DEFAULT AND REPOSSESSION Sample Clauses

The "Default and Repossession" clause defines the rights and procedures available to a lender or lessor when a borrower or lessee fails to meet their contractual obligations, such as missing payments or breaching other terms. Typically, this clause outlines what constitutes a default, the notice requirements before action is taken, and the process by which the lender or lessor may repossess the financed or leased property, such as a vehicle or equipment. Its core practical function is to provide a clear legal framework for recovering assets and mitigating losses in the event of non-compliance, thereby protecting the interests of the party providing credit or leasing the asset.
DEFAULT AND REPOSSESSION. If the Customer
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DEFAULT AND REPOSSESSION. In the event that the Sublessee fails to pay any rent or other amount due hereunder, or any part thereof, when the same are due and payable, or shall otherwise be in default of any other terms of this Sublease for a period of more than fifteen (15) days, after receiving notice of said default, then the Parties expressly agree that Live Action may declare this Sublease terminated and may immediately re-enter the Premises and take possession of the same together with any of Sublessee’s personal property, equipment or fixtures left on the Premises which items may be held by Live Action as security for Sublessee’s eventual payment and/or satisfaction of rental defaults or other defaults of Sublessee under this Sublease. If Sublessee is in default, then Live Action is entitled to take any and all action to protect Live Action’s interest in the personal property and equipment, to prevent the unauthorized removal of said property or equipment which threatened action would be deemed to constitute irreparable harm and injury to Live Action in violation of its security interest in said items of personal property. Furthermore, in the event of default, Live Action may expressly undertake all reasonable preparations and efforts to release the Premises including, but not limited to, the removal of all inventory, equipment or leasehold improvements of Sublessee’s, at the Sublessee’s expense, without the need to first procure an order of any court to do so, although obligated in the interim to undertake reasonable steps and procedures to safeguard the value of Sublessee’s property, including the storage of the same, under reasonable terms and conditions at Sublessee’s expense, and, in addition, it is understood that Live Action may ▇▇▇ Sublessee for any damages or past rents due and owing and may undertake all and additional legal remedies then available.
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DEFAULT AND REPOSSESSION. The Borrower agrees that upon breach of or default in, any of the terms and conditions of this Agreement, or if, in the opinion of KCSWCD, the Front Runner is being damaged in excess of ordinary wear and tear, KCSWCD may terminate this Agreement and without demand or notice take immediate possession of, and remove the Front Runner, without thereby becoming liable in any way for damages for trespass or otherwise, and without thereby waiving any claim KCSWCD may have for compensation for injury to, or loss of, the Front Runner, for any cause whatsoever and Attorney’s Fees, and expense incurred in returning the Front Runner, all of which the Borrower agrees to pay forthwith.
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DEFAULT AND REPOSSESSION. In the event County shall default in making any Monthly payment due or in performing any other obligation required to be performed by County and if such default remains uncured for a period of sixty (60) days after written notice from Contractor, then Contractor shall have, among its other rights, the right to terminate this Contract and repossess the Equipment. In the event of termination, Contractor shall have the right to enter County’s premises for the purposes of such repossession and County hereby consents to such entry in 10 working days of termination or expiration of this Contract or as mutually agreed in writing between Contractor and County. Contractor shall notify County ten (10) days prior to de-installation and shall only remove Equipment during normal County business hours.
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DEFAULT AND REPOSSESSION. If the customer. (a) permits or commits a breach of any term or condition of this Agreement (b) allows any of its assets or the Equipment to be seized to satisfy other debts (c) is a company and an order is made or resolution is passed or any other steps taken for the winding up of the Customer (d) enters into or takes any steps to enter into a scheme of arrangement composition or assignment for the benefit of its creditors generally (e) commits an act of bankruptcy or is adjudged a bankrupt (f) has a receiver appointed to the Customer or the Customer is deemed to be unable to pay its debts as they fall due (g) has any execution order or distress levied upon any of its property or the Equipment (h) does at causes to be done or permits or suffers any act or thing which prejudices or jeopardises Vidcom NZ’s rights in the Equipment (i) allows a financing statement (as defined in the Personal Property Securities Act 1999) to be filed against the Equipment (j) supplies false or misleading information pursuant to this Agreement to Vidcom NZ; then Vidcom NZ may immediately cancel this Agreement and retake possession of the Equipment and for such purposes may by its servants or agents enter into any premises in which the Equipment may be located, using such force as is necessary, without being liable for any action for trespass and the Customer shall indemnify Vidcom against any claims for consequential loss or damage. The Customer must provide Vidcom NZ with all reasonable assistance in order to locate and collect the Equipment. Vidcom NZ will not be liable for any damage to property caused by any person in collecting the Equipment. In the event that this Agreement is cancelled by Vidcom then all monies payable or to become payable under this Agreement will become immediately due and payable and the rights and obligations of Vidcom NZ and the Customer will be settled on that basis. Cancellation will be without prejudice to the right of Vidcom NZ to recover any unpaid monies and to the rights and obligations under clause 12 (Loss or Damage).
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DEFAULT AND REPOSSESSION. If the debtor defaults on a secured loan, the creditor may have the right to take possession of the collateral. This section discusses that process.
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DEFAULT AND REPOSSESSION. If the customer. (a) permits or commits a breach of any term or condition of this Agreement (b) allows any of its assets or the Equipment to be seized to satisfy other debts (c) is a company and an order is made or resolution is passed or any other steps taken for the winding up of the Customer (d) enters into or takes any steps to enter into a scheme of arrangement composition or assignment for the benefit of its creditors generally (e) commits an act of bankruptcy or is adjudged a bankrupt (f) has a receiver appointed to the Customer or the Customer is deemed to be unable to pay its debts as they fall due (g) has any execution order or distress levied upon any of its property or the Equipment (h) does at causes to be done or permits or suffers any act or thing which prejudices or jeopardises Vidcom NZ’s rights in the Equipment (i) allows a financing statement (as defined in the Personal Property Securities Act 1999) to be filed against the Equipment (j) supplies false or misleading information pursuant to this Agreement to Vidcom NZ; then Vidcom NZ may immediately cancel this Agreement and retake possession of the Equipment and for such purposes may by its servants or agents enter into any premises in which the Equipment may be located, using
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DEFAULT AND REPOSSESSION. Time is of the essence in Customer’s performance under this Agreement (including each Order). In the event Customer shall default on an obligation hereunder and if such default remains uncured for a period of ten (10) days after written notice from ICS, then ICS shall have, among its other rights, the right to immediately terminate its obligations hereunder and demand payment of all amounts due and to become due from Customer, whereupon all such amounts shall become immediately due and payable and subject to interest as set forth in Section 4.2. ICS is also hereby authorized, without notice or demand, in a lawful manner and without breaching the peace, to enter any premises where the Equipment may be found and take possession and/or disable the Equipment. If ICS takes possession of all the Equipment at such time, all further rights and interests of Customer in the Equipment and under this Agreement shall terminate. No remedy hereunder shall be exclusive of any other remedy provided for herein or by law. The breach of any provision of this Agreement by ICS shall not be a defense to Customer’s obligation to return the Equipment or the remedies of repossession and disablement set forth herein.
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Related to DEFAULT AND REPOSSESSION

  • DEFAULT AND POSSESSION In the event that the Lessee shall fail to pay said rent, and expenses as set forth herein, or any part thereof, when the same are due and payable, or shall otherwise be in default of any other terms of said Lease for a period of more than 15 days, after receiving notice of said default, then the parties hereto expressly agree and covenant that the Lessor may declare the Lease terminated and may immediately re-enter said Premises and take possession of the same together with any of Lessee’s personal property, equipment or fixtures left on the Premises which items may be held by the Lessor as security for the Lessee’s eventual payment and/or satisfaction of rental defaults or other defaults of Lessee under the Lease. It is further agreed, that if the Lessee is in default, that the Lessor shall be entitled to take any and all action to protect its interest in the personal property and equipment, to prevent the unauthorized removal of said property or equipment which threatened action would be deemed to constitute irreparable harm and injury to the Lessor in violation of its security interest in said items of personal property. Furthermore, in the event of default, the Lessor may expressly undertake all reasonable preparations and efforts to release the Premises including, but not limited to, the removal of all inventory, equipment or leasehold improvements of the Lessee’s, at the Lessee’s expense, without the need to first procure an order of any court to do so, although obligated in the interim to undertake reasonable steps and procedures to safeguard the value of Lessee’s property, including the storage of the same, under reasonable terms and conditions at Lessee’s expense, and, in addition, it is understood that the Lessor may ▇▇▇ the Lessee for any damages or past rents due and owing and may undertake all and additional legal remedies then available. In the event any legal action has to be instituted to enforce any terms or provisions under this Lease, then the prevailing party in said action shall be entitled to recover a reasonable attorney's fee in addition to all costs of said action. Rent which is in default for more than days after due date shall accrue a payment penalty of one of the following: ☐ - Interest at a rate of percent ( %) per annum on a daily basis until the amount is paid in full. ☐ - Late fee of dollars ($ ) per day until the amount is paid in full. In this regard, all delinquent rental payments made shall be applied first toward interest due and the remaining toward delinquent rental payments.

  • Default and Foreclosure 5 3.1 Remedies....................................................... 5 3.2

  • Repossession Notwithstanding the standard of care specified in Section 5.02, the Servicer shall commence procedures for the repossession of any Manufactured Home or the foreclosure upon any Mortgaged Property or take such other steps that in the Servicer's reasonable judgment will maximize the receipt of principal and interest or Net Liquidation Proceeds with respect to the Contract secured by such Manufactured Home or Mortgaged Property (which may include retitling or filing a recorded assignment of the Mortgage) subject to the requirements of the applicable state and federal law, no later than five Business Days after the time when such Contract becomes a Defaulted Contract; provided that if the Servicer has actual knowledge that a Mortgaged Property is affected by hazardous waste, then the Servicer shall not cause the Company to acquire title to such Mortgaged Property in a foreclosure or similar proceeding. For purposes of the proviso in the preceding sentence, the Servicer shall not be deemed to have actual knowledge that a Mortgaged Property is affected by hazardous waste unless it shall have received written notice that hazardous waste is present on such property and such written notice has been made a part of the Land-and-Home Contract File with respect to the related Contract. In connection with such foreclosure or other conversion, the Servicer shall follow such practices and procedures as it shall deem necessary or advisable and as shall be consistent with Section 5.

  • Default and Remedies Either of the following constitutes cause to declare this Contract, or any Participating Entity order under this Contract, in default: 1. Nonperformance of contractual requirements, or 2. A material breach of any term or condition of this Contract. The party claiming default must provide written notice of the default, with 30 calendar days to cure the default. Time allowed for cure will not diminish or eliminate any liability for liquidated or other damages. If the default remains after the opportunity for cure, the non-defaulting party may: • Exercise any remedy provided by law or equity, or • Terminate the Contract or any portion thereof, including any orders issued against the Contract.

  • Event of Default and Illegality If an event or circumstance which would otherwise constitute or give rise to an Event of Default also constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default.