Common use of Notice of Auction Clause in Contracts

Notice of Auction. On the Distribution Date in the month prior to the Auction Distribution Date, the Auction Administrator shall give written notice by letter to the Holder of each Certificate that will be subject to the Auction, with a copy to GCD, specifying (i) that such Certificate shall be auctioned in accordance with this Agreement on the Auction Date and that the Par Price for such Certificate shall (upon the Auction Administrator's receipt thereof in accordance with Section 2 of this Agreement) be payable to such Holder, (ii) the Auction Distribution Date, (iii) the method of calculating the Par Price payable to such Holder (in accordance with Section 2 of this Agreement) and (iv) in the event such Certificate is not then held in book-entry form, that such Certificate should be surrendered to the Certificate Registrar for registration of transfer to the winning Bidder.

Notice of Auction. On the Distribution Date in the month prior to the each Auction Distribution Date, the Auction Administrator shall give written notice by letter to the Holder of each Certificate that will be subject to the related Auction, with a copy to GCD, specifying (i) that such Certificate shall be auctioned in accordance with this Agreement on the related Auction Date and that the Par Price for such Certificate shall (upon the Auction Administrator's receipt thereof in accordance with Section 2 of this Agreement) be payable to such Holder, (ii) the related Auction Distribution Date, (iii) the method of calculating the Par Price payable to such Holder (in accordance with Section 2 of this Agreement) and (iv) in the event such Certificate is not then held in book-entry form, that such Certificate should be surrendered to the Certificate Registrar for registration of transfer to the winning Bidder.