Common use of Auction of Assets Clause in Contracts

Auction of Assets. With respect to any Guaranteed Maturity REMIC Pool, the Administrator shall conduct an auction on a date within the period specified in subsection (b) of this Section 2.07 of the Underlying REMIC Class in such Guaranteed Maturity REMIC Pool. The Administrator shall solicit bids from at least three of the top ten listed CMO Agency Dealers for the Current Year, as published on Bloomberg L.P., page “ICMO” as of the date of the auction (or, if such information is no longer published on such page, from at least three secondary mortgage market dealers selected by the Administrator in a comparable manner using such source of information as the Administrator deems appropriate); provided, however, that any Transferor that holds a Residual Interest in such Guaranteed Maturity REMIC Pool shall not be permitted to bid in the auction. Unless prohibited from bidding in the auction under the immediately preceding sentence, the Depositor may participate in the bidding process but shall not bid higher than the fair market value of any Underlying REMIC Class. The Administrator shall sell the Underlying REMIC Class to the highest bidder and shall deliver the Underlying REMIC Class to its purchaser in the purchaser’s name on or before the Business Day prior to the Final Payment Date for each related Guaranteed Maturity Class.