Covenants of Servicer; Notices Sample Clauses

Covenants of Servicer; Notices. (a) The Servicer shall (i) not release any Financed Vehicle securing any Contract from the security interest granted therein by such Contract in whole or in part except in the event of payment in full by the Obligor thereunder or upon transfer of the Financed Vehicle to a successor purchaser following repossession by the Servicer or a Subservicer, (ii) not impair the rights of the Issuer, the Noteholders, the Insurer or the Indenture Trustee in the Contracts, (iii) not increase the number of scheduled payments due under a Contract except as permitted herein, (iv) prior to the payment in full of the Class A Notes, not sell, pledge, assign, or transfer to any other Person, or grant, create, incur, assume, or suffer to exist any Lien on any Contract pledged to the Indenture Trustee or any interest therein except with respect to Defaulted Contracts, (v) immediately notify the Issuer, the Back-up Servicer, the Insurer and the Indenture Trustee of the existence of any Lien on any Contract (other than the Lien of the Indenture Trustee) if the Servicer has actual knowledge thereof, (vi) defend the right, title, and interest of the Issuer, the Noteholders, the Insurer and the Indenture Trustee in, to and under the Contracts pledged to the Indenture Trustee, against all claims of third parties claiming through or under the Servicer, (vii) deposit into Collection Account or cause to be deposited into the lockbox account maintained at the Lockbox Bank all payments received by the Servicer with respect to the Contracts in accordance with this Servicing Agreement, (viii) comply in all respects with the terms and conditions of this Servicing Agreement relating to the obligation of the Issuer to remove Contracts from the Collateral pursuant to the Indenture, the obligation of the Depositor to reacquire the Contracts from the Issuer pursuant to the Sale and Allocation Agreement, and the obligation of the Seller to reacquire Contracts from the Depositor pursuant to the Contribution Agreement, (ix) promptly notify the Issuer, the Back-up Servicer, the Insurer and the Indenture Trustee of the occurrence of any Event of Servicing Termination and any breach by the Servicer of any of its covenants or representations and warranties contained herein, (x) promptly notify the Issuer, the Insurer, the Back-up Servicer and the Indenture Trustee of the occurrence of any event which, to the knowledge of the Servicer, would require that the Issuer make or cause to be made any filings, re...
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Covenants of Servicer; Notices. Except as otherwise provided in the Collection Policy:
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Covenants of Servicer; Notices. Section 2.07. Repurchase of Receivables Upon Breach....................... Section 2.08. Servicing Fee; Back-up Servicing Fee........................ Section 2.09. Annual Statement as to Compliance........................... Section 2.10. Financial Statements; Annual Servicing Review............... Section 2.11.
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Covenants of Servicer; Notices. (a) The Servicer shall (1) not release any 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 upon transfer of the Financed Vehicle to a successor purchaser of the vehicle following repossession by the Servicer, (2) not impair the rights of Client in the Receivable, (3) not increase the number of scheduled payments due under a Receivable except as permitted herein, (4) not sell, pledge, assign, or transfer to any other person, or grant, create, incur, assume, or suffer to exist any lien on any Receivable transferred to Client or any interest therein, (5) immediately notify Client of the existence of any lien on any such Receivable, (6) defend the right, title, and interest of Client in, to and under such Receivables, against all claims of third parties claiming through or under the Servicer, (7) promptly notify Client of the occurrence of any Event of Servicing Default and any breach by Client of any of its covenants or representations and warranties contained herein. (b) The Servicer shall promptly notify Client of any actual knowledge on its part of any (i) abandonment of any Financed Vehicle, (ii) adverse material change in the condition of any Financed Vehicle, (iii) failure on the part of the related Obligor to keep any Financed Vehicle insured or in operating condition and repair, (iv) permanent or substantial injury to any Financed Vehicle caused by accident, unreasonable use, abuse or neglect, and (v) any unusual matter which would adversely affect or result in diminution of the value of any Financed Vehicle. (c) The Servicer shall promptly notify Client upon learning of any Insolvency Proceeding involving any Obligor, or the death or incapacity of any Obligor (including co-signers and guarantors). (d) The Servicer will promptly advise Client of any inquiry received from an Obligor which contemplates the consent of Client and as to which the Servicer does not have the express authority to give to grant without the prior approval of Client. Inquiries requiring consent of Client shall include, but not be limited to, inquiries about settlement of any unasserted claim or defense, or compromise of any amount an Obligor owes or any other matters the Servicer should reasonably understand are not within the Servicer's authority under this Servicing Agreement. (e) The Servicer shall maintain an errors and omissions insurance po...
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Related to Covenants of Servicer; Notices

  • Covenants of Servicer Unless required by law or court order, the Servicer will not release the Financed Vehicle securing any 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) in connection with repossession or (iii) as may be required by an insurer in order to receive proceeds from any Insurance Policy covering such Financed Vehicle.

  • Covenants of the Master Servicer and each Servicer The Master Servicer and each Servicer, severally and not jointly, hereby covenants to the Depositor, the Trustee and the Trust Administrator as follows:

  • Representations, Warranties and Covenants of the Master Servicer The Master Servicer hereby represents, warrants and covenants to the Trustee, for the benefit of each of the Trustee, the Certificateholders and to the Depositor that as of the Closing Date or as of such date specifically provided herein:

  • Representations and Additional Covenants of Repo Custodian (a) Repo Custodian represents and warrants that (i) it is duly authorized to execute and deliver this Agreement and to perform its obligations hereunder and has taken all necessary action to authorize such execution, delivery and performance, (ii) the execution, delivery and performance of this Agreement do not and will not violate any ordinance, declaration of trust, partnership agreement, articles of incorporation, charter, rule or statute applicable to it or any agreement by which it is bound or by which any of its assets are affected, (iii) the person executing this Agreement on its behalf is duly and properly authorized to do so, (iv) it has (and will maintain) a copy of this Agreement and evidence of its authorization in its official books and records, and (v) this Agreement has been executed by one of its duly authorized officers at the level of Vice President or higher.

  • Representations, Warranties and Covenants of the Servicer The Servicer hereby represents, warrants and covenants to the Trustee, for the benefit of each of the Trustee and the Certificateholders and to the Depositor that as of the Closing Date or as of such date specifically provided herein:

  • Covenants of the Depositor The Depositor covenants and agrees with the Underwriters that:

  • Covenants of the Master Servicer The Master Servicer hereby covenants to the Depositor and the Trustee as follows:

  • Representations and Covenants of the Trust A. The Trust hereby represents and warrants to the Distributor, which representations and warranties shall be deemed to be continuing throughout the term of this Agreement, that:

  • 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.

  • Representations, Warranties and Covenants of the Master Servicer and the Depositor (a) The Master Servicer hereby represents and warrants to the Trustee for the benefit of the Certificateholders that:

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