Customary Servicing Practices definition

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Customary Servicing Practices means, with respect to the management, servicing, administration and making of collections on the Receivables, the performance of such actions with reasonable care, using that degree of skill and attention that the Servicer exercises with respect to comparable automotive receivables that it services for itself or others.

Customary Servicing Practices means the customary practices of the Servicer with respect to Leased Vehicles and Leases held by the Titling Company, without regard to whether such Leased Vehicles and Leases have been identified and allocated into a portfolio of Titling Company Assets allocated to and associated with the 20[•]-[•] Series or any Other Series, as such practices may be changed from time to time.

Examples of Customary Servicing Practices in a sentence

The records of the Servicer did not disclose that any provision of the related Contract has been waived, amended or rewritten nor have any amounts due and owing thereunder deferred or waived (except waivers, amendments, rewrites, deferrals or waivers in accordance with the Customary Servicing Practices as disclosed in the records of the Servicer).
The Servicer may, in accordance with its Customary Servicing Practices: (i) maintain all or a portion of the Receivable Files in electronic form and (ii) maintain custody of all or any portion of the Receivable Files with one or more of its agents or designees.
In performing its duties as custodian, the Servicer shall act in accordance with its Customary Servicing Practices.
The Servicer shall notify Obligors (and each other Person who makes payments relating to the Receivables) to make payments directly to a Depository Account, to mail payment to one of the Post-Office Boxes and/or to pay through any Third Party Bill Payment Service, in each case, in accordance with Customary Servicing Practices.
The Servicer will use commercially reasonable efforts consistent with its Customary Servicing Practices to maximize net proceeds from the repossession of a Financed Vehicle and follow such Customary Servicing Practices as it deems necessary or advisable, which may include selling the Financed Vehicle at public or private sale.

More Definitions of Customary Servicing Practices

Customary Servicing Practices means the customary servicing practices of the Servicer with respect to Closed-End Vehicles and Closed-End Leases held by the Titling Trust, without regard to whether such Closed-End Vehicles and Closed-End Leases have been identified and allocated into any Reference Pool, as such practices may be changed from time to time.

Customary Servicing Practices means the customary practices of the Servicer with respect to Vehicles and Leases held by the Origination Trust, without regard to whether such Vehicles and Leases have been identified and allocated into a SUBI Portfolio, as such practices may be changed from time to time.

Customary Servicing Practices means the customary servicing practices of the Servicer or any Sub-Servicer with respect to all comparable motor vehicle receivables that the Servicer or such Sub-Servicer, as applicable, services for itself or others (which includes, or is modified with respect to the Receivables to include, that no modification to any Receivable is permitted other than a Permitted Modification), as such practices may be changed from time to time (except to the extent any such change could result in the Issuer being treated as other than a fixed investment trust described in Treasury Regulation section 301.7701-4(c) that is treated as a grantor trust under subtitle A, chapter 1, subchapter J, part I, subpart E of the Code), it being understood that the Servicer and the Sub-Servicers may not have the same “Customary Servicing Practices”.

Customary Servicing Practices. Means the customary servicing practices of the Servicer with respect to all comparable motor vehicle receivables that the Servicer services for itself or others, as such practices may be changed from time to time. Cutoff Date: December 12, 2021.

Customary Servicing Practices means (i) with respect to the initial Servicer, the customary servicing practices of the Servicer or any Sub-Servicer with respect to all comparable motor vehicle receivables that the Servicer or such Sub-Servicer, as applicable, services for itself and others, as such customary servicing practices may be changed from time to time, except to the extent any such change would result in or cause the Issuer or the Grantor Trust to be treated, for United States federal income tax purposes, as an association (or publicly traded partnership) taxable as a corporation, or cause the Grantor Trust to be treated as other than a grantor trust for United States federal income tax purposes, it being understood that the Servicer and the Sub-Servicers may not have the same “Customary Servicing Practices” and (ii) with respect to any successor Servicer, the customary and usual collection and servicing practices that such successor Servicer uses to service comparable automobile retail installment sale contracts for others; provided that such successor Servicer shall service the Receivables in accordance with the Transaction Documents, including the limitations set forth in Section 3.2(a) of the Sale and Servicing Agreement and the definition of “Permitted Modifications” herein.

Customary Servicing Practices means, with respect to any Program Portfolio and unless otherwise specified in the related Program Portfolio Schedule, the customary servicing practices of the Subservicer with respect to all comparable consumer and commercial motor vehicle receivables and leases, including automobile retail installment sales contracts and automobile leases, recreational vehicle and marine receivables and other financial receivables, that the Subservicer services for itself and others, as such customary servicing practices may be amended in accordance with Section 3.2(b).

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