Common use of Collecting Title Documents Not Delivered at the Closing Date Clause in Contracts

Collecting Title Documents Not Delivered at the Closing Date. In the case of any Funded Contract or Prefunded Contract in respect of which, in place of a Title Document, the Custodian received on the Closing Date or the Prefunding Closing Date, as applicable, written evidence from the Dealer selling the related Financed Vehicle that, or otherwise in respect of which, the Title Document for such Financed Vehicle showing Onyx as first lienholder has been applied for from the Registrar of Titles, the Servicer shall use its best efforts to collect (or in the case of California, to obtain evidence in the electronic title records of) such Title Document from the Registrar of Titles as promptly as possible. If such Title Document showing Onyx as first lienholder is not received by the Servicer (or in the case of the State of California, verified by the Servicer in the electronic title records) within 180 days after the Closing Date with respect to the Funded Contracts or within 180 days after the Prefunding Closing Date with respect to the Prefunded Contracts, then the representation and warranty in Section 2.02(b)(iii) as to any such Funded Contracts or the representation and warranty in Section 2.02(d)(iii) as to any such Prefunded Contracts in respect of such Contract shall be deemed to have been incorrect in a manner that materially and adversely affects the Noteholders, and the Seller shall be obligated to repurchase such Contract in accordance with Section 2.03.

Collecting Title Documents Not Delivered at the Closing Date. In the case of any Funded Contract or Prefunded Contract in respect of which, in place of a Title Document, the Custodian received on the Closing Date or the Prefunding Closing Date, as applicable, written evidence from the Dealer selling the related Financed Vehicle that, or otherwise in respect of which, the Title Document for such Financed Vehicle showing Onyx or a subsidiary of Onyx as first lienholder has been applied for from the Registrar of Titles, the Servicer shall use its best efforts to collect (or in the case of California, to obtain evidence in the electronic title records of) such Title Document from the Registrar of Titles as promptly as possible. If such Title Document showing Onyx or a subsidiary of Onyx as first lienholder is not received by the Servicer (or in the case of the State of California, verified by the Servicer in the electronic title records) within 180 days after the Closing Date with respect to the Funded Contracts or within 180 days after the Prefunding Closing Date with respect to the Prefunded Contracts, then the representation and warranty in Section 2.02(b)(iii) as to any such Funded Contracts or the representation and warranty in Section 2.02(d)(iii) as to any such Prefunded Contracts in respect of such Contract shall be deemed to have been incorrect in a manner that materially and adversely affects the NoteholdersCertificateholders, and the Seller shall be obligated to repurchase such Contract in accordance with Section 2.03.