Common use of Terms of Repurchase Clause in Contracts

Terms of Repurchase. Contracts repurchased by Seller from Purchaser pursuant to Section 6.1 shall be repurchased in cash for an amount equal to the amount of the balance due and owing on such Contract at the time of the occurrence of the event creating the obligation to repurchase as if the Contract Obligor had prepaid the Contract payment obligation in full on that date (the netpayoff balance). Such repurchase shall be made within five (5) calendar days after oral or written notice of said repurchase obligation is given by Purchaser to Seller. Failure of Seller to repurchase any such Contract within said five (5) calendar day period shall constitute an Event of Default, as set forth in Section 14 of this Agreement. If such Event of Default occurs, in addition to the remedies set forth in Section 15 of this Agreement, Purchaser shall have as its option, but not as an obligation, the right to repossess the secured collateral, sell such collateral in a commercially reasonable manner in accordance with the Uniform Commercial Code, and apply the proceeds from such sale against the Seller's repurchase obligation. The Seller shall remain liable to Purchaser for any portion of its repurchase obligations not satisfied by such sale of the collateral. Contracts repurchased by Seller from Purchaser pursuant to this Section 6 are to be reassigned and sold back to Seller without recourse and/or without warranties of any kind or nature by Purchaser, except as to the amount that has been paid on the obligation by the Contract Obligor. In the event of any repurchase under this Section 6, the Seller shall protect, defend and indemnify Purchaser and hold Purchaser harmless from, against and for any claim, action, cause of action, judgment, award, settlement, cost or expense, including reasonable attorneys' fees, of every kind or nature, arising out of or connected with the transaction upon the occurrence of any one or more of the events described in Section 6.1

Terms of Repurchase. Contracts repurchased by Seller Dealer from Purchaser TFC pursuant to Section 6.1 shall be repurchased in cash for an amount equal to the amount of the balance due and owing on such the Contract at the time of the occurrence of the event creating the obligation to repurchase as if the Contract Obligor Account Debtor had prepaid the Contract payment obligation in full on that date (the netpayoff balance)date. Such repurchase shall be made within five (5) calendar days after oral or written notice of said repurchase obligation is given by Purchaser TFC to SellerDealer. Failure of Seller Dealer to repurchase any such Contract within said five (5) calendar day period shall constitute an Event of Default, as set forth in Section 14 of this Agreement. If such Event of Default occurs, and if at Revised February, 1998 6 the time the Account Debtor is in default under the applicable Contract in addition to the remedies set forth in Section 15 16 of this Agreement, Purchaser TFC shall have as its option, but not as an obligation, the right to repossess the secured collateral, sell such collateral in a commercially reasonable manner in accordance with the Uniform Commercial Code, and apply the proceeds from such sale first against Collection Costs and then against the SellerDealer's repurchase obligation. The Seller Dealer shall remain liable to Purchaser TFC for any portion of its repurchase obligations not satisfied by such sale of the collateral. Contracts repurchased by Seller Dealer from Purchaser TFC pursuant to this Section 6 are to be reassigned and sold back to Seller Dealer without recourse and/or without warranties of any kind or nature by PurchaserTFC, except as to the amount that amounts it has been paid on the obligation by the Account Debtor. If the Dealer is required to repurchase any Contract Obligorsold to TFC under this Section 6, TFC may, at its option, deduct the repurchase amounts from the sums to be paid Dealer on new Contracts then being purchased by TFC for credit to or benefit of Dealer, to satisfy, in whole or in part, Dealer's repurchase obligations. In the event of any repurchase under this Section 6, the Seller Dealer shall protect, defend and indemnify Purchaser TFC and hold Purchaser TFC harmless from, against and for any claim, action, cause of action, judgment, award, settlement, cost or expense, including reasonable attorneys' fees, of every kind or nature, arising out of or connected with the transaction upon the occurrence of any one or more of the events described in Section 6.1.

Terms of Repurchase. Contracts repurchased Except where otherwise provided by Seller the laws of the state where the Dealer is located, if the Company becomes obligated to repurchase Goods under Section 6, then the Company will buy and the Dealer will sell (or may sell subject to Subsection (c)) free and clear of all liens and encumbrances the following Goods, provided they were either originally purchased by the Dealer from Purchaser pursuant the Company or purchased from other dealers with the written approval of the Company, and are listed in the Company's published price list for that category of Goods, in effect on the date of cancellation or termination of the Dealer's appointment. (a) All current complete machines and attachments in the Dealer's possession unsold (which category excludes all items listed in the JDM Price List or the Xxxx Deere Parts Price List) which are new, unused, complete and in good condition. The prices to Section 6.1 shall be repurchased in cash paid for an amount equal such items will be the invoice prices (but not more than current dealer prices), plus freight from the factory to the amount of Dealer's location at truckload (24,000#) rates for items on which freight was paid by the balance due Dealer, less any discounts from invoice price which have been allowed and owing less the reduction in value, if any, resulting from deterioration. (b) All current parts in the Dealer's possession unsold which are new, unused, in TERMS OF APPOINTMENT / 5 good condition and are resalable as new parts without repackaging or reconditioning. The price to be paid for such items will be the current wholesale price as listed in the Xxxx Deere Parts Price List, less a discount of: (i) 15% on such Contract at items on the time of current returnable list furnished by the occurrence of Company under the event creating parts return program; and (ii) 50% on all other items (c) Such current JDM products in the Dealer's possession unsold which the Dealer may elect to sell to the Company and which are new, unused, in good condition and are resalable as new products without repackaging or reconditioning. The Company shall have no obligation to repurchase such products unless the Dealer furnishes the Company with a list of the products which he wishes to sell to the Company within thirty (30) days after the effective date of cancellation or termination of his appointment. The price to be paid for such products will be the current wholesale price listed in the JDM Price List less a discount of: (i) 50% on products identified by an asterisk; (ii) 15% on items listed as if returnable under the Contract Obligor had prepaid Company's parts return policy; and (iii) 25% on all other JDM products. At the Contract payment obligation in full on that date (written request of the netpayoff balance)Company, the Dealer will list, tag, pack, load and transport all repurchased Goods to the nearest location regularly maintained by the Company for the storage of such Goods or to such closer location as may be designated by the Company or pay for the cost of transportation to such location. Such repurchase The risk of loss shall be made on the Dealer until the vehicle transporting such Goods reaches the designated destination. Should the Dealer fail to fulfill the above obligation within five (5) calendar 60 days after oral he has been requested to do so, the Company may enter the Dealer's premises, perform these duties and charge the Dealer's account for any expenses incurred in so doing. The Company may pay for repurchased Goods in cash or written notice of said repurchase obligation by giving the Dealer credit to be applied to any indebtedness then owed by the Dealer to the Company or to any other company having a corporate affiliation with the Company whether or not such indebtedness is given by Purchaser to Seller. Failure of Seller to repurchase any such Contract within said five (5) calendar day period shall constitute an Event of Default, as set forth in Section 14 of this Agreementthen due and payable. If such Event there is still a balance owing by the Dealer after the price of Default occursthe repurchased Goods, in addition less any Company incurred expenses of recovery, including all reasonable attorney's fees and legal expenses, has been credited to the remedies set forth in Dealer, such balance shall be immediately due and payable to the Company regardless of the original terms of payment thereon. Amounts payable to the Dealer under this Section 15 will not be paid until the Dealer has complied with all applicable laws governing bulk transfers of this Agreementinventory. Any volume discount paid or payable to the Dealer shall be subject to adjustment, Purchaser shall have as its option, but not as an obligation, the right to repossess the secured collateral, sell such collateral in a commercially reasonable manner in accordance with the Uniform Commercial CodeCompany's Schedule of Volume Discount (Agricultural), and apply the proceeds from such sale against the Seller's repurchase obligation. The Seller shall remain liable to Purchaser for any portion of its repurchase obligations not satisfied by such sale of the collateral. Contracts Goods repurchased by Seller from Purchaser pursuant to this Section 6 are to be reassigned and sold back to Seller without recourse and/or without warranties of any kind or nature by Purchaser, except as to the amount that has been paid on the obligation by the Contract Obligor. In the event of any repurchase under this Section 6, the Seller shall protect, defend and indemnify Purchaser and hold Purchaser harmless from, against and for any claim, action, cause of action, judgment, award, settlement, cost or expense, including reasonable attorneys' fees, of every kind or nature, arising out of or connected with the transaction upon the occurrence of any one or more of the events described in Section 6.1Company.