2-GOVT-MUNICIPAL_NOTICE_of_Security_Interest_Form_042725.pdf

98 KB Posted

Attached to
Competitive Selection OH|DOT023A26-5
Contract number
DOT023A26-5
Issued by
Ohio

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This document is a Notice Regarding Security Interest and Payment of Purchase Price involving BMO Bank N.A. and Navistar Financial (collectively referred to as "Bank") and Rush Enterprises, Inc. and its subsidiaries ("Rush"). The notice outlines the financial arrangement for vehicle acquisitions, where the Bank finances the purchase of vehicles that Rush will subsequently sell to customers on deferred payment terms.

The document details the Bank's security interest in each vehicle, which remains in effect until the full financed amount is received. The Bank reserves the right to require direct payment from customers for vehicle purchase prices, with any such payments being credited against the customer's outstanding balance to Rush. The notice emphasizes that the vehicle purchase is subject to the Bank's prior, unrelinquished security interest, which continues until the total financed amount is recovered.

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Notice Regarding Security Interest and Payment of Purchase Price

1. BMO BANK N.A. or Navistar Financial (collectively, “Bank”) financed or will finance the acquisition of each vehicle that Rush Enterprises, Inc. and its subsidiaries (“Rush”) will in turn sell to you on deferred payment terms (“Vehicle”). Bank’s agreement with Rush requires that Bank’s security interest in each Vehicle continue until Bank receives the full amount that Bank financed for such Vehicle. Based on that agreement, your purchase of a Vehicle will be subject to Bank’s prior, unrelinquished security interest, which will continue until Bank receives the total amount that Bank financed for such Vehicle.

2. By written notice to you, Bank may require you to pay the purchase price for Vehicles directly to Bank. If you pay any portion of the purchase price for a Vehicle directly to Bank, Rush will credit such payment(s) against the amount you owe to Rush.

REV_042725

File details come from the government source that posted it. Updated .