Common use of Bid Procedure for Appointment Clause in Contracts

Bid Procedure for Appointment. Upon the resignation or removal of the Master Servicer and unless otherwise directed by the Guarantor (except if a Guarantor Event of Default has occurred and is continuing), the Trustee will solicit at least three bids from qualified housing and home finance institutions, banks or mortgage servicing institutions that satisfy the requirements of Subsection 11.2(3) (which may include the Trustee or any of its affiliates). Within 30 days after the solicitation, the Trustee will negotiate in good faith and effect the sale, transfer and assignment of all rights and responsibilities of the Master Servicer to the qualified party submitting the most satisfactory bid. The compensation paid by the successful bidder will be paid to the predecessor Master Servicer, after deducting amounts sufficient to reimburse the Trustee for its expenses in conducting the bid procedure.

Bid Procedure for Appointment. Upon the resignation or removal of the Master Servicer and unless otherwise directed by the Guarantor (except if a Guarantor Event of Default has occurred and is continuing), the Trustee will solicit at least three bids from qualified housing and home finance institutions, banks or mortgage servicing institutions that satisfy the requirements of Subsection 11.2(3) (which may include the Trustee or any of its affiliates). Within 30 days after the solicitation, the Trustee will negotiate in good faith and effect the sale, transfer and assignment of all rights and responsibilities of the Master Servicer to the qualified party submitting the most satisfactory bid. The compensation paid by the successful bidder will be paid to the predecessor Master Servicer, after deducting amounts sufficient to reimburse the Trustee for its expenses in conducting the bid procedure.procedure.‌

Bid Procedure for Appointment. Upon the resignation or removal of the Master Servicer and unless otherwise directed by the Guarantor (except if a Guarantor Event of Default has occurred and is continuing), the Trustee will solicit at least three bids from qualified housing and home finance institutions, banks or mortgage servicing institutions that satisfy the requirements of Subsection 11.2(3) (which may include the Trustee or any of its affiliates). Within 30 days after the solicitation, the Trustee will negotiate in good faith and effect the sale, transfer and assignment of all rights and responsibilities of the Master Master‌ Servicer to the qualified party submitting the most satisfactory bid. The compensation paid by the successful bidder will be paid to the predecessor Master Servicer, after deducting amounts sufficient to reimburse the Trustee for its expenses in conducting the bid procedure.