Lien in Force. Except for a release to an insurer in exchange for insurance proceeds paid by such insurer resulting from a claim for the total insured value of a Financed Vehicle, the Servicer shall not release any Financed Vehicle from the security interest granted by the related Contract in whole or in part except in the event of payment in full by or on behalf of the Obligor thereunder or repossession, nor shall the Servicer impair the rights of the Noteholders or the Insurer in the Contracts, nor shall the Servicer change the APR with respect to any Contract, except as may be required by applicable law.
Appears in 3 contracts
Samples: Sale and Servicing Agreement (Santander Drive Auto Receivables Trust 2007-1), Sale and Servicing Agreement (Santander Drive Auto Receivables Trust 2007-3), Sale and Servicing Agreement (Santander Drive Auto Receivables Trust 2007-2)
Lien in Force. Except for a release to an insurer in exchange for insurance proceeds paid by such insurer resulting from a claim for the total insured value of a Financed Vehicle, the Servicer shall not release any Financed Vehicle from the security interest granted by the related Contract in whole or in part except in the event of payment in full by or on behalf of the Obligor thereunder or repossession, nor shall the Servicer impair the rights of the Noteholders [or the Insurer Insurer] in the Contracts, nor shall the Servicer change the APR with respect to any Contract, except as may be required by applicable law.
Appears in 3 contracts
Samples: Sale and Servicing Agreement (Drive Auto Receivables LLC), Sale and Servicing Agreement (Santander Drive Auto Receivables LLC), Sale and Servicing Agreement (Drive Auto Receivables LLC)
