General Servicing Obligations. The Company shall sell any REO Property within two years after its acquisition by the REMIC unless (i) the Company applies for an extension of such two-year period from the Internal Revenue Service pursuant to the REMIC Provisions and Code Section 856(e)(3), in which event such REO Property shall be sold within the applicable extension period, or (ii) the Company obtains for the Purchaser an Opinion of Counsel, addressed to the Purchaser and the Company, to the effect that the holding by the REMIC of such REO Property subsequent to such two year period will not result in the imposition of taxes on "prohibited transactions" as defined in Section 860F of the Code or cause the REMIC to fail to qualify as a REMIC under the REMIC Provisions or comparable provisions of relevant state laws at any time. The Company shall manage, conserve, protect and operate each REO Property for the Purchaser solely for the purpose of its prompt disposition and sale in a manner which does not cause such REO Property to fail to qualify as "foreclosure property" within the meaning of Section 860G(a)(8) or result in the receipt by the REMIC of any "income from non-permitted assets" within the meaning of Section 860F(a)(2)(B) of the Code or any "net income from foreclosure property" which is subject to taxation under Section 860G(a)(1) of the Code. Pursuant to its efforts to sell such REO Property, the Company shall either itself or through an agent selected by the Company protect and conserve such REO Property in the same manner and to such extent as is customary in the locality where such REO Property is located and may, incident to its conservation and protection of the interests of the Purchaser, rent the same, or any part thereof, as the Company deems to be in the best interest of the Company and the Purchaser for the period prior to the sale of such REO Property; provided, however, that any rent received or accrued with respect to such REO Property qualifies as "rents from real property" as defined in Section 856(d) of the Code.
General Servicing Obligations. The Servicer will manage, service, administer and collect on the Receivables with reasonable care using that degree of skill and attention that the Servicer exercises for comparable automotive receivables that it services for itself or others according to the Servicing Procedures and will comply with all material requirements of law. The Servicer’s obligations will include:
(i) collecting and applying all payments made on the Receivables and any other amounts received related to the Purchased Property;
(ii) investigating delinquencies;
(iii) sending invoices, notices and responding to inquiries of Obligors;
(iv) processing requests for extensions, modifications and adjustments;
(v) administering payoffs, defaults and delinquencies;
(vi) repossessing or converting the possession of the Financed Vehicle securing any Receivable that the Servicer determines is unlikely to be paid in full;
(vii) selling repossessed Financed Vehicles at public or private sale or auction;
(viii) collecting any remaining balances after charge off of the Receivables;
(ix) maintaining accurate and complete accounts and receivables systems for servicing the Receivables;
(x) providing to the Custodian copies, or access to, any documents that modify or supplement information in the Receivable Files; and
(xi) preparing and providing Monthly Investor Reports and any other periodic reports required to be prepared by the Servicer under this Agreement.
General Servicing Obligations. The Servicer will manage, service, administer and collect on the Receivables with reasonable care using that degree of skill and attention that the Servicer exercises for all comparable device payment plan agreement receivables that it services for itself or others according to the Servicing Procedures. Without limiting the generality of the foregoing, the Servicer’s obligations will include:
(i) collecting and applying all payments made on, or credits applied to, the Receivables and any other amounts received related to the Depositor Transferred Property;
(ii) investigating delinquencies;
(iii) sending invoices and notices and responding to inquiries of Obligors;
(iv) processing requests for extensions, modifications and adjustments;
(v) administering payoffs, prepayments, defaults and delinquencies;
(vi) maintaining accurate and complete accounts and receivables systems for servicing the Receivables;
(vii) providing to the Custodian copies, or access to, any documents that modify or supplement information in the Receivable Files; and
(viii) preparing and providing Monthly Investor Reports and any other periodic reports required to be prepared by the Servicer under this Agreement or any other Transaction Document.
General Servicing Obligations. The Servicer will manage, service, administer and collect on the Leases and Leased Vehicles with reasonable care using that degree of skill and attention that the Servicer exercises for comparable motor vehicle leases that it services for itself and others according to the Servicing Procedures and will comply with all material requirements of law. The Servicer’s obligations will include:
(i) collecting and applying (A) all amounts received from Lessees on the Leases (including Excess Mileage and Excess Wear and Use and any security deposits applied to pay amounts that a Lessee fails to pay on a Lease), (B) all proceeds received from claims on insurance companies for insurance covering the Leased Vehicles or Lessees, (C) all amounts received on the Leases for Dealer Recourse, (D) all proceeds realized on the sale or other disposition of the Leased Vehicles and (E) all net recoveries for charged-off Leases;
(ii) collecting and paying state and local fees and taxes relating the Leases and Leased Vehicles;
(iii) investigating delinquencies;
(iv) sending invoices and notices and responding to inquiries from Lessees;
(v) processing requests for Payment Extensions, Term Extensions and other modifications and adjustments;
(vi) administering Lease terminations, payoffs, defaults and delinquencies;
(vii) repossessing or otherwise converting the possession of Leased Vehicles under Leases that the Servicer determines are unlikely to be paid in full;
(viii) selling, on behalf of the applicable Titling Company, repossessed Leased Vehicles at public or private sale and selling or otherwise disposing of Leased Vehicles returned on termination of the Leases or otherwise;
(ix) refunding amounts to Lessees under the Leases;
(x) collecting any remaining balance on the Leases after disposing of the Leased Vehicles;
(xi) maintaining accurate and complete accounts and receivables systems for servicing the Leases;
(xii) providing to the Custodian copies, or access to, any documents and correspondence in the Lease Files; and
(xiii) providing Revolving Facility Pool Reports, Monthly Investor Reports and other reports required to be provided by the Servicer under this Agreement, any Servicing Supplement and any other Basic Document or Exchange Note Basic Document; The Servicer will comply with all material requirements of applicable law in performing its obligations as servicer of the Leases.
