Common use of Bankruptcy of Tenant Clause in Contracts

Bankruptcy of Tenant. If this Lease is assigned to any person or entity pursuant to the provisions of the Federal Bankruptcy Code, Title 11 U.S.C. Section 101, et seq., as subsequently amended (the "Bankruptcy Code"), any and all monies or other considerations payable or otherwise to be delivered in connection with such assignment will be paid or delivered to Landlord (which shall include the cure of any existing monetary defaults by payment of same to Landlord and the cure of any non-monetary defaults by performance within ten (10) business days of the assumption of this Lease by Assignee), will be and remain the exclusive property of Landlord and will not constitute property of Tenant within the meaning of the Bankruptcy Code. Any and all monies or other considerations constituting Landlord's property under the preceding sentence not paid or delivered to Landlord will be held in trust for the benefit of Landlord and be promptly paid to or turned over to Landlord. For purposes of Section 365(f) (2) of the Bankruptcy Code "adequate assurances of future performance" will include, but not be limited to, net worth and credit-worthiness equal to that of Tenant on the Commencement Date of this Lease, the deposit of a sum equal to three (3) months' Basic Rent and then applicable Additional Rent as a Security Deposit and the promise to cure all non-monetary defaults within sixty (60) days after there has been an order for relief under applicable bankruptcy law. Any person or entity to which this Lease is assigned pursuant to the provisions of the Bankruptcy Code, will be deemed without further act or deed to have assumed all of the obligations arising under this Lease on and after the date of such assignment. Any such assignee will upon demand execute and deliver to Landlord an instrument confirming such assumption.

Bankruptcy of Tenant. If In the event that any or all of Tenant's interest in the Premises and/or this Lease is assigned transferred by operation of law to any person trustee, receiver, or other representative or agent of Tenant's, or to Tenant's as a debtor in possession, and subsequently any or all of Tenant's interest in the Premises and/or this Lease is offered or to be offered by Tenant or any trustee, receiver, or other representative or agent of Tenant as to its estate or property (such person, firm or entity pursuant being hereinafter referred to the provisions of the Federal Bankruptcy Code, Title 11 U.S.C. Section 101, et seq., as subsequently amended (the "Bankruptcy CodeGrantor"), any and all monies for assignment, conveyance, lease, or other considerations payable disposition to a person, firm or entity other than Landlord (each such transaction being hereinafter referred to as a "Disposition"), it is agreed that Landlord has and shall have a right of first refusal to purchase, take, or otherwise acquire, the same upon the same terms and conditions as the Grantor thereof shall accept upon such Disposition to be delivered in connection with such assignment will be paid other person, firm, or delivered entity; and as to each such Disposition the Grantor shall give written notice to Landlord (which shall include the cure in reasonable detail of any existing monetary defaults by payment of same to Landlord and the cure of any non-monetary defaults by performance within ten (10) business days all of the assumption terms and conditions of this Lease by Assignee)such Disposition within twenty (20) days next following its determination to accept the same but prior to accepting the same, will be and remain Grantor shall not make the exclusive property Disposition until and unless Landlord has failed or refused to accept such right of first refusal as to the Disposition, as set forth herein. Landlord and will not constitute property of Tenant within the meaning of the Bankruptcy Code. Any and all monies or other considerations constituting Landlord's property under the preceding sentence not paid or delivered to Landlord will be held in trust for the benefit of Landlord and be promptly paid to or turned over to Landlord. For purposes of Section 365(f) (2) of the Bankruptcy Code "adequate assurances of future performance" will include, but not be limited to, net worth and credit-worthiness equal to that of Tenant on the Commencement Date of this Lease, the deposit of a sum equal to three (3) months' Basic Rent and then applicable Additional Rent as a Security Deposit and the promise to cure all non-monetary defaults within shall have sixty (60) days after there has been an order for relief under applicable bankruptcy lawnext following its receipt of the written notice as to such Disposition in which to exercise the option to acquire Tenant's interest by such Disposition, and the exercise of the option by Landlord shall be effected by notice to that effect sent to the Grantor; but nothing herein shall require Landlord to accept a particular Disposition or any Disposition, nor does the rejection of any one such offer of first refusal constitute a waiver or release of the obligation of the Grantor to submit other offers hereunder to Landlord. Any person or entity to which this Lease is assigned In the event Landlord accepts such offer of first refusal, the transaction shall be consummated pursuant to the terms and conditions of the Disposition described in the notice to Landlord. In the event Landlord rejects such offer of first refusal, Grantor may consummate the Disposition with such other person, firm, or entity; but any decrease in price of more than two (2%) percent of the price sought from Landlord or any change in the terms of payment for such Disposition shall constitute a new transaction requiring a further option of first refusal to be given to Landlord hereunder. Without limiting any of the provisions of this Article 16 and Article 13, if pursuant to Federal bankruptcy Code (herein the Bankruptcy "Code") or any similar law hereafter enacted having the same general purpose, will Tenant is permitted to assign this lease notwithstanding the restrictions contained in this Lease, adequate assurance of future performance by an assignee expressly permitted under such Code shall be deemed to mean the deposit of cash security in an amount equal to the sum of one (1) year's annual Base Rent and additional sums due hereunder for the next succeeding twelve (12) months (which additional sums shall be reasonably estimated by landlord), which deposits shall be held by Landlord for the balance of the term, without further act or deed to have assumed interest, as security for the full performance of all of the Tenant's obligations arising under this Lease on Lease, to be held and after applied in the date of such assignment. Any such assignee will upon demand execute and deliver to Landlord an instrument confirming such assumptionmanner specified in Article 4.

Bankruptcy of Tenant. Guarantor shall not commence or join with any other person in commencing any bankruptcy, reorganization or insolvency proceedings against Tenant or any person liable for Tenant's obligations under the Lease. Guarantor shall file in any bankruptcy or other proceeding in which the filing of claims is required or permitted by law all claims which Guarantor may have against Tenant relating to any indebtedness of Tenant to Guarantor and will assign to Landlord all rights of Guarantor thereunder. Landlord shall have the sole right to accept or reject any plan proposed in such proceedings and to take any other action which a party filing a claim is entitled to do. In all such cases, whether in administration, bankruptcy, or otherwise, the person or persons authorized to pay such claim shall pay to Landlord the amount payable on such claim and, to the full extent necessary for that purpose, Guarantor hereby assigns to Landlord all of Guarantor's right to any such payments or distributions to which Guarantor would otherwise be entitled; provided, however, that Guarantor's obligations hereunder shall not be satisfied except to the extent that Landlord receives cash by reason of any such payments or distribution. If Landlord receives anything hereunder other than cash, the same shall be held as collateral for amounts due under this Guaranty. If the Lease is assigned to rejected in any person or entity pursuant to the provisions of the Federal Bankruptcy Codebankruptcy proceeding, Title 11 U.S.C. Section 101, et seq., as subsequently amended (the "Bankruptcy Code"), any and all monies or other considerations payable or otherwise to be delivered in connection with such assignment will be paid or delivered to Landlord (which it shall include the cure of any existing monetary defaults by payment of same to Landlord and the cure of any non-monetary defaults by performance within ten (10) business days of the assumption of not affect Guarantor's liability under this Lease by Assignee), will be and remain the exclusive property of Landlord and will not constitute property of Tenant within the meaning of the Bankruptcy Code. Any and all monies or other considerations constituting Landlord's property under the preceding sentence not paid or delivered to Landlord will be held in trust Guaranty for the benefit of Landlord and be promptly paid to or turned over to Landlord. For purposes of Section 365(f) (2) of the Bankruptcy Code "adequate assurances of future performance" will include, but not be limited to, net worth and credit-worthiness equal to that of Tenant on the Commencement Date of this Lease, the deposit of a sum equal to three (3) months' Basic Rent and then applicable Additional Rent as a Security Deposit and the promise to cure all non-monetary defaults within sixty (60) days after there has been an order for relief under applicable bankruptcy law. Any person or entity to which this Lease is assigned pursuant to the provisions of the Bankruptcy Code, will be deemed without further act or deed to have assumed all of the obligations arising of Tenant under this the Lease due or to become due thereunder, and in addition thereto, at the option of Landlord, Guarantor shall either assume the Lease and pay and perform all of the obligations of the tenant thereunder or enter into a new lease with Landlord on substantially all of the terms and after conditions of the date Lease for the remaining term of such assignment. Any such assignee will upon demand execute and deliver to Landlord an instrument confirming such assumptionthe Lease.

Bankruptcy of Tenant. Guarantor shall not commence or join with any other person in commencing any bankruptcy, reorganization or insolvency proceedings against Tenant or any person liable for Tenant's obligations under the Lease. Guarantor shall file in any bankruptcy or other proceeding, in which the filing of claims is required or permitted by law, all claims which Guarantor may have against Tenant relating to any indebtedness of Tenant to Guarantor and will assign to Landlord all rights of Guarantor thereunder. Landlord shall have the sole right to accept or reject any plan proposed in such proceedings and to take any other action which a party filing a claim is entitled to do. In all such cases, whether in administration, bankruptcy, or otherwise, the person or persons authorized to pay such claim shall pay to Landlord the amount payable on such claim and, to the full extent necessary for that purpose, Guarantor hereby assigns to Landlord all of Guarantor's right to any such payments or distributions to which Guarantor would otherwise be entitled; provided, however, that Guarantor's obligations hereunder shall not be satisfied except to the extent that Landlord receives cash by reason of any such payments or distribution. If Landlord receives anything hereunder other than cash, the same shall be held as collateral for amounts due under this Guaranty. If the Lease is assigned to rejected in any person or entity pursuant to the provisions of the Federal Bankruptcy Codebankruptcy proceeding, Title 11 U.S.C. Section 101, et seq., as subsequently amended (the "Bankruptcy Code"), any and all monies or other considerations payable or otherwise to be delivered in connection with such assignment will be paid or delivered to Landlord (which it shall include the cure of any existing monetary defaults by payment of same to Landlord and the cure of any non-monetary defaults by performance within ten (10) business days of the assumption of not affect Guarantor's liability under this Lease by Assignee), will be and remain the exclusive property of Landlord and will not constitute property of Tenant within the meaning of the Bankruptcy Code. Any and all monies or other considerations constituting Landlord's property under the preceding sentence not paid or delivered to Landlord will be held in trust Guaranty for the benefit of Landlord and be promptly paid to or turned over to Landlord. For purposes of Section 365(f) (2) of the Bankruptcy Code "adequate assurances of future performance" will include, but not be limited to, net worth and credit-worthiness equal to that of Tenant on the Commencement Date of this Lease, the deposit of a sum equal to three (3) months' Basic Rent and then applicable Additional Rent as a Security Deposit and the promise to cure all non-monetary defaults within sixty (60) days after there has been an order for relief under applicable bankruptcy law. Any person or entity to which this Lease is assigned pursuant to the provisions of the Bankruptcy Code, will be deemed without further act or deed to have assumed all of the obligations arising of Tenant under this the Lease due or to become due thereunder, and in addition thereto, at the option of Landlord, Guarantor shall either assume the Lease and pay and perform all of the obligations of Tenant thereunder or enter into a new lease with Landlord on substantially all of the terms and after conditions of the date Lease for the remaining term of such assignment. Any such assignee will upon demand execute and deliver to Landlord an instrument confirming such assumptionthe Lease.

Bankruptcy of Tenant. Guarantor shall not commence or join with any other person in commencing any bankruptcy, reorganization or insolvency proceedings against Tenant or any person liable for Tenant’s obligations under the Lease. Guarantor shall file in any bankruptcy or other proceeding in which the filing of claims is required or permitted by law all claims which Guarantor may have against Tenant relating to any indebtedness of Tenant to Guarantor and will assign to Landlord all rights of Guarantor thereunder. Landlord shall have the sole right to accept or reject any plan proposed in such proceedings and to take any other action which a party filing a claim is entitled to do. In all such cases, whether in administration, bankruptcy, or otherwise, the person or persons authorized to pay such claim shall pay to Landlord the amount payable on such claim and, to the full extent necessary for that purpose, Guarantor hereby assigns to Landlord all of Guarantor’s right to any such payments or distributions to which Guarantor would otherwise be entitled; provided, however, that Guarantor’s obligations hereunder shall not be satisfied except to the extent that Landlord receives cash by reason of any such payments or distribution. If Landlord receives anything hereunder other than cash, the same shall be held as collateral for amounts due under this Guaranty. If the Lease is assigned to rejected in any person or entity pursuant to the provisions of the Federal Bankruptcy Codebankruptcy proceeding, Title 11 U.S.C. Section 101, et seq., as subsequently amended (the "Bankruptcy Code"), any and all monies or other considerations payable or otherwise to be delivered in connection with such assignment will be paid or delivered to Landlord (which it shall include the cure of any existing monetary defaults by payment of same to Landlord and the cure of any non-monetary defaults by performance within ten (10) business days of the assumption of not affect Guarantor’s liability under this Lease by Assignee), will be and remain the exclusive property of Landlord and will not constitute property of Tenant within the meaning of the Bankruptcy Code. Any and all monies or other considerations constituting Landlord's property under the preceding sentence not paid or delivered to Landlord will be held in trust Guaranty for the benefit of Landlord and be promptly paid to or turned over to Landlord. For purposes of Section 365(f) (2) of the Bankruptcy Code "adequate assurances of future performance" will include, but not be limited to, net worth and credit-worthiness equal to that of Tenant on the Commencement Date of this Lease, the deposit of a sum equal to three (3) months' Basic Rent and then applicable Additional Rent as a Security Deposit and the promise to cure all non-monetary defaults within sixty (60) days after there has been an order for relief under applicable bankruptcy law. Any person or entity to which this Lease is assigned pursuant to the provisions of the Bankruptcy Code, will be deemed without further act or deed to have assumed all of the obligations arising of Tenant under this the Lease due or to become due thereunder, and in addition thereto, at the option of Landlord, Guarantor shall either assume the Lease and pay and perform all of the obligations of the tenant thereunder or enter into a new lease with Landlord on substantially all of the terms and after conditions of the date Lease for the remaining term of such assignment. Any such assignee will upon demand execute and deliver to Landlord an instrument confirming such assumptionthe Lease.