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 servicing procedures, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle. The Indenture Trustee hereby authorizes the Servicer to take such steps as are necessary to re-perfect such security interest on behalf of the Trust in the event of the relocation of a Financed Vehicle or for any other reason. In the event that the assignment of a Receivable to the Trust is insufficient, without a notation on the related Financed Vehicle's certificate of title, or without fulfilling any additional administrative requirements under the laws of the State in which the Financed Vehicle is located, to grant to the Trust a perfected security interest in the related Financed Vehicle, the Seller hereby agrees that the listing of the Seller as the secured party on the certificate of title is in its capacity as agent of the Trust.

Maintenance of Security Interests in Vehicles. The Servicer --------------------------------------------- shall, in accordance with its customary servicing procedures, take such steps as are necessary to maintain perfection of the security interest created by each Receivable in the related Financed Vehicle. The Indenture Trustee hereby authorizes the Servicer to take such steps as are necessary to re-perfect reperfect such security interest on behalf of the Trust in the event of the relocation of a Financed Vehicle or for any other reason. In the event that the assignment of a Receivable to the Trust is insufficient, without a notation on the related Financed Vehicle's certificate of title, or without fulfilling any additional administrative requirements under the laws of the State in which the Financed Vehicle is located, to grant to the Trust a perfected security interest in the related Financed Vehicle, the Seller hereby agrees that the listing of the Seller as the secured party on the certificate of title is in its capacity as agent of the Trust.