Common use of Collecting Title Documents Not Delivered at the Closing Date or on a Subsequent Transfer Date Clause in Contracts

Collecting Title Documents Not Delivered at the Closing Date or on a Subsequent Transfer Date. In the case of any Contract in respect of which written evidence from the Dealer selling or transferring the related Financed Vehicle that the Title Document for such Financed Vehicle showing the Master Servicer as first lienholder has been applied for from the Registrar of Titles was delivered to the Owner Trustee on the (i) Closing Date (with respect to each Initial Contract) and (ii) a Subsequent Transfer Date (with respect to a related Subsequent Contract) in lieu of a Title Document, the Master Servicer shall use its best efforts to collect such Title Document from the Registrar of Titles as promptly as possible. If such Title Document showing the Master Servicer as first lienholder is not received by the Master Servicer or the related Subservicer within 180 days after the (i) Closing Date (with respect to each Initial Contract) or (ii) Subsequent Transfer Date (with respect to a related Subsequent Contract), then the representation and warranty in Section 3.01(b)(iii) in respect of such Contract shall be deemed to have been incorrect in a manner that materially and adversely affects the Certificateholders and the Seller shall purchase such Contract, on or before the Master Servicer Report Date next succeeding the end of the 180-day period, from the Issuer for an amount equal to the related Repurchase Amount in the manner set forth in Section 5.04. ARTICLE FOUR