Realization upon Defaulted Contracts. Subject to applicable law, the Servicer shall repossess, foreclose upon or otherwise comparably convert the ownership of Manufactured Homes and Mortgaged Property securing all Contracts that come into default and which the Servicer believes in its good faith business judgment will not be brought current. Subject to Section 4.17, the Servicer shall manage, conserve and protect such Manufactured Homes and Mortgaged Property for the purposes of their prompt disposition and sale, and shall dispose of such Manufactured Homes and Mortgaged Property on such terms and conditions as it deems in the best interests of the Certificateholders. If the Servicer has actual knowledge that a Mortgaged Property is affected by hazardous waste, then the Servicer shall not cause the Contract Seller to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. For purposes of the proviso in the preceding sentence, the Servicer shall not be deemed to have actual knowledge that a Mortgaged Property is affected by hazardous waste unless it shall have received written notice that hazardous waste is present on such property and such written notice has been made a part of the Land Home Contract File with respect to the related Contract. In connection with such activities, the Servicer shall follow such practices and procedures as are consistent with Section 4.02.
Realization upon Defaulted Contracts. Subject to applicable law, the Servicer shall repossess, foreclose upon or otherwise comparably convert the ownership of Manufactured Homes and any related Mortgaged Property securing all Contracts that come into default and which the Servicer believes in its good faith business judgment will not be brought current; provided, however, that notwithstanding anything else in this Agreement to the contrary, but subject to the requirements of law, the Servicer shall commence repossession, foreclosure and other realization procedures in respect of any Contract that is at any one time delinquent as to all or part of five or more (or ten or more, in the case of Bi-weekly Contracts and Semi-Monthly Contracts) scheduled payments; provided that if the Servicer has actual knowledge that a Mortgaged Property is affected by hazardous waste, then the Servicer shall not cause the Trust Fund to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. For purposes of the last proviso in the preceding sentence, the Servicer shall not be deemed to have actual knowledge that a Mortgaged Property is affected by hazardous waste unless it shall have received written notice that hazardous waste is present on such property and such written notice has been made a part of the Servicing File with respect to the related Contract. Such written notice shall be provided to the Trustee. In the event that the Trustee is responsible for foreclosing on a Contract, if the Trustee has actual knowledge that a Mortgaged Property is affected by hazardous waste, then the Trustee shall not cause the Trust Fund to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. In connection with such repossession, foreclosure or other conversion, the Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be consistent with Section 5.
Realization upon Defaulted Contracts. The Master Servicer shall use its best efforts, consistent with the servicing standard specified in Section 4.01, to repossess or otherwise convert the ownership of the Financed Vehicle securing any Contract as to which no satisfactory arrangements can be made for collection of delinquent payments. Such servicing procedures may include reasonable efforts to realize upon any recourse to Dealers and selling the Financed Vehicle at public or private sale. In connection with such repossession or other conversion, the Master Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be normal and usual for prudent holders of motor vehicle retail installment sales contracts and installment loans and as shall be in compliance with all applicable laws, and, in connection with the repossession of any Financed Vehicle or any Contract in default, may commence and prosecute any proceedings in respect of such Contract in its own name or, if the Master Servicer deems it 44 50 necessary, in the name of the Owner Trustee or on behalf of the Owner Trustee. The Master Servicer's obligations under this Section are subject to the provision that, in the case of damage to a Financed Vehicle from an uninsured cause, the Master Servicer shall not be required to expend its own funds in repairing such Financed Vehicle unless it shall determine (i) that such restoration will increase the proceeds of liquidation of the related Contract, after reimbursement to itself for such expenses, and (ii) that such expenses will be recoverable by it either as Liquidation Expenses or as expenses recoverable under an applicable Insurance Policy. The Master Servicer shall be responsible for all other costs and expenses incurred by it in connection with any action taken in respect of a defaulted Contract; provided, however, that it shall be entitled to reimbursement of such costs and expenses to the extent they constitute Liquidation Expenses or expenses recoverable under an applicable Insurance Policy. All Net Liquidation Proceeds and Net Insurance Proceeds shall be deposited directly in or credited to the Collection Account (without deposit in any intervening account) to the extent required by Section 5.02.
Realization upon Defaulted Contracts. In accordance with the servicing procedures specified in the Servicing Agreement, the Servicer shall repossess, or otherwise comparably convert the ownership of, any Financed Vehicle securing a Defaulted Contract and as to which no satisfactory arrangements can be made for collection of delinquent payments pursuant to the Servicing Agreement. In connection with such repossession or other conversion, the Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be normal and usual for responsible holders of retail installment sales contracts and obligations and as shall be in compliance with all applicable laws, and, in connection with the repossession of any Financed Vehicle or other proceedings with respect to any Defaulted Contract, may commence and prosecute any judicial proceedings in respect of such Contract in its own name, or if the Servicer deems it necessary, in the name of the Company, on behalf of the Company. The Servicer's obligations under this Section are subject to the provision that, in the case of damage to a Financed Vehicle from an uninsured cause, the Servicer shall not be required to expend its own funds in repairing such motor vehicle unless it shall determine (i) that such restoration will increase the Liquidation Proceeds of the related Contract, after reimbursement to itself for such expenses, and (ii) that such expenses will be recoverable by it either as Liquidation Expenses or as expenses recoverable under an applicable insurance policy. The Servicer shall be responsible for all other costs and expenses incurred by it in connection with any action taken in respect of a Defaulted Contract, provided, however, that it shall be entitled to reimbursement of such costs and expenses to the extent they constitute Liquidation Expenses or expenses recoverable under an applicable insurance policy.
Realization upon Defaulted Contracts. (a) Servicer shall use all commercially reasonable efforts consistent with the servicing procedures set forth herein, to lawfully repossess or otherwise convert the ownership of the Financed Vehicle securing any Contract as to which Servicer shall have determined eventual payment in full is unlikely, and where permitted by the express terms of the Contract and applicable Law. Servicer shall commence efforts to repossess or otherwise convert the ownership of a Financed Vehicle for any Defaulted Contract as determined by Servicer's reasonable judgment after considering the current status of such Contract; provided, however, that Servicer may elect not to commence such efforts within such time period if, in good faith and reasonable judgment, it determines either that such action would violate the terms of the related Contract, it would be impracticable to do so or that the proceeds ultimately recoverable with respect to such Contract would be increased by forbearance, in which case, such Contract shall constitute a Defaulted Contract.
(b) Servicer shall use all commercially reasonable efforts to timely make all collections on Contracts, which may include reasonable efforts consistent with the terms hereof and applicable Law to recover under any recourse provisions from Dealers, originators or transferors, and selling the Financed Vehicle at public or private sale. If Servicer determines in its reasonable judgment that it should retain the services of an attorney to exercise Owner's rights pursuant to such recourse provisions by commencing litigation or taking such other action, Servicer shall so advise Owner in writing of such recommended course of action, and if such recommended course of action is agreed to by Owner, Owner will pay all reasonable attorney's fees, court costs and related litigation expenses relating to such proceeding or action. Upon obtaining such approval from the Owner, Servicer will select the attorney(s) to commence litigation and/or take such other action necessary or appropriate to protect the interests of Owner. Servicer shall sell all repossessed Financed Vehicles at auction, unless it determines in its good faith and reasonable judgment either that it would be impractical to do so or that the proceeds ultimately recoverable with respect to such Contracts would be increased by an alternative sale procedure. The foregoing shall be subject to the provision that, in any case in which the Financed Vehicle shall have suffered damage, Se...
Realization upon Defaulted Contracts. Subject to applicable law, the Servicer shall repossess, replevin, foreclose upon or otherwise comparably convert the ownership of Manufactured Homes and any related Mortgaged Properties securing all Contracts that come into default and which the Servicer believes in its good faith business judgment will not be brought current; provided that if the Servicer has actual knowledge that a Mortgaged Property is affected by hazardous waste, then the Servicer shall not cause the Trust Fund to acquire title to such Mortgaged Property in a foreclosure or similar proceeding unless such condition is remediated. In connection with such repossession, foreclosure or other conversion, the Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be consistent with Section 5.
Realization upon Defaulted Contracts. In the event that a Contract becomes and continues to be a Defaulted Contract, the Servicer shall take all reasonable and lawful steps necessary for Repossession; provided however, that the Servicer shall not be obligated to institute any action for Repossession through judicial proceedings unless it determines in its good faith judgment, which determination will be conclusive and binding, that Insurance Proceeds or Liquidation Proceeds that would be realized in connection therewith or amounts payable pursuant to the last sentence of this Section 3.08 would be sufficient for the reimbursement in full of its out-of-pocket expenses pursuant to this Agreement. In connection with such Repossession, the Servicer shall follow such practices and procedures required by Section 3.01 and make advances of its own funds for any out-of-pocket expenses incurred. The Servicer shall be reimbursed for Liquidation Expenses (including advances) by retention of the required reimbursement from the first Liquidation Proceeds or Insurance Proceeds received with respect to such Defaulted Contract. The Servicer shall be entitled to receive the following amounts, which shall be distributable pursuant to Sections 3.11(b)(i) with respect to any Contract the Obligor of which has filed bankruptcy or against whom a petition for involuntary bankruptcy has been filed: a one time fee of $200 in respect of those Contracts not referred to outside legal counsel, or, in the case of those Contracts that are so referred, reimbursement of the reasonable fees and expenses of outside legal counsel, if their retention was necessary in the reasonable judgment of the Servicer.
Realization upon Defaulted Contracts. Subject to Section 2.17 and applicable law, the Servicer shall repossess, foreclose upon or otherwise comparably convert the ownership of Manufactured Homes and Mortgaged Property securing all Contracts that come into default and which the Servicer believes in its good faith business judgment will not be brought current. Subject to Section 2.17, the Servicer shall manage, conserve and protect such Manufactured Homes and Mortgaged Property for the purposes of their prompt disposition and sale, and shall dispose of such Manufactured Homes and Mortgaged Property on such terms and conditions as it deems in the best interests of the Contract Owners. If the Servicer has actual knowledge that a Mortgaged Property is affected by hazardous waste, then the Servicer shall not cause any Contract Owner to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. In connection with such activities, the Servicer shall follow such practices and procedures as are consistent with Section 2.02. For purposes of the provisions in the preceding sentence, the Servicer shall not be deemed to have actual knowledge that a Mortgaged Property is affected by hazardous waste unless it shall have received written notice that hazardous waste is present on such property and such written notice has been made a part of the Land Home Contract File with respect to the related Contract.
Realization upon Defaulted Contracts. Subject to applicable law, the Servicer shall repossess, foreclose upon or otherwise comparably convert the ownership of Manufactured Homes and any related Mortgaged Property securing all Contracts that come into default and which the Servicer believes in its good faith business judgment will not be brought current; provided, however, that notwithstanding anything else in this Agreement to the contrary, but subject to the requirements of law, the Servicer shall commence repossession, foreclosure and other realization procedures in respect of any Contract that is at any one time delinquent as to all or part of five or more (or ten or more, in the case of Bi-weekly Contracts and Semi-Monthly Contracts) scheduled payments; provided that if the Servicer has actual knowledge that a Mortgaged Property is affected by hazardous waste, then the Servicer shall not cause the Trust Fund to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. For purposes of the last proviso in the preceding sentence, the Servicer shall not be deemed to have actual knowledge that a Mortgaged Property is affected by hazardous waste unless it shall have received written notice that hazardous waste is present on such property and such written notice
Realization upon Defaulted Contracts. (i) The Servicer, on behalf of the Buyer, and with Buyer's prior written consent, shall foreclose upon, repossess, sell at a private or public sale, or otherwise take title, in the name of Custodian on behalf of the Buyer, to the properties, including the Collateral, securing a Contract related to any Defaulted Contract and as to which no satisfactory arrangements, in the reasonable opinion of Servicer, can be made for collection of the delinquent payment. In connection with such foreclosure, repossession, private or public sale or other transfer of title, the Servicer shall follow such practices and procedures as it shall deem necessary or advisable that are customary and usual in its servicing of such Contracts and in accordance with the Accepted Servicing Standards in order to realize upon the Collateral and maximize the recovery of such Collateral. In any case in which the Equipment shall have suffered damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Collateral unless it shall determine in its discretion that such repair and/or repossession will increase the liquidation proceeds by an amount greater than the amount of such expense.
(ii) Notwithstanding the foregoing, the Servicer shall not obtain title to a Mortgaged Property or other Collateral by deed-in-lieu of foreclosure or otherwise, or take any other action with respect to any Mortgaged Property or other Collateral, if, as a result of any such action, the Custodian could, in the reasonable judgment of Servicer, be considered to hold title to, to be a "mortgagee-in-possession" of, or to be an owner or operator of such Mortgaged Property or other Collateral within the meaning of CERCLA or any comparable law, unless Servicer has taken into account, in accordance with Accepted Servicing Standards, the existence of any known condition upon or impacting the Mortgaged Property or other Collateral in the nature of hazardous substances, hazardous wastes, infectious waste, toxic substance, solid wastes and so forth, as such terms now or in the future are defined or listed in, or otherwise classified pursuant to, or regulated by, any applicable environmental laws, including, but not limited to, all present and future federal, state or local laws, ordinances, rules, regulations, decisions and other requirements of governmental authorities relating to the environment or to any hazardous substance.
(iii) The Servicer shall have the right to determin...
