Common use of Duties of Closed-End Servicer Clause in Contracts

Duties of Closed-End Servicer. The Closed-End Servicer will manage, service, administer and make collections on the Closed-End Assets, together with any Dealer Recourse Rights, if any, and Insurance Policies maintained with respect to the Collateral, and, to the extent applicable, perform all of its other obligations, and exercise its rights, under this Closed-End Servicing Agreement, with reasonable care and in accordance with the Credit and Collection Policy. The Closed-End Servicer’s duties will include: (a) collecting and remitting (within the time period specified in Section 5.1(a)) (A) all amounts received from Closed-End Obligors relating to the Closed-End Leases (including any Security Deposits but only when those amounts are applied to pay amounts that a Closed-End Obligor fails to pay relating to a Closed-End Lease), (B) all amounts received in respect of Insurance Policies with respect to the Closed-End Leases, (C) all amounts received on any Closed-End Lease in respect of any Dealer Recourse Rights and (D) all proceeds realized on the sale or other disposition of the Closed-End Vehicles; (b) collecting and remitting state and local taxes relating to the Closed-End Leases and Closed-End Vehicles; (c) responding to inquiries of Closed-End Obligors on the Closed-End Leases; (d) investigating delinquencies relating to the Closed-End Leases; (e) accounting for Closed-End Collections and furnishing statements to the Titling Trust and the Initial Beneficiary with respect to such Closed-End Collections; (f) repossessing or otherwise converting the possession of the Closed-End Vehicle relating to any Closed-End Lease as to which the Closed-End Servicer has determined eventual payment in full is unlikely; (g) selling or otherwise disposing of any Closed-End Vehicle repossessed or returned by the related Closed-End Obligor in connection with a termination of the related Closed-End Lease; (h) collecting any remaining balance on the Closed-End Leases after disposition of any repossessed or returned Closed-End Vehicle; (i) acting as agent of the Titling Trust with respect to the borrowing of funds and the taking of certain other actions in connection with the Warehouse Facilities, to the extent and in the manner set forth in the Receivables Financing Agreements; (j) acting as agent of the Closed-End Collateral Agent with respect to holding the Certificates of Title; (k) performing and carrying out on behalf of the Titling Trustee, on behalf of the Titling Trust, all of the obligations on the part of the lessor under each Closed-End Lease; and (l) any other duties of the Closed-End Servicer expressly set forth in this Closed-End Servicing Agreement or the other Basic Documents.

Duties of Closed-End Servicer. The Closed-End Servicer will manage, service, administer and make collections on the Closed-End Assets, together with any Dealer Recourse Rights, if any, and Insurance Policies maintained with respect to the Collateral, and, to the extent applicable, perform all of its other obligations, and exercise its rights, under this Closed-End Servicing Agreement, with reasonable care and in accordance with the Credit and Collection Policy. The Closed-End Servicer’s 's duties will include: (a) collecting and remitting (within the time period specified in Section 5.1(a)) (A) all amounts received from Closed-End Obligors relating to the Closed-End Leases (including any Security Deposits but only when those amounts are applied to pay amounts that a Closed-End Obligor fails to pay relating to a Closed-End Lease), (B) all amounts received in respect of Insurance Policies with respect to the Closed-End Leases, (C) all amounts received on any Closed-End Lease in respect of any Dealer Recourse Rights and (D) all proceeds realized on the sale or other disposition of the Closed-End Vehicles; (b) collecting and remitting state and local taxes relating to the Closed-End Leases and Closed-End Vehicles; (c) responding to inquiries of Closed-End Obligors on the Closed-End Leases; (d) investigating delinquencies relating to the Closed-End Leases; (e) accounting for Closed-End Collections and furnishing statements to the Titling Trust and the Initial Beneficiary with respect to such Closed-End Collections; (f) repossessing or otherwise converting the possession of the Closed-End Vehicle relating to any Closed-End Lease as to which the Closed-End Servicer has determined eventual payment in full is unlikely; (g) selling or otherwise disposing of any Closed-End Vehicle repossessed or returned by the related Closed-End Obligor in connection with a termination of the related Closed-End Lease; (h) collecting any remaining balance on the Closed-End Leases after disposition of any repossessed or returned Closed-End Vehicle; (i) acting as agent of the Titling Trust with respect to the borrowing of funds and the taking of certain other actions in connection with the Warehouse Facilities, to the extent and in the manner set forth in the Receivables Financing Agreements; (j) acting as agent of the Closed-End Collateral Agent with respect to holding the Certificates of Title; (k) performing and carrying out on behalf of the Titling Trustee, on behalf of the Titling Trust, all of the obligations on the part of the lessor under each Closed-End Lease; and (l) any other duties of the Closed-End Servicer expressly set forth in this Closed-End Servicing Agreement or the other Basic Documents.