Realization upon Defaulted Contracts. Subject to applicable law, the Servicer shall repossess, foreclose upon or otherwise comparably convert the ownership of Manufactured Homes and Mortgaged Property securing all Contracts that come into default and which the Servicer believes in its good faith business judgment will not be brought current. Subject to Section 4.17, the Servicer shall manage, conserve and protect such Manufactured Homes and Mortgaged Property for the purposes of their prompt disposition and sale, and shall dispose of such Manufactured Homes and Mortgaged Property on such terms and conditions as it deems in the best interests of the Certificateholders. If the Servicer has actual knowledge that a Mortgaged Property is affected by hazardous waste, then the Servicer shall not cause the Contract Seller to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. For purposes of the proviso in the preceding sentence, the Servicer shall not be deemed to have actual knowledge that a Mortgaged Property is affected by hazardous waste unless it shall have received written notice that hazardous waste is present on such property and such written notice has been made a part of the Land Home Contract File with respect to the related Contract. In connection with such activities, the Servicer shall follow such practices and procedures as are consistent with Section 4.02.
Realization upon Defaulted Contracts. Subject to applicable law, the Servicer shall repossess, foreclose upon or otherwise comparably convert the ownership of Manufactured Homes and any related Mortgaged Property securing all Contracts that come into default and which the Servicer believes in its good faith business judgment will not be brought current; provided, however, that notwithstanding anything else in this Agreement to the contrary, but subject to the requirements of law, the Servicer shall commence repossession, foreclosure and other realization procedures in respect of any Contract that is at any one time delinquent as to all or part of five or more (or ten or more, in the case of Bi-weekly Contracts and Semi-Monthly Contracts) scheduled payments; provided that if the Servicer has actual knowledge that a Mortgaged Property is affected by hazardous waste, then the Servicer shall not cause the Trust Fund to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. For purposes of the last proviso in the preceding sentence, the Servicer shall not be deemed to have actual knowledge that a Mortgaged Property is affected by hazardous waste unless it shall have received written notice that hazardous waste is present on such property and such written notice has been made a part of the Servicing File with respect to the related Contract. Such written notice shall be provided to the Trustee. In the event that the Trustee is responsible for foreclosing on a Contract, if the Trustee has actual knowledge that a Mortgaged Property is affected by hazardous waste, then the Trustee shall not cause the Trust Fund to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. In connection with such repossession, foreclosure or other conversion, the Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be consistent with Section 5.02. Subject to the foregoing proviso, in the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Trustee, as Trustee, or, at its election, to its nominee on behalf of the Trustee, as Trustee. The Servicer shall manage, conserve and protect such Manufactured Homes and any related Mortgaged Property for the purposes of their prompt disposition and sale, and shall dispose of such Manufactured Homes and any related Mortgaged Property on such terms and conditions as it deems in the...
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 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 lease contracts and as shall be in compliance with all applicable laws, and, in connection with the repossession of any Leased Vehicle or any Defaulted Contract, may commence 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 Buyer or the Trustee, on behalf of the Buyer 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 Leased Vehicle from an 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. All Liquidation Proceeds (net of Liquidation Expenses) and Insurance Proceeds (net of expenses incurred by the Servicer and recoverable under the related insurance policy and net of the portion thereof applied to the repair of any Leased Vehicle or released to an Obligor in accordance with the Servicer's normal servicing procedures) shall be deposited in the Master Collections Account to the extent required by the Servicing Agreement.
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. Subject to applicable law, the Servicer shall repossess, foreclose upon or otherwise comparably convert the ownership of Manufactured Homes and any related Mortgaged Property securing all Contracts that come into default and which the Servicer believes in its good faith business judgment will not be brought current; provided, however, that notwithstanding anything else in this Agreement to the contrary, but subject to the requirements of law, the Servicer shall commence repossession, foreclosure and other realization procedures in respect of any Contract that is at any one time delinquent as to all or part of five or more (or ten or more, in the case of Bi-weekly Contracts and Semi-Monthly Contracts) scheduled payments; provided that if the Servicer has actual knowledge that a Mortgaged Property is affected by hazardous waste, then the Servicer shall not cause the Trust Fund to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. For purposes of the last proviso in the preceding sentence, the Servicer shall not be deemed to have actual knowledge that a Mortgaged Property is affected by hazardous waste unless it shall have received written notice that hazardous waste is present on such property and such written notice has been made a part of the Servicing File with respect to the related Contract. Such written notice shall be provided to the Trustee. In the event that the Trustee is responsible for foreclosing on a Contract, if a Responsible Officer of the Trustee has actual knowledge that a
Realization upon Defaulted Contracts. In the event that a Contract comes into and continues in default and no satisfactory arrangement can be made for collection of delinquent payments pursuant to Section 3.06 hereof, the Master Servicer shall take all steps necessary for Repossession. In connection with such Repossession, the Master Servicer shall, consistent with Section 3.13 hereof, follow such practices and procedures as shall be normal and usual in its general servicing of installment sales contacts and installment loan agreements for manufactured housing. The foregoing is subject to the provision that the Master Servicer shall not be required to expend its own funds in connection with any Repossession or like procedure or towards the restoration of any property unless it shall determine (i) that such restoration and/or Repossession will increase the proceeds of liquidation of the Contract to Certificateholders after reimbursements to itself for such expenses and (ii) that such expenses will be recoverable to it either through Liquidation Proceeds (respecting which it shall have priority for purposes of withdrawals from the Certificate Account pursuant to Section 3.12 hereof) or through Insurance Proceeds (respecting which it shall have similar priority). The Master Servicer shall be responsible for all other costs and expenses incurred by it in any such proceedings; provided, however, that it shall be entitled to reimbursement thereof from the proceeds of liquidation of the related Manufactured Home, as contemplated in Section 3.12 hereof. Notwithstanding the foregoing, the Master Servicer shall not be entitled to recover legal expenses incurred in connection with any Repossession or like procedure where the Contract is reinstated and such Repossession or like procedure where the Contract is reinstated and such repossession or like procedure is terminated prior to completion, other than from sums received from the Obligor with respect to such expenses. The decision of the Master Servicer to repossess a defaulted Contract shall be subject to instructions from the Trustee not to repossess upon such Contract, upon a determination by the Trustee that the proceeds of such Repossession would not exceed the costs and expenses of bringing such a proceeding.
Realization upon Defaulted Contracts. Subject to applicable law, the Servicer shall repossess, replevin, foreclose upon or otherwise comparably convert the ownership of Manufactured Homes and any related Mortgaged Properties securing all Contracts that come into default and which the Servicer believes in its good faith business judgment will not be brought current; provided that if the Servicer has actual knowledge that a Mortgaged Property is affected by hazardous waste, then the Servicer shall not cause the Trust Fund to acquire title to such Mortgaged Property in a foreclosure or similar proceeding unless such condition is remediated. In connection with such repossession, foreclosure or other conversion, the Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be consistent with Section 5.02. Subject to the foregoing proviso, in the event that title to any Mortgaged Property is acquired in foreclosure or by deed in lieu of foreclosure, the deed or certificate of sale shall be issued to the Trustee, as Trustee, or, at its election, to its nominee on behalf of the Trustee, as Trustee. The Servicer shall manage, conserve and protect such Manufactured Homes and any related Mortgaged Property for the purposes of their prompt disposition and sale, and shall dispose of such Manufactured Homes and any related Mortgaged Property on such terms and conditions as are consistent with Sections 5.02 and 10.12.
Realization upon Defaulted Contracts. (a) Servicer shall use all commercially reasonable efforts consistent with the servicing procedures set forth herein, to lawfully repossess or otherwise convert the ownership of the Financed Vehicle securing any Contract as to which Servicer shall have determined eventual payment in full is unlikely, and where permitted by the express terms of the Contract and applicable Law. Servicer shall commence efforts to repossess or otherwise convert the ownership of a Financed Vehicle for any Defaulted Contract as determined by Servicer's reasonable judgment after considering the current status of such Contract; provided, however, that Servicer may elect not to commence such efforts within such time period if, in good faith and reasonable judgment, it determines either that such action would violate the terms of the related Contract, it would be impracticable to do so or that the proceeds ultimately recoverable with respect to such Contract would be increased by forbearance, in which case, such Contract shall constitute a Defaulted Contract.
Realization upon Defaulted Contracts. Subject to applicable law, the Servicer shall repossess, foreclose upon or otherwise comparably convert the ownership of Manufactured Homes securing all Contracts that come into default and which the Servicer believes in its good faith business judgment will not be brought current. Subject to Section 4.17, the Servicer shall manage, conserve and protect such Manufactured Homes for the purposes of their prompt disposition and sale, and shall dispose of such Manufactured Homes on such terms and conditions as it deems in the best interests of the Certificateholders. In connection with such activities, the Servicer shall follow such practices and procedures as are consistent with Section 4.02.
Realization upon Defaulted Contracts. (i) The Servicer, on behalf of the Buyer, and with Buyer's prior written consent, shall foreclose upon, repossess, sell at a private or public sale, or otherwise take title, in the name of Custodian on behalf of the Buyer, to the properties, including the Collateral, securing a Contract related to any Defaulted Contract and as to which no satisfactory arrangements, in the reasonable opinion of Servicer, can be made for collection of the delinquent payment. In connection with such foreclosure, repossession, private or public sale or other transfer of title, the Servicer shall follow such practices and procedures as it shall deem necessary or advisable that are customary and usual in its servicing of such Contracts and in accordance with the Accepted Servicing Standards in order to realize upon the Collateral and maximize the recovery of such Collateral. In any case in which the Equipment shall have suffered damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Collateral unless it shall determine in its discretion that such repair and/or repossession will increase the liquidation proceeds by an amount greater than the amount of such expense.
