Common use of Default Damages Clause in Contracts

Default Damages. If Lessee (a) fails to make any lease payment when due or (b) becomes insolvent or commences bankruptcy or receiverships proceedings or has such proceedings commenced against Lessee, or (c ) terminates Lessee’s existence by merger, consolidation, sale of substantially all Lessee’s assets, or (d) defaults under any other agreement Lessee has with Lessor or Lessor’s affiliates, or (e) otherwise breaches any provision of this Lease Agreement or any Schedule, Lessor may accelerate the remaining balance due on this Lease Agreement and any Schedule and demand the immediate return of the Equipment to Lessor. If Lessee does not return the Equipment to Lessor within (10) days of Lessor’s notice of Lessee’s default, Lessee will also pay a liquidated Equipment charge equal to the anticipated Lease-end residual value of the Equipment. Lessor may also use any remedies available to Lessor under the Uniform Commercial Code or any other applicable law. In the event of court action in which there is a final judgment, the losing party will pay all legal fees and expenses in addition to any judgment. Lessor will provide Lessee with notice and due process of law on any repossession or disposition of the Lease. To the extent permitted by law, Lessor will not be responsible to Lessee for any consequential or incidental damages. Lessor’s delay or failure to enforce Lessor’s rights under this Lease Agreement and each Schedule will not prevent Lessor from doing so at a later time.

Default Damages. If Lessee (a) fails to make any lease payment when due or (b) becomes insolvent or commences bankruptcy or receiverships proceedings or has such proceedings commenced against Lessee, or (c ) terminates Lessee’s existence by merger, consolidation, sale of substantially all Lessee’s assets, or (d) defaults under any other agreement Lessee has with Lessor or Lessor’s affiliates, or (e) otherwise breaches any provision of this Lease Agreement or any Schedule, Lessor may accelerate the remaining balance due on this Lease Agreement and any Schedule and demand the immediate return of the Equipment to Lessor. If Lessee Xxxxxx does not return the Equipment to Lessor within (10) days of Lessor’s notice of LesseeXxxxxx’s default, Lessee will also pay a liquidated Equipment charge equal to the anticipated Lease-end residual value of the Equipment. Lessor may also use any remedies available to Lessor under the Uniform Commercial Code or any other applicable law. In the event of court action in which there is a final judgment, the losing party will pay all legal fees and expenses in addition to any judgment. Lessor will provide Lessee with notice and due process of law on any repossession or disposition of the Lease. To the extent permitted by law, Lessor will not be responsible to Lessee for any consequential or incidental damages. Lessor’s delay or failure to enforce LessorXxxxxx’s rights under this Lease Agreement and each Schedule will not prevent Lessor Xxxxxx from doing so at a later time.