Additional Covenants of Servicer. (a) Unless required by Applicable Law or court order, at the direction of a regulatory authority or, as evidenced by an Opinion of Counsel, in accordance with regulatory guidance, the Servicer will not release the Financed Vehicle securing each such Receivable from the security interest granted by such Receivable in whole or in part except (a) in the event of payment in full by or on behalf of the Obligor thereunder or payment in full less a deficiency which the Servicer would not attempt to collect in accordance with its Customary Servicing Practices, (b) in connection with the repossession and liquidation of such Financed Vehicle or (c) as may be required by an insurer in order to receive proceeds from any Insurance Policy covering such Financed Vehicle.
(b) Except to the extent required by Applicable Law or court order, at the direction of a regulatory authority or, as evidenced by an Opinion of Counsel, in accordance with regulatory guidance, the Servicer shall not do anything to materially impair the rights of the Grantor Trust, the Issuing Entity, the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the Noteholders or the Certificateholders in the Receivables or to cause the Receivables to no longer satisfy the requirements for “control” of electronic chattel paper under the UCC.
Additional Covenants of Servicer. The Servicer shall not release the Financed Vehicle securing each Receivable from the security interest granted by such Receivable in whole or in part except in the event of payment in full by the Obligor thereunder or repossession, nor shall the Servicer impair the rights of the Securityholders in such Receivables, nor shall the Servicer amend a Receivable, except that extensions may be granted in accordance with Section 4.2.
Additional Covenants of Servicer. 15 SECTION 4.7. Purchase of Receivables Upon Breach........................................................16 SECTION 4.8. Servicing Fee..............................................................................16 SECTION 4.9. Servicer's Certificate...................................................................
Additional Covenants of Servicer. The Servicer hereby makes the following covenants to the other parties hereto and the Note Insurer on which the Trust Collateral Agent shall rely in accepting the Receivables in trust and on which the Note Insurer shall rely in issuing the Note Policy: (i) the Servicer shall not release the Financed Vehicle securing any Receivable from the security interest granted by such Receivable in whole or in part except in the event of payment in full by the Obligor thereunder or repossession or other liquidation of such Financed Vehicle, (ii) the Servicer shall not impair the rights of the Noteholders, the Issuer or the Note Insurer in such Receivables, (iii) the Servicer shall not modify a Receivable, except in accordance with Section 4.2, and (iv) the Servicer shall service the Receivables as required by the terms of this Agreement and in material compliance with its current servicing procedures for servicing of all its other comparable motor vehicle receivables.
Additional Covenants of Servicer. (a) Servicer shall not release the Financed Vehicle securing any Receivable from the security interest granted by such Receivable in whole or in part except in the event of payment in full by the Obligor thereunder or repossession or other liquidation of the Financed Vehicle, nor shall Servicer impair the rights of the Collateral Agent for the benefit of the Lender in such Receivables, nor shall Servicer amend or otherwise modify a Receivable, except as permitted in accordance with Section 4.2.
(b) Servicer shall reimburse the Secured Parties for any and all fees or expenses that the Secured Parties pay to a bank arising out of a return of payments in respect of the Receivables.
(c) Servicer will not (i) create, incur or suffer to exist, or agree to create, incur or suffer to exist, or consent to cause or permit in the future (upon the happening of a contingency or otherwise) the creation, incurrence or existence of any lien, security interest, charge, pledge, equity, encumbrance or restriction on transferability of the Receivables and the Other Conveyed Property except (x) for the lien in favor of the Collateral Agent for the benefit of the Lender and the restrictions on transferability imposed by this Agreement or any other Loan Document or (y) with respect to any portion of the Receivables and the Other Conveyed Property released in a manner permitted by the Loan Documents from the lien in favor of the Collateral Agent for the benefit of the Lender, or (ii) sign or file under the UCC of any jurisdiction any financing statement which names Seller, Servicer or the Purchaser as a debtor, or sign any security agreement authorizing any secured party thereunder to file such financing statement, with respect to the Receivables and Other Conveyed Property, except in each case any such instrument solely securing the rights and preserving the lien of the Collateral Agent for the benefit of the Lender.
(d) Servicer shall maintain (i) a modern system of accounting in accordance with GAAP or other systems of accounting acceptable to Lender and (ii) standard operating procedures applicable to all of their locations with respect to the handling and disposition of cash receipts and other proceeds of Collateral on a daily basis, including the depositing thereof, aging of account receivables, record keeping and such other matters as Lender may reasonably request. For the purpose of determining compliance with the covenants and representations in the Loan Documents, Lende...
Additional Covenants of Servicer. Unless required by law or court order, the Servicer shall not release the Financed Vehicle securing each Receivable from the security interest granted by such Receivable in whole or in part except (i) in the event of payment in full by or on behalf of the Obligor thereunder or payment in full less a deficiency which the Servicer would not attempt to collect in accordance with its customary servicing practices, (ii) upon a sale of such Receivable permitted by Section 4.3(b), (iii) in connection with repossession of such Financed Vehicle, or (iv) as may be required by an insurer in order to receive proceeds from any Insurance Policy covering such Financed Vehicle. The Servicer shall not impair the rights of the Grantor Trust in such Receivables, nor shall the Servicer amend a Receivable, except that extensions and waivers may be granted in accordance with Section 4.2. The Servicer shall not create, incur or suffer to exist any Lien or restriction on transferability of the Receivables nor, except as contemplated by the Basic Documents, sign or file under the UCC of any jurisdiction any financing statement that names CPS or the Servicer as debtor, nor sign any security agreement authorizing any secured party thereunder to file such financing statement, with respect to the Receivables. The Servicer shall take such actions as are necessary from time to time in order to maintain the perfection and priority of the Issuer’s security interest in the Trust Property.
Additional Covenants of Servicer. The Servicer hereby makes the following covenants to the other parties hereto, the Demand Note Provider and the Note Insurer on which the Trust Collateral Agent shall rely in accepting the Receivables in trust, on which the Note Insurer shall rely in issuing the Policy and on which the Demand Note Provider shall rely in issuing the Demand Note:
(i) the Servicer shall not release the Financed Vehicle securing any Receivable from the security interest granted by such Receivable in whole or in part except in the event of payment in full by the Obligor thereunder or repossession or other liquidation of such Financed Vehicle, (ii) the Servicer shall not impair the rights of the Noteholders, the Issuer, the Demand Note Provider or the Note Insurer in such Receivables, (iii) the Servicer shall not modify a Receivable, except in accordance with Section 4.2, (iv) the Servicer shall service the Receivables as required by the terms of this Agreement and in material compliance with its current servicing procedures for servicing of all its other comparable motor vehicle receivables and (v) the Servicer shall not modify any Receivable in accordance with the Payment Deferment and Due Date Change Policies, if as a result of such modification, there would be negative amortization of such Receivable.
Additional Covenants of Servicer. (a) If the aggregate Securitization Value of 2010-B Leases that have been extended and that also constitute Hybrid Chattel Paper exceeds 9.0% of the outstanding aggregate Securitization Value of the 2010-B Leases and related 2010-B Vehicles, and if such excess amount is not otherwise reduced prior to the end of the second Collection Period following such discovery (or, if the Servicer elects, an earlier date), the Servicer will purchase 2010-B Leases and the related 2010-B Vehicles having a sufficient aggregate Securitization Value to reduce the aggregate Securitization Value of 2010-B Leases that have been extended and that also constitute Hybrid Chattel Paper to less than 9.0% of the then outstanding Securitization Value of the 2010-B Leases and related 2010-B Vehicles.
(b) Notwithstanding the forgoing, if (a) the Servicer or the Titling Trust employs processes and procedures to convert tangible “records” evidencing modifications of 2010-B Leases that were originated as “electronic chattel paper” to electronic “records” (as such terms are used in the UCC) and (b) the Servicer and the Titling Trust (i) deliver to the Rating Agencies a written opinion of counsel, in form and substance satisfactory to the Rating Agencies, to the effect that, such processes and procedures so employed satisfy the requirements of the UCC such that the Titling Trust or its agent has control of both the original electronic contract and the electronic “records” that resulted from the conversion or (ii) otherwise satisfy the Rating Agencies that the Servicer’s or the Titling Trust’s processes and procedures are sufficient to perfect the Titling Trust’s or its agent’s security interest in the 2010-B Leases, then such “records” will no longer constitute Hybrid Chattel Paper.
Additional Covenants of Servicer. 52 SECTION 4.7 Purchase of Receivables Upon Breach of Covenant.............................52 SECTION 4.8 Servicing Fee...............................................................53 SECTION 4.9 Servicer's Certificate......................................................53 SECTION 4.10 Annual Statement as to Compliance, Notice of Servicer Termination Event...
Additional Covenants of Servicer. (a) Except as otherwise provided in the Collection Policy, the Servicer shall (i) not release any Financed Vehicle securing any Receivable from the security interest granted by such
