2006 New York Code - Repudiated, Substituted And Excused

 
  Section 2-A-406. Procedure on Excused Performance.
    (1)  If  the  lessee receives notification of a material or indefinite
  delay or an allocation justified under Section 2-A-405, the  lessee  may
  by written notification to the lessor as to any goods involved, and with
  respect  to  all of the goods if under an installment lease contract the
  value of the whole lease contract  is  substantially  impaired  (Section
  2-A-510):
         (a) terminate the lease contract (Section 2-A-505(2)); or
         (b) except  in  a  finance  lease  that  is not a consumer lease,
             modify the lease contract by accepting the available quota in
             substitution, with due allowance from the  rent  payable  for
             the  balance of the lease term for the deficiency but without
             further right against the lessor.
    (2) If, after receipt of a notification from the lessor under  Section
  2-A-405,  the  lessee  fails  so  to modify the lease agreement within a
  reasonable time not exceeding thirty days,  the  lease  contract  lapses
  with respect to any deliveries affected.