Common use of Repossession of Collateral Clause in Contracts

Repossession of Collateral. Each Obligor and the Lender agree that, to the extent permitted by law and in respect of any Related Document, if the Borrower is in default of this Agreement, if any Obligor removes the Collateral from the address listed in the First Schedule without the Lender’s written consent, or if the Lender reasonably believes that the Collateral is at risk, the Lender may enter into any premises where the Collateral may be stored, using such reasonable force as is necessary, and take repossession of the Collateral, at the cost of the Obligor, and the Obligor will indemnify the Lender against all costs incurred in doing so.