Common use of Maintenance of Physical Damage Insurance Policies Clause in Contracts

Maintenance of Physical Damage Insurance Policies. The Servicer shall, in accordance with its customary servicing procedures and underwriting standards, require that each Obligor shall have obtained physical damage insurance covering each Financed Vehicle as of the origination of the related Receivable.

Maintenance of Physical Damage Insurance Policies. The Servicer shall, in accordance with shall follow its customary servicing procedures and underwriting standards, require that policies, practices and procedures to determine whether or not each Obligor shall have obtained maintained physical damage insurance covering each the related Financed Vehicle as Vehicle. Each Receivable shall provide that the failure by the Obligor to obtain and maintain the required insurance is a default thereunder. The Servicer shall not obtain force-placed insurance in respect of the origination of the related ReceivableReceivables.

Maintenance of Physical Damage Insurance Policies. The Servicer shall, in accordance with shall follow its customary servicing procedures and underwriting standards, require that policies, practices and procedures to determine whether or not each Obligor shall have obtained maintained physical damage insurance covering each the related Financed Vehicle as Equipment. Each Receivable shall provide that the failure by the Obligor to obtain and maintain the required insurance is a default thereunder. The Servicer shall not obtain force-placed insurance in respect of the origination of the related ReceivableReceivables.

Maintenance of Physical Damage Insurance Policies. The Servicer shall, in accordance with shall follow its customary servicing practices and procedures and underwriting standards, require that to determine whether or not each Obligor shall have obtained maintained physical damage insurance covering each the related Financed Vehicle Vehicle. In the event that the Servicer has determined that an Obligor fails to maintain the required insurance, the Servicer shall treat the Obligor as of the origination of being in default under the related Receivable.

Maintenance of Physical Damage Insurance Policies. The Servicer shall, in accordance with shall follow its customary servicing practices and procedures and underwriting standards, require that to determine whether or not each Obligor shall have obtained maintained physical damage insurance covering each the related Financed Vehicle as Vehicle. Each Receivable shall provide that the failure by the Obligor to obtain and maintain the required insurance is a default thereunder. The Servicer shall not obtain force-placed insurance in respect of the origination of the related ReceivableReceivables.