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: Lease Agreement (Ikon Ventures Inc), Lease Agreement (Total Tel Usa Communications Inc), Lease Agreement (Intelli Check Inc)

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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: Lease Agreement (Delta Financial 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: Lease Agreement (Uniforce Temporary Personnel Inc)

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)

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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: Lease Agreement (Gutbusters Pty LTD)

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