Common use of Credit Enhancement Claims Filing Clause in Contracts

Credit Enhancement Claims Filing. Within the provisions of the Fee Schedule set forth in paragraph III of this Schedule, Servicer shall perform the following insurance functions with respect to a Receivable and will comply with all necessary operating and claims filing procedures (which may be modified by the insurance company from time to time and by mutual consent of the Seller and the Servicer) pursuant to each Credit Enhancement: a. With respect to the Risk Default Insurance Policy, Servicer shall: (1) file notice of loss within the earlier of (a) 60 days from the date of expiration of the Obligor Redemption Period or (b) 30 days from the date the Financed Vehicle was sold at auction, (2) maintain claim data components, (3) calculate the claim amount and (4) submit to the Insurer all supporting documents for each claim required by the Risk Default Insurance Policy. b. With respect to the VSI Insurance Policy, Servicer shall: (1) if appropriate, prior to liquidation and within ninety (90) days of date of loss, file an initial notice of loss which shall mean the following for purposes of this Section only: (A) For physical damage, the date of repossession; (B) For instrument non- filing insurance, the date of filing of a superior lien; (C) For a skip, the date of the first delinquency plus 150 days; and (D) For a repossession, the date the damage occurred. (2) maintain physical and electronic information, (3) calculate the claim amount, (4) prepare physical and electronic information and complete claim form and (5) in the case of a claim dispute, select an independent appraiser and file an appraisal report within thirty (30) days of initial claim filing rejection.

Credit Enhancement Claims Filing. Within the provisions of the Fee Schedule set forth in paragraph III of this Schedule, Servicer shall perform the following insurance functions with respect to a Receivable and will comply with all necessary operating and claims filing procedures (which may be modified by the insurance company from time to time and by mutual consent of the Seller and the Servicer) pursuant to each Credit Enhancement: a. With respect to the each Risk Default Insurance Policy, Servicer shall: (1) file notice of loss within the earlier of (a) 60 days from the date of expiration of the Obligor Redemption Period or (b) 30 days from the date the Financed Vehicle was sold at auction, (2) maintain claim data components, (3) calculate the claim amount and (4) submit to the Insurer all supporting documents for each claim required by the Risk Default Insurance Policy. b. With respect to the VSI Insurance Policy, Servicer shall: (1) if appropriate, prior to liquidation and within ninety (90) days of date of loss, file an initial notice of loss which shall mean the following for purposes of this Section only: (A) For physical damage, the date of repossession; (B) For instrument non- non-filing insurance, the date of filing of a superior lien; (C) For a skip, the date of the first delinquency plus 150 days; and (D) For a repossession, the date the damage occurred. (2) maintain physical and electronic information, (3) calculate the claim amount, (4) prepare physical and electronic information and complete claim form and (5) in the case of a claim dispute, select an independent appraiser and file an appraisal report within thirty (30) days of initial claim filing rejection.