Common use of DEALER COVENANTS Clause in Contracts

DEALER COVENANTS. Section 3.1. Dealer grants CIG Financial full power of attorney to endorse and deposit in its checking account all checks made payable to Dealer which CIG Financial shall have received from Obligors or Dealer as payments on the Contracts purchased hereunder. Section 3.2. Dealer agrees to remit in kind all funds collected or received as payment on Contracts purchased by CIG Financial, such remittances to be made within twenty-four (24) hours of receipt from an Obligor. Dealer agrees that it is responsible to CIG Financial for any payments received by Dealer regardless of loss thereof as the result of misplacement, theft, embezzlement or dishonesty by the agents or employees of Dealer. Section 3.3. Dealer understands and agrees that Dealer is prohibited from making any payments on behalf of Obligors on Contracts purchased by CIG Section 3.4. Dealer agrees to keep CIG Financial advised of any pertinent information coming to its knowledge or that of its employees or agents Section 3.5. Dealer agrees not to quote “Pay-off” balances or accept sums of money as payment-in-full for any Contract purchased by CIG Financial, unless approval is first obtained from CIG Financial in writing, and to refer all requests for credit ratings and “Pay-offs” to the office of CIG Financial. Section 3.6. Dealer agrees not to make or grant any extensions of payments of Contracts purchased by CIG Financial, or to change due dates of the installment specified therein, or to waive, cancel or reduce late charges without the approval and consent of CIG Financial. Section 3.7. Dealer agrees to provide an annual balance sheet and income statement within ninety (90) days following the end of each fiscal year.

DEALER COVENANTS. Section 3.1. Dealer grants CIG Financial full power of attorney to endorse and deposit in its checking account all checks made payable to Dealer which CIG Financial shall have received from Obligors or Dealer as payments on the Contracts purchased hereunder. Section 3.2. Dealer agrees to remit in kind all funds collected or received as payment on Contracts purchased by CIG Financial, such remittances to be made within twenty-four (24) hours of receipt from an Obligor. Dealer agrees that it is responsible to CIG Financial for any payments received by Dealer regardless of loss thereof as the result of misplacement, theft, embezzlement or dishonesty by the agents or employees of Dealer. Section 3.3. Dealer understands and agrees that Dealer is prohibited from making any payments on behalf of Obligors on Contracts purchased by CIG Section 3.4. Dealer agrees to keep CIG Financial advised of any pertinent information coming to its knowledge or that of its employees or agents Section 3.5. Dealer agrees not to quote “Pay-off” balances or accept sums of money as payment-in-full for any Contract purchased by CIG Financial, unless approval is first obtained in writing from CIG Financial in writingFinancial, and to refer all requests for credit ratings and “Pay-offs” to the office of CIG Financial. Section 3.6. Dealer agrees not to make or grant any extensions of payments of Contracts purchased by CIG Financial, or to change due dates of the installment specified therein, or to waive, cancel or reduce late charges without the approval and consent of CIG Financial. Section 3.7. Dealer agrees to provide an annual balance sheet and income statement within ninety (90) days following the end of each fiscal year.