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. 82 Section 8.4. Disposition of Proceeds ................................. 83
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...
Auction Sale. 93 ARTICLE X THE TRUSTEE 94
Auction Sale. Repeal].
Auction Sale. In the case of a sale by auction where goods are put up for sale in lots, each lot is prima facie deemed to be the subject of a separate contract of sale;
1) the sale is complete when the auctioneer announces its completion by the fail of the hammer or in other customary manner; and, until such announcement is made, any bidder may retract his bid;
2) a right to bid may be reserved expressly by or on behalf of the seller and, where such right is expressly so reserved, but not otherwise, the seller or any one person on his behalf may, subject to the provisions hereinafter contained, bid at the auction;
3) where the sale is not notified to be subject to a right to bid on behalf of the seller, it shall not be lawful for the seller to bid himself or to employ any xxxxxx to bid at such sale, or for the auctioneer knowingly to take any bid from the seller or any such person; and any sale contravening this rule may be treated as fraudulent by the buyer;
4) the sale may be notified to be subject to a reserved or upset price;
5) if the seller makes use of pretended bidding to raise the price, the sale is voidable at the option of the buyer. 12[64-A. In contracts of sale amount of increased or decreased duty to be added or deducted.---In the event of any duty of customs or excise 13[or tax] on any goods being imposed, increased, decreased or remitted after the making of any contract for the sale of such goods without stipulation 14[as to the payment of duty or tax where duty or tax] was not chargeable at the time of the making of the contract, or for the sale of such goods 15[duty paid or tax paid where duty or tax] was chargeable at that time,---
(a) if such imposition or increase so takes effect that 16[the duty or tax or increased duty or tax] as the case may be, or any part thereof, is paid, the seller may add so much to the contract price as will be equivalent to the amount paid 17[in respect of such duty or tax or increase of duty or tax] and he shall be entitled to be paid and to sue for and recover such addition, and
1) S.64-A ins. by the Indian Sale of Goods (Amendment) Act, 1940 (41 of 1940), S.2.
2) Ins. by the Sale of Goods (Amdt.) Act, 1956 (5 of 1956),
3) Subs. ibid. (with effect from the 11th April, 1956) for "as to the payment of duty where duty".
4) Subs. by the Sale of Goods (Amendment) Act, 1956),
5) Subs. by the Sale of Goods (Amendment) Act, 1956 (5 of 1956) (with effect from the 11th April, 1956), for "the duty or increased duty".
(b) if such de...
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.
