Common use of Specific Rights if Default caused by Insolvency Event Clause in Contracts

Specific Rights if Default caused by Insolvency Event. (a) If an Insolvency Event occurs in respect of a Customer, without prejudice to any other rights TEN may have the Customer by receiving delivery of any Sale Equipment authorises TEN to enter the Customer’s premises (or the premises of any associated company or agent where the Sale Equipment is located) without Liability for trespass or any resulting Damage to conduct a stock check of unpaid Sale Equipment and retake possession of that Sale Equipment. (b) TEN may keep or re-sell any of the Sale Equipment repossessed and will account to the Customer for any surplus from the net proceeds of sale of the Sale after deducting all amounts owing in respect of the repossessed Sale Equipment. (c) While TEN has legal and equitable ownership of the Sale Equipment, the Customer must store the Sale Equipment so that it is clearly distinguishable from Equipment of a similar nature in the Customer’s possession and cross referenced to particular Invoices so that the Sale Equipment is clearly identifiable as the property of TEN.