Common use of Servicing of Receivables Clause in Contracts

Servicing of Receivables. The servicing, administering and collection of the Receivables shall be conducted by BusLease, who hereby agrees to perform, take or cause to be taken all such action as may be necessary or advisable to collect each Receivable from time to time, all in accordance with applicable laws, rules and regulations and with the care and diligence which BusLease employs in servicing similar receivables for its own account, in accordance with the Credit and Collection Policy. The Purchaser hereby appoints BusLease as its agent to enforce the Purchaser's rights and interests in, to and under the Receivables, together with the Leased Vehicles and the Collections with respect thereto. Notwithstanding anything to the contrary contained herein, from and after the occurrence of a Servicer Termination Event, the Purchaser shall, at the request of SPARC, the Secondary Purchaser or the Administrative Agent, terminate BusLease servicing activities described in this Section 2.2 and shall appoint a successor Servicer acceptable to or as directed by SPARC, the Secondary Purchaser or the Administrative Agent, as applicable. In consideration of the foregoing, the Purchaser agrees to pay BusLease a servicing fee of [**] percent ([**]%) per annum on the aggregate amount of Receivables sold, payable monthly, for its performance of the duties and obligations described in this Section 2.2; PROVIDED that any such monthly payment shall be reduced by any amounts payable in such month to BusLease in accordance with Section 2.03(c)(ii) of the Receivables Purchase Agreement or the Secondary Purchase Agreement, as applicable. The obligations of BusLease hereunder in the administration, servicing and collection of Receivables may be delegated from time to time by BusLease to any of its Affiliates; PROVIDED that no such delegation of duties shall relieve BusLease of any of its duties and obligations hereunder.

Servicing of Receivables. The servicing, administering and collection of the Receivables shall be conducted by BusLeaseeach of the Sellers, who as agents of the Collection Agent, in accordance with the terms and conditions of the Receivables Transfer Agreement. Each Seller hereby agrees to perform, take or cause to be taken all such action as may be necessary or advisable to collect each Receivable from time to time, all in accordance with the terms and conditions of the Receivables Transfer Agreement, the Credit and Collection Policy and applicable laws, rules and regulations and with the care and diligence which BusLease each of the Sellers employs in servicing similar receivables for its own account, in accordance with the Credit and Collection Policy. The Purchaser hereby appoints BusLease each of the Sellers as its agent to enforce the Purchaser's rights and interests in, to and under the Receivables, together with the Leased Vehicles Related Security and the Collections with respect thereto. To the extent permitted by applicable law, each Seller hereby grants to any Collection Agent appointed under the Receivables Transfer Agreement and at any time following the designation of a Collection Agent other than MascoTech, any Seller or the Purchaser, to the Administrative Agent an irrevocable power of attorney to take in the Seller's name and on behalf of the Seller any and all steps necessary or desirable, in the reasonable determination of the Collection Agent or the Administrative Agent, to collect all amounts due under any and all Receivables, including, without limitation, endorsing the Seller's name on checks and other instruments representing Collections and enforcing such Receivables and the related Contracts. Each of the Sellers shall hold in trust for the Purchaser, in accordance with its interests, all Records which evidence or relate to the Receivables or Related Security, Collections and Proceeds with respect thereto. Notwithstanding anything to the contrary contained herein, from and after the occurrence of a Servicer Termination EventEvent or a Collection Agent Default, the Purchaser shall, at the request of SPARC, the Secondary Purchaser or the Administrative Agent, upon written notice to the Collection Agent on behalf of the CP Conduit Purchasers and the Committed Purchasers, shall have the absolute and unlimited right to terminate BusLease the Sellers' servicing activities described in this Section 2.2 and shall appoint a successor Servicer acceptable to or as directed by SPARC, the Secondary Purchaser or the Administrative Agent, as applicable2.02. In consideration of the foregoing, the Purchaser agrees to pay BusLease each Seller a servicing fee of [**] one percent ([**]1.0%) per annum on the aggregate amount Outstanding Balance of the Receivables soldsold by such Seller, payable monthly, for its performance of the duties and obligations described in this Section 2.22.02.; PROVIDED provided that any such monthly payment shall be reduced by any amounts payable in such month by the CP Conduit Purchasers or the Committed Purchasers to BusLease MascoTech, in accordance with Section 2.03(c)(ii) of its capacity as Collection Agent pursuant to the Receivables Purchase Agreement or the Secondary Purchase Transfer Agreement, as applicable. The obligations of BusLease hereunder in the administration, servicing and collection of Receivables may be delegated from time to time by BusLease to any of its Affiliates; PROVIDED that no such delegation of duties shall relieve BusLease of any of its duties and obligations hereunder.

Servicing of Receivables. The servicing, administering and collection of the Receivables shall be conducted by BusLeasecertain of the Sellers (individually, who an "Agent Seller" and collectively, the "Agent Sellers"), as agents of the Collection Agent, in accordance with the terms and conditions of the Receivables Transfer Agreement. Each Agent Seller hereby agrees to perform, take or cause to be taken all such action as may be necessary or advisable to collect each Receivable from time to time, all in accordance with the terms and conditions of the Receivables Transfer Agreement, the Credit and Collection Policy and applicable laws, rules and regulations and with the care and diligence which BusLease each of the Agent Sellers employs in servicing similar receivables for its own account, in accordance with the Credit and Collection Policy. The Purchaser Collection Agent hereby appoints BusLease each Agent Seller as its agent to enforce the Purchaser's rights and interests in, to and under the Receivables, together with the Leased Vehicles Related Security and the Collections with respect thereto. To the extent permitted by applicable law, each Seller hereby grants to any Collection Agent appointed under the Receivables Transfer Agreement and at any time following the designation of a Collection Agent other than Tyson, any Seller or the Purchaser, to the Administrative Agent an irrevocable power of attorney to take in the Seller's name and on behalf of the Seller any and all steps necessary or desirable, in the reasonable determination of the Collection Agent or the Administrative Agent, to collect all amounts due under any and all Receivables, including, without limitation, endorsing the Seller's name on checks and other instruments representing Collections and enforcing such Receivables and the related Contracts. The Collection Agent and each of the Sellers shall hold in trust for the Purchaser, in accordance with its interests, all Records which evidence or relate to the Receivables or Related Security, Collections and Proceeds with respect thereto. Notwithstanding anything to the contrary contained herein, from and after the occurrence of a Servicer Termination EventEvent or a Collection Agent Default, the Purchaser shall, at the request of SPARC, the Secondary Purchaser or the Administrative Agent, upon written notice to the Collection Agent on behalf of the CP Conduit Purchasers and the Committed Purchasers, shall have the absolute and unlimited right to terminate BusLease the Agent Sellers' servicing activities described in this Section 2.2 and shall appoint a successor Servicer acceptable to or as directed by SPARC, the Secondary Purchaser or the Administrative Agent, as applicable2.02. In consideration of the foregoing, the Purchaser agrees to pay BusLease a servicing fee of [**] percent ([**]%) per annum on the aggregate amount of Receivables sold, payable monthly, for its performance of the duties and obligations described in this Section 2.2; PROVIDED that any such monthly payment shall be reduced by any amounts payable in such month to BusLease in accordance with Section 2.03(c)(ii) of the Receivables Purchase Agreement or the Secondary Purchase Agreement, as applicable. The obligations of BusLease hereunder in the administration, servicing and collection of Receivables may be delegated from time to time by BusLease to any of its Affiliates; PROVIDED that no such delegation of duties shall relieve BusLease of any of its duties and obligations hereunder.242

Servicing of Receivables. The So long as no Successor Servicer has assumed the responsibilities and obligations of the Servicers pursuant to Section 11.02 of the Transfer Agreement, the Master Servicer or the Sub-Servicers, as agents of the Master Servicer, shall (i) conduct the servicing, administering administration and collection of the Transferred Receivables and shall be conducted by BusLeasetake, who hereby agrees to perform, take or cause to be taken taken, all such action actions as may be necessary or advisable to service, administer and collect each Receivable from time to timethe Transferred Receivables, all in accordance with (A) the terms of the Transfer Agreement, (B) the Credit and Collection Policies and any other customary and prudent servicing procedures for trade receivables of a similar type and (C) all applicable laws, rules and regulations regulations, and with (ii) hold all Contracts and other documents and incidents relating to the care Transferred Receivables in trust for the benefit of MRFC, as the owner thereof, and diligence which BusLease employs in for the sole purpose of facilitating the servicing similar receivables for its own account, of the Transferred Receivables in accordance with the Credit and Collection Policyterms of the Transfer Agreement. The Purchaser MRFC hereby appoints BusLease each of the Originators as its agent to enforce the Purchaser's MRFC’s rights and interests in, to and under the Receivables. To the extent permitted by applicable law, together with each Originator hereby grants to Master Servicer and any Sub-Servicer, and at any time following the Leased Vehicles and the Collections with respect thereto. Notwithstanding anything to the contrary contained herein, from and after the occurrence designation of a Servicer Termination Eventother than Metaldyne, the Purchaser shallany Originator or MRFC, at the request of SPARC, the Secondary Purchaser or to the Administrative Agent, terminate BusLease servicing activities described an irrevocable power of attorney to take in this Section 2.2 the Originator’s name and shall appoint a successor on behalf of the Originator any and all steps necessary or desirable, in the reasonable determination of any Servicer acceptable to or as directed by SPARC, the Secondary Purchaser or the Administrative Agent, as applicable. In consideration of the foregoingcase may be, to collect all amounts due under any and all Receivables in the Purchaser agrees to pay BusLease a servicing fee of [**] percent ([**]%) per annum on the aggregate amount of Receivables sold, payable monthly, for its performance of the duties and obligations manner described in this Section 2.2; PROVIDED that any such monthly payment shall be reduced by any amounts payable above in such month to BusLease in accordance with Section 2.03(c)(iiclause (i) of the first sentence of this subsection (g), including, without limitation, endorsing each Originator’s name on checks and other instruments representing Collections and enforcing such Receivables Purchase Agreement or and the Secondary Purchase Agreement, as applicable. The obligations of BusLease hereunder in the administration, servicing and collection of Receivables may be delegated from time to time by BusLease to any of its Affiliates; PROVIDED that no such delegation of duties shall relieve BusLease of any of its duties and obligations hereunderrelated Contracts.

Servicing of Receivables. The servicing, administering and collection of the Receivables shall be conducted by BusLeaseeach of the Sellers, who as agents of the Collection Agent, in accordance with the terms and conditions of the Receivables Transfer Agreement. Each Seller hereby agrees to perform, take or cause to be taken all such action as may be necessary or advisable to collect each Receivable from time to time, all in accordance RECEIVABLES PURCHASE AGREEMENT with the terms and conditions of the Receivables Transfer Agreement, the Credit and Collection Policy and applicable laws, rules and regulations and with the care and diligence which BusLease each of the Sellers employs in servicing similar receivables for its own account, in accordance with the Credit and Collection Policy. The Purchaser Collection Agent hereby appoints BusLease each of the Sellers as its agent to enforce the Purchaser's rights and interests in, to and under the Receivables, together with the Leased Vehicles Related Security and the Collections with respect thereto. To the extent permitted by applicable law, each Seller hereby grants to any Collection Agent appointed under the Receivables Transfer Agreement and at any time following the designation of a Collection Agent other than TriMas Corp., Metaldyne Corporation, any Seller or the Purchaser, to the Administrative Agent an irrevocable power of attorney to take in the Seller's name and on behalf of the Seller any and all steps necessary or desirable, in the reasonable determination of the Collection Agent or the Administrative Agent, to collect all amounts due under any and all Receivables, including, without limitation, endorsing the Seller's name on checks and other instruments representing Collections and enforcing such Receivables and the related Contracts. The Collection Agent and each of the Sellers shall hold in trust for the Purchaser, in accordance with its interests, all Records which evidence or relate to the Receivables or Related Security, Collections and Proceeds with respect thereto. Notwithstanding anything to the contrary contained herein, from and after the occurrence of a Servicer Termination EventEvent or a Collection Agent Default, the Purchaser shall, at the request of SPARC, the Secondary Purchaser or the Administrative Agent, upon written notice to the Collection Agent on behalf of the CP Conduit Purchasers and the Committed Purchasers, shall have the absolute and unlimited right to terminate BusLease the Sellers' servicing activities described in this Section 2.2 and shall appoint a successor Servicer acceptable to or as directed by SPARC, the Secondary Purchaser or the Administrative Agent, as applicable2.02. In consideration of the foregoing, the Purchaser agrees to pay BusLease each Seller a servicing fee of [**] percent ([**]%) 0.5% per annum on the aggregate amount Outstanding Balance of the Receivables soldsold by such Seller, payable monthly, for its performance of the duties and obligations described in this Section 2.22.02; PROVIDED provided that any such monthly payment shall be reduced by any amounts payable in such month by the CP Conduit Purchasers or the Committed Purchasers to BusLease TriMas Corp., in accordance with Section 2.03(c)(ii) of its capacity as Collection Agent pursuant to the Receivables Purchase Agreement or the Secondary Purchase Transfer Agreement, as applicable. The obligations of BusLease hereunder in the administration, servicing and collection of Receivables may be delegated from time to time by BusLease to any of its Affiliates; PROVIDED that no such delegation of duties shall relieve BusLease of any of its duties and obligations hereunder.

Servicing of Receivables. The servicing, administering and collection of the Receivables shall be conducted by BusLeaseeach of the Sellers, who as agents of the Collection Agent, in accordance with the terms and conditions of the Receivables Transfer Agreement. Each Seller hereby agrees to perform, take or cause to be taken all such action as may be necessary or advisable to collect each Receivable from time to time, all in accordance with the terms and conditions of the Receivables Transfer Agreement, the Credit and Collection Policy and applicable laws, rules and regulations and with the care and diligence which BusLease each of the Sellers employs in servicing similar receivables for its own account, in accordance with the Credit and Collection Policy. The Purchaser Collection Agent hereby appoints BusLease each of the Sellers as its agent to enforce the Purchaser's ’s rights and interests in, to and under the Receivables, together with the Leased Vehicles Related Security and the Collections with respect thereto. To the extent permitted by applicable law, each Seller hereby grants to any Collection Agent appointed under the Receivables Transfer Agreement and at any time following the designation of a Collection Agent other than TriMas Corp., any Seller or the Purchaser, to the Administrative Agent an irrevocable power of attorney to take in the Seller’s name and on behalf of the Seller any and all steps necessary or desirable, in the reasonable determination of the Collection Agent or the Administrative Agent, to collect all amounts due under any and all Receivables, including, without limitation, endorsing the Seller’s name on checks and other instruments representing Collections and enforcing such Receivables and the related Contracts. The Collection Agent and each of the Sellers shall hold in trust for the Purchaser, in accordance with its interests, all Records which evidence or relate to the Receivables or Related Security, Collections and Proceeds with respect thereto. Notwithstanding anything to the contrary contained herein, from and after the occurrence of a Servicer Termination EventEvent or a Collection Agent Default, the Purchaser shall, at the request of SPARC, the Secondary Purchaser or the Administrative Agent, upon written notice to the Collection Agent on behalf of the RTA Purchasers, shall have the absolute and unlimited right to terminate BusLease the Sellers’ servicing activities described in this Section 2.2 and shall appoint a successor Servicer acceptable to or as directed by SPARC, the Secondary Purchaser or the Administrative Agent, as applicable2.02. In consideration of the foregoing, while each Seller is acting as a sub-servicer hereunder, the Purchaser agrees to pay BusLease each Seller a servicing fee of [**] percent ([**]%) 0.50% per annum on the aggregate amount Outstanding Balance of the Receivables soldsold by such Seller, payable monthly, for its performance of the duties and obligations described in this Section 2.22.02; PROVIDED provided that any such monthly payment shall be reduced by any amounts payable in such month by the RTA Purchasers to BusLease TriMas Corp., in accordance with Section 2.03(c)(ii) of its capacity as Collection Agent pursuant to the Receivables Purchase Agreement or the Secondary Purchase Transfer Agreement, as applicable. The obligations of BusLease hereunder in the administration, servicing and collection of Receivables may be delegated from time to time by BusLease to any of its Affiliates; PROVIDED that no such delegation of duties shall relieve BusLease of any of its duties and obligations hereunder.

Servicing of Receivables. The servicing, administering and collection of the Receivables shall be conducted by BusLeaseeach of the Sellers, who as agents of the Collection Agent, in accordance with the terms and conditions of the Receivables Transfer Agreement. Each Seller hereby agrees to perform, take or cause to be taken all such action as may be necessary or advisable to collect each Receivable from time to time, all in accordance with the terms and conditions of the Receivables Transfer Agreement, the Credit and Collection Policy and applicable laws, rules and regulations and with the care and diligence which BusLease each of the Sellers employs in servicing similar receivables for its own account, in accordance with the Credit and Collection Policy. The Purchaser MRFC hereby appoints BusLease each of the Sellers as its agent to enforce the PurchaserMRFC's rights and interests in, to and under the Receivables, together with the Leased Vehicles Related Security and the Collections with respect thereto. To the extent permitted by applicable law, each Seller hereby grants to any Collection Agent appointed under the Receivables Transfer Agreement and at any time following the designation of a Collection Agent other than Metaldyne, any Seller or MRFC, to the Administrative Agent an irrevocable power of attorney to take in the Seller's name and on behalf of the Seller any and all steps necessary or desirable, in the reasonable determination of the Collection Agent or the Administrative Agent, to collect all amounts due under any and all Receivables, including, without limitation, endorsing the Seller's name on checks and other instruments representing Collections and enforcing such Receivables and the related Contracts. Each of the Sellers shall hold in trust for MRFC, in accordance with its interests, all Records which evidence or relate to the Receivables or Related Security, Collections and Proceeds with respect thereto. Notwithstanding anything to the contrary contained herein, from and after the occurrence of a Servicer Termination EventEvent or a Collection Agent Default, the Purchaser shall, at the request of SPARC, the Secondary Purchaser or the Administrative Agent, upon written notice to the Collection Agent on behalf of the Purchasers, shall have the absolute and unlimited right to terminate BusLease the Sellers' servicing activities described in this Section 2.2 and shall appoint a successor Servicer acceptable to or as directed by SPARC, the Secondary Purchaser or the Administrative Agent, as applicable2.02. In consideration of the foregoing, the Purchaser MRFC agrees to pay BusLease each Seller a servicing fee of [**] one percent ([**]1.0%) per annum on the aggregate amount Outstanding Balance of the Receivables soldsold by such Seller, payable monthly, for its performance of the duties and obligations described in this Section 2.22.02; PROVIDED provided that any such monthly payment shall be reduced by any amounts payable in such month by the Purchasers to BusLease Metaldyne in accordance with Section 2.03(c)(ii) of its capacity as Collection Agent pursuant to the Receivables Purchase Agreement or the Secondary Purchase Transfer Agreement, as applicable. The obligations of BusLease hereunder in the administration, servicing and collection of Receivables may be delegated from time to time by BusLease to any of its Affiliates; PROVIDED that no such delegation of duties shall relieve BusLease of any of its duties and obligations hereunder.

Servicing of Receivables. In connection with the ------------------------ consummation of the sales provided for in this Agreement, Seller hereby assigns and transfers to Purchaser and Purchaser's assignees all of Seller's right, title and interest in and to each Lock-Box Account, and Purchaser relinquishes all power to transfer, possess and control the Lock-Box Accounts and the contents thereof (except any powers with respect to the Lock-Box Accounts and contents thereof that are granted to Purchaser in its capacity as Collection Agent). The servicing, administering and collection of the Receivables shall be conducted by BusLease, who the Seller for the benefit of the Purchaser and its assignees. The Seller hereby agrees to perform, take or cause to be taken all such action as may be necessary or advisable to collect each Receivable from time to time, all in accordance with applicable laws, rules and regulations and with the care and diligence which BusLease the Seller employs in servicing similar receivables for its own account, in accordance with the Credit and Collection Policy. The Purchaser hereby appoints BusLease the Seller as its agent to enforce the Purchaser's rights and interests in, to and under the Receivables, together with the Leased Vehicles Related Security and the Collections with respect thereto. The Seller shall hold in trust for the Purchaser all Records which evidence or relate to the Receivables or Related Security, Collections and Proceeds with respect thereto. Notwithstanding anything to the contrary contained herein, from and after the occurrence of a Servicer Termination EventEvent (or a Potential Termination Event that will unavoidably lead to a Termination Event and that has a material adverse effect on the ability of the Seller, as Collection Agent under the Receivables Transfer Agreement, to perform its servicing obligations under the Receivables Transfer Agreement) the Funding Agent, on behalf of PARCO and the APA Banks and in its capacity as the agent for the assignees of the Purchaser shallunder the Receivables Transfer Agreement, at shall have the request of SPARC, absolute and unlimited right to terminate the Secondary Purchaser or the Administrative Agent, terminate BusLease Seller's servicing activities described in this Section 2.2 and shall appoint a successor Servicer acceptable to or as directed by SPARC, the Secondary Purchaser or the Administrative Agent, as applicable2.2. In consideration of the foregoing, the Purchaser agrees to pay BusLease the Seller a servicing fee of [**] one percent ([**]1%) per annum on the aggregate amount of Receivables sold, payable monthly, for its performance of the duties and obligations described in this Section 2.2.; PROVIDED provided that any such monthly payment shall be reduced by any -------- amounts payable in such month by PARCO or the APA Banks to BusLease the Seller, in accordance with Section 2.03(c)(ii) of its capacity as Collection Agent pursuant to the Receivables Purchase Agreement or the Secondary Purchase Transfer Agreement, as applicable. The obligations of BusLease the Seller hereunder in the administration, servicing and collection of Receivables may be delegated from time to time by BusLease the Seller to any of its Affiliates; PROVIDED provided that no such delegation of duties -------- shall relieve BusLease the Seller of any of its duties and obligations hereunder.