PERFORMING COLLECTIONS Clause Samples

PERFORMING COLLECTIONS. (A) CUSTOMER CONTACT (1) For payment collection efforts, the Servicer must only contact the Original Beneficiary. (2) The Servicer may only contact the Obligor if payment is not received as scheduled, in which case contact will be limited to determining if the payment has been made and where it was sent. The party Servicer is allowed to contact in such case varies by the following Asset types: o For Lottery Trust transactions in MA, FL, or TX, the Servicer may only contact the Trustee for payment direction information. o For all other Lottery transactions, the Servicer may contact the Lottery Commission for payment direction information. o For all other Asset types, the Servicer may only contact the Obligor for direction of payment information. (3) Assets where the Obligor is identified as "The City of New Orleans" were purchased with a projected due date. If payment is not received by such due date, the Servicer will take no action to communicate with the Original Beneficiary or Obligor, but rather must notify the Owner who will direct the Servicer of further action to take which may include changing the projected due date. (B) COLLECTIONS TIMELINE REQUIREMENTS 1. Annuities and Structured Settlements o Two (2) days delinquent - begin telephone campaign to contact the Original Beneficiary. o Six (6) days delinquent - send letter notifying the Original Beneficiary of the delinquency and reminding them of their contractual obligation to cooperate and assist with the recovery of any delinquencies. o Fifteen (15) days delinquent - contact the Obligor for payment direction information o Forty-five (45) days delinquent -notify the Owner for the Owner's Legal Department referral. Return the file to the Owner, including an outline detailing the account activity leading up to the referral. The Owner has the option to take appropriate legal actions resulting in payment arrangement, full cure payment, or judgment. o In the event of a special circumstance, (i.e., bankruptcy, redirection of payments), refer account immediately to the Owner for appropriate legal action. 2. Lotteries o Ten (10) days delinquent - begin telephone campaign to contact the Lottery to check payment status. o Fifteen (15) days delinquent - if unable to establish contact with Obligor, contact -Bill Twitty for further collection direct▇▇▇. (▇▇▇)▇24-3315 o Owner may request account ▇▇ ▇▇▇▇ ▇▇ ▇▇ner's Legal Department. Return file to the Owner, with an outline detailing account activity leading to ...

PERFORMING COLLECTIONS. If an account becomes delinquent, the Servicer will attempt borrower contact a minimum of every seven (7) days seeking payment arrangements. If unable to make contact or enter into an adequate payment arrangement prior to becoming 30 days delinquent, the Servicer will notify the Owner who will provide directions of further actions to take.