Bankruptcy of Developer or Public Entities Sample Clauses

Bankruptcy of Developer or Public Entities. 11.1 Notwithstanding anything to the contrary, if Developer becomes a debtor in a proceeding under the United States Bankruptcy Code (11 U.S.C. § 101, et seq., as amended, and any successor statute) (the “Bankruptcy Code”), or any successor or similar statute or law, and the Project Implementation Agreement is rejected in such case or if any court or other authority of competent jurisdiction finally determines that the Project Implementation Agreement has been terminated, the Public Entities shall promptly enter into a New Agreement as provided in Section 3(b)(iv) of the Annex I attached hereto. The agreements among the Public Entities and the Marriott Parties contained in this Agreement and the provisions of the Project Implementation Agreement and Convention Center Leases of which Permitted Lenders are third party beneficiaries are for the benefit of the Marriott Parties and are independent of any agreements with Developer contained in this Agreement, in the Project Implementation Agreement, or in such Convention Center Leases. If Developer rejects, or attempts to reject, this Agreement or the Project Implementation Agreement under Section 365 of the Bankruptcy Code, or any similar or successor statute, or any rejection occurs thereunder for any reason, such rejection will have no effect on either Marriott Party’s rights as to the Public Entities under this Agreement or such sections of the Project Implementation Agreement and Convention Center Leases, which rights will remain in full force and effect. Developer further agrees that it shall not assume or assume and assign the Project Implementation Agreement in such a proceeding for Developer without the prior written consent of both Marriott Parties. Each Public Entities agrees that it shall not consent to Xxxxxxxxx’s assumption or assumption and assignment of the Project Implementation Agreement in any such proceeding for Developer without the prior written consent of both Marriott Parties.
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Related to Bankruptcy of Developer or Public Entities

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  • Creative Commons Attribution-Non-Commercial-NoDerivs License The Creative Commons Attribution Non-Commercial-NoDerivs License (CC-BY-NC-ND) permits use, distribution and reproduction in any medium, provided the original work is properly cited, is not used for commercial purposes and no modifications or adaptations are made. (see below) Use by commercial "for-profit" organizations Use of Wiley Open Access articles for commercial, promotional, or marketing purposes requires further explicit permission from Wiley and will be subject to a fee. Further details can be found on Wiley Online Library xxxx://xxxxxxx.xxxxx.xxx/WileyCDA/Section/id-410895.html Other Terms and Conditions:

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