Sale of Defaulted Loans and REO Properties Clause Samples

Sale of Defaulted Loans and REO Properties. (a) With respect to any Defaulted Loan or REO Property which the Servicer has determined to sell in accordance with the standards set forth in Section 3.7, the Servicer shall deliver to the Trustee an Officer's Certificate to the effect that no satisfactory arrangements can be made for collection of delinquent payments thereon pursuant to Section 3.2, and, consistent with the servicing standard set forth in Section 3.1 and with a view to the best economic interest of the Trust Fund, the Servicer has determined to sell such Defaulted Loan or REO Property in accordance with this Section 3.15. The Servicer may then offer to sell to any Person any Defaulted Loan or any REO Property or, subject to the following sentence, purchase any such Defaulted Loan or REO Property (in each case at the Purchase Price therefor), but shall in any event, so offer to sell any REO Property no later than the time determined by the Servicer to be sufficient to result in the sale of such REO Property within the period specified in Section 3.7(c). The Servicer shall accept the highest bid received from any Person for any Defaulted Loan or any REO Property in an amount at least equal to the Purchase Price therefor or, at its option, if it has received no bid at least equal to the Purchase Price therefor, purchase the Defaulted Loan or REO Property at the Purchase Price. In the absence of any such bid or purchase by the Servicer, the Servicer shall accept the highest bid received from any Person that is determined by the Servicer to be a fair price for such Defaulted Loan or REO Property, if the highest bidder is a Person other than an Interested Person, or is determined to be such a price by the Trustee, if the highest bidder is an Interested Person. Notwithstanding anything to the contrary herein, neither the Trustee, in its individual capacity, nor any of its Affiliates may bid for or purchase any Defaulted Loan or any REO Property pursuant hereto. The Servicer shall not be obligated by either of the foregoing paragraphs or otherwise to accept the highest bid if the Servicer determines, in accordance with the servicing standard stated in Section 3.1, that rejection of such bid would be in the best interests of the Certificateholders. In addition, the Servicer may accept a lower bid if it determines, in accordance with the servicing standard stated in Section 3.1, that acceptance of such bid would be in the best interests of the Certificateholders (for example, if the prospective bu...