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

Maintenance of Security Interests in Vehicles. The Servicer shall, in accordance with its customary practices, policies and procedures and at its own expense, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle; provided that, if the Financed Vehicle related to the Receivable has been totaled, the Servicer shall not be obligated to maintain perfection of the security interest in the related Financed Vehicle, in accordance with its customary practices, policies and procedures. The Owner of each Receivable hereby authorizes the Servicer to re-perfect such security interest on behalf of such Owner, as necessary because of the relocation of a Financed Vehicle, or for any other reason.

Maintenance of Security Interests in Vehicles. The Servicer shall, in accordance with its customary practices, policies and procedures and at its own expense, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle; provided that, if the Financed Vehicle related to the Receivable has been totaledtotaled and such Receivable is not a Liquidating Receivable, the Servicer shall not be obligated to maintain perfection of the security interest in the related Financed Vehicle, in accordance with its customary practices, policies and procedures. The Owner of each Receivable hereby authorizes the Servicer to re-perfect such security interest on behalf of such Owner, as necessary because of the relocation of a Financed Vehicle, or for any other reason.