Physical Damage Insurance; Other Insurance. (a) The Servicer shall continue to maintain the VSI Policy or another collateral protection insurance policy providing physical damage insurance coverage to at least the same extent as the VSI Policy with respect to all Financed Vehicles, unless the Servicer shall have received the prior written consent of the Note Insurer allowing the Servicer to no longer maintain any of such polices. The Servicer, in accordance with the servicing procedures and standards set forth herein, shall require that (i) each Obligor shall have obtained insurance covering the Financed Vehicle, as of the date of the execution of the Receivable, insuring against loss and damage due to fire, theft, transportation, collision and other risks generally covered by comprehensive and collision coverage and each Receivable requires the Obligor to maintain such physical loss and damage insurance naming LBAC and its successors and assigns as an additional insured, (ii) each Receivable that finances the cost of premiums for credit life and credit accident and health insurance is covered by an insurance policy or certificate naming LBAC as policyholder (creditor) and (iii) as to each Receivable that finances the cost of an extended service contract, the respective Financed Vehicle which secures the Receivable is covered by an extended service contract.
(b) To the extent applicable, the Servicer shall not take any action which would result in noncoverage under any of the insurance policies referred to in Section 4.4(a) which, but for the actions of the Servicer, would have been covered thereunder. The Servicer, on behalf of the Trust Collateral Agent, shall take such reasonable action as shall be necessary to permit recovery under any of the foregoing insurance policies. Any amounts collected by the Servicer under any of the foregoing insurance policies shall be deposited in the Collection Account pursuant to Section 5.2. In the event of the cancellation or non-renewal of the insurance referred to in Section 4.4(a)(i) above with respect to any Financed Vehicle, the Servicer will endeavor, in accordance with its customary servicing standards and procedures, to cause the related Obligor to obtain a replacement insurance policy. In no event shall the Servicer be required to force place insurance on a Financed Vehicle.
Physical Damage Insurance; Other Insurance. (a) The Servicer shall, in accordance with its customary servicing procedures, verify (i) that each Obligor shall have obtained insurance covering the Financed Vehicle, as of the date of the execution of the Receivable, insuring against loss and damage due to fire, theft, collision and other risks generally covered by comprehensive and collision coverage and that each Receivable requires the Obligor to maintain such physical loss and damage insurance naming the Related Originator and its successors and assigns as a loss payee, (ii) that each Receivable that finances the cost of premiums for credit life and credit accident and health insurance is covered by an insurance policy or certificate naming the Originator as policyholder (creditor) and (iii) as to each Receivable that finances the cost of an extended service contract, the respective Financed Vehicle which secures the Receivable is covered by an extended service contract.
(b) To the extent applicable, the Servicer shall not take any action which would result in noncoverage under any of the insurance policies referred to in Section 4.4(a) which, but for the actions of the Servicer, would have been covered thereunder. The Servicer, on behalf of the Trustee shall take such reasonable action as shall be necessary to permit recovery under any of the foregoing insurance policies. Any amounts collected by the Servicer under any of the foregoing insurance policies, shall be deposited in the Collection Account pursuant to Section 5.
Physical Damage Insurance; Other Insurance. (a) The Sub-Servicer shall have no obligation to track the maintenance of liability, physical damage, theft or loss insurance by any Obligor with respect to a Financed Vehicle.
(b) To the extent applicable, the Sub-Servicer shall not take any action which would result in noncoverage under any insurance policies that may be maintained by any Obligor and referred to in Section 3.4(a) which, but for the actions of the Sub-Servicer, would have been covered thereunder.
(c) The Sub-Servicer shall take such reasonable action as shall be necessary to permit recovery under any of the foregoing insurance policies. Any amounts collected by the Sub-Servicer under any physical damage, theft or loss insurance policies described above, shall be deposited in the Collection Account pursuant to Section 4.3.
Physical Damage Insurance; Other Insurance. If proper insurance verification forms are not contained in a Contract File, the Servicer will, for a period of ninety (90) days after making such determination, take all reasonable steps to obtain a copy of the required Insurance Policy. If evidence of the required Insurance Policy is not obtained within this ninety (90)-day period, the Servicer will notify the Owner of this deficiency in the monthly reports provided by the Servicer to the Owner. Upon the Servicer's learning of any cancellation or reduction of insurance, the Servicer will send a written notice to the Obligor in an attempt to secure or verify the proper Insurance Policy. If the Servicer is unable to verify that the Obligor has in place the proper Insurance Policy within the time required by the Servicer's Servicing Policies and Procedures, then the Servicer may proceed to repossess the Financed Vehicle.
Physical Damage Insurance; Other Insurance. (a) The initial Servicer, in accordance with its customary servicing procedures, shall verify that each item of Equipment continues to be covered by a policy of insurance with coverage amounts consistent with the requirements of the related Contract, insuring against loss and damage due to fire, theft, collision and, in the case of Equipment that is a titled vehicle, against other risks generally covered by liability coverage.
Physical Damage Insurance; Other Insurance. (a) The initial Servicer, in accordance with its customary servicing procedures, shall verify that each item of Equipment continues to be covered by a policy of insurance insuring against loss and damage due to fire, theft, collision and, in the case of Equipment that is a titled vehicle, against other risks generally covered by liability coverage.
(b) To the extent applicable, the Servicer shall not take any action which would result in noncoverage under any of the insurance policies referred to in Section 3.4(a) which, but for the actions of the Servicer, would have been covered thereunder. The Servicer, on behalf of the Lender and the Parallel Lenders, shall take all such reasonable action as shall be necessary to permit recovery under any of the foregoing insurance policies. Any amounts collected by the Servicer under any of the foregoing insurance policies, shall be deposited in the Collection Account pursuant to Section 4.
Physical Damage Insurance; Other Insurance. Servicer shall have no obligation to monitor the maintenance of, or enforce liability, physical damage, theft, loss or other insurance by any Obligor with respect to a Financed Vehicle.
Physical Damage Insurance; Other Insurance. (a) Each Servicer, in accordance with the Accepted Servicing Standards, shall verify (i) that each Obligor shall have obtained insurance covering the Financed Vehicle, as of the date of the execution of the Receivable, insuring against loss and damage due to fire, theft, collision and other risks generally covered by comprehensive and collision coverage and that each Receivable requires the Obligor to maintain such physical loss and damage insurance naming the applicable Borrower and its successors and assigns as a loss payee, (ii) that each Receivable that finances the cost of premiums for vendor's single interest insurance, credit life and credit accident and health insurance is covered by an insurance policy or certificate naming the applicable Borrower as policyholder (creditor), and (iii) as to each Receivable that finances the cost of an extended service contract, the respective Financed Vehicle which secures the Receivable is covered by an extended service contract.
(b) To the extent applicable, each Servicer shall not take any action which would result in noncoverage under any of the insurance policies referred to in Section 12.4(a) which, but for the actions of such Servicer, would have been covered thereunder. Each Servicer, on behalf of CSFB, shall take such reasonable action as shall be necessary to permit recovery under any of the foregoing insurance policies. Any amounts collected by each Servicer under any of the foregoing insurance policies shall be deposited into the applicable Settlement Account pursuant to Section
Physical Damage Insurance; Other Insurance. (a) The initial Servicer, in accordance with its customary servicing procedures, shall verify that each item of Equipment continues to be covered by a policy of insurance insuring against loss and damage due to fire, theft, collision and, in the case of Equipment that is a titled vehicle, against other risks generally covered by liability coverage.
(b) To the extent applicable, the Servicer shall not take any action which would result in noncoverage under any of the insurance policies referred to in Section 3.04(a) which, but for the actions of the Servicer, would have been covered thereunder. The Servicer, on behalf of the Lender, shall take all such reasonable action as shall be necessary to permit recovery under any of the foregoing insurance policies. Any amounts collected by the Servicer under any of the foregoing insurance policies, shall be deposited in the Lock-Box Account pursuant to Section 3.
Physical Damage Insurance; Other Insurance. The Servicer, in accordance with its customary servicing procedures, shall verify that (i) each Obligor shall have obtained insurance covering the Financed Vehicle, as of the date of the execution of the Receivable, insuring against loss and damage due to fire, theft, collision and other risks generally covered by comprehensive and collision coverage and that each Receivable requires the Obligor to maintain such physical loss and damage insurance naming the Originator and its successors and assigns as a loss payee, (ii) each Receivable is covered by a vendors single interest policy acceptable to the Administrator on which the Administrator on behalf of the Purchaser is named as an additional insured, (iii) each Receivable that finances the cost of premiums for credit life and credit accident and health insurance is covered by an insurance policy or certificate naming the Dealer as policyholder (creditor) and (iv) as to each Receivable that finances the cost of an extended service contract, the respective Financed Vehicle which secures the Receivable is covered by an extended service contract.
