> For the complete documentation index, see [llms.txt](https://docs.win.investments/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.win.investments/win-investments-en/profitability/liquidation-process.md).

# Liquidation Process

## 📅When are estimated returns paid out?

Payment of estimated returns is triggered only once the player has been transferred for a fee and FIFA's Solidarity Mechanism is activated. For more detail on when this happens, visit the following link 👉 [earn with my tokens.](/win-investments-en/profitability/how-to-win.md)

Once the transfer amount is confirmed, the process enters its final stage: crediting the payment through the FIFA Clearing House. This step is carried out by FIFA and the clubs involved, so its timing is outside WIN's control.

While this process is being completed, we will share any updates through our communication channels, and you will be able to track status changes directly on the platform.

Once the conditions are in place to proceed with the settlement, we will announce the settlement date through our communication channels and on the platform. At that point, users who have obtained positive estimated returns from the paid transfer of their assets will be able to collect their estimated settlement, subject to the timing and conditions applicable to each transaction.

That same day, users will see in their profile the funds generated by the player transfers, information about their investment and the status of the token, and will have the option to request [withdrawal of available funds.](/win-investments-en/profitability/withdrawal-of-funds.md)<br>

## 💰How is the yield payment calculated?

#### 👉 The calculation is composed of the following elements:

* Initial Price
* Transfer amount
* Personal income tax&#x20;

#### 👉 The following formula will determine the total yield payable:

1. Nominal Result in euros: (Transfer Amount / Initial Price - 1) \* tokens
2. Personal income tax: Nominal Result in euros\* % Withholdings Personal income tax
3. Net income in euros: Nominal income in euros - Personal income tax

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For products acquired through different subscription phases, it is hereby informed that, in addition, the surplus or excess amount paid during the purchase phase compared to the token's nominal value will be reimbursed.
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**Important Clarification**

The investor's collection rights are subject to the fulfillment of the condition established in the issuance terms, which consists of the player's next transfer—whether permanent or on loan—being a paid transfer during the validity of their contract and occurring between clubs affiliated with different associations or within the same association, provided that the Training Club belongs to a different association.

Once the condition is met, the FIFA-established Solidarity Mechanisms will be activated in favor of the Training Club, which must allocate the percentage of the funds it receives from the Solidarity Mechanism related to the issuance to the repayment of the participatory loan entered into with WIN. WIN, in turn, will apply the funds received from the Training Club to pay investors who participated in the same issuance.

The investor understands and accepts that, according to the issuance terms of the tokens, until the Training Club repays the participatory loan to WIN, WIN owes nothing to the investor.

Notwithstanding the above, WIN is authorized, at its sole discretion, to advance part or all of the funds to investors at its own risk once the collection condition is met. This means that WIN assumes the risk that FIFA may not pay the Training Club and that the Training Club may not pay WIN. The exercise of this discretion by WIN does not modify the investor’s collection rights as regulated in the issuance terms of the tokens, does not create any right for the investor to receive advances in the future, and does not imply any waiver by WIN.

In such a case, the funds will be advanced to the investor based on the market information available at that time and will be adjusted upwards, if applicable, when the Training Club repays the participatory loan to WIN. Any downward adjustment will be absorbed by WIN.
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