Common use of Maintenance of Security Interests in Vehicles Clause in Contracts

Maintenance of Security Interests in Vehicles. (a) Consistent with the policies and procedures required by this Agreement, Servicer shall take such steps on behalf of the Purchaser and the Collateral Agent for the benefit of the Lender as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle. (b) Upon the occurrence and continuance of a Servicer Termination Event, the Collateral Agent for the benefit of the Lender and Servicer shall take or cause to be taken such action as may, in the opinion to the Lender or the Collateral Agent for the benefit of the Lender, be necessary to perfect or re-perfect the security interests in the Financed Vehicles securing the Receivables in the name of the Collateral Agent for the benefit of the Lender by amending the title documents of such Financed Vehicles or by such other reasonable means as may, in the opinion of the Lender or the Collateral Agent for the benefit of the Lender, be necessary or prudent. (c) Servicer hereby agrees to pay all expenses related to such perfection or re-perfection in accordance with clauses (a) and (b) above and to take all action necessary therefor. In addition, Lender may instruct Servicer to take or cause to be taken, and Servicer shall take or cause to be taken, such action as may, in the judgment of Lender be necessary to perfect or re-perfect the security interest in the Financed Vehicles underlying the Receivables in the name of the Collateral Agent for the benefit of the Lender including by amending the title documents of such Financed Vehicles or by such other reasonable means as may, in the judgment of the Lender, be necessary or prudent.