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.

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.

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.