Common use of Default; Remedies for default Clause in Contracts

Default; Remedies for default. 13.1 Should this Agreement or any addendum hereto be breached by Lessee prior to the end of the agreed upon term, or for any other default, then a daily rental rate for the Equipment leased hereunder shall be applied which will be calculated on a pro-rata basis in accordance with the agreed lease rate specified within the existing Lease Order. If the default is for failure to timely pay the lease payments due under this Agreement, any outstanding balances will be subject to an interest charge of 1.5% of per month plus a $ 25.00 USD monthly administrative charge. An invoice will be issued to the Lessee reflecting the rental rate and/or other charges pursuant to this paragraph. 13.2 The Lessor may terminate the Lease without prejudice to any other rights after ten (10) days written notice to the Lessee if (i) the Lessee fails to pay rent or any other charges when due, (ii) the Lessee is in default in the performance of any obligation under this Agreement and fails to remedy fully such default within ten (10) days after receipt of written notice from the Lessor to do so, or (iii) the Lessee is the subject of any proceedings under the bankruptcy laws applicable to the Lessee or has become insolvent, or otherwise places Lessor’s interest in its Equipment in jeopardy. Immediately upon notification of termination, a pro-rata daily rental rate calculated in accordance with the existing Agreement shall apply until each item of Equipment has been returned to Lessor. 13.3 Upon any default, the Lessor may utilize all legal remedies available to it to secure possession of or to protect the Equipment, or may retake possession of the Equipment without resort to judicial process and in such case the Lessee shall be required to notify the Lessor of the exact location of all Equipment on lease and promptly redeliver same to the Lessor. 13.4 The Lessee agrees to pay all reasonable legal fees and costs incurred and incidental to the enforcement of Lessor’s rights under this Agreement, including, but not limited to, measures to collect payment of outstanding invoices or claim repossession of Equipment.