Allocation of Closed-End Collections. The Closed-End Servicer will apply and allocate amounts received from Closed-End Obligors and other Persons with respect to the Closed-End Leases and Closed-End Vehicles. Subject to Section 6.3, if a Closed-End Lessee is obligated under one or more Closed-End Units and also under one or more other assets owned by World Omni or assigned by World Omni to third parties, then any payment on any such asset received from or on behalf of such Closed-End Obligor will, if identified as being made with respect to a particular item or asset, be applied to such item or asset, and otherwise will be allocated by World Omni in accordance with the Credit and Collection Policy.
Appears in 5 contracts
Samples: Servicing Agreement (World Omni LT), Servicing Agreement (World Omni LT), Servicing Agreement (World Omni LT)
