Common use of Assumption or Assignment by Trustee Clause in Contracts

Assumption or Assignment by Trustee. In the event TENANT becomes the subject debtor in a case pending under the Bankruptcy Code, LANDLORD'S right to terminate this Lease pursuant to this Section "13.1" shall be subject to the rights of the Trustee in Bankruptcy to assume or assign this Lease. The Trustee shall not have the right to assume or assign this Lease unless the Trustee: (a) promptly cures all defaults under this Lease, (b) promptly compensates LANDLORD for monetary damages incurred as a result of such default, and (c) provides adequate assurance of future performance.

Appears in 3 contracts

Samples: Indenture of Lease (Ikon Ventures Inc), Indenture of Lease (Intelli Check Inc), Total Tel Usa Communications Inc

AutoNDA by SimpleDocs

Assumption or Assignment by Trustee. In the event TENANT Tenant becomes the subject debtor in a case pending under the Bankruptcy Code, LANDLORD'S Landlord’s right to terminate this Lease pursuant to this Section "13.1" 16 shall be subject to the rights of the Trustee in Bankruptcy bankruptcy to assume or assign this Lease. The Trustee shall not have the right to assume or assign this Lease unless the Trustee: Trustee (aA) promptly cures all defaults under this Lease, (bB) promptly compensates LANDLORD Landlord for monetary damages damages, incurred as a result of such default, and (cC) provides adequate assurance of future performance.

Appears in 1 contract

Samples: Lease Agreement (Opinion Research Corp)

Assumption or Assignment by Trustee. In the event TENANT becomes the subject debtor in a case pending under the Bankruptcy Code, LANDLORD'S right to terminate this Lease lease pursuant to this Section "13.1" shall be subject to the rights of the Trustee in Bankruptcy to assume or assign this Leaselease. The Trustee shall not have the right to assume or assign this Lease lease unless the Trustee: (a) promptly Promptly cures all defaults under this Leaselease, (b) promptly compensates LANDLORD for monetary damages incurred as a result of such default, and (c) provides adequate assurance of future performance.

Appears in 1 contract

Samples: Uniforce Temporary Personnel Inc

Assumption or Assignment by Trustee. In the event TENANT becomes the subject debtor in a case pending under the Bankruptcy Code, LANDLORD'S right to terminate this Lease lease pursuant to this Section "13.1" shall be subject to the rights of the Trustee in Bankruptcy to assume or assign this Leaselease. The Trustee shall not have the right to assume or assign this Lease lease unless the Trustee: (a) promptly cures all defaults under this Leaselease, (b) promptly compensates LANDLORD for monetary damages incurred as a result of such default, and (c) provides adequate assurance of future performance.

Appears in 1 contract

Samples: Agreement (Delta Financial Corp)

AutoNDA by SimpleDocs

Assumption or Assignment by Trustee. In the event TENANT becomes the subject debtor in a case pending under the Bankruptcy Code, LANDLORD'S 's right to terminate this Lease lease pursuant to this Section "13.1" shall be subject to the rights of the Trustee in Bankruptcy to assume or assign this Leaselease. The Trustee shall not have the right to assume or assign this Lease lease unless the Trustee: (a) promptly cures all defaults under this Leaselease, (b) promptly compensates LANDLORD for monetary damages incurred as a result of such default, and (c) provides adequate assurance of future performance.

Appears in 1 contract

Samples: Gutbusters Pty LTD

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!