Common use of Rental Contracts Clause in Contracts

Rental Contracts. All Rental Contracts will: (i) be in a form satisfactory to Agent, and (ii) be transferable to Agent on behalf of the Lenders. Each Dealer warrants and represents to Agent and Lenders that all of the Rental Contracts and rental and lease activities will comply with all applicable laws. Dealers agree to indemnify Agent and Lenders against any loss or damage Agent or Lenders suffer, whether direct or indirect, resulting from or in any way arising out of Rental Contracts, or rental and lease activities, which fail to comply with all applicable laws. Dealers will reimburse Agent for any attorneys' fees which Agent incurs in having the Rental Contracts reviewed for compliance with applicable laws. Immediately upon execution of the same, all Rental Contracts will be effectively collaterally assigned to Agent for the benefit of Lenders, and, immediately upon Agent’s request, delivered to Agent together with any and all related documents. All Rental Contracts will contain, by way of a stamp or as a part of the preprinted rental contract or lease agreement form, the following legend directly below the customer's signature: “FOR VALUE RECEIVED, THIS AGREEMENT AND THE RELATED UNDERLYING RENTAL PROPERTY HAVE BEEN COLLATERALLY ASSIGNED TO XXXXX FARGO COMMERCIAL DISTRIBUTION FINANCE, LLC, AS AGENT, AND THERE ARE NO DEFENSES AGAINST THE ASSIGNEE.” Immediately upon Agent’s request, each Dealer will report to Agent all of the terms of any Rental Contract executed, the location of the Rental Unit, the date on which such Rental Unit is rented or leased, and the date on which such Rental Unit is to be returned to such Dealer. Each Dealer will also notify Agent, immediately upon Agent’s request, of the termination of any Rental Contracts or any changes to such Rental Contracts. Dealers will not assign, sell, pledge, convey or by any other means transfer to any person, other than Agent for the benefit of Lenders, any Rental Contracts or chattel paper, without Agent’s prior written consent. Dealers will instruct any person renting or leasing any Rental Unit regarding the proper use and care of such Rental Unit. Dealers will use such forms and agreements as may be reviewed and approved by Agent, if requested. Dealers will not, without Agent’s prior written consent, enter into or execute any Rental Contract pursuant to which any Dealer rents or leases any Rental Unit for a period that exceeds seven (7) consecutive days, and will not enter into or execute any Rental Contract which contains an option to purchase or "rent-to-own,” such Rental Unit; the purchase of any Collateral must be memorialized in a writing separate and apart from any Rental Contract and must not be subject to or dependent on the terms of any Rental Contract. If any Dealer breaches the terms of the immediately preceding sentence, such Dealer will immediately assign, transfer, and set-over to Agent for the benefit of Lenders, all of Dealer's right, title and interest in and to such Rental Contract, and will also give possession of such Rental Contract to Agent. In addition, in such event, in Agent’s sole discretion, Agent may demand immediate payment in full of all indebtedness owed by any Dealer to Agent with respect to the Rental Unit.

Rental Contracts. All Rental Contracts will: (i) be in a form satisfactory to Agent, and (ii) be transferable to Agent on behalf of the Lenders. Each Dealer warrants and represents to Agent and Lenders that all of the Rental Contracts and rental and lease activities will comply with all applicable laws. Dealers agree to indemnify Agent and Lenders against any loss or damage Agent or Lenders suffer, whether direct or indirect, resulting from or in any way arising out of Rental Contracts, or rental and lease activities, which fail to comply with all applicable laws. Dealers will reimburse Agent for any attorneys' ’ fees which Agent incurs in having the Rental Contracts reviewed for compliance with applicable laws. Immediately upon execution of the same, all Rental Contracts will be effectively collaterally assigned to Agent for the benefit of Lenders, and, immediately upon Agent’s request, delivered to Agent together with any and all related documents. All Rental Contracts will contain, by way of a stamp or as a part of the preprinted rental contract or lease agreement form, the following legend directly below the customer's ’s signature: “FOR VALUE RECEIVED, THIS AGREEMENT AND THE RELATED UNDERLYING RENTAL PROPERTY HAVE BEEN COLLATERALLY ASSIGNED TO XXXXX FARGO COMMERCIAL DISTRIBUTION FINANCE, LLC, AS AGENT, AND THERE ARE NO DEFENSES AGAINST THE ASSIGNEE.” Immediately upon Agent’s request, each Dealer will report to Agent all of the terms of any Rental Contract executed, the location of the Rental Unit, the date on which such Rental Unit is rented or leased, and the date on which such Rental Unit is to be returned to such Dealer. Each Dealer will also notify Agent, immediately upon Agent’s request, of the termination of any Rental Contracts or any changes to such Rental Contracts. Dealers will not assign, sell, pledge, convey or by any other means transfer to any person, other than Agent for the benefit of Lenders, any Rental Contracts or chattel paper, without Agent’s prior written consent. Dealers will instruct any person renting or leasing any Rental Unit regarding the proper use and care of such Rental Unit. Dealers will use such forms and agreements as may be reviewed and approved by Agent, if requested. Dealers will not, without Agent’s prior written consent, enter into or execute any Rental Contract pursuant to which any Dealer rents or leases any Rental Unit for a period that exceeds seven (7) consecutive days, and will not enter into or execute any Rental Contract which contains an option to purchase or "“rent-to-own,” such Rental Unit; the purchase of any Collateral must be memorialized in a writing separate and apart from any Rental Contract and must not be subject to or dependent on the terms of any Rental Contract. If any Dealer breaches the terms of the immediately preceding sentence, such Dealer will immediately assign, transfer, and set-over to Agent for the benefit of Lenders, all of Dealer's ’s right, title and interest in and to such Rental Contract, and will also give possession of such Rental Contract to Agent. In addition, in such event, in Agent’s sole discretion, Agent may demand immediate payment in full of all indebtedness owed by any Dealer to Agent with respect to the Rental Unit.

Rental Contracts. Borrower may rent the Inventory financed by the Lenders or against which the Lenders have advanced funds pursuant to the terms of Borrower's rental contracts (as amended from time to time, collectively, the "Rental Contracts"). All of Borrower's Rental Contracts will: (i) Contracts, agreements, and rental transactions will be in a form reasonably satisfactory to Agent, and (ii) be transferable to Agent on behalf of the Lenders. Each Dealer warrants and represents to Administrative Agent and Lenders that all of the Rental Contracts and rental and lease activities will comply be in accordance with all applicable lawsFederal, State and local Laws. Dealers agree to Borrower will indemnify the Administrative Agent and the Lenders against any loss or damage which the Administrative Agent or and/or the Lenders suffer, whether direct or indirect, resulting from or in any way arising out of from the Rental Contracts, agreements, or rental and lease activities, transactions which fail to comply with all applicable such laws. Dealers will reimburse Agent for any attorneys' fees which Agent incurs in having the Rental Contracts reviewed for compliance with applicable laws. Immediately upon execution of the same, all All Rental Contracts will be effectively collaterally assigned transferable and assignable to Administrative Agent for the benefit of the Lenders, andand Borrower hereby assigns to Administrative Agent for the benefit of the Lenders each and every Rental Contract. Borrower will indemnify the Administrative Agent and the Lenders against any claims by its customers regarding Borrower's obligations under the Rental Contracts. Borrower will immediately, immediately upon Administrative Agent’s 's' request, delivered deliver to Administrative Agent together with any all Rental Contracts and all related documents. All This assignment is a transfer for security only, and, until Administrative Agent has foreclosed its interest in the Rental Contracts, will not be deemed to delegate any of Borrower's duties under the Rental Contracts will containto Administrative Agent or the Lenders, nor is it intended to alter or impair performance by way of a stamp or as a part either party to the Rental Contracts. Administrative Agent may, from time to time, verify the accuracy of the preprinted rental contract or lease agreement formRental Contracts, and Borrower will immediately, upon Administrative Agent's request, provide Administrative Agent with the following legend directly below information regarding Rental Contracts which are in effect on the customer's signaturedate of such request: “(a) the name, address and telephone number of each customer who has executed a Rental Contract; (b) the location of the Inventory; (c) the date of each Rental Contract; (d) the date when the Inventory is to be returned under each Rental Contract; and (e) any other information which Administrative Agent may reasonably request. If the rental period under the Rental Contract is ninety (90) days or longer, Borrower will stamp the original of such Rental Contract with the following legend: "FOR VALUE RECEIVED, THIS AGREEMENT HAS BEEN ASSIGNED TO DEUTSCHE FINANCIAL SERVICES CORPORATION, AS ADMINISTRATIVE AGENT FOR ITSELF AND THE RELATED UNDERLYING RENTAL PROPERTY HAVE BEEN COLLATERALLY ASSIGNED TO XXXXX FARGO COMMERCIAL DISTRIBUTION FINANCE, LLC, AS AGENTOTHER LENDERS, AND THERE ARE NO DEFENSES AGAINST THE ASSIGNEE.” Immediately upon Agent’s request, each Dealer will report " Other than to Administrative Agent all for the benefit of the terms of any Rental Contract executedLenders, the location of the Rental Unit, the date on which such Rental Unit is rented or leased, and the date on which such Rental Unit is to be returned to such Dealer. Each Dealer will also notify Agent, immediately upon Agent’s request, of the termination of any Rental Contracts or any changes to such Rental Contracts. Dealers Borrower will not assign, sell, pledge, convey or by any other means transfer to any person, other than Agent for the benefit of Lenders, any Rental Contracts or chattel paper, without Agent’s all of the Lenders' prior written consent. Dealers will instruct any person renting or leasing any Rental Unit regarding the proper use and care of such Rental Unit. Dealers will use such forms and agreements as may be reviewed and approved by Agent, if requested. Dealers will not, without Agent’s prior written consent, enter into or execute any Rental Contract pursuant to which any Dealer rents or leases any Rental Unit for a period that exceeds seven (7) consecutive days, and Borrower will not enter into or execute any Rental Contracts for Inventory financed by the Lenders or against which the Lenders have advanced funds pursuant to which: (i) the original term of the Rental Contract which contains is greater than three hundred sixty five (365) days; (ii) the customer is bound to become the owner of such Inventory; or (iii) the customer has an option to purchase become the owner of such Inventory for nominal consideration, or "rent-to-own,” for consideration which is less than the unpaid balance owed to the Lenders for such Rental Unit; the purchase of any Collateral must be memorialized in a writing separate and apart from any Rental Contract and must not be subject to or dependent on the terms of any Rental ContractInventory. If any Dealer breaches such Rental Contracts are issued, Borrower will take any action which the terms of the immediately preceding sentence, such Dealer will immediately assign, transfer, Required Lenders may reasonably require to perfect and/or protect Administrative Agent's Lien and set-over to Agent for the benefit of Lenders, all of Dealer's right, title and security interest in and to such Rental Contract, and will also give possession of such Rental Contract to Agent. In addition, in such event, in Agent’s sole discretion, Agent may demand immediate payment in full of all indebtedness owed by any Dealer to Agent with respect to Contracts and/or the Rental UnitInventory subject thereto.

Rental Contracts. Borrower may rent the Inventory financed by DFS or against which DFS has advanced funds pursuant to the terms of Borrower's rental contracts ("Rental Contracts"). All of Borrower's Rental Contracts will: (i) Contracts, agreements, and rental transactions will be in a form satisfactory to Agent, DFS and (ii) will be transferable to Agent on behalf of the Lenders. Each Dealer warrants and represents to Agent and Lenders that all of the Rental Contracts and rental and lease activities will comply in accordance with all applicable Federal, State and local laws. Dealers agree to Borrower will indemnify Agent and Lenders DFS against any loss or damage Agent or Lenders sufferwhich DFS suffers, whether direct or indirect, resulting from or in any way arising out of from the Rental Contracts, agreements, or rental and lease activities, transactions which fail to comply with all applicable such laws. Dealers will reimburse Agent for any attorneys' fees which Agent incurs in having the Rental Contracts reviewed for compliance with applicable laws. Immediately upon execution of the same, all All Rental Contracts will be effectively collaterally assigned transferable to Agent for DFS. Borrower will indemnify DFS against any claims by its customers regarding Borrower's obligations under the benefit of LendersRental Contracts. Borrower will immediately, and, immediately upon Agent’s DFS' request, delivered deliver to Agent together with any DFS all Rental Contracts and all related documents. All This assignment is a transfer for security only, and, until DFS has foreclosed its interest in the Rental Contracts, will not be deemed to delegate any of Borrower's duties under the Rental Contracts will containto DFS, nor is it intended to alter or impair performance by way of a stamp or as a part either party to the Rental Contracts. DFS may, from time to time, verify the accuracy of the preprinted rental contract or lease agreement formRental Contracts, and Borrower will immediately, upon DFS' request, provide DFS with the following legend directly below information regarding Rental Contracts which are in effect on the customer's signaturedate of such request: “(a) the name, address and telephone number of each customer who has executed a Rental Contract; (b) the location of the Inventory; (c) the date of each Rental Contract; (d) the date when the Inventory is to be returned under each Rental Contract; and, (e) any other information which DFS may reasonably request. If the rental period under the Rental Contract is ninety (90) days or longer, Borrower will stamp the original of such Rental Contract with the following legend: 'FOR VALUE RECEIVED, THIS AGREEMENT AND THE RELATED UNDERLYING RENTAL PROPERTY HAVE HAS BEEN COLLATERALLY ASSIGNED TO XXXXX FARGO COMMERCIAL DISTRIBUTION FINANCE, LLC, AS AGENT, DEUTSCHE FINANCIAL SERVICES CORPORATION AND THERE ARE NO DEFENSES AGAINST THE ASSIGNEE.” Immediately upon Agent’s request' Other than to DFS, each Dealer will report to Agent all of the terms of any Rental Contract executed, the location of the Rental Unit, the date on which such Rental Unit is rented or leased, and the date on which such Rental Unit is to be returned to such Dealer. Each Dealer will also notify Agent, immediately upon Agent’s request, of the termination of any Rental Contracts or any changes to such Rental Contracts. Dealers Borrower will not assign, sell, pledge, convey or by any other means transfer to any person, other than Agent for the benefit of Lenders, any Rental Contracts or chattel paperpaper associated with the DFS Collateral, without Agent’s DFS' prior written consent. Dealers will instruct any person renting or leasing any Rental Unit regarding the proper use and care of such Rental Unit. Dealers will use such forms and agreements as may be reviewed and approved by Agent, if requested. Dealers will not, without Agent’s prior written consent, enter into or execute any Rental Contract pursuant to which any Dealer rents or leases any Rental Unit for a period that exceeds seven (7) consecutive days, and Borrower will not enter into or execute any Rental Contracts for Inventory financed by DFS or against which DFS has advanced funds pursuant to which: (i) the original term of the Rental Contract which contains is greater than three hundred sixty (360) days; (ii) the original term of the Rental Contract is equal to or greater than the remaining economic life of such Inventory; (iii) the customer is bound to renew the Rental Contract for the economic life of such Inventory or is bound to become the owner of such Inventory; or, (iv) the customer has an option to purchase or "rent-to-own,” such Rental Unit; renew the purchase of any Collateral must be memorialized in a writing separate and apart from any Rental Contract and must not be subject for the remaining economic life of such Inventory, or to become the owner of such Inventory, for nominal consideration, or dependent on for consideration which is less than the terms of any Rental Contractunpaid balance owed to DFS for such Inventory. If any Dealer breaches the terms of the immediately preceding sentencesuch Rental Contracts are issued, such Dealer Borrower will immediately assign, transfer, and set-over take any action which DFS may reasonably require to Agent for the benefit of Lenders, all of Dealer's right, title and perfect and/or protect DFS' security interest in and to such Rental Contract, and will also give possession of such Rental Contract to Agent. In addition, in such event, in Agent’s sole discretion, Agent may demand immediate payment in full of all indebtedness owed by any Dealer to Agent with respect to Contracts and/or the Rental UnitInventory subject thereto.

Rental Contracts. All Rental Contracts will: (i) be in a form satisfactory to Agent, and (ii) be transferable to Agent on behalf of the Lenders. Each Dealer warrants and represents to Agent and Lenders that all of the Rental Contracts and rental and lease activities will comply with all applicable laws. Dealers agree to indemnify Agent and Lenders against any loss or damage Agent or Lenders suffer, whether direct or indirect, resulting from or in any way arising out of Rental Contracts, or rental and lease activities, which fail to comply with all applicable laws. Dealers will reimburse Agent for any attorneys' fees which Agent incurs in having the Rental Contracts reviewed for compliance with applicable laws. Immediately upon execution of the same, all Rental Contracts will be effectively collaterally assigned to Agent for the benefit of LendersXxxxxxx, and, immediately upon Agent’s request, delivered to Agent together with any and all related documents. All Rental Contracts will contain, by way of a stamp or as a part of the preprinted rental contract or lease agreement form, the following legend directly below the customer's signature: “FOR VALUE RECEIVED, THIS AGREEMENT AND THE RELATED UNDERLYING RENTAL PROPERTY HAVE BEEN COLLATERALLY ASSIGNED TO XXXXX FARGO COMMERCIAL DISTRIBUTION FINANCE, LLC, AS AGENT, AND THERE ARE NO DEFENSES AGAINST THE ASSIGNEE.” Immediately upon Agent’s request, each Dealer will report to Agent all of the terms of any Rental Contract executed, the location of the Rental Unit, the date on which such Rental Unit is rented or leased, and the date on which such Rental Unit is to be returned to such Dealer. Each Dealer will also notify Agent, immediately upon Agent’s request, of the termination of any Rental Contracts or any changes to such Rental Contracts. Dealers will not assign, sell, pledge, convey or by any other means transfer to any person, other than Agent for the benefit of Lenders, any Rental Contracts or chattel paper, without Agent’s prior written consent. Dealers will instruct any person renting or leasing any Rental Unit regarding the proper use and care of such Rental Unit. Dealers will use such forms and agreements as may be reviewed and approved by Agent, if requested. Dealers will not, without Agent’s prior written consent, enter into or execute any Rental Contract pursuant to which any Dealer rents or leases any Rental Unit for a period that exceeds seven (7) consecutive days, and will not enter into or execute any Rental Contract which contains an option to purchase or "rent-to-own,” such Rental Unit; the purchase of any Collateral must be memorialized in a writing separate and apart from any Rental Contract and must not be subject to or dependent on the terms of any Rental Contract. If any Dealer breaches the terms of the immediately preceding sentence, such Dealer will immediately assign, transfer, and set-over to Agent for the benefit of Lenders, all of Dealer's right, title and interest in and to such Rental Contract, and will also give possession of such Rental Contract to Agent. In addition, in such event, in Agent’s sole discretion, Agent may demand immediate payment in full of all indebtedness owed by any Dealer to Agent with respect to the Rental Unit.