COLLATERAL RECOVERY Sample Clauses
The COLLATERAL RECOVERY clause defines the rights and procedures for a lender or secured party to reclaim collateral if a borrower defaults on their obligations. Typically, this clause outlines the conditions under which the lender can take possession of the collateral, such as missed payments or breach of contract, and may specify the methods of recovery, including repossession or legal action. Its core practical function is to protect the lender’s interests by ensuring they have a clear and enforceable process to recover assets and mitigate losses in the event of borrower default.
COLLATERAL RECOVERY. If Seller seeks to recover payment from a collateral source, pursuant to Division 4, Part 6 (Work of Improvement) of the California Civil Code (for example, against the owner of real property on a Mechanic's Lien claim), Seller shall only be required to credit against ▇▇▇▇▇’s account the net amount recovered after deducting costs and actual attorneys’ fees incurred. Furthermore, in the event that Seller is unsuccessful in its attempt to recover from a collateral source, Seller’s reasonable costs and reasonable attorneys’ fees incurred in the unsuccessful attempt shall be added to ▇▇▇▇▇'s account. For purposes of proceeding against a collateral source, all unpaid invoices for that Work of Improvement shall be deemed immediately due and payable.
COLLATERAL RECOVERY. If National Lumber seeks to recover payment from a collateral source (for example, against the owner of real property on a Mechanic’s Lien claim), National Lumber shall only be required to credit against ▇▇▇▇▇’s account the net amount recovered after deducting costs and actual attorneys’ fees incurred. Furthermore, in the event that National Lumber is unsuccessful in its attempt to recover from a collateral source, National Lumber’s costs and attorneys’ fees incurred in the unsuccessful attempt shall be chargeable to and collectible from Buyer. For purposes of proceeding against a collateral source, all unpaid invoices for purchased products by Buyer shall be deemed immediately due and payable. The Buyer hereby grants to National Lumber a security interest in the products sold to the Buyer and any proceeds therefrom (including accounts receivable), until payment in full for the products has been received by National Lumber. The Buyer shall sign and deliver to National Lumber any document to perfect this security interest that National Lumber reasonably requests.
COLLATERAL RECOVERY. If Glasswerks seeks to recover payment from a collateral source, pursuant to Division 4, Part 6 (Work of Improvement) of the California Civil Code (for example, against the owner of real property on a Mechanic's Lien claim), Glasswerks shall only be required to credit against ▇▇▇▇▇’s account the net amount recovered after deducting costs and actual attorneys’ fees incurred. Furthermore, in the event that Avalon is unsuccessful in its attempt to recover from a collateral source, Avalon costs and attorneys’ fees incurred in the unsuccessful attempt shall be chargeable to and collectible from Buyer. For purposes of proceeding against a collateral source, all unpaid invoices for purchased products by Buyer shall be deemed immediately due and payable.
COLLATERAL RECOVERY. If ▇▇▇▇▇▇ seeks to recover payment from a collateral source, pursuant to Division 4, Part 6 (Work of Improvement) of the California Civil Code (for example, against the owner of real property on a Mechanic's Lien claim), Avalon shall only be required to credit against ▇▇▇▇▇’s account the net amount recovered after deducting costs and actual attorneys’ fees incurred. Furthermore, in the event that Avalon is unsuccessful in its attempt to recover from a collateral source, Avalon costs and attorneys’ fees incurred in the unsuccessful attempt shall be chargeable to and collectible from Buyer. For purposes of proceeding against a collateral source, all unpaid invoices for purchased products by Buyer shall be deemed immediately due and payable.
COLLATERAL RECOVERY. If Arcadia recovers any money from a third party on a mechanic's lien, stop payment notice, payment bond, or other statutory remedy, Arcadia shall apply the recovered amount as follows: first to Arcadia’s actual attorneys’ fees incurred and paid by Arcadia in pursuing such third-party; second, to court costs; third, to service charges accrued on Buyer’s account; fourth, to the principal balance owed on the account related to the statutory claim against the third party or parties. If Arcadia tries but fails to recover all or any portion of its claim against the third-party, Arcadia’s reasonable court costs and attorneys’ fees may be added to Buyer's account if Arcadia’s failure to recover all or any portion of the amount of its claim was due in full or in part to Buyer’s failure to prove that the Products purchased from Arcadia were used on the job described on Arcadia’s unpaid invoices to Buyer or because Buyer misrepresented any material fact to Arcadia. In any mechanic’s lien, stop payment notice, payment bond, or other action based upon a statutory remedy against one or more third parties, all of Arcadia’s unpaid invoices with respect to the action shall be deemed due within 30 days of the date of delivery of the Products to Buyer.
COLLATERAL RECOVERY. If ABS recovers payment from a collateral source (on a mechanic s lien claim, stop notice, or similar statutory claim), ABS shall credit Buyer s account only with the net amount recovered by ABS after deduction of all costs and actual attorney’s fees (whether or not some or all of those fees are included in a Court award or in a settlement agreement). Furthermore, in the event that ABS is unsuccessful in its attempt to recover from a collateral source, ABS reasonable costs and attorney’s fees may be added to Buyer s account. ABS may proceed against a collateral source at any time regardless of the aging of Buyer s invoices.