Possession by Third Party Sample Clauses
The "Possession by Third Party" clause defines the rules and responsibilities when goods or property covered by a contract are held by someone other than the contracting parties. Typically, this clause clarifies who bears the risk of loss or damage while the items are in the third party's possession and may specify notification or insurance requirements. Its core function is to allocate risk and responsibility clearly, preventing disputes over liability if issues arise while the property is not directly controlled by either party to the contract.
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Possession by Third Party. If any of the Collateral is in the possession of a third party, Debtor will join with the Bank in notifying the third party of the Bank’s interest and obtaining an acknowledgement from the third party that it is holding the Collateral for the benefit of the Bank
Possession by Third Party. If any of the Collateral is in the possession of a third party, the Company shall notify the Collateral Agent and obtain from the third party an acknowledgement from the third party that it is holding the Collateral for the benefit of the Purchasers.
Possession by Third Party. If at the date of the commencement of this lease, any third party shall be in possession or have the right to possession of the unit, then the Corporation assigns to the Shareholder all of the Corporation’s rights against said third party, and the Shareholder assumes all of the Corporation’s obligations to said third party from said date. The Corporation agrees to cooperate with the Shareholder in the enforcement of the Shareholder’s rights against said third party. In the event the said third party shall be an “eligible senior citizen” or “eligible handicapped person” as defined in General Business Law §352-eeee, or in the event the “Offering Plan” as referred to in paragraph 49 of this Proprietary Lease is a “Non-Eviction Plan” the Shareholder shall have no right to terminate the existing tenancy of said third party (except for non-payment of rent, or other breach of his lease) even if the Shareholder seeks to occupy the unit for his own use or for the use of any member of his family; and in such event, the rights afforded the Shareholder pursuant to §61 of the Rules of the Rent Stabilization Association of New York City, Inc., or of §54 of the Rent and Eviction Regulations of the Housing Preservation and Development Administration of the City of New York shall not apply.