Repossession Clause Samples
The Repossession clause grants a party, typically a lender or lessor, the right to reclaim property or goods if the other party defaults on their obligations, such as failing to make payments. In practice, this means that if a borrower misses loan payments on a financed vehicle, the lender can take back the vehicle without needing to go to court, provided they follow any required legal procedures. This clause serves to protect the interests of the party providing the asset or financing by ensuring they have a clear and enforceable remedy in case of default, thereby reducing their financial risk.
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Repossession. In the event of disconnection, it shall be the responsibility of the Customer to return the Company Hardware to the Company as per the existing return policy of the Company. Notwithstanding the foregoing, Company reserves the right to repossess the Company Hardware and/or claim damages from Subscriber if the Company Hardware is (i) stolen or lost (ii) damaged or (iii) used unauthorized (iv) not returned by the Subscriber upon cancellation, deactivation or completion of the Term or at the instruction of the Company. Non-exercise by the Company, of this right of re-possession, does not operate as a waiver on the part of the Company, from exercising this right. Subscriber undertakes to return the Company Hardware immediately on temporary suspension of service or disconnection for any reason. Subscriber shall not claim any interest, charge or lien on the Company Hardware, even if any dispute is pending for resolution between the Subscriber and the Company.
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.
Repossession a) Review the Contract and confirm that it contains language entitling the holder to repossess the financed vehicle
Repossession. If for any reason the lien holder of the new equipment is required to repossess said equipment, the Participant shall be liable for the repayment of the Total Grant Award to the NSAQMD and agrees to reimburse the NSAQMD the full amount of the Total Grant Award as specified herein within 30 days of such repossession of said equipment.
Repossession. Following termination, without prejudice to other remedies Landlord may have, Landlord may (i) peaceably re-enter the Premises upon voluntary surrender by Tenant or remove Tenant therefrom and any other persons occupying the Premises, using such legal proceedings as may be available; (ii) repossess the Premises or relet the Premises or any part thereof for such term (which may be for a term extending beyond the Term), at such rental and upon such other terms and conditions as Landlord in Landlord's sole discretion shall determine, with the right to make reasonable alterations and repairs to the Premises; and (iii) remove all personal property therefrom.
Repossession. (A) Observe the contract and confirm it contains provisions that permit the repossession and sale of the Financed Vehicle upon a default under the Receivable by the Obligor.
Repossession. As of the Cut-off Date, according to the records of NMAC, the Financed Vehicle related to such Receivable has not been repossessed and the possession thereof not reinstated. Servicing System Records/Data File
i) Confirm the Financed Vehicle was not marked as repossessed as of the Cut-Off Date
ii) If Step (i) is confirmed, it will be a Test Pass
Repossession. As of the Cut-off Date, according to the records of NMAC, the Financed Vehicle related to such Receivable has not been repossessed and the possession thereof not reinstated.
Repossession. 11.1. The owner may retake possession of the equipment if the hirer breaches any provision of this agreement, notwithstanding anything else herein contained.
11.2. If repossession takes place, the owner shall only charge the hire fee up to and including the time of repossession.
Repossession. LESSEE ACKNOWLEDGES THAT, PURSUANT TO SECTION 17 HEREOF, LESSOR HAS BEEN GIVEN THE RIGHT TO REPOSSESS THE EQUIPMENT SHOULD LESSEE BECOME IN DEFAULT OF ITS OBLIGATIONS HEREUNDER. LESSEE HEREBY WAIVES THE RIGHT, IF ANY, TO REQUIRE LESSOR TO GIVE LESSEE NOTICE AND A JUDICIAL HEARING PRIOR TO EXERCISING SUCH RIGHT OF REPOSSESSION.