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.
Appears in 155 contracts
Samples: Sale and Servicing Agreement (Honda Auto Receivables 2024-4 Owner Trust), Sale and Servicing Agreement (Honda Auto Receivables 2024-4 Owner Trust), Sale and Servicing Agreement (Honda Auto Receivables 2024-3 Owner Trust)
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.
Appears in 25 contracts
Samples: Sale and Servicing Agreement (Mercedes-Benz Auto Receivables Trust 2024-1), Sale and Servicing Agreement (Mercedes-Benz Auto Receivables Trust 2024-1), Sale and Servicing Agreement (Mercedes-Benz Auto Receivables Trust 2023-2)
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.
Appears in 11 contracts
Samples: Sale and Servicing Agreement (Daimler Trucks Retail Trust 2024-1), Sale and Servicing Agreement (Daimler Trucks Retail Trust 2024-1), Sale and Servicing Agreement (Daimler Trucks Retail Trust 2023-1)
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.
Appears in 3 contracts
Samples: Sale and Servicing Agreement (Wachovia Auto Owner Trust 2004-B), Sale and Servicing Agreement (Pooled Auto Securities Shelf LLC), Sale and Servicing Agreement (Wachovia Auto Owner Trust 2005-A)
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.
Appears in 1 contract
Samples: Sale and Servicing Agreement (Mercedes-Benz Auto Receivables Trust 2009-1)
