Common use of Proceedings Against Obligors Clause in Contracts

Proceedings Against Obligors. (a) Servicer to take action against Obligors (i) take such action as may be necessary or desirable or as the Servicer determines (including, if necessary, court proceedings and the employment by the Servicer as disclosed agent for the Issuer of solicitors to carry out any necessary court or other proceedings) against any Obligor in relation to a defaulted Purchased Receivable; and (ii) on request keep the Issuer or the Security Trustee informed (respectively) of all material actions and decisions taken in each case following its Customary Operating Practices. (b) Servicer to assert claims to payment of the Insurance Proceeds (c) Servicer may exercise its discretion in applying its Customary Operating Practices (i) VWFS as originator of the Purchased Receivables generally exercises discretion in applying its Customary Operating Practices; and (ii) subject to any express limitations imposed on the authorities, rights, powers and discretions of the Servicer by any other provisions of this Agreement or by any other Transaction Document, the Servicer may exercise such discretion as would be exercised by an ordinary prudent hire purchase, lease purchase or personal contract purchase creditor acting reasonably and not further or otherwise in applying its Customary Operating Practices if the Servicer reasonably believes that to do so will enhance recovery prospects and/or minimise losses in respect of any relevant Purchased Receivable.

Proceedings Against Obligors. (a) Servicer to take action against Obligors (i) take such action as may be necessary or desirable or as the Servicer determines (including, if necessary, court proceedings and the employment by the Servicer as disclosed agent for the Issuer of solicitors to carry out any necessary court or other proceedings) against any Obligor in relation to a defaulted Purchased Receivable; and (ii) on request keep the Issuer or the Security Trustee informed (respectively) of all material actions and decisions taken in each case following its Customary Operating Practices. (b) Servicer to assert claims to payment of the Insurance Proceeds (c) Servicer may exercise its discretion in applying its Customary Operating Practices (i) VWFS as originator of the Purchased Receivables generally exercises discretion in applying its Customary Operating Practices; and (ii) subject to any express limitations imposed on the authorities, rights, powers and discretions of the Servicer by any other provisions of this Agreement or by any other Transaction Document, the Servicer may exercise such discretion as would be exercised by an ordinary prudent hire purchase, lease purchase or personal contract purchase creditor acting reasonably and not further or otherwise in applying its Customary Operating Practices if the Servicer reasonably believes that to do so will enhance recovery prospects and/or minimise losses in respect of any relevant Purchased Receivable.

Proceedings Against Obligors. (a) Servicer to take action against Obligors (i) take such action as may be necessary or desirable or as the Servicer determines (including, if necessary, court proceedings and the employment by the Servicer as disclosed agent for the Issuer of solicitors to carry out any necessary court or other proceedings) against any Obligor in relation to a defaulted Purchased Receivable; and (ii) on request keep the Issuer or the Security Trustee informed (respectively) of all material actions and decisions taken in each case following its Customary Operating Practices. (b) Servicer to assert claims to payment of the Insurance Proceeds (c) Servicer may exercise its discretion in applying its Customary Operating Practices (i) VWFS as originator of the Purchased Receivables generally exercises discretion in applying its Customary Operating Practices; and (ii) subject to any express limitations imposed on the authorities, rights, powers and discretions of the Servicer by any other provisions of this Agreement or by any other Transaction Document, the Servicer may exercise such discretion as would be exercised by an ordinary prudent hire purchase, lease purchase or personal contract purchase creditor acting reasonably and not further or otherwise in applying its Customary Operating Practices if the Servicer reasonably believes that to do so will enhance recovery prospects and/or minimise losses in respect of any relevant Purchased Receivable.

Proceedings Against Obligors. (a) Servicer to take action against Obligors (i) take such action as may be necessary or desirable or as the Servicer determines (including, if necessary, court proceedings and the employment by the Servicer as disclosed agent for the Issuer of solicitors to carry out any necessary court or other proceedings) against any Obligor in relation to a defaulted Purchased Receivable; and (ii) on request keep the Issuer or the Security Trustee informed (respectively) of all material actions and decisions taken in each case following its Customary Operating Practices. (b) Servicer to assert claims to payment of the Insurance Proceeds (c) Servicer may exercise its discretion in applying its Customary Operating Practices (i) VWFS as originator of the Purchased Receivables generally exercises discretion in applying its Customary Operating Practices; and (ii) subject to any express limitations imposed on the authorities, rights, powers and discretions of the Servicer by any other provisions of this Agreement or by any other Transaction Document, the Servicer may exercise such discretion as would be exercised by an ordinary prudent hire purchase, lease purchase or personal contract purchase creditor acting reasonably and not further or otherwise in applying its Customary Operating Practices if the Servicer reasonably believes that to do so will enhance recovery prospects and/or minimise losses in respect of any relevant Purchased Receivable.

Proceedings Against Obligors. (a) Servicer to take action against Obligors (i) take such action as may be necessary or desirable or as the Servicer determines (including, if necessary, court proceedings and the employment by the Servicer as disclosed agent for the Issuer of solicitors to carry out any necessary court or other proceedings) against any Obligor in relation to a defaulted Purchased Receivable; and (ii) on request keep the Issuer or the Security Trustee informed (respectively) of all material actions and decisions taken in each case following its Customary Operating Practices. (b) Servicer to assert claims to payment of the Insurance Proceeds (c) Servicer may exercise its discretion in applying its Customary Operating Practices (i) VWFS as originator of the Purchased Receivables generally exercises discretion in applying its Customary Operating Practices; and (ii) subject to any express limitations imposed on the authorities, rights, powers and discretions of the Servicer by any other provisions of this Agreement or by any other Transaction Document, the Servicer may exercise such discretion as would be exercised by an ordinary prudent hire purchase, lease purchase or personal contract purchase creditor acting reasonably and not further or otherwise in applying its Customary Operating Practices if the Servicer reasonably believes that to do so will enhance recovery prospects and/or minimise losses in respect of any relevant Purchased Receivable.