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.
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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.
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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.
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Related to ELECTRONIC REPOSSESSION

  • Electronic Records You acknowledge and agree that we may in our discretion store all records electronically; and that we will not retain and have no obligation to retain any original documents for any period of time. This applies to all documentation including but not limited to checks, transaction records, notes, mortgages, deeds of trust and other loan and/or security documentation. We will routinely destroy all original documentation. We may store records electronically via imaging, scanning, filming or other technology used in the financial services industry for the storage of documentation via internal processes or third-party processors that we approve for these services. You agree that such storage shall be secure, and further agree that such records shall for all purposes be recognized and admissible in evidence or otherwise to prove the agreements, rights and obligations of the parties pursuant to any such records.

  • Electronic Reporting With the prior written consent of the Master Servicer, all reports to be made by the Servicer to the Master Servicer may be transmitted electronically in lieu of written reporting. If the Servicer services more than one hundred Mortgage Loans for the Master Servicer, it shall arrange for electronic transmission of the required reports. Any expenses occasioned by the electronic transmission of reports shall be borne by the Servicer.

  • Electronic Files a. It is the Buyer's responsibility to maintain a copy of any original Electronic File provided by the Buyer. b. The Seller shall not be responsible for checking the accuracy of supplied input from an electronic file unless otherwise agreed in writing. c. Without prejudice to clause 5.2(b), if an electronic file is not suitable for outputting on equipment normally adequate for such purposes without adjustment or other corrective action the Seller may make a charge for any resulting additional cost incurred or may reject the file without prejudice to his rights to payment for work done/material purchased.

  • 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.

  • Electronic Chattel Paper Such Grantor shall take all steps necessary to grant the Administrative Agent Control of all electronic chattel paper in accordance with the UCC and all “transferable records” as defined in each of the Uniform Electronic Transactions Act and the Electronic Signatures in Global and National Commerce Act.