Common use of Cancellation of Ancillary Product or Service Clause in Contracts

Cancellation of Ancillary Product or Service. If an Ancillary Product has been sold by Dealer and financed pursuant to a Purchased Contract, and: (i) Avid suffers any loss on such Purchased Contract as a result of default, breach, failure of payment, repossession, legal action, including, without limitation, bankruptcy, skip or total loss of the Vehicle securing such Purchased Contract, any refund of any premium, tax credit or other charge paid by Avid for any Ancillary Products financed pursuant to such Purchased Contract shall, upon written request by Avid, be remitted to Avid within thirty (30) calendar days of such event to Avid by Dealer to be applied toward the balance owing under such Purchased Contract; (ii) such Ancillary Products are canceled, any unearned premiums or other monies shall be remitted to Avid within thirty (30) calendar days of such cancellation by Dealer to be applied to the balance owing under the applicable Purchased Contract; or (iii) the Purchased Contract is satisfied in full by the Buyer, the Dealer shall remit any unearned premiums or other monies to the Buyer within the time required by applicable law, or if Avid or a subsequent assignee is required by law to refund the unearned premium or other monies to Buyer, Dealer shall immediately upon written request by Avid remit such premium to Avid or such subsequent assignee, as applicable.

Cancellation of Ancillary Product or Service. If an Ancillary Product has been sold by Dealer and financed pursuant to a Purchased Contract, and: (i) Avid suffers any loss on such Purchased Contract as a result of default, breach, failure of payment, repossession, legal action, including, without limitation, bankruptcy, skip or total loss of the Vehicle securing such Purchased Contract, any refund of any premium, tax credit or other charge paid by Avid for any Ancillary Products financed pursuant to such Purchased Contract shall, upon written request by Avid▇▇▇▇, be remitted to Avid within thirty (30) calendar days of such event to Avid by Dealer to be applied toward the balance owing under such Purchased Contract; (ii) such Ancillary Products are canceled, any unearned premiums or other monies shall be remitted to Avid within thirty (30) calendar days of such cancellation by Dealer to be applied to the balance owing under the applicable Purchased Contract; or (iii) the Purchased Contract is satisfied in full by the Buyer, the Dealer shall remit any unearned premiums or other monies to the Buyer within the time required by applicable law, or if Avid or a subsequent assignee is required by law to refund the unearned premium or other monies to Buyer, Dealer shall immediately upon written request by Avid remit such premium to Avid or such subsequent assignee, as applicable.