Common use of Realization upon Receivables Clause in Contracts

Realization upon Receivables. Consistent with its customary procedures, the Servicer shall use its best efforts to repossess or otherwise convert the ownership of and liquidate any Financed Vehicle securing a Receivable with respect to which the Servicer shall have determined that eventual payment in full is unlikely and with respect to which the Servicer determines that such repossession or other action is in the best interest of the Trust.

Appears in 27 contracts

Samples: Sale and Servicing Agreement (BMW Vehicle Owner Trust 2024-A), Sale and Servicing Agreement (BMW Vehicle Owner Trust 2024-A), Sale and Servicing Agreement (BMW Vehicle Owner Trust 2022-A)

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Realization upon Receivables. Consistent with its customary procedures, the Servicer shall use its best efforts to repossess or otherwise convert the ownership of and liquidate any Financed Vehicle securing a Receivable with respect to which the Servicer shall have determined that eventual payment in full is unlikely and with respect to which the Servicer determines that such repossession or other action is to be in the best interest of the Trust.

Appears in 10 contracts

Samples: Sale and Servicing Agreement (BMW Fs Securities LLC), Sale and Servicing Agreement (BMW Fs Securities LLC), Sale and Servicing Agreement (SSB Vehicle Securities Inc BMW Vehicle Owner Trust 1999-A)

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