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11. DEFAULT AND REMEDIES.
<br />The fallowing shall each be deemed an "Event of Default" under the Lease-(!) Lessee fails to pay
<br />any installation fee, Lease Payment or other charge or payment due on any Lease or Schedule
<br />that Lessee may have with Lessor within 10 days Of the date such payment Is due; (ii) except as
<br />expressly permitted in the Lease, Lessee attempts to remove, sell, encumber, assign or sublease
<br />or falls to insure any Olithe Equipment, or falls to deliver any CIOCUrrients required of Lessee under
<br />tile Lease;, (ill) any material representation or warranty made by Lessee in the Lease or any
<br />document supplied in connection with the Lease or any Schedule hereto is determined by Lessor
<br />to be untrue or incorrect in any material respect as of the date of Issuance or making thereof and
<br />such untruth or incorrectness Shall continue to be material and unremedied for a Period of thirty
<br />(30) days after Lessee's first knowledge thereof/receipt of written notice thereof fron, Lessor;
<br />(IV) Lessee fails to observe or Perform any of the other obligations required tobe observed or
<br />Performed by Lessee under the Lease or any SichEdude within thirty (30) days of Lessee's first
<br />knowledge/receipt of written notice from Lessor ,)f such failure, Or, if more than thirty (30) days
<br />are reasonably required to cure such failure, Lessee falls to commence and to continue to
<br />diligently perform such obligation within such thirty (30) days; (v) Lessee ceases doing business as
<br />a going concern, makes an assignment for the benefit of creditors, admits in writing Its inability to
<br />Pay its debts as they become due, files a Voluntary petition, in bankruptcy, Is adjudicated a
<br />bankrupt or an insolvent, files a Petition seeking for itself any bankruptcy, reorganization,
<br />arrangement, composition, readjustment, liquidation, dissolution or slinilar arrangement under
<br />any present or future statute, law or regulation or files a answer admitting or fails to deny the
<br />material allegations of a Petition filed against it in any such proceeding consents to or acquiesces
<br />in the appointment of a trustee, receiver, or liquidator for its or of all or any substantial part of its
<br />assets or Properties, or if it or its trustee, receiver, liquidator or shareholders shall take any action
<br />to effect its dissolution or liquidation, or, If within thirty (30) days after the commenceent
<br />proceedings against Lessee seeking reorganization, arrangement, Composition, readjustmment,of any
<br />liquidation, dissolution or similar relief under any present or future statute, law or regulation,
<br />such Proceedings shall 'lot have been dismissed, or if within thirty (30) days after the
<br />appointment of any trustee, receiver or IIQILtidator of it or of all or any Substantial part of its
<br />respective assets and properties, such appointment shall not be vacated; or (YI) files a termination
<br />statement for any financing statement filed by Lessor while any obil ations are owed by Lessee
<br />under a Lease, 9
<br />b. Upon the occurrence of an Event of Defitilt("Default Date") under a Lease asset forth herein and
<br />at any time thereafter while such Event of Default is continuing, Lessor (nay do any one or more
<br />of the following: (a) cancel aridterminate all or any ortion of such I -ease; (b) enter any premises
<br />where the Equipment under such Lease may be and ipmmediately take possession and remove the
<br />Equipment or without removal of the Equipment, render the Equipment unusable or require
<br />Lessee to assemble the Equipment and make it available to Lessor as a Place designated by
<br />Lessor, and/or dispose of the Equipment by sale or otherwise (all Of which determinations may be
<br />made by Lessor in its sole and absolute discretion) without any duty to account for such action or
<br />Inaction or for any Proceeds or profits with respect thereto; (c) With or without canceling such
<br />Lease, recover fl-Oni Lessee as liquidated damages and not as a penalty an arnOsint equal to the
<br />sum Of: (I) all unpaid Lease Payments and other amounts that became due and Payable on, or
<br />prior to, the Default Date oil such Lease, (11) the present Value Of all future Lease Payments and
<br />Other amounts described In such Lease not included in (1) above, discounted using the rate factor
<br />Lessor utilized in calculating the Lease Payment (which discount factor, Lessee agrees is a
<br />Commercially reasonable rate), (ill) all commercially reasonable costs and expenses Incurred by
<br />Lessor in enforcing Lessor's rights tinder such Lease, Including, but not limited to, costs of
<br />repossession, recovery, storage, repair, sale, re -lease and reasonable attorneys" fees and costs,
<br />(IV) Lessor's anticipated residual value of the Equipment subject to such Lease as of the expiration
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