Physical Damage Insurance Policy definition

Physical Damage Insurance Policy means a theft and physical damage insurance policy maintained by the Obligor under a Receivable, providing coverage against loss or damage to or theft of the related Financed Vehicle.

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Physical Damage Insurance Policy. Any fire, property damage or other hazard insurance policy or program maintained by any Person (including the Seller or the Obligor) with respect to any Equipment.

Physical Damage Insurance Policy has the meaning set forth in Section 3.3(d).

Examples of Physical Damage Insurance Policy in a sentence

The Receivable requires the Obligor to insure the Financed Vehicle under a Physical Damage Insurance Policy, pay the premiums for such insurance and keep such insurance in full force and effect.
It is understood that Servicer will not "force-place" any Physical Damage Insurance Policy on any Financed Vehicle.
If Servicer elects to commence a legal proceeding to enforce a Physical Damage Insurance Policy, the act of commencement shall be deemed to be an automatic assignment of the rights of Issuer under such Physical Damage Insurance Policy to Servicer for purposes of collection only.
If Servicer elects to commence a legal proceeding to enforce a Physical Damage Insurance Policy, the act of commencement shall be deemed to be an automatic assignment of the rights of the Trust under such Physical Damage Insurance Policy to Servicer for purposes of collection only.
No Receivable has a Principal Balance which includes capitalized interest, late charges or amounts attributable to the payment of the premium for any Physical Damage Insurance Policy.
The Receivables require that each Financed Vehicle be insured under a Physical Damage Insurance Policy.
If, however, in any enforcement suit or legal proceeding it is held that Servicer may not enforce a Physical Damage Insurance Policy on the grounds that it is not a real party in interest or a holder entitled to enforce the Physical Damage Insurance Policy, Trustee, on behalf of the Trust, at Servicer's expense, shall take such steps as Servicer deems necessary to enforce such Physical Damage Insurance Policy, including bringing suit in its name or the name of Trustee for the benefit of the Holders.
It is understood that Servicer will not “force-place” any Physical Damage Insurance Policy on any Financed Vehicle.
If, however, in any enforcement suit or legal proceeding it is held that Servicer may not enforce a Physical Damage Insurance Policy on the grounds that it is not a real party in interest or a holder entitled to enforce the Physical Damage Insurance Policy, Owner Trustee, on behalf of Issuer, at Servicer's expense, shall take such steps as Servicer deems necessary to enforce such Physical Damage Insurance Policy, including bringing suit in Issuer's name or the name of Owner Trustee or Indenture Trustee.
No Subsequent Receivable has a Principal Balance which includes capitalized interest, late charges or amounts attributable to the payment of the premium for any Physical Damage Insurance Policy.

More Definitions of Physical Damage Insurance Policy

Physical Damage Insurance Policy means the physical damage, recovery/repatriation coverages and loss of revenue policy issued by various underwriters described thereon, a copy of which shall be on file with the Delaware Trustee at all times, and shall include any other replacement policy thereto that is substantially similar to it.

Physical Damage Insurance Policy means with respect to a Financed Vehicle, any policy of physical damage, comprehensive or collision insurance covering the Financed Vehicle pursuant to which a Servicer may obtain recoveries for loss or damage to the Financed Vehicle. "Purchasing Agreement" means the Master Contract Purchase Agreement, dated as of the date hereof, by and between the Company and TFC as the purchaser, providing among other things, for the purchasing of the Contracts, as said agreement may be amended or supplemented from time to time as permitted thereby. "Record Date" for the interest and any principal payable on any Payment Date means the first day (whether or not a Business Day) of the month in which such Payment Date occurs.