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 9.01 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 Principal and Interest Account. On the Remittance Date on which the Insolvency Proceeds are deposited in the Principal and Interest Account (or, if such proceeds are not so deposited on a Remittance Date, on the Remittance Date immediately following such deposit), the Servicer shall instruct the Indenture Trustee in writing to allocate and apply (after the application on such 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 Interest Collections being allocated and distributed on such date pursuant to subsection 7.05(c).

Sale of Loan Assets. (a) Upon any sale of the assets of the Issuer Trust pursuant to Section 9.01 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 Principal and ------------------- Interest Account. On the Remittance Date on which the Insolvency Proceeds are deposited in the Principal and Interest Account (or, if such proceeds are not so deposited on a Remittance Date, on the Remittance Date immediately following such deposit), the Servicer shall instruct the Indenture Trustee in writing to allocate and apply (after the application on such 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).. ------------------

Sale of Loan Assets. (a) Upon any sale of the assets of the Issuer pursuant to Section 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 Principal and Interest Account. On the Remittance Date on which the Insolvency Proceeds are deposited in the Principal and Interest Account (or, if such proceeds are not so deposited on a Remittance Date, on the Remittance Date immediately following such deposit), the Servicer shall instruct the Indenture Trustee in writing to allocate and apply (after the application on such 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 Interest Collections being allocated and distributed on such date pursuant to subsection Section 7.05(c).