Reassignment Amount; Liquidation Proceeds Sample Clauses

The 'Reassignment Amount; Liquidation Proceeds' clause defines how financial recoveries are handled when an asset or obligation is reassigned or liquidated. It typically specifies the calculation and distribution of amounts received from the sale or transfer of an asset, such as a loan or collateral, to relevant parties. For example, if a lender repossesses and sells collateral, this clause would govern how the proceeds are allocated between the lender and other stakeholders. Its core function is to ensure a clear and fair process for distributing funds, thereby reducing disputes and providing certainty in the event of reassignment or liquidation.
Reassignment Amount; Liquidation Proceeds. If the Sold Receivables are reassigned under Section 2.3(c) or 6.1(b) of the Sale and Servicing Agreements, the Reassignment Amount will be paid to the Series 2019-2 Noteholders on the first Payment Date after the Collection Period in which the reassignment occurs. If the Collateral allocable to Series 2019-2 is liquidated under Section 5.6(c) of the Indenture, the proceeds from the liquidation will be paid to the Series 2019-2 Noteholders on the first Payment Date after the Collection Period in which the liquidation occurs. If the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee will (based on the information in the Monthly Investor Report) make payments or distributions of the Reassignment Amount or the proceeds from any liquidation of Collateral allocable to Series 2019-2 under Section 5.6(c) of the Indenture according to Section 4.2 on the related Payment Date.
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Reassignment Amount; Liquidation Proceeds. If the Sold Receivables are reassigned under Section 2.3(c) or 6.1(b) of the Sale and Servicing Agreements, the Reassignment Amount will be paid to the Series 2019-1 Noteholders on the first Payment Date after the Collection Period in which the reassignment occurs. If the Collateral allocable to Series 2019-1 is liquidated under Section 5.6(c) of the Indenture, the proceeds from the liquidation will be paid to the Series 2019-1 Noteholders on the first Payment Date after the Collection Period in which the liquidation occurs. If the Indenture Trustee has received the Monthly Investor Report by the related Determination Date, the Indenture Trustee will (based on the information in the Monthly Investor Report) make payments or distributions of the Reassignment Amount or the proceeds from any liquidation of Collateral allocable to Series 2019-1 under Section 5.6(c) of the Indenture according to Section 4.2 on the related Payment Date.
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Related to Reassignment Amount; Liquidation Proceeds

  • Liquidation Proceeds Cash received in connection with the liquidation of a defaulted Mortgage Loan, whether through the sale or assignment of such Mortgage Loan, trustee’s sale, foreclosure sale, payment in full, discounted payoff or otherwise, or the sale of the related Mortgaged Property if the Mortgaged Property is acquired in satisfaction of the Mortgage Loan, including any amounts remaining in the related Escrow Account.

  • Realization Upon Liquidating Receivables The Servicer shall use reasonable efforts, consistent with its customary practices, policies and procedures, to repossess or otherwise comparably convert the ownership or gain control of any Financed Vehicle that it has reasonably determined should be repossessed or otherwise converted following a default under the Receivable secured by the Financed Vehicle. The Servicer is authorized to follow such customary practices, policies and procedures as it follows with respect to comparable motor vehicle related receivables that it services for itself or others, which customary practices, policies and procedures may include reasonable efforts to realize upon any recourse to Dealers, selling the related Financed Vehicle at public or private sale and the taking of other actions by the Servicer in order to realize upon such a Receivable. The Servicer is hereby authorized to exercise its discretion consistent with its customary practices, policies and procedures and the terms of the Basic Documents, in servicing Liquidating Receivables so as to maximize the net collections of those Liquidating Receivables, including the discretion to choose to sell or not to sell any of the Liquidating Receivables itself on behalf of the Depositor or any other Owner. The Servicer shall not be liable for any such exercise of its discretion made in good faith and in accordance with such servicing procedures. The foregoing is subject to the provision that, in any case in which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Financed Vehicle unless it shall determine in its discretion that such repair or repossession shall increase the proceeds of liquidation of the related Receivable by an amount greater than the amount of such expenses. The Servicer shall be entitled to receive Liquidation Expenses with respect to each Liquidating Receivable at such time as the Receivable becomes a Liquidating Receivable (or as may otherwise be provided in the Pooling Agreement and the Further Transfer Agreements).

  • Application of Net Liquidation Proceeds For all purposes under this agreement, Net Liquidation Proceeds received from a Servicer shall be allocated first to accrued and unpaid interest on the related Mortgage Loan and then to the unpaid principal balance thereof.

  • Funding Account The Administrative Agent shall have received a notice setting forth the deposit account of the Borrower (the “Funding Account”) to which the Administrative Agent is authorized by the Borrower to transfer the proceeds of any Borrowings requested or authorized pursuant to this Agreement.

  • Working Capital Trust Account Proceeds Upon consummation of the Offering, $250,000 of the proceeds from the sale of the Firm Units will be released to the Company to fund the working capital requirements of the Company, and the remainder of the proceeds from the sale of the Firm Units will be deposited into the Trust Account and held pursuant to the terms of the Trust Agreement.