Common use of Sale of Loan Assets Clause in Contracts

Sale of Loan Assets. (a) Upon any sale of the assets of the Issuer pursuant to Section 9.02 of the Trust Agreement, the Servicer shall instruct the Indenture Trustee in writing to deposit the proceeds from such sale after all payments and reserves therefrom have been made (the “Insolvency Proceeds”) in the Collection Account. On the Payment Date on which the Insolvency Proceeds are deposited in the Collection Account (or, if such proceeds are not so deposited on a Payment Date, on the Payment Date immediately following such deposit), the Servicer shall instruct the Indenture Trustee in writing to allocate and apply (after the application on such Payment Date of Principal Collections and Interest Collections pursuant to Section 7.05) the Insolvency Proceeds as if (and in the same order of priority as) the Insolvency Proceeds were Principal Collections and Interest Collections being allocated and distributed on such date pursuant to subsection 7.05(c). (b) As described in Article IX of the Trust Agreement, notice of any termination of the Issuer shall be given by the Servicer to the Owner Trustee, the Indenture Trustee and each Swap Counterparty as soon as practicable after the Servicer has received notice thereof. (c) Following the satisfaction and discharge of the Indenture, the payment in full of the principal of and interest on the Notes, the termination of all Swap Transactions then outstanding under all Swaps then in effect and the payment in full of all amounts, including Swap Breakage Costs, payable to such Swap Counterparties upon such terminations, the Certificateholders will succeed to the rights of the Noteholders hereunder and the Owner Trustee will succeed to the rights of the Indenture Trustee pursuant to this Agreement.

Sale of Loan Assets. (a) Upon any sale of the assets of the Issuer pursuant to Section 9.02 9.01 of the Trust Agreement, the Servicer shall instruct the Indenture Trustee in writing to deposit the proceeds from such sale after all payments and reserves therefrom have been made (the “"Insolvency Proceeds”") in the Collection Principal and Interest Account. On the Payment Remittance Date on which the Insolvency Proceeds are deposited in the Collection Principal and Interest Account (or, if such proceeds are not so deposited on a Payment Remittance Date, on the Payment Remittance Date immediately following such deposit), the Servicer shall instruct the Indenture Trustee in writing to allocate and apply (after the application on such Payment Remittance Date of Principal Collections and Interest Collections pursuant to Section 7.05) the Insolvency Proceeds as if (and in the same order of priority as) the Insolvency Proceeds were Principal Collections and Interest Collections being allocated and distributed on such date pursuant to subsection 7.05(c). (b) As described in Article IX of the Trust Agreement, notice of any termination of the Issuer shall be given by the Servicer to the Owner Trustee, the Indenture Trustee and each Swap Counterparty as soon as practicable after the Servicer has received notice thereof. (c) Following the satisfaction and discharge of the Indenture, the payment in full of the principal of and interest on the Notes, the termination of all Swap Transactions then outstanding under all Swaps then in effect and the payment in full of all amounts, including Swap Breakage Costs, payable to such Swap Counterparties upon such terminations, the Certificateholders will succeed to the rights of the Noteholders hereunder and the Owner Trustee will succeed to the rights of the Indenture Trustee pursuant to this Agreement.

Sale of Loan Assets. (a) Upon any sale of the assets of the Issuer pursuant to Section 9.02 of the Trust Agreement, the Servicer shall instruct the Indenture Trustee in writing to deposit the proceeds from such sale after all payments and reserves therefrom have been made (the “Insolvency Proceeds”) in the Collection Account. On the Payment Date on which the Insolvency Proceeds are deposited in the Collection Account (or, if such proceeds are not so deposited on a Payment Date, on the Payment Date immediately following such deposit), the Servicer shall instruct the Indenture Trustee in writing to allocate and apply (after the application on such Payment Date of Principal Collections and Interest Collections Available Amounts pursuant to Section 7.05) the Insolvency Proceeds as if (and in the same order of priority as) the Insolvency Proceeds were Principal Collections and Interest Collections Available Amounts being allocated and distributed on such date pursuant to subsection 7.05(c). (b) As described in Article IX of the Trust Agreement, notice of any termination of the Issuer shall be given by the Servicer to the Owner Trustee, the Indenture Trustee and each Swap Counterparty as soon as practicable after the Servicer has received notice thereof. (c) Following the satisfaction and discharge of the Indenture, the payment in full of the principal of and interest on the Notes, the termination of all Swap Transactions then outstanding under all Swaps then in effect and the payment in full of all amounts, including Swap Breakage Costs, payable to such Swap Counterparties upon such terminations, the Certificateholders will succeed to the rights of the Noteholders hereunder and the Owner Trustee will succeed to the rights of the Indenture Trustee pursuant to this Agreement.

Sale of Loan Assets. (a) Upon any sale of the assets of the Issuer pursuant to Section 9.02 9.01 of the Trust Agreement, the Servicer shall instruct the Indenture Trustee in writing to deposit the proceeds from such sale after all payments and reserves therefrom have been made (the “"Insolvency Proceeds”") in the Collection Principal and Interest Account. On the Payment Remittance Date on which the Insolvency Proceeds are deposited in the Collection Principal and Interest Account (or, if such proceeds are not so deposited on a Payment Remittance Date, on the Payment Remittance Date immediately following such deposit), the Servicer shall instruct the Indenture Trustee in writing to allocate and apply (after the application on such Payment Remittance Date of Principal Collections and Interest Collections pursuant to Section 7.05) the Insolvency Proceeds as if (and in the same order of priority as) the Insolvency Proceeds were Principal Collections and Interest Collections being allocated and distributed on such date pursuant to subsection 7.05(c). (b) As described in Article IX of the Trust Agreement, notice of any termination of the Issuer shall be given by the Servicer to the Owner Trustee, the Indenture Trustee and each Swap Hedge Counterparty as soon as practicable after the Servicer has received notice thereof. (c) Following the satisfaction and discharge of the Indenture, the payment in full of the principal of and interest on the Notes, the termination of all Swap Hedge Transactions then outstanding under all Swaps Hedge Agreements then in effect and the payment in full of all amounts, including Swap Hedge Breakage Costs, payable to such Swap Hedge Counterparties upon such terminations, the Certificateholders will succeed to the rights of the Noteholders hereunder and the Owner Trustee will succeed to the rights of the Indenture Trustee pursuant to this Agreement.

Sale of Loan Assets. (a) Upon any sale of the assets of the Issuer pursuant to Section 9.02 9.01 of the Trust Agreement, the Servicer shall instruct the Indenture Trustee in writing to deposit the proceeds from such sale after all payments and reserves therefrom have been made (the “"Insolvency Proceeds”") in the Collection Principal and Interest Account. On the Payment Remittance Date on which the Insolvency Proceeds are deposited in the Collection Principal and Interest Account (or, if such proceeds are not so deposited on a Payment Remittance Date, on the Payment Remittance Date immediately following such deposit), the Servicer shall instruct the Indenture Trustee in writing to allocate and apply (after the application on such Payment Remittance Date of Principal Collections and Interest Collections pursuant to Section 7.05) the Insolvency Proceeds as if (and in the same order of priority as) the Insolvency Proceeds were Principal Collections and Interest Collections being allocated and distributed on such date pursuant to subsection Section 7.05(c). (b) As described in Article IX 9 of the Trust Agreement, notice of any termination of the Issuer shall be given by the Servicer to the Owner Trustee, the Indenture Trustee and each Swap Hedge Counterparty as soon as practicable after the Servicer has received notice thereof. (c) Following the satisfaction and discharge of the Indenture, the payment in full of the principal of and interest on the Notes, the termination of all Swap Hedge Transactions then outstanding under all Swaps Hedge Agreements then in effect and the payment in full of all amounts, including Swap Hedge Breakage Costs, payable to such Swap Hedge Counterparties upon such terminations, the Certificateholders will succeed to the rights of the Noteholders hereunder and the Owner Trustee will succeed to the rights of the Indenture Trustee pursuant to this Agreement.

Sale of Loan Assets. (a) Upon any sale of the assets of the Issuer Trust pursuant to Section 9.02 of ------------ the Trust Agreement, the Servicer shall instruct the Indenture Trustee in writing to deposit the proceeds from such sale after all payments and reserves therefrom have been made (the “"Insolvency Proceeds”") in the Collection Principal and ------------------- Interest Account. On the Payment Remittance Date on which the Insolvency Proceeds are deposited in the Collection Principal and Interest Account (or, if such proceeds are not so deposited on a Payment Remittance Date, on the Payment Remittance Date immediately following such deposit), the Servicer shall instruct the Indenture Trustee in writing to allocate and apply (after the application on such Payment Remittance Date of Principal Collections and Interest Collections pursuant to Section 7.05) the Insolvency ------------ Proceeds as if (and in the same order of priority as) the Insolvency Proceeds were Principal Collections and Interest Collections being allocated and distributed on such date pursuant to subsection 7.05(c).. ------------------ (b) As described in Article IX of the Trust Agreement, notice of any ---------- termination of the Issuer Trust shall be given by the Servicer to the Owner Trustee, Trustee and the Indenture Trustee and each Swap Counterparty as soon as practicable after the Servicer has received notice thereof. (c) Following the satisfaction and discharge of the Indenture, Indenture and the payment in full of the principal of and interest on the Notes, the termination of all Swap Transactions then outstanding under all Swaps then in effect and the payment in full of all amounts, including Swap Breakage Costs, payable to such Swap Counterparties upon such terminations, the Certificateholders Certificateholder will succeed to the rights of the Noteholders hereunder and the Owner Trustee will succeed to the rights of the Indenture Trustee pursuant to this Agreement.