Common use of Additional Covenants of Servicer Clause in Contracts

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. The Servicer hereby makes the following covenants to the other parties hereto, the Demand Note Provider hereto and the Note Insurer on which the Trust Collateral Agent shall rely in accepting the Receivables in trust, trust and on which the Note Insurer shall rely in issuing the Policy and on which the Demand Note Provider shall rely in issuing the Demand NotePolicy: (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 NoteholdersNoteholders or the Class C Certificateholders, the Issuer, the Demand Note Provider Issuer 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 PoliciesPolicies if, if as a result of such modification, there would be negative amortization of such Receivable.