Common use of Maintenance of Security Interests in Vehicles; Retitling Clause in Contracts

Maintenance of Security Interests in Vehicles; Retitling. (a) With respect to each Contract secured by a Vehicle, the Servicer, in accordance with the Customary Policies and Procedures, shall, at its own expense, take such steps as are necessary to maintain perfection of the security interest created by each Contract in the related Vehicle in favor of the Financing Originator. The Servicer hereby agrees to take such steps as are necessary to re-perfect such security interest in the name of the Financing Originator in the event of the relocation of a Vehicle to a jurisdiction other than the jurisdiction in which steps had been taken to perfect the security interest in favor of the Financing Originator; provided, however, that the Servicer will not amend any certificate of title to name CFUSA, the Depositor or the Trust as the lienholder, and neither the Servicer nor the Depositor will be required to deliver any certificate of title to the Trust or note thereon the Trust's interest. In the event that the assignment of the Contract to the Trust is insufficient, without a notation on the related Vehicle's certificate of title, to grant to the Trust a perfected security interest in the related Financed Vehicle, the Financing Originator hereby agrees to serve as the Trust's agent for the purpose of perfecting the security interest in such Financed Vehicle and that the Financing Originator 's listing as the secured party on the certificate of title is in the capacity as agent of the Trust. (b) If, at any time after CITEF is no longer the Servicer and the Successor Servicer is unable to foreclose upon a Vehicle because the title document for such Vehicle does not show such Successor Servicer or the Trust as the lienholder, CITEF shall take all necessary steps to apply for a replacement title document showing the Successor Servicer or the Trust as the secured party; provided that the Successor Servicer shall reimburse CITEF for reasonable expenses incurred in connection therewith. (c) In order to facilitate the Successor Servicer's actions, as described in subsection 4.04(b) hereof, CITEF will provide the Successor Servicer with any necessary power of attorney permitting it to retitle the Vehicle. The Depositor hereby appoints the Trust (acting through the Owner Trustee or the Servicer) its attorney-in-fact to endorse, as appropriate, the certificate of title relating to any Vehicle in order to cause a change in the registration of legal owner of the Vehicle to the Trust at such time as such certificate of title is endorsed and delivered to the appropriate state department of motor vehicles with appropriate fees. The Depositor will provide the Trust with any necessary power of attorney for such purpose. (d) If the Successor Servicer is unable to retitle the Vehicle, in the event that the Successor Servicer seeks to foreclose on a Vehicle then CITEF will take all actions necessary to act with the Successor Servicer, to the extent permitted by law, to foreclose upon the Vehicle, including, as appropriate, the filing of any UCC financing statements necessary to perfect the security interest in any Financed Vehicle; provided that the Successor Servicer shall reimburse CITEF for reasonable expenses incurred in connection therewith.

Maintenance of Security Interests in Vehicles; Retitling. (a) With respect to each Contract secured by a Vehicle, the Servicer, in accordance with the Customary Policies and Procedures, shall, at its own expense, take such steps as are necessary to maintain perfection of the security interest created by each Contract in the related Vehicle in favor of the Financing Originator. The Servicer hereby agrees to take such steps as are necessary to re-perfect such security interest in the name of the Financing Originator in the event of the relocation of a Vehicle to a jurisdiction other than the jurisdiction in which steps had been taken to perfect the security interest in favor of the Financing Originator; provided, however, that the Servicer will not amend any certificate of title to name CFUSA, the Depositor or the Trust as the lienholder, and neither the Servicer nor the Depositor will be required to deliver any certificate of title to the Trust or note thereon the Trust's interest. In the event that the assignment of the Contract to the Trust is insufficient, without a notation on the related Vehicle's certificate of title, to grant to the Trust a perfected security interest in the related Financed Vehicle, the CITEF, in its capacity as Financing Originator hereby agrees to serve as the Trust's agent for the purpose of perfecting the security interest in such Financed Vehicle and that the Financing Originator Originator's listing as the secured party on the certificate of title is in the capacity as agent of the Trust. (b) If, at any time after CITEF is no longer the Servicer and the Successor Servicer is unable to foreclose upon a Vehicle because the title document for such Vehicle does not show such Successor Servicer or the Trust as the lienholder, CITEF shall take all necessary steps to apply for a replacement title document showing the Successor Servicer or the Trust as the secured party; provided that the Successor Servicer shall reimburse CITEF for reasonable expenses incurred in connection therewith. (c) In order to facilitate the Successor Servicer's actions, as described in subsection 4.04(b) hereof, CITEF will provide the Successor Servicer with any necessary power of attorney permitting it to retitle the Vehicle. The Depositor hereby appoints the Trust (acting through the Owner Trustee or the Servicer) its attorney-in-in fact to endorse, as appropriate, the certificate of title relating to any Vehicle in order to cause a change in the registration of legal owner of the Vehicle to the Trust at such time as such certificate of title is endorsed and delivered to the appropriate state department of motor vehicles with appropriate fees. The Depositor will provide the Trust with any necessary power of attorney for such purpose. (d) If the Successor Servicer is unable to retitle the Vehicle, in the event that the Successor Servicer seeks to foreclose on a Vehicle then CITEF will take all actions reasonably necessary to act with the Successor Servicer, to the extent permitted by law, to foreclose upon the Vehicle, including, as appropriate, the filing of any UCC financing statements necessary to perfect the security interest in any Financed Vehicle; provided that the Successor Servicer shall reimburse CITEF for reasonable expenses incurred in connection therewith.

Maintenance of Security Interests in Vehicles; Retitling. (a) With respect to each Contract secured by a Vehicle, the Servicer, in accordance with the Customary Policies and Procedures, shall, at its own expense, take such steps as are necessary to maintain perfection of the security interest created by each Contract in the related Vehicle in favor of the Financing Originator. The Servicer hereby agrees to take such steps as are necessary to re-perfect such security interest in the name of the Financing Originator in the event of the relocation of a Vehicle to a jurisdiction other than the jurisdiction in which steps had been taken to perfect the security interest in favor of the Financing Originator; provided, however, that the Servicer will not amend any certificate of title to name CFUSA, the Depositor or the Trust as the lienholder, and neither the Servicer nor the Depositor will be required to deliver any certificate of title to the Trust or note thereon the Trust's ’s interest. In the event that the assignment of the Contract to the Trust is insufficient, without a notation on the related Vehicle's ’s certificate of title, to grant to the Trust a perfected security interest in the related Financed Vehicle, the CITEF, in its capacity as Financing Originator hereby agrees to serve as the Trust's ’s agent for the purpose of perfecting the security interest in such Financed Vehicle and that the Financing Originator 's Originator’s listing as the secured party on the certificate of title is in the capacity as agent of the Trust. (b) If, at any time after CITEF is no longer the Servicer and the Successor Servicer is unable to foreclose upon a Vehicle because the title document for such Vehicle does not show such Successor Servicer or the Trust as the lienholder, CITEF shall take all necessary steps to apply for a replacement title document showing the Successor Servicer or the Trust as the secured party; provided that the Successor Servicer shall reimburse CITEF for reasonable expenses incurred in connection therewith. (c) In order to facilitate the Successor Servicer's ’s actions, as described in subsection 4.04(b) hereof, CITEF will provide the Successor Servicer with any necessary power of attorney permitting it to retitle the Vehicle. The Depositor hereby appoints the Trust (acting through the Owner Trustee or the Servicer) its attorney-in-in fact to endorse, as appropriate, the certificate of title relating to any Vehicle in order to cause a change in the registration of legal owner of the Vehicle to the Trust at such time as such certificate of title is endorsed and delivered to the appropriate state department of motor vehicles with appropriate fees. The Depositor will provide the Trust with any necessary power of attorney for such purpose. (d) If the Successor Servicer is unable to retitle the Vehicle, in the event that the Successor Servicer seeks to foreclose on a Vehicle then CITEF will take all actions reasonably necessary to act with the Successor Servicer, to the extent permitted by law, to foreclose upon the Vehicle, including, as appropriate, the filing of any UCC financing statements necessary to perfect the security interest in any Financed Vehicle; provided that the Successor Servicer shall reimburse CITEF for reasonable expenses incurred in connection therewith.