Examples of CIT Consumer Finance in a sentence
The Trust has been created pursuant to a Pooling and Servicing Agreement (the "Agreement"), dated as of March 1, 2002, among the Depositor, CIT Consumer Finance, as Seller and Master Servicer, the Conduit Seller and JPMorgan Chase Bank, as Trustee of the Trust (the "Trustee").
Promptly after any substitution of a Mortgage Loan, CIT Consumer Finance shall give written notice of such substitution to the Rating Agencies.
The Trustee shall be deemed conclusively to have complied with this Section if it follows the directions of CIT Consumer Finance.
In the event any tax that is guaranteed by CIT Consumer Finance is refunded to the Trust or otherwise is determined not to be payable, CIT Consumer Finance shall be repaid the amount of such refund or that portion of any guarantee payment made by CIT Consumer Finance that is not applied to the payment of such tax.
CIT Consumer Finance shall effect such repurchase by paying to the Master Servicer for deposit in the Certificate Account on the Business Day immediately preceding the Distribution Date in the month following the month in which the loan was repurchased, the aggregate of the Purchase Price of all Mortgage Loans that are required to be repurchased pursuant to the preceding sentence.
The Trustee shall have no obligation to pay any such amounts pursuant to this Section other than from moneys provided to it by CIT Consumer Finance or from moneys held in the funds and accounts created under this Agreement.
The Master Servicer shall give notice to the Trustee at the time of such repurchase of the amounts due from CIT Consumer Finance pursuant to the guarantee of CIT Consumer Finance and notice as to who should receive such payment.
The cost of obtaining such Opinion of Counsel shall be borne by CIT Consumer Finance.
When executed and delivered, this Agreement will constitute the legal, valid and binding obligation of CIT Consumer Finance enforceable in accordance with its terms, except as enforcement of such terms may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors' rights generally and by the availability of equitable remedies.
CIT Consumer Finance is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and has the corporate power to own its assets and to transact the business in which it is currently engaged.