Common use of Chapter 11 Clause in Contracts

Chapter 11. In the event that SUBLESSEE shall become a debtor in a case filed under Chapter 11 of the Bankruptcy Code, or in a case filed under Chapter 7 of the Bankruptcy Code which is converted to Chapter 11, SUBLESSEE'S trustee or SUBLESSEE, as debtor-in-possession, must elect to assume this Lease within sixty (60) days from the date of the filing of the petition under Chapter 11 or conversion thereto, or SUBLESSEE'S trustee or the debtor-in-possession shall be deemed to have rejected this Lease. Immediately thereupon SUBLESSOR shall be entitled to possession of the Premises without further obligation to SUBLESSEE or SUBLESSEE'S trustee and this Lease, upon the election of SUBLESSOR, shall terminate, but SUBLESSOR'S right to be compensated for damages (including, without limitation, damages pursuant to this Paragraph 17) in any such proceeding shall survive whether or not the Lease is terminated. Should SUBLESSEE'S trustee, or SUBLESSEE or debtor-in- possession elect to assume this lease, it can do so only if: a.) SUBLESSEE'S trustee or the debtor-in-possession has cured all defaults under this Lease, or has provided SUBLESSOR with Assurance (as defined below) that it will cure all defaults susceptible of being cured by the payment of money on the date of such assumption, and that it will cure all other defaults under this Lease which are susceptible of being cured by the performance of any act within fifteen (15) days from the date of such assumption.