Insurance Cover. You must insure or procure the insurance of the Vehicle (for full replacement value) and keep them comprehensively insured against fire, accident, theft and all other risks as the Lender may require both in the names of the Lender and in your names for the Lenders and your respective interests, with payment in the event of a claim to be made to the Lender. You must not do or allow any act or omission which causes any insurance policy to be invalidated or cancelled. You must provide receipts and an insurance company certificate of the insurance if required by the Lender. Joint and Several All obligations on the part of the Borrowers are joint and several and the fact that an obligation, action, power or thing cannot be assumed, carried out, exercised or done by any Borrower by virtue of that person's not owning or purchasing certain property, nor the fact that any Borrower has not had any benefit from the loan of the initial unpaid balance under this Contract shall not release any other person so defined from such an obligation or from the requirement to carry out any action or to exercise any power or to do anything.
Appears in 7 contracts
Samples: Credit and Security Contract, Credit and Security Contract, vehiclesalesfinance.co.nz
