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 shall allocate collections as set forth in Section 5.03. The Servicer may grant extensions, rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests in accordance with the Servicer’s customary servicing procedures) or change the method under which scheduled payments of interest are computed on such Receivable; provided, however, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, the Servicer shall purchase any such Receivable as of the earlier of (a) the last day of the second Collection Period following the date of such extension (or, at the Servicer’s election, the last day of the first following Collection Period) and (b) the last day of the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, in each case in accordance with the terms of Section 4.07(b). The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless the Servicer is making deposits on a monthly basis as permitted under Section 5.02. 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 or the originally scheduled payments on any Receivable, other than as provided herein or as required by law.

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 as set forth in Section 5.03. The Servicer may grant extensions, rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests in accordance with the Servicer’s customary servicing procedures) or change the method under which scheduled payments of interest are computed on such Receivable; provided, however, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, the Servicer shall purchase any such Receivable as of the earlier of (a) the last day of the second Collection Period following the date of such extension (or, at the Servicer’s election, the last day of the first following Collection Period) and (b) the last day of the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, in each case in accordance with the terms of Section 4.07(b). The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless the Servicer is making deposits on a monthly basis as permitted under Section 5.02. 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 or the originally scheduled payments on any Receivable, other than as provided herein or as required by law.4.07

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 shall allocate collections as set forth in Section 5.03. The Servicer may be authorized to grant extensions, rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests Receivable in accordance with the Servicer’s customary servicing procedures) Customary Servicing Practices of the Servicer without the prior consent of the Issuer, the Owner Trustee, the Indenture Trustee or change the method under which scheduled payments of interest are computed on such Receivableany Securityholder; provided, however, that if the Servicer extends the date for final payment by the Obligor amount of any Scheduled Payment due in a subsequent Collection Period is reduced as a result of (x) any change in the related APR or the Amount Financed, (y) any increase in the total number of Scheduled Payments or (z) any extension of payments such that the Receivable beyond will be outstanding later than the month immediately last day of the Collection Period preceding the month in which the Class B Final Scheduled Payment Date for Date, then the Class C Notes occursServicer shall be obligated (except to the extent any such extension, rebate or adjustment constitutes a Permitted Modification) to repurchase such Receivable pursuant to Section 4.08; provided further, that the Servicer shall have no such obligation to repurchase a Receivable as a result of any such extension of payments under clause (z) above if it is required to grant such extension under law or pursuant to a court order. In addition, in the event that any such rescheduling or extension of a Receivable modifies the terms of such Receivable in such a manner as to release the security interest in the related Financed Vehicle or constitutes a cancellation of such Receivable and the creation of a new car, minivan, light-duty truck or sport utility vehicle receivable, the Servicer shall purchase such Receivable pursuant to Section 4.08 (except to the extent any such rescheduling, extension or modification constitutes a Permitted Modification), and the receivable created shall not be included as an asset of the Issuer. Notwithstanding the foregoing, (1) if a default, breach, violation, delinquency or event permitting acceleration under the terms of any Receivable shall have occurred or, in the judgment of the Servicer, is imminent, the Servicer may (A) extend such Receivable for credit related reasons that would be acceptable to the Servicer with respect to comparable new or used car, minivan, light-duty truck or sport utility vehicle receivables that it services for itself, but only if the final scheduled payment date of such Receivable as of the earlier of (a) extended would not be later than the last day of the second Collection Period following preceding the date Class B Final Scheduled Payment Date; or (B) reduce the outstanding principal amount of such extension the Receivable in the event of a prepayment resulting from refunds of Insurance Policy premiums and service contracts and make similar adjustments in an Obligor’s payment terms to the extent required by law; (or, 2) if at the Servicer’s electionend of the scheduled term of any Receivable, the outstanding principal amount thereof is such that the final payment to be made by the related Obligor is larger than the regularly scheduled payment of principal and interest made by such Obligor, the Servicer may permit such Obligor to pay such remaining principal amount in more than one payment of principal and interest, provided that the last such payment shall be due on or prior to the last day of the first following Collection Period) and (b) the last day of the month immediately Period preceding the month in which the Class B Final Scheduled Payment Date for Date; and (3) the Class C Notes occursServicer may, in each case in accordance with the terms of Section 4.07(b). The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless the Servicer is making deposits on a monthly basis as permitted under Section 5.02. The Servicer may in its discretion Customary Servicing Practices, waive any prepayment charge, late payment charge or any other fees that may be collected in the ordinary course of servicing the Receivables. Each such action that the Servicer is permitted to take in accordance with the terms of the immediately preceding sentence shall constitute a Receivable. The “Permitted Modification.” In addition, in accordance with its Customary Servicing Practices, the Servicer shall not agree modify the terms of any Receivable impacted by the Relief Act and the Servicer shall be obligated to purchase any alteration such modified Receivable in accordance with the terms of the interest rate or the originally scheduled payments on any Receivable, other than as provided herein or as required by lawSection 4.08.

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 shall allocate collections as set forth in Section 5.03. The Servicer may be authorized to grant extensions, rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests Receivable in accordance with the Servicer’s customary servicing procedures) Customary Servicing Practices of the Servicer without the prior consent of the Owner Trustee, the Indenture Trustee or change the method under which scheduled payments of interest are computed on such Receivableany Securityholder; provided, however, that if the Servicer extends the date for final payment by the Obligor amount of any Scheduled Payment due in a subsequent Collection Period is reduced as a result of (x) any change in the related APR or the Amount Financed, (y) any increase in the total number of Scheduled Payments or (z) any extension of payments such that the Receivable beyond will be outstanding later than the month immediately last day of the Collection Period preceding the month in which the Class B Final Scheduled Payment Date for Date, then the Class C Notes occursServicer shall be obligated (except to the extent any such extension, rebate or adjustment constitutes a Permitted Modification) to repurchase such Receivable pursuant to Section 4.08; provided further, that the Servicer shall have no such obligation to repurchase a Receivable as a result of any such extension of payments under clause (z) above if it is required to grant such extension under law or pursuant to a court order. In addition, in the event that any such rescheduling or extension of a Receivable modifies the terms of such Receivable in such a manner as to release the security interest in the related Financed Vehicle or constitutes a cancellation of such Receivable and the creation of a new passenger car, minivan, light-duty truck or sport utility vehicle receivable, the Servicer shall purchase such Receivable pursuant to Section 4.08 (except to the extent any such rescheduling, extension or modification constitutes a Permitted Modification), and the receivable created shall not be included as an asset of the Issuer. Notwithstanding the foregoing, (1) if a default, breach, violation, delinquency or event permitting acceleration under the terms of any Receivable shall have occurred or, in the judgment of the Servicer, is imminent, the Servicer may (A) extend such Receivable for credit related reasons that would be acceptable to the Servicer with respect to comparable new or used passenger car, minivan, light-duty truck or sport utility vehicle receivables that it services for itself, but only if the final scheduled payment date of such Receivable as of the earlier of (a) extended would not be later than the last day of the second Collection Period following preceding the date Class B Final Scheduled Payment Date; or (B) reduce the outstanding principal amount of such extension the Receivable in the event of a prepayment resulting from refunds of Insurance Policy premiums and service contracts and make similar adjustments in an Obligor’s payment terms to the extent required by law; (or, 2) if at the Servicer’s electionend of the scheduled term of any Receivable, the outstanding principal amount thereof is such that the final payment to be made by the related Obligor is larger than the regularly scheduled payment of principal and interest made by such Obligor, the Servicer may permit such Obligor to pay such remaining principal amount in more than one payment of principal and interest, provided that the last such payment shall be due on or prior to the last day of the first following Collection Period) and (b) the last day of the month immediately Period preceding the month in which the Class B Final Scheduled Payment Date for Date; and (3) the Class C Notes occursServicer may, in each case in accordance with the terms of Section 4.07(b). The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless the Servicer is making deposits on a monthly basis as permitted under Section 5.02. The Servicer may in its discretion Customary Servicing Practices, waive any prepayment charge, late payment charge or any other fees that may be collected in the ordinary course of servicing the Receivables. Each such action that the Servicer is permitted to take in accordance with the terms of the immediately preceding sentence shall constitute a “Permitted Modification.” In addition, in accordance with its Customary Servicing Practices, the Servicer shall pay off the remaining unpaid principal balance of any Receivable impacted by the Servicemembers Civil Relief Act of 2003, as amended (the “Relief Act”), by depositing an amount equal to such unpaid principal balance and any accrued interest thereon into the Collection Account and shall enter into a new loan agreement with the related Obligor, which reflects payment terms permissible under the Relief Act. Such new loan agreement shall not constitute a Receivable. The Servicer shall not agree to any alteration , an asset of the interest rate Issuer or a part of the originally scheduled payments on any Receivable, other than as provided herein or as required by lawTrust Estate.

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 as set forth in Section 5.03. The Servicer may grant extensions, rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests in accordance with the Servicer’s customary servicing procedures) or change the method under which scheduled payments of interest are computed on such Receivable; provided, however, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C E Notes occurs, the Servicer shall purchase any such Receivable as of the earlier of (a) the last day of the second Collection Period following the date of such extension (or, at the Servicer’s election, the last day of the first following Collection Period) and (b) the last day of the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C E Notes occurs, in each case in accordance with the terms of Section 4.07(b). The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless the Servicer is making deposits on a monthly basis as permitted under Section 5.02. 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 or the originally scheduled payments on any Receivable, other than as provided herein or as required by law.4.07

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 shall allocate collections as set forth in Section 5.03. The Servicer may be authorized to grant extensions, rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests Receivable in accordance with the Servicer’s customary servicing procedures) Customary Servicing Practices of the Servicer without the prior consent of the Owner Trustee, the Indenture Trustee or change the method under which scheduled payments of interest are computed on such Receivableany Securityholder; provided, however, that if the Servicer extends the date for final payment by the Obligor amount of any Scheduled Payment due in a subsequent Collection Period is reduced as a result of (x) any change in the related APR or the Amount Financed, (y) any increase in the total number of Scheduled Payments or (z) any extension of payments such that the Receivable beyond will be outstanding later than the month immediately last day of the Collection Period preceding the month in which the Class B Final Scheduled Payment Date for Date, then the Class C Notes occursServicer shall be obligated (except to the extent any such extension, rebate or adjustment constitutes a Permitted Modification) to repurchase such Receivable pursuant to Section 4.08. In addition, in the event that any such rescheduling or extension of a Receivable modifies the terms of such Receivable in such a manner as to release the security interest in the related Financed Vehicle or constitutes a cancellation of such Receivable and the creation of a new passenger car, minivan, light-duty truck or sport utility vehicle receivable, the Servicer shall purchase such Receivable pursuant to Section 4.08 (except to the extent any such rescheduling, extension or modification constitutes a Permitted Modification), and the receivable created shall not be included as an asset of the Issuer. Notwithstanding the foregoing, (1) if a default, breach, violation, delinquency or event permitting acceleration under the terms of any Receivable shall have occurred or, in the judgment of the Servicer, is imminent, the Servicer may (A) extend such Receivable for credit related reasons that would be acceptable to the Servicer with respect to comparable new or used passenger car, minivan, light-duty truck or sport utility vehicle receivables that it services for itself, but only if the final scheduled payment date of such Receivable as of the earlier of (a) extended would not be later than the last day of the second Collection Period following preceding the date Class B Final Scheduled Payment Date; or (B) reduce the outstanding principal amount of such extension the Receivable in the event of a prepayment resulting from refunds of Insurance Policy premiums and service contracts and make similar adjustments in an Obligor’s payment terms to the extent required by law; (or, 2) if at the Servicer’s electionend of the scheduled term of any Receivable, the outstanding principal amount thereof is such that the final payment to be made by the related Obligor is larger than the regularly scheduled payment of principal and interest made by such Obligor, the Servicer may permit such Obligor to pay such remaining principal amount in more than one payment of principal and interest, provided that the last such payment shall be due on or prior to the last day of the first following Collection Period) and (b) the last day of the month immediately Period preceding the month in which the Class B Final Scheduled Payment Date for Date; and (3) the Class C Notes occursServicer may, in each case in accordance with the terms of Section 4.07(b). The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless the Servicer is making deposits on a monthly basis as permitted under Section 5.02. The Servicer may in its discretion Customary Servicing Practices, waive any prepayment charge, late payment charge or any other fees that may be collected in the ordinary course of servicing the Receivables. Each such action that the Servicer is permitted to take in accordance with the terms of the immediately preceding sentence shall constitute a “Permitted Modification.” In addition, in accordance with its Customary Servicing Practices, the Servicer shall pay off the remaining unpaid principal balance of any Receivable impacted by the Servicemembers Civil Relief Act of 2003, as amended (the “Relief Act”), by depositing an amount equal to such unpaid principal balance and any accrued interest thereon into the Collection Account and shall enter into a new loan agreement with the related Obligor, which reflects payment terms permissible under the Relief Act. Such new loan agreement shall not constitute a Receivable. The Servicer shall not agree to any alteration , an asset of the interest rate Issuer or a part of the originally scheduled payments on any Receivable, other than as provided herein or as required by lawTrust Estate.

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 shall allocate collections as set forth in Section 5.03. The Servicer may be authorized to grant extensions, rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests Receivable in accordance with the Servicer’s customary servicing procedures) Customary Servicing Practices of the Servicer without the prior consent of the Owner Trustee, the Indenture Trustee or change the method under which scheduled payments of interest are computed on such Receivableany Securityholder; provided, however, that if the Servicer extends the date for final payment by the Obligor amount of any Scheduled Payment due in a subsequent Collection Period is reduced as a result of (x) any change in the related APR or the Amount Financed, (y) any increase in the total number of Scheduled Payments or (z) any extension of payments such that the Receivable beyond will be outstanding later than the month immediately last day of the Collection Period preceding the month in which the Class B Final Scheduled Payment Date for Date, then the Class C Notes occursServicer shall be obligated (except to the extent any such extension, rebate or adjustment constitutes a Permitted Modification) to repurchase such Receivable pursuant to Section 4.08; provided further, that the Servicer shall have no such obligation to repurchase a Receivable as a result of any such extension of payments under clause (z) above if it is required to grant such extension under law or pursuant to a court order. In addition, in the event that any such rescheduling or extension of a Receivable modifies the terms of such Receivable in such a manner as to release the security interest in the related Financed Vehicle or constitutes a cancellation of such Receivable and the creation of a new car, minivan, light-duty truck or sport utility vehicle receivable, the Servicer shall purchase such Receivable pursuant to Section 4.08 (except to the extent any such rescheduling, extension or modification constitutes a Permitted Modification), and the receivable created shall not be included as an asset of the Issuer. Notwithstanding the foregoing, (1) if a default, breach, violation, delinquency or event permitting acceleration under the terms of any Receivable shall have occurred or, in the judgment of the Servicer, is imminent, the Servicer may (A) extend such Receivable for credit related reasons that would be acceptable to the Servicer with respect to comparable new or used car, minivan, light-duty truck or sport utility vehicle receivables that it services for itself, but only if the final scheduled payment date of such Receivable as of the earlier of (a) extended would not be later than the last day of the second Collection Period following preceding the date Class B Final Scheduled Payment Date; or (B) reduce the outstanding principal amount of such extension the Receivable in the event of a prepayment resulting from refunds of Insurance Policy premiums and service contracts and make similar adjustments in an Obligor’s payment terms to the extent required by law; (or, 2) if at the Servicer’s electionend of the scheduled term of any Receivable, the outstanding principal amount thereof is such that the final payment to be made by the related Obligor is larger than the regularly scheduled payment of principal and interest made by such Obligor, the Servicer may permit such Obligor to pay such remaining principal amount in more than one payment of principal and interest, provided that the last such payment shall be due on or prior to the last day of the first following Collection Period) and (b) the last day of the month immediately Period preceding the month in which the Class B Final Scheduled Payment Date for Date; and (3) the Class C Notes occursServicer may, in each case in accordance with the terms of Section 4.07(b). The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless the Servicer is making deposits on a monthly basis as permitted under Section 5.02. The Servicer may in its discretion Customary Servicing Practices, waive any prepayment charge, late payment charge or any other fees that may be collected in the ordinary course of servicing the Receivables. Each such action that the Servicer is permitted to take in accordance with the terms of the immediately preceding sentence shall constitute a Receivable. The “Permitted Modification.” In addition, in accordance with its Customary Servicing Practices, the Servicer shall not agree modify the terms of any Receivable impacted by the Relief Act and the Servicer shall be obligated to purchase any alteration such modified Receivable in accordance with the terms of the interest rate or the originally scheduled payments on any Receivable, other than as provided herein or as required by lawSection 4.08.

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 shall allocate collections as set forth in Section 5.03. The Servicer may be authorized to grant extensions, rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests Receivable in accordance with the Servicer’s customary servicing procedures) Customary Servicing Practices of the Servicer without the prior consent of the Owner Trustee, the Indenture Trustee or change the method under which scheduled payments of interest are computed on such Receivableany Securityholder; provided, however, that if the Servicer extends the date for final payment by the Obligor amount of any Scheduled Payment due in a 31 subsequent Collection Period is reduced as a result of (x) any change in the related APR or the Amount Financed, (y) any increase in the total number of Scheduled Payments or (z) any extension of payments such that the Receivable beyond will be outstanding later than the month immediately last day of the Collection Period preceding the month in which the Class B Final Scheduled Payment Date for Date, then the Class C Notes occursServicer shall be obligated (except to the extent any such extension, rebate or adjustment constitutes a Permitted Modification) to repurchase such Receivable pursuant to Section 4.08; provided further, that the Servicer shall have no such obligation to repurchase a Receivable as a result of any such extension of payments under clause (z) above if it is required to grant such extension under law or pursuant to a court order. In addition, in the event that any such rescheduling or extension of a Receivable modifies the terms of such Receivable in such a manner as to release the security interest in the related Financed Vehicle or constitutes a cancellation of such Receivable and the creation of a new passenger car, minivan, light-duty truck or sport utility vehicle receivable, the Servicer shall purchase such Receivable pursuant to Section 4.08 (except to the extent any such rescheduling, extension or modification constitutes a Permitted Modification), and the receivable created shall not be included as an asset of the Issuer. Notwithstanding the foregoing, (1) if a default, breach, violation, delinquency or event permitting acceleration under the terms of any Receivable shall have occurred or, in the judgment of the Servicer, is imminent, the Servicer may (A) extend such Receivable for credit related reasons that would be acceptable to the Servicer with respect to comparable new or used passenger car, minivan, light-duty truck or sport utility vehicle receivables that it services for itself, but only if the final scheduled payment date of such Receivable as of the earlier of (a) extended would not be later than the last day of the second Collection Period following preceding the date Class B Final Scheduled Payment Date; or (B) reduce the outstanding principal amount of such extension the Receivable in the event of a prepayment resulting from refunds of Insurance Policy premiums and service contracts and make similar adjustments in an Obligor’s payment terms to the extent required by law; (or, 2) if at the Servicer’s electionend of the scheduled term of any Receivable, the outstanding principal amount thereof is such that the final payment to be made by the related Obligor is larger than the regularly scheduled payment of principal and interest made by such Obligor, the Servicer may permit such Obligor to pay such remaining principal amount in more than one payment of principal and interest, provided that the last such payment shall be due on or prior to the last day of the first following Collection Period) and (b) the last day of the month immediately Period preceding the month in which the Class B Final Scheduled Payment Date for Date; and (3) the Class C Notes occursServicer may, in each case in accordance with the terms of Section 4.07(b). The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless the Servicer is making deposits on a monthly basis as permitted under Section 5.02. The Servicer may in its discretion Customary Servicing Practices, waive any prepayment charge, late payment charge or any other fees that may be collected in the ordinary course of servicing the Receivables. Each such action that the Servicer is permitted to take in accordance with the terms of the immediately preceding sentence shall constitute a Receivable. The “Permitted Modification.” In addition, in accordance with its Customary Servicing Practices, the Servicer shall not agree modify the terms of any Receivable impacted by the Relief Act and the Servicer shall be obligated to purchase any alteration such modified Receivable in accordance with the terms of the interest rate or the originally scheduled payments on any Receivable, other than as provided herein or as required by lawSection 4.08.

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 shall allocate collections as set forth in Section 5.03. The Servicer may be authorized to grant extensions, rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests Receivable in accordance with the Servicer’s customary servicing procedures) procedures of the Servicer without the prior consent of the Owner Trustee, Indenture Trustee or change the method under which scheduled payments of interest are computed on such Receivableany Securityholder; provided, however, that if the amount of any Scheduled Payment due in a subsequent Collection Period is reduced as a result of (x) any change in the related APR or the Amount Financed, (y) any increase in the total number of Scheduled Payments or (z) any extension of payments such that the Receivable will be outstanding later than the Class [A-4] Final Scheduled Payment Date, then the Servicer extends shall be obligated (except to the date for final payment by extent permitted below) to repurchase such Receivable pursuant to Section 4.08. In addition, in the Obligor event that any such rescheduling or extension of a Receivable modifies the 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 as an asset of the Issuer. Notwithstanding the foregoing, (1) if a default, breach, violation, delinquency or event permitting acceleration under the terms of any Receivable beyond shall have occurred or, in the month immediately judgment of the Servicer, is imminent, the Servicer may (A) extend such Receivable for credit related reasons that would be acceptable to the Servicer with respect to comparable new or used automobile or light-duty truck receivables that it services for itself, but only if (i) the final scheduled payment date of such Receivable as extended would not be later than the last day of the Collection Period preceding the month Final Scheduled Distribution Date for the Class [A-4] Notes, and (ii) the rescheduling or extension would not modify the terms of such Receivable in which a manner that would constitute a cancellation of such Receivable and the creation of a new receivable for federal income tax purposes; or (B) reduce the outstanding principal amount of the Receivable in the event of a prepayment resulting from refunds of credit life and disability insurance premiums and service contracts and make similar adjustments in an Obligor’s payment terms to the extent required by law; (2) if at the end of the scheduled term of any Receivable, the outstanding principal amount thereof is such that the final payment to be made by the related Obligor is larger than the regularly scheduled payment of principal and interest made by such Obligor, the Servicer may permit such Obligor to pay such remaining principal amount in more than one payment of principal and interest, provided that the last such payment shall be due on or prior to the last day of the Collection Period preceding the Final Scheduled Payment Date for the Class C Notes occurs, [A-4] Notes; and (3) the Servicer shall purchase any such Receivable as of the earlier of (a) the last day of the second Collection Period following the date of such extension (ormay, at the Servicer’s election, the last day of the first following Collection Period) and (b) the last day of the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, in each case in accordance with the terms of Section 4.07(b). The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless the Servicer is making deposits on a monthly basis as permitted under Section 5.02. The Servicer may in its discretion customary servicing procedures, 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 or the originally scheduled payments on any Receivable, other than as provided herein or as required by lawReceivables.

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 shall allocate collections as set forth in Section 5.03. The Servicer may be authorized to grant extensions, rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests Receivable in accordance with the Servicer’s customary servicing procedures) Customary Servicing Practices of the Servicer without the prior consent of the Issuer, the Owner Trustee, the Indenture Trustee or change the method under which scheduled payments of interest are computed on such Receivableany Securityholder; provided, however, that if the Servicer extends the date for final payment by the Obligor amount of any Scheduled Payment due in a subsequent Collection Period is reduced as a result of (x) any change in the related APR or the Amount Financed, (y) any increase in the total number of Scheduled Payments or (z) any extension of payments such that the Receivable beyond will be outstanding later than the month immediately last day of the Collection Period preceding the month in which the Class B Final Scheduled Payment Date for Date, then the Class C Notes occursServicer shall be obligated (except to the extent any such extension, rebate or adjustment constitutes a Permitted Modification) to repurchase such Receivable pursuant to Section 4.08; provided further, that the Servicer shall have no such obligation to repurchase a Receivable as a result of any such extension of payments under clause (z) above if it is required to grant such extension under law or pursuant to a court order. In addition, in the event that any such rescheduling or extension of a Receivable modifies the terms of such Receivable in such a manner as to release the security interest in the related Financed Vehicle or constitutes a cancellation of such Receivable and the creation of a new car, crossover utility vehicles, light-duty truck or sport utility vehicle receivable, the Servicer shall purchase such Receivable pursuant to Section 4.08 (except to the extent any such rescheduling, extension or modification constitutes a Permitted Modification), and the receivable created shall not be included as an asset of the Issuer. Notwithstanding the foregoing, (1) if a default, breach, violation, delinquency or event permitting acceleration under the terms of any Receivable shall have occurred or, in the judgment of the Servicer, is imminent, the Servicer may (A) extend such Receivable for credit related reasons that would be acceptable to the Servicer with respect to comparable new or used car, crossover utility vehicles, light-duty truck or sport utility vehicle receivables that it services for itself, but only if the final scheduled payment date of such Receivable as of the earlier of (a) extended would not be later than the last day of the second Collection Period following preceding the date Class B Final Scheduled Payment Date; or (B) reduce the outstanding principal amount of such extension the Receivable in the event of a prepayment resulting from refunds of Insurance Policy premiums and service contracts and make similar adjustments in an Obligor’s payment terms to the extent required by law; (or, 2) if at the Servicer’s electionend of the scheduled term of any Receivable, the outstanding principal amount thereof is such that the final payment to be made by the related Obligor is larger than the regularly scheduled payment of principal and interest made by such Obligor, the Servicer may permit such Obligor to pay such remaining principal amount in more than one payment of principal and interest, provided that the last such payment shall be due on or prior to the last day of the first following Collection Period) and (b) the last day of the month immediately Period preceding the month in which the Class B Final Scheduled Payment Date for Date; and (3) the Class C Notes occursServicer may, in each case in accordance with the terms of Section 4.07(b). The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless the Servicer is making deposits on a monthly basis as permitted under Section 5.02. The Servicer may in its discretion Customary Servicing Practices, 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 or the originally scheduled payments on any Receivable, other than as provided herein or as required by law.the

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 shall allocate collections as set forth in Section 5.03. The Servicer may be authorized to grant extensions, rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests Receivable in accordance with the Servicer’s customary servicing procedures) procedures of the Servicer without the prior consent of the Owner Trustee, Indenture Trustee or change the method under which scheduled payments of interest are computed on such Receivableany Securityholder; provided, however, that if the Servicer extends the date for final payment by the Obligor amount of any Scheduled Payment due in a subsequent Collection Period is reduced as a result of (x) any change in the related APR or the Amount Financed, (y) any increase in the total number of Scheduled Payments or (z) any extension of payments such that the Receivable beyond will be outstanding later than the month immediately last day of the Collection Period preceding the month in which the Class A-4 Final Scheduled Payment Date for Date, then the Class C Notes occursServicer shall be obligated (except to the extent any such extension, rebate or adjustment constitutes a Permitted Modification) to repurchase such Receivable pursuant to Section 4.08. In addition, in the event that any such rescheduling or extension of a Receivable modifies the terms of such Receivable in such a manner as to release the security interest in the related Financed Vehicle or constitutes a cancellation of such Receivable and the creation of a new passenger car, minivan, light-duty truck or sport utility vehicle receivable, the Servicer shall purchase such Receivable pursuant to Section 4.08 (except to the extent any such rescheduling, extension or modification constitutes a Permitted Modification), and the receivable created shall not be included as an asset of the Issuer. Notwithstanding the foregoing, (1) if a default, breach, violation, delinquency or event permitting acceleration under the terms of any Receivable shall have occurred or, in the judgment of the Servicer, is imminent, the Servicer may (A) extend such Receivable for credit related reasons that would be acceptable to the Servicer with respect to comparable new or used passenger car, minivan, light-duty truck or sport utility vehicle receivables that it services for itself, but only if the final scheduled payment date of such Receivable as of the earlier of (a) extended would not be later than the last day of the second Collection Period following preceding the date Class A-4 Final Scheduled Payment Date; or (B) reduce the outstanding principal amount of such extension the Receivable in the event of a prepayment resulting from refunds of Insurance Policy premiums and service contracts and make similar adjustments in an Obligor’s payment terms to the extent required by law; (or, 2) if at the Servicer’s electionend of the scheduled term of any Receivable, the outstanding principal amount thereof is such that the final payment to be made by the related Obligor is larger than the regularly scheduled payment of principal and interest made by such Obligor, the Servicer may permit such Obligor to pay such remaining principal amount in more than one payment of principal and interest, provided that the last such payment shall be due on or prior to the last day of the first following Collection Period) and (b) the last day of the month immediately Period preceding the month in which the Class A-4 Final Scheduled Payment Date for Date; and (3) the Class C Notes occursServicer may, in each case in accordance with the terms of Section 4.07(b). The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless the Servicer is making deposits on a monthly basis as permitted under Section 5.02. The Servicer may in its discretion customary servicing procedures, waive any prepayment charge, late payment charge or any other fees that may be collected in the ordinary course of servicing the Receivables. Each such action that the Servicer is permitted to take in accordance with the terms of the immediately preceding sentence shall constitute a “Permitted Modification.” In addition, in accordance with its current servicing practices, the Servicer shall pay off the remaining unpaid principal balance of any Receivable impacted by the Servicemembers Civil Relief Act of 2003, as amended (the “Relief Act”), by depositing an amount equal to such unpaid principal balance and any accrued interest thereon into the Collection Account and shall enter into a new loan agreement with the related Obligor, which reflects payment terms permissible under the Relief Act. Such new loan agreement shall not constitute a Receivable. The Servicer shall not agree to any alteration , an asset of the interest rate Issuer or a part of the originally scheduled payments on any Receivable, other than as provided herein or as required by lawTrust Estate.

Collection and Allocation of Receivable Payments. The Consistent with the standards, policies and procedures required by this Agreement, 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; PROVIDED, HOWEVER, that the Servicer shall notify each Obligor prior to the Closing Date in the case of the Initial Receivables, and prior to the related Subsequent Transfer Date, in the case of the Subsequent Receivables, to make all payments with respect to the Receivables to the Lock-Box and shall make reasonable efforts to cause Obligors to make all such payments to such Lock-Box. The Servicer will provide each Obligor with a monthly statement in order to notify such Obligors to make payments directly to the Lock-Box. The Servicer shall allocate collections as set forth between principal and interest in Section 5.03accordance with the customary servicing procedures it follows with respect to all comparable automotive receivables that it services for itself or others and in accordance with the terms of this Agreement. The Servicer Servicer, for so long as LBAC is the Servicer, may grant extensions, rebates or adjustments on a Receivable, Receivable in accordance with the customary servicing procedures it follows with respect to all comparable automotive receivables that it services for itself which shall not, for the purposes of this Agreement, not modify the day original due date of the month Scheduled Receivable Payments on which payment is due any Receivable other than (except a) in accordance with the Payment Deferment and Due Date Change Policies, (b) in connection with a limited number of accommodations for Obligors of occasional requests in accordance Deficient Liquidated Receivable, (c) with the Servicer’s customary servicing proceduresprior written consent of the Note Insurer, with respect to any other Liquidated Receivable or (d) or change as otherwise required by applicable law. Notwithstanding anything contained herein to the method under which scheduled payments of interest are computed on such Receivable; provided, however, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurscontrary, the Servicer shall purchase may, at its option, repurchase up to 25 Receivables in a manner consistent with Section 5.5 hereof and any such repurchased Receivable as of the earlier of (aan "Optional Repurchase Receivable") the last day of the second Collection Period following the date of such extension (or, at the Servicer’s election, the last day of the first following Collection Period) and (b) the last day of the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, in each case in accordance with the terms of Section 4.07(b)shall not be deemed to be a Defaulted Receivable or a Liquidated Receivable. The Servicer shall not retain modify the Payment Deferment and Due Date Change Policies without the prior written consent of the Note Insurer. The Servicer shall notify Xxxxx'x of any fees in connection with any extension of a Receivable but shall instead deposit such fees into modification to the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless Payment Deferment and Due Date Change Policies. If the Servicer is making deposits not LBAC, the Servicer may not make any extension on a monthly basis as permitted under Section 5.02Receivable without the prior written consent of the Note Insurer. 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 ReceivableReceivable if it would forgo collection of such amount in accordance with its customary procedures. The Notwithstanding anything to the contrary contained herein, the Servicer (i) shall not agree to any alteration of the interest rate on any Receivable or of the originally scheduled payments amount of any Scheduled Receivable Payment on any Receivable, except (a) as otherwise required by applicable law, (b) with respect to a Deficient Liquidated Receivable and (c) with the prior written consent of the Note Insurer, with respect to any other Liquidated Receivable, and (ii) shall not agree to any modification that would result in a material adverse effect on a Receivable (other than as provided herein a Deficient Liquidated Receivable and, with the prior written consent of the Note Insurer, any other Liquidated Receivable) or as required the interest therein of the Issuer, the Noteholders or the Note Insurer other than a modification in accordance with the Payment Deferment and Due Date Change Policies. On each Business Day, the Servicer shall prepare and transmit to the Trust Collateral Agent and the Back-up Servicer in a form acceptable to the Trust Collateral Agent and the Back-up Servicer, a record setting forth the aggregate amount of collections on the Receivables processed by lawthe Servicer on the second preceding Business Day.

Collection and Allocation of Receivable Payments. The Consistent with the standards, policies and procedures required by this Agreement, 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; provided, however, that the Servicer shall notify each Obligor prior to the Closing Date, in the case of the Initial Receivables, and prior to the related Subsequent Transfer Date, in the case of the Subsequent Receivables, to make all payments with respect to the Receivables to the Lock-Box and shall make reasonable efforts to cause Obligors to make all such payments to such Lock-Box. The Servicer will provide each Obligor with a monthly statement in order to notify such Obligors to make payments directly to the Lock-Box. The Servicer shall allocate collections as set forth between principal and interest in Section 5.03accordance with the customary servicing procedures it follows with respect to all comparable automotive receivables that it services for itself or others and in accordance with the terms of this Agreement. The Servicer Servicer, for so long as LBAC is the Servicer, may grant extensions, rebates or adjustments on a Receivable, Receivable in accordance with the customary servicing procedures it follows with respect to all comparable automotive receivables that it services for itself which shall not, for the purposes of this Agreement, not modify the day original due date of the month Scheduled Receivable Payments on which payment is due any Receivable other than (except a) in accordance with the Payment Deferment and Due Date Change Policies, (b) in connection with a limited number of accommodations for Obligors of occasional requests in accordance Deficient Liquidated Receivable, (c) with the Servicer’s customary servicing proceduresprior written consent of the Note Insurer, with respect to any other Liquidated Receivable or (d) or change as otherwise required by applicable law. Notwithstanding anything contained herein to the method under which scheduled payments of interest are computed on such Receivable; provided, however, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurscontrary, the Servicer may, at its option, repurchase up to 25 Receivables and shall purchase remit the Purchase Amount, in the manner specified in Section 5.5 hereof and any such repurchased Receivable as of the earlier of (aan "Optional Repurchase Receivable") the last day of the second Collection Period following the date of such extension (or, at the Servicer’s election, the last day of the first following Collection Period) and (b) the last day of the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, in each case in accordance with the terms of Section 4.07(b)shall not be deemed to be a Defaulted Receivable or a Liquidated Receivable. The Servicer shall not retain modify the Payment Deferment and Due Date Change Policies without the prior written consent of the Note Insurer. The Servicer shall notify Xxxxx'x of any fees in connection with any extension of a Receivable but shall instead deposit such fees into modification to the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless Payment Deferment and Due Date Change Policies. If the Servicer is making deposits not LBAC, the Servicer may not make any extension on a monthly basis as permitted under Section 5.02Receivable without the prior written consent of the Note Insurer. 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 ReceivableReceivable if it would forgo collection of such amount in accordance with its customary procedures. The Notwithstanding anything to the contrary contained herein, the Servicer (i) shall not agree to any alteration of the interest rate on any Receivable or of the originally scheduled payments amount of any Scheduled Receivable Payment on any Receivable, except (a) as otherwise required by applicable law, (b) with respect to a Deficient Liquidated Receivable and (c) with the prior written consent of the Note Insurer, with respect to any other Liquidated Receivable, and (ii) shall not agree to any modification that would result in a material adverse effect on a Receivable (other than as provided herein a Deficient Liquidated Receivable and, with the prior written consent of the Note Insurer, any other Liquidated Receivable) or as required the interest therein of the Issuer, the Noteholders, the Class C Certificateholder or the Note Insurer other than a modification in accordance with the Payment Deferment and Due Date Change Policies. On each Business Day, the Servicer shall prepare and transmit to the Trust Collateral Agent and the Back-up Servicer in a form acceptable to the Trust Collateral Agent and the Back-up Servicer, a record setting forth the aggregate amount of collections on the Receivables processed by lawthe Servicer on the second preceding Business Day.

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 shall allocate collections as set forth in Section 5.03. The Servicer may be authorized to grant extensions, rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests Receivable in accordance with the Servicer’s customary servicing procedures) procedures of the Servicer without the prior consent of the Owner Trustee, Indenture Trustee or change the method under which scheduled payments of interest are computed on such Receivableany Securityholder; provided, however, that if the Servicer extends the date for final payment by the Obligor amount of any Scheduled Payment due in a subsequent Collection Period is reduced as a result of (x) any change in the related APR or the Amount Financed, (y) any increase in the total number of Scheduled Payments or (z) any extension of payments such that the Receivable beyond will be outstanding later than the month immediately last day of the Collection Period preceding the month in which the Class B Final Scheduled Payment Date for Date, then the Class C Notes occursServicer shall be obligated (except to the extent any such extension, rebate or adjustment constitutes a Permitted Modification) to repurchase such Receivable pursuant to Section 4.08. In addition, in the event that any such rescheduling or extension of a Receivable modifies the terms of such Receivable in such a manner as to release the security interest in the related Financed Vehicle or constitutes a cancellation of such Receivable and the creation of a new passenger car, minivan, light-duty truck or sport utility vehicle receivable, the Servicer shall purchase such Receivable pursuant to Section 4.08 (except to the extent any such rescheduling, extension or modification constitutes a Permitted Modification), and the receivable created shall not be included as an asset of the Issuer. Notwithstanding the foregoing, (1) if a default, breach, violation, delinquency or event permitting acceleration under the terms of any Receivable shall have occurred or, in the judgment of the Servicer, is imminent, the Servicer may (A) extend such Receivable for credit related reasons that would be acceptable to the Servicer with respect to comparable new or used passenger car, minivan, light-duty truck or sport utility vehicle receivables that it services for itself, but only if the final scheduled payment date of such Receivable as of the earlier of (a) extended would not be later than the last day of the second Collection Period following preceding the date Class B Final Scheduled Payment Date; or (B) reduce the outstanding principal amount of such extension the Receivable in the event of a prepayment resulting from refunds of Insurance Policy premiums and service contracts and make similar adjustments in an Obligor’s payment terms to the extent required by law; (or, 2) if at the Servicer’s electionend of the scheduled term of any Receivable, the outstanding principal amount thereof is such that the final payment to be made by the related Obligor is larger than the regularly scheduled payment of principal and interest made by such Obligor, the Servicer may permit such Obligor to pay such remaining principal amount in more than one payment of principal and interest, provided that the last such payment shall be due on or prior to the last day of the first following Collection Period) and (b) the last day of the month immediately Period preceding the month in which the Class B Final Scheduled Payment Date for Date; and (3) the Class C Notes occursServicer may, in each case in accordance with the terms of Section 4.07(b). The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless the Servicer is making deposits on a monthly basis as permitted under Section 5.02. The Servicer may in its discretion customary servicing procedures, waive any prepayment charge, late payment charge or any other fees that may be collected in the ordinary course of servicing the Receivables. Each such action that the Servicer is permitted to take in accordance with the terms of the immediately preceding sentence shall constitute a “Permitted Modification.” In addition, in accordance with its current servicing practices, the Servicer shall pay off the remaining unpaid principal balance of any Receivable impacted by the Servicemembers Civil Relief Act of 2003, as amended (the “Relief Act”), by depositing an amount equal to such unpaid principal balance and any accrued interest thereon into the Collection Account and shall enter into a new loan agreement with the related Obligor, which reflects payment terms permissible under the Relief Act. Such new loan agreement shall not constitute a Receivable. The Servicer shall not agree to any alteration , an asset of the interest rate Issuer or a part of the originally scheduled payments on any Receivable, other than as provided herein or as required by lawTrust Estate.

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 as set forth in Section 5.03. The Servicer may grant extensions, rebates or adjustments on a ReceivableReceivable or arrange with the Obligor to extend or modify the payment schedule, which actions shall not, for the purposes of this Agreement, modify the day original due dates or amounts of the month Scheduled Payments on which payment is a Precomputed Receivable or the original due (except in connection with a limited number dates or amounts of accommodations for Obligors of occasional requests in accordance with the Servicer’s customary servicing procedures) or change the method under which originally scheduled payments of interest are computed on such ReceivableSimple Interest Receivables; provided, however, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the month immediately preceding the month in which the Final Scheduled Payment Date for Maturity Date, it shall promptly repurchase the Class C Notes occurs, Receivable from the Servicer shall purchase any such Receivable as of the earlier of (a) the last day of the second Collection Period following the date of such extension (or, at the Servicer’s election, the last day of the first following Collection Period) and (b) the last day of the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, in each case Issuer in accordance with the terms of Section 4.07(b)4.07. The Servicer Upon payment of such Purchase Amount, NAL shall not retain any fees have all right, title and interest in connection with any extension of a such Purchased Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless the Servicer is making deposits on a monthly basis as permitted under Section 5.02and 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 any Receivable, other than as provided herein or as required by lawSimple Interest Receivables.

Collection and Allocation of Receivable Payments. The Consistent with the standards, policies and procedures required by this Agreement, 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; provided, however, that the Servicer shall notify each Obligor to make all payments with respect to the Receivables to the Post-Office Box. The Servicer will provide each Obligor with a monthly statement in order to notify such Obligors to make payments directly to the Post-Office Box. The Servicer shall allocate collections as set forth in Section 5.03. The Servicer may grant extensions, rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests between principal and interest in accordance with the Servicer’s customary servicing procedures) procedures it follows with respect to all comparable automotive receivables that it services for itself or change others and in accordance with the method under which scheduled payments terms of interest are computed this Agreement. Except as provided below, the Servicer, for so long as CPS is the Servicer, may grant extensions on such a Receivable; provided, however, that the Servicer may not grant more than one extension per calendar year with respect to a Receivable or grant an extension with respect to a Receivable for more than one calendar month or grant more than three extensions in the aggregate with respect to a Receivable without the prior written consent of the [Credit Enhancer] and provided, further, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, the Servicer shall purchase any such Receivable as of the earlier of (a) the last day of the second penultimate Collection Period following the date of such extension (or, at the Servicer’s election, the last day of the first following Collection Period) and (b) the last day of the month immediately preceding the month in which the Final Scheduled Payment Date for Distribution Date, it shall promptly purchase the Class C Notes occurs, in each case Receivable from the Trust in accordance with the terms of Section 4.07(b3.7 hereof (and for purposes thereof, the Receivable shall be deemed to be materially and adversely affected by such breach). The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless If the Servicer is making deposits not CPS, the Servicer may not make any extension on a monthly basis as permitted under Section 5.02Receivable without the prior written consent of the [Credit Enhancer]. 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 Notwithstanding anything to the contrary contained herein, the Servicer shall not agree (i) to any alteration of the interest rate or the originally scheduled payments on any ReceivableReceivable or of the amount of any Scheduled Payment on Receivables, other than and (ii) shall not agree to any modification that would result in a "deemed exchange" of a receivable under Section 1001 of the Internal Revenue Code of 1986, as provided herein amended, or would constitute reinvestment adversely affecting the status of the Trust as required by lawnot an association taxable as a corporation for Federal income tax purposes.

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 [new and used automobiles, light-duty trucks, motorcycles, recreational vehicles, vans, minivans and/or sport utility vehicles] receivables that it services for itself or others. The Servicer shall allocate collections as set forth in Section 5.03. The Servicer may grant extensions, rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests between principal and interest in accordance with the Servicer’s customary servicing procedures) procedures it follows with respect to all comparable [new and used automobiles, light-duty trucks, motorcycles, recreational vehicles, vans, minivans and/or sport utility vehicles] receivables that it services for itself or others. The Servicer shall not change the amount of or reschedule the due date of any scheduled payment of a Receivable to a date more than 30 days from the original due date of such scheduled payment, change the annual percentage rate of or extend any Receivable or change any material term of a Receivable, except as provided by the method under which scheduled payments terms of interest are computed on such Receivablethe Receivable or of this Agreement or as required by law or court order; provided, however, that if the Servicer extends the date for final payment by the Obligor of may extend any Receivable that is in default or with respect to which default is reasonably foreseeable and that would be acceptable to the Servicer with respect to comparable new or used automobile and light-duty truck receivables that it services for itself, if (a) the amount on deposit in the Reserve Account is greater than zero at the time of the extension, (b) the total credit-related extensions granted on the Receivable will not exceed [ ] months in the aggregate, (c) the total number of credit-related extensions granted on the Receivable will not exceed two, (d) the maturity of such Receivable will not be extended beyond [ ]; and (e) after giving effect to such extension, the month immediately aggregate Principal Balance of Receivables the maturity of which have been extended does not exceed [ ]% of the Cut-off Date Pool Balance. If, as a result of inadvertently rescheduling or extending payments, such rescheduling or extension breaches any of the terms of the proviso to the preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurssentence, then the Servicer shall be obligated to purchase any such Receivable pursuant to Section 4.07. For the purpose of such purchases pursuant to Section 4.07, notice shall be deemed to have been received by the Servicer at such time as shall make purchase mandatory as of the earlier of (a) the last day of the second Collection Period following during which the date discovery of such extension (or, at the Servicer’s election, the last day of the first following Collection Period) and (b) the last day of the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, in each case in accordance with the terms of Section 4.07(b)breach occurred. The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless the Servicer is making deposits on a monthly basis as permitted under Section 5.02. [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 or the originally scheduled payments on any Receivable, other than as provided herein or as required by law.]

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 shall allocate collections as set forth in Section 5.03. The Servicer may be authorized to grant extensions, rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests Receivable in accordance with the Servicer’s customary servicing procedures) procedures of the Servicer without the prior consent of the Owner Trustee, the Indenture Trustee or change the method under which scheduled payments of interest are computed on such Receivableany Securityholder; provided, however, that if the Servicer extends the date for final payment by the Obligor amount of any Scheduled Payment due in a subsequent Collection Period is reduced as a result of (x) any change in the related APR or the Amount Financed, (y) any increase in the total number of Scheduled Payments or (z) any extension of payments such that the Receivable beyond will be outstanding later than the month immediately last day of the Collection Period preceding the month in which the Class B Final Scheduled Payment Date for Date, then the Class C Notes occursServicer shall be obligated (except to the extent any such extension, rebate or adjustment constitutes a Permitted Modification) to repurchase such Receivable pursuant to Section 4.08. In addition, in the event that any such rescheduling or extension of a Receivable modifies the terms of such Receivable in such a manner as to release the security interest in the related Financed Vehicle or constitutes a cancellation of such Receivable and the creation of a new passenger car, minivan, light-duty truck or sport utility vehicle receivable, the Servicer shall purchase such Receivable pursuant to Section 4.08 (except to the extent any such rescheduling, extension or modification constitutes a Permitted Modification), and the receivable created shall not be included as an asset of the Issuer. Notwithstanding the foregoing, (1) if a default, breach, violation, delinquency or event permitting acceleration under the terms of any Receivable shall have occurred or, in the judgment of the Servicer, is imminent, the Servicer may (A) extend such Receivable for credit related reasons that would be acceptable to the Servicer with respect to comparable new or used passenger car, minivan, light-duty truck or sport utility vehicle receivables that it services for itself, but only if the final scheduled payment date of such Receivable as of the earlier of (a) extended would not be later than the last day of the second Collection Period following preceding the date Class B Final Scheduled Payment Date; or (B) reduce the outstanding principal amount of such extension the Receivable in the event of a prepayment resulting from refunds of Insurance Policy premiums and service contracts and make similar adjustments in an Obligor’s payment terms to the extent required by law; (or, 2) if at the Servicer’s electionend of the scheduled term of any Receivable, the outstanding principal amount thereof is such that the final payment to be made by the related Obligor is larger than the regularly scheduled payment of principal and interest made by such Obligor, the Servicer may permit such Obligor to pay such remaining principal amount in more than one payment of principal and interest, provided that the last such payment shall be due on or prior to the last day of the first following Collection Period) and (b) the last day of the month immediately Period preceding the month in which the Class B Final Scheduled Payment Date for Date; and (3) the Class C Notes occursServicer may, in each case in accordance with the terms of Section 4.07(b). The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless the Servicer is making deposits on a monthly basis as permitted under Section 5.02. The Servicer may in its discretion customary servicing procedures, waive any prepayment charge, late payment charge or any other fees that may be collected in the ordinary course of servicing the Receivables. Each such action that the Servicer is permitted to take in accordance with the terms of the immediately preceding sentence shall constitute a “Permitted Modification.” In addition, in accordance with its current servicing practices, the Servicer shall pay off the remaining unpaid principal balance of any Receivable impacted by the Servicemembers Civil Relief Act of 2003, as amended (the “Relief Act”), by depositing an amount equal to such unpaid principal balance and any accrued interest thereon into the Collection Account and shall enter into a new loan agreement with the related Obligor, which reflects payment terms permissible under the Relief Act. Such new loan agreement shall not constitute a Receivable. The Servicer shall not agree to any alteration , an asset of the interest rate Issuer or a part of the originally scheduled payments on any Receivable, other than as provided herein or as required by lawTrust Estate.

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 as set forth between principal and interest in Section 5.03accordance with the customary servicing procedures 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, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests Receivable in accordance with the Servicer’s customary servicing procedures) standards of the Servicer without the prior consent of the Owner Trustee, Indenture Trustee or change the method under which scheduled payments of interest are computed on such Receivableany 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 the month immediately preceding the month in which will be outstanding later than the Final Scheduled Maturity Date, or other modification of the terms of a Receivable, the amount of any Scheduled Payment Date for due in a subsequent Collection Period is reduced, the Class C Notes occursServicer 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 amount by which such Scheduled Payment has been reduced. In addition, in the event that any such rescheduling or extension of a Receivable modifies the 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 and/or light duty truck receivable, the Servicer shall purchase any such Receivable as of pursuant to Section 4.08, and the earlier of (a) receivable created shall not be included in the last day of the second Collection Period following the date of such extension (orIssuer. The Servicer may, at the Servicer’s election, the last day of the first following Collection Period) and (b) the last day of the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, in each case in accordance with the terms of Section 4.07(b). The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless the Servicer is making deposits on a monthly basis as permitted under Section 5.02. The Servicer may in its discretion customary servicing procedures, 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 or the originally scheduled payments on any Receivable, other than as provided herein or as required by lawReceivables.

Collection and Allocation of Receivable Payments. The Consistent with the standards, policies and procedures required by this Agreement, 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; provided, however, that the Servicer shall notify each Obligor to make all payments with respect to the Receivables to the Post-Office Box. The Servicer will provide each Obligor with a monthly statement in order to notify such Obligors to make payments directly to the Post-Office Box. The Servicer shall allocate collections as set forth in Section 5.03. The Servicer may grant extensions, rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests between principal and interest in accordance with the Servicer’s customary servicing procedures) procedures it follows with respect to all comparable automotive receivables that it services for itself or change others and in accordance with the method under which scheduled payments terms of interest are computed this Agreement. Except as provided below, the Servicer, for so long as CPS is the Servicer, may grant extensions on such a Receivable; provided, however, that the Servicer may not grant more than one extension per calendar year with respect to a Receivable or grant an extension with respect to a Receivable for more than one calendar month or grant more than three extensions in the aggregate with respect to a Receivable without the prior written consent of the Certificate Insurer and provided, further, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, the Servicer shall purchase any such Receivable as of the earlier of (a) the last day of the second penultimate Collection Period following the date of such extension (or, at the Servicer’s election, the last day of the first following Collection Period) and (b) the last day of the month immediately preceding the month in which the Final Scheduled Payment Date for Distribution Date, it shall promptly purchase the Class C Notes occurs, in each case Receivable from the Trust in accordance with the terms of Section 4.07(b3.7 hereof (and for purposes thereof, the Receivable shall be deemed to be materially and adversely affected by such breach). The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless If the Servicer is making deposits not CPS, the Servicer may not make any extension on a monthly basis as permitted under Section 5.02Receivable without the prior written consent of the Certificate Insurer. 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 Notwithstanding anything to the contrary contained herein, the Servicer shall not agree (i) to any alteration of the interest rate or the originally scheduled payments on any ReceivableReceivable or of the amount of any Scheduled Payment on Receivables, other than and (ii) shall not agree to any modification that would result in a "deemed exchange" of a receivable under Section 1001 of the Internal Revenue Code of 1986, as provided herein amended, or would constitute reinvestment adversely affecting the status of the Trust as required by lawnot an association taxable as a corporation for Federal income tax purposes.

Collection and Allocation of Receivable Payments. The Consistent with the standards, policies and procedures required by this Agreement, 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; provided, however, that the Servicer shall notify each Obligor prior to the Closing Date in the case of the [Initial] Receivables, [and prior to the related Subsequent Transfer Date, in the case of the Subsequent Receivables,] to make all payments with respect to the Receivables to the Lock-Box and shall make reasonable efforts to cause Obligors to make all such payments to such Lock-Box. The Servicer will provide each Obligor with a monthly statement in order to notify such Obligors to make payments directly to the Lock-Box. The Servicer shall allocate collections as set forth between principal and interest in Section 5.03accordance with the customary servicing procedures it follows with respect to all comparable automotive receivables that it services for itself or others and in accordance with the terms of this Agreement. The Servicer Servicer, for so long as LBAC is the Servicer, may grant extensions, rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests Receivable in accordance with the Servicer’s customary servicing proceduresprocedures it follows with respect to all comparable automotive receivables that it services for itself, which shall not modify the original due date of the Scheduled Payments on any Receivable other than (i) or change in accordance with the method under which scheduled payments Payment Deferment and Due Date Change Policies, (ii) with respect to a Deficient Liquidated Receivable and (iii) with the prior written consent of interest are computed on the Certificate Insurer, with respect to any other Liquidated Receivable. The Servicer shall not modify the Payment Deferment and Due Date Change Policies without the prior written consent of the Certificate Insurer and delivering to the Trustee [and the Certificate Insurer] an Opinion of Counsel to the effect that such Receivable; modification will not adversely affect the status of the Trust as a grantor trust for Federal income tax purposes provided, however, that no Opinion of Counsel shall be required for modification of the Payment Deferment and Due Date Change Policies if either (i) such modification is necessary to permit the work out of defaulted Receivables or (ii) the Servicer extends reasonably believes that such modification is necessary to permit extensions designed to prevent the date for final payment by the Obligor default of any Receivable beyond the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, the Servicer shall purchase any such Receivable as of the earlier of (a) the last day of the second Collection Period following the date of such extension (or, at the Servicer’s election, the last day of the first following Collection Period) and (b) the last day of the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, in each case in accordance with the terms of Section 4.07(b)Receivables. The Servicer shall not retain notify Xxxxx'x of any fees in connection with any extension of a Receivable but shall instead deposit such fees into modification to the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless Payment Deferment and Due Date Change Policies. If the Servicer is making deposits not LBAC, the Servicer may not make any extension on a monthly basis as permitted under Section 5.02Receivable without the prior written consent of the Certificate Insurer. 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 ReceivableReceivable if it would forgo collection of such amount in accordance with its customary procedures. The Notwithstanding anything to the contrary contained herein, the Servicer (i) shall not agree to any alteration of the interest rate on any Receivable or of the originally scheduled payments amount of any Scheduled Payment on any Receivable, except (a) as otherwise required by applicable law, (b) with respect to a Deficient Liquidated Receivable and (c) with the prior written consent of the Certificate Insurer, with respect to any other Liquidated Receivable, and (ii) shall not agree to any modification that would result in a material adverse effect on a Receivable (other than a Deficient Liquidated Receivable [and, with the prior written consent of the Certificate Insurer, any other Liquidated Receivable]) or the interest therein of the Trust, the Certificateholders [or the Certificate Insurer] other than a modification in accordance with the Payment Deferment and Due Date Change Policies or would constitute reinvestment adversely affecting the status of the Trust as provided herein or as required a grantor trust for Federal income tax purposes including, without limitation, any modification that would result in a "deemed exchange" of a Receivable under Section 1001 of the Code on account of such modification being made at a time when the obligations of the Obligor under the Receivable neither are in default nor, in the reasonable good faith judgment of the Servicer, probably will be in default in the reasonably foreseeable future. On each Business Day, the Servicer shall prepare and transmit to the Trustee and the Back-up Servicer in a form acceptable to the Trustee and the Back-up Servicer, a record setting forth the aggregate amount of collections on the Receivables processed by lawthe Servicer on the second preceding Business Day.

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 shall allocate collections as set forth in Section 5.03. The Servicer may be authorized to grant extensions, rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests Receivable in accordance with the Servicer’s customary servicing procedures) procedures of the Servicer without the prior consent of the Owner Trustee, Indenture Trustee or change the method under which scheduled payments of interest are computed on such Receivableany Securityholder; provided, however, that if the Servicer extends the date for final payment by the Obligor amount of any Scheduled Payment due in a subsequent Collection Period is reduced as a result of (x) any change in the related APR or the Amount Financed, (y) any increase in the total number of Scheduled Payments or (z) any extension of payments such that the Receivable beyond will be outstanding later than the month immediately preceding the month in which the Class A-4 Final Scheduled Payment Date for Date, then the Class C Notes occursServicer shall be obligated (except to the extent any such extension, rebate or adjustment consitutes a Permitted Modification) to repurchase such Receivable pursuant to Section 4.08. In addition, in the event that any such rescheduling or extension of a Receivable modifies the terms of such Receivable in such a manner as to release the security interest in the related Financed Vehicle or constitutes a cancellation of such Receivable and the creation of a new passenger car, minivan, light-duty truck or sport utility vehicle receivable, the Servicer shall purchase such Receivable pursuant to Section 4.08 (except to the extent any such rescheduling, extension or modification constitutes a Permitted Modification), and the receivable created shall not be included as an asset of the Issuer. Notwithstanding the foregoing, (1) if a default, breach, violation, delinquency or event permitting acceleration under the terms of any Receivable shall have occurred or, in the judgment of the Servicer, is imminent, the Servicer may (A) extend such Receivable for credit related reasons that would be acceptable to the Servicer with respect to comparable new or used passenger car, minivan, light-duty truck or sport utility vehicle receivables that it services for itself, but only if (i) the final scheduled payment date of such Receivable as of the earlier of (a) extended would not be later than the last day of the second Collection Period following preceding the date Class A-4 Final Scheduled Payment Date, and (ii) the rescheduling or extension would not modify the terms of such extension Receivable in a manner that would constitute a cancellation of such Receivable and the creation of a new receivable for federal income tax purposes; or (or, B) reduce the outstanding principal amount of the Receivable in the event of a prepayment resulting from refunds of Insurance Policy premiums and service contracts and make similar adjustments in an Obligor’s payment terms to the extent required by law; (2) if at the Servicer’s electionend of the scheduled term of any Receivable, the outstanding principal amount thereof is such that the final payment to be made by the related Obligor is larger than the regularly scheduled payment of principal and interest made by such Obligor, the Servicer may permit such Obligor to pay such remaining principal amount in more than one payment of principal and interest, provided that the last such payment shall be due on or prior to the last day of the first following Collection Period) and (b) the last day of the month immediately Period preceding the month in which the Class A-4 Final Scheduled Payment Date for Date; and (3) the Class C Notes occursServicer may, in each case in accordance with the terms of Section 4.07(b). The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless the Servicer is making deposits on a monthly basis as permitted under Section 5.02. The Servicer may in its discretion customary servicing procedures, waive any prepayment charge, late payment charge or any other fees that may be collected in the ordinary course of servicing the Receivables. Each such action that the Servicer is permitted to take in accordance with the terms of the immediately preceding sentence shall constitute a “Permitted Modification.” In addition, in accordance with its current servicing practices, the Servicer shall pay off the remaining unpaid principal balance of any Receivable impacted by the Servicemembers Civil Relief Act of 2003, as amended (the “Relief Act”), by depositing an amount equal to such unpaid principal balance and any accrued interest thereon into the Collection Account and shall enter into a new loan agreement with the related Obligor, which reflects payment terms permissible under the Relief Act. Such new loan agreement shall not constitute a Receivable. The Servicer shall not agree to any alteration , an asset of the interest rate Issuer or a part of the originally scheduled payments on any Receivable, other than as provided herein or as required by lawTrust Estate.

Collection and Allocation of Receivable Payments. The Consistent with the standards, policies and procedures required by this Agreement, 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; provided, however, that the Servicer shall notify each Obligor prior to the Closing Date, in the case of the Initial Receivables, and prior to the related Subsequent Transfer Date, in the case of the Subsequent Receivables, to make all payments with respect to the Receivables to the Lock-Box and shall make reasonable efforts to cause Obligors to make all such payments to such Lock-Box. The Servicer will provide each Obligor with a monthly statement in order to notify such Obligors to make payments directly to the Lock-Box. The Servicer shall allocate collections as set forth between principal and interest in Section 5.03accordance with the customary servicing procedures it follows with respect to all comparable automotive receivables that it services for itself or others and in accordance with the terms of this Agreement. The Servicer Servicer, for so long as LBAC is the Servicer, may grant extensions, rebates or adjustments on a Receivable, Receivable in accordance with the customary servicing procedures it follows with respect to all comparable automotive receivables that it services for itself which shall not, for the purposes of this Agreement, not modify the day original due date of the month Scheduled Receivable Payments on which payment is due any Receivable other than (except a) in accordance with the Payment Deferment and Due Date Change Policies, (b) in connection with a limited number of accommodations for Obligors of occasional requests in accordance Deficient Liquidated Receivable, (c) with the Servicer’s customary servicing proceduresprior written consent of the Note Insurer, with respect to any other Liquidated Receivable or (d) or change as otherwise required by applicable law. Notwithstanding anything contained herein to the method under which scheduled payments of interest are computed on such Receivable; provided, however, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurscontrary, the Servicer may, at its option, repurchase up to 25 Receivables and shall purchase remit the Purchase Amount, in the manner specified in Section 5.5 hereof and any such repurchased Receivable as of the earlier of (aan "Optional Repurchase Receivable") the last day of the second Collection Period following the date of such extension (or, at the Servicer’s election, the last day of the first following Collection Period) and (b) the last day of the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, in each case in accordance with the terms of Section 4.07(b). The Servicer shall not retain any fees in connection with any extension of be deemed to be a Defaulted Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless the Servicer is making deposits on or a monthly basis as permitted under Section 5.02. 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 Liquidated Receivable. The Servicer shall not agree to any alteration modify the Payment Deferment and Due Date Change Policies without the prior written consent of the interest rate or the originally scheduled payments on any Receivable, other than as provided herein or as required by law.the

Collection and Allocation of Receivable Payments. The Consistent with the standards, policies and procedures required by this Agreement, 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; provided, however, that the Servicer shall notify each Obligor prior to the Closing Date, in the case of the Initial Receivables, and prior to the related Subsequent Transfer Date, in the case of the Subsequent Receivables, to make all payments with respect to the Receivables to the Lock-Box and shall make reasonable efforts to cause Obligors to make all such payments to such Lock-Box. The Servicer will provide each Obligor with a monthly statement in order to notify such Obligors to make payments directly to the Lock-Box. The Servicer shall allocate collections as set forth between principal and interest in Section 5.03accordance with the customary servicing procedures it follows with respect to all comparable automotive receivables that it services for itself or others and in accordance with the terms of this Agreement. The Servicer Servicer, for so long as LBAC is the Servicer, may grant extensions, rebates or adjustments on a Receivable, Receivable in accordance with the customary servicing procedures it follows with respect to all comparable automotive receivables that it services for itself which shall not, for the purposes of this Agreement, not modify the day original due date of the month Scheduled Receivable Payments on which payment is due any Receivable other than (except a) in accordance with the Payment Deferment and Due Date Change Policies, (b) in connection with a limited number of accommodations for Obligors of occasional requests in accordance Deficient Liquidated Receivable, (c) with the Servicer’s customary servicing proceduresprior written consent of the Note Insurer, with respect to any other Liquidated Receivable or (d) or change as otherwise required by applicable law. Notwithstanding anything contained herein to the method under which scheduled payments of interest are computed on such Receivable; provided, however, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurscontrary, the Servicer may, at its option, repurchase up to 25 Receivables and shall purchase remit the Purchase Amount, in the manner specified in Section 5.5 hereof and any such repurchased Receivable as of the earlier of (aan "Optional Repurchase Receivable") the last day of the second Collection Period following the date of such extension (or, at the Servicer’s election, the last day of the first following Collection Period) and (b) the last day of the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, in each case in accordance with the terms of Section 4.07(b)shall not be deemed to be a Defaulted Receivable or a Liquidated Receivable. The Servicer shall not retain modify the Payment Deferment and Due Date Change Policies without the prior written consent of the Note Insurer. The Servicer shall notify Moody's of any fees in connection with any extension of a Receivable but shall instead deposit such fees into modification to the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless Payment Deferment and Due Dxxx Xxxnge Policies. If the Servicer is making deposits not LBAC, the Servicer may not make any extension on a monthly basis as permitted under Section 5.02Receivable without the prior written consent of the Note Insurer. 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 ReceivableReceivable if it would forgo collection of such amount in accordance with its customary procedures. The Notwithstanding anything to the contrary contained herein, the Servicer (i) shall not agree to any alteration of the interest rate on any Receivable or of the originally scheduled payments amount of any Scheduled Receivable Payment on any Receivable, except (a) as otherwise required by applicable law, (b) with respect to a Deficient Liquidated Receivable and (c) with the prior written consent of the Note Insurer, with respect to any other Liquidated Receivable, and (ii) shall not agree to any modification that would result in a material adverse effect on a Receivable (other than as provided herein a Deficient Liquidated Receivable and, with the prior written consent of the Note Insurer, any other Liquidated Receivable) or as required the interest therein of the Issuer, the Noteholders, the Demand Note Provider or the Note Insurer other than a modification in accordance with the Payment Deferment and Due Date Change Policies. On each Business Day, the Servicer shall prepare and transmit to the Trust Collateral Agent and the Back-up Servicer in a form acceptable to the Trust Collateral Agent and the Back-up Servicer, a record setting forth the aggregate amount of collections on the Receivables processed by lawthe Servicer on the second preceding Business Day.

Collection and Allocation of Receivable Payments. The Consistent with the standards, policies and procedures required by this Agreement, 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; provided, however, that the Servicer shall notify each Obligor prior to the Closing Date, in the case of the Initial Receivables, and prior to the related Subsequent Transfer Date, in the case of the Subsequent Receivables, to make all payments with respect to the Receivables to the Lock-Box and shall make reasonable efforts to cause Obligors to make all such payments to such Lock-Box. The Servicer will provide each Obligor with a monthly statement in order to notify such Obligors to make payments directly to the Lock-Box. The Servicer shall allocate collections as set forth between principal and interest in Section 5.03accordance with the customary servicing procedures it follows with respect to all comparable automotive receivables that it services for itself or others and in accordance with the terms of this Agreement. The Servicer Servicer, for so long as LBAC is the Servicer, may grant extensions, rebates or adjustments on a Receivable, Receivable in accordance with the customary servicing procedures it follows with respect to all comparable automotive receivables that it services for itself which shall not, for the purposes of this Agreement, not modify the day original due date of the month Scheduled Receivable Payments on which payment is due any Receivable other than (except a) in accordance with the Payment Deferment and Due Date Change Policies, (b) in connection with a limited number of accommodations for Obligors of occasional requests in accordance Deficient Liquidated Receivable, (c) with the Servicer’s customary servicing proceduresprior written consent of the Note Insurer, with respect to any other Liquidated Receivable or (d) or change as otherwise required by applicable law. Notwithstanding anything contained herein to the method under which scheduled payments of interest are computed on such Receivable; provided, however, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurscontrary, the Servicer may, at its option, repurchase up to 25 Receivables and shall purchase remit the Purchase Amount, in the manner specified in Section 5.5 hereof and any such repurchased Receivable as of the earlier of (aan "Optional Repurchase Receivable") the last day of the second Collection Period following the date of such extension (or, at the Servicer’s election, the last day of the first following Collection Period) and (b) the last day of the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, in each case in accordance with the terms of Section 4.07(b)shall not be deemed to be a Defaulted Receivable or a Liquidated Receivable. The Servicer shall not retain modify the Payment Deferment and Due Date Change Policies without the prior written consent of the Note Insurer. The Servicer shall notify Xxxxx'x of any fees in connection with any extension of a Receivable but shall instead deposit such fees into modification to the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless Payment Deferment and Due Date Change Policies. If the Servicer is making deposits not LBAC, the Servicer may not make any extension on a monthly basis as permitted under Section 5.02Receivable without the prior written consent of the Note Insurer. 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 ReceivableReceivable if it would forgo collection of such amount in accordance with its customary procedures. The Notwithstanding anything to the contrary contained herein, the Servicer (i) shall not agree to any alteration of the interest rate on any Receivable or of the originally scheduled payments amount of any Scheduled Receivable Payment on any Receivable, except (a) as otherwise required by applicable law, (b) with respect to a Deficient Liquidated Receivable and (c) with the prior written consent of the Note Insurer, with respect to any other Liquidated Receivable, and (ii) shall not agree to any modification that would result in a material adverse effect on a Receivable (other than as provided herein a Deficient Liquidated Receivable and, with the prior written consent of the Note Insurer, any other Liquidated Receivable) or as required the interest therein of the Issuer, the Noteholders, the Class C Certificateholders or the Note Insurer other than a modification in accordance with the Payment Deferment and Due Date Change Policies. On each Business Day, the Servicer shall prepare and transmit to the Trust Collateral Agent and the Back-up Servicer in a form acceptable to the Trust Collateral Agent and the Back-up Servicer, a record setting forth the aggregate amount of collections on the Receivables processed by lawthe Servicer on the second preceding Business Day.

Collection and Allocation of Receivable Payments. The Consistent with the standards, policies and procedures required by this Agreement, 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; provided, however, that the Servicer shall notify each Obligor prior to the Closing Date, in the case of the Initial Receivables, and prior to the related Subsequent Transfer Date, in the case of the Subsequent Receivables, to make all payments with respect to the Receivables to the Lock-Box and shall make reasonable efforts to cause Obligors to make all such payments to such Lock-Box. The Servicer will provide each Obligor with a monthly statement in order to notify such Obligors to make payments directly to the Lock-Box. The Servicer shall allocate collections as set forth between principal and interest in Section 5.03accordance with the customary servicing procedures it follows with respect to all comparable automotive receivables that it services for itself or others and in accordance with the terms of this Agreement. The Servicer Servicer, for so long as LBAC is the Servicer, may grant extensions, rebates or adjustments on a Receivable, Receivable in accordance with the customary servicing procedures it follows with respect to all comparable automotive receivables that it services for itself which shall not, for the purposes of this Agreement, not modify the day original due date of the month Scheduled Receivable Payments on which payment is due any Receivable other than (except a) in accordance with the Payment Deferment and Due Date Change Policies, (b) in connection with a limited number of accommodations for Obligors of occasional requests in accordance Deficient Liquidated Receivable, (c) with the Servicer’s customary servicing proceduresprior written consent of the Note Insurer, with respect to any other Liquidated Receivable or (d) or change as otherwise required by applicable law. Notwithstanding anything contained herein to the method under which scheduled payments of interest are computed on such Receivable; provided, however, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurscontrary, the Servicer may, at its option, repurchase up to 25 Receivables and shall purchase remit the Purchase Amount, in the manner specified in Section 5.5 hereof and any such repurchased Receivable as of the earlier of (aan "Optional Repurchase Receivable") the last day of the second Collection Period following the date of such extension (or, at the Servicer’s election, the last day of the first following Collection Period) and (b) the last day of the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, in each case in accordance with the terms of Section 4.07(b). The Servicer shall not retain any fees in connection with any extension of be deemed to be a Defaulted Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless the Servicer is making deposits on or a monthly basis as permitted under Section 5.02. 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 Liquidated Receivable. The Servicer shall not agree to any alteration modify the Payment Deferment and Due Date Change Policies without the prior written consent of the interest rate or Note Insurer. The Servicer shall notify Xxxxx'x of any modification to the originally scheduled payments on any Receivable, other than as provided herein or as required by law.Payment Deferment

Collection and Allocation of Receivable Payments. The Consistent with the standards, policies and procedures required by this Agreement, 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; PROVIDED, HOWEVER, that the Servicer shall notify each Obligor prior to the Closing Date in the case of the Initial Receivables, and prior to the related Subsequent Transfer Date, in the case of the Subsequent Receivables, to make all payments with respect to the Receivables to the Lock-Box and shall make reasonable efforts to cause Obligors to make all such payments to such Lock-Box. The Servicer will provide each Obligor with a monthly statement in order to notify such Obligors to make payments directly to the Lock-Box. The Servicer shall allocate collections as set forth between principal and interest in Section 5.03accordance with the customary servicing procedures it follows with respect to all comparable automotive receivables that it services for itself or others and in accordance with the terms of this Agreement. The Servicer Servicer, for so long as LBAC is the Servicer, may grant extensions, rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests Receivable in accordance with the Servicer’s customary servicing procedures) or change procedures it follows with respect to all comparable automotive receivables that it services for itself, which shall not modify the method under which scheduled payments of interest are computed on such Receivable; provided, however, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, the Servicer shall purchase any such Receivable as original due dates of the earlier of (a) the last day of the second Collection Period following the date of such extension (or, at the Servicer’s election, the last day of the first following Collection Period) and (b) the last day of the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, in each case Payments on Receivables other than in accordance with the terms of Section 4.07(b)Payment Deferment and Due Date Change Policies. The Servicer shall not retain any fees in connection with any extension modify the Payment Deferment and Due Date Change Policies without the prior written consent of the Certificate Insurer and delivering to the Trustee and the Certificate Insurer an Opinion of Counsel to the effect that such modification will not adversely affect the status of the Trust as a Receivable but grantor trust for Federal income tax purposes PROVIDED, HOWEVER, that no Opinion of Counsel shall instead deposit be required for modification of the Payment Deferment and Due Date Change Policies if either (i) such fees into modification is necessary to permit the Collection Account within two Business Days work out of receipt defaulted Receivables or (including receipt of proper instructions regarding where to allocate such paymentii) unless the Servicer reasonably believes that such modification is making deposits on a monthly basis as permitted under Section 5.02. The Servicer may in its discretion waive any late payment charge or any other fees that may be collected in necessary to permit extensions designed to prevent the ordinary course default of servicing a Receivable. The Servicer shall not agree to any alteration of the interest rate or the originally scheduled payments on any Receivable, other than as provided herein or as required by law.44

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 as set forth between principal and interest in Section 5.03accordance with the customary servicing procedures 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, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests Receivable in accordance with the Servicer’s customary servicing procedures) standards of the Servicer without the prior consent of the Owner Trustee, Indenture Trustee or change the method under which scheduled payments of interest are computed on such Receivableany 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 the month immediately preceding the month in which will be outstanding later than the Final Scheduled Maturity Date, or other modification of the terms of a Receivable, the amount of any Scheduled Payment Date for due in a subsequent Collection Period is reduced, the Class C Notes occursServicer 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 amount by which such Scheduled Payment has been reduced. In addition, in the event that any such rescheduling or extension of a Receivable modifies the 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 any such Receivable as of pursuant to Section 4.08, and the earlier of (a) receivable created shall not be included in the last day of the second Collection Period following the date of such extension (orIssuer. The Servicer may, at the Servicer’s election, the last day of the first following Collection Period) and (b) the last day of the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, in each case in accordance with the terms of Section 4.07(b). The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless the Servicer is making deposits on a monthly basis as permitted under Section 5.02. The Servicer may in its discretion customary servicing procedures, 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 or the originally scheduled payments on any Receivable, other than as provided herein or as required by lawReceivables.

Collection and Allocation of Receivable Payments. The Consistent with the standards, policies and procedures required by this Agreement, 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; provided, however, that the Servicer shall notify each Obligor prior to the Closing Date, in the case of the Initial Receivables, and prior to the related Subsequent Transfer Date, in the case of the Subsequent Receivables, to make all payments with respect to the Receivables to the Lock-Box and shall make reasonable efforts to cause Obligors to make all such payments to such Lock-Box. The Servicer will provide each Obligor with a monthly statement in order to notify such Obligors to make payments directly to the Lock-Box. The Servicer shall allocate collections as set forth between principal and interest in Section 5.03accordance with the customary servicing procedures it follows with respect to all comparable automotive receivables that it services for itself or others and in accordance with the terms of this Agreement. The Servicer Servicer, for so long as LBAC is the Servicer, may grant extensions, rebates or adjustments on a Receivable, Receivable in accordance with the customary servicing procedures it follows with respect to all comparable automotive receivables that it services for itself which shall not, for the purposes of this Agreement, not modify the day original due date of the month Scheduled Receivable Payments on which payment is due any Receivable other than (except a) in accordance with the Payment Deferment and Due Date Change Policies, (b) in connection with a limited number of accommodations for Obligors of occasional requests in accordance Deficient Liquidated Receivable, (c) with the Servicer’s customary servicing proceduresprior written consent of the Note Insurer, with respect to any other Liquidated Receivable or (d) or change as otherwise required by applicable law. Notwithstanding anything contained herein to the method under which scheduled payments of interest are computed on such Receivable; provided, however, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurscontrary, the Servicer may, at its option, repurchase up to 25 Receivables and shall purchase remit the Purchase Amount, in the manner specified in Section 5.5 hereof and any such repurchased Receivable as of the earlier of (aan "Optional Repurchase Receivable") the last day of the second Collection Period following the date of such extension (or, at the Servicer’s election, the last day of the first following Collection Period) and (b) the last day of the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, in each case in accordance with the terms of Section 4.07(b)shall not be deemed to be a Defaulted Receivable or a Liquidated Receivable. The Servicer shall not retain modify the Payment Deferment and Due Date Change Policies without the prior written consent of the Note Insurer. The Servicer shall notify Xxxxx'x of any fees in connection with any extension of a Receivable but shall instead deposit such fees into modification to the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless Payment Deferment and Due Date Change Policies. If the Servicer is making deposits not LBAC, the Servicer may not make any extension on a monthly basis as permitted under Section 5.02Receivable without the prior written consent of the Note Insurer. 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 ReceivableReceivable if it would forgo collection of such amount in accordance with its customary procedures. The Notwithstanding anything to the contrary contained herein, the Servicer (i) shall not agree to any alteration of the interest rate on any Receivable or of the originally scheduled payments amount of any Scheduled Receivable Payment on any Receivable, except (a) as otherwise required by applicable law, (b) with respect to a Deficient Liquidated Receivable and (c) with the prior written consent of the Note Insurer, with respect to any other Liquidated Receivable, and (ii) shall not agree to any modification that would result in a material adverse effect on a Receivable (other than as provided herein a Deficient Liquidated Receivable and, with the prior written consent of the Note Insurer, any other Liquidated Receivable) or as required the interest therein of the Issuer, the Noteholders, the Demand Note Provider or the Note Insurer other than a modification in accordance with the Payment Deferment and Due Date Change Policies. On each Business Day, the Servicer shall prepare and transmit to the Trust Collateral Agent and the Back-up Servicer in a form acceptable to the Trust Collateral Agent and the Back-up Servicer, a record setting forth the aggregate amount of collections on the Receivables processed by lawthe Servicer on the second preceding Business Day.

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 shall allocate collections as set forth in Section 5.03. The Servicer may be authorized to grant extensions, rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests Receivable in accordance with the Servicer’s customary servicing procedures) Customary Servicing Practices of the Servicer without the prior consent of the Issuer, the Owner Trustee, the Indenture Trustee or change the method under which scheduled payments of interest are computed on such Receivableany Securityholder; provided, however, that if the Servicer extends the date for final payment by the Obligor amount of any Scheduled Payment due in a subsequent Collection Period is reduced as a result of (x) any change in the related APR or the Amount Financed, (y) any increase in the total number of Scheduled Payments or (z) any extension of payments such that the Receivable beyond will be outstanding later than the month immediately last day of the Collection Period preceding the month in which the Class B Final Scheduled Payment Date for Date, then the Class C Notes occursServicer shall be obligated (except to the extent any such extension, rebate or adjustment constitutes a Permitted Modification) to repurchase such Receivable pursuant to Section 4.08; provided further, that the Servicer shall have no such obligation to repurchase a Receivable as a result of any such extension of payments under clause (z) above if it is required to grant such extension under law or pursuant to a court order. In addition, in the event that any such rescheduling or extension of a Receivable modifies the terms of such Receivable in such a manner as to release the security interest in the related Financed Vehicle or constitutes a cancellation of such Receivable and the creation of a new [car, crossover utility vehicles, light-duty truck or sport utility vehicle] receivable, the Servicer shall purchase such Receivable pursuant to Section 4.08 (except to the extent any such rescheduling, extension or modification constitutes a Permitted Modification), and the receivable created shall not be included as an asset of the Issuer. Notwithstanding the foregoing, (1) if a default, breach, violation, delinquency or event permitting acceleration under the terms of any Receivable shall have occurred or, in the judgment of the Servicer, is imminent, the Servicer may (A) extend such Receivable for credit related reasons that would be acceptable to the Servicer with respect to comparable new or used [car, crossover utility vehicles, light-duty truck or sport utility vehicle] receivables that it services for itself, but only if the final scheduled payment date of such Receivable as of the earlier of (a) extended would not be later than the last day of the second Collection Period following preceding the date Class B Final Scheduled Payment Date; or (B) reduce the outstanding principal amount of such extension the Receivable in the event of a prepayment resulting from refunds of Insurance Policy premiums and service contracts and make similar adjustments in an Obligor’s payment terms to the extent required by law; (or, 2) if at the Servicer’s electionend of the scheduled term of any Receivable, the outstanding principal amount thereof is such that the final payment to be made by the related Obligor is larger than the regularly scheduled payment of principal and interest made by such Obligor, the Servicer may permit such Obligor to pay such remaining principal amount in more than one payment of principal and interest, provided that the last such payment shall be due on or prior to the last day of the first following Collection Period) and (b) the last day of the month immediately Period preceding the month in which the Class B Final Scheduled Payment Date for Date; and (3) the Class C Notes occursServicer may, in each case in accordance with the terms of Section 4.07(b). The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless the Servicer is making deposits on a monthly basis as permitted under Section 5.02. The Servicer may in its discretion Customary Servicing Practices, waive any prepayment charge, late payment charge or any other fees that may be collected in the ordinary course of servicing the Receivables. Each such action that the Servicer is permitted to take in accordance with the terms of the immediately preceding sentence shall constitute a Receivable. The “Permitted Modification.” In addition, in accordance with its Customary Servicing Practices, the Servicer shall not agree modify the terms of any Receivable impacted by the Relief Act and the Servicer shall be obligated to purchase any alteration such modified Receivable in accordance with the terms of the interest rate or the originally scheduled payments on any Receivable, other than as provided herein or as required by lawSection 4.08.

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 automobile receivables that it services for itself or others. The Servicer will be responsible for identifying payments received from the Obligors and transferring these payments to the Collection Account within two Business Days of receipt into the Payments Account held by Citibank or into any Lock-Box Account of collected funds as described in Section 4.2. The Servicer shall allocate collections as set forth in Section 5.03. The Servicer may grant extensions, rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests between principal and interest in accordance with applicable law and the customary servicing procedures it follows with respect to all comparable automobile receivables that it services for itself or others. The Servicer, for so long as Oxford is the Servicer’s customary servicing procedures) or change the method under which scheduled payments of interest are computed , may grant extensions on such a Receivable; provided, however, that the Servicer may not grant more than one extension per calendar year with respect to a Receivable or grant an extension with respect to a Receivable for more than one calendar month (including for purposes of the foregoing, extensions granted prior to the Cutoff Date), without the prior written consent of the Administrator and provided, further, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, the Servicer shall purchase any such Receivable as of the earlier of (a) the last day of the second Collection Period following the date of such extension (or, at the Servicer’s election, the last day of the first following Collection Period) and (b) the last day of the month immediately preceding the month in which the Final Scheduled Payment Date for Distribution Date, it shall promptly purchase the Class C Notes occurs, in each case Receivable from the Purchaser in accordance with the terms of Section 4.07(b3.7 hereof (and for purposes thereof, the Receivable shall be deemed to be materially and adversely affected). The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless If the Servicer is making deposits not Oxford, the Servicer may not make any extension on a monthly basis as permitted under Section 5.02Receivable without the prior written consent of the Administrator. 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 or the originally scheduled payments on any Receivable, other than as provided herein Receivable or as required by lawof the amount of any Scheduled Payment on Receivables.

Collection and Allocation of Receivable Payments. The Consistent with the standards, policies and procedures required by this Agreement, 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; PROVIDED, HOWEVER, that the Servicer shall notify each Obligor prior to the Closing Date in the case of the Initial Receivables, and prior to the related Subsequent Transfer Date, in the case of the Subsequent Receivables, to make all payments with respect to the Receivables to the Lock-Box and shall make reasonable efforts to cause Obligors to make all such payments to such Lock-Box. The Servicer will provide each Obligor with a monthly statement in order to notify such Obligors to make payments directly to the Lock-Box. The Servicer shall allocate collections as set forth between principal and interest in Section 5.03accordance with the customary servicing procedures it follows with respect to all comparable automotive receivables that it services for itself or others and in accordance with the terms of this Agreement. The Servicer Servicer, for so long as LBAC is the Servicer, may grant extensions, rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests Receivable in accordance with the Servicer’s customary servicing procedures) or change procedures it follows with respect to all comparable automotive receivables that it services for itself, which shall not modify the method under which scheduled payments original due date of interest are computed the Scheduled Payments on such Receivable; provided, however, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, the Servicer shall purchase any such Receivable as of the earlier of other than (ai) the last day of the second Collection Period following the date of such extension (or, at the Servicer’s election, the last day of the first following Collection Period) and (b) the last day of the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, in each case in accordance with the terms Payment Deferment and Due Date Change Policies, (ii) with respect to a Deficient Liquidated Receivable and (iii) with the prior written consent of Section 4.07(b)the Certificate Insurer, with respect to any other Liquidated Receivable. The Servicer shall not retain modify the Payment Deferment and Due Date Change Policies without the prior written consent of the Certificate Insurer and delivering to the Trustee and the Certificate Insurer an Opinion of Counsel to the effect that such modification will not adversely affect the status of the Trust as a grantor trust for Federal 42 income tax purposes PROVIDED, HOWEVER, that no Opinion of Counsel shall be required for modification of the Payment Deferment and Due Date Change Policies if either (i) such modification is necessary to permit the work out of defaulted Receivables or (ii) the Servicer reasonably believes that such modification is necessary to permit extensions designed to prevent the default of Receivables. The Servicer shall notify Xxxxx'x of any fees in connection with any extension of a Receivable but shall instead deposit such fees into modification to the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless Payment Deferment and Due Date Change Policies. If the Servicer is making deposits not LBAC, the Servicer may not make any extension on a monthly basis as permitted under Section 5.02Receivable without the prior written consent of the Certificate Insurer. 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 ReceivableReceivable if it would forgo collection of such amount in accordance with its customary procedures. The Notwithstanding anything to the contrary contained herein, the Servicer (i) shall not agree to any alteration of the interest rate on any Receivable or of the originally scheduled payments amount of any Scheduled Payment on any Receivable, except (a) as otherwise required by applicable law, (b) with respect to a Deficient Liquidated Receivable and (c) with the prior written consent of the Certificate Insurer, with respect to any other Liquidated Receivable, and (ii) shall not agree to any modification that would result in a material adverse effect on a Receivable (other than a Deficient Liquidated Receivable and, with the prior written consent of the Certificate Insurer, any other Liquidated Receivable) or the interest therein of the Trust, the Certificateholders or the Certificate Insurer other than a modification in accordance with the Payment Deferment and Due Date Change Policies or would constitute reinvestment adversely affecting the status of the Trust as provided herein or as required a grantor trust for Federal income tax purposes including, without limitation, any modification that would result in a "deemed exchange" of a Receivable under Section 1001 of the Code on account of such modification being made at a time when the obligations of the Obligor under the Receivable neither are in default nor, in the reasonable good faith judgment of the Servicer, probably will be in default in the reasonably foreseeable future. On each Business Day, the Servicer shall prepare and transmit to the Trustee and the Back-up Servicer in a form acceptable to the Trustee and the Back-up Servicer, a record setting forth the aggregate amount of collections on the Receivables processed by lawthe Servicer on the second preceding Business Day.

Collection and Allocation of Receivable Payments. The Consistent with the standards, policies and procedures required by this Agreement, the Sub-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 as set forth in Section 5.03. The Servicer may grant extensions, rebates or adjustments on a Receivable, which shall not, for the purposes of this Agreement, modify the day of the month on which payment is due (except in connection with a limited number of accommodations for Obligors of occasional requests others and in accordance with the Servicerapplicable provisions of the Credit and Collection Policy. To the extent not already so notified, the Sub-Servicer shall notify each Obligor and each other Person other than Obligors who make payments relating to Receivables to make (A) when paying in person, all payments with respect to the Receivables at any location of the Sub-Servicer or any Affiliate of the Sub-Servicer which has duly acknowledged the Purchaser’s customary servicing proceduresinterest in the Receivables and (B) or change when paying by mail, all payments with respect to the method under which scheduled payments Receivables to one of interest are computed on such Receivablethe Post-Office Boxes; provided, however, that if that, unless the Purchaser directs otherwise, the Sub-Servicer, to the extent legally required, shall notify an Obligor that, when paying in person, payments with respect to the Receivables may be made at any Third Party Xxxx Payment Service (which is not in default under a contract regarding any of the Receivables and which has not been terminated upon the direction of the Purchaser or otherwise). When the Sub-Servicer extends or any Affiliate of the date for final payment by Sub-Servicer receives any payments (including payments mailed to one of the Obligor of any Receivable beyond Post-Office Boxes or payments received from a Third Party Xxxx Payment Service), the month immediately preceding the month Sub-Servicer or Affiliate, as applicable, shall hold such payments in which the Final Scheduled Payment Date trust for the Class C Notes occursbenefit of the Purchaser, segregated from the assets of the Sub-Servicer or Affiliate, as applicable, and shall, as soon as possible but no later than one (1) Business Day following receipt/identification deposit such payments in the Depository Accounts. Notwithstanding anything herein to the contrary, the Sub-Servicer shall purchase any such Receivable as of remain primarily responsible for all collections received with respect to the earlier of (a) Receivables. The Sub-Servicer shall allocate collections between principal and interest in accordance with the last day of the second Collection Period following the date of such extension (or, at the Servicer’s election, the last day of the first following Collection Period) customary servicing procedures it follows with respect to all comparable automotive receivables that it services for others and (b) the last day of the month immediately preceding the month in which the Final Scheduled Payment Date for the Class C Notes occurs, in each case in accordance with the terms of Section 4.07(b)this Agreement. The Servicer shall not retain any fees in connection with any extension of a Receivable but shall instead deposit such fees into Except as provided below, the Collection Account within two Business Days of receipt (including receipt of proper instructions regarding where to allocate such payment) unless Sub-Servicer, for so long as the Sub-Servicer is making deposits the Sub-Servicer, may, in accordance with the Credit and Collection Policy, grant extensions on a monthly basis as permitted under Section 5.02. 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 or the originally scheduled payments on any Receivable, other than as provided herein or as required by law.