Common use of Duties of Servicer as Custodian Clause in Contracts

Duties of Servicer as Custodian. (a) The Servicer, in its capacity as custodian, shall hold the Receivable Files on behalf of the Indenture Trustee for the use and benefit of all present and future Noteholders and maintain such accurate and complete accounts, records, and computer systems pertaining to each Receivable File as shall enable the Indenture Trustee to comply with this Agreement. In performing its duties as custodian, the Servicer shall act with reasonable care, using that degree of skill and attention that the Servicer exercises with respect to the receivable files relating to all comparable automotive receivables that the Servicer services for itself. The Servicer shall conduct, or cause to be conducted, periodic audits of the Receivable Files held by it under this Agreement, and of the related accounts, records, and computer systems, in such a manner as shall enable the Indenture Trustee to verify the accuracy of the Servicer's record keeping. The Servicer shall promptly report to the Indenture Trustee any failure on the Servicer's part to hold the Receivable Files and maintain its accounts, records, and computer systems as herein provided and promptly take appropriate action to remedy any such failure.

Duties of Servicer as Custodian. (a) Safekeeping. The Servicer, in its capacity as custodian, shall hold the Receivable Files on behalf of the Indenture Trustee for the use and benefit of all present and future Noteholders Issuer, and maintain such accurate and complete accounts, records, records (either original execution documents or copies of such originally executed documents shall be sufficient) and computer systems pertaining to each Receivable File the Receivables as shall enable the Indenture Trustee Issuer to comply with its obligations pursuant to this Agreement. In performing its duties as custodian, the Servicer shall act with reasonable care, using that degree of skill and attention that the Servicer exercises with respect to the receivable files relating to all of comparable automotive new or used automobile receivables that the Servicer services for itself. The Servicer shall conduct, or cause to be conducted, periodic audits of the files of all receivables owned or serviced by the Servicer which shall include the Receivable Files held by it under this Agreement, Agreement and of the related accounts, records, records and computer systems, in such a manner as shall enable the Owner Trustee or the Indenture Trustee to verify identify all Receivable Files and such related accounts, records and computer systems and to verify, if the Owner Trustee or the Indenture Trustee so elects, the accuracy of the Servicer's record keepingrecordkeeping. The Servicer shall promptly report to the Owner Trustee or the Indenture Trustee any failure on the Servicer's its part to hold the Receivable Files and maintain its accounts, records, and computer systems as herein provided provided, and promptly take appropriate action to remedy any such failure.