Common use of Bankruptcy by Tenant Clause in Contracts

Bankruptcy by Tenant. If at any time during the term of this Lease a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or substantially all of Tenant's assets is filed against Tenant in any court pursuant to any statute either of the United states or of any state and Tenant fails to secure a discharge thereof within one hundred twenty (120) days, or if Tenant voluntarily files a petition in bankruptcy or makes an assignment for the benefit of creditors or petitions for or enters into an arrangement with creditors, the term of this Lease, at the option of Landlord, exercised within thirty (30) days after notice of the happening of any one or more of such events, shall terminate on such a date as Landlord shall specify by notice to Tenant, with the same effect as if the date of termination were the Expiration Date of this Lease, but Tenant shall remain liable for rent and/or damages and attorneys' fees as provided in Article Thirteen. However, if a petition for reorganization or for an arrangement is filed by or against Tenant, Landlord may not terminate the term of this Lease so long as Tenant is not in default hereunder and, provided this Lease is assumed or affirmed in such reorganization or arrangement proceeding and all defaults cured within the time periods provided by law. ARTICLE FIFTEEN --------------- COMPLIANCE WITH LAWS --------------------

Bankruptcy by Tenant. If at any time during the term Term of this Lease a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or substantially all of Tenant's assets is filed against Tenant in any court pursuant to any statute either of the United states States or of any state and Tenant fails to secure a discharge thereof within one hundred twenty ninety (12090) days, or if Tenant voluntarily files a petition in bankruptcy or makes an assignment for the benefit of creditors covering all or substantially all of Tenants assets or petitions for or enters into an arrangement with creditorscreditors covering all or substantially all of Tenant's assets, the term of this Lease, at the option of Landlord, exercised within thirty (30) days after notice of the happening of any one or more of such events, shall terminate on such a date as Landlord shall specify by notice to Tenant, with the same effect as if the date of termination were the Expiration Date of this Lease, but Tenant shall remain liable for rent and/or damages and attorneys' fees as provided in Article ThirteenThirteen and other damages as may be provided to landlords under the United States Bankruptcy Code (or any successor thereto). However, if a petition for reorganization or for an arrangement is filed by or against Tenant, Landlord may not terminate the term of this Lease so long as Tenant is not in default hereunder and, provided this Lease is assumed or affirmed in such reorganization or arrangement proceeding and all defaults cured within the time periods provided by law. ARTICLE FIFTEEN --------------- COMPLIANCE WITH LAWS --------------------.

Bankruptcy by Tenant. If at any time during the term of this Lease a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or substantially all of Tenant's assets is filed against Tenant in any court pursuant to any statute either of the United states States or of any state and Tenant fails to secure a discharge thereof within one hundred twenty ninety (12090) days, or if Tenant voluntarily files a petition in bankruptcy or makes an assignment for the benefit of creditors or petitions for or enters into an arrangement with creditors, the term of this Lease, at the option of Landlord, exercised within thirty (30) days after notice of the happening of any one or more of such events, shall terminate on such a date as Landlord shall specify by notice to Tenant, with the same effect as if the date of termination were the Expiration Date of this Lease, but Tenant shall remain liable for rent and/or damages and attorneys' fees as provided in Article ThirteenThirteen and other damages as may be provided to landlords under the United States Bankruptcy Code (or any successor thereto). However, if a petition for reorganization or for an arrangement is filed by or against Tenant, Landlord may not terminate the term of this Lease so long as Tenant is not in default hereunder and, provided this Lease is assumed or affirmed in such reorganization or arrangement proceeding and all defaults cured within the time periods provided by law. ARTICLE FIFTEEN --------------- COMPLIANCE WITH LAWS --------------------.

Bankruptcy by Tenant. If at any time during the term of this Lease a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or substantially all of Tenant's assets is filed against Tenant in any court pursuant to any statute either of the United states States or of any state and Tenant fails to secure a discharge thereof within one hundred twenty (120) days, or if Tenant voluntarily files a petition in bankruptcy or makes an assignment for the benefit of creditors or petitions for or enters into an arrangement with creditors, the term of this Lease, at the option of Landlord, exercised within thirty (30) days after notice of the happening of any one or more of such events, shall terminate on such a date as Landlord shall specify by notice to Tenant, with the same effect as if the date of termination were the Expiration Date of this Lease, but Tenant shall remain liable for rent and/or damages and attorneys' fees as provided in Article Thirteen. However, if a petition for reorganization or for an arrangement is filed by or against Tenant, Landlord may not terminate the term of this Lease so long as Tenant is not in default hereunder and, provided this Lease is assumed or affirmed in such reorganization or arrangement proceeding and all defaults cured within the time periods provided by law. ARTICLE FIFTEEN --------------- COMPLIANCE WITH LAWS --------------------

Bankruptcy by Tenant. If at any time during This lease is subject to the term of this Lease limitation that if (a) a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or substantially all of Tenant's assets is shall be filed against Tenant in any court pursuant to any statute either of the United states States or of any state and Tenant fails to secure a discharge thereof within one hundred twenty (120) days, or if Tenant shall voluntarily files file a petition in bankruptcy or makes an assignment for the benefit of creditors or petitions for or enters into an arrangement with creditors, or (b) if a permanent receiver shall be appointed for all of the property of Tenant, the term of this Lease, at the option of Landlord, exercised within thirty (30) days after notice of the happening of any one or more of such events, shall terminate on such a date as Landlord shall specify by notice to Tenant, with the same effect as if the date of termination were the Expiration Date of this Lease, but Tenant shall remain liable for rent rentals and/or damages and attorneys' fees as provided in Article Thirteen. However; provided, if a petition for reorganization or for an arrangement is filed by or against Tenanthowever, that Landlord may not terminate the term of this Lease if and for so long as Tenant is shall pay the Annual Rental when due and Tenant shall not be in default of any other obligations hereunder and, provided this Lease is assumed or affirmed in such reorganization or arrangement proceeding and all defaults cured within after the time periods provided by lawexpiration of any applicable cure period. ARTICLE FIFTEEN --------------- COMPLIANCE WITH LAWS --------------------FIFTEEN