Common use of INSOLVENCY OF TENANT Clause in Contracts

INSOLVENCY OF TENANT. If any of the following events occur, they shall constitute a default under this Lease: (a) the appointment of a receiver to take possession of all or substantially all of the assets of Tenant, or (b) a general assignment by Tenant for the benefit of creditors, or (c) any action taken or suffered by Tenant under any insolvency or bankruptcy act (unless, in the case of an action filed against Tenant, the same is dismissed within thirty (30) days of filing), shall constitute a default of this Lease by Tenant, and Landlord may terminate this Lease forthwith and upon notice of such termination Tenant’s right to possession of the Demised Premises shall cease, and Tenant shall then quit and surrender the Premises to Landlord but Tenant shall remain liable as hereinafter provided in Section 12 hereof.

INSOLVENCY OF TENANT. If any of the following events occur, they shall constitute a default under this Lease: The (a) the appointment of a receiver to take possession of all or substantially all of the assets of Tenantthe Tenant which appointment is not stayed or vacated in thirty (30) days, or (b) a general assignment by the Tenant for the benefit of creditors, or (c) any action taken the initiation of a proceeding by or suffered by against the Tenant under any bankruptcy or insolvency law not vacated or bankruptcy act (unless, stayed in the case of an action filed against Tenant, the same is dismissed within thirty (30) days of filing)days, or (d) the Tenant’s inability or failure to pay its creditors on a timely basis, shall constitute a default of this Lease by the Tenant, and the Landlord may terminate this Lease forthwith forthwith, and upon notice of such termination Tenant’s right to possession of the Demised Premises shall cease, and the Tenant shall then quit and surrender the Premises to Landlord the Landlord, but the Tenant shall remain liable as hereinafter provided in Section 12 hereofthis Lease.