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15. Events of Default by Lessee. Each of the following events shall constitute an "Event of Default" for purposes of this Lease: (i) Lessee defaults in the payment when due of the Rental Payment or any other amounts owed by Lessee to Lessor under the terms of this Lease, (ii) Lessee fails to perform any obligation or observe any covenant or condition to be performed or observed by Lessee, or breaches any representation or provision contained herein and such failure shall continue un-remedied for thirty (30) consecutive calendar days; (iii) Lessee ceases its South Bend Operations during the term of the Lease; (iv) Lessee: (a) makes an assignment for the benefit of creditors; (b) becomes insolvent; (c) admits in writing an inability to pay its debts as they become due; (d) becomes the subject of a voluntary or involuntary case commenced under the United States Bankruptcy Code, as now constituted or hereafter amended, or any other applicable Federal or state bankruptcy, insolvency or similar law; (e) is dissolved or liquidated, or any action is taken which could result in the dissolution or liquidation of Lessee; (f) a receiver, trustee or liquidator is appointed with respect to Lessee's assets; (v) any lien is created with respect to the Equipment (other than a lien created by Lessor); or(vi) the occurrence of any sale, transfer, conveyance or other disposition of all or any part of the Equipment or any attempt to sell, transfer, convey or otherwise dispose of all or any part of the Equipment. 16. Remedies, Upon the occurrence of an Event of Default by Lessee under this Lease, Lessor may, at its option, take any one or more of the following courses of action: (i) terminate this Lease; (ii) proceed by appropriate judicial action to enforce this Lease and recover damages caused by the breach, including, without limitation, attorneys' fees, court costs and other collection costs; (iii) demand that Lessee return the Equipment to Lessor in Returnable Condition within thirty (30) days; (iv) require Lessee to purchase the Equipment pursuant to Section 10 hereof and/or (v) accelerate all sums due under this Lease plus interest at the Default Rate. In addition, Lessee shall be liable for all reasonable attorneys' fees and other costs and expenses resulting from the occurrence of any Event of Default or the exercise by Lessor of any of the remedies available to it. 17. Representations of Lessee. Lessee represents and warrants to Lessor that: (a) The execution, delivery and performance of this Lease have all been duly authorized by all necessary action on the part of Lessee; and (b) This Lease constitutes a legal, valid and binding agreement of Lessee and is enforceable in accordance with its terms. 18. Representations of Lessor. Lessor represents and warrants to Lessee that: (a) The execution, delivery and performance of this Lease have all been duly authorized by all necessary action on the part of Lessor; and (b) This Lease constitutes a legal, valid and binding agreement of Lessor and is enforceable in accordance with its terms. 19. Assignment and Subletting. Without Lessor's prior written consent (which it may withhold in its sole discretion), Lessee shall not (i) assign, transfer, pledge, hypothecate, or otherwise dispose of the Equipment or any interest therein; or (ii) sublet or lend the Equipment or permit it to be used by anyone, other than Lessee or Lessee's employees, parent company, - 7 - BDDBO] 9491441v5