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.

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.

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.