Custody of Contract Files. (a) Subject to Sections 3.07, 7.04 and 8.01, the Owner Trustee hereby irrevocably appoints the Master Servicer, and the Master Servicer hereby accepts such appointment, to act as the agent of the Owner Trustee as custodian of the Contract Documents and any and all other documents that the Master Servicer shall keep on file, in accordance with its customary procedures, relating to a Contract, Obligor or Financed Vehicle, which are hereby constructively delivered to the Owner Trustee with respect to each Contract:
Custody of Contract Files. The Indenture Trustee shall hold each Contract File under this Agreement except as described in this Section. On or prior to the Closing Date, and each Funding Date, as applicable, the Indenture Trustee shall provide an Acknowledgment substantially in the form of Exhibit E hereto dated as of the Closing Date and each Funding Date, as applicable, to the Owner Trustee and the Insurer confirming that the Indenture Trustee has received and is in possession of the original of each Contract listed on the Schedule of Contracts. The Indenture Trustee, in its capacity as custodian, shall receive compensation from Santander Consumer USA Inc. for its custodial duties as detailed on Schedule III hereof. To assure uniform quality in servicing the Contracts and to reduce administrative costs, the Issuer hereby revocably appoints the Servicer and the Servicer hereby accepts such appointment, to act as the agent of the Issuer and the Indenture Trustee as custodian of the original Certificates of Title for each Financed Vehicle evidencing the security interest of the Indenture Trustee in the Financed Vehicles which are hereby constructively delivered to the Indenture Trustee as of the Closing Date and each Funding Date. The Servicer shall maintain such Certificates of Title physically segregated from other titles of automotive receivables owned or serviced by it at its principal place of business located at 8000 Xxxxx Xxxxxxxx Xxxxxxx, Xxxxx 0000 X, Xxxxxx, Xxxxx 00000. The Insurer shall have the right, in the exercise of its sole discretion, to direct the Servicer to transfer the Certificates of Title for the Financed Vehicles to the Indenture Trustee as custodian of such Certificates of Title and the Indenture Trustee shall accept and hold such Certificates of Title together with the balance of the Contract Files.
Custody of Contract Files. In connection with the sale, assignment, transfer and conveyance of the Contracts (including the Subsequent Contracts) to the Trust pursuant to this Agreement and each Subsequent Transfer Agreement, First Sierra, as Servicer under the Servicing Agreement and as agent of the Indenture Trustee will retain the Contract Files and any related evidence of insurance and payments; provided, however, that First Sierra will physically convey the original executed counterparts of each Contract and the related Certificate of Title, if applicable, to the Indenture Trustee in accordance with the terms of the Indenture.
Custody of Contract Files. (a) Subject to Sections 3.07, 7.04 and 8.01, the Owner Trustee hereby irrevocably appoints the Master Servicer, and the Master Servicer hereby accepts such appointment, to act as the agent of the Owner Trustee as custodian of the Contract Documents and any and all other documents that the Master Servicer shall keep on file, in accordance with its customary procedures, relating to a Contract, Obligor or Financed Vehicle, which are hereby constructively delivered to the Owner Trustee (or, in the case of the Subsequent Contracts, will as of the related Subsequent Transfer Date be constructively delivered to the Owner Trustee) with respect to each Contract:
Custody of Contract Files. Subject to further direction by WFSRC3, which it may give at any time while it owns the Subsequent Contracts in its sole discretion, WFSRC3 hereby irrevocably appoints WFS to act as the agent of WFSRC3 as custodian of the Contract Documents and any and all other documents that WFS shall keep on file, in accordance with its customary procedures, relating to a Subsequent Contract, Obligor or Financed Vehicle, which are hereby constructively delivered to WFSRC3 with respect to each Subsequent Contract, provided, however, all obligations of WFS to WFSRC3 hereunder shall be superceded by the obligations of WFS under the Sale and Servicing Agreement:
Custody of Contract Files. In connection with the sale, contribution, assignment, transfer and conveyance of the Conveyed Assets to the Transferors pursuant to this Agreement, the pledge of the Conveyed Assets to the Trust, and the pledge of the Pledged Assets to the Indenture Trustee, for the benefit of the Noteholders and the Note Issuer, the Collateral Agent, on behalf of the Indenture Trustee, for the benefit of the Noteholders and the Note Insurer, will retain the Contract Files, any related evidence of insurance and payments and original executed counterparts of each Contract in accordance with the terms of the Indenture.
Custody of Contract Files. (a) The Owner Trustee, on behalf of the Issuer, hereby appoints the Servicer, and the Servicer hereby accepts such appointment, to act as the agent of the Issuer as custodian of the following documents or instruments (with respect to each Contract), which will be, as of the Closing Date, in the possession of the Servicer or its agents:
Custody of Contract Files. In connection with (a) each Conveyance of Conveyed Assets to the Obligors, and (b) each pledge by such Obligors to the Trustee for the benefit of the related Series Secured Parties, pursuant to the Master Agreement, the Servicer will retain the Contract Files (provided that such Contract Files may be held by a designated custodian of the Servicer) and any related evidence of insurance and payments on behalf of the Trustee.
Custody of Contract Files. In connection with the sale, assignment, transfer and conveyance of the Contracts to the Trust pursuant to this Agreement, the Indenture Trustee will retain the Contract Files and any related evidence of insurance and payments in accordance with the terms of the Indenture.
Custody of Contract Files. In connection with the sale, transfer and conveyance of the Contracts (including the Subsequent Contracts) to LLC I or LLC II, as applicable, pursuant to this Agreement and each Subsequent Transfer Agreement, the Servicer shall deliver the related Contract Files to the Custodian; provided, however, that the Servicer may retain copies of the Contract Files in connection with the performance of its obligations under the Servicing Agreement.
