Common use of Collection and Allocation of Receivable Payments Clause in Contracts

Collection and Allocation of Receivable Payments. The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due and shall follow such collection procedures as it follows with respect to all comparable automotive receivables that it services for itself or others. The Servicer may grant extensions, rebates or adjustments on a Receivable or arrange with the Obligor to extend or modify the payment schedule, which actions shall not, for the purposes of this Agreement, modify the original due dates or amounts of the Scheduled Payments on a Precomputed Receivable or the original due dates or amounts of the originally scheduled payments of interest on Simple Interest Receivables; provided, however, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the Final Scheduled Maturity Date, it shall promptly repurchase the Receivable from the Issuer in accordance with the terms of Section 4.07. Upon payment of such Purchase Amount, NAL shall have all right, title and interest in such Purchased Receivable and all proceeds thereof. The Servicer may in its discretion waive any late payment charge or any other fees that may be collected in the ordinary course of servicing a Receivable. The Servicer shall not agree to any alteration of the interest rate on any Receivable or of the amount of any Scheduled Payment on Precomputed Receivables or the originally scheduled payments on Simple Interest Receivables.

Collection and Allocation of Receivable Payments. The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due and shall follow such customary collection procedures as it follows with respect to all comparable automotive receivables that it services for itself or others. The Servicer may shall be authorized to grant extensions, rebates or adjustments on a Receivable or arrange in accordance with the Obligor to extend or modify the payment schedule, which actions shall not, for the purposes of this Agreement, modify the original due dates or amounts customary servicing standards of the Scheduled Payments on a Precomputed Receivable or Servicer without the original due dates or amounts prior consent of the originally scheduled payments of interest on Simple Interest ReceivablesOwner Trustee, Indenture Trustee or any Securityholder; provided, however, that if if, as a result of any change in the related APR or the Amount Financed, any increase in the total number of Scheduled Payments or any extension of payments such that the Receivable will be outstanding later than the Class C Final Scheduled Payment Date the amount of any Scheduled Payment due in a subsequent Collection Period is reduced, the Servicer extends shall be obligated to either repurchase such Receivable pursuant to Section 4.08 or to make an Advance in respect of such Receivable in each subsequent Collection Period equal to the date for final payment amount by which such Scheduled Payment has been reduced. In addition, in the Obligor event that any such rescheduling or extension of any a Receivable beyond modifies the Final Scheduled Maturity Dateterms of such Receivable in such a manner as to release the security interest in the related Financed Vehicle or constitute a cancellation of such Receivable and the creation of a new automobile or light duty truck receivable, it the Servicer shall promptly repurchase purchase such Receivable pursuant to Section 4.08, and the Receivable from receivable created shall not be included as an asset of the Issuer Issuer. The Servicer may, in accordance with the terms of Section 4.07. Upon payment of such Purchase Amountits customary servicing procedures, NAL shall have all right, title and interest in such Purchased Receivable and all proceeds thereof. The Servicer may in its discretion waive any prepayment charge, late payment charge or any other fees that may be collected in the ordinary course of servicing a Receivable. The Servicer shall not agree to any alteration of the interest rate on any Receivable or of the amount of any Scheduled Payment on Precomputed Receivables or the originally scheduled payments on Simple Interest Receivables.

Collection and Allocation of Receivable Payments. The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due and shall follow such collection procedures as it follows with respect to all comparable automotive receivables that it services for itself or others. The Servicer may shall allocate collections between principal and interest in accordance with the customary servicing procedures it follows with respect to all comparable automotive receivables that it services for itself or others. The Servicer shall be authorized to grant extensions, rebates or adjustments on a Receivable or arrange in accordance with the Obligor to extend or modify the payment schedule, which actions shall not, for the purposes of this Agreement, modify the original due dates or amounts customary servicing standards of the Scheduled Payments on a Precomputed Receivable or Servicer without the original due dates or amounts prior consent of the originally scheduled payments of interest on Simple Interest ReceivablesOwner Trustee, Indenture Trustee or any Securityholder; provided, however, that if the Servicer extends the date for final payment by the Obligor if, as a result of any change in the related APR, increase in the total number of Scheduled Payments, extension of payments such that the Receivable beyond will be outstanding later than the Final Scheduled Maturity Date, it or other modification of the terms of a Receivable, the amount of any Scheduled Payment due in a subsequent Collection Period is reduced, the Servicer shall promptly be obligated to either repurchase such Receivable pursuant to Section 4.08 or to make an Advance in respect of such Receivable in each subsequent Collection period equal to the amount by which such Scheduled Payment has been reduced. In addition, in the event that any such rescheduling or extension of a Receivable from modifies the Issuer terms of such Receivable in such a manner as to release the security interest in the related Financed Vehicle or constitute a cancellation of such Receivable and the creation of a new automobile or light duty truck receivable, the Servicer shall purchase such Receivable pursuant to Section 4.08, and the receivable created shall not be included in the Issuer. The Servicer may, in accordance with the terms of Section 4.07. Upon payment of such Purchase Amountits customary servicing procedures, NAL shall have all right, title and interest in such Purchased Receivable and all proceeds thereof. The Servicer may in its discretion waive any prepayment charge, late payment charge or any other fees that may be collected in the ordinary course of servicing a Receivable. The Servicer shall not agree to any alteration of the interest rate on any Receivable or of the amount of any Scheduled Payment on Precomputed Receivables or the originally scheduled payments on Simple Interest Receivables.

Collection and Allocation of Receivable Payments. The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due and shall follow such collection procedures as it follows with respect to all comparable automotive receivables that it services for itself or others. The Servicer shall allocate collections between principal and interest in accordance with the customary servicing procedures it follows with respect to all comparable automotive receivables that it services for itself or others. The Servicer may grant extensions, rebates or adjustments on a Receivable or arrange with the Obligor to extend or modify the payment scheduleReceivable, which actions shall not, for the purposes of this Agreement, modify the original due dates or amounts of the Scheduled Payments on a Precomputed Receivable or the original due dates or amounts of the originally scheduled payments of interest on Simple Interest Receivables; provided, however, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the Final Scheduled Maturity Date, it shall promptly repurchase the such Receivable from the Issuer Trust in accordance with the terms of Section 4.07. Upon payment of such Purchase Amount, NAL shall have all right, title and interest in such Purchased Receivable and all proceeds thereof. The Servicer may in its discretion waive any late payment charge or any other fees that may be collected in the ordinary course of servicing a Receivable. The Servicer shall not agree to any alteration of the interest rate on any Receivable or of the amount of any Scheduled Payment on Precomputed Receivables or the originally scheduled payments on Simple Interest Receivables.

Collection and Allocation of Receivable Payments. The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due and shall follow such customary collection procedures as it follows with respect to all comparable automotive receivables that it services for itself or others. The Servicer may shall be authorized to grant extensions, rebates or adjustments on a Receivable or arrange in accordance with the Obligor to extend or modify the payment schedule, which actions shall not, for the purposes of this Agreement, modify the original due dates or amounts customary servicing standards of the Scheduled Payments on a Precomputed Receivable or Servicer without the original due dates or amounts prior consent of the originally scheduled payments of interest on Simple Interest ReceivablesOwner Trustee, Indenture Trustee or any Securityholder; provided, however, that if if, as a result of any change in the related APR or the Amount Financed, any increase in the total number of Scheduled Payments or any extension of payments such that the Receivable will be outstanding later than the Class C Final Scheduled Payment Date, the amount of any Scheduled Payment due in a subsequent Collection Period is reduced, the Servicer extends shall be obligated to either repurchase such Receivable pursuant to Section 4.08 or to make an Advance in respect of such Receivable in each subsequent Collection Period equal to the date for final payment amount by which such Scheduled Payment has been reduced. In addition, in the Obligor event that any such rescheduling or extension of any a Receivable beyond modifies the Final Scheduled Maturity Dateterms of such Receivable in such a manner as to release the security interest in the related Financed Vehicle or constitute a cancellation of such Receivable and the creation of a new automobile or light duty truck receivable, it the Servicer shall promptly repurchase purchase such Receivable pursuant to Section 4.08, and the Receivable from receivable created shall not be included as an asset of the Issuer Issuer. The Servicer may, in accordance with the terms of Section 4.07. Upon payment of such Purchase Amountits customary servicing procedures, NAL shall have all right, title and interest in such Purchased Receivable and all proceeds thereof. The Servicer may in its discretion waive any prepayment charge, late payment charge or any other fees that may be collected in the ordinary course of servicing a Receivable. The Servicer shall not agree to any alteration of the interest rate on any Receivable or of the amount of any Scheduled Payment on Precomputed Receivables or the originally scheduled payments on Simple Interest Receivables.

Collection and Allocation of Receivable Payments. The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due and shall follow such collection procedures as it follows with respect to all comparable automotive [automotive] [recreational vehicle] receivables that it services for itself or others. The Servicer shall allocate collections between principal and interest in accordance with the customary servicing procedures it follows with respect to all comparable [automotive] [recreational vehicle] receivables that it services for itself or others. The Servicer may grant extensions, rebates or adjustments on a Receivable or arrange with the Obligor to extend or modify the payment scheduleReceivable, which actions shall not, for the purposes of this Agreement, modify the original due dates or amounts of the Scheduled Payments on a Precomputed Receivable or the original due dates or amounts of the originally scheduled payments of interest on Simple Interest Receivables; provided, however, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the Final Scheduled Maturity Date, it shall promptly repurchase the Receivable from the Issuer in accordance with the terms of Section 4.07. Upon payment of such Purchase Amount, NAL shall have all right, title and interest in such Purchased Receivable and all proceeds thereof. The Servicer may in its discretion waive any late payment charge or any other fees that may be collected in the ordinary course of servicing a Receivable. The Servicer shall not agree to any alteration of the interest rate on any Receivable or of the amount of any Scheduled Payment on Precomputed Receivables or the originally scheduled payments on Simple Interest Receivables.

Collection and Allocation of Receivable Payments. The (a) Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due due, and shall follow such collection procedures as it follows otherwise act with respect to all comparable automotive receivables that it services for itself or othersthe Receivables, the Physical Damage Insurance Policies, the Dealer Agreements and related property in such manner as will, in the reasonable judgment of Servicer, maximize the amount to be received by the Trust with respect thereto, in accordance with the standard of care required by Section 3.1. The Servicer may shall be entitled to grant extensions, rebates or adjustments on a Receivable, or amend or modify any Receivable in accordance with its customary procedures if Servicer believes in good faith that such amendment or modification is not adverse to the the Trust; provided that Servicer may not, unless ordered by a court of competent jurisdiction or otherwise required by applicable law, (i) extend a Receivable beyond the last day of the Collection Period preceding the Final Scheduled Distribution Date or (ii) reduce the Principal Balance or Contract Rate of any Receivable. If Servicer fails to comply with the provisions of the preceding sentence, Servicer shall be required to purchase the Receivable or arrange with the Obligor to extend or modify the payment schedule, which actions shall notReceivables affected thereby, for the purposes of this AgreementPurchase Amount, modify in the original due dates or amounts manner specified in Section 3.7 as of the Scheduled Payments on a Precomputed Receivable or the original due dates or amounts last day of the originally scheduled payments of interest on Simple Interest Receivables; providedCollection Period in which such failure occurs. Servicer may, however, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the Final Scheduled Maturity Date, it shall promptly repurchase the Receivable from the Issuer in its discretion (in accordance with the terms of Section 4.07. Upon payment of such Purchase Amountits customary standards, NAL shall have all rightpolicies and procedures), title and interest in such Purchased Receivable and all proceeds thereof. The Servicer may in its discretion waive any prepayment charge, late payment charge charge, extension fee or any other fees fee that may be collected in the ordinary course of servicing a Receivable. The Servicer shall not agree to any alteration of the interest rate on any Receivable or of the amount of any Scheduled Payment on Precomputed Receivables or the originally scheduled payments on Simple Interest Receivables.

Collection and Allocation of Receivable Payments. The ------------------------------------------------ Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due and shall follow such collection procedures as it follows with respect to all comparable automotive (automotive) (marine) (recreational vehicle) receivables that it services for itself or others. The Servicer shall allocate collections between principal and interest in accordance with the customary servicing procedures it follows with respect to all comparable (automotive) (marine) (recreational vehicle) receivables that it services for itself or others. The Servicer may grant extensions, rebates or adjustments on a Receivable or arrange with the Obligor to extend or modify the payment scheduleReceivable, which actions shall not, for the purposes of this Agreement, modify the original due dates or amounts of the Scheduled Payments on a Precomputed Receivable or the original due dates or amounts of the originally scheduled payments of interest on Simple Interest Receivables; provided, however, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the Final Scheduled Maturity Date, it shall promptly repurchase the such Receivable from the Issuer Trust in accordance with the terms of Section 4.07. Upon payment of such Purchase Amount, NAL shall have all right, title and interest in such Purchased Receivable and all proceeds thereof. The Servicer may in its discretion waive any late payment charge or any other fees that may be collected in the ordinary course of servicing a Receivable. The Servicer shall not agree to any alteration of the interest rate on any Receivable or of the amount of any Scheduled Payment on Precomputed Receivables or the originally scheduled payments on Simple Interest Receivables.

Collection and Allocation of Receivable Payments. The ------------------------------------------------ Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Receivables as and when the same shall become due and shall follow such collection procedures as it follows with respect to all comparable automotive (automotive) (marine) (recreational vehicle) receivables that it services for itself or others. The Servicer shall allocate collections between principal and interest in accordance with the customary servicing procedures it follows with respect to all comparable (automotive) (marine) (recreational vehicle) receivables that it services for itself or others. The Servicer may grant extensions, rebates or adjustments on a Receivable or arrange with the Obligor to extend or modify the payment scheduleReceivable, which actions shall not, for the purposes of this Agreement, modify the original due dates or amounts of the Scheduled Payments on a Precomputed Receivable or the original due dates or amounts of the originally scheduled payments of interest on Simple Interest Receivables; provided, however, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the Final Scheduled Maturity Date, it shall promptly repurchase the Receivable from the Issuer in accordance with the terms of Section 4.07. Upon payment of such Purchase Amount, NAL shall have all right, title and interest in such Purchased Receivable and all proceeds thereof. The Servicer may in its discretion waive any late payment charge or any other fees that may be collected in the ordinary course of servicing a Receivable. The Servicer shall not agree to any alteration of the interest rate on any Receivable or of the amount of any Scheduled Payment on Precomputed Receivables or the originally scheduled payments on Simple Interest Receivables.