Common use of Additional Covenants of Servicer Clause in Contracts

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. (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 (ai) 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, (bii) in connection with the repossession and liquidation of such Financed Vehicle or (ciii) 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. (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.. 6 CRVNA 2020-P1 Servicing Agreement

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.