Forced Placed Insurance. To establish a line of credit with AFC the dealer is required to insure all collateral against risks. The dealer shall provide AFC with copies of its current policies of insurance yearly that include; Comprehensive and Collision coverage and physical damage coverage for a limit of not less than 50% of their approved credit line. [*] If a dealer does not provide AFC with the required insurance documentation within a specified timeframe the dealer will automatically be enrolled in AFC’s Vehicle Inventory Protection (VIP) Program. The dealer also has the opportunity to voluntarily sign-up for the VIP insurance program. Receivables Purchase Agreement SCHEDULE II DEPOSIT BANKS AND DEPOSIT ACCOUNTS Deposit Bank Deposit Account [*] [*] [*] [*] [*] [*] [*] [*] Receivables Purchase Agreement SCHEDULE III [RESERVED] Receivables Purchase Agreement SCHEDULE IV ELIGIBLE CONTRACTS Eligible Contracts are available upon request Receivables Purchase Agreement SCHEDULE V TAX MATTERS None. Receivables Purchase Agreement SCHEDULE VI COMPETITOR FINANCIAL INSTITUTIONS [*] Receivables Purchase Agreement ANNEX A FORM OF PURCHASE NOTICE Third Amended and Restated Receivables Purchase Agreement ANNEX B FORM OF SERVICER REPORT Date # of Days in Month: Third Amended and Restated Receivables Purchase Agreement dated as of , 200 among AFC FUNDING CORPORATION as Seller, AUTOMOTIVE FINANCE CORPORATION, as Servicer, FAIRWAY FINANCE COMPANY, LLC and MONTEREY FUNDING as Purchasers, and BMO Capital Markets and Deutsche Bank as Initial Agents Part I. Purchase Limit, Investment Amount, and Participation as of Fairway Monterey A. Purchase Limit Purchase Limit %
Forced Placed Insurance. The Contract is not subject to a forced placed insurance policy on the related Financed Vehicle.
Forced Placed Insurance. In the event of any failure by Contractor to comply with the provisions of this Section, Owner may, without in any way compromising or waiving any right or remedy at law or in equity, on notice to Contractor, purchase such insurance, at Contractor's expense, provided that Owner shall have no obligation to do so and if Owner shall do so, Contractor shall not be relieved of or excused from the obligation to obtain and maintain such insurance amounts and coverages.
Forced Placed Insurance. After the Cutoff Date, the Servicer shall track the compliance of each Obligor in ordinance with its customary procedures regarding the Obligor's obligation to maintain insurance coverage on the related Financed Vehicle. The Servicer shall notify each Obligor when they are not in compliance. Servicer shall not expend its own funds to pay any insurance premium or obtain or maintain any such policy and Servicer shall not "force-place" insurance.
Forced Placed Insurance. Section 1.1
Forced Placed Insurance. To establish a line of credit with AFC the dealer is required to insure all collateral against risks. The dealer shall provide AFC with copies of its current policies of insurance yearly that include; Comprehensive and Collision coverage and physical damage coverage for a limit of not less than 50% of their approved credit line. AFC must also be named as the Loss Payee on all policies (unless a lesser amount is agreed to by the Credit Department or Credit Committee). If a dealer does not provide AFC with the required insurance documentation within a specified timeframe the dealer will automatically be enrolled in AFC’s Vehicle Inventory Protection (VIP) Program. The dealer also has the opportunity to voluntarily sign-up for the VIP insurance program. SCHEDULE II DEPOSIT BANKS AND DEPOSIT ACCOUNTS Deposit Bank Deposit Account [*] [*] [*] [*] [*] [*] [*] [*] SCHEDULE III [RESERVED] SCHEDULE IV ELIGIBLE CONTRACTS SCHEDULE V TAX MATTERS None. SCHEDULE VI COMPETITOR FINANCIAL INSTITUTIONS [*] [*] [*] [*] [*] ANNEX A FORM OF PURCHASE NOTICE ANNEX B FORM OF SERVICER REPORT Date # of Days in Month: Third Amended and Restated Receivables Purchase Agreement dated as of , 200 among AFC FUNDING CORPORATION as Seller, AUTOMOTIVE FINANCE CORPORATION, as Servicer, FAIRWAY FINANCE COMPANY, LLC and MONTEREY FUNDING as Purchasers, and BMO Capital Markets and Deutsche Bank as Initial Agents Part I. Purchase Limit, Investment Amount, and Participation as of Fairway Monterey
Forced Placed Insurance. To establish a line of credit with AFC the dealer is required to insure all collateral against risks. The dealer shall provide AFC with copies of its current policies of insurance yearly that include; unlimited "driveway" coverage and physical damage coverage for a limit of not less than 50% of their approved credit line. [ * ] 2/02 Loan Supervision 11-3 AFC - CREDIT POLICY
Forced Placed Insurance. To establish a line of credit with AFC the dealer is required to insure all collateral against risks. The dealer shall provide AFC with copies of its current policies of insurance yearly that include; unlimited “driveway” coverage and physical damage coverage for a limit of not less than 50% of their approved credit line. [ * ] AFC - CREDIT POLICY If a dealer does not provide AFC with the required insurance documentation within a specified timeframe the dealer will automatically be enrolled in AFC’s Vehicle Inventory Protection (VIP) Program. The dealer also has the opportunity to voluntary enrol in the VIP insurance program. DEPOSIT BANKS AND DEPOSIT ACCOUNTS Deposit Bank Deposit Account [*] [*] [*] [*] [*] [*] [*] [*] SCHEDULE III TRADE NAMES None SCHEDULE IV ELIGIBLE CONTRACTS $ Amount Requested: AFC Automotive Finance Corporation AN ALLETE COMPANY Business/Dealer Information CONFIDENTIAL DEALER APPLICATION Company Legal Name: (if DBA, list full company name and DBA name): o Corporation Partnership Sole Proprietorship DBA Federal ID #: Sales Tax # : Years in Business: Dealer License #: Expiration Date: Previously applied with AFC? q Yes q No Officer/Owner Information Officer/Owner Name: Title: Home Address: City: State: Zip Code: Own Rent Home Phone: SSN#: DOB: Driver’s Lic #: State: Expires: Email Address: Mobile #: Are you currently active in the daily operations of the business? Yes No Are you a US Citizen? Yes No Officer/Owner Name: Title: Miscellaneous Information Business Bank: Account #: Trade Creditors 1. Name: Phone: Phone: Auction References 1. Name: Phone: 2. Name: Phone: Other Floorplan Sources 1. Name: Phone: Insurance Information Agent Name: Phone: Dealership information Home Address: o Full Coverage Liability Only Other Valued Products & Services Please check the appropriate boxes to receive more information or visit us online at wxx.XXXXXXXXX.xxx! Street Address: City: State: Zip Code: El Own q Rent Home Phone: SSN#: DOB: Driver’s Lic: State: Expires: Email Address: Mobile #: Are you currently active in the daily operations of the business? Yes No City: Li Autoot - Manage your AFC account online State: Zip Code: Phone #: Mro21 - Dealer software solutions. Special Finance, BHPH, Quick Quote, inventory management and more! Motorcycle Floorplan - Designed for motorcycle dealers to purchase new and used cycles. Rental Floorplan - Extended terms for daily rental operations. Salvage Floorplan - Special terms & rates for salvage units. Sub-Prim...
