Common use of Collection Policy Clause in Contracts

Collection Policy. A. All Obligors under related Contracts will be issued a preprinted payment book, monthly statements or other remittance advice or instructions that will specifically request that all payments be made to Servicer's Master Collections Account lockbox. B. Servicer shall contact any Obligor on a past due Contract within ten days after the payment due date for the purpose of pursuing collections and shall adequately update all credit and collection file records with respect to such activities. C. Any material extensions, modifications, or acceptances of partial payments by Obligors, and any related necessary Contract amendments and/or default waivers by Servicer, shall be approved by the chief credit officer or president of Servicer or its assigns, and all necessary third party charges and explanations relating thereto shall be documented in the collection file records.

Collection Policy. A. 1. All Obligors under related Contracts will be issued a preprinted payment book, monthly statements book or other remittance other\remittance advice or instructions that which will specifically request that all payments be made to Servicerthe Buyer's Master Collections Account lockbox. B. 2. Servicer shall contact any Obligor on a past due Contract within ten days after the payment due date for the purpose of pursuing collections collection and shall adequately update all credit and collection file records with respect to such activities. C. 3. Any material extensions, modificationsextensions or modifications of Contracts, or acceptances of partial payments by of Obligors, and any related necessary Contract amendments and/or default waivers by Servicer, shall be approved by the chief credit officer or president of Servicer or its assignsServicer, and all necessary third party charges and explanations relating thereto shall be documented in the collection file records.