Common use of Collection of Program Receivable Payments Clause in Contracts

Collection of Program Receivable Payments. (a) The Subservicer shall make reasonable efforts to collect all payments called for under the terms and provisions of the Program Receivables within each Program Portfolio as and when the same become due and in accordance with Customary Servicing Practices and the SLAs. The Subservicer is hereby authorized to grant extensions, rebates or adjustments with respect to the Program Receivables in a Program Portfolio in accordance with the terms set forth in the applicable Program Portfolio Schedule and applicable Program Receivable Transaction Document. (b) The Subservicer is authorized in accordance with Customary Servicing Practices and the SLAs to waive any late payment charge or any fee that may be collected in the ordinary course of servicing a receivable with respect to the Program Receivables in a Program Portfolio in accordance with the terms set forth in the applicable Program Portfolio Schedule and applicable Program Receivable Transaction Document. The Subservicer may not sell any receivable’s deficiency balance.