WILLIAM DONALD SCHAEFER, Governor                           S.B. 147

(C) RESORT TO ANY RIGHT OR REMEDY UPON DEFAULT UNDER THE
LEASE CONTRACT OR THIS ARTICLE, EVEN THOUGH THE AGGRIEVED PARTY HAS
NOTIFIED THE REPUDIATING PARTY THAT THE AGGRIEVED PARTY WOULD AWAIT
THE REPUDIATING PARTY'S PERFORMANCE AND ASSURANCE AND HAS URGED
RETRACTION. IN ADDITION, WHETHER OR NOT THE AGGRIEVED PARTY IS
PURSUING ONE OF THE FOREGOING REMEDIES, THE AGGRIEVED PARTY MAY
SUSPEND PERFORMANCE OR, IF THE AGGRIEVED PARTY IS THE LESSOR, PROCEED
IN ACCORDANCE WITH THE PROVISIONS OF THIS ARTICLE ON THE LESSOR'S RIGHT
TO IDENTIFY GOODS TO THE LEASE CONTRACT NOTWITHSTANDING DEFAULT OR
TO SALVAGE UNFINISHED GOODS (§ 2A-524).

2A-403. RETRACTION OF ANTICIPATORY REPUDIATION

(1)      UNTIL THE REPUDIATING PARTY'S NEXT PERFORMANCE IS DUE, THE
REPUDIATING PARTY CAN RETRACT THE REPUDIATION UNLESS, SINCE THE
REPUDIATION, THE AGGRIEVED PARTY HAS CANCELLED THE LEASE CONTRACT OR
MATERIALLY CHANGED THE AGGRIEVED PARTY'S POSITION OR OTHERWISE
INDICATED THAT THE AGGRIEVED PARTY CONSIDERS THE REPUDIATION FINAL.

(2)      RETRACTION MAY BE BY ANY METHOD THAT CLEARLY INDICATES TO
THE AGGRIEVED PARTY THAT THE REPUDIATING PARTY INTENDS TO PERFORM
UNDER THE LEASE CONTRACT AND INCLUDES ANY ASSURANCE DEMANDED UNDER
§ 2A-401.

(3)      RETRACTION REINSTATES A REPUDIATING PARTY'S RIGHTS UNDER A
LEASE CONTRACT WITH DUE EXCUSE AND ALLOWANCE TO THE AGGRIEVED PARTY
FOR ANY DELAY OCCASIONED BY THE REPUDIATION.

2A-404. SUBSTITUTED PERFORMANCE

(1)      IF WITHOUT FAULT OF THE LESSEE, THE LESSOR AND THE SUPPLIER, THE
AGREED BERTHING, LOADING, OR UNLOADING FACILITIES FAIL OR THE AGREED
TYPE OF CARRIER BECOMES UNAVAILABLE OR THE AGREED MANNER OF
DELIVERY OTHERWISE BECOMES COMMERCIALLY IMPRACTICABLE, BUT A
COMMERCIALLY REASONABLE SUBSTITUTE IS AVAILABLE, THE SUBSTITUTE
PERFORMANCE MUST BE TENDERED AND ACCEPTED.

(2)      IF THE AGREED MEANS OR MANNER OF PAYMENT FAILS BECAUSE OF
DOMESTIC OR FOREIGN GOVERNMENTAL REGULATION:

(A)     THE LESSOR MAY WITHHOLD OR STOP DELIVERY OR CAUSE THE
SUPPLIER TO WITHHOLD OR STOP DELIVERY UNLESS THE LESSEE PROVIDES A
MEANS OR MANNER OF PAYMENT THAT IS COMMERCIALLY A SUBSTANTIAL
EQUIVALENT; AND

(B)     IF DELIVERY HAS ALREADY BEEN TAKEN, PAYMENT BY THE MEANS
OR IN THE MANNER PROVIDED BY THE REGULATION DISCHARGES THE LESSEE'S
OBLIGATION UNLESS THE REGULATION IS DISCRIMINATORY, OPPRESSIVE, OR
PREDATORY.

2A-405. EXCUSED PERFORMANCE

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