Common use of Interests in the Vehicles Clause in Contracts

Interests in the Vehicles. Notwithstanding the fact that the Lienholder will be and remain noted as first lienholder [Add for Pool A: (which is solely as stated lienholder)] on the Titles to the Vehicles from time to time pledged to the Borrower and repledged to the Lender, each party hereto hereby agrees that, on and after the date hereof: (i) except as set forth in subsection (ii) below and subject to the terms of any agreement between the Borrower and the Lender, the Borrower is entitled to all incidents, benefits and risks of a holder of a first priority perfected security interest or ownership in and lien on the Vehicles; (ii) subject to the terms of any agreement between the Borrower and the Lender, the Lender is entitled to all incidents, benefits and risks of a holder of a first priority perfected security interest in and lien on the Borrower’s first priority perfected security interest in and lien on the Vehicles and the right to exercise or cause the exercise of all remedies with respect to the Vehicles, including the right to repossess, sell and otherwise transfer and dispose of the Vehicles at the times and subject to the terms of the Contract with the Obligor relating to such Vehicle; (iii) the Lienholder has no direct (or indirect) ownership or other rights or interest (including any security interest) in any of the Vehicles [Pool B add-on: (except its security interest in the Vehicles, which is to be held under this Agreement solely for the benefit of the Borrower and the Lender)]; (iv) the Lienholder will not take any action with respect to the Vehicles unless such action is consented to by the Lender; and (v) the Lienholder shall not represent to any lender, financing source or other Person, that it has, or in any other manner hold itself out as having, any direct or indirect ownership interest or any other rights or interests (including any security interest) in any of the Vehicles, except for any rights it may have as nominee lienholder hereunder with respect to the Vehicles [Pool B alternative: , except for its security interest in the Vehicles, which is to be held under this Agreement solely for the benefit of the Borrower and the Lender]. On the Collection Date, the Lienholder shall, at the expense of the Borrower, return the Titles to the Borrower along with a power of attorney, if necessary to substitute Borrower or Lender as stated lienholder on all Titles, and the Lienholder shall have no further responsibility for removing the Lienholder as stated lienholder on the Titles.

Interests in the Vehicles. Notwithstanding the fact that the Lienholder will be and remain noted as first lienholder [Add for Pool A: (which is solely as stated lienholder)] ) on the Titles to the Vehicles from time to time pledged to the Borrower and repledged to the LenderLenders, each party hereto hereby agrees that, on and after the date hereof: (i) except as set forth in subsection (ii) below and subject to the terms of any agreement between the Borrower and the LenderLenders, the Borrower is entitled to all incidents, benefits and risks of a holder of a first priority perfected security interest or ownership in and lien on the Vehicles; (ii) subject to the terms of any agreement between the Borrower and the LenderLenders, the Lender Lenders is entitled to all incidents, benefits and risks of a holder of a first priority perfected security interest in and lien on the Borrower’s first priority perfected security interest in and lien on the Vehicles and the right to exercise or cause the exercise of all remedies with respect to the Vehicles, including the right to repossess, sell and otherwise transfer and dispose of the Vehicles at the times and subject to the terms of the Contract with the Obligor relating to such Vehicle; (iii) the Lienholder has no direct (or indirect) ownership or other rights or interest (including any security interest) in any of the Vehicles [Pool B add-on: (except its security interest in the Vehicles, which is to be held under this Agreement solely for the benefit of the Borrower and the Lender)]; (iv) the Lienholder will not take any action with respect to the Vehicles unless such action is consented to by the LenderLenders; and (v) the Lienholder shall not represent to any lender, financing source or other Person, that it has, or in any other manner hold itself out as having, any direct or indirect ownership interest or any other rights or interests (including any security interest) in any of the Vehicles, except for any rights it may have as nominee lienholder hereunder with respect to the Vehicles [Pool B alternative: , except for its security interest in the Vehicles, which is to be held under this Agreement solely for the benefit of the Borrower and the Lender]. On the Collection Date, the Lienholder shall, at the expense of the Borrower, return the Titles to the Borrower along with a power of attorney, if necessary to substitute Borrower or Lender Lenders as stated lienholder on all Titles, and the Lienholder shall have no further responsibility for removing the Lienholder as stated lienholder on the Titles.

Interests in the Vehicles. Notwithstanding the fact that the Lienholder will be and remain noted as first lienholder [Add for Pool A: (which is solely as stated lienholder)] on the Titles to the Vehicles from time to time pledged to the Borrower and repledged to the Lender, each party hereto hereby agrees that, on and after the date hereof: (i) except as set forth in subsection (ii) below and subject to the terms of any agreement between the Borrower and the Lender, the Borrower is entitled to all incidents, benefits and risks of a holder of a first priority perfected security interest or ownership in and lien on the Vehicles; (ii) subject to the terms of any agreement between the Borrower and the Lender, the Lender is entitled to all incidents, benefits and risks of a holder of a first priority perfected security interest in and lien on the Borrower’s first priority perfected security interest in and lien on the Vehicles and the right to exercise or cause the exercise of all remedies with respect to the Vehicles, including the right to repossess, sell and otherwise transfer and dispose of the Vehicles at the times and subject to the terms of the Contract with the Obligor relating to such Vehicle; (iii) the Lienholder has no direct (or indirect) ownership or other rights or interest (including any security interest) in any of the Vehicles [Pool B add-on: (except its security interest in the Vehicles, which is to be held under this Agreement solely for the benefit of the Borrower and the Lender)]; (iv) the Lienholder will not take any action with respect to the Vehicles unless such action is consented to by the Lender; and (v) the Lienholder shall not represent to any lender, financing source or other Person, that it has, or in any other manner hold itself out as having, any direct or indirect ownership interest or any other rights or interests (including any security interest) in any of the Vehicles, except for any rights it may have as nominee lienholder hereunder with respect to the Vehicles [Pool B alternative: , except for its security interest in the Vehicles, which is to be held under this Agreement solely for the benefit of the Borrower and the Lender]. On the Collection Date, the Lienholder shall, at the expense of the Borrower, return the Titles to the Borrower along with a power of attorney, if necessary to substitute Borrower or Lender as stated lienholder on all Titles, and the Lienholder shall have no further responsibility for removing the Lienholder as stated lienholder on the Titles.