Bankruptcy; Assignment Clause Samples

Bankruptcy; Assignment. The making by Tenant or by any guarantor of ----------------------- this Lease of any general assignment for the benefit of creditors; the filing by or against Tenant or by or against any guarantor of this Lease of a petition to have Tenant or any guarantor of this Lease adjudged a bankrupt or of a petition for reorganization or arrangement under any law relating to bankruptcy (unless in the case of a petition filed against Tenant or any guarantor of this Lease, the same is dismissed within sixty (60) days); the appointment of a trustee or receiver to take possession of substantially all of Tenant's assets or all of the assets of such guarantor of this Lease located at the Premises or of Tenant's interest or of such guarantor's interest in this Lease where possession is not restored to Tenant or to such guarantor within thirty (30) days; or the attachment, execution or other judicial seizure of substantially all of Tenant's or such guarantor's assets located at the Premises or of Tenant's or such guarantor's interest in this Lease, where such seizure is not discharged within thirty (30) days. In the event Tenant files a petition for reorganization, arrangement or liquidation under any law relating to bankruptcy, or such a petition is involuntarily filed against Tenant, Landlord shall be entitled to recover from Tenant, or any assignee or sublessee of Tenant's rights and obligations hereunder, all reasonable attorney's fees and costs related to Landlord's attempts to regain possession of the Premises or to cause an assumption (and assignment) of this Lease by Tenant through the bankruptcy court. Any assignee or sublessee of Tenant's interest in this Lease as a result of a bankruptcy proceeding shall be jointly and severally liable with Tenant for payment of said reasonable attorney's fees within ten (10) days of proper billing.

Bankruptcy; Assignment. Any person or entity to which this Lease is assigned pursuant to the provisions of the Bankruptcy Code, 11 U.S.C. 101 et seq., shall be deemed without further act or deed to have assumed all of the obligations arising under this Lease on or after the date of such assignment. Any such assignee shall upon demand execute and deliver to Landlord an instrument confirming such assumption.

Bankruptcy; Assignment. Neither any Shareholder nor the Company shall have made an assignment for the benefit of creditors or admitted in writing his or its inability to pay his or its debts generally as they become due, nor shall any Shareholder or the Company have petitioned or applied to any tribunal for the appointment of a trustee or receiver thereof, or of any substantial part of the assets thereof, nor shall any Shareholder or the Company have commenced any proceedings or sought to obtain the benefit of any bankruptcy, arrangement, insolvency, readjustment of debt, dissolution, reorganization or liquidation law of any jurisdiction nor shall any such petition or application been filed, nor any such proceedings been commenced against any Shareholder or the Company; nor shall any trustee or receiver have been appointed of the whole or any substantial part of the assets of any Shareholder or the Company nor shall any order, judgement or decree have been entered adjudicating any Shareholder or the Company bankrupt or insolvent or approving the petition in any such proceedings.

Bankruptcy; Assignment. If Tenant individually, or as debtor or debtor in possession or if a trustee in bankruptcy acting on behalf of Tenant pursuant to the Bankruptcy Code, 11 U.S.C. 101 et seq., shall sublet or assign the Premises or any part thereof or assign any interest in this Lease at a rental rate (or additional consideration) in excess of the then current Monthly Base Rent and Additional Rent per rentable square foot, 50% of said excess Rent (or additional consideration) shall be and become the property of Landlord and shall be paid to Landlord as it is received by Tenant. If Tenant shall sublet the Premises or any part thereof, Tenant shall be responsible for all actions and neglect of the subtenant and its officers, members, employees, agents, guests and invitees as if such subtenant and such persons were employees of Tenant. Nothing in this Section 18.02 shall be construed to relieve Tenant from the obligation to obtain Landlord’s prior written consent to any proposed sublease or assignment.

Bankruptcy; Assignment. Without limiting any of the provisions of the above paragraphs, if pursuant to the Federal Bankruptcy Code (the "Code"), or any similar law hereafter enacted having the same general purpose, Tenant is permitted to assign this Agreement notwithstanding the restrictions contained in this Agreement, adequate assurance of future performance by an assignee expressly permitted under such Code shall be required and shall be deemed to mean the deposit of cash security in an amount equal to the annual base rent plus an amount equal to the sum of all other charges, including, without limitation, Additional Rent due and payable by Tenant hereunder for the calendar year preceding the year in which such assignment is intended to become effective, which deposit shall be held by Landlord for the balance of the term, with interest, as a Security Deposit for the full performance of all of Tenant's obligations under this Agreement, to be held and applied in the manner specified for security in Article 14.

Bankruptcy; Assignment. Neither this Lease, nor any renewal thereof, nor any interest therein is assignable or transferable by operation of law, through receivership, bankruptcy or otherwise. Without the prior written consent of Lessor, Lessee shall not (a) assign, transfer, pledge or hypothecate this Lease, or any renewal thereof, the Machine, or any part thereof, or any interest therein; or (b) sublet or lend the Machine or any part thereof, or permit the Machine or any part thereof to be used by anyone other than Lessee or Lessee's employees. Consent to any of the foregoing prohibited acts applies only in the given instant, and is not a consent to any subsequent like act by Lessee or any other person. Subject to the foregoing, this Lease, or any renewal thereof, inures to the benefit of, and is binding on, the heirs, legatees, personal representatives and successors, of the parties hereto.