Force-Placed Insurance definition

Force-Placed Insurance shall have the meaning set forth in Section 4.4.

Force-Placed Insurance. The meaning set forth in Section 3.4(b).

Force-Placed Insurance has the meaning ascribed thereto in Section ---------------------- 2.4 hereof.

Examples of Force-Placed Insurance in a sentence

• Any such Receivable, and any Receivable with respect to which the Servicer has placed Force-Placed Insurance which has been paid in full (excluding any Insurance Add-On Amounts) will be assigned to the Servicer.

• All policies of Force-Placed Insurance shall be endorsed with clauses providing for loss payable to the Servicer.

• Any cost incurred by the Servicer in maintaining such Force-Placed Insurance shall only be recoverable out of premiums paid by the Obligors or Net Liquidation Proceeds with respect to the Receivable, as provided in Section 4.4(c).

• If an Obligor under a Receivable with respect to which the Servicer has placed Force-Placed Insurance fails to make scheduled payments of such Insurance Add-On Amount as due, and the Servicer has determined that eventual payment of the Insurance Add-On Amount is unlikely, the Servicer may, but shall not be required to, purchase such Receivable from the Trust for the Purchase Amount on any subsequent Determination Date.

• If an Obligor makes a payment with respect to a Receivable having Force-Placed Insurance, but the Servicer is unable to determine whether the payment is allocable to the Receivable or to the Insurance Add-On Amount, the payment shall be applied first to any unpaid Scheduled Receivables Payments and then to the Insurance Add-On Amount.

More Definitions of Force-Placed Insurance

Force-Placed Insurance means hazard insurance coverage obtained by Servicer on behalf of the owner or assignee of a mortgage loan that insures the property securing the loan. However, for purposes of this Section (VI), the term “force-placed insurance” does not include hazard insurance required by the Flood Disaster Protection Act of 1973. The term “hazard insurance” means insurance on the property securing a mortgage loan that protects the property against loss caused by fire, wind, flood, earthquake, theft, falling objects, freezing, and other similar hazards for which the owner or assignee of such loan requires insurance.

Force-Placed Insurance means insurance described in Section 4.04(a) of the Sale and Servicing Agreement.

Force-Placed Insurance has the meaning assigned to such term in the ---------------------- Dealer Underwriting Guide.

Force-Placed Insurance. As defined in Section 9.5(b). Form 10-K and Form 10-Q: Have the meanings given to such terms in the Exchange Act.

Force-Placed Insurance means collateral-protection insurance purchased by Respondent for consumers’ vehicles serving as collateral for auto loans and financed by adding the cost of the collateral-protection insurance to the balances on consumers’ auto loans.

Force-Placed Insurance has the meaning ascribed thereto in Section 4.4(b) hereof.

Force-Placed Insurance means insurance that the Servicer may, if an Obligor fails to obtain or maintain a comprehensive and collision insurance policy, obtain with respect to the related Financed Vehicle.