Common use of Collection of Payments on Receivables; Receivable Modifications Clause in Contracts

Collection of Payments on Receivables; Receivable Modifications. (a) 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, in accordance with the Servicing Standard. (b) (i) The Servicer may grant payment extensions and holidays on the Receivables in accordance with the Servicing Standard and as required by Applicable Law; provided, however, that no such extension shall extend the final payment date on any Receivable beyond the last day of the Collection Period immediately preceding the Class C Final Scheduled Payment Date, and