Common use of Remedies on Default. Whenever any Event of Default Clause in Contracts

Remedies on Default. Whenever any Event of Default. exists under a Lease, Lessor shall have the right, at its sole option without any further demand or notice, to take one or any combination of the following remedial steps: (a) By written notice to Lessee, Lessor may without terminating such Lease take whatever action at law or in equity may appear necessary or desirable to collect each Rental Payment payable by Lessee under such Lease and other amounts payable by Lessee thereunder as they become due and payable; (b) With or without terminating the Lease Term under such Lease, Lessor may enter the premises where the Equipment listed in such Lease is located and retake possession of such Equipment or require Lessee at Lessee’s expense to promptly return any or all of such Equipment to the possession of Lessor at such place within the United States as Lessor shall specify, and sell or lease such Equipment or, for the account of Lessee, sublease such Equipment, continuing to hold Lessee liable, but solely from legally available funds, for the difference between (i) the Rental Payments payable by Lessee pursuant to such Lease and other amounts related to such Lease or the Equipment listed therein that are payable by Lessee to the end of the then current Lease Term, and (ii) the net proceeds of any such sale, leasing or subleasing (after deducting all expenses of Lessor in exercising its remedies under such Lease, including, without limitation, all expenses of taking possession, storing, reconditioning and selling or leasing such Equipment and all brokerage, auctioneer’s and attorney’s fees), subject, however, to the provisions of Section 3.03; provided, that in no event shall Lessee be liable in any fiscal year for any amount in excess of the Rental Payments shown for such year in the Payment Schedule for such Lease. The exercise of any such remedies respecting any such Event of Default shall not relieve Lessee of any other liabilities hereunder, any other Lease or with respect to the Equipment listed therein; (c) Lessor may terminate the Escrow Agreement relating to such Lease and apply any proceeds in the Escrow Account thereunder to the Rental Payments due under such Lease; (d) Lessor may take whatever action at law or in equity may appear necessary or desirable to enforce its rights under this Agreement, such Lease or the Escrow Agreement relating thereto or as a secured party in any or all of the Equipment subject to such Lease or with respect to the related Escrow Account; and (e) By action pursuant to the California Code of Civil Procedure, or as otherwise provided by law, obtain the issuance of a writ of mandamus enforcing, for each fiscal year seriatim during the entire balance of the remaining Lease Term under such Lease, subject to Section 3.03, the duty of Lessee to appropriate and take all other administrative steps necessary for the payment of Rental Payments and other amounts due under such Lease.