Common use of Default If Clause in Contracts

Default If. (a) The Borrower fails to pay any of the monies payable under this Agreement on the due date or defaults in the observance or performance of any covenant, condition or agreement on the part of the Borrower contained in this Agreement; (b) The Borrower commits or suffers any act of bankruptcy, is placed into liquidation or becomes insolvent; (c) A receiver is appointed over any of the assets of the Borrower; (d) Any judgment or order against the Borrower remains unsatisfied for more than ten days; (e) Any insurance policy in relation to the Collateral is cancelled; (f) Any distress or execution is levied or issued against the Collateral or any lien is claimed over the Collateral; (g) The Borrower abandons the Collateral and it is “at risk” (as determined in accordance with section 109(2) of the PPSA or section 83E of the Act (as applicable)); or (h) The Borrower or a Guarantor dies or becomes of unsound mind, the Secured Monies shall immediately become due and payable and the Creditor may, where the Agreement relates to consumer goods, repossess and sell the Collateral in accordance with the provisions of the Act and the Borrower's right to reinstate or settle the Agreement conferred by sections 83ZB and 83ZE of the Act, or, where the Agreement does not relate to consumer goods, exercise any or all rights conferred on the Creditor under Part 9 of the PPSA. On the exercise of any power of repossession, or the exercise of any power to take the Collateral under Part 9 of the PPSA, the Borrower will execute in favour of the Creditor or its nominee, any transfer, renewal, application or other instrument relating to any licence or registration for the Collateral.

Default If. (a) The Borrower fails to pay any of the monies payable under this Agreement on the due date or defaults in the observance or performance of any covenant, condition or agreement on the part of the Borrower contained in this Agreement; (b) The Borrower commits or suffers any act of bankruptcy, is placed into liquidation or becomes insolvent; (c) A receiver is appointed over any of the assets of the Borrower; (d) Any judgment or order against the Borrower remains unsatisfied for more than ten days; (e) Any insurance policy in relation to the Collateral is cancelled; (f) Any distress or distress, execution is levied or issued against the Collateral or any lien is claimed over the Collateral; (g) The Borrower abandons the Collateral and it is “at risk” (as determined in accordance with section 109(2) of the PPSA or section 83E of the Act (as applicable)); or (h) The Borrower or a Guarantor dies or becomes of unsound mind, the Secured Monies shall immediately become due and payable and the Creditor may, where the Agreement relates to consumer goods, repossess and sell the Collateral in accordance with the provisions of the Act and the Borrower's right to reinstate or settle the Agreement conferred by sections 83ZB and 83ZE of the Act, or, where the Agreement does not relate to consumer goods, exercise any or all rights conferred on the Creditor under Part 9 of the PPSA. On the exercise of any power of repossession, or the exercise of any power to take the Collateral under Part 9 of the PPSA, the Borrower will execute in favour of the Creditor or its nominee, any transfer, renewal, application or other instrument relating to any licence or registration for the Collateral.

Default If. (a) The Borrower Purchaser fails to pay any of the monies payable under this Agreement on the due date or defaults in the observance or performance of any covenant, covenant condition or agreement on the part of the Borrower Purchaser contained in this Agreement; (b) The Borrower Purchaser commits or suffers any act of bankruptcy, is placed into liquidation or becomes insolvent; (c) A receiver is appointed over any of the assets of the BorrowerPurchaser; (d) Any judgment or order against the Borrower Purchaser remains unsatisfied for more than ten days; (e) Any insurance policy in relation to the Collateral Vehicle is cancelled; (f) Any distress or execution is levied or issued against the Collateral Vehicle or any lien is claimed over the CollateralVehicle; (g) The Borrower Purchaser abandons the Collateral Vehicle and it is “at risk” (as determined in accordance with section 109(2) of the PPSA or section 83E of the Act (as applicable)); or (h) The Borrower or a Guarantor Purchaser dies or becomes of unsound mind, the Secured Monies shall immediately become due and payable and the Creditor may, where the Agreement relates to consumer goods, repossess and sell the Collateral Vehicle in accordance with the provisions of the Act and the BorrowerPurchaser's right to reinstate or settle the Agreement conferred by sections 83ZB and 83ZE of the Act, or, where the Agreement does not relate to consumer goods, exercise any or all rights conferred on the Creditor under Part 9 of the PPSA. On the exercise of any power of repossession, or the exercise of any power to take the Collateral Vehicle under Part 9 of the PPSA, the Borrower Purchaser will execute in favour of the Creditor or its nominee, any transfer, renewal, application or other instrument relating to any licence or registration for the CollateralVehicle.