Common use of Agreement Limitations Clause in Contracts

Agreement Limitations. 1. Any loss other than total loss, and any loss which is due to any fraudulent, deceptive, illegal, or criminal act by You, whether acting alone or in collusion with others, is specifically excluded. 2. This Agreement is for the sole benefit of the borrower as described on page 1 of this Agreement, and may not be assigned or transferred to another person, is not renewable, and is cancelable as provided for on page 1 of this Agreement. 3. Any loss resulting from total loss to the covered collateral , caused by or resulting from wear and tear, gradual deterioration, obsolescence, rust, corrosion, latent defect, inherent defect, freezing, overheating, or resulting from any repairing, restoration or remodeling process, structural, mechanical or electrical breakdown or failure unless fire or other accident ensues, and then only for the physical loss or damage by such ensuing fire or accident are specifically excluded. 4. Any loss resulting from total loss to the covered collateral caused by or resulting from any of the following causes are specifically excluded: a) hostile or warlike action in time of peace or war, including action in hindering, combating, or defending against actual, impending or expected attack; b) any weapon of war employing atomic fission or radioactive force, whether in time of peace or war; c) insurrection, rebellion, revolution, civil war, usurped power, or action taken by governmental authority in hindering, combating or defending against such occurrence, seizure or destruction under quarantine or customs regulations, seizure or confiscation by order of any government or public authority, risks of contraband or illegal transportation or trade; or d) occurring after covered Collateral has been repossessed or placed in repossession. 5. Maximum Limits/Term: Installment Loan Contract which exceeds the GAP WAIVER AGREEMENT LIMITS listed in items #1 and #5 on page 1 of this Agreement is not eligible for the GAP Waiver Agreement. 6. Any used collateral not listed in the then current Established Retail Guide at the time of financing is not eligible for this GAP Waiver Agreement. 7. All coverage terminates at the end of the Installment Loan Contract term with respect to each covered collateral, but not to exceed the GAP WAIVER AGREEMENT LIMITS #1, or under any of the following conditions: a) payment of a loss under this Agreement; b) early Installment Loan Contract payoff; c) sale or transfer of the covered collateral or; d) date of repossession of the covered collateral.