Common use of Collection of Loan Payments Clause in Contracts

Collection of Loan Payments. The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Loans as and when the same shall become due, and shall follow the Servicing Standards. Notwithstanding anything in this Agreement to the contrary, neither the Indenture Trustee nor the Servicer shall release the Equipment or other collateral securing a Loan from the lien of the Indenture unless the outstanding Loan Balance, if any, of such Loan has been deposited into the Collection Account, except upon substitution of Substitute Loans, substitution of equivalent Equipment or other collateral (which substitution shall not reduce the Obligor's payment obligations under such Loan), or the foreclosure and sale of collateral or final settlement or compromise of a Defaulted Loan in which case the proceeds of such foreclosure, sale, or final settlement or compromise shall be deposited into the Collection Account as required under the Basic Documents. Subject to the limitations in subsection 3.07(c), the Servicer is hereby authorized to grant extensions, rebates or adjustments on a Loan without the prior consent of the Owner of such Loan or the Controlling Party and to consent to the assignment or assumption, including the release of the existing Obligor in connection therewith, without the prior consent of the Owner of such Loan provided that (x) after giving effect to such extension, rebate or adjustment the Pool Criteria would be satisfied if the affected Loan were treated as a Substitute Loan or Replacement Loan and (y) with respect to any such assignment or assumption other than of a Defaulted Loan, after giving effect to such assignment or assumption, the new Obligor would satisfy all Eligibility Criteria and Pool Criteria applicable to Obligors; provided, further, that subject to preceding clauses (x) and (y) and Section 3.07(c), any successor Servicer (other than an affiliate of ALS) shall be authorized to grant extensions, rebates or adjustments without the consent of the Controlling Party only to the extent it determines that such action is reasonably likely to prevent a payment event of default by the Obligor. The Servicer is authorized in its discretion to waive any prepayment charge, late payment charge or any other fees that may be collected in the ordinary course of servicing such Loan; provided, however, that once the Servicer waives such fees, they cannot be collected from the Designated Accounts, the Lockbox Account or any other source. To the extent provided for in any Loan, the Servicer shall make reasonable efforts to collect all payments with respect to amounts due for maintenance, taxes or assessments on the Equipment or the Loans and shall remit such amounts to the appropriate maintenance provider or Governmental Authority on or prior to the date such payments are due.

Collection of Loan Payments. The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Loans as and when the same shall become due, and shall follow the Loan Servicing Standards. Notwithstanding anything in this Agreement to the contrary, neither the Indenture Trustee nor the Servicer shall release the Equipment or other collateral securing a Loan from the lien of the Indenture unless the outstanding Loan Balance, if any, of such Loan has been deposited into the Equipment Collection Account, except (x) upon substitution of Substitute Loans, (y) substitution of equivalent Equipment or other collateral (which such substitution shall not reduce the Obligor's ’s payment obligations under such Loan), ) or (z) the foreclosure and sale of collateral or final settlement or compromise of a Defaulted Equipment Loan in which case the proceeds of such foreclosure, sale, or final settlement or compromise shall be deposited into the Collection Account as required under the Basic Documents. Subject to the limitations in subsection 3.07(c), the Servicer is hereby authorized to (i) grant extensions, rebates or adjustments on a Loan without the prior consent of the Owner of such Loan or the Controlling Party Control Party, and to (ii) consent to the assignment or assumption, including the release of the existing Obligor in connection therewith, without the prior consent of the Owner of such Loan or the Control Party, provided that (x) after giving effect to such extension, rebate or adjustment adjustment, the Pool Criteria Equipment Loan Borrowing Base would not be satisfied if less than the affected then Aggregate Equipment Loan were treated as a Substitute Loan or Replacement Loan and Note Principal Balance, (y) with respect to any such assignment or assumption (other than the assignment or assumption of a Defaulted Equipment Loan, ) after giving effect to such assignment or assumption, the new Obligor and Eligible Loan would satisfy all Eligibility Criteria and Pool Criteria of the criteria set forth in the definition of Eligible Equipment Loan applicable to ObligorsObligors and (z) such Loan, after any such extension, rebate or adjustment, meets the definition of an Eligible Equipment Loan; provided, further, that subject to preceding clauses (x), (y) and (yz) and Section 3.07(c), any successor Servicer (other than an affiliate Affiliate of ALS) shall be authorized to grant extensions, rebates or adjustments without the consent of the Controlling Control Party only to the extent it determines that such action is reasonably likely to prevent a payment event of default by the Obligor. The Servicer is authorized in its discretion to waive any prepayment charge, late payment charge or any other fees that may be collected in the ordinary course of servicing such Loan; provided, however, that once the Servicer waives such fees, they then such fee cannot be collected from the Designated Accounts, the Loan Lockbox Account or any other source. To the extent provided for in any Loan, the Servicer shall make reasonable efforts to collect all payments with respect to amounts due for maintenance, taxes or assessments on the Equipment or the Loans and shall remit such amounts to the appropriate maintenance provider or Governmental Authority on or prior to the date such payments are due.

Collection of Loan Payments. The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Loans as and when the same shall become due, and shall follow the Loan Servicing Standards. Notwithstanding anything in this Agreement to the contrary, neither the Indenture Trustee nor the Servicer shall release the Equipment or other collateral securing a Loan from the lien of the Indenture unless the outstanding Loan Balance, if any, of such Loan has been deposited into the Equipment Collection Account, except (x) upon substitution of Substitute Loans, (y) substitution of equivalent Equipment or other collateral (which such substitution shall not reduce the Obligor's payment obligations under such Loan), ) or (z) the foreclosure and sale of collateral or final settlement or compromise of a Defaulted Equipment Loan in which case the proceeds of such foreclosure, sale, or final settlement or compromise shall be deposited into the Collection Account as required under the Basic Documents. Subject to the limitations in subsection 3.07(c), the Servicer is hereby authorized to (i) grant extensions, rebates or adjustments on a Loan without the prior consent of the Owner of such Loan or the Controlling Party Control Party, and to (ii) consent to the assignment or assumption, including the release of the existing Obligor in connection therewith, without the prior consent of the Owner of such Loan or the Control Party, provided that (x) after giving effect to such extension, rebate or adjustment adjustment, the Pool Criteria Equipment Loan Borrowing Base would not be satisfied if less than the affected then Aggregate Equipment Loan were treated as a Substitute Loan or Replacement Loan and Note Principal Balance, (y) with respect to any such assignment or assumption (other than the assignment or assumption of a Defaulted Equipment Loan, ) after giving effect to such assignment or assumption, the new Obligor and Eligible Loan would satisfy all Eligibility Criteria and Pool Criteria of the criteria set forth in the definition of Eligible Equipment Loan applicable to ObligorsObligors and (z) such Loan, after any such extension, rebate or adjustment, meets the definition of an Eligible Equipment Loan; provided, further, that subject to preceding clauses (x), (y) and (yz) and Section 3.07(c), any successor Servicer (other than an affiliate of ALS) shall be authorized to grant extensions, rebates or adjustments without the consent of the Controlling Control Party only to the extent it determines that such action is reasonably likely to prevent a payment event of default by the Obligor. The Servicer is authorized in its discretion to waive any prepayment charge, late payment charge or any other fees that may be collected in the ordinary course of servicing such Loan; provided, however, that once the Servicer waives such fees, they then such fee cannot be collected from the Designated Accounts, the Loan Lockbox Account or any other source. To the extent provided for in any Loan, the Servicer shall make reasonable efforts to collect all payments with respect to amounts due for maintenance, taxes or assessments on the Equipment or the Loans and shall remit such amounts to the appropriate maintenance provider or Governmental Authority on or prior to the date such payments are due.

Collection of Loan Payments. The Servicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Loans as and when the same shall become due, and shall follow the Loan Servicing Standards. Notwithstanding anything in this Agreement to the contrary, neither the Indenture Trustee nor the Servicer shall release the Equipment or other collateral securing a Loan from the lien of the Indenture unless the outstanding Loan Balance, if any, of such Loan has been deposited into the Equipment Collection Account, except (x) upon substitution of Substitute Loans, (y) substitution of equivalent Equipment or other collateral (which such substitution shall not reduce the Obligor's ’s payment obligations under such Loan), ) or (z) the foreclosure and sale of collateral or final settlement or compromise of a Defaulted Equipment Loan in which case the proceeds Proceeds of such foreclosure, sale, or final settlement or compromise shall be deposited into the Collection Account as required under the Basic Documents. Subject to the limitations in subsection Section 3.07(c), the Servicer is hereby authorized authorized, in a manner consistent with the Credit and Collection Policy, to (i) grant extensions, rebates or adjustments on a Loan without the prior consent of the Owner of such Loan Owner, the Administrative Agent or the Controlling Party Noteholders, and to (ii) consent to the assignment or assumption, including the release of the existing Obligor in connection therewith, without the prior consent of the Owner of such Loan Owner, the Administrative Agent or the Noteholders, provided that (x) after giving effect to such extension, rebate or adjustment adjustment, the Pool Criteria Equipment Loan Borrowing Base would not be satisfied if less than the affected then Aggregate Equipment Loan were treated as a Substitute Loan or Replacement Loan and Note Principal Balance, (y) with respect to any such assignment or assumption (other than the assignment or assumption of a Defaulted Equipment Loan, ) after giving effect to such assignment or assumption, the new Obligor and Eligible Loan would satisfy all Eligibility Criteria and Pool Criteria of the criteria set forth in the definition of Eligible Equipment Loan applicable to ObligorsObligors and (z) such Loan, after any such extension, rebate or adjustment, meets the definition of an Eligible Equipment Loan; provided, further, that subject to preceding clauses (x), (y) and (yz) and Section 3.07(c), any successor Servicer (other than an affiliate Affiliate of ALS) shall be authorized to grant extensions, rebates or adjustments without the consent of the Controlling Party Administrative Agent or the Noteholders only to the extent it determines that such action is reasonably likely to prevent a payment event of default by the Obligor. The Servicer is authorized in its discretion to waive any prepayment charge, late payment charge or any other fees that may be collected in the ordinary course of servicing such Loan; provided, however, that once the Servicer waives such fees, they then such fee cannot be collected from the Designated Accounts, the Loan Lockbox Account or any other source. To the extent provided for in any Loan, the Servicer shall make reasonable efforts to collect all payments with respect to amounts due for maintenance, taxes or assessments on the Equipment or the Loans and shall remit such amounts to the appropriate maintenance provider or Governmental Authority on or prior to the date such payments are due.