Procedures Upon Sale. In connection with the sale or other disposition of a Closed-End Vehicle pursuant to Section 7.1, the Closed-End Servicer will, upon receipt of proceeds of such sale: (i) on behalf of the Closed-End Collateral Agent, deliver the related Certificate of Title to the purchaser of such Closed-End Vehicle; (ii) deliver notice of such sale or other disposition to the Titling Trust Administrator; and (iii) change its records to reflect the termination of the Titling Trust’s interest in such Closed-End Lease and Closed-End Vehicle.
Appears in 4 contracts
Samples: Servicing Agreement (World Omni LT), Servicing Agreement (World Omni LT), Servicing Agreement (World Omni Auto Leasing LLC)
Procedures Upon Sale. In connection with the sale or other disposition of a Closed-End Vehicle pursuant to Section 7.1, the Closed-End Servicer will, upon receipt of proceeds of such sale:
(i) on behalf of the Closed-End Collateral Agent, deliver the related Certificate of Title to the purchaser of such Closed-End Vehicle;
(ii) deliver notice of such sale or other disposition to the Titling Trust Administrator; and
(iii) change its records to reflect the termination of the Titling Trust’s 's interest in such Closed-End Lease and Closed-End Vehicle.
Appears in 1 contract
Samples: Servicing Agreement (World Omni LT)
