VSI Policy definition

VSI Policy means, as of the Closing Date, (i) the vendor's single interest physical damage insurance policy No. 1-5529-1344 NJ issued by BALBOA Life and Casualty, (ii) the vendor's single interest physical damage insurance policy No. LS 700 9-0254 issued by Old Republic Minnehoma Insurance Company, (iii) the vendor's single interest physical damage insurance policy No. C1M2187817 issued by Utica National Insurance Group, (iv) the vendor's single interest physical damage insurance policy No. UL6160 issued by Ohio Indemnity Company, (v) the vendor's single interest physical damage insurance policy No. ANCOL6715 issued by American National Property & Casualty Company, or (vi) the vendor's single interest physical damage insurance policy No. ANCA06716 issued by American National Property & Casualty Company, as applicable, with respect to the Financed Vehicles covered thereby, in each case in which LBAC is the named insured and the Trust Collateral Agent is an additional named insured; provided, that in the reasonable discretion of the Servicer any of the aforementioned policies may be cancelled and replaced with a substitute insurance policy, or, with the prior written consent of the Note Insurer, the Servicer may self-insure against the risk previously covered by the cancelled policy.

VSI Policy means that certain "Ultimate Loss Insurance Blanket Single Interest Policy" issued by Ohio Indemnity Company to HNB and currently in force, together with all endorsements thereto.

VSI Policy means a vendor's single interest insurance policy insuring against risk of physical damage on the Financed Vehicles.

Examples of VSI Policy in a sentence

• The Obligor with respect to each Receivable is required pursuant to the terms of the related Receivable to obtain insurance covering the Financed Vehicle insuring against loss and damage due to fire, theft, collision and other risks generally covered by comprehensive and collision insurance coverage and each Financed Vehicle is covered by the VSI Policy.

• Borrower has obtained each VSI Policy and as of the Cutoff Date, one or more of such policies is in full force and effect with respect to each Receivable.

• The Originator shall cause notice to be given to the insurers under the Risk Default Policy and the VSI Policy to identify the Trustee as an additional named insured, as its interest may appear, under each such policy.

• In performing its duties and obligations hereunder, the Servicer shall comply with the VSI Policy (solely with respect to insurance tracking as specified in the Servicer's duties as set forth in Section 2.04(a)) and all applicable federal and state laws and regulations, shall maintain all state and federal licenses and franchises necessary for it to perform its servicing responsibilities hereunder, and shall not impair the rights of AutoBond in the Receivables.

• Seller shall notify, or cause to be notified, the VSI Policy carrier and request the Buyer to be named as an additional insured under such policy with respect to the Receivables and Seller will instruct said carriers to pay to Buyer any and all funds, unearned premiums, and returned premium claims due or hereafter to become due to Seller to the extent such amounts are received after the Cutoff Date and relate to the Receivables.

More Definitions of VSI Policy

VSI Policy has the meaning assigned thereto in Annex A to the Sale and Servicing Agreement, without giving effect to the proviso of such definition.

VSI Policy means, as of the Closing Date, (i) the vendor's single interest physical damage insurance policy No. 0-0000-0000 NJ issued by BALBOA Life and Casualty, (ii) the vendor's single interest physical damage insurance policy No. LS 700 9-0254 issued by Old Republic Minnehoma Insurance Company, (iii) the vendor's single interest physical damage insurance policy No. CIM2187817 issued by Utica National Insurance Group or (iv) the vendor's single interest physical damage insurance policy No. UL6160 issued by Ohio Indemnity Company, as applicable, with respect to the Financed Vehicles covered thereby, in each case in which LBAC is the named insured and the Trust Collateral Agent is an additional named insured; provided, that in the reasonable discretion of the Servicer any of the aforementioned Annex A - 30 policies may be cancelled and replaced with a substitute insurance policy, or, with the prior written consent of the Note Insurer, the Servicer may self-insure against the risk previously covered by the cancelled policy.

VSI Policy means a blanket vehicle single interest insurance policy, together with any endorsements thereto, issued by an Eligible Insurance Provider to HNB, providing physical loss and damage coverage in the event a Financed Vehicle in connection with a Receivable is repossessed by or surrendered to HNB and the Obligor with respect to such Receivable has failed to maintain physical loss and damage insurance as required by the related Receivable, including without limitation that certain "Ultimate Loss Blanket Single Interest Policy" issued by Ohio Indemnity Company to HNB, together with all endorsements thereto.

VSI Policy means, as of the Closing Date, (i) the vendor's single interest physical damage insurance policy No. 1-5529-1344 NJ issued by BALBOA Life and Casualty,

VSI Policy means the Interstate Indemnity Company insurance policy, or any replacement policy, which has been purchased by the Servicer for the purpose of providing VSI insurance coverages for automobile receivables owned and/or serviced by the Servicer.

VSI Policy any Vendor's Single Interest Insurance Policy issued by an Insurer, as listed on Schedule 2 (as modified from time to time) and delivered to the Trustee, insuring against risk of physical damage on the Financed Vehicles, and designated as applicable for a particular Series.

VSI Policy means the vendors' single interest physical damage insurance policy maintained with respect to the Receivables.