Common use of Collection and Application of Security Deposits Clause in Contracts

Collection and Application of Security Deposits. (a) The Servicer shall separately account for any Security Deposit related to the Lease Assets remitted to it as agent and bailee for ACOLT, and shall apply the proceeds of such Security Deposits in accordance with applicable law, its Customary Servicing Practices and the Leases, including that the Servicer shall use the Security Deposit in respect of any defaulted Lease for the payment of any amount resulting from the related Lessee’s default or failure to pay all amounts required to be paid under such Lease and any Excess Wear and Excess Mileage Charges. (b) In any Monthly Period in which a Lease becomes a Liquidating Lease Asset, the Servicer shall deposit into the ACOLT Collection Account in accordance with Section 3.04 of this Agreement, to the extent permitted by such Lease and applicable law, an amount equal to the lesser of (i) the related Security Deposit and (ii) any amount to which the related Security Deposit shall apply in accordance with such Lease and applicable law, and such amount shall become part of the ACOLT Collections on such Lease Asset for such Monthly Period. The remainder of the related Security Deposit for any such Lease Asset, after the deposit of the amounts, if any, referenced in the preceding sentence, shall be returned to the related Lessee by the Servicer; provided, however, that the Servicer may separately account for a Security Deposit (including any interest therein) until the Lessee has repaid all other charges owed under such Lease. As additional servicing compensation and as part of its Supplemental Servicing Fee, the Servicer shall also be entitled to the earnings from the investment of Security Deposits retained as and to the extent permitted by applicable law and the applicable Lease and to the extent not required to be paid to the Lessees.

Collection and Application of Security Deposits. (a) The Servicer shall separately account for any Security Deposit related to the Series 20 -SN Lease Assets remitted to it or to COLT as agent and bailee for ACOLTCOLT, and shall apply the proceeds of such Security Deposits in accordance with applicable law, its Customary Servicing Practices and the Series 20 -SN Leases, including that the Servicer shall use the Security Deposit in respect of any defaulted Series 20 -SN Lease for the payment of any amount resulting from the related Lessee’s default or failure to pay all amounts required to be paid under such Series 20 -SN Lease and any Excess Wear and Excess Mileage Charges. (b) In any Monthly Collection Period in which a Series 20 -SN Lease becomes a Liquidating Lease Asset, the Servicer shall deposit into the ACOLT COLT Collection Account in accordance with Section 3.04 of this Agreement3.04, to the extent permitted by such Series 20 -SN Lease and applicable law, an amount equal to the lesser of (i) the related Security Deposit and (ii) any amount to which the related Security Deposit shall apply in accordance with such Series 20 -SN Lease and applicable law, and such amount shall become part of the ACOLT COLT Collections on such Series 20 -SN Lease Asset for such Monthly Collection Period. The remainder of the related Security Deposit for any such Series 20 -SN Lease Asset, after the deposit of the amounts, if any, referenced in the preceding sentence, shall be returned to the related Lessee by the Servicer; provided, however, that the Servicer may separately account for a Security Deposit (including any interest therein) until the Lessee has repaid all other charges owed under such Series 20 - SN Lease. As additional servicing compensation and as part of its Supplemental Servicing Fee, the Servicer shall also be entitled to the earnings from the investment of Security Deposits retained as and to the extent permitted by applicable law and the applicable Series 20 -SN Lease and to the extent not required to be paid to the Lessees.

Collection and Application of Security Deposits. (a) The Servicer shall separately account for any Security Deposit related to the Series 200_-__ Lease Assets remitted to it or to COLT as agent and bailee for ACOLTCOLT, and shall apply the proceeds of such Security Deposits in accordance with applicable law, its Customary Servicing Practices and the Series 200_-__ Leases, including that the Servicer shall use the Security Deposit in respect of any defaulted Series 200_-__ Lease for the payment of any amount resulting from the related Lessee’s 's default or failure to pay all amounts required to be paid under such Series 200_-__ Lease and any Excess Wear and Excess Mileage Charges. (b) In any Monthly Collection Period in which a Series 200_-__ Lease becomes a Liquidating Lease Asset, the Servicer shall deposit into the ACOLT COLT Collection Account in accordance with Section 3.04 of this Agreement3.04, to the extent permitted by such Series 200_-__ Lease and applicable law, an amount equal to the lesser of (i) the related Security Deposit and (ii) any amount to which the related Security Deposit shall apply in accordance with such Series 200_-__ Lease and applicable law, and such amount shall become part of the ACOLT COLT Collections on such the Series 200_-__ Lease Asset for such Monthly Collection Period. The remainder of the related Security Deposit for any such Series 200_-__ Lease Asset, after the deposit of the amounts, if any, referenced in the preceding sentence, shall be returned to the related Lessee by the Servicer; provided, however, that the Servicer may separately account for a Security Deposit (including any interest therein) until the Lessee has repaid all other charges owed under such Series 200_-__ Lease. As additional servicing compensation and as part of its Supplemental Servicing Fee, the Servicer shall also be entitled to the earnings from the investment of Security Deposits retained as and to the extent permitted by applicable law and the applicable Series 200_-__ Lease and to the extent not required to be paid to the Lessees.

Collection and Application of Security Deposits. (a) The Servicer shall separately account for any Security Deposit related to the Series 200_-_ Lease Assets remitted to it or to COLT as agent and bailee for ACOLTCOLT, and shall apply the proceeds of such Security Deposits in accordance with applicable law, its Customary Servicing Practices and the Series 200_-_ Leases, including that the Servicer shall use the Security Deposit in respect of any defaulted Series 200_-_ Lease for the payment of any amount resulting from the related Lessee’s 's default or failure to pay all amounts required to be paid under such Series 200_-_ Lease and any Excess Wear and Excess Mileage Charges. (b) In any Monthly Collection Period in which a Series 200_-_ Lease becomes a Liquidating Lease Asset, the Servicer shall deposit into the ACOLT COLT Collection Account in accordance with Section 3.04 of this Agreement3.04, to the extent permitted by such Series 200_-_ Lease and applicable law, an amount equal to the lesser of (i) the related Security Deposit and (ii) any amount to which the related Security Deposit shall apply in accordance with such Series 200_-_ Lease and applicable law, and such amount shall become part of the ACOLT COLT Collections on such Series 200_-_ Lease Asset for such Monthly Collection Period. The remainder of the related Security Deposit for any such Series 200_-_ Lease Asset, after the deposit of the amounts, if any, referenced in the preceding sentence, shall be returned to the related Lessee by the Servicer; provided, however, that the Servicer may separately account for a Security Deposit (including any interest therein) until the Lessee has repaid all other charges owed under such Series 200_-_ Lease. As additional servicing compensation and as part of its Supplemental Servicing Fee, the Servicer shall also be entitled to the earnings from the investment of Security Deposits retained as and to the extent permitted by applicable law and the applicable Series 200_-_ Lease and to the extent not required to be paid to the Lessees.

Collection and Application of Security Deposits. (a) The Servicer shall separately account for any Security Deposit related to the Lease Assets remitted to it as agent and bailee for ACOLTABLT, and shall apply the proceeds of such Security Deposits in accordance with applicable law, its Customary Servicing Practices and the Leases, including that the Servicer shall use the Security Deposit in respect of any defaulted Lease for the payment of any amount resulting from the related Lessee’s default or failure to pay all amounts required to be paid under such Lease and any Excess Wear and Excess Mileage Charges. (b) In any Monthly Period in which a Lease becomes a Liquidating Lease Asset, the Servicer shall deposit into the ACOLT ABLT Collection Account in accordance with Section 3.04 of this Agreement, to the extent permitted by such Lease and applicable law, an amount equal to the lesser of (i) the related Security Deposit and (ii) any amount to which the related Security Deposit shall apply in accordance with such Lease and applicable law, and such amount shall become part of the ACOLT ABLT Collections on such Lease Asset for such Monthly Period. The remainder of the related Security Deposit for any such Lease Asset, after the deposit of the amounts, if any, referenced in the preceding sentence, shall be returned to the related Lessee by the Servicer; provided, however, that the Servicer may separately account for a Security Deposit (including any interest therein) until the Lessee has repaid all other charges owed under such Lease. As additional servicing compensation and as part of its Supplemental Servicing Fee, the Servicer shall also be entitled to the earnings from the investment of Security Deposits retained as and to the extent permitted by applicable law and the applicable Lease and to the extent not required to be paid to the Lessees.

Collection and Application of Security Deposits. (a) The Servicer shall separately account for any Security Deposit related to the Series 2007-SN1 Lease Assets remitted to it or to COLT as agent and bailee for ACOLTCOLT, and shall apply the proceeds of such Security Deposits in accordance with applicable law, its Customary Servicing Practices and the Series 2007-SN1 Leases, including that the Servicer shall use the Security Deposit in respect of any defaulted Series 2007-SN1 Lease for the payment of any amount resulting from the related Lessee’s 's default or failure to pay all amounts required to be paid under such Series 2007-SN1 Lease and any Excess Wear and Excess Mileage Charges. (b) In any Monthly Collection Period in which a Series 2007-SN1 Lease becomes a Liquidating Lease Asset, the Servicer shall deposit into the ACOLT COLT Collection Account in accordance with Section 3.04 of this Agreement3.04, to the extent permitted by such Series 2007-SN1 Lease and applicable law, an amount equal to the lesser of (i) the related Security Deposit and (ii) any amount to which the related Security Deposit shall apply in accordance with such Series 2007-SN1 Lease and applicable law, and such amount shall become part of the ACOLT COLT Collections on such Series 2007-SN1 Lease Asset for such Monthly Collection Period. The remainder of the related Security Deposit for any such Series 2007-SN1 Lease Asset, after the deposit of the amounts, if any, referenced in the preceding sentence, shall be returned to the related Lessee by the Servicer; provided, however, that the Servicer may separately account for a Security Deposit (including any interest therein) until the Lessee has repaid all other charges owed under such Series 2007-SN1 Lease. As additional servicing compensation and as part of its Supplemental Servicing Fee, the Servicer shall also be entitled to the earnings from the investment of Security Deposits retained as and to the extent permitted by applicable law and the applicable Series 2007-SN1 Lease and to the extent not required to be paid to the Lessees.

Collection and Application of Security Deposits. (a) The Servicer shall separately account for any Security Deposit related to the Lease Assets remitted to it as agent and bailee for ACOLTAFLT, and shall apply the proceeds of such Security Deposits in accordance with applicable law, its Customary Servicing Practices and the Leases, including that the Servicer shall use the Security Deposit in respect of any defaulted Lease for the payment of any amount resulting from the related Lessee’s default or failure to pay all amounts required to be paid under such Lease and any Excess Wear and Excess Mileage Charges. (b) In any Monthly Period in which a Lease becomes a Liquidating Lease Asset, the Servicer shall deposit into the ACOLT AFLT Collection Account in accordance with Section 3.04 of this Agreement, to the extent permitted by such Lease and applicable law, an amount equal to the lesser of (i) the related Security Deposit and (ii) any amount to which the related Security Deposit shall apply in accordance with such Lease and applicable law, and such amount shall become part of the ACOLT AFLT Collections on such Lease Asset for such Monthly Period. The remainder of the related Security Deposit for any such Lease Asset, after the deposit of the amounts, if any, referenced in the preceding sentence, shall be returned to the related Lessee by the Servicer; provided, however, that the Servicer may separately account for a Security Deposit (including any interest therein) until the Lessee has repaid all other charges owed under such Lease. As additional servicing compensation and as part of its Supplemental Servicing Fee, the Servicer shall also be entitled to the earnings from the investment of Security Deposits retained as and to the extent permitted by applicable law and the applicable Lease and to the extent not required to be paid to the Lessees.

Collection and Application of Security Deposits. (a) The Servicer shall separately account for any Security Deposit related to the Series 2005-SN1 Lease Assets remitted to it or to COLT as agent and bailee for ACOLTCOLT, and shall apply the proceeds of such Security Deposits in accordance with applicable law, its Customary Servicing Practices and the Series 2005-SN1 Leases, including that the Servicer shall use the Security Deposit in respect of any defaulted Series 2005-SN1 Lease for the payment of any amount resulting from the related Lessee’s 's default or failure to pay all amounts required to be paid under such Series 2005-SN1 Lease and any Excess Wear and Excess Mileage Charges. (b) In any Monthly Collection Period in which a Series 2005-SN1 Lease becomes a Liquidating Lease Asset, the Servicer shall deposit into the ACOLT COLT Collection Account in accordance with Section 3.04 of this Agreement3.04, to the extent permitted by such Series 2005-SN1 Lease and applicable law, an amount equal to the lesser of (i) the related Security Deposit and (ii) any amount to which the related Security Deposit shall apply in accordance with such Series 2005-SN1 Lease and applicable law, and such amount shall become part of the ACOLT COLT Collections on such Series 2005-SN1 Lease Asset for such Monthly Collection Period. The remainder of the related Security Deposit for any such Series 2005-SN1 Lease Asset, after the deposit of the amounts, if any, referenced in the preceding sentence, shall be returned to the related Lessee by the Servicer; provided, however, that the Servicer may separately account for a Security Deposit (including any interest therein) until the Lessee has repaid all other charges owed under such Series 2005-SN1 Lease. As additional servicing compensation and as part of its Supplemental Servicing Fee, the Servicer shall also be entitled to the earnings from the investment of Security Deposits retained as and to the extent permitted by applicable law and the applicable Series 2005-SN1 Lease and to the extent not required to be paid to the Lessees.