Common use of Bankruptcy of Tenant Clause in Contracts

Bankruptcy of Tenant. If the Term or a substantial portion of the goods and chattels of the Tenant on the Leased Premises at any time during the Term are seized or taken in execution or attachment by a creditor of the Tenant, or if the Tenant makes an assignment for the benefit of creditors or if a receiver-manager is appointed to control the conduct of the business on or from the Leased Premises, or if the Tenant becomes bankrupt or insolvent or takes the benefit of a statute now or hereafter in force for bankrupt or insolvent debtors, or if an order is made for the winding up of the Tenant, or if the Leased Premises, without the written consent of the Landlord, become and remain vacant or abandoned for a period of fifteen (15) days or are used by any other persons than those entitled to use them under the terms of this Lease, the next ensuing three (3) months’ Rent immediately will become due and payable as accelerated rent and the Landlord may re-enter and take possession of the Leased Premises as provided herein, and this Lease, at the option of the Landlord exercisable by written notice to the Tenant, forthwith will become forfeited and determined. In every one of the cases above mentioned the accelerated rent will be recoverable by the Landlord in the same manner as the rents hereby reserved and as if rent were in arrears. The Tenant acknowledges and agrees that under no circumstances will it file any notice of termination seeking to take advantage of Section 65.2 of the Bankruptcy and Insolvency Act (Canada) as amended from time to time and now waives any and all rights to do so. The Tenant agrees that if, in breach of this paragraph, it files such a notice, the Landlord may, in addition to all its other remedies, produce and rely on this paragraph in challenging the validity of the notice in the court proceedings contemplated by Section 65.2(2) of the Bankruptcy and Insolvency Act and the Landlord may in those or any other proceedings apply for injunctive or other relief against the Tenant filing the notice.

Bankruptcy of Tenant. If the Term or a substantial portion of the goods and chattels of the Tenant on or, the Leased Premises at any time during the Term are seized or taken in execution or attachment by a creditor of the Tenant, or if the Tenant makes an assignment for the benefit of creditors or if a receiver-manager is appointed to control the conduct of the business on or from the Leased Premises, or if the Tenant becomes bankrupt or insolvent or takes the benefit of a statute now or hereafter in force for bankrupt or insolvent debtors, or if an order is made for the winding winding-up of the Tenant, or if the Leased Premises, without the written consent of the Landlord, become and remain vacant or abandoned for a period of fifteen (15) days or are used by any other persons than those entitled to use them under the terms of this Lease, the next ensuing three (3) months’ ' Rent immediately will become due and payable as accelerated rent and the Landlord may re-enter and take possession of the Leased Premises as provided herein, and this Lease, at the option of the Landlord exercisable by written notice to the Tenant, forthwith will become forfeited and determined. In every one of the cases above mentioned the accelerated rent will be recoverable by the Landlord in the same manner as the rents hereby reserved and as if rent were in arrears. The Tenant acknowledges and agrees that under no circumstances will it file any notice of termination seeking to take advantage of Section 65.2 of the Bankruptcy and Insolvency Act (Canada) as amended from time to time and now waives any and all rights to do so. The Tenant agrees that if, in breach of this paragraph, it files such a notice, the Landlord may, in addition to all its other remedies, produce and rely on this paragraph in challenging the validity of the notice in the court proceedings contemplated by Section 65.2(2) of the Bankruptcy and Insolvency Act and the Landlord may in those or any other proceedings apply for injunctive or other relief against the Tenant filing the notice.

Bankruptcy of Tenant. If the Term or a substantial portion The following shall be Events of Bankruptcy under this Lease: (i) Tenant’s becoming insolvent, as that term is defined in Title 11 of the goods and chattels United States Code, entitled Bankruptcy, 11 U.S.C. Sec 101 et seq. (the “Bankruptcy Code”), or under the insolvency Table of Contents laws of any State, District, Commonwealth or territory of the Tenant on United States (“Insolvency Laws”); (ii) the Leased Premises at appointment of a receiver or custodian for any time during or all of Tenant’s property or assets, or the Term are seized institution of a foreclosure action upon any of Tenant’s real or taken in execution or attachment by personal property which is not dismissed within sixty (60) days; (iii) the filing of a creditor voluntary petition under the provisions of the TenantBankruptcy Code or Insolvency Laws which is either not dismissed within sixty (60) days of filing, or if results in issuance of an order for relief against the debtor, whichever is later; (iv) the filing of an involuntary petition against Tenant makes as the subject debtor under the Bankruptcy Code or Insolvency Laws, which is either not dismissed within sixty (60) days of filing, or results in the issuance of an order for relief against the debtor, whichever is later; or (v) Tenant’s making or consenting to an assignment for the benefit of creditors or if a receiver-manager common law composition of creditors. Upon occurrence of an Event of Bankruptcy, Landlord shall have the right to terminate this Lease by giving written notice to Tenant, provided, however, that this section shall have no effect while a case in which Tenant is appointed the subject debtor under the Bankruptcy Code is pending, unless Tenant or its Trustee is unable to control comply with the conduct provisions below. At all other times this Lease shall automatically cease and terminate, and Tenant shall be immediately obligated to quit the Premises upon the giving of the business on or from the Leased Premisesnotice pursuant to this section. Any other notice to quit, or if the Tenant becomes bankrupt or insolvent or takes the benefit notice of a statute now or hereafter in force for bankrupt or insolvent debtors, or if an order Landlord’s intention to re-enter is made for the winding up of the Tenant, or if the Leased Premises, without the written consent of the Landlord, become and remain vacant or abandoned for a period of fifteen (15) days or are used by any other persons than those entitled hereby expressly waived. If Landlord elects to use them under the terms of terminate this Lease, everything contained in this Lease on the next ensuing three (3) months’ Rent immediately will become due part of Landlord to be done and payable as accelerated performed shall cease without prejudice, subject, however, to the rights of Landlord to recover from Tenant all rent and any other sums accrued up to the time of termination or recovery of possession by Landlord, whichever is later, and any other monetary damages or loss of reserved rent sustained by Landlord. Without regard to any action by Landlord as authorized above, Landlord may re-enter and take possession at its discretion exercise all the additional provisions set forth below. 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 shall be subject to the rights of the Leased Premises as provided herein, and 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 (i) promptly cures all defaults under this Lease, at (ii) properly compensates Landlord for monetary damages incurred as a result of such default, and (iii) provides adequate assurance of future performance on the option part of Tenant as debtor in possession or on the part of the Landlord exercisable by written notice to the assignee Tenant, forthwith will become forfeited and determined. In every one of the cases above mentioned the accelerated rent will be recoverable by the Landlord in the same manner as the rents hereby reserved and as if rent were in arrears. The Tenant acknowledges and agrees that under no circumstances will it file any notice of termination seeking to take advantage of Section 65.2 of the Bankruptcy and Insolvency Act (Canada) as amended from time to time and now waives any and all rights to do so. The Tenant agrees that if, in breach of this paragraph, it files such a notice, the Landlord may, in addition to all its other remedies, produce and rely on this paragraph in challenging the validity of the notice in the court proceedings contemplated by Section 65.2(2) of the Bankruptcy and Insolvency Act and the Landlord may in those or any other proceedings apply for injunctive or other relief against the Tenant filing the notice.