Common use of Maintenance of Security Interests in Financed Vehicles Clause in Contracts

Maintenance of Security Interests in Financed Vehicles. The Servicer will maintain perfection of the security interest created under each Receivable in the Financed Vehicle. The Issuer authorizes the Servicer to take all actions to continue perfection of the security interest on behalf of the Issuer and the Indenture Trustee if a Financed Vehicle is relocated to another State or for any other reason. Unless required by law or court order, the Servicer will not release a Financed Vehicle from the security interest created under the Receivable, except (i) on payment in full of the Receivable, (ii) to receive proceeds from insurance covering the Financed Vehicle, (iii) on repossession, (iv) on discounted settlement of the Receivable or (v) on abandonment, in each case, according to the Servicing Procedures.

Maintenance of Security Interests in Financed Vehicles. The Servicer will take all necessary steps to maintain perfection of the security interest created under by each Receivable in the related Financed Vehicle. The Issuer authorizes the Servicer to take all actions necessary to continue perfection of the such security interest on behalf of the Issuer and the Indenture Trustee if a Financed Vehicle is relocated to another State or for any other reason. Unless required by law or court order, the Servicer will not release a any Financed Vehicle from the security interest created under granted by the related Receivable, except (i) on upon payment in full of the Receivable, (ii) in order to receive proceeds from insurance covering the such Financed Vehicle, (iii) on upon repossession, (iv) on upon discounted settlement of the Receivable Receivable, or (v) on upon abandonment, in each case, according to case in accordance with the Servicing ProceduresCredit and Collection Policy.

Maintenance of Security Interests in Financed Vehicles. The Servicer will take all necessary steps to maintain perfection of the security interest created under by each Receivable in the related Financed Vehicle. The Issuer authorizes the Servicer to take all actions necessary to continue perfection of the such security interest on behalf of the Issuer and the Indenture Trustee if a Financed Vehicle is relocated to another State or for any other reason. Unless required by law or court order, the Servicer will not release a any Financed Vehicle from the security interest created under granted by the related Receivable, except (i) on upon payment in full of the Receivable, (ii) in order to receive proceeds from insurance covering the such Financed Vehicle, (iii) on upon repossession, (iv) on upon discounted settlement of the Receivable or (v) on upon abandonment, in each case, according to case in accordance with the Servicing ProceduresCredit and Collection Policy.

Maintenance of Security Interests in Financed Vehicles. The Servicer will maintain perfection of the security interest created under each Receivable in the Financed Vehicle. The Issuer authorizes the Servicer to take all actions necessary to continue perfection of the security interest on behalf of the Issuer and the Indenture Trustee if a Financed Vehicle is relocated to another State or for any other reason. Unless required by law or court order, the Servicer will not release a Financed Vehicle from the security interest created under the Receivable, except (i) on payment in full of the Receivable, (ii) to receive proceeds from insurance covering the Financed Vehicle, (iii) on repossession, (iv) on discounted settlement of the Receivable or (v) on abandonment, in each case, according to the Servicing Procedures.