Forced Placed Insurance Clause Samples
The Forced Placed Insurance clause allows a lender or other party to obtain insurance coverage on a property if the borrower fails to maintain the required insurance. In practice, if a borrower lets their homeowner’s or hazard insurance lapse, the lender can purchase insurance on the property and charge the borrower for the cost, which may be higher than standard rates and may offer less coverage. This clause ensures that the property remains protected against loss, safeguarding the lender’s interest and mitigating the risk of uninsured damage.
Forced Placed Insurance. To establish a line of credit with AFC the dealer is required to insure all collateral against risks. The dealer shall provide AFC with copies of its current policies of insurance yearly that include; Comprehensive and Collision coverage and physical damage coverage for a limit of not less than 50% of their approved credit line. [*] If a dealer does not provide AFC with the required insurance documentation within a specified timeframe the dealer will automatically be enrolled in AFC’s Vehicle Inventory Protection (VIP) Program. The dealer also has the opportunity to voluntarily sign-up for the VIP insurance program. [*] [*] [*] [*] [*] [*] [*] [*] Eligible Contracts are available upon request [*] Third Amended and Restated Receivables Purchase Agreement dated as of , 200 among AFC FUNDING CORPORATION as Seller, AUTOMOTIVE FINANCE CORPORATION, as Servicer, FAIRWAY FINANCE COMPANY, LLC and MONTEREY FUNDING as Purchasers, and BMO Capital Markets and Deutsche Bank as Initial Agents A. Purchase Limit Purchase Limit %
Forced Placed Insurance. The Contract is not subject to a forced placed insurance policy on the related Financed Vehicle.
Forced Placed Insurance. Section 1.1
Forced Placed Insurance. To establish a line of credit with AFC the dealer is required to insure all collateral against risks. The dealer shall provide AFC with copies of its current policies of insurance yearly that include; unlimited "driveway" coverage and physical damage coverage for a limit of not less than 50% of their approved credit line. [ * ] 2/02 Loan Supervision 11-3 AFC - CREDIT POLICY
Forced Placed Insurance. After the Cutoff Date, the Servicer shall track the compliance of each Obligor in ordinance with its customary procedures regarding the Obligor's obligation to maintain insurance coverage on the related Financed Vehicle. The Servicer shall notify each Obligor when they are not in compliance. Servicer shall not expend its own funds to pay any insurance premium or obtain or maintain any such policy and Servicer shall not "force-place" insurance.
Forced Placed Insurance. To establish a line of credit with AFC the dealer is required to insure all collateral against risks. The dealer shall provide AFC with copies of its current policies of insurance yearly that include; Comprehensive and Collision coverage and physical damage coverage for a limit of not less than 50% of their approved credit line. [*] If a dealer does not provide AFC with the required insurance documentation within a specified timeframe the dealer will automatically be enrolled in AFC’s Vehicle Inventory Protection (VIP) Program. The dealer also has the opportunity to voluntarily sign-up for the VIP insurance program. [*] [*] [*] [*] [*] [*] [*] [*] Eligible Contracts are available upon request [*] BMO Capital Markets ▇▇▇ ▇. ▇▇▇▇▇▇▇ Street 13th Floor West Chicago, Illinois 60603 Attention: Conduit Management Deutsche Bank Securities Inc ▇▇ ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇ ▇▇▇▇▇ ▇▇▇ ▇▇▇▇, ▇▇ ▇▇▇▇▇ Attn: DB Funding & Admin Ladies and Gentlemen: Reference is hereby made to the Third Amended and Restated Receivables Purchase Agreement, dated as of April 20, 2007 (as heretofore amended or supplemented, the “Receivables Purchase Agreement”), among AFC Funding Corporation (the “Seller”), Automotive Finance Corporation, as servicer (the “Servicer”), Fairway Finance Company, LLC, and Monterey Funding LLC as Purchasers and such other entities from time to time as may become purchasers thereunder, BMO Capital Markets, as Agent and Purchaser Agent for Fairway Finance Company, LLC, Deutsche Bank Securities Inc. as Agent and Purchaser Agent for Monterey Funding LLC. Capitalized terms used in this Purchase Notice and not otherwise defined herein shall have the meanings assigned thereto in the Receivables Purchase Agreement. This letter constitutes a Purchase Notice pursuant to Section 1.2(a) of the Receivables Purchase Agreement. Seller desires to sell a Participation on [insert date] for a purchase price of [insert $ amount]. Seller requests an initial Yield Period of [insert no. of days] days for such Participation. Seller hereby represents and warrants as of the date hereof, and as of the date of Purchase, as follows:
(i) the representations and warranties contained in Exhibit III to the Receivables Purchase Agreement are true and correct on and as of such date of such Purchase as though made on and as of such date;
(ii) no event has occurred and is continuing, or would result from such Purchase, that constitutes a Termination Event or Unmatured Termination Event;
(iii) the sum of the ...
Forced Placed Insurance. To establish a line of credit with AFC the dealer is required to insure all collateral against risks. The dealer shall provide AFC with copies of its current policies of insurance yearly that include; unlimited “driveway” coverage and physical damage coverage for a limit of not less than 50% of their approved credit line. [ * ] AFC - CREDIT POLICY If a dealer does not provide AFC with the required insurance documentation within a specified timeframe the dealer will automatically be enrolled in AFC’s Vehicle Inventory Protection (VIP) Program. The dealer also has the opportunity to voluntary enrol in the VIP insurance program. [*] [*] [*] [*] [*] [*] [*] [*] $ Amount Requested: AFC Automotive Finance Corporation AN ALLETE COMPANY Business/Dealer Information CONFIDENTIAL DEALER APPLICATION Company Legal Name: (if DBA, list full company name and DBA name): o Corporation Partnership Sole Proprietorship DBA Federal ID #: Sales Tax # : Years in Business: Dealer License #: Expiration Date: Previously applied with AFC? q Yes q No Officer/Owner Information Officer/Owner Name: Title: Home Address: City: State: Zip Code: Own Rent Home Phone: SSN#: DOB: Driver’s Lic #: State: Expires: Email Address: Mobile #: Are you currently active in the daily operations of the business? Yes No Are you a US Citizen? Yes No Officer/Owner Name: Title: Miscellaneous Information Business Bank: Account #: Trade Creditors 1. Name: Phone: Phone: Auction References 1. Name: Phone: 2. Name: Phone: Other Floorplan Sources 1. Name: Phone: Insurance Information Agent Name: Phone: Dealership information Home Address: o Full Coverage Liability Only Other Valued Products & Services Please check the appropriate boxes to receive more information or visit us online at w▇▇.▇▇▇▇▇▇▇▇▇.▇▇▇! Street Address: City: State: Zip Code: El Own q Rent Home Phone: SSN#: DOB: Driver’s Lic: State: Expires: Email Address: Mobile #: Are you currently active in the daily operations of the business? Yes No City: Li Autoot - Manage your AFC account online State: Zip Code: Phone #: Mro21 - Dealer software solutions. Special Finance, BHPH, Quick Quote, inventory management and more! Motorcycle Floorplan - Designed for motorcycle dealers to purchase new and used cycles. Rental Floorplan - Extended terms for daily rental operations. Salvage Floorplan - Special terms & rates for salvage units. Sub-Prime - Available in select markets. Immediate credit decisions for your customers. VIP Insurance- Physical damage insurance cove...
Forced Placed Insurance. In the event of any failure by Contractor to comply with the provisions of this Section, Owner may, without in any way compromising or waiving any right or remedy at law or in equity, on notice to Contractor, purchase such insurance, at Contractor's expense, provided that Owner shall have no obligation to do so and if Owner shall do so, Contractor shall not be relieved of or excused from the obligation to obtain and maintain such insurance amounts and coverages.