Common use of Bankruptcy Filings Clause in Contracts

Bankruptcy Filings. (a) Upon the filing of a petition by or against Tenant under any chapter of the Bankruptcy Code, Tenant, as debtor and as debtor in possession, and any trustee who may be appointed agree as follows: (i) to perform each and every obligation of Tenant under this Lease including, without limitation, the continuous and uninterrupted occupancy of the Premises as is required under Article 16 until such time as this Lease is either rejected or assumed by order of the United States Bankruptcy Court; (ii) to pay monthly in advance on the first day of each month as reasonable compensation for use and occupancy of the Premises an amount equal to all Rent and other charges otherwise due pursuant to this Lease; (iii) to reject or assume this Lease within sixty (60) days of the filing of such petition under Chapter 7 of the Bankruptcy Code or within one hundred twenty (120) days (or such shorter term as Landlord, in its sole discretion, may deem reasonable so long as notice of such period is given) of the filing of a petition under any other chapter of the Bankruptcy Code, Tenant hereby knowingly and voluntarily waiving any right to seek time additional to the minimum period set forth in 11 U.S.C. § 365(d)(4) or any similar statute to assume or reject this Lease and hereby acknowledging that there does not exist, nor could there exist, cause to seek such extension; (iv) to give Landlord at least forty-five (45) days prior written notice of any proceeding relating to any assumption of this Lease; (v) to give Landlord at least thirty (30) days’ prior written notice of any abandonment of the Premises; any such abandonment to be deemed a rejection of this Lease; (vi) to do all other things of benefit to Landlord otherwise required under the Bankruptcy Code; (vii) to be deemed to have rejected this Lease in the event of the failure to comply with any of the above; and (viii) to have consented to the entry of an order by an appropriate United State Bankruptcy Court providing all of the above, waiving notice and hearing of the entry of same.