Collection of Contract Payments. The Master Servicer shall use its best efforts to collect all payments called for under the terms and provisions of the Contracts as and when the same shall become due and shall use its best efforts to cause each Obligor to make all payments in respect of his or her Contract to the Master Servicer. Consistent with the foregoing, the Master Servicer may in its discretion (i) waive any late payment charges in connection with delinquent payments on a Contract or prepayment charges and (ii) in order to work out a default or an impending default due to the financial condition of the Obligor, modify the payment schedule of a delinquent Contract (subject to the next sentence) or extend the Maturity Date of a delinquent Contract by up to 90 days in the aggregate past the originally scheduled date of the last payment on such Contract; provided that in the case of any extension granted pursuant to clause (ii) the Master Servicer makes an Advance in respect of such extension and in no event can the last payment on such Contract be extended beyond the last day of the Due Period ending immediately prior to the Certificate Final Distribution Date. The Master Servicer shall not extend the Maturity Date of a Contract except as provided in clause (ii) of the preceding sentence and shall not modify any Contracts except in accordance with the criteria and limitations specified in Section 4.01.
Collection of Contract Payments. 45 SECTION 3.03.
Collection of Contract Payments. The Servicer shall use its best efforts to collect all payments called for under the terms and provisions of the Contracts as and when the same shall become due and shall use its best efforts to cause each Obligor to make all payments in respect of his or her Contract to the Servicer. Consistent with the foregoing, the Servicer may in its discretion (i) waive any late payment charges in connection with delinquent payments on a Contract or prepayment charges and (ii) in order to work out a default or an impending default due to the financial condition of an Obligor, grant up to three extensions of the Due Date of any payment for periods of 30 days or less, such that the Maturity Date of no Contract shall, under any circumstances, extend more than 120 days past the originally scheduled date of the last payment on such Contract and in no event beyond the Certificate Final Scheduled Distribution Date. The Servicer shall not extend the Maturity Date of a Contract except as provided in clause (ii) of the preceding sentence. Except as explicitly permitted by this paragraph, the Servicer shall not change any material term of a Contract, including but not limited to the interest rate, the payment amounts or due dates, or the property securing such Contract.
Collection of Contract Payments. The Master Servicer shall use its best efforts to collect all payments called for under the terms and provisions of the Contracts as and when the same shall become due and shall use its best efforts to cause each Obligor to make all payments in respect of his or her Contract to the Master Servicer. Consistent with the foregoing, the Master Servicer may in its discretion (i) waive any late payment charges in connection with delinquent payments on a Contract or prepayment charges and (ii) in order to work out a default or an impending default due to the financial condition of the Obligor, modify the payment schedule of a Delinquent Contract (subject to the next sentence) or extend the Maturity Date of a Delinquent Contract by up to 90 days in the aggregate past the originally scheduled date of the last payment on such Contract; provided, however, the Master Servicer shall not defer payments more than three times over the life of such Contract; provided, further, that in the case of any extension granted pursuant to clause (ii) the Master Servicer makes an Advance in respect of such extension and in no event can the last payment on such Contract be extended beyond the last day of the Collection Period ending immediately prior to the Class D Final Scheduled Distribution Date. The Master Servicer shall not extend the Maturity Date of a Contract except as provided in clause (ii) of the preceding sentence and shall not modify any Contracts except in accordance with the criteria and limitations specified in Section 4.01.
Collection of Contract Payments. The Servicer shall use its best efforts to collect all payments called for under the terms and provisions of the Contracts as and when the same shall become due and shall use its best efforts to cause each Obligor to make all payments in respect of his or her Contract to the Servicer. Consistent with the foregoing, the Servicer may in its discretion (i) waive any late payment charges in connection with delinquent payments on a Contract or prepayment charges and (ii) in order to work out a default or an impending default due to the financial condition of an Obligor, grant up to six extensions of the Due Date of any payment for periods of 30 days or less, such that the Maturity Date of no Contract shall, under any circumstances, extend more than 180 days past the originally scheduled date of the last payment on such Contract and in no event beyond the Class A-4 Final Scheduled Distribution Date; provided, further, that no more than two such extensions can be granted consecutively, no more than three such extensions can be granted during any 12 month period and at least three payments must be made between non-consecutive extensions. The Servicer shall not extend the Maturity Date of a Contract except as provided in clause (ii) of the preceding sentence. Except as explicitly permitted by this paragraph, the Servicer shall not change any material term of a Contract, including but not limited to the interest rate, the payment amounts or due dates, or the property securing such Contract.
Collection of Contract Payments. 46 SECTION 3.03
Collection of Contract Payments. The Servicer shall use its best efforts to collect all payments called for under the terms and provisions of the Contracts as and when the same shall become due and shall use its best efforts to cause each Obligor to make all payments in respect of his or her Contract to the Servicer. Consistent with the foregoing, the Servicer may in its discretion (i) waive any late payment charges in connection with delinquent payments on a Contract or prepayment charges and (ii) in order to work out a default or an impending default due to the financial condition of an Obligor, grant up to three extensions of the Due Date of any payment for periods of 30 days or less, such that the Maturity Date of no Contract shall, under any circumstances, extend more than 120 days past the originally scheduled date of the last payment on such Contract and in no event beyond the Class A-4
Collection of Contract Payments. 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 Contracts as and when the same shall become due and shall use its reasonable efforts to cause each Obligor to make all payments in respect of his or her Contract to the Servicer. Consistent with the foregoing and the Collection Policy, the Servicer may, on a case-by-case basis, in its discretion (i) waive any late payment charges in connection with delinquent payments on a Contract, (ii) waive any prepayment charges or (iii) grant an extension in order to work out a default or an impending default; provided that following the extension there will have been no more than two extensions of the related Contract in the last 12 months and the sum of the terms of all extensions of the Contract does not exceed six months. The Servicer shall not extend the Maturity Date of a Contract except as provided in clause (iii) of the preceding sentence. Except as explicitly permitted by this paragraph, the Servicer shall not change any material term of a Contract, including but not limited to the APR, the payment amounts or due dates, or the property securing such Contract unless the Insurer has provided prior written consent.
Collection of Contract Payments. The Master Servicer shall use its best efforts to collect all payments called for under the terms and provisions of the Contracts as and when the same shall become due and shall use its best efforts to cause each Obligor to make all payments in respect of his or her Contract to the Master Servicer. Consistent with the foregoing, the Master Servicer may in its discretion (i) waive any late payment charges in connection with delinquent payments on a Contract or prepayment charges and (ii) in order to work out a default or an impending default due to the financial condition of the Obligor, modify the payment schedule of a Delinquent Contract (subject to the next sentence) or extend the Maturity Date of a Delinquent Contract by up to 90 days in the aggregate past the originally scheduled date of the last payment on such Contract; provided, however, the Master Servicer shall not defer payments more than three times over the life of such Contract; provided, further, that in the case of any extension granted pursuant to clause (ii) the Master Servicer makes an Advance in respect of
Collection of Contract Payments. (a) The Servicer shall proceed diligently to collect all payments called for under the terms and provisions of the Contracts, and shall service the Contracts in a manner consistent with the servicing standards and procedures generally accepted in the financial services industry for similar contracts, and as otherwise expressly provided by this Agreement. Consistent with the foregoing, the Servicer may in its discretion (i) waive any late payment charge and (ii) extend the then current maturity date of a Contract by two months once during each calendar year at the request of the related Obligor on account of the Obligor's adverse financial circumstances that affect the Obligor's ability to make payments under such Contract; provided however, that the Servicer may not so extend the then current maturity date of Contract more than twice during the life of such Contract; provided further, that the aggregate number of contracts that have been so extended during any twelve month period shall not exceed the product of (i) 3.5% (0.035) and (i) the aggregate number of outstanding Contracts as of the beginning of such twelve month period.
(b) The Servicer shall instruct (or shall cause the Subservicer to instruct) all Obligors to make all payments due in respect of the Contracts to the Subservicer Account. The Servicer shall, pursuant to the Subservicing Agreement, cause the Subservicer to use any amounts other than collections in respect of motor vehicle financing obligations serviced by the Subservicer. The Servicer shall cause the Subservicer to use its best efforts to transfer to the Collection Account all collected funds on deposit in the Subservicer Account that constitute part of the Trust Estate within one Business Day, and in any event within two Business Days of receipt thereof. If the Servicer, the Transferor, NAFCO, ACCH or any Subservicer receives collections under or other payments in respect of the Contracts, each such Person shall as soon as practicable, but no later than two Business Days following receipt of such item by such Person, cause such payment to be remitted to the Trustee for deposit to the Collection Account. If the Servicer determines that any amount that is not a part of the Trust Estate has been deposited in any Account, the Servicer shall promptly instruct the Trustee by facsimile (with prompt telephone confirmation) to segregate such amount, and shall therein direct the Trustee to turn over such amounts to the Person entitled theret...
