction. The opening bid at the auction shall be the highest Competing Bid and bidding shall be in increments of $500. If there is competitive bidding, the Asset shall be sold to the highest bidder. In order to qualify to participate in the Auction, all participants must tender a cashier’s check to the trustee prior to the start of bidding. At the conclusion of the Auction, all checks shall be returned to the participants (including the Purchaser’s check or an equal amount), except the check tendered by the successful bidder, which shall be retained by the trustee pursuant to the provisions set forth below. If the successful bidder’s final sale price exceeds $40,000, then the successful bidder must tender a cashier’s check for the difference between the final sale price and $40,000 ("Additional Funds") to the trustee prior to the final hearing. In the event that the successful bidder fails to deliver the Additional Funds prior to final hearing, the next highest bidder will be deemed the successful bidder and request shall be made to continue the hearing to enable the next highest bidder to re-tender its bid. The failure of the successful bidder to tender the Additional Funds shall result in the loss of all funds previously tendered to the trustee as liquidated damages.
Auction Sale. XXXX AUCTIONEERS, LLC will conduct the auction sale (the “Auction Sale”) of the personal property listed below in Annex A hereto (collectively, the “Listed Items” and each such item a “Listed Item”). The Auction Sale will take place at 0000 Xxxxx Xxxx, Xxxxxxxx, XX 00000 (the “Auction Premises”). Auction Sale date will be listed in Annex A. Commissions. Xxxxxx agrees to pay XXXX AUCTIONEERS, LLC a commission of: *THIRTY PERCENT (30%) of the selling price for each Listed Item sold for $1 to $499, *TWENTY FIVE PERCENT (25%) of the selling price for each Listed item sold for $500 to $999.99, *Twelve PERCENT (12%) of the selling price for each Listed Item sold for $1000 to $4999, *EIGHT PERCENT (8%) of the selling price for each Listed Item sold for $5000 to $24,999.99, *SIX PERCENT (6%) of the selling price for each Listed Item sold for $25,000 to $49,999.99 *FIVE PERCENT (5%) of the selling price for each Listed Item sold for $50,000 or over. .
