Article 2A Waivers Clause Samples

Article 2A Waivers. In the event that Article 2A of the Uniform Commercial Code is adopted under applicable law and applies to this Lease, then Second Party, to the extent permitted by law, waives any and all rights and remedies conferred upon a lessee by Sections 2A-508 through 2A-522 of such Article 2A, including, but not limited to, Second Party's rights to: (i) cancel or repudiate this Lease; (ii) reject or revoke acceptance of the Equipment; (iii) claim, grant or permit a security interest in the Equipment in Second Party's possession or control for any reason; (iv) deduct from Rent all or any part of any claimed damages resulting from First Party's default, if any, under this Lease; (v) accept partial delivery of the Equipment; (vi) "cover" by making any purchase or lease of or contract to purchase or lease equipment in substitution for Equipment designated in this Lease; and (vii) obtain specific performance, replevin, detinue, sequestration, claim and delivery or the like for any Equipment identified to this Lease. To the extent permitted by applicable law, Second Party also hereby waives any rights now or hereafter conferred by statute or otherwise which may require First Party to sell, lease or otherwise use any Equipment in mitigation of First Party's damages or which may otherwise limit or modify any of First Party's rights or remedies, including, without limitation, any limit on the determination of the amount of First Party's Loss provided in Article 2A of the Uniform Commercial Code.