Common use of Reclamation Clause in Contracts

Reclamation. This provision shall apply in the event that Company has: (a) delivered the part(s) to Customer on credit; (b) financed the sale of the part(s) to Customer or (c) has been engaged by Customer for the repair, reconditioning or refurbishment of part(s). As a condition of Company allowing Customer to accept delivery of the part(s) on credit, Customer represents and warrants to Company that Customer is solvent and is not presently a debtor in any bankruptcy case in any court of competent jurisdiction. In the event Customer becomes insolvent before delivery or while parts are in transit, it will immediately notify Company. The failure to notify Company immediately will be construed as a reaffirmation of Customer’s solvency at the time of delivery. Company will have the right to stop delivery of the parts by a bailee or other third party transporting the same if Customer becomes insolvent, repudiates or fails to make a payment due, in order to withhold or reclaim the parts under the provisions of the Uniform Commercial Code. In the event parts reach Customer prior to Company’s ability to stop parts and Customer cannot make payments within the agreed upon payment terms, Customer shall return the parts to Company at Customer’s expense. In the event of Customer’s insolvency, the foregoing invoice together with this Agreement shall constitute a demand by Company for reclamation of the part(s) in accordance with Section 2-702 of the Uniform Commercial Code and Section 546 (c)(1) of the United States Bankruptcy Code. In the event of Customer’s insolvency, Customer does hereby waive any defenses to Company’s reclamation of the part(s) and Customer shall promptly return possession of the parts to Company. Customer hereby grants a general lien on, and a security interest in, any assets belonging to Customer as security for the performance of its obligations hereunder or to satisfy any obligation owed by Customer to Company under any agreement.

Reclamation. This provision shall apply in the event that Company has: (a) delivered the part(sgood(s) to Customer on credit; or (b) financed the sale of the part(sgood(s) to Customer or (c) has been engaged by Customer for the repair, reconditioning or refurbishment of part(s)Customer. As a condition of Company allowing Customer to accept delivery of the part(sgood(s) on credit, Customer represents and warrants to Company that Customer is solvent and is not presently a debtor in any bankruptcy case in any court of competent jurisdiction. In the event Customer becomes insolvent before delivery or while parts goods are in transit, it will immediately notify Company. The failure to notify Company immediately will be construed as a reaffirmation of Customer’s solvency at the time of delivery. Company will have the right to stop delivery of the parts goods by a bailee or other third party transporting the same if Customer becomes insolvent, repudiates or fails to make a payment due, in order to withhold or reclaim the parts goods under the provisions of the Uniform Commercial Code. In the event parts goods reach Customer prior to Company’s ability to stop parts goods and Customer cannot make payments within the agreed upon payment terms, Customer shall return the parts goods to Company at Customer’s expense. In the event of Customer’s insolvency, the foregoing invoice together with this Agreement shall constitute a demand by Company for reclamation of the part(sgood(s) in accordance with Section 2-702 of the Uniform Commercial Code and Section 546 (c)(1) of the United States Bankruptcy Code. In the event of Customer’s insolvency, Customer does hereby waive any defenses to Company’s reclamation of the part(sgood(s) and Customer shall promptly return possession of the parts goods to Company. Customer hereby grants a general lien on, and a security interest in, any assets belonging to Customer as security for the performance of its obligations hereunder or to satisfy any obligation owed by Customer to Company under any agreement.

Reclamation. This provision shall apply in the event that Company has: (a) delivered the part(s) to Customer on credit; (b) financed the sale of the part(s) to Customer or (c) has been engaged by Customer for the repair, reconditioning or refurbishment of part(s). As a condition of Company allowing Customer to accept delivery of the part(s) on credit, Customer represents and warrants to Company that Customer is solvent and is not presently a debtor in any bankruptcy case in any court of competent jurisdiction. In the event Customer becomes insolvent before delivery or while parts are in transit, it will immediately notify Company. The failure to notify Company immediately will be construed as a reaffirmation of Customer’s solvency at the time of delivery. Company will have the right to stop delivery of the parts by a bailee or other third party transporting the same if Customer becomes insolvent, repudiates or fails to make a payment due, in order to withhold or reclaim the parts under the provisions of the Uniform Commercial Code. In the event parts reach Customer prior to Company’s ability to stop parts and Customer cannot make payments within the agreed upon payment terms, Customer shall return the parts to Company at Customer’s expense. In the event of Customer’s insolvency, the foregoing invoice together with this Agreement shall constitute a demand by Company for reclamation forreclamation of the part(s) in accordance with Section 2-702 of the Uniform Commercial Code and Section 546 (c)(1) of the United States Bankruptcy Code. In the event of Customer’s insolvency, Customer does hereby waive any defenses to Company’s reclamation of the part(s) and Customer shall promptly return possession of the parts to Company. Customer hereby grants a general lien on, and a security interest in, any assets belonging designated by the receiving party in writing. All notices shall be delivered to Customer as security for the performance of its obligations hereunder or to satisfy any obligation owed by Customer to Company under any agreement.