Customary Operating Practices definition

Customary Operating Practices means the normal operating policies and practices in respect of the origination, management, administration and collection of receivables adopted by (as the case may be) VWFS or the Servicer from time to time with respect to HP Agreements, LP Agreements and PCP Agreements entered into by VWFS.
Sample 1Sample 2Sample 3
Customary Operating Practices means the normal operating policies and practices in respect of the origination, management, administration and collection of receivables adopted by (as the case may be) VWFS or the Servicer from time to time with respect to hire purchase and PCP Agreements entered into by VWFS.
Sample 1Sample 2Sample 3

Examples of Customary Operating Practices in a sentence

  • The Servicer shall operate its Direct Debiting Scheme in accordance with its Customary Operating Practices.

  • If an Obligor will not permit a Direct Debit to be made to his bank account under the Direct Debiting Scheme in relation to a Financing Contract or if an existing Direct Debit is cancelled, the Servicer shall use all reasonable endeavours in accordance with its Customary Operating Practices to ensure that alternative payment arrangements are promptly made which ensure the timely payment of amounts payable by the Obligor under such Financing Contract.

  • The Servicer shall ensure that all duplicate computer tapes or discs shall be held by the person holding the same to the order of the Issuer and the Security Trustee in a manner in accordance with the Servicer's Customary Operating Practices.

  • Servicing Agreement Under the terms of the Servicing Agreement VWFS has agreed, in accordance with its Customary Operating Practices, to manage, service and administer Collections, undertake enforcement proceedings and transfer Collections to the Distribution Account on each Payment Date.

  • Conditions for duplicate computer tapes The Servicer shall ensure that all duplicate computer tapes or discs shall be held by the person holding the same to the order of the Issuer and the Security Trustee in a manner in accordance with the Servicer's Customary Operating Practices.

  • VWFS will undertake for the benefit of the Issuer that it will not take any steps in relation to the Financing Contracts otherwise than in accordance with its Customary Operating Practices in order to perform its duties under the Servicing Agreement, and that it will lend its name to, and take such other steps as may be required by the Issuer or the Trustee in relation to, any action (whether through the courts or otherwise) in respect of the Financing Contracts.

  • Servicer to maintain back-up facilities The Servicer agrees to comply with its Customary Operating Practices as regards the maintenance of adequate back-up facilities and off-site disaster recovery facilities in relation to the systems including the maintenance of a duplicate set of the Purchased Receivable Records and the Servicer Records and any other information held in computer readable form at separate premises.

Related to Customary Operating Practices

  • Good Manufacturing Practices or “GMP” shall mean the then current Good Manufacturing Practices as such term is defined from time to time by the FDA or other relevant Governmental Authority having jurisdiction over the development, manufacture or sale of the Product in the Territory pursuant to its regulations, guidelines or otherwise.

  • Good Industry Practice means standards, practices, methods and procedures conforming to the Law and the exercise of the degree of skill and care, diligence, prudence and foresight which would reasonably and ordinarily be expected from a skilled and experienced person or body engaged within the relevant industry or business sector;

  • Standards means the British or international standards, Authority's internal policies and procedures, Government codes of practice and guidance referred to in Framework Schedule 13 (Standards) together with any other specified policies or procedures identified in Framework Schedule 13 (Standards);