Common use of Realization Upon Contracts Clause in Contracts

Realization Upon Contracts. (a) The Servicer will, consistent with customary servicing practices and procedures and the terms of this Agreement, act with respect to the Contracts in such manner as it reasonably believes will maximize the receipt of principal and interest on the Contracts and Net Liquidation Proceeds in respect of defaulted Contracts. In the event that title to any Financed Boat is acquired in foreclosure or by conveyance in lieu of foreclosure, the deed or certificate of sale shall be issued to the Trust, or, at its election, to its nominee on behalf of the Trust. (b) The Servicer shall be entitled to recover all Liquidation Expenses relating to a defaulted Contract, from the liquidation proceeds with respect to such Contract or related Financed Boat. The Net Liquidation Proceeds realized in connection with any such action with respect to a Contract shall be deposited by the Servicer in the Collection Account in the manner specified in Section 5.02 hereof and shall be applied to reduce (or to satisfy, as the case may be) the Purchase Price of the Contract, if such Contract is to be purchased by (i) CITSF pursuant to Section 3.02 hereof, (ii) the Servicer pursuant to Section 4.07 hereof, or (iii) CITSF pursuant to Section 11.01 hereof. The foregoing shall be subject to the provision that, in any case in which the Financed Boat shall have suffered damage, the Servicer shall not expend funds in connection with the repair or the repossession of such Financed Boat unless it shall determine in its sole discretion that such repair and/or repossession will increase the Net Liquidation Proceeds of the related Contract. (c) The Servicer may ▇▇▇ to enforce or collect upon Contracts, including foreclosure of any security interest in a Financed Boat, in its own name, if possible, or as agent for the Trust. If the Servicer elects to commence a legal proceeding to enforce a Contract or any Insurance Policy in respect thereof, the act of commencement shall be deemed to be an automatic assignment of the Contract to the Servicer for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer may not enforce a Contract on the ground that it is not a real party in interest or a holder entitled to enforce the Contract, the Trust shall, at the Servicer's expense, take such steps as the Servicer deems necessary to enforce the Contract, including bringing suit in its name or the names of the Securityholders. (d) Prior to a Service Transfer, the Servicer may grant to the Obligor on any Contract any rebate, refund or adjustment out of the Collection Account that the Servicer in good faith believes is required because of a Principal Prepayment or a Principal Prepayment in Full. The Servicer will not permit any rescission or cancellation of any Contract, except to the extent required by law. (e) The Servicer may enforce any due-on-sale clause in a Contract if such enforcement is called for under its then current servicing policies for obligations similar to the Contracts, provided that such enforcement is permitted by applicable law and will not adversely affect any applicable Insurance Policy. (f) If CITSF, as Servicer, believes that an Obligor is likely to refinance its Contract, CITSF may in its discretion attempt to retain such Obligor as its customer by soliciting the Obligor to refinance the Contract with CITSF.

Realization Upon Contracts. (a) The Servicer will, consistent with customary servicing practices and procedures and the terms of this Agreement, act with respect to the Contracts in such manner as it reasonably believes will maximize the receipt of principal and interest on the Contracts and Net Liquidation Proceeds in respect of defaulted Defaulted Contracts. Notwithstanding the standard of care specified in Section 4.01 hereof, the Servicer shall commence procedures for the repossession of any Financed Vehicle or take such other steps that in the Servicer's reasonable judgment will maximize the receipt of principal and interest or Net Liquidation Proceeds with respect to the Contract secured by such Financed Vehicle, including, without limitation, selling such Financed Vehicle at a public or private sale, subject to the requirements of the applicable state and federal law. In connection with such repossession or foreclosure, the Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be consistent with Section 4.01 hereof. In the event that title to any Financed Boat Vehicle is acquired in foreclosure or by conveyance in lieu of foreclosure, the deed or certificate of sale shall be issued to the Trust, or, at its election, to its nominee on behalf of the Trust. (b) The Servicer shall be entitled to recover all Liquidation Expenses reasonable fees of third parties and expenses incurred by it in the course of converting any Financed Vehicle into cash proceeds including, without limitation, expenses relating to a defaulted Contractrecovery and repossession of such Financed Vehicle, from the liquidation proceeds with respect to such Contract or related Financed BoatVehicle. The Net Liquidation Proceeds realized in connection with any such action with respect to a Contract shall be deposited by the Servicer in the Collection Account in the manner specified in Section 5.02 hereof and shall be applied to reduce (or to satisfy, as the case may be) the Purchase Price of the Contract, if such Contract is to be purchased by (i) CITSF pursuant to Section 3.02 hereof, (ii) is to be purchased by the Servicer pursuant to Section 4.07 hereof, or (iii) is to be purchased by CITSF pursuant to Section 11.01 11.02 hereof. The foregoing shall be subject to the provision that, in any case in which the Financed Boat Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with the repair or the repossession of such Financed Boat Vehicle unless it shall determine in its sole discretion that such repair and/or repossession will increase the Net Liquidation Proceeds of the related ContractContract by an amount equal to or greater than the amount of such expenses. (c) The Servicer may ▇▇▇ to enforce or collect upon Contracts, including foreclosure of any security interest in a Financed BoatVehicle, in its own name, if possible, or as agent for the Trust. If the Servicer elects to commence a legal proceeding to enforce a Contract or any Insurance Policy in respect thereof, the act of commencement shall be deemed to be an automatic assignment of the Contract to the Servicer for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer may not enforce a Contract on the ground that it is not a real party in interest or a holder entitled to enforce the Contract, the Trust shall, at the Servicer's expense, take such steps as the Servicer deems necessary to enforce the Contract, including bringing suit in its name or the names of the Securityholders. (d) Prior to a Service Transfer, the Servicer may grant to the Obligor on any Contract any rebate, refund or adjustment out of the Collection Account that the Servicer in good faith believes is required because of a Principal Prepayment or a Principal Prepayment in Full. The Servicer will not permit any rescission or cancellation of any Contract, except to the extent required by law. (e) The Servicer may enforce any due-on-sale clause in a Contract if such enforcement is called for under its then current servicing policies for obligations similar to the Contracts, provided that such enforcement is permitted by applicable law and will not adversely affect any applicable Insurance Policyinsurance policy. (f) If CITSF, as Servicer, believes that an Obligor is likely to refinance its Contract, CITSF may in its discretion attempt to retain such Obligor as its customer by soliciting the Obligor to refinance the Contract with CITSF.

Realization Upon Contracts. (a) The Servicer will, consistent with customary servicing practices and procedures and the terms of this Agreement, act with respect to the Contracts in such manner as it reasonably believes will maximize the receipt of principal and interest on the Contracts and Net Liquidation Proceeds in respect of defaulted Defaulted Contracts. Notwithstanding the standard of care specified in Section 4.01 hereof, the Servicer shall commence procedures for the repossession of any Financed Vehicle or take such other steps that in the Servicer's reasonable judgment will maximize the receipt of principal and interest or Net Liquidation Proceeds with respect to the Contract secured by such Financed Vehicle, including, without limitation, selling such Financed Vehicle at a public or private sale, subject to the requirements of the applicable state and federal law. In connection with such repossession or foreclosure, the Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be consistent with Section 4.01 hereof. In the event that title to any Financed Boat Vehicle is acquired in foreclosure or by conveyance in lieu of foreclosure, the deed or certificate of sale shall be issued to the Trust, or, at its election, to its nominee on behalf of the Trust. (b) The Servicer shall be entitled to recover all Liquidation Expenses reasonable fees of third parties and expenses incurred by it in the course of converting any Financed Vehicle into cash proceeds including, without limitation, expenses relating to a defaulted Contractrecovery and repossession of such Financed Vehicles, from the liquidation proceeds with respect to such Contract or related Financed BoatVehicle. The Net Liquidation Proceeds realized in connection with any such action with respect to a Contract shall be deposited by the Servicer in the Collection Account in the manner specified in Section 5.02 hereof and shall be applied to reduce (or to satisfy, as the case may be) the Purchase Price of the Contract, if such Contract is to be purchased by (i) CITSF pursuant to Section 3.02 hereof, (ii) is to be purchased by the Servicer pursuant to Section 4.07 hereof, or (iii) is to be purchased by CITSF pursuant to Section 11.01 11.02 hereof. The foregoing shall be subject to the provision that, in any case in which the Financed Boat Vehicle shall have suffered damage, the Servicer shall not expend funds in connection with the repair or the repossession of such Financed Boat Vehicle unless it shall determine in its sole discretion that such repair and/or repossession will increase the Net Liquidation Proceeds of the related ContractContract by an amount equal to or greater than the amount of such expenses. (c) The Servicer may ▇▇▇ to enforce or collect upon Contracts, including foreclosure of any security interest in on a Financed BoatVehicle, in its own name, if possible, or as agent for the Trust. If the Servicer elects to commence a legal proceeding to enforce a Contract or any Insurance Policy in respect thereof, the act of commencement shall be deemed to be an automatic assignment of the Contract to the Servicer for purposes of collection only. If, however, in any enforcement suit or legal proceeding it is held that the Servicer may not enforce a Contract on the ground that it is not a real party in interest or a holder entitled to enforce the Contract, the Trust shall, at the Servicer's expense, take such steps as the Servicer deems necessary to enforce the Contract, including bringing suit in its name or the names of the Securityholders. (d) Prior to a Service Transfer, the Servicer may grant to the Obligor on any Contract any rebate, refund or adjustment out of the Collection Account that the Servicer in good faith believes is required because of a Principal Prepayment or a Principal Prepayment in Full. The Servicer will not permit any rescission or cancellation of any Contract, except to the extent required by law. (e) The Servicer may enforce any due-on-sale clause in a Contract if such enforcement is called for under its then current servicing policies for obligations similar to the Contracts, provided that such enforcement is permitted by applicable law and will not adversely affect any applicable Insurance Policyinsurance policy. (f) If CITSF, as Servicer, believes that an Obligor is likely to refinance its Contract, CITSF may in its discretion attempt to retain such Obligor as its customer by soliciting the Obligor to refinance the Contract with CITSF.