Common use of Chapter 7 Clause in Contracts

Chapter 7. In the event that SUBLESSEE shall become a debtor in a case filed under Chapter 7 of the Bankruptcy Code, and SUBLESSEE'S trustee or SUBLESSEE shall elect to assume this Lease for the purpose of assigning the same or otherwise, such election and assignment may be made only if the provisions of Sections 17H.(2), 17H.(3), and 17H.

Appears in 2 contracts

Sources: Termination Agreement (American Aircarriers Support Inc), Termination Agreement (American Aircarriers Support Inc)