Common use of Realization upon Defaulted Contracts Clause in Contracts

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. In accordance with the servicing procedures specified in the Servicing Agreement, the Servicer shall repossess, or otherwise comparably convert the ownership of, any Financed 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 retail installment sales lease contracts and obligations and as shall be in compliance with all applicable laws, and, in connection with the repossession of any Financed Leased Vehicle or other proceedings with respect to any Defaulted Contract, may commence and 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 CompanyBuyer or the Trustee, on behalf of the CompanyBuyer 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 Financed Leased Vehicle from an uninsured 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.an

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 provided under an applicable insurance policythe Servicing Agreement.