INSOLVENCY AND DEATH Sample Clauses

INSOLVENCY AND DEATH. It is understood and agreed that neither this Lease nor any interest therein or hereunder, nor any estate hereby created in favor of Tenant, shall pass by operation of law under any state or federal insolvency, bankruptcy, or inheritance act, or any similar law now or hereafter in effect, to any trustee, receiver, assignee for the benefit of creditors, heirs, legatees, devisees or any other person whomsoever without the express written consent of Landlord first had and obtained therefor.
Sample 1Sample 2Sample 3See All (12)
AutoNDA by SimpleDocs
INSOLVENCY AND DEATH. It is understood and agreed that, except as specifically provided below in this Section, neither this Lease not any interest herein or hereunder, nor any estate hereby created in favor of Tenant, shall pass by operation of law under any state or federal insolvency, bankruptcy or inheritance act, or any similar law now or hereafter in effect, to any trustee, receiver, assignee for the benefit of creditors, heirs, legatee, devisee or any other person whomsoever. Landlord and Tenant hereby acknowledge and recognize that Section 365 of Title 11 of the United States Code (the "Bankruptcy Code") provides that a debtor-in possession or a trustee, with court approval, may assume or reject an un-expired lease and that in a case under Chapter 11 of the Bankruptcy Code, the court, on request of a party to such un-expired lease, may order the trustee or debtor-in-possession to determine within a specified period of time whether to assume or reject such un-expired lease. Because of the fact that time is of the essence to this Lease, Tenant expressly covenants, agrees and bargains to file or cause to be filed a motion either to assume or to reject this Lease within forty-five (45) days of the filing of a voluntary petition under the Bankruptcy Code or the entry of an order for relief in the event of the filing of an involuntary petition. Landlord and Tenant further recognize that Section 365 of the Bankruptcy Code provides for the assumption and assignment, subject to court approval, of unexpired leases. Court approval of such assumption and assignment is pre-conditioned on, among other things, the provision of adequate assurance of future performance. In view of the foregoing, Landlord and Tenant do hereby bargain, covenant and agree that the following, and each of them specifically and without limiting Tenant's obligations to continue to perform all of the terms of this Lease, are conditions and covenants the fulfillment of which are necessary to provide Landlord with adequate assurance of future performance:
Sample 1
INSOLVENCY AND DEATH. 38 SECTION 20 CONDEMNATION............................................................38 SECTION 21 DAMAGE OR DESTRUCTION...................................................40
Sample 1
INSOLVENCY AND DEATH. 30 iii 5 ARTICLE 20 CONDEMNATION ............................................................... 30 20.1 Awards ................................................ 30 20.2 Taking of the Premises ................................ 30 20.3 TAKING of the Hotel ................................... 30 20.4 Deed-in-Lieu .......................................... 30
Sample 1
INSOLVENCY AND DEATH. Where the Agent conducts a sale on behalf of a Seller who is the Administrative Receiver, Administrator, Liquidator or Supervisor of a limited company or Trustee in Bankruptcy or Supervisor of an individual:
Sample 1
INSOLVENCY AND DEATH. Where the Agents/Auctioneers conduct a sale on behalf of a Vendor who is an Administrative Receiver, an Administrator or a Liquidator of a limited company or Trustee in Bankruptcy of an individual: The Vendors shall only act as an agent on behalf of the company or bankrupt (as the case may be) and shall be under no personal liability whatsoever in respect of the contract for sale of any lots; The Vendor, and the Agents/Auctioneers on his behalf, sell whatever right, title or interest the company or the bankrupt may have in the lot; In the event of any third party proving to have a superior title to right to custody or possession of any lot the Vendor may rescind the contract of sale and upon return of any deposit and/or purchase price to the Purchaser, neither the Vendor nor the Agents/Auctioneers shall be under any further liability to the Purchaser; If before title to any lot has passed to the Purchaser, the Purchaser, being an individual, dies or enters into a composition or arrangement for the benefit of his creditors or has a Bankruptcy Order made against him, or being a body corporate, has a Receiver or a Receiver and Manager appointed or goes into administration, liquidation or enters into an arrangement for the benefit of its creditors, then in all such cases the contract for sale for such lot may be, at the Agents/Auctioneers’ discretion, rescinded without notice to the said Purchaser. Upon rescission, any deposit paid by the Purchaser shall be forfeited and the Agents/Auctioneers shall be entitled to exercise the rights set out in these conditions of sale on the basis of default by the Purchaser.
Sample 1
INSOLVENCY AND DEATH. 12.1 If the Customer is a natural person, the Company shall, in the event of the Customer's death, be entitled at its option either to terminate the underlying agreement or to claim compulsory performance from the heirs.
Sample 1
AutoNDA by SimpleDocs
INSOLVENCY AND DEATH 
Sample 1Sample 2

Related to INSOLVENCY AND DEATH

  • Bankruptcy Subject to Section 5(c), each Note Holder hereby covenants and agrees that only the Lead Securitization Note Holder has the right to institute, file, commence, acquiesce, petition under Bankruptcy Code Section 303 or otherwise or join any Person in any such petition or otherwise invoke or cause any other Person to invoke an Insolvency Proceeding with respect to or against the Mortgage Loan Borrower or seek to appoint a receiver, liquidator, assignee, trustee, custodian, sequestrator or other similar official with respect to the Mortgage Loan Borrower or all or any part of its property or assets or ordering the winding-up or liquidation of the affairs of the Mortgage Loan Borrower. Each Note Holder further agrees that only the Lead Securitization Note Holder, and not the Non-Lead Securitization Note Holder, can make any election, give any consent, commence any action or file any motion, claim, obligation, notice or application or take any other action in any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding. The Note Holders hereby appoint the Lead Securitization Note Holder as their agent, and grant to the Lead Securitization Note Holder an irrevocable power of attorney coupled with an interest, and their proxy, for the purpose of exercising any and all rights and taking any and all actions available to the Non-Lead Securitization Note Holder in connection with any case by or against the Mortgage Loan Borrower under the Bankruptcy Code or in any other Insolvency Proceeding, including, without limitation, the right to file and/or prosecute any claim, vote to accept or reject a plan, to make any election under Section 1111(b) of the Bankruptcy Code with respect to the Mortgage Loan, and to file a motion to modify, lift or terminate the automatic stay with respect to the Mortgage Loan. The Note Holders hereby agree that, upon the request of the Lead Securitization Note Holder, the Non-Lead Securitization Note Holder shall execute, acknowledge and deliver to the Lead Securitization Note Holder all and every such further deeds, conveyances and instruments as the Lead Securitization Note Holder may reasonably request for the better assuring and evidencing of the foregoing appointment and grant. All actions taken by the Servicer in connection with any Insolvency Proceeding are subject to and must be in accordance with the Servicing Standard.

Time is Money Join Law Insider Premium to draft better contracts faster.