Common use of Default under Lease Clause in Contracts

Default under Lease. (a) In the event of a default under or repudiation of the Lease the Indemnifier waives any right to require the Bank prior to making any demand hereunder to: (i) Proceed against the Lessee or pursue any rights or remedies with respect to the Lease; (ii) Proceed against or exhaust any security of the Lessee held by the Bank; (iii) Pursue any other remedy whatsoever in the power of the Bank. (b) In the event of termination of the Lease, except by surrender accepted by the Bank, or in the event of disclaimer of the Lease pursuant to any statute, than at the option of the Bank the Indemnifer shall execute a new lease of the Collateral with the Bank as lessor and the Indemnifier as l essee for a term equal in duration to the residue of the term of the Lease remaining unexpired at the date of such termination or such disclaimer. Such lease shall contain like lessor's and lessee's obligations respectively and like covenants, provisos, agreements and conditions in all respects as are contained in the Lease.

Default under Lease. (a) In the event of a default under or repudiation of the Lease the Indemnifier waives any right to require the Bank prior to making any demand hereunder to: (i) Proceed against the Lessee or pursue any rights or remedies with respect to the Lease; (ii) Proceed against or exhaust any security of the Lessee held by the Bank; ; (iii) Pursue any other remedy whatsoever in the power of the Bank. (b) In the event of termination of the Lease, except by surrender accepted by the Bank, or in the event of disclaimer of the Lease pursuant to any statute, than then at the option of the Bank the Indemnifer Indemnifier shall execute a new lease of the Collateral with the Bank as lessor and the Indemnifier as l essee lessee for a term equal in duration to the residue of the term of the Lease remaining unexpired at the date of such termination or such disclaimer. Such lease shall contain like lessor's and lessee's obligations respectively and like covenants, provisos, agreements and conditions in all respects as are contained in the Lease.