USA Dealer Power Up Binder - Flipbook - Page 35
history to purchase the Items for another Person, nor are they using the names, credit or employment
history of another Person in place of their own. To the best of Dealer’s knowledge, the Item is being
purchased by the Purchaser for his, her, their or its own personal ownership and not for another person.
3.13 Should any Collateral come into the possession of Dealer for any reason, Dealer shall hold such
Collateral in trust for Lender and shall promptly notify Lender that it is holding the Collateral and shall
cooperate and, at Lender’s request, surrender such Collateral to Lender without any charge of storage fees
or at no other cost to Lender irrespective of whether they may be permissible under Applicable Law.
3.14 Dealer shall check for liens on any property taken as a trade-in and shall insure that Lender is paid
in full with respect to any property that Dealer takes in as trade on which Lender has a lien. Should
Dealer transfer any Item which is Collateral of Lender without having paid Lender in full for the
obligation secured by the Collateral, Lender may require Dealer to purchase the Obligation pursuant to
Section 5.2.
3.15 Dealer shall comply with all requirements of the Program Guidelines in effect at the time of
submission of any application on behalf of a Purchaser or the submission of a Contract. Dealer
acknowledges that Program Guidelines are updated from time to time and Dealer is responsible for
checking the website and is charged with notice of the requirements of the Program Guidelines. All
contracts shall be in compliance with the requirements contained in the Program Guidelines.
3.16 Select Sheffield promotions may carry a fee charged to and payable by Dealer (“Dealer Fee”) to
utilize the promotional financing over a standard financing option. The Dealer Fee payable by Dealer is
deducted from loan proceeds prior to disbursement to Dealer. Dealer acknowledges that such program
terms are confidential and should not disclose details to any third party without the prior written consent
or direction of Sheffield. It is the expectation that Dealer will not disclose to borrower the existence of
the Dealer Fee as being one paid to Sheffield or related to a finance fee and will not list the Dealer Fee
paid by Dealer on any invoice or bill of sale in such fashion as would violate the foregoing. All items and
fees included on any invoice or bill of sale provided by Dealer to borrower must be clearly and accurately
described. Any fee charged by Dealer to borrower must comply with Applicable Law.
3.17 Dealer has complied with Applicable Laws with respect to its business and contains all necessary
registrations and licenses to sell the Items and the products and services that are financed in the Contract.
If Dealer is an entity, Dealer is valid existing under the laws of the state of its formation.
3.18 Dealer hereby acknowledges and expressly understands that all right, title, and interest in and to the
trade name “Sheffield” and any and all variations thereof and the Sheffield Marks, and goodwill
associated with the foregoing, are the sole and exclusive property of Sheffield or its affiliates. Dealer
shall not acquire any right, title or interest in or to the trade name “Sheffield”, the Sheffield Marks, or
goodwill associated therewith. Dealer shall not assert any claim of ownership of, or any claim to any
goodwill associated with, the Sheffield name, the Sheffield Marks or to any other Mark in which
Sheffield or any of its affiliates has ownership rights now or in the future, by reason of Dealer’s use
thereof or otherwise. Dealer shall not take and, to the extent reasonably within Dealer’s power to
control, shall not permit any action or omission in derogation of any of the rights of Sheffield in the
Sheffield Marks. Subject to and expressly conditioned upon compliance with the terms and conditions of
this Agreement, Sheffield hereby grants to Dealer a nonexclusive, nontransferable, royalty-free, personal
right to use the Sheffield Marks for the purposes contemplated by this Agreement solely in the manner
described in any use guidelines as may be delivered in writing to Dealer by Sheffield prospectively from
time to time.
3.19 Dealer hereby acknowledges and expressly understands that Sheffield and its affiliates shall own
Dealer Standards 12-04-22
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