Status of Vehicle Brand Clause Samples

Status of Vehicle Brand. Salvage/Rebuildable a. Proof that notice of rebuilding of the vehicle has been reported to the National Motor Vehicle Title Information System (NMVTIS) is required. Printouts from the following systems constitute proof. • NMVTIS – National Motor Vehicle Title Information System • FRVIS – Title Record Inquiry to verify title and vehicle status with the Department records. • NICB – National Insurance Crime Bureau – To ensure vehicle or parts have not been reported as stolen.
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Related to Status of Vehicle Brand

  • Receivable in Force The Receivable has not been satisfied, subordinated or rescinded nor do the records of the Servicer indicate that the related Financed Vehicle has been released from the lien of such Receivable in whole or in part.

  • Eligibility of Receivables The Seller makes the following representations and warranties as to the Receivables on which the Purchaser is deemed to have relied in acquiring the Receivables. Such representations and warranties speak as of the Cutoff Date and as of the Closing Date (unless, by its terms, a representation or warranty speaks specifically as of the Cutoff Date or the Closing Date, in which case, such representation or warranty speaks specifically as of such date only).

  • Characterization of Receivables Each Receivable constitutes either “tangible chattel paper,” “electronic chattel paper,” an “account,” an “instrument,” or a “general intangible,” each as defined in the UCC.

  • Characteristics of Receivables Each Receivable (A) shall have been originated in the United States by a Dealer for the retail sale of the related Financed Vehicle in the ordinary course of such Dealer’s business, shall have been fully and properly executed by the parties thereto, shall have been purchased by the Seller from such Dealer under an existing agreement with the Seller, shall have been validly assigned by such Dealer to the Seller in accordance with its terms and, to the best knowledge of the Seller, shall have been sold by a Dealer without fraud or misrepresentation, (B) shall have created or shall create a valid, subsisting and enforceable first priority security interest in favor of the Seller in the related Financed Vehicle, (C) shall contain customary and enforceable provisions such that the rights and remedies of the holder thereof shall be adequate for realization against the collateral of the benefits of the security, (D) shall provide for level Monthly Payments (provided that the first or last payment in the life of the Receivable may be minimally different from the level payment) that fully amortize the Amount Financed over its original term and shall provide for a finance charge or shall yield interest at its APR, (E) shall provide for, in the event that such Receivable is prepaid, a prepayment that fully pays the Principal Balance and includes accrued but unpaid interest at least through the date of prepayment in an amount calculated by using an interest rate at least equal to its APR, (F) shall have an Obligor that is not a federal, state or local governmental entity and (G) is a retail installment contract.

  • Use of Vehicle ‌ 5.1 You must not: (a) operate the Vehicle: (i) whilst intoxicated or under the influence of drugs or alcohol, or with a blood alcohol content or drug concentration that exceeds the legal limit set by law in the state or territory where the Vehicle is driven; or (ii) in a dangerous, wilful or reckless manner; or (iii) whilst the Vehicle is unsafe or in an unroadworthy condition unless directed by a government authority; or (b) use the Vehicle: (i) for any illegal purpose; (ii) in any area where applicable travel restrictions of clause 11 of this Agreement apply unless authorised by thl in writing; (iii) for carrying persons for hire, gain or reward, or to carry any inflammable, explosive or corrosive materials, fuel or generators; (iv) for pushing or towing any Vehicle, trailer, boat or other object; (v) for carrying any greater load and/or more persons and/or for a purpose for which the Vehicle is not designed and constructed; (vi) for racing, pacemaking, reliability trials, speed trials, hill climbing or being tested in preparation for those activities; (vii) for illicit drug use or carrying illegal substances, product or drug paraphernalia; (viii) for commercial purposes or financial gain; (ix) for carrying passengers when You, any Joint Renter or Authorised Driver are not appropriately licensed; or (x) for subletting or hiring the Vehicle to any other person; (c) smoke in or within 5 metres of the Vehicle; (d) modify or make any alteration to the Vehicle; (e) damage the Vehicle deliberately or recklessly or allow anyone else to do so; or (f) sell, rent, lease or dispose of the Vehicle.