Physical Damage Insurance; Other Insurance. (a) The Servicer shall, in accordance with its customary servicing procedures, verify (i) that each Obligor shall have obtained insurance covering the Financed Vehicle, as of the date of the execution of the Receivable, insuring against loss and damage due to fire, theft, collision and other risks generally covered by comprehensive and collision coverage and that each Receivable requires the Obligor to maintain such physical loss and damage insurance naming the Related Originator and its successors and assigns as a loss payee, (ii) that each Receivable that finances the cost of premiums for credit life and credit accident and health insurance is covered by an insurance policy or certificate naming the Originator as policyholder (creditor) and (iii) as to each Receivable that finances the cost of an extended service contract, the respective Financed Vehicle which secures the Receivable is covered by an extended service contract.
Physical Damage Insurance; Other Insurance. (a) The Servicer shall continue to maintain the VSI Policy or another collateral protection insurance policy providing physical damage insurance coverage to at least the same extent as the VSI Policy with respect to all Financed Vehicles, unless the Servicer shall have received the prior written consent of the Note Insurer allowing the Servicer to no longer maintain any of such policies. The Servicer, in accordance with the servicing procedures and standards set forth herein, shall require that (i) each Obligor shall have obtained insurance covering the Financed Vehicle, as of the date of the execution of the Receivable, insuring against loss and damage due to fire, theft, transportation, collision and other risks generally covered by comprehensive and collision coverage and each Receivable requires the Obligor to maintain such physical loss and damage insurance naming LBAC and its successors and assigns as an additional insured, (ii) each Receivable that finances the cost of premiums for credit life and credit accident and health insurance is covered by an insurance policy or certificate naming LBAC as policyholder (creditor) and (iii) as to each Receivable that finances the cost of an extended service contract, the respective Financed Vehicle which secures the Receivable is covered by an extended service contract.
Physical Damage Insurance; Other Insurance. (a) The Servicer shall continue to maintain the VSI Policy or another collateral protection insurance policy providing physical damage insurance coverage to at least the same extent as the VSI Policy with respect to all Financed Vehicles, unless the Servicer shall have received the prior written consent of the Note Insurer allowing the Servicer to no longer maintain any of such polices. The Servicer, in accordance with the servicing procedures and standards set forth herein, shall require that (i) each Obligor shall have obtained insurance covering the Financed Vehicle, as of the date of the execution of the Receivable, insuring against loss and damage due to fire, theft, transportation, collision and other risks generally covered by comprehensive and collision coverage and each Receivable requires the Obligor to maintain such physical loss and damage insurance naming LBAC and its successors and assigns as an additional insured, (ii) each Receivable that finances the cost of premiums for credit life and credit accident and health insurance is covered by an insurance policy or certificate naming LBAC as policyholder (creditor) and (iii) as to each Receivable that finances the cost of an extended service contract, the respective Financed Vehicle which secures the Receivable is covered by an extended service contract.
Physical Damage Insurance; Other Insurance. (a) The Servicer, in accordance with its customary servicing procedures, shall require (i) that each Obligor shall maintain insurance covering the Financed Vehicle insuring against loss and damage due to fire, theft, transportation, collision and other risks generally covered by comprehensive and collision coverage naming Asta Funding and its successors and assigns as an additional insured and permits the Holder of such Receivable to obtain physical damage insurance at the expense of the Obligor if the Obligor fails to do so, (ii) maintain the VSI Insurance Policy in full force and effect with respect to all Receivables for the life of the Trust, or, at the Seller's option, replace such insurance with a policy from another insurer having a claims paying rating not lower than the then current claims paying rating of the then current VSI insurer with substantially similar loss coverage and covering all Receivables and (iii) each Receivable that finances the cost of premiums for any Insurance Policy is covered by an Insurance Policy naming the respective Dealer or Asta Funding as policyholder (creditor) or creditor's assignee, respectively.
Physical Damage Insurance; Other Insurance. (a) The Servicer shall continue to maintain the VSI Policy or another collateral protection insurance policy providing physical damage insurance coverage to at least the same extent as the VSI Policy with respect to all Financed Vehicles, unless the Servicer shall have received the prior written consent of the Note Insurer (and if a draw has been made on the Demand Note pursuant to Section 5.12(b) hereof at any time, with the prior written consent of the Demand Note Provider) allowing the Servicer to no longer maintain any of such policies. The Servicer, in accordance with the servicing procedures and standards set forth herein, shall require that (i) each Obligor shall have obtained insurance covering the Financed Vehicle, as of the date of the execution of the Receivable, insuring against loss and damage due to fire, theft, transportation, collision and other risks generally covered by comprehensive and collision coverage and each Receivable requires the Obligor to maintain such physical loss and damage insurance naming LBAC and its successors and assigns as an additional insured, (ii) each Receivable that finances the cost of premiums for credit life and credit accident and health insurance is covered by an insurance policy or certificate naming LBAC as policyholder (creditor) and (iii) as to each Receivable that finances the cost of an extended service contract, the respective Financed Vehicle which secures the Receivable is covered by an extended service contract.
Physical Damage Insurance; Other Insurance. (a) The initial Servicer, in accordance with its customary servicing procedures, shall verify that each item of Equipment continues to be covered by a policy of insurance insuring against loss and damage due to fire, theft, collision and, in the case of Equipment that is a titled vehicle, against other risks generally covered by liability coverage.
Physical Damage Insurance; Other Insurance. (a) The Sub-Servicer shall have no obligation to track the maintenance of liability, physical damage, theft or loss insurance by any Obligor with respect to a Financed Vehicle.
Physical Damage Insurance; Other Insurance. If proper insurance verification forms are not contained in a Contract File, the Servicer will, for a period of ninety (90) days after making such determination, take all reasonable steps to obtain a copy of the required Insurance Policy. If evidence of the required Insurance Policy is not obtained within this ninety (90)-day period, the Servicer will notify the Owner of this deficiency in the monthly reports provided by the Servicer to the Owner. Upon the Servicer's learning of any cancellation or reduction of insurance, the Servicer will send a written notice to the Obligor in an attempt to secure or verify the proper Insurance Policy. If the Servicer is unable to verify that the Obligor has in place the proper Insurance Policy within the time required by the Servicer's Servicing Policies and Procedures, then the Servicer may proceed to repossess the Financed Vehicle.
Physical Damage Insurance; Other Insurance. (a) Each Servicer, in accordance with the Accepted Servicing Standards, shall verify (i) that each Obligor shall have obtained insurance covering the Financed Vehicle, as of the date of the execution of the Receivable, insuring against loss and damage due to fire, theft, collision and other risks generally covered by comprehensive and collision coverage and that each Receivable requires the Obligor to maintain such physical loss and damage insurance naming the applicable Borrower and its successors and assigns as a loss payee, (ii) that each Receivable that finances the cost of premiums for vendor's single interest insurance, credit life and credit accident and health insurance is covered by an insurance policy or certificate naming the applicable Borrower as policyholder (creditor), and (iii) as to each Receivable that finances the cost of an extended service contract, the respective Financed Vehicle which secures the Receivable is covered by an extended service contract.
Physical Damage Insurance; Other Insurance. (a) The Servicer, in accordance with its customary servicing procedures, shall verify that (i) each Obligor shall have obtained insurance covering the Financed Vehicle, as of the date of the execution of the Receivable, insuring against loss and damage due to fire, theft, collision and other risks generally covered by comprehensive and collision coverage and that each Receivable requires the Obligor to maintain such physical loss and damage insurance naming the Originator and its successors and assigns as a loss payee, (ii) each Receivable is covered by a vendors single interest policy acceptable to the Administrator on which the Administrator on behalf of the Purchaser is named as an additional insured, (iii) each Receivable that finances the cost of premiums for credit life and credit accident and health insurance is covered by an insurance policy or certificate naming the Dealer as policyholder (creditor) and (iv) as to each Receivable that finances the cost of an extended service contract, the respective Financed Vehicle which secures the Receivable is covered by an extended service contract.
