Additional Covenants of Servicer Clause Samples
The "Additional Covenants of Servicer" clause sets out extra promises or obligations that the servicer must fulfill beyond the basic requirements of the agreement. These covenants may include maintaining certain standards of performance, providing regular reports, or adhering to specific regulatory requirements. By detailing these additional duties, the clause ensures that the servicer's conduct aligns with the expectations of the other parties and helps prevent misunderstandings or lapses in service quality.
Additional Covenants of Servicer. (a) Unless required by Applicable Law or court order, at the direction of a regulatory authority or, as evidenced by an Opinion of Counsel, in accordance with regulatory guidance, the Servicer will not release the Financed Vehicle securing each such Receivable from the security interest granted by such Receivable in whole or in part except (a) in the event of payment in full by or on behalf of the Obligor thereunder or payment in full less a deficiency which the Servicer would not attempt to collect in accordance with its Customary Servicing Practices, (b) in connection with the repossession and liquidation of such Financed Vehicle or (c) as may be required by an insurer in order to receive proceeds from any Insurance Policy covering such Financed Vehicle.
(b) Except to the extent required by Applicable Law or court order, at the direction of a regulatory authority or, as evidenced by an Opinion of Counsel, in accordance with regulatory guidance, the Servicer shall not do anything to materially impair the rights of the Grantor Trust, the Issuing Entity, the Indenture Trustee, the Owner Trustee, the Grantor Trust Trustee, the Noteholders or the Certificateholders in the Receivables or to cause the Receivables to no longer satisfy the requirements for “control” of electronic chattel paper under the UCC.
Additional Covenants of Servicer. The Servicer shall not release the Financed Vehicle securing each Receivable from the security interest granted by such Receivable in whole or in part except in the event of payment in full by the Obligor thereunder or repossession, nor shall the Servicer impair the rights of the Securityholders in such Receivables, nor shall the Servicer amend a Receivable, except that extensions and waivers may be granted in accordance with Section 4.
Additional Covenants of Servicer. 36 3.7. Purchase of Receivables Upon Breach................... 36 3.8. Servicing Fee......................................... 37 3.9. Servicer's Certificate................................ 37
Additional Covenants of Servicer. The Servicer hereby makes the following covenants to the other parties hereto and the Note Insurer on which the Trust Collateral Agent shall rely in accepting the Receivables in trust and on which the Note Insurer shall rely in issuing the Note Policy: (i) the Servicer shall not release the Financed Vehicle securing any Receivable from the security interest granted by such Receivable in whole or in part except in the event of payment in full by the Obligor thereunder or repossession or other liquidation of such Financed Vehicle, (ii) the Servicer shall not impair the rights of the Noteholders, the Issuer or the Note Insurer in such Receivables, (iii) the Servicer shall not modify a Receivable, except in accordance with Section 4.2, and (iv) the Servicer shall service the Receivables as required by the terms of this Agreement and in material compliance with its current servicing procedures for servicing of all its other comparable motor vehicle receivables.
Additional Covenants of Servicer. (a) The Servicer shall not release the Financed Vehicle securing any Receivable from the security interest granted by such Receivable in whole or in part except in the event of payment in full by the Obligor thereunder or repossession or other liquidation of the Financed Vehicle, nor shall the Servicer impair the rights of any Noteholder, any Note Purchaser or the Trustee in such Receivables, nor shall the Servicer amend or otherwise modify a Receivable, except as permitted in accordance with SECTION 4.2.
(b) The Servicer shall obtain and/or maintain all necessary licenses, approvals, authorizations, orders or other actions of any person, corporation or other organization, or of any court, governmental agency or body or official, required in connection with the execution, delivery and performance of this Agreement and the other Basic Documents.
(c) The Servicer shall not make any material changes to its collection policies unless the Controlling Note Purchaser expressly consents in writing prior to such changes (which consent shall not be unreasonably withheld).
(d) The Servicer shall provide written notice to the Noteholders and the Note Purchasers of any default, event of default, trigger event or servicer termination event under any other warehouse financing facility or securitization that has occurred and which default, event of default, trigger event or servicer termination shall not have been waived or otherwise cured within the applicable cure period.
(e) The Servicer shall reimburse each Note Purchaser and each Noteholder for any and all fees or expenses that such Note Purchaser or such Noteholder, as applicable, pay to a bank arising out of a return of payments from the Purchaser or the Seller deposited for collection by or for the benefit of such Note Purchaser or such Noteholder, as applicable.
(f) The Servicer will not (i) create, incur or suffer to exist, or agree to create, incur or suffer to exist, or consent to cause or permit in the future (upon the happening of a contingency or otherwise) the creation, incurrence or existence of any lien, security interest, charge, pledge, equity, encumbrance or restriction on transferability of the Receivables and the Other Conveyed Property except (x) for the lien in favor of the Trustee for the benefit of the Noteholders and the Note Purchasers and the restrictions on transferability imposed by this Agreement or any other Basic Document or (y) with respect to any portion of the Receivables and the Othe...
Additional Covenants of Servicer. Unless required by law or court order, the Servicer shall not release the Financed Vehicle securing each Receivable from the security interest granted by such Receivable in whole or in part except (i) in the event of payment in full by or on behalf of the Obligor thereunder or payment in full less a deficiency which the Servicer would not attempt to collect in accordance with its customary servicing practices, (ii) upon a sale of such Receivable permitted by Section 4.3(b), (iii) in connection with repossession of such Financed Vehicle, or (iv) as may be required by an insurer in order to receive proceeds from any Insurance Policy covering such Financed Vehicle. The Servicer shall not impair the rights of the Grantor Trust in such Receivables, nor shall the Servicer amend a Receivable, except that extensions and waivers may be granted in accordance with Section 4.2. The Servicer shall not create, incur or suffer to exist any Lien or restriction on transferability of the Receivables nor, except as contemplated by the Basic Documents, sign or file under the UCC of any jurisdiction any financing statement that names CPS or the Servicer as debtor, nor sign any security agreement authorizing any secured party thereunder to file such financing statement, with respect to the Receivables. The Servicer shall take such actions as are necessary from time to time in order to maintain the perfection and priority of the Issuer’s security interest in the Trust Property.
Additional Covenants of Servicer. The Servicer hereby makes the following covenants to the other parties hereto, the Demand Note Provider and the Note Insurer on which the Trust Collateral Agent shall rely in accepting the Receivables in trust, on which the Note Insurer shall rely in issuing the Policy and on which the Demand Note Provider shall rely in issuing the Demand Note:
(i) the Servicer shall not release the Financed Vehicle securing any Receivable from the security interest granted by such Receivable in whole or in part except in the event of payment in full by the Obligor thereunder or repossession or other liquidation of such Financed Vehicle, (ii) the Servicer shall not impair the rights of the Noteholders, the Issuer, the Demand Note Provider or the Note Insurer in such Receivables, (iii) the Servicer shall not modify a Receivable, except in accordance with Section 4.2, (iv) the Servicer shall service the Receivables as required by the terms of this Agreement and in material compliance with its current servicing procedures for servicing of all its other comparable motor vehicle receivables and (v) the Servicer shall not modify any Receivable in accordance with the Payment Deferment and Due Date Change Policies, if as a result of such modification, there would be negative amortization of such Receivable.
Additional Covenants of Servicer. 37 3.7. Purchase of Receivables Upon Breach......................... 37 3.8. Servicing Fee............................................... 38 3.9. Servicer's Certificate...................................... 38 3.10. Annual Statement as to Compliance: Notice of Default.................................................. 38 3.11. Annual Independent Certified Public Accountant's Report................................................... 39 3.12. Reserved.................................................... 40 Section Page
Additional Covenants of Servicer. (a) If the aggregate Securitization Value of 2010-B Leases that have been extended and that also constitute Hybrid Chattel Paper exceeds 9.0% of the outstanding aggregate Securitization Value of the 2010-B Leases and related 2010-B Vehicles, and if such excess amount is not otherwise reduced prior to the end of the second Collection Period following such discovery (or, if the Servicer elects, an earlier date), the Servicer will purchase 2010-B Leases and the related 2010-B Vehicles having a sufficient aggregate Securitization Value to reduce the aggregate Securitization Value of 2010-B Leases that have been extended and that also constitute Hybrid Chattel Paper to less than 9.0% of the then outstanding Securitization Value of the 2010-B Leases and related 2010-B Vehicles.
(b) Notwithstanding the forgoing, if (a) the Servicer or the Titling Trust employs processes and procedures to convert tangible “records” evidencing modifications of 2010-B Leases that were originated as “electronic chattel paper” to electronic “records” (as such terms are used in the UCC) and (b) the Servicer and the Titling Trust (i) deliver to the Rating Agencies a written opinion of counsel, in form and substance satisfactory to the Rating Agencies, to the effect that, such processes and procedures so employed satisfy the requirements of the UCC such that the Titling Trust or its agent has control of both the original electronic contract and the electronic “records” that resulted from the conversion or (ii) otherwise satisfy the Rating Agencies that the Servicer’s or the Titling Trust’s processes and procedures are sufficient to perfect the Titling Trust’s or its agent’s security interest in the 2010-B Leases, then such “records” will no longer constitute Hybrid Chattel Paper.
Additional Covenants of Servicer. (a) Except as otherwise provided in the Collection Policy, the Servicer shall (i) not release any Financed Vehicle securing any Receivable from the security interest granted by such