Common use of Maintenance of Insurance Policies Clause in Contracts

Maintenance of Insurance Policies. (a) The Servicer shall, in accordance with its customary servicing procedures, require that each Obligor under a Retail Note shall have obtained physical damage insurance covering each Financed Vehicle as of the execution of such Retail Note, unless the Servicer has in accordance with its customary procedures permitted an Obligor to self-insure the Financed Vehicle or Financed Vehicles securing such Retail Note. The Servicer shall, in accordance with its customary servicing procedures, monitor such physical damage insurance with respect to each Financed Vehicle that secures or is related to each Receivable.

Maintenance of Insurance Policies. (a) The Servicer shall, in accordance with its customary servicing procedures, require that each Obligor under a Retail Note shall have obtained physical damage insurance covering each Financed Vehicle as of the execution of such Retail Note, unless the Servicer has in accordance with its customary procedures permitted an Obligor to self-insure the Financed Vehicle or Financed Vehicles securing such Retail Note. The Servicer shall, in accordance with its customary servicing procedures, monitor such physical damage insurance with respect to each Financed Vehicle that secures or is related to each Receivable.