Common use of Chapter 7 Clause in Contracts

Chapter 7. In the event that Tenant shall become a debtor in a case filed under Chapter 7 of the Bankruptcy Code, and Tenant's trustee or Tenant 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 16.8.2, 16.8.3, and 16.8.5 are satisfied. If Tenant or Tenant's trustee shall fail to elect to assume this Lease within sixty (60) days after the filing of such petition or such additional time as provided by the court within such 60-day period, this Lease shall be deemed to have been rejected. Immediately thereupon Landlord shall be entitled to possession of the Premises without further obligation to Tenant or Tenant's trustee and this Lease, upon the election of Landlord, shall terminate, but Landlord's right to be compensated for damages (including, without limitation, damages pursuant to this Article 16) in any such proceeding shall survive.

Chapter 7. In the event that Tenant shall become becomes a debtor in a case filed under Chapter 7 of the Bankruptcy Code, Code and Tenant or Tenant's ’s trustee or Tenant shall elect elects 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 16.8.222.2, 16.8.3, 22.3 and 16.8.5 22.5 are satisfied. If Tenant or Tenant's ’s trustee shall fail to elect to assume this Lease within sixty (60) days after the filing of such petition or such additional time as provided by the court within such sixty (60-) day period, this Lease shall be deemed to have been rejected. Immediately thereupon Landlord shall be entitled to possession of the Leased Premises without further obligation to Tenant or Tenant's trustee ’s trustee, and this Lease, upon the election of Landlord, shall terminate, but Landlord's ’s right to be compensated for damages (including, without limitation, damages pursuant to this Article 16) in any such proceeding shall survivesurvive whether or not this Lease is terminated.