Auction Sale Sample Clauses

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. If the Depositor fails, by the ninetieth day following the first Remittance Date on which such option may be exercised, to exercise its purchase option pursuant to Section 8.2 hereof, then upon receipt of written notice and direction from the Depositor, the Trustee will notify the Representative (or, if the Representative is unable or unwilling, another investment banking or whole-loan trading firm selected by the Depositor (the Representative or such other investment bank or trading firm, the "Advisor") who will solicit on behalf of the Trustee competitive bids for the purchase of the Mortgage Loans for fair market value. Such solicitation shall be conducted substantially in the manner described in Exhibit N hereto. In the event that satisfactory bids are received as described below, the proceeds of the sale of such assets shall be deposited into the Certificate Account. The Trustee will ask the Advisor to solicit, on behalf of the Trustee, good-faith bids from no fewer than two prospective purchasers that are considered at the time to be competitive participants in the home equity market. The Advisor will consult with any securities brokerage houses identified by the Depositor as then making a market in the Class A Certificates to obtain a determination as to whether the fair market value of such assets has been offered. Any purchaser of such Mortgage Loans must agree to the continuation of the Master Servicer or any successor Master Servicer as servicer of the assets on terms substantially similar to those in this Agreement. If the highest good-faith bid received by the Advisor from a qualified bidder is, in the judgment of the Representative, not less than the fair market value of such Mortgage Loans and if such bid would equal the amount set forth in the following sentence, the Trustee, following consultation with and written direction from the Advisor and the Depositor, will sell and assign such Mortgage Loans without representation, warranty or recourse to such highest bidder and will redeem the Class A Certificates. For the Trustee to consummate the sale, the bid must be at least equal to the termination price set forth in Section 8.2(a) hereof. In addition, the bid must be in an amount sufficient to pay the fees and expenses of the Trustee owing hereunder. If such conditions are not met, the Trustee will, following consultation with the Advisor and the Depositor, decline to consummate such sale. In addition, the Trustee will decline to consummate ...
Auction Sale. If Seller obtains a Competing Bid, then two business days before the final hearing on the sale of the Asset by the bankruptcy court there shall be an auction sale subject to bankruptcy court approval (the "Auction"). The Auction will take place at the office of Sonya L. Salkin, 1776 N. Pine Island Road, #216, Plantation, Florida at 9:00 a.m., and Purchaser, the competing bidders, and anyone else may bid at the Auction. The opening bid at the auction shall be the highest Competing Bid and bidding shall be in increments of $500. If there is competitive bidding, the Asset shall be sold to the highest bidder. In order to qualify to participate in the Auction, all participants must tender a cashier’s check to the trustee prior to the start of bidding. At the conclusion of the Auction, all checks shall be returned to the participants (including the Purchaser’s check or an equal amount), except the check tendered by the successful bidder, which shall be retained by the trustee pursuant to the provisions set forth below. If the successful bidder’s final sale price exceeds $40,000, then the successful bidder must tender a cashier’s check for the difference between the final sale price and $40,000 ("Additional Funds") to the trustee prior to the final hearing. In the event that the successful bidder fails to deliver the Additional Funds prior to final hearing, the next highest bidder will be deemed the successful bidder and request shall be made to continue the hearing to enable the next highest bidder to re-tender its bid. The failure of the successful bidder to tender the Additional Funds shall result in the loss of all funds previously tendered to the trustee as liquidated damages.
Auction Sale. The lessee shall not conduct or allow to be conducted or be conducted, on his/her behalf of any other person in or about the premises auction sale of any nature whatsoever.
Auction Sale. The tenant will not permit any auction sale to be held within the rented premises without the prior written consent of the landlord.