Bankruptcy Considerations. (a) The prohibitions in this Lease against assignment or sublease by Tenant shall be construed to include assignments by operation of law or by voluntary assignment or for the benefit of creditors or which might otherwise be affected or accomplished by bankruptcy, receivership, attachment, execution or other judicial process or proceeding. If any assignment for the benefit of its creditors shall be made by Tenant, or if a voluntary or involuntary petition in bankruptcy or for reorganization, or for an arrangement shall be filed by or against Tenant, or if Tenant shall be adjudicated a bankrupt or insolvent, or if a receiver is appointed for Tenant or for all or a substantial part of its property, or if any such assignment or transfer by operation or law shall occur, then and in any such event, Landlord shall have the option to immediately terminate this Lease by written notice to Tenant.
Bankruptcy Considerations. Client covenants that it will notify Summit of any voluntary or involuntary bankruptcy petition under the United States Bankruptcy Code filed by or against Client or any guarantor, or any assignment for the benefit of creditors by Client or any guarantor, within Twenty-Four (24) hours of any such filing or assignment. Failure to notify Summit of any such bankruptcy filing or assignment within Twenty-Four (24) hours shall constitute an Event of Default. Client acknowledges that this Agreement is a contract to extend debt financing or financial accommodations to or for the benefit of Client within the meaning of 11 U.S.C. §365(c)(2) and, as such, may not be assumed or assigned. Summit shall be under no obligation to provide any financing under this Agreement from and after the filing of any voluntary or involuntary petition against Client.
Bankruptcy Considerations. The provisions of this Agreement have been approved by the Bankruptcy Court overseeing the Chapter 11 case of the Guarantor. The obligations of the Guarantor and the Landlord shall not be limited, modified or otherwise relieved by any proceedings or orders entered in the Guarantor's bankruptcy case. The Landlord shall be entitled to take all actions it deems appropriate in order that it may exercise its rights and remedies as provided herein without further relief from the Bankruptcy Court so long as the Landlord shall provide the Guarantor with at least five (5) Business Days' written notice of its intention to take any such action, unless the Bankruptcy Court enters an order restricting such action. Except as limited by the foregoing, the Guarantor and the Landlord shall retain their respective rights and remedies as provided in this Agreement. -7- 11.
Bankruptcy Considerations. As used in this Agreement, the “Bankruptcy Code” shall mean 11 U.S.C. §§ 101 et seq., as modified and/or recodified from time to time. Notwithstanding anything to the contrary contained herein with respect to the Ground Lease:
Bankruptcy Considerations. In addition to any other covenants made herein by Client's, Client's covenant that they will notify SUMMIT of any voluntary or involuntary bankruptcy petition filed by or against Client's or any guarantor of this Agreement under the United States Bankruptcy Code, within twenty-four (24) hours of any such filing. Failure to notify SUMMIT of any such bankruptcy filing within twenty-four (24) hours shall constitute an Event of Default. Client's acknowledges that this Agreement is a contract to extend debt financing or financial accommodations to or for the benefit of Client's within the meaning of 11 U.S.C. Section 365(c)(2) and, as such, may not be assumed or assigned. SUMMIT shall be under no obligation to purchase accounts under this Agreement from and after the filing of any voluntary or involuntary petition against Client's. However, SUMMIT may, at its sole option, agree to provide post-petition financing to the debtor and/or debtor-in-possession after the filing of a voluntary or involuntary bankruptcy petition by or against Client's. Any such agreement to provide post-petition financing shall not obligate SUMMIT to purchase accounts until such time as the Bankruptcy Court approves the post-petition financing agreement.
Bankruptcy Considerations. The Parties acknowledge and agree that the standard of review for any proposed avoidance, breach, rejection, termination or other cessation of performance or changes to any portion of this Agreement over which the United States District Court or the United States Bankruptcy Court for the district in which a proceeding is pending, whether proposed by Seller, Buyer, or a non-Party, shall be the standard of review set forth in In re Mirant Corp., 318 B.R. 100 (N.D. Tex. 2004). Nothing in this Section 17.15 shall adversely affect, in any way, the protections afforded to a non-debtor counterparty under the United States Bankruptcy Code. The Parties acknowledge and agree that this Agreement constitutes a “forward contract” within the meaning of the United States Bankruptcy Code and that each of Seller and Buyer is a “forward contract merchant” within the meaning of the United States Bankruptcy Code.
Bankruptcy Considerations. (a)Notwithstanding any provision in this Lease to the contrary, if at any time before the Commencement Date there occurs a default as described in Section 28(.05) and (.06) above, this Lease shall be cancelled ipso facto.
Bankruptcy Considerations. Client covenants that it will notify Summit of any voluntary or involuntary bankruptcy petition under the United States Bankruptcy Code filed by or against Client or any guarantor, or any assignment for the benefit of creditors by Client or any guarantor, within Twenty-Four (24) hours of any such filing or assignment. Failure to notify Summit of any such bankruptcy filing or assignment within Twenty-Four (24) hours shall constitute an Event of Default. Client acknowledges that this Agreement is a contract to extend debt financing or financial accommodations to or for the benefit of Client within the meaning of 11 U.S.C. §365(c)(2) and, as such, may not be assumed or assigned. Summit shall be under no obligation to provide any financing under this Agreement from and after the filing of any voluntary or involuntary petition against Client. Irvine Sensors Corporation Initials
Bankruptcy Considerations. (a) The prohibitions in this Lease against assignment or sublease by Tenant shall be construed to include assignments by operation of law or by voluntary assignment or for the benefit of creditors or which might otherwise be affected or accomplished by bankruptcy, receivership, attachment, execution or other judicial process or proceeding. If any assignment for the benefit of its creditors shall be made by Tenant, or if a voluntary of involuntary petition in bankruptcy or for reorganization and such petition shall not be dismissed within one hundred twenty (120) days, or for an arrangement shall be filed by or against Tenant, or if Tenant shall be adjudicated a bankrupt or insolvent, or if a receiver is appointed for Tenant or for all or a substantial part of its property, or if any such assignment or transfer by operation or law shall occur, then and in any such event, Landlord shall have the option to immediate terminate this Lease by written notice to Tenant.
Bankruptcy Considerations. (a) Upon the occurrence of any event that causes the last remaining Member to cease to be a Member (other than upon (i) a Transfer by a Member of all of its Member Interests and the admission of a Transferee pursuant to Article X and (ii) resignation of a Member and admission of an additional Member pursuant to Article X), to the fullest extent permitted by law, the personal representative of such Member is hereby authorized to, and shall, within 90 days after the occurrence of the event that terminated the continued membership of such Member in the Company, agree in writing (i) to continue the Company and (ii) to the admission of the personal representative or its nominee or designee, as the case may be, as a Member, effective as of the occurrence of the event that terminated the continued membership of the last remaining Member in the Company.
