VSI POLICIES Sample Clauses

The "VSI Policies" clause establishes the requirement for maintaining Vendor Single Interest (VSI) insurance policies in relation to financed property, typically vehicles or equipment. This clause outlines the obligation of the borrower or lessee to ensure that the lender's interest in the collateral is protected by appropriate insurance coverage, often specifying the types of risks covered, such as theft or damage. Its core practical function is to safeguard the lender’s financial interest in the event the collateral is lost or damaged, thereby mitigating the lender’s risk of loss.
VSI POLICIES. Borrower has obtained each VSI Policy and as of the Cutoff Date, one or more of such policies is in full force and effect with respect to each Receivable. Borrower shall not (a) replace any such VSI Policy with a substitute insurance policy unless (i) the insurer issuing such replacement policy has a rating by A.M. Best of "A-" or higher and (ii) such replacement shall not adversely affect the Collateral or Lender's rights under this Agreement, the Promissory Note or the Guaranty, and (b) except as provided in clause (a) above, Borrower will not cancel or otherwise terminate any VSI Policy (or any replacement insurance policy) unless Lender has given its prior written consent to such cancellation or termination.
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VSI POLICIES. Borrower has obtained each VSI Policy (as defined in the Pooling and Servicing Agreement without giving effect to the proviso to such definition) and (a) as of the Initial Cutoff Date, one or more of such policies is in full force and effect with respect to each Initial Receivable and (b) as of the Related Subsequent Cutoff Dates, one or more of such policies is in effect with respect to each Subsequent Receivable. Borrower will not (a) replace any such VSI Policy with a substitute insurance policy unless (i) the insurer issuing such replacement policy has a rating by A.M. Best of "A-" or higher and (ii) such replacement shall not adversely affect the Collateral or Lender's rights under this Agreement, the Note or the Guaranty, and (b) except as provided in clause (a) above, Borrower will not cancel or otherwise terminate any VSI Policy (or any replacement insurance policy) unless Lender has given its prior written consent to such cancellation or termination.
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VSI POLICIES. 28 6.8. Custodian. ....................................................................................28 6.9.
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Related to VSI POLICIES

  • Leave Policies Military, sick, annual and personal leaves, shall be governed by any applicable law or by the applicable College policy.

  • Umbrella Policies Contractor may satisfy basic coverage limits through any combination of basic coverage and umbrella insurance.

  • Claims Made Policies If any of the required policies provide coverage on a claims-made basis: 11.5.1 The Retroactive Date must be shown and must be before the date of the contract or the beginning of contract work. 11.5.2 Insurance must be maintained and evidence of insurance must be provided for at least five (5) years after completion of the contract of work. 11.5.3 If coverage is canceled or non-renewed, and not replaced with another claims-made policy form with a Retroactive Date prior to the contract effective date, the Contractor must purchase “extended reporting” coverage for a minimum of five (5) years after completion of contract work.

  • BOARD POLICIES The Borrower shall not modify the terms of any policy or resolutions of its board of directors if such modification could reasonably be expected to have or result in a Material Adverse Effect.

  • Personnel Policies The School shall adopt, update, and adhere to personnel policies. These policies must be made readily accessible from the School’s website or school office, as described in Section 11.4. 1. If the policy is not available from the School’s website, the School shall submit the current policy to the Commission.