ELECTRONIC REPOSSESSION Sample Clauses
The Electronic Repossession clause authorizes a lender or secured party to remotely disable or reclaim access to electronic devices or vehicles in the event of borrower default. Typically, this is achieved through embedded technology that allows the creditor to lock, deactivate, or track the asset without physical intervention, such as disabling a car’s ignition system or locking a smart device. This clause serves to streamline the repossession process, reduce costs, and deter non-payment by providing a swift, non-invasive method for recovering collateral.
ELECTRONIC REPOSSESSION. In no event shall IMGIS electronically repossess, de-install, deactivate or disable any Technology in the absence of a final, unappealable judgment of a court of competent jurisdiction that the license rights granted under Section 2.1 above have been validly terminated.
ELECTRONIC REPOSSESSION. In no event shall ADFORCE electronically repossess, de-install, deactivate or disable any Technology in the absence of a final, unappealable judgment of a court of competent jurisdiction that the license rights granted under Section 2.1 above have been validly terminated.
ELECTRONIC REPOSSESSION. 26.1 Without prejudice to its other liabilities under the Contract, LCS shall indemnify XX against all claims, demands, damages, costs and expenses suffered by XX and all damage or loss to XX property arising from any Electronic Repossession.
26.2 For the purpose of this condition, "Electronic Repossession" shall mean any function (but excluding viruses) in the Software which prevents XX from continuing to use the Software.