Chapter 11 Proceedings Sample Clauses
The Chapter 11 Proceedings clause outlines the procedures and implications when a party to the agreement files for bankruptcy protection under Chapter 11 of the U.S. Bankruptcy Code. This clause typically details the rights and obligations of the parties during the reorganization process, such as the automatic stay on collection actions and the potential for contract assumption or rejection by the debtor. Its core function is to clarify how contractual relationships are managed during bankruptcy, thereby providing predictability and protecting the interests of both parties in the event of insolvency.
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Chapter 11 Proceedings. If a petition for reorganization or adjustment of debts is filed concerning Tenant under Chapter 11 of the Bankruptcy Code, or a proceeding is filed under Chapter 7 of the Bankruptcy Code and is transferred to Chapter 11, Tenant's trustee or Tenant, as debtor-in-possession, must elect to assume this Lease within the earlier of (i) confirmation of the plan and (ii) one hundred twenty (120) days from the date of the filing of the petition under Chapter 11 or such transfer thereto or Tenants trustee or Tenant, as debtor-in-possession, shall be deemed to have rejected this Lease. If Tenant's trustee or Tenant, as debtor-in-possession, has failed to perform all of Tenant's obligations under this Lease within the time periods (excluding grace periods) required for such performance, no election by Tenant's trustee or by Tenant, as debtor-in-possession, to assume this Lease, whether under Chapter 7 or Chapter 11, shall be effective unless each of the following conditions has been satisfied:
(a) Tenants trustee or Tenant, as debtor-in-possession, has cured, or has provided Landlord with Assurance (hereinafter defined) that it will cure (i) all monetary defaults under this lease within ten (10) days from the date of such assumption, and (ii) all nonmonetary defaults under this lease within thirty (30) days from the date of such assumption; and
(b) Tenants trustee or Tenant, as debtor-in-possession, has provided Landlord with Assurance of the future performance of each of the obligations under this Lease of Tenant, Tenant's trustee or Tenant, as debtor-in-possession, and has (i) deposited with Landlord, as security for the timely payment of rent hereunder, an amount equal to one annual installment of Annual Fixed Rent which Tenant was obligated to pay to Landlord under this Lease during the Lease Year in which such default occurred, and (ii) paid in advance to Landlord Tenant's annual obligations for Additional Rent and all other monetary charges payable by Tenant under this Lease. The obligations imposed upon Tenant's trustee or Tenant, as debtor-in possession, shall continue with respect to Tenant or any assignee of Tenant's interests in this Lease after the completion of bankruptcy proceedings.
Chapter 11 Proceedings. The Restructuring Support Agreement dated as of February 19, 2013 (as it may be amended, supplemented or modified from time to time, the “RSA”) between and among the Company, the 2012 Credit Agreement Consenting Lenders, the Term Loan Credit Agreement Consenting Lenders, the Consenting Noteholders and the Administrative Agent (as such terms are defined in the RSA) shall be amended, subject to certain terms and conditions, to include a provision whereby the Consenting Debtholders (as such term is defined in the RSA) agree to support the Company’s assumption of this Agreement pursuant to Section 365 of the Bankruptcy Code. This Agreement shall be appended to the Plan as an exhibit and the Plan shall provide that this Agreement shall be deemed assumed, pursuant to Section 365 of the Bankruptcy Code, as of the effective date of the Plan; provided, however, that at the Executives’ election, the Company shall promptly seek Court approval of the assumption of this Agreement pursuant to Section 365. The Company shall disclose the existence and shall describe this Agreement in all relevant pleadings in the Company’s Chapter 11 case and in other relevant legal, regulatory and similar submissions as an integral part of the Company’s Plan. If assumption and/or approval of this Agreement is denied, then the Executives shall be permitted to rescind this Agreement, by written notice to the Company within five (5) days after either such denial; provided, however, that for the avoidance of doubt, in no event shall the Executives be reemployed by or reinstated with the Company in the event of rescission. In the event that the Executives rescind the Agreement, this Agreement, including without limitation the releases contained in paragraph 10 hereof, shall be null and void; provided, however, that notwithstanding such rescission, (a) the Executives shall be deemed to have resigned on the date of such rescission for Good Reason within the meaning of their Employment Agreements; (b) the Employment Agreements shall be rejected; and (c) the Executives shall be subject to the cap on severance payments set forth in Section 502(b)(7) of the Bankruptcy Code.
Chapter 11 Proceedings. If the Company files for relief under chapter 11 of title 11 of the United States Code, the Company will promptly apply to the applicable bankruptcy court (the “Bankruptcy Court”) for approval of A&M’s retention nunc pro tunc to the date of filing.
Chapter 11 Proceedings. If the Company file for relief under Chapter 11 of Title 11 of the United States Code, the Company will promptly apply to the applicable bankruptcy court for approval of Wyse’s retention nunc pro tunc to the date of filing.
Chapter 11 Proceedings. The Chapter 11 proceedings initiated in ---------------------- respect of the Company (Case No. 91-16169-BKC.AJC. U.S. Bankruptcy Court Southern District of Florida) have been fully and unconditionally discharged and concluded.
Chapter 11 Proceedings. If a petition for reorganization or adjustment of debts is filed concerning Tenant under Chapter I I of the Bankruptcy Code, or a proceeding is filed under Chapter 7 of the Bankruptcy Code and is transferred to Chapter 11, Tenant's trustee or Tenant, as debtor-in- possession, must elect to assume this Lease within the earlier of (i) confirmation of the plan and (ii) one hundred twenty (120) days from the date of the filing of the petition under Chapter 11 or such transfer thereto or Tenant's trustee or Tenant, as debtor-in-possession, shall be deemed to have rejected this Lease. If Tenant's trustee or Tenant, as debtor-in-possession, has failed to perform all of Tenant's obligations under this Lease within the time periods (excluding grace periods) required
Chapter 11 Proceedings. Notwithstanding anything herein to the contrary, Purchaser acknowledges that (i) Seller has filed for bankruptcy under the Bankruptcy Code prior to the Effective Date and (ii) the obligations of Seller (as a debtor or debtor in possession in the context of the Chapter 11 Proceedings, and together with its affiliates that are also debtors and/or debtors in possession in the Chapter 11 Proceedings, the “Debtors”) hereunder and the transactions contemplated hereby are subject to the terms of any applicable orders of the Bankruptcy Court, including, without limitation, the entry of the Distribution Center Sale Order.