Common use of BANKRUPTCY AND DEFAULT Clause in Contracts

BANKRUPTCY AND DEFAULT. The commencement of a bankruptcy action or liquidation action or reorganization action or insolvency action or an assignment of or by Tenant for the benefit of creditors, of any similar action undertaken by Tenant, or the insolvency of Tenant, shall at Landlord's option, constitute a breach of this Lease by Tenant. If the trustee or receive appointed to serve during a bankruptcy, liquidation, reorganization, insolvency or similar action elects to reject Tenant's unexpired Lease, the trustee or receiver shall notify Landlord in writing of its election within thirty (30) days after an order for relief in a liquidation action or within thirty (30) days after the commencement of any action.

BANKRUPTCY AND DEFAULT. The commencement of a bankruptcy action or liquidation action or reorganization action or insolvency action or an assignment of or by Tenant for the benefit of creditors, of or any similar action undertaken by Tenant, or the insolvency of Tenant, shall shall, at Landlord's option, constitute a breach of this Lease by Tenant. If the trustee or receive receiver appointed to serve during a bankruptcy, liquidation, reorganization, insolvency or similar action elects to reject Tenant's unexpired Lease, the trustee or receiver shall notify Landlord in writing of its election within thirty THIRTY (30) days DAYS after an order for relief in a liquidation action or within thirty THIRTY (30) days DAYS after the commencement of any action.