CARRY OUT, THE INTENT AND PURPOSES OF THIS LEASE AND
THE LEASE SCHEDULES. ALL DOCUMENTATION SHALL BE IN A FORM ACCEPTABLE TO LESSOR
AND ITS ASSIGNEES.
18.3.
LEASE AGREEMENT.
IF ANY COURT OF COMPETENT
JURISDICTION SHOULD DETERMINE THAT THIS LEASE CONSTITUTES A SECURITY ARRANGEMENT
AS OPPOSED TO A TRUE LEASE, THE PARTIES THEN AGREE THAT THIS LEASE SHALL
CONSTITUTE A SECURITY AGREEMENT WITHIN THE MEANING OF THE
10
UNIFORM COMMERCIAL CODE AND THAT THE LESSOR SHALL BE CONSIDERED A SECURED PARTY
UNDER THE PROVISIONS THEREOF AND SHALL BE ENTITLED TO ALL THE RIGHTS AND
REMEDIES OF A SECURED PARTY.
LESSEE, AS DEBTOR, GRANTS TO LESSOR, AS SECURED
PARTY, A SECURITY INTEREST IN THE EQUIPMENT; PROVIDED NOTHING HEREIN SHALL BE
CONSTRUED NOR SHALL THE INCLUSION OF THIS PARAGRAPH BE INTERPRETED AS DEROGATING
FROM THE STATED INTENT AND CONTRACTUAL UNDERSTANDING OF THE PARTIES THAT THIS IS
A TRUE LEASE.
19.
DEFAULT BY LESSEE.
LESSEE SHALL BE DEEMED
IN DEFAULT UNDER THIS AGREEMENT UPON THE OCCURRENCE OF ANY ONE OF THE FOLLOWING
EVENTS ("EVENT OF DEFAULT"):
19.1.
FAILURE TO MAKE ANY PAYMENT DUE UNDER THIS
AGREEMENT OR ANY LEASE SCHEDULE BY ITS DUE DATE;
19.2.
LESSEE'S CANCELLATION, TERMINATION, ALTERATION, OR
RESCISSION OF THE AUTHORIZATION FOR AUTOMATIC PAYMENT WITHOUT THE PRIOR APPROVAL
OF LESSOR;
19.3.
LESSEE'S REJECTION OF ANY AUTHORIZED WITHDRAWAL,
PAYMENT OR ENTRY PERMITTED BY THE AUTHORIZATION FOR AUTOMATIC PAYMENT;
19.4.
FAILURE TO PERFORM ANY OTHER OBLIGATION UNDER THIS
AGREEMENT OR ANY LEASE SCHEDULE WITHIN THIRTY (30) DAYS AFTER RECEIPT OF WRITTEN
NOTICE OF DEFAULT AND FAILURE TO CURE; PROVIDED, HOWEVER, THAT NO NOTICE SHALL
BE REQUIRED WHERE A BREACH OR THREATENED BREACH WOULD CAUSE IRREPARABLE HARM TO
LESSOR AND LESSOR MAY IMMEDIATELY SEEK EQUITABLE RELIEF IN A COURT OF COMPETENT
JURISDICTION TO ENJOIN SUCH BREACH;
19.5.
LESSEE SHALL FAIL TO PAY ITS DEBTS AS THEY BECOME
DUE, SHALL MAKE AN ASSIGNMENT FOR THE BENEFIT OF ITS CREDITORS, SHALL ADMIT IN
WRITING ITS INABILITY TO PAY ITS DEBTS AS THEY BECOME DUE, SHALL FILE A PETITION
UNDER ANY CHAPTER OF THE FEDERAL BANKRUPTCY CODE OR ANY SIMILAR LAW, STATE OR
FEDERAL, NOW OR HEREAFTER EXISTING, SHALL BECOME "INSOLVENT" AS THAT TERM IS
GENERALLY DEFINED UNDER THE FEDERAL BANKRUPTCY CODE, SHALL IN ANY INVOLUNTARY
BANKRUPTCY CASE COMMENCED AGAINST IT FILE AN ANSWER ADMITTING INSOLVENCY OR
INABILITY TO PAY ITS DEBTS AS THEY BECOME DUE, OR SHALL FAIL TO OBTAIN A
DISMISSAL OF SUCH CASE WITHIN ONE HUNDRED TWENTY (120) DAYS AFTER ITS
COMMENCEMENT OR CONVERT THE CASE FROM ONE CHAPTER OF THE FEDERAL BANKRUPTCY CODE
TO ANOTHER CHAPTER, OR BE THE SUBJECT OF AN ORDER FOR RELIEF IN SUCH BANKRUPTCY
CASE, OR BE ADJUDGED A BANKRUPT OR INSOLVENT, OR SHALL HAVE A CUSTODIAN, TRUSTEE
OR RECEIVER APPOINTED FOR, OR HAVE ANY COURT TAKE JURISDICTION OF ITS PROPERTY,
OR ANY PART THEREOF, IN ANY PROCEEDING FOR THE PURPOSE OF REORGANIZATION,
ARRANGEMENT, DISSOLUTION OR LIQUIDATION, AND SUCH CUSTODIAN, TRUSTEE OR RECEIVER
SHALL NOT BE DISCHARGED, OR SUCH JURISDICTION SHALL NOT BE RELINQUISHED, VACATED
OR STAYED