Common use of Repossession of Vehicle Clause in Contracts

Repossession of Vehicle. If you default under this Contract the Lender may, pursuant to the Credit Contracts and Consumer Finance Act 2003, seize the vehicle and for such purposes you irrevocably give to the Lender the right and license for its officers or agents to enter any premises and if necessary, to break into any building where the vehicle may be or is supposed to be situated or where you are for the purpose of searching for and seizing the vehicle. The Lender shall not be liable in any way to you or to any person claiming through you for any damage or loss which occurs in the process of entry into any premises or during or as a result of the seizure and subsequent sale of the vehicle or the exercise or execution by the Lender of any of the rights, powers or remedies expressed or implied by this Contract or otherwise conferred upon the Lender and you will indemnify the Lender against such damage or loss. On seizure, the Lender may sell the vehicle by auction or otherwise in any manner and in all respects (including, without restricting the generality of the power, the right to buy in, give credit and allow payment over time) as if the Lender were the unencumbered owner subject to any applicable obligations under the PPSA and under the Credit Contracts and Consumer Finance Act 2003. On such sale the receipt of the Lender or its agent will be sufficient discharge to the purchaser for the purchase money and no purchaser shall be bound to investigate the propriety or regularity of any such sale or be affected by any notice express or constructive that such sale is improper or irregular.

Appears in 3 contracts

Samples: Credit and Security Contract, Credit and Security Contract, Credit and Security Contract

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Repossession of Vehicle. If you default under this Contract the Lender may, pursuant to the Credit Contracts and Consumer Finance Act 2003Xxx 0000, seize the vehicle and for such purposes you irrevocably give to the Lender the right and license for its officers or agents to enter any premises and if necessary, to break into any building where the vehicle may be or is supposed to be situated or where you are for the purpose of searching for and seizing the vehicle. The Lender shall not be liable in any way to you or to any person claiming through you for any damage or loss which occurs in the process of entry into any premises or during or as a result of the seizure and subsequent sale of the vehicle or the exercise or execution by the Lender of any of the rights, powers or remedies expressed or implied by this Contract or otherwise conferred upon the Lender and you will indemnify the Lender against such damage or loss. On seizure, the Lender may sell the vehicle by auction or otherwise in any manner and in all respects (including, without restricting the generality of the power, the right to buy in, give credit and allow payment over time) as if the Lender were the unencumbered owner subject to any applicable obligations under the PPSA and under the Credit Contracts and Consumer Finance Act 2003Xxx 0000. On such sale the receipt of the Lender or its agent will be sufficient discharge to the purchaser for the purchase money and no purchaser shall be bound to investigate the propriety or regularity of any such sale or be affected by any notice express or constructive that such sale is improper or irregular.

Appears in 3 contracts

Samples: Credit and Security Contract, Credit and Security Contract, Credit and Security Contract

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Repossession of Vehicle. If you default under this Contract the Lender may, pursuant to without notice save that required under the Credit Contracts and Consumer Finance Act 2003(Repossession) Xxx 0000, seize the vehicle collateral and for such purposes you irrevocably give to the Lender the right and license for its officers or agents to enter any premises and if necessary, necessary to break into any building where the vehicle collateral may be or is supposed to be situated or where you are for the purpose of searching for and seizing the vehiclecollateral. The Lender shall not be liable in any way to you or to any person claiming through you for any damage or loss which occurs in the process of entry into any premises or during or as a result of the seizure and subsequent sale of the vehicle collateral or the exercise or execution by the Lender of any of the rights, powers or remedies expressed or implied by this Contract or otherwise conferred upon the Lender and you will indemnify the Lender against such damage or loss. On seizure, the Lender may sell the vehicle collateral by auction or otherwise in any manner and in all respects (including, without restricting the generality of the power, the right to buy in, give credit and allow payment over time) as if the Lender were the unencumbered owner subject to any applicable obligations under the PPSA and under the Credit Contracts and Consumer Finance Act 2003(Repossession) Xxx 0000. On such sale the receipt of the Lender or its agent will be sufficient discharge to the purchaser for the purchase money and no purchaser shall be bound to investigate the propriety or regularity of any such sale or be affected by any notice express or constructive that such sale is improper or irregular.

Appears in 2 contracts

Samples: Credit and Security Contract, Credit and Security Contract

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