Common use of Realization upon Receivables Clause in Contracts

Realization upon Receivables. On behalf of the Issuer, the Servicer shall use its best efforts, consistent with its Customary Servicing Practices, to repossess or otherwise comparably convert the ownership of any Financed Vehicle that it has reasonably determined should be repossessed or otherwise converted following a default under the Receivable secured by the Financed Vehicle (and shall specify such Receivables to the Indenture Trustee no later than the Determination Date following the end of the Collection Period in which the Servicer shall have made such determination). The Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be customary and usual in its servicing of passenger car, minivan, light-duty truck and sport utility vehicle receivables, which practices and procedures may include reasonable efforts to realize upon any Dealer Recourse, selling the related Financed Vehicle at public or private sale and other actions to realize upon such a Receivable. The Servicer shall be entitled to recover its Liquidation Expenses with respect to each Defaulted Receivable. All Net Liquidation Proceeds realized in connection with any such action with respect to a Receivable shall be deposited by the Servicer in the Collection Account in the manner specified in Section 5.02. The foregoing is subject to the proviso that, in any case in which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Financed Vehicle unless it shall determine in its discretion that such repair and/or repossession shall increase the Liquidation Proceeds of the related Receivable by an amount greater than the amount of such expenses.

Realization upon Receivables. On behalf of the Issuer, the Servicer shall use its best efforts, consistent with its Customary Servicing Practicescustomary servicing procedures, to repossess or otherwise comparably convert the ownership of any Financed Vehicle that it has reasonably determined should be repossessed or otherwise converted following a default under the Receivable secured by the Financed Vehicle (and shall specify such Receivables to the Indenture Trustee Trustees no later than the Determination Date following the end of the Collection Period in which the Servicer shall have made such determination). The Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be customary and usual in its servicing of passenger car, minivan, light-duty truck and sport utility motor vehicle receivables, which practices and procedures may include reasonable efforts to realize upon any Dealer Recourse, selling the related Financed Vehicle at public or private sale and other actions by the Servicer in order to realize upon such a Receivable. The Servicer shall be entitled to recover its reasonable Liquidation Expenses with respect to each Defaulted Receivable. All Net Liquidation Proceeds realized in connection with any such action with respect to a Receivable shall be deposited by the Servicer in the Collection Account in the manner specified in Section 5.024.02(a). The foregoing is subject to the proviso that, in any case in which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Financed Vehicle unless it shall determine in its discretion that such repair and/or repossession shall increase the Liquidation Proceeds of the related Receivable by an amount greater than the amount of such expenses.

Realization upon Receivables. On behalf of the Issuer, the Servicer shall use its best efforts, consistent with its Customary Servicing Practicescustomary servicing procedures, to repossess or otherwise comparably convert the ownership of any Financed Vehicle that it has reasonably determined should be repossessed or otherwise converted following a default under the Receivable secured by the Financed Vehicle (and shall specify such Receivables to the Indenture Trustee no later than the Determination Date following the end of the Collection Period in which the Servicer shall have made such determination). The Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be customary and usual in its servicing of passenger car, minivan, light-duty truck and sport utility vehicle receivables, which practices and procedures may include reasonable efforts to realize upon any Dealer Recourse, selling the related Financed Vehicle at public or private sale and other actions to realize upon such a Receivable. The Servicer shall be entitled to recover its Liquidation Expenses with respect to each Defaulted Receivable. All Net Liquidation Proceeds realized in connection with any such action with respect to a Receivable shall be deposited by the Servicer in the Collection Account in the manner specified in Section 5.02. The foregoing is subject to the proviso that, in any case in which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Financed Vehicle unless it shall determine in its discretion that such repair and/or repossession shall increase the Liquidation Proceeds of the related Receivable by an amount greater than the amount of such expenses.

Realization upon Receivables. On behalf of the Issuer, the Servicer shall use its best efforts, consistent with its Customary Servicing Practices, to repossess or otherwise comparably convert the ownership of any Financed Vehicle that it has reasonably determined should be repossessed or otherwise converted following a default under the Receivable secured by the Financed Vehicle (and shall specify such Receivables to the Indenture Trustee no later than the Determination Date following the end of the Collection Period in which the Servicer shall have made such determination). The Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be customary and usual in its servicing of passenger car, minivan, light-duty truck and sport utility vehicle receivables, which practices and procedures may include reasonable efforts to realize upon any Dealer Recourse, selling the related Financed Vehicle at public or private sale and other actions to realize upon such a Receivable. The Servicer shall be entitled to recover its Liquidation Expenses with respect to each Defaulted Receivable. All Net Liquidation Proceeds realized in connection with any such action with respect to a Receivable shall be deposited by the Servicer in the Collection Account in the manner specified in Section 5.02. The foregoing is subject to the proviso that, in any case in which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Financed Vehicle unless it shall determine in its discretion that such repair and/or repossession shall increase the Liquidation Proceeds of the related Receivable by an amount greater than the amount of such expenses.

Realization upon Receivables. On behalf of the Issuer, the Servicer shall use its best efforts, consistent with its Customary Servicing Practicescustomary servicing procedures, to repossess to repossess or otherwise comparably convert the ownership of any Financed Vehicle that it has reasonably determined should be repossessed or otherwise converted following a default under the Receivable secured by the Financed Vehicle (and shall specify such Receivables to the Indenture Relevant Trustee no later than the Determination Date following the end of the Collection Period in which the Servicer shall have made such determination). The Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be customary and usual in its servicing of passenger car, minivan, light-automobile and light duty truck and sport utility vehicle receivables, which practices and procedures may include reasonable efforts to realize upon any Dealer Recourse, selling the related Financed Vehicle at public or private sale and other actions by the Servicer in order to realize upon such a Receivable. The Servicer shall be entitled to recover its reasonable Liquidation Expenses with respect to each Defaulted Receivable. All Net Liquidation Proceeds realized in connection with any such action with respect to a Receivable shall be deposited by the Servicer in the Collection Account in the manner specified in Section 5.02. The foregoing is subject to the proviso that, in any case in which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Financed Vehicle unless it shall determine in its discretion that such repair and/or repossession shall increase the Liquidation Proceeds of the related Receivable by an amount greater than the amount of such expenses.

Realization upon Receivables. On behalf of The Servicer shall, in ---------------------------- accordance with the Issuer, the Servicer shall use its best efforts, Servicing Standard and in a manner consistent with its Customary Servicing Practicescustomary servicing procedures, to repossess or otherwise comparably convert the ownership of any Financed Vehicle that it has reasonably determined should be repossessed or otherwise converted following a default under the Receivable secured by the Financed Vehicle (and shall specify such Receivables securing any Receivable as to the Indenture Trustee no later than the Determination Date following the end of the Collection Period in which the Servicer shall have made determined eventual payment in full is unlikely. From time to time, as appropriate for servicing or foreclosing upon any Receivable, the Owner Trustee shall, upon written request of the Servicer, execute or shall cause to be executed such determination)documents as shall be reasonably necessary to prosecute any such proceedings. The Servicer shall follow such customary and usual practices and procedures as it shall deem necessary or advisable and as shall be customary and usual in its servicing of passenger caradvisable, minivan, light-duty truck and sport utility vehicle receivablesconsistent with the Servicing Standard, which practices and procedures may include reasonable efforts the sale of the related Financed Vehicles at a public or private sale, the submission of claims under an insurance policy and other actions by the Servicer to realize upon any Dealer Recourse, selling the related Financed Vehicle at public or private sale and other actions to realize upon such a Receivable. The Servicer foregoing shall be entitled to recover its Liquidation Expenses with respect to each Defaulted Receivable. All Net Liquidation Proceeds realized in connection with any such action with respect to a Receivable shall be deposited by the Servicer in the Collection Account in the manner specified in Section 5.02. The foregoing is subject to the proviso provision that, in any case in which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with any the repair or towards the repossession of such Financed Vehicle unless it shall determine in its reasonable discretion that such repair and/or repossession shall will increase the Net Liquidation Proceeds of the related Receivable by an amount greater than the amount of such expenses.

Realization upon Receivables. (a) On behalf of the Issuer, the Servicer shall use its best commercially reasonable efforts, consistent with its Customary Servicing Practicesthe Credit and Collection Policy, to repossess or otherwise comparably convert the ownership of any Financed Vehicle that it has reasonably determined should be repossessed or otherwise converted following a default under the Receivable secured by the Financed Vehicle (and the Servicer shall specify such Receivables to the Indenture Trustee Trustees and the Insurer no later than the Determination Date following the end of the Collection Period in which the Servicer shall have made such determination). The Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be customary consistent with the Credit and usual in its servicing of passenger car, minivan, light-duty truck and sport utility vehicle receivablesCollection Policy, which practices and procedures may include reasonable efforts to realize upon any Dealer Recourse, selling the related Financed Vehicle at public or private sale and other actions by the Servicer in order to realize upon such a Receivable. The Servicer shall be entitled to recover its reasonable Liquidation Expenses with respect to each Defaulted Receivable. All Net Liquidation Proceeds realized in connection with any such action with respect to a Receivable shall be deposited by the Servicer in the Collection Account in the manner specified in Section 5.024.02(a). The foregoing is subject to the proviso that, in any case in which the Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with any repair or towards the repossession of such Financed Vehicle unless it shall determine in its discretion that such repair and/or repossession shall increase the Liquidation Proceeds of the related Receivable by an amount greater than the amount of such expenses.

Realization upon Receivables. On behalf of the Issuer, the The Servicer shall use its best reasonable efforts, consistent with its Customary Servicing Practicescustomary servicing procedures, to repossess or otherwise comparably convert the ownership take possession of any Financed Vehicle that it has reasonably determined should be repossessed or otherwise converted following a default under the Receivable secured by the Financed Vehicle (and shall specify such Receivables to the Indenture Trustee no later than the Determination Date following the end of the Collection Period in securing any Receivable which the Servicer shall have made such determination)determined to be a Defaulted Receivable or otherwise. The Servicer shall follow such customary and usual practices and procedures as it shall deem necessary or advisable and as shall be customary and usual in its servicing of passenger car, minivan, light-duty truck and sport utility vehicle new or used automobile receivables, which practices and procedures may include reasonable efforts to realize upon any recourse to Dealers, consigning the Financed Vehicle to a Dealer Recourse, for resale and selling the related Financed Vehicle at public or private sale and other actions to realize upon such a Receivablesale. The Servicer shall be entitled to recover its Liquidation Expenses with respect to each Defaulted Receivablefrom proceeds all reasonable expenses incurred by it in the course of converting the Financed Vehicle into cash proceeds. All Net The Liquidation Proceeds realized in connection with any such action with respect to a Receivable shall be deposited by the Servicer in the Collection Account in the manner specified in Section 5.025.2 and shall be applied to reduce (or to satisfy, as ----------- the case may be) the Repurchase Amount of the Receivable, if such Receivable is to be repurchased by the Seller pursuant to Section 3.2, or is to be purchased by the Servicer pursuant to Section ----------- ------- 4.6. The foregoing is shall be subject to the proviso provision that, in --- any case in which the a Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with any the repair or towards the repossession of such Financed Vehicle unless it shall determine in its sole discretion that such repair and/or repossession shall will increase the Liquidation Proceeds of the related Receivable by an amount equal to or greater than the amount of such expenses.

Realization upon Receivables. On behalf of the Issuer, the The Master Servicer shall (or shall require the Receivables Servicer to) use its best reasonable efforts, consistent with its (or the Receivables Servicer’s) Customary Servicing Practices, to repossess or otherwise comparably convert the ownership of any the Financed Vehicle that it has reasonably determined should be repossessed or otherwise converted following a default under the Receivable secured by the Financed Vehicle (and shall specify to promptly liquidate such Receivables to the Indenture Trustee no later than the Determination Date following the end Financed Vehicle. Each of the Collection Period in which Master Servicer and the Receivables Servicer shall have made such determination). The Servicer shall is authorized to follow such practices and procedures Customary Servicing Practices as it shall deem necessary or advisable and as shall be customary and usual follows in its servicing of passenger car, minivan, light-duty truck and sport utility vehicle comparable receivables, which practices practices, policies and procedures may include reasonable efforts to realize upon any Dealer Recourse, selling the related Financed Vehicle at public or private sale and other actions by the Master Servicer (or the Receivables Servicer) in order to realize upon such a Receivable. The Servicer shall be entitled to recover its Liquidation Expenses with respect to each Defaulted Receivable. All Net Liquidation Proceeds realized in connection with any such action with respect to a Receivable shall be deposited by the Servicer in the Collection Account in the manner specified in Section 5.02. The foregoing is subject to the proviso provision that, in any case in which the Financed Vehicle shall have suffered damage, the Master Servicer shall not (nor shall the Receivables Servicer) expend funds in connection with any repair or towards the repossession of such Financed Vehicle unless it shall determine in its discretion that such repair and/or repossession shall increase the Liquidation Proceeds proceeds of liquidation of the related Receivable by an amount greater than the amount of such expenses. The Master Servicer (and the Receivables Servicer) shall be entitled to receive Liquidation Expenses with respect to each Defaulted Receivable at such time as the Receivable becomes a Defaulted Receivable.

Realization upon Receivables. On behalf of the IssuerTrust, the Servicer shall use its best reasonable efforts, consistent with its Customary Servicing Practicescustomary servicing procedures, to repossess or otherwise comparably convert the ownership take possession of any Financed Vehicle that it has reasonably determined should be repossessed or otherwise converted following a default under the Receivable secured by the Financed Vehicle (and shall specify such Receivables to the Indenture Trustee no later than the Determination Date following the end of the Collection Period in securing any Receivable which the Servicer shall have made such determination)determined to be a Defaulted Receivable or otherwise. The Servicer shall follow such customary and usual practices and procedures as it shall deem necessary or advisable and as shall be customary and usual in its servicing of passenger car, minivan, light-duty truck and sport utility vehicle new or used automobile receivables, which practices and procedures may include reasonable efforts to realize upon any recourse to Dealers, consigning the Financed Vehicle to a Dealer Recourse, for resale and selling the related Financed Vehicle at public or private sale and other actions to realize upon such a Receivablesale. The Servicer shall be entitled to recover its Liquidation Expenses with respect to each Defaulted Receivablefrom proceeds all reasonable expenses incurred by it in the course of converting the Financed Vehicle into cash proceeds. All Net The Liquidation Proceeds realized in connection with any such action with respect to a Receivable shall be deposited by the Servicer in the Collection Account in the manner specified in Section 5.025.2 and shall be applied to reduce (or to satisfy, as the case may be) the Repurchase Amount of the Receivable, if such Receivable is to be repurchased by the Seller pursuant to Section 3.2, or is to be purchased by the Servicer pursuant to Section 4.7. The foregoing is shall be subject to the proviso provision that, in any case in which the a Financed Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with any the repair or towards the repossession of such Financed Vehicle unless it shall determine in its sole discretion that such repair and/or repossession shall will increase the Liquidation Proceeds of the related Receivable by an amount equal to or greater than the amount of such expenses.