Common use of Repossession of Collateral Clause in Contracts

Repossession of Collateral. Secured Party may take possession of any Collateral not already in its possession without demand and without legal process. Upon Secured Party’s demand, Debtor will assemble and make the Collateral available to Secured Party as Secured Party may direct. Debtor grants to Secured Party the right, for this purpose, to enter into or on any premises where Collateral may be located. If Secured Party takes possession of the Collateral, Secured Party shall not be responsible for any of Debtor’s or any other person’s property not covered by this Agreement and left inside the Collateral. Secured Party will hold all such property at Debtor’s sole risk and expense, including storage charges, and without liability on Secured Party’s part. If Debtor does not redeem any such property within 90 days after repossession, Secured Party may dispose of it in any manner Secured Party deems appropriate for such purposes and subject to any applicable laws. Secured Party and its agents are irrevocably appointed Debtor’s true and lawful attorneys in fact to make all necessary transfers of the Collateral upon resale after possession, in Debtor’s name and stead.

Repossession of Collateral. Secured Party may take possession of any Collateral not already in its possession without demand and without legal process. Upon Secured Party’s demand, Debtor will assemble and make the Collateral available to Secured Party as Secured Party may direct. Debtor grants to Secured Party the right, for this purpose, to enter into or on any premises where Collateral may be located. If Secured Party takes possession of the Collateral, Secured Party shall not be responsible for any of Debtor’s or any other person’s property not covered by this Agreement and left inside the Collateral. Secured Party will hold all such property at Debtor’s sole risk and expense, including storage charges, and without liability on Secured Party’s part. If Debtor does not redeem any such property within 90 days after repossession, Secured Party may dispose of it in any manner Secured Party deems appropriate for such purposes and subject to any applicable laws. Secured Party and its agents are irrevocably appointed DebtorXxxxxx’s true and lawful attorneys in fact to make all necessary transfers of the Collateral upon resale after possession, in Debtor’s name and stead.