Common use of Possession of Original Copies Clause in Contracts

Possession of Original Copies. The Servicer, as custodian on behalf of the Trust, has in its possession all original copies of the contracts that constitute or evidence the Receivable. In the event that the Backup Servicer shall be appointed the successor Servicer or CenterOne shall be appointed the successor Servicer or as subservicer of the Servicer, the following terms, conditions, and modifications to the Sale and Servicing Agreement shall apply; provided, that all modifications made to the Sale and Servicing Agreement on behalf of CenterOne shall apply to the Backup Servicer unless otherwise noted: Upon the notice to CenterOne that it shall be appointed as Servicer or subservicer, CenterOne shall develop a reasonable transition plan and shall be granted a reasonable period of time, which shall not exceed 90 days, to implement such plan and assume the obligations of the Servicer and the servicing of the Receivables in accordance with its customary servicing procedures, including a reasonable period of time to hire required personnel, load and configure the necessary information onto its computer systems, establish necessary cash management procedures, locate and contact the obligors to redirect payments, and any other transition related item required or reasonably necessary to perform its obligations as Servicer or subservicer. CenterOne shall service the Receivables in its own name from centralized locations using its own personnel and properties and shall have no liability arising from or responsibility for the personnel or properties of any other or predecessor Servicer. All powers, rights and authorities granted to the Servicer are hereby granted to CenterOne and each of its Affiliates and agents as are necessary, appropriate or convenient to perform its functions as Servicer or subservicer. If CenterOne shall be a subservicer, the Servicer shall deliver to CenterOne copies of all information delivered to or by it in its capacity as Servicer, and CenterOne’s obligations and liabilities shall be solely to the Servicer and not to any other party or Person. Any provision requiring CenterOne to use best efforts shall require only reasonable efforts with respect thereto. The level of servicing performance provided by CenterOne is based on and subject to CenterOne maintaining an average of not greater than 375 collection accounts per dedicated full-time equivalent collection associate, together with attendant supervisory personnel ratios in accordance with CenterOne’s customary servicing policies. In the event that the Controlling Party desires to decrease the minimum average number of accounts per dedicated full-time equivalent servicing associate, the Base Servicing Fee and Supplemental Servicing Fee or other compensation to CenterOne will be adjusted by the mutual agreement of CenterOne and the Controlling Party. In the event that CenterOne is appointed Servicer or subservicer to the Servicer, its obligations under the Agreement as Designated Backup Subservicer shall terminate and CenterOne shall be under no obligation to appoint a successor Designated Backup Subservicer.

Possession of Original Copies. The Servicer, as custodian on behalf of the TrustIssuer, has in its possession all original copies of the contracts that constitute or evidence the Receivable. In the event that the Backup Servicer shall be appointed the successor Servicer or CenterOne shall be appointed the successor Servicer or as subservicer of the Servicer, the following terms, conditions, and modifications to the Sale and Servicing Agreement shall apply; provided, that all modifications made to the Sale and Servicing Agreement on behalf of CenterOne shall apply to the Backup Servicer unless otherwise noted: CenterOne shall submit a written transition and servicing plan to the Insurer (that is acceptable to the Insurer) by December 31, 2005. Upon the notice to CenterOne that it shall be appointed as Servicer or subservicer, CenterOne shall develop a reasonable transition plan and shall be granted a reasonable period of time, which shall not exceed 90 days, to implement such plan and assume the obligations of the Servicer and the servicing of the Receivables in accordance with its customary servicing procedures, including a reasonable period of time to hire required personnel, load and configure the necessary information onto its computer systems, establish necessary cash management procedures, locate and contact the obligors to redirect payments, and any other transition related item required or reasonably necessary to perform its obligations as Servicer or subservicer. CenterOne shall service the Receivables in its own name from centralized locations using its own personnel and properties and shall have no liability arising from or responsibility for the personnel or properties of any other or predecessor Servicer. All powers, rights and authorities granted to the Servicer are hereby granted to CenterOne and each of its Affiliates and agents as are necessary, appropriate or convenient to perform its functions as Servicer or subservicer. If CenterOne shall be a subservicer, the Servicer shall deliver to CenterOne copies of all information delivered to or by it in its capacity as Servicer, and CenterOne’s obligations and liabilities shall be solely to the Servicer and not to any other party or Person. Any provision requiring CenterOne to use best efforts shall require only reasonable efforts with respect thereto. The level of servicing performance provided by CenterOne is based on and subject to CenterOne maintaining an average of not greater than 375 collection accounts per dedicated full-time equivalent collection associate, together with attendant supervisory personnel ratios in accordance with CenterOne’s 's customary servicing policies. In the event that the Controlling Party desires to decrease the minimum average number of accounts per dedicated full-time equivalent servicing associate, the Base Servicing Fee and Supplemental Servicing Fee or other compensation to CenterOne will be adjusted by the mutual agreement of CenterOne and the Controlling Party. In the event that CenterOne is appointed Servicer or subservicer to the Servicer, its obligations under the Agreement as Designated Backup Subservicer shall terminate and CenterOne shall be under no obligation to appoint a successor Designated Backup Subservicerterminate.