Common use of Realization upon Defaulted Contracts Clause in Contracts

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. 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 provided under an applicable insurance policythe Servicing Agreement.

Realization upon Defaulted Contracts. In accordance with the servicing procedures specified in the Servicing Agreement, the (a) The Servicer shall repossessuse commercially reasonable efforts, subject to the Conflict Standard, to repossess or otherwise comparably convert the ownership of, any or otherwise take possession of each Financed Vehicle securing that it has reasonably determined should be repossessed or otherwise converted following a Defaulted default under the Contract and as secured by or relating to which no satisfactory arrangements can be made for collection of delinquent payments pursuant each such Financed Vehicle. Subject to the Servicing Agreement. In connection with such repossession or other conversionConflict Standard, the Servicer shall is authorized to follow such practices practices, policies and procedures as it shall deem necessary or advisable and as shall be normal customary and usual in its servicing of Vehicle loans that it services for responsible holders itself or others, which practices, policies and procedures may include reasonable efforts to realize upon or obtain benefits of retail installment sales contracts any lease assignments, proceeds from any Dealer Liability, proceeds from any Insurance Policies and obligations and as shall be in compliance with all applicable laws, andproceeds from any Guaranties, in connection each case with respect to the repossession of any Portfolio, selling the related Financed Vehicle or Financed Vehicles at public or private sale or sales and 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 actions by the Servicer deems it necessary, in the name of the Company, on behalf of the Companyorder to realize upon any Portfolio Document or Financed Vehicle. The Servicer's obligations under this Section are foregoing is subject to the provision that, in any case in which the case of damage to a Financed Vehicle from an uninsured causeshall have suffered damage, the Servicer shall not be required to expend its own funds in repairing connection with any repair or refurbishment of such motor vehicle Financed Vehicle unless it shall determine in its discretion (isubject to the Conflict Standard) that such restoration will repair or refurbishment shall increase the Liquidation Proceeds proceeds of liquidation of the related Contract, after reimbursement such Financed Vehicle by an amount greater than or equal to itself for the amount of such expenses, and . (iib) 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 pay all other costs costs, expenses and expenses liabilities incurred by it in connection with any action taken in respect of a Defaulted Contract, Financed Vehicle; 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 policyInsurance Policy or from a Portfolio Obligor and are so recovered.

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 Leased 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 lease contracts and obligations and as shall be in compliance with all applicable laws, and, in connection with the repossession of any Financed Leased Vehicle or other proceedings with respect to any Defaulted Contract, may commence and or 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 CompanyBuyer or the Trustee, on behalf of the CompanyBuyer or on behalf of the Trustee. The Servicer's obligations under this Section are subject to the provision that, in the case of damage to a Financed Leased Vehicle from an uninsured insured 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.an