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 2018-3 Noteholders on the first Payment Date after the Collection Period in which the reassignment occurs. If the Collateral allocable to Series 2018-3 is liquidated under Section 5.6(c) of the Indenture, the proceeds from the liquidation will be paid to the Series 2018-3 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 2018-3 under Section 5.6(c) of the Indenture according to Section 4.2 on the related Payment Date.
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.