Common use of Realization Upon Defaulted Receivables Clause in Contracts

Realization Upon Defaulted Receivables. In the event that a Receivable becomes and continues to be a Defaulted Receivable, 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 4.8 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 4.1 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 Receivable. The Servicer shall be entitled to receive the following amounts with respect to any Receivable 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 Receivables not referred to outside legal counsel, or, in the case of those Receivables 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 Receivables. (a) In the event that a Receivable becomes and continues to be a Defaulted Receivable, 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 4.8 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 4.1 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 Receivable. The Servicer shall be entitled to receive the following amounts with respect to any Receivable 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 Receivables not referred to outside legal counsel, or, in the case of those Receivables 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 Receivables. (a) In the event that a Receivable becomes and continues to be a Defaulted Receivable, 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 4.8 4.8(a) 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 4.1 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 Receivable. The Servicer shall be entitled to receive the following amounts with respect to any Receivable 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 Receivables not referred to outside legal counsel, or, in the case of those Receivables 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.