Common use of Conditions to Assumption Clause in Contracts

Conditions to Assumption. (i) No election by Sublessee to assume this Sublease shall be effective unless each of the following conditions, which Sublessor and Sublessee acknowledge are commercially reasonable, have been satisfied, and Sublessor has acknowledged in writing that: (i) Sublessee has cured, or has provided Sublessor adequate assurance (as defined below) that within ten (10) days from the date of such assumption Sublessee will cure all monetary defaults under this Sublease and within thirty (30) days from the date of such assumption Sublessee will cure all non-monetary defaults under this Sublease; (ii) Sublessee has compensated, or has provided to Sublessor adequate assurance that within ten (10) days from the date of assumption Sublessor will be compensated for any pecuniary loss incurred by Sublessor arising from the default of Sublessee as recited in Sublessor’s written statement of pecuniary loss sent to Sublessee; (iii) Sublessee has provided Sublessor with adequate assurance of the future performance (as defined below) of each of Sublessee’s obligations under this Lease; and (iv) Sublessee shall have provided Sublessor at least thirty (30) days prior written notice of any proceeding concerning the assumption of this Sublease. (ii) For purposes of this Section, Sublessor and Sublessee acknowledge that (A) “adequate assurance” shall mean that the Bankruptcy Court shall have entered a Final Order authorizing the posting of a letter of credit in the amount of $78,788.44, or segregating $78,788.44 of cash to be payable to Sublessor, and/or Sublessee to secure Sublessee’s obligation to Sublessor to cure all monetary and/or nonmonetary defaults under this Sublease within the time periods set forth above and (B) “adequate assurance of future performance” shall mean that Sublessee has and will continue to have sufficient unencumbered assets after the payment of all secured obligations and administrative expenses to fulfill the obligations of Sublessee under this Sublease, in addition to the simultaneous posting of a letter of credit.

Conditions to Assumption. (i) No election by Sublessee Tenant’s trustee or the debtor-in-possession to assume this Sublease Lease, whether under Chapter 7 or Chapter 11, shall be effective unless each of the following conditions, which Sublessor and Sublessee acknowledge are commercially reasonable, have conditions has been satisfied, and Sublessor : 14.3.1 Tenant’s trustee or the debtor-in-possession has acknowledged in writing that: (i) Sublessee has curedcured all defaults under this Lease, or has provided Sublessor adequate assurance (as defined below) Landlord with evidence satisfactory to Landlord that it will cure all defaults capable of being cured by the payment of money within ten (10) 10 days from the date of such assumption Sublessee and that it will cure all monetary other defaults under this Sublease and Lease which are capable of being cured by the performance of any act within thirty (30) 30 days after the date of such assumption. 14.3.2 Tenant’s trustee or the debtor-in-possession has compensated, or has provided Landlord with evidence satisfactory to Landlord that, within 10 days from the date of such assumption Sublessee assumption, that it will cure all non-monetary defaults under this Sublease; (ii) Sublessee has compensated, or has provided to Sublessor adequate assurance that within ten (10) days from the date of assumption Sublessor will be compensated compensate Landlord for any actual pecuniary loss incurred by Sublessor Landlord arising from the default of Sublessee Tenant, Tenant’s trustee, or the debtor-in-possession as recited indicated in Sublessor’s written any statement of actual pecuniary loss sent by Landlord to Sublessee; Tenant’s trustee or the debtor-in-possession. 14.3.3 Such assumption will not breach or cause a default under any provision of any other lease, mortgage, financing agreement or other agreement by which Landlord is bound, relating to the Premises. 14.3.4 Tenant’s trustee or the debtor-in-possession shall (iiii) Sublessee has provided Sublessor provide Landlord with adequate assurance “Assurance”, as defined below, of the future performance (as defined below) of each of Sublessee’s the obligations under this Lease; Lease of Tenant, Tenant’s trustee or the debtor-in-possession, and (iv) Sublessee shall have provided Sublessor at least thirty (30) days prior written notice of any proceeding concerning the assumption of this Sublease. (ii) For purposes in addition to any other security deposits held by Landlord, deposit with Landlord, as security for the timely payment of Minimum Quarterly Rent and for the performance of all other obligations of Tenant under this SectionLease, Sublessor and Sublessee acknowledge that an amount equal to 1 quarterly installment of Minimum Quarterly Rent (A) “adequate assurance” shall mean that the Bankruptcy Court shall have entered a Final Order authorizing the posting of a letter of credit in the amount then payable), and (iii) pay in advance to Landlord on the date each installment of $78,788.44Minimum Quarterly Rent is due and payable, or segregating $78,788.44 one-twelfth of cash Tenant’s annual obligations for Impositions to be payable made by Tenant pursuant to Sublessorthis Lease. The obligations imposed upon Tenant’s trustee or the debtor-in-possession by this subsection shall continue with respect to Tenant or any assignee of this Lease, and/or Sublessee to secure Sublessee’s obligation to Sublessor to cure all monetary and/or nonmonetary defaults under this Sublease within the time periods set forth above and (B) “adequate assurance of future performance” shall mean that Sublessee has and will continue to have sufficient unencumbered assets after the payment conclusion of all secured obligations and administrative expenses to fulfill proceedings under the obligations of Sublessee under this Sublease, in addition to the simultaneous posting of a letter of creditBankruptcy Code.

Conditions to Assumption. (i) No election by Sublessee to assume this Sublease shall be effective unless each of the following conditions, which Sublessor and Sublessee acknowledge are commercially reasonable, have been satisfied, and Sublessor has acknowledged in writing that: (i) Sublessee has cured, or has provided Sublessor adequate assurance (as defined below) that within ten (10) days from the date of such assumption Sublessee will cure all monetary defaults under this Sublease and within thirty (30) days from the date of such assumption Sublessee will cure all non-monetary nonmonetary defaults under this Sublease; (ii) Sublessee has bas compensated, or has bas provided to Sublessor adequate assurance that within ten (10) days from the date of assumption Sublessor will be compensated for any pecuniary loss incurred by Sublessor arising from the default of Sublessee as recited in Sublessor’s written statement of pecuniary loss sent to Sublessee; (iii) Sublessee has bas provided Sublessor with adequate assurance of the future performance (as defined below) of each of Sublessee’s obligations · under this Lease, but in any event Sublessee shall have replenished and/or renewed the cash security deposit, as security for the timely payment of Rent and performance of all other obligations hereunder, in the amount of $23,980; and (iv) Sublessee shall have provided Sublessor at least thirty (30) days prior written notice of any proceeding concerning the assumption of this Sublease. (ii) For purposes of this Section, Sublessor and Sublessee acknowledge that (A) “adequate assurance” shall mean that the Bankruptcy Court shall have entered a Final Order authorizing the posting of a letter of credit in the amount of $78,788.44, or segregating $78,788.44 23,980 of cash to be payable to Sublessor, and/or authorizing Sublessee to secure “Sublessee’s obligation to Sublessor to 10 cure all monetary and/or nonmonetary defaults under this Sublease within the time periods set forth above and (B) “adequate assurance of future performance” shall mean that Sublessee has bas and will continue to have sufficient unencumbered assets after the payment of all secured obligations and administrative expenses to fulfill the obligations of Sublessee under this Sublease, in addition to the simultaneous posting of a letter of creditthe cash security deposit.