Common use of Maintenance of Security Interests in Vehicles Clause in Contracts

Maintenance of Security Interests in Vehicles. In the event that the assignment of a Receivable to HARC or any assignee thereof is insufficient, without a notation on the related Financed Vehicle’s certificate of title, or without fulfilling any additional administrative requirements under the laws of the state in which the Financed Vehicle is located, to perfect a security interest in the related Financed Vehicle in favor of HARC or any assignee thereof, Seller hereby agrees that the designation of Seller or any Affiliate of Seller as the secured party on the certificate of title is in its capacity as agent of HARC or the agent of any assignee of HARC for such limited purpose.

Maintenance of Security Interests in Vehicles. In the event that the assignment of a Receivable to HARC or any assignee thereof is insufficient, without a notation on the related Financed Vehicle’s certificate of title, or without fulfilling any additional administrative requirements under the laws of the state in which the Financed Vehicle is located, to perfect a security interest in the related Financed Vehicle in favor of the HARC or any assignee thereof, Seller hereby agrees that the designation of Seller or any Affiliate of Seller as the secured party on the certificate of title is in its capacity as agent of HARC or the agent of any assignee of HARC for such limited purpose.