Request to Repossess; Remarketing Clause Samples
Request to Repossess; Remarketing. (a) Upon Bank's determination that a default exists under a Related Usage Agreement, and that such default remains uncured with the time, if any, for curing the same permitted by the Related Usage Agreement, Bank, as secured party under this Agreement, may request Borrower to act as its agent, and upon such request Borrower will, as such agent, use diligent efforts to repossess the Equipment subject to such Related Usage Agreement as promptly and efficiently as is legally permissible. Thereafter Borrower will refurbish and update, as needed, and, for a period of one hundred twenty (120) days or such other period as Borrower and Bank may agree upon in writing from the date the Equipment is repossessed (the "Remarketing Period"), attempt to sell or release such Equipment on such terms and conditions as reflect fair market value for similar equipment and are acceptable to Bank, in its sole discretion. Borrower shall give no less priority to remarketing Equipment pursuant to this Section 10.1 than they would similar equipment owned, leased or managed by Borrower. The obligations of Borrower to remarket such Equipment for sale or lease shall include, but not be limited to, efforts to lease such Equipment to new or established lessees, efforts to sell such Equipment, preparation and supervision of the documentation of each transaction and an accounting of the activities referred to in this Section 10.1, including information relative to the status of negotiations for offers made in respect of such Equipment.
(b) If Borrower has not remarketed any Equipment at the conclusion of the Remarketing Period, upon notice from Bank, Borrower's exclusive right to remarket shall terminate and Bank shall have the right to remarket such Equipment on terms and conditions satisfactory to it. If Bank remarkets the equipment, it shall retain proceeds in an amount equal to all amounts due with respect to the Advance financing the Usage Agreement to which such Equipment was subject and shall remit the excess proceeds to Borrower.
(c) Nothing contained in this Section 10.1 shall be deemed to constitute a release by Bank of its security interest in any of the Collateral. Bank shall release its security interest in Equipment that has been sold pursuant to this Section 10.1.
Request to Repossess; Remarketing. Upon MUSL's determination that a default exists under a Lease and that such default remains uncured within the time, if any, for curing the same permitted by the Lease, MUSL may request TSFC to act, on terms and conditions acceptable to TSFC, as MUSL's agent to use diligent efforts to repossess the Equipment subject to such Lease as promptly and efficiently as is legally permissible and to thereafter to repair, service, refurbish and update, as needed, and attempt to sell or re-lease such Equipment on a non-priority (but non-discriminatory) basis and on such terms and conditions as reflect fair market value for similar equipment and are acceptable to MUSL, in its sole discretion. TSFC shall promptly respond to MUSL's request setting forth such terms and conditions.
Request to Repossess; Remarketing. In the event that SPE does not perform its obligations under Section 8.4 by reason of the limitation on its liability set forth therein, upon Lender's determination that a default exists under a Lease financed or refinanced by a Discount Facility Loan, either through notification by SPE or TSFC pursuant to Section 9.19 or otherwise, and that such default remains uncured within the time, if any, for curing the same permitted by the Lease, Lender, as secured party under this Agreement, may request SPE to cause TSFC to act as Lender's agent, and upon such request TSFC will, as such agent, use diligent efforts to repossess the Equipment subject to such Lease as promptly and efficiently as is legally permissible. Thereafter, TSFC will repair, service, refurbish, and update, as needed, and, for a period of one hundred twenty (120) days or such other period as TSFC and Lender may agree upon in writing from the date the Equipment is repossessed (the "Remarketing Period"), attempt to sell or release such Equipment on a non-priority (but non-discriminatory) basis and on such terms and conditions as
Request to Repossess; Remarketing. In the event that TSFC does not perform its obligations under Section 8.4 by reason of the limitation on its liability set forth therein, upon Lender's determination that a default exists under a Lease financed or refinanced by a Discount Facility Loan, either through notification by TSFC pursuant to Section 9.19 or otherwise, and that such default remains uncured within the time, if any, for curing the same permitted by the Lease, Lender, as secured party under this Agreement, may request TSFC to act as its agent, and upon such request TSFC will, as such agent, use diligent efforts to repossess the Equipment subject to such Lease as promptly and efficiently as is legally permissible. Thereafter TSFC will repair, service, refurbish and update, as needed, and, for a period of one hundred twenty (120) days or such other period as TSFC and Lender may agree upon in writing from the date the Equipment is repossessed (the "Remarketing Period"), attempt to sell or re-lease such Equipment on a non-priority (but non-discriminatory) basis and on such terms and conditions as reflect fair market value for similar equipment and are acceptable to Lender, in its sole discretion. TSFC shall give no less priority to remarketing Equipment pursuant to this Section 10.1 that it would similar equipment owned, leased or managed by