Common use of COLLECTION OF MONTHLY LEASE PAYMENTS AND REMITTANCES; APPLICATION OF PROCEEDS Clause in Contracts

COLLECTION OF MONTHLY LEASE PAYMENTS AND REMITTANCES; APPLICATION OF PROCEEDS. (a) The Servicer shall use commercially reasonable efforts to (i) collect all payments required under the terms and provisions of each User Lease; and (ii) cause each End User to make all payments in respect of the User Lease to which such End User is a party or otherwise obligated. (b) Consistent with the foregoing, the Servicer may in its discretion (i) waive any late payment charge or other charge that would constitute a Supplemental Servicing Fee, and (ii) extend the Maturity Date of any User Lease consistent with Customary Servicing Practices. (c) As to any other funds received by the Servicer with respect to any Trust Asset: (i) With respect to any such funds relating to a SUBI Asset, the Servicer shall deposit such funds as set forth in the appropriate SUBI Servicing Agreement Supplement; and (ii) With respect to any such funds relating to any Trust Asset other than a SUBI Asset, the Servicer shall pay such funds as directed by the UTI Holder. (d) The Servicer shall, on behalf of the UTI Trustee and at the direction of the Initial Beneficiary, from time to time, in accordance with the Trust Agreement or the applicable SUBI Supplement thereto, identify and allocate on the books and records of the Trust certain User Leases and/or Leased Vehicles into one or more SUBI Portfolios, either upon the initial creation of such SUBI or periodically following its creation. (e) The Servicer shall account to the applicable Trustee for the UTI Portfolio and each SUBI Portfolio of Trust Assets separately and in accordance with any supplement or amendment to this Agreement entered into with respect to such UTI Portfolio or SUBI Portfolio, as the case may be.