Common use of Procedures On Sale Clause in Contracts

Procedures On Sale. For the sale or other disposition of a Leased Vehicle under Section 4.2(a) or (b), the Servicer will, on receipt of proceeds of the sale: (i) on behalf of the Collateral Agent, deliver the related Certificate of Title to the purchaser of the Leased Vehicle; (ii) deliver the notice required under the Titling Company LLC Agreement for the Leased Vehicle to the applicable Titling Company; and (iii) change its records to reflect the termination of the applicable Titling Company’s interest in the Lease and Leased Vehicle.

Procedures On Sale. For the sale or other disposition of a Leased Vehicle under Section 4.2(a) or (b), the Servicer will, on receipt of proceeds of the sale: (i) on behalf of the Collateral Agent, deliver the related Certificate of Title to the purchaser of the Leased Vehicle; (ii) deliver the notice required under the Titling Company LLC Agreement for the Leased Vehicle to the applicable Titling Company; and (iii) change its records to reflect the termination of the applicable Titling Company’s 's interest in the Lease and Leased Vehicle.