Common use of Contract Collateral Clause in Contracts

Contract Collateral. As used herein, “Contract Collateral” shall mean each Contract owned by the Borrowers and each of the following items with respect to such Contract: (a) the Contract Debtor Documents excluding Certificates of Title until such time as application has been made to transfer title to the related Contract Debtor; (b) the Contract Rights; (c) any payments from a bank account of, and any electronic funds transfers from, any Contract Debtor or Contract Rights Payor (subject to the terms and conditions of the Master Agency Agreement); (d) any associated chattel paper, lease, instrument, installment sale contract or installment loan contract; (e) all rights of a Borrower in and to the related Financed Vehicle, including any repossessed Financed Vehicle except if a Borrower includes the repossessed Financed Vehicle as an Eligible Vehicle, and in and to any other collateral securing such Contract, including any security deposit; (f) any contract purchase discount; (g) any rights of a Borrower to dealer reserves or rate participation with respect to such Contract, if any; (h) any money, payments or proceeds of any insurance policies with respect to any or all Contracts or any Financed Vehicles with respect to which a Borrower is solely or jointly the owner or is insured or is the loss payee or is a beneficiary, including any insurance proceeds; (i) all books and records of the Borrowers (including financial statements, accounting records, customer lists, credit files, computer programs, electronic data print-outs and other computer materials and records) with respect to such Contract; (j) all accessions to, substitutions for and all replacements and products of, any of the foregoing property; and (k) all money, instruments and other proceeds of the foregoing. Each secured creditor and transferee, purchaser and assignee of Contract Collateral will be a third party beneficiary of this provision.

Contract Collateral. As used herein, “Contract Collateral” shall mean each Contract owned by the Borrowers and each of the following items with respect to such Contract: (a) the Contract Debtor Documents excluding Certificates of Title until such time as application has been made to transfer title to the related Contract Debtor; (b) the Contract Rights; (c) any payments from a bank account of, and any electronic funds transfers from, any Contract Debtor or Contract Rights Payor (subject to the terms and conditions of the Master Agency Agreement)Payor; (d) any associated chattel paper, lease, instrument, installment sale contract or installment loan contract; (e) all rights of a Borrower in and to the related Financed Vehicle, including any repossessed Financed Vehicle except if a Borrower includes the repossessed Financed Vehicle as an Eligible Vehicle, and in and to any other collateral securing such Contract, including any security deposit; (f) any contract purchase discount; (g) any rights of a Borrower to dealer reserves or rate participation with respect to such Contract, if any; (h) any money, payments or proceeds of any insurance policies with respect to any or all Contracts or any Financed Vehicles with respect to which a Borrower is solely or jointly the owner or is insured or is the loss payee or is a beneficiary, including any insurance proceeds; (i) all books and records of the Borrowers (including financial statements, accounting records, customer lists, credit files, computer programs, electronic data print-outs and other computer materials and records) with respect to such Contract; (j) all accessions to, substitutions for and all replacements and products of, any of the foregoing property; and (k) all money, instruments and other proceeds of the foregoing. Each secured creditor and transferee, purchaser and assignee of Contract Collateral will be a third party beneficiary of this provision. Notwithstanding anything set forth in this Section 14.1 to the contrary, the Contract Collateral shall not include any Collateral or any Motor Vehicle after such time as such Motor Vehicle has become a Liquidated Vehicle, unless and until (if at all) such Motor Vehicle subsequently again becomes a Financed Vehicle under a Contract.