Net liquidating

Net Liquidation Proceeds means, with respect to any Defaulted Loan which is a Pledged Loan and which has not been released from the Lien of this Indenture, the proceeds of the sale, liquidation or other disposition of the Defaulted Loan or the Pledged Assets or other collateral securing such Defaulted Loan, after deduction of costs and expenses as provided in Section 7.5(g).

The collection of assets belonging to a debtor to be applied to the discharge of his or her outstanding debts.

Subsequently, at the proposal of the person with a legal interest or the petition of the Public Prosecutor’s Office, should it ascertain serious public interest, the court will dissolve the business corporation and order liquidation, if: The dissolution of a business corporation without liquidation is generally understood as its smooth transition to its legal successor - that is the case in the instance of the transformation of legal entities, i.e.

by a merger, division, change of the legal form of the business corporation and moreover a transfer of assets to its shareholder and cross-border relocation of the registered office, including cross-border transformations, as well as in other cases provided for by law, e.g. The general aspects of business corporation transformations are newly dealt with in the provisions of Sections 174 – 184 of the NCi Co.

With respect to the transformation it is necessary to determine the decisive day from which the acts of the legal entity to be terminated are considered from an accounting point of view to be acts entered into on the account of the successor company.

The decisive day is set so as not to precede the day of the filing of a petition to enter the transformation in the Commercial Register by more than 12 months.

Any cost incurred by the Servicer in maintaining such Force-Placed Insurance shall only be recoverable out of premiums paid by the Obligors or Net Liquidation Proceeds with respect to the Receivable, as provided in Section 4.4(c).

The Special Servicer shall also be entitled to additional servicing compensation in the form of a Liquidation Fee (other than with respect to the Outside Serviced Mortgage Loans) payable out of the Liquidation Proceeds prior to the deposit of the Net Liquidation Proceeds in the Collection Account or the Loan Combination Custodial Account, as applicable.

Net Liquidation Proceeds means, as to any Liquidated Contract, the proceeds realized on the sale or other disposition of the related Motorcycle, including proceeds realized on the repurchase of such Motorcycle by the originating dealer for breach of warranties, and the proceeds of any insurance relating to such Motorcycle, after payment of all reasonable expenses incurred thereby, together, in all instances, with the expected or actual proceeds of any recourse rights relating to such Contract as well as any post-disposition proceeds or other amounts in respect of a Liquidated Contract received by the Servicer.

90/2012 Coll., on Commercial Companies and Cooperatives (hereinafter referred to only as the “Act on Business Corporations” or the “ABC”) and accompanying legislation relating to private law reform.

The general reasons for resolutions on dissolution of a business corporation, whether voluntary or involuntary, are newly regulated in Sections 171 – 173 of the NCi Co and Section 93 of the ABC, with the list of the most common ones being provided below.

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The Commercial Register provides information on which stage of its existence the company finds itself in, whether it has been dissolved or whether it is in liquidation.

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