Repossessed Vehicles Sample Clauses
The 'Repossessed Vehicles' clause defines the rights and procedures related to the recovery of vehicles by a lender or seller when a borrower defaults on their obligations, such as failing to make required payments. Typically, this clause outlines the conditions under which repossession can occur, the process for notifying the borrower, and the steps for handling the vehicle after repossession, such as storage, resale, or the borrower's right to redeem the vehicle. Its core practical function is to protect the lender's financial interest by providing a clear legal mechanism for reclaiming property and mitigating losses in the event of default.
Repossessed Vehicles. The Contracts to be sold by it on such Purchase Date will not result in the Outstanding Balance of Purchased Contracts secured by Vehicles previously repossessed by or on behalf of the Seller (each, a "Repossessed Vehicle") exceeding 1% of the aggregate Outstanding Balance of all Purchased Contracts.
Repossessed Vehicles. As of the last day of any month, the aggregate Outstanding Balance of Purchased Contracts secured by Vehicles previously repossessed by the Seller (each a "Repossessed Vehicle") shall not exceed 1% of the aggregate Outstanding Balance of all Purchased Contracts then financed by Triple-A One Loans.