Additional Covenants of Servicer. (a) Unless required by Applicable Law or court order, at the direction of a regulatory authority or, as evidenced by an Opinion of Counsel, in accordance with regulatory guidance, the Servicer will not release the Financed Vehicle securing each such Receivable from the security interest granted by such Receivable in whole or in part except (a) in the event of payment in full by or on behalf of the Obligor thereunder or payment in full less a deficiency which the Servicer would not attempt to collect in accordance with its Customary Servicing Practices, (b) in connection with the repossession and liquidation of such Financed Vehicle or (c) as may be required by an insurer in order to receive proceeds from any Insurance Policy covering such Financed Vehicle.
Additional Covenants of Servicer. The Servicer hereby makes the following covenants to the other parties hereto and the Note Insurer on which the Trust Collateral Agent shall rely in accepting the Receivables in trust and on which the Note Insurer shall rely in issuing the Policy: (i) the Servicer shall not release the Financed Vehicle securing any Receivable from the security interest granted by such Receivable in whole or in part except in the event of payment in full by the Obligor thereunder or repossession or other liquidation of such Financed Vehicle, (ii) the Servicer shall not impair the rights of the Noteholders or the Class C Certificateholder, the Issuer or the Note Insurer in such Receivables, (iii) the Servicer shall not modify a Receivable, except in accordance with Section 4.2, (iv) the Servicer shall service the Receivables as required by the terms of this Agreement and in material compliance with its current servicing procedures for servicing of all its other comparable motor vehicle receivables and (v) the Servicer shall not modify any Receivable in accordance with the Payment Deferment and Due Date Change Policies if, as a result of such modification, there would be negative amortization of such Receivable.
Additional Covenants of Servicer. 15 SECTION 4.7. Purchase of Receivables Upon Breach........................................................16 SECTION 4.8. Servicing Fee..............................................................................16 SECTION 4.9. Servicer's Certificate.....................................................................17
Additional Covenants of Servicer. The Servicer shall not release the Financed Vehicle securing each Receivable from the security interest granted by such Receivable in whole or in part except in the event of payment in full by the Obligor thereunder or repossession, nor shall the Servicer impair the rights of the Securityholders in such Receivables, nor shall the Servicer amend a Receivable, except that extensions may be granted in accordance with Section 4.2.
Additional Covenants of Servicer. Unless required by law or court order, the Servicer shall not release the Financed Vehicle securing each Receivable from the security interest granted by such Receivable in whole or in part except (i) in the event of payment in full by or on behalf of the Obligor thereunder or payment in full less a deficiency which the Servicer would not attempt to collect in accordance with its customary servicing practices, (ii) upon a sale of such Receivable permitted by Section 4.3(b), (iii) in connection with repossession of such Financed Vehicle, or (iv) as may be required by an insurer in order to receive proceeds from any Insurance Policy covering such Financed Vehicle. The Servicer shall not impair the rights of the Grantor Trust in such Receivables, nor shall the Servicer amend a Receivable, except that extensions and waivers may be granted in accordance with Section 4.2. The Servicer shall not create, incur or suffer to exist any Lien or restriction on transferability of the Receivables nor, except as contemplated by the Basic Documents, sign or file under the UCC of any jurisdiction any financing statement that names CPS or the Servicer as debtor, nor sign any security agreement authorizing any secured party thereunder to file such financing statement, with respect to the Receivables. The Servicer shall take such actions as are necessary from time to time in order to maintain the perfection and priority of the Issuer’s security interest in the Trust Property.
Additional Covenants of Servicer. 16 Section 4.7 Purchase of Receivables Upon Breach of Covenant.............17 Section 4.8 Servicing Fee...............................................17 Section 4.9 Servicer's Certificate......................................18 Section 4.10 Annual Statement as to Compliance, Notice of Servicer Termination Event...............................18 Section 4.11 Independent Accountants' Reports............................18 Section 4.12 Independent Accountants' Review of Receivables File.........19 Section 4.13 Report on Proceedings and Servicer Termination Event........19 Section 4.14 Access to Certain Documentation and Information Regarding Receivables.......................................19 Section 4.15 Verification of Servicer's Certificate......................19 Section 4.16 [RESERVED]..................................................21 Section 4.17 Fidelity Bond...............................................21 Section 4.18 Lien Searches; Opinions as to Transfers and Security Interests..........................................21 Section 4.19 Subservicing Arrangements...................................22 Article V ACCOUNTS; DISTRIBUTIONS; STATEMENTS TO THE NOTEHOLDER...............22
Additional Covenants of Servicer. (a) If the aggregate Securitization Value of 2010-B Leases that have been extended and that also constitute Hybrid Chattel Paper exceeds 9.0% of the outstanding aggregate Securitization Value of the 2010-B Leases and related 2010-B Vehicles, and if such excess amount is not otherwise reduced prior to the end of the second Collection Period following such discovery (or, if the Servicer elects, an earlier date), the Servicer will purchase 2010-B Leases and the related 2010-B Vehicles having a sufficient aggregate Securitization Value to reduce the aggregate Securitization Value of 2010-B Leases that have been extended and that also constitute Hybrid Chattel Paper to less than 9.0% of the then outstanding Securitization Value of the 2010-B Leases and related 2010-B Vehicles.
Additional Covenants of Servicer. The Servicer shall not release the Financed Vehicle securing each Receivable from the security interest granted by such Receivable in whole or in part except in the event of payment in full by the Obligor thereunder or repossession, nor shall the Servicer impair the rights of the Securityholders in such Receivables, nor shall the Servicer amend a Receivable, except that extensions and waivers may be granted in accordance with Section 4.2. The Servicer shall not create, incur or suffer to exist any Lien or restriction on transferability of the Receivables nor, except as contemplated by the Basic Documents, sign or file under the UCC of any jurisdiction any financing statement that names CPS or the Servicer as debtor, nor sign any security agreement authorizing any secured party thereunder to file such financing statement, with respect to the Receivables. The Servicer shall take such actions as are necessary from time to time in order to maintain the perfection and priority of the Issuer's security interest in the Trust Property.
Additional Covenants of Servicer. (a) Except as otherwise provided in the Collection Policy, the Servicer shall (i) not release any Financed Vehicle securing any Receivable from the security interest granted by such
Additional Covenants of Servicer. The Servicer shall not release the Financed Vehicle securing each Receivable from the security interest granted by such Receivable in whole or in part except in the event of payment in full by the Obligor thereunder or repossession or other liquidation of the Financed Vehicle, nor shall the Servicer impair the rights of the Noteholder in such Receivables, nor shall the Servicer amend or otherwise modify a Receivable, except as permitted in accordance with SECTION 4.2. The Servicer shall obtain and/or maintain all necessary licenses, approvals, authorizations, orders or other actions of any person, corporation or other organization, or of any court, governmental agency or body or official, required in connection with the execution, delivery and performance of this Agreement and the other Basic Documents.
