Common use of Servicer Standard of Care Clause in Contracts

Servicer Standard of Care. In managing, administering, servicing, enforcing and making collections on the Loan Contracts and the Vehicles pursuant to this Servicing Agreement, the Servicer will exercise that degree of skill and care consistent with industry standards for the servicing of sub-prime motor vehicle loan portfolios, and that which the Servicer customarily exercises with respect to similar sub-prime motor vehicle loan contracts and interests in motor vehicle loans owned or originated by it in accordance with the Credit and Collection Policy, and in any event, in a prudent and commercially reasonable manner. The Servicer shall punctually perform all of its obligations and agreements under this Servicing Agreement and shall comply with all applicable Federal and state laws and regulations, shall maintain all state and Federal licenses and franchises necessary for it to perform its servicing responsibilities hereunder, and shall not materially impair the rights of MBIA or the Noteholders in any Loan Contracts or payments thereunder.

Servicer Standard of Care. In managing, administering, servicing, enforcing and making collections on the Loan Lease Contracts and the Vehicles Equipment pursuant to this Servicing Agreement, the Servicer will provide such services in a manner consistent with past practice and applicable law and will not change such practice in any way that would cause an adverse material change in such practice. In any event, the Servicer warrants that in providing such services it will exercise that degree of skill and care consistent with industry standards for the servicing of sub-prime motor vehicle loan portfolios, and that which other lessors in the Servicer industry customarily exercises exercise with respect to similar sub-prime motor vehicle loan lease contracts and interests in motor vehicle loans equipment owned or originated serviced by it in accordance with the Credit and Collection Policy, and in any event, in a prudent and commercially reasonable mannerthem. The Servicer shall punctually perform all of its obligations and agreements under this Servicing Agreement and shall comply with all applicable Federal federal and state laws and regulations, shall maintain all state and Federal federal licenses and franchises necessary for it to perform its servicing responsibilities hereunder, and shall not materially impair the rights of MBIA or the Noteholders in any Loan Lease Contracts or payments thereunder.