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

Collection and Allocation of Receivable Payments. The Servicer shall use its best 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 and that are consistent with prudent industry standards; provided, however, that the Servicer shall notify each Obligor to make all payments with respect to the Receivables to a Lock-Box. The Servicer, for so long as Asta Funding is the Servicer, may grant extensions on a Receivable; provided, however, that no extension shall for the purpose of this Agreement modify the Scheduled Payment due in respect of any Collection Period; provided further, however, that the Servicer may grant only one extension not in excess of 15 days with respect to a Receivable (including for purposes of the foregoing, any extension granted prior to the Cutoff Date); and provided, further, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the last day of the Collection Period preceding the Final Scheduled Distribution Date, it shall promptly purchase the Receivable from the Trust in accordance with the terms of Section 4.7 hereof (and for purposes thereof, the Receivable shall be deemed to be materially and adversely affected by such breach). Notwithstanding the foregoing, the Servicer shall not extend or modify the Scheduled Payments of a Receivable unless such Receivable is in default, default thereunder is imminent or a modification is required by law. 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 consensually agree to any alteration of the interest rate on any Receivable or of the amount of any Scheduled Payment on Receivables.

Collection and Allocation of Receivable Payments. The Servicer shall use its best 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 and that others. The Servicer shall allocate collections as set forth in Section 5.03. The Servicer may grant extensions (although not more than six for the life of any Receivable (excluding the Servicer’s Payment Extension Program)), 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 consistent computed on such Receivable (other than with prudent industry standardsrespect to the Servicer’s Payment Extension Program); provided, however, that the Servicer shall notify each Obligor to make all payments with respect to the Receivables to a Lock-Box. The Servicer, for so long as Asta Funding is the Servicer, may grant extensions on a Receivable; provided, however, that no extension shall for the purpose of this Agreement modify the Scheduled Payment due in respect of any Collection Period; provided further, however, that the Servicer may grant only one extension not in excess of 15 days with respect to a Receivable (including for purposes of the foregoing, any extension granted prior to the Cutoff Date); and provided, further, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the last day of the Collection Period preceding the Final Scheduled Distribution Maturity Date, it shall promptly purchase repurchase the Receivable from the Trust Issuer in accordance with the terms of Section 4.7 hereof (and for purposes thereof, the Receivable shall be deemed to be materially and adversely affected by such breach)4.07. Notwithstanding the foregoing, the The Servicer shall not extend or modify the Scheduled Payments retain any fees in connection with any extension of a Receivable unless but shall instead deposit such Receivable is in default, default thereunder is imminent or a modification is required by lawfees into the Collection Account within two Business Days of receipt. The Servicer may, may in its discretion, 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 consensually agree to any alteration of the interest rate or the originally scheduled payments on any Receivable Receivable, other than as provided herein or of the amount of any Scheduled Payment on Receivablesas required by law.

Collection and Allocation of Receivable Payments. The Servicer shall use its best 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 and that others. The Servicer shall allocate collections as set forth in Section 5.03. The Servicer may grant extensions (although not more than six for the life of any Receivable (excluding the Servicer's Payment Extension Program)), 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 consistent computed on such Receivable (other than with prudent industry standardsrespect to the Servicer's Payment Extension Program); provided, however, that the Servicer shall notify each Obligor to make all payments with respect to the Receivables to a Lock-Box. The Servicer, for so long as Asta Funding is the Servicer, may grant extensions on a Receivable; provided, however, that no extension shall for the purpose of this Agreement modify the Scheduled Payment due in respect of any Collection Period; provided further, however, that the Servicer may grant only one extension not in excess of 15 days with respect to a Receivable (including for purposes of the foregoing, any extension granted prior to the Cutoff Date); and provided, further, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the last day of the Collection Period preceding the Final Scheduled Distribution Maturity Date, it shall promptly purchase repurchase the Receivable from the Trust Issuer in accordance with the terms of Section 4.7 hereof (and for purposes thereof, the Receivable shall be deemed to be materially and adversely affected by such breach)4.07. Notwithstanding the foregoing, the The Servicer shall not extend or modify the Scheduled Payments retain any fees in connection with any extension of a Receivable unless but shall instead deposit such Receivable is in default, default thereunder is imminent or a modification is required by lawfees into the Collection Account within two Business Days of receipt. The Servicer may, may in its discretion, 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 consensually agree to any alteration of the interest rate or the originally scheduled payments on any Receivable Receivable, other than as provided herein or of the amount of any Scheduled Payment on Receivablesas required by law.

Collection and Allocation of Receivable Payments. The Servicer shall use its best 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 and that others. The Servicer shall allocate collections as set forth in Section 5.03. The Servicer may grant extensions (although not more than six for the life of any Receivable (excluding the Servicer’s Payment Extension Program)), 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 consistent computed on such Receivable (other than with prudent industry standardsrespect to the Servicer’s Payment Extension Program); provided, however, that the Servicer shall notify each Obligor to make all payments with respect to the Receivables to a Lock-Box. The Servicer, for so long as Asta Funding is the Servicer, may grant extensions on a Receivable; provided, however, that no extension shall for the purpose of this Agreement modify the Scheduled Payment due in respect of any Collection Period; provided further, however, that the Servicer may grant only one extension not in excess of 15 days with respect to a Receivable (including for purposes of the foregoing, any extension granted prior to the Cutoff Date); and provided, further, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the last day of the Collection Period preceding the Final Scheduled Distribution Maturity Date, it shall promptly purchase repurchase the Receivable from the Trust Issuing Entity in accordance with the terms of Section 4.7 hereof (and for purposes thereof, the Receivable shall be deemed to be materially and adversely affected by such breach)4.07. Notwithstanding the foregoing, the The Servicer shall not extend or modify the Scheduled Payments retain any fees in connection with any extension of a Receivable unless but shall instead deposit such Receivable is in default, default thereunder is imminent or a modification is required by lawfees into the Collection Account within two Business Days of receipt. The Servicer may, may in its discretion, 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 consensually agree to any alteration of the interest rate or the originally scheduled payments on any Receivable Receivable, other than as provided herein or of the amount of any Scheduled Payment on Receivablesas required by law.

Collection and Allocation of Receivable Payments. The Servicer shall use its best 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 others. The Servicer shall allocate collections between principal and interest in accordance with the customary servicing procedures it follows with respect to all comparable automotive receivables that are consistent it services for itself or others. [The Servicer may grant extensions, rebates or adjustments on a Receivable to the same extent that it grants extensions, rebates or adjustments with prudent industry standardsrespect to all comparable automotive receivables that it services for itself or others.] [; provided, however, provided that (i) the aggregate Principal Balance of Receivables as to which an extension have been granted shall not exceed [ ]% of the then current Pool Balance and (ii) the Servicer shall notify each Obligor to make all payments with respect not extend any Receivable beyond the earlier of (x) [ ] months after its original maturity date and (y) the Collection Period in which the Final Scheduled Maturity Date occurs. If, as a result of inadvertently rescheduling or extending payments, such rescheduling or extension breaches any of the terms of the proviso to the Receivables preceding sentence, then the Servicer shall be obligated to a Lock-Boxpurchase such Receivable pursuant to Section 9.2. The Servicer, for so long as Asta Funding is the Servicer, may grant extensions on a Receivable; provided, however, that no extension shall for For the purpose of this Agreement modify the Scheduled Payment due in respect of any Collection Period; provided furthersuch purchases pursuant to Section 9.2, however, that notice shall be deemed to have been received by the Servicer may grant only one extension not in excess at such time as shall make purchase mandatory as of 15 days with respect to a Receivable (including for purposes of the foregoing, any extension granted prior to the Cutoff Date); and provided, further, that if the Servicer extends the date for final payment by the Obligor of any Receivable beyond the last day of the Collection Period preceding during which the Final Scheduled Distribution Date, it shall promptly purchase the Receivable from the Trust in accordance with the terms discovery of Section 4.7 hereof (and for purposes thereof, the Receivable shall be deemed to be materially and adversely affected by such breach). Notwithstanding the foregoing, the Servicer shall not extend or modify the Scheduled Payments of a Receivable unless such Receivable is in default, default thereunder is imminent or a modification is required by law. breach occurred.] The Servicer may, may in its discretion, 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 consensually agree to any alteration of the interest rate or the originally scheduled payments on any Receivable or of the amount of any Scheduled Payment on ReceivablesReceivable.