Common use of Maintenance and Assignment of Blanket Insurance Policies Clause in Contracts

Maintenance and Assignment of Blanket Insurance Policies. The Closed-End Servicer will at all times maintain, or cause to be maintained, Insurance Policies (which may be blanket policies covering the Closed-End Servicer and all of its Affiliates) with respect to the Closed-End Assets that are consistent with the insurance, if any, that the Closed-End Servicer maintains from time to time for its own portfolio of leases and related leased vehicles. The Closed-End Servicer assigns to the Titling Trust, the Initial Beneficiary, the Closed-End Administrative Agent, the Closed-End Collateral Agent, each Warehouse Facility Secured Party and each Exchange Noteholder (the “Covered Parties”) its rights to proceeds under each such Insurance Policy maintained by it or any of its Affiliates, and agrees that all insurance carried pursuant to this Section 3.7(a) will cover the interests of the Covered Parties, in each case to the extent relating to the Closed-End Assets. Upon its termination as Closed-End Servicer as to all or any part of the Closed-End Assets, the Closed-End Servicer shall either continue to maintain such Insurance Policies, the premium for which shall constitute an expense of the Titling Trust, or provide for equivalent Insurance Policies to any substitute or successor Closed-End Servicer. To the extent commercially available, the Closed-End Servicer shall also maintain a fidelity bond in such form and amount as is customary for financial institutions acting as custodian of funds and documents in respect of mortgage loans or consumer receivables on behalf of institutional investors.

Maintenance and Assignment of Blanket Insurance Policies. The Closed-End Servicer will at all times maintain, or cause to be maintained, Insurance Policies (which may be blanket policies covering the Closed-End Servicer and all of its Affiliates) with respect to the Closed-End Assets that are consistent with the insurance, if any, that the Closed-End Servicer maintains from time to time for its own portfolio of leases and related leased vehicles. The Closed-End Servicer assigns to the Titling Trust, the Initial Beneficiary, the Closed-End Administrative Agent, the Closed-End Collateral Agent, each Warehouse Facility Secured Party and each Exchange Noteholder (the “"Covered Parties”") its rights to proceeds under each such Insurance Policy maintained by it or any of its Affiliates, and agrees that all insurance carried pursuant to this Section 3.7(a) will cover the interests of the Covered Parties, in each case to the extent relating to the Closed-End Assets. Upon its termination as Closed-End Servicer as to all or any part of the Closed-End Assets, the Closed-End Servicer shall either continue to maintain such Insurance Policies, the premium for which shall constitute an expense of the Titling Trust, or provide for equivalent Insurance Policies to any substitute or successor Closed-End Servicer. To the extent commercially available, the Closed-End Servicer shall also maintain a fidelity bond in such form and amount as is customary for financial institutions acting as custodian of funds and documents in respect of mortgage loans or consumer receivables on behalf of institutional investors.