CONDITIONS TO THE ASSUMPTION OF THE LEASE IN BANKRUPTCY PROCEEDINGS. A. In the event that a Petition for reorganization or adjustment of debts is filed concerning Tenant under Chapter 11 or 13 of the Bankruptcy Code, or a proceeding is filed under Chapter 7 under the Bankruptcy Code and is transferred to Chapter 11 or 13, the Trustee or the Tenant, as Debtor-In-Possession, must elect to assume the Lease within one hundred twenty (120) days from the date of the filing of the Petition under Chapter 11 or 13, or the Trustee or Debtor-In-Possession shall be deemed to have rejected this Lease. No election by the Trustee or Debtor-In-Possession to assume this Lease, whether under Chapter 7, 11, or 13, shall be effective unless each of the following conditions, which Landlord and Tenant acknowledge are commercially reasonable in the context of a bankruptcy proceedings of Tenant, have been satisfied, and Landlord has so acknowledged in writing: 1. The Trustee or the Debtor-In-Possession has provided Landlord with adequate assurance of the future performance of each of Tenant's, Trustee's or Debtor-In-Possession's obligations under the Lease, which shall include without limitation, that the Trustee or Debtor-In-Possession shall deposit with Landlord, as security for the timely payment of rent, an amount equal to three (3) months' rent and other monetary charges accruing under this Lease. 2. The assumption (and any contemplated assignment) of the Lease will not breach any provision in any other lease, mortgage, financing agreement or other agreement by which Landlord is bound relating to the Shopping Center. B. For purposes of this Section 10.02, Landlord and Tenant acknowledge that, in the context of a bankruptcy proceeding of Tenant, at a minimum "adequate assurance" shall mean that the Trustee or the Debtor-In-Possession has and will continue to have sufficient unencumbered assets after the payment of all secured obligations and administrative expenses to assure Landlord that the Trustee or Debtor-In-Possession will have sufficient funds to fulfill the obligations of Tenant under this Lease.
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CONDITIONS TO THE ASSUMPTION OF THE LEASE IN BANKRUPTCY PROCEEDINGS. A. In the event that a Petition for reorganization or adjustment of debts is filed concerning Tenant under Chapter 11 or 13 of the Bankruptcy Code, or a proceeding is filed under Chapter 7 under the Bankruptcy Code and is transferred to Chapter 11 or 13, the Trustee or the Tenant, as Debtor-In-Possession, must elect to assume the Lease within one hundred twenty sixty (12060) days from the date of the filing of the Petition under Chapter 11 or 13, 13 or the Trustee date of the transfer of a Chapter 7 proceeding to a Chapter 11 or Debtor-In-Possession shall be deemed to have rejected this Lease13 proceeding. No Notwithstanding the foregoing, it is expressly understood and agreed that no election by the Trustee or Debtor-In-Possession to assume under the foregoing provisions of this Lease, whether under Chapter 7, 11, or 13, paragraph shall be effective unless each of the following conditions, conditions (which Landlord and Tenant acknowledge are commercially commercial reasonable in the context of a bankruptcy proceedings proceeding of Tenant, ) have been satisfied, satisfied and Landlord has so acknowledged in writing:
1. The Trustee or the Debtor-In-Possession has cured, or has provided Landlord with adequate assurance (as defined below) that:
(a) Within ten (10) days from the date of the future performance of each of Tenant'ssuch assumption, Trustee's or Debtor-In-Possession's obligations under the Lease, which shall include without limitation, that the Trustee or Debtor-In-Possession shall deposit with Landlordwill cure all monetary defaults under this Lease; and
(b) Within thirty (30) days from the date of such assumption, as security for the timely payment of rent, an amount equal to three (3) months' rent and other Trustee or Debtor-In-Possession will cure all non-monetary charges accruing defaults under this Lease.
2. The assumption (and any contemplated assignment) of the Lease will not breach any provision in any other lease, mortgage, financing agreement or other agreement by which Landlord is bound relating to the Shopping Center.
B. For purposes of this Section 10.02, Landlord and Tenant acknowledge that, in the context of a bankruptcy proceeding of Tenant, at a minimum "adequate assurance" shall mean that the Trustee or the Debtor-In-Possession has and compensated, or has provided to Landlord adequate assurance (as defined below) that within ten (10) days from the date of assumption, Landlord will continue be compensated for any pecuniary loss incurred by Landlord arising from the default of the Tenant, the Trustee, or the Debtor-In-Possession as recited in Landlord's written statement of pecuniary loss sent to have sufficient unencumbered assets after the payment of all secured obligations and administrative expenses to assure Landlord that the Trustee or Debtor-In-Possession will have sufficient funds to fulfill the obligations of Tenant under this LeasePossession.
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CONDITIONS TO THE ASSUMPTION OF THE LEASE IN BANKRUPTCY PROCEEDINGS. A. In the event that a Petition for reorganization or adjustment of debts is filed concerning Tenant under Chapter 11 or 13 of the Bankruptcy Code, or a any other proceeding is filed under Chapter 7 under the Bankruptcy Code and is transferred to Chapter 11 or 13, the Trustee or the Tenant, as Debtor-In-Debtor In Possession, must elect to assume the Lease within one hundred twenty sixty (12060) days from the date of the filing of the Petition under Chapter 11 or 13, 13 or the Trustee date of the transfer of a proceeding to a Chapter 11 or Debtor-In-Possession shall be deemed to have rejected this Lease13 proceeding. No Notwithstanding the foregoing, it is expressly understood and agreed that no election by the Trustee or Debtor-In-Possession to assume under the foregoing provisions of this Lease, whether under Chapter 7, 11, or 13, Section shall be effective unless each of the following conditions, conditions (which Landlord and Tenant acknowledge are commercially reasonable in the context of a bankruptcy proceedings proceeding of Tenant, ) have been satisfied, satisfied and Landlord has so acknowledged in writing:
1. (i) The Trustee or the Debtor-In-Debtor In Possession has cured, or has provided Landlord with adequate assurance (as defined below) that:
(a) Within sixty (60) days from the date of such assumption, the Trustee will cure all monetary defaults under this Lease; and
(b) Within sixty (60) days from the date of such assumption, the Trustee will cure all non-monetary defaults under this Lease.
(ii) The Trustee or the Debtor In Possession has compensated, or has provided to Landlord adequate assurance (as defined below) that within sixty (60) days from the date of assumption, Landlord will be compensated for any pecuniary loss incurred by Landlord arising from the default of the Tenant, the Trustee, or the Debtor In Possession as recited in Landlord's written statement of pecuniary loss sent to the Trustee or Debtor In Possession.
(iii) The Trustee or Debtor In Possession has compensated, or has provided to Landlord adequate assurance of the future performance of each of Tenant's, Trustee's 's, or Debtor-In-Debtor In Possession's obligations under the Lease, which shall include without limitationprovided, that the however, that:
(a) The Trustee or Debtor-In-Debtor In Possession shall also deposit with Landlord, as security for the timely payment of rent, an amount equal to three two (32) months' rent (as adjusted pursuant to Section 17.03(c) below) and other monetary charges accruing under this Lease;
(b) If not otherwise required by the terms of this Lease, Trustee or Debtor In Possession shall also pay in advance, on the date minimum rent is payable, 1/12th of Tenant's annual obligations under this Lease for maintenance, Common area charges, real estate taxes, merchant's association dues, insurance and similar charges.
2(c) From and after the date of the assumption of this Lease, Trustee or Debtor In Possession shall pay as minimum rent an amount equal to the sum of the minimum rental otherwise payable hereunder, which amount shall be payable in advance in equal monthly installments on the date minimum rent is payable. and
(d) The obligations imposed upon the Trustees or Debtor In Possession shall continue with respect to Tenant or any assignee of the Lease after the completion of bankruptcy proceedings.
(iv) The assumption (and any contemplated assignment) of the Lease will not breach not:
(a) Breach any provision in any other lease, mortgage, financing agreement or other agreement by which Landlord is bound relating to the Shopping CenterCentre premises; or
(b) Disrupt, in Landlord's judgment, the tenant mix of the Centre or any other attempt by Landlord to provide a specific variety of retail stores in the Centre which, in Landlord's judgment, would be most beneficial to all of the tenants of the Centre and would enhance the image, reputation, and profitability of the Centre.
B. For purposes of this Section 10.02section, Landlord and Tenant acknowledge that, in the context of a bankruptcy proceeding of Tenant, at a minimum "adequate assurance" shall mean that the mean:
(i) The Trustee or the Debtor-In-Debtor In Possession has and will continue to have sufficient unencumbered assets after the payment of all secured obligations and administrative expenses to reasonably assure Landlord that the Trustee or Debtor-In-Debtor In Possession will have sufficient funds to fulfill the obligations of Tenant under this Lease, and to keep the Leased Premises stocked with merchandise and properly staffed with sufficient employees to conduct a fully operational, actively promoted business on the Leased Premises; and
(ii) The Bankruptcy Court shall have entered an Order segregating sufficient cash payable to Landlord and/or the Trustee or Debtor In Possession shall have granted a valid and perfected first lien and security interest and/or mortgage in property of Tenant, acceptable as to value and kind to Landlord, to secure to Landlord the obligation of the Trustee or Debtor In Possession to cure the monetary and/or non-monetary defaults under this Lease within the time periods set forth above.
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Samples: Lease (Metavante Corp)
CONDITIONS TO THE ASSUMPTION OF THE LEASE IN BANKRUPTCY PROCEEDINGS. A. In the event that a Petition for reorganization or adjustment of debts is filed concerning Tenant under Chapter 11 or 13 of the Bankruptcy Code, or a proceeding is filed under Chapter 7 under of the Bankruptcy Code and is transferred to Chapter 11 or 13, the Trustee or the Tenant, as Debtor-In-Possession, must elect to assume the this Lease within one hundred twenty (120) 75 days from the date of the filing of the Petition under Chapter 11 or 13, or the Trustee or Debtor-In-Possession shall be deemed to have rejected this Lease. No election by the Trustee or Debtor-In-Possession to assume this Lease, whether under Chapter 7, 11, 11 or 13, shall be effective unless each of the following conditions, which Landlord and Tenant acknowledge are commercially reasonable in the context of a bankruptcy proceedings proceeding of Tenant, have been satisfied, and Landlord Xxxxxxxx has so acknowledged in writing:
(1. ) The Trustee or the Debtor-In-Possession has cured, or has provided Landlord adequate assurance (as defined below) that:
(a) Within ten (10) days from the date of such assumption the Trustee will cure all monetary defaults under this Lease; and
(b) Within thirty (30) days from the date of such assumption the Trustee will cure all non-monetary defaults under this Lease.
(2) The Trustee or the Debtor-In-Possession has compensated, or has provided to Landlord adequate assurance (as defined below) that within ten (10) days from the date of assumption Landlord will be compensated for any pecuniary loss incurred by Landlord arising from the default of the Tenant, the Trustee, or the Debtor-In-Possession as recited in Xxxxxxxx's written statement of pecuniary loss sent to the Trustee or Debtor-In-Possession.
(3) The Trustee or the Debtor-In-Possession has provided Landlord with adequate assurance of the future performance of each of the Tenant's, Trustee's or Debtor-In-Possession's obligations under the this Lease, which shall include without limitationprovided, that the however, that:
(a) The Trustee or Debtor-In-Possession shall also deposit with Landlord, as security for the timely payment of rent, an amount equal to three (3) months' rent and other monetary charges accruing under this Lease; and
(b) The Trustee or Debtor-In-Possession shall also pay in advance the monthly installments of Additional Rent required under paragraph 25.
2. (c) The obligations imposed upon the Trustee or Debtor-In- Possession shall continue with respect to Tenant or any assignee of the Lease after the completion of bankruptcy proceedings.
(4) The assumption (and any contemplated assignment) of the Lease will not breach any provision in any other lease, mortgage, financing agreement or other agreement by which Landlord is bound relating to the Shopping CenterBuilding.
B. (5) For purposes of this Section 10.02section, Landlord and Tenant acknowledge that, in the context of a bankruptcy proceeding of Tenant, at a minimum "adequate assurance" shall mean that the mean:
(a) The Trustee or the Debtor-In-Possession has and will continue to have sufficient unencumbered assets after the payment of all secured obligations and administrative expenses to assure Landlord that the Trustee or Debtor-In-Possession will have sufficient funds to fulfill the obligations of Tenant under this Lease; and
(b) The Bankruptcy Court shall have entered an Order segregating sufficient cash payable to Landlord and/or the Trustee or Debtor-In-Possession shall have granted a valid and perfected first lien and security interest and/or mortgage in property of the Tenant, Trustee or Debtor-In-Possession, acceptable as to value and kind to Landlord, to secure to Landlord the obligation of the Trustee or Debtor-In-Possession to cure the monetary and/or non-monetary defaults under this Lease within the time periods set forth above.
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