Common use of DEFAULT AND BREACH OF TERMS Clause in Contracts

DEFAULT AND BREACH OF TERMS. If you default on any of the terms, covenants and conditions of the Agreement, or fail to punctually make any of payments hereunder, or any execution or other writ or process shall be issued in any action or proceeding against you whereby the Equipment might become or appear to become in danger of being seized, taken or distrained, or if proceedings in bankruptcy, receivership or insolvency shall be instituted by or against you or your property, or if you shall enter into any arrangement or composition with your creditors, or in the event that any judgment is obtained against you, or if for any other reason Rental Company deems itself insecure, or the Equipment in jeopardy, then and in that event, Rental Company shall have the option of declaring the Rental Contract terminated and Rental Company may, without notice or demand, by process of law or otherwise, we take possession of the Equipment and, for such purpose, may remove the Equipment, with or without force, and with or without notice of intention to retake the same, without being liable to you or any third party in any suit or action and you shall hold Rental Company harmless and indemnify Rental Company against any such claims or alleged liability to third parties. Nothing contained herein shall be construed to bar or prevent Rental Company, in the event of monies being due it for rental, repair, replacement, or other costs, from suing and receiving the monies due it, and from repossession of the Equipment, the costs and expenses of which inclusive legal fees, shall be borne by you. Any or all of the foregoing remedies are expressly permitted, consented to, and authorized by you.

DEFAULT AND BREACH OF TERMS. If you default on any of the terms, covenants and conditions of the Agreement, or fail to punctually make any of payments hereunder, or any execution or other writ or process shall be issued in any action or proceeding against you whereby the Equipment might become or appear to become in danger of being seized, taken or distrained, or if proceedings in bankruptcy, receivership or insolvency shall be instituted by or against you or your property, or if you shall enter into any arrangement or composition with your creditors, or in the event that any judgment is obtained against you, or if for any other reason Rental Company deems itself insecure, or the Equipment in jeopardy, then and in that event, Rental Company shall have the option of declaring the Rental Contract terminated and Rental Company may, without notice or demand, by process of law or otherwise, we take possession of the Equipment and, for such purpose, may remove the Equipment, with or without force, and with or without notice of intention to retake the same, without being liable to you or any third party in any suit or action and you shall hold Rental Company harmless and indemnify and defend the Rental Company against any such claims or alleged liability to third parties. Nothing contained herein shall be construed to bar or prevent Rental Company, in the event of monies being due it for rental, repair, replacement, or other costs, from suing and receiving the monies due it, and from repossession of the Equipment, the costs and expenses of which which, inclusive legal fees, shall be borne by you. Any or all of the foregoing remedies are expressly permitted, consented to, and authorized by you.

DEFAULT AND BREACH OF TERMS. If you You default on any of the terms, covenants and conditions of the Agreement, or fail to punctually make any of payments hereunder, or any execution or other writ or process shall be issued in any action or proceeding against you You whereby the Equipment might become or appear to become in danger of being seized, taken or distrained, or if proceedings in bankruptcy, receivership or insolvency shall be instituted by or against you You or your Your property, or if you You shall enter into any arrangement or composition with your Your creditors, or in the event that any judgment is obtained against youYou, or if for any other reason Rental Company Vault Rentals deems itself insecure, or the Equipment in jeopardy, then and in that event, Rental Company Vault Rentals shall have the option of declaring the Rental Contract terminated and Rental Company Vault Rentals may, without notice or demand, by process of law or otherwise, we take possession of the Equipment and, for such purpose, may remove the Equipment, with or without force, and with or without notice of intention to retake the same, without being liable to you You or any third party in any suit or action and you You shall hold Rental Company Vault Rentals harmless and indemnify Rental Company Vault Rentals against any such claims or alleged liability to third parties. Nothing contained herein shall be construed to bar or prevent Rental CompanyVault Rentals, in the event of monies being due it for rental, repair, replacement, or other costs, from suing and receiving the monies due it, and from repossession of the Equipment, the costs and expenses of which inclusive legal fees, shall be borne by youYou. Any or all of the foregoing remedies are expressly permitted, consented to, and authorized by youYou. This Agreement shall remain in full force and effect during any time that You are renting Equipment, and shall govern all Schedules executed between You and Vault Rentals.