Common use of INSOLVENCY OF TENANT Clause in Contracts

INSOLVENCY OF TENANT. The (a) appointment of a receiver to take possession of all or substantially all of the assets of the Tenant which appointment is not stayed or vacated in thirty (30) days, or (b) general assignment by the Tenant for the benefit of creditors, or (c) the initiation of a proceeding by or against the Tenant under any bankruptcy or insolvency law not vacated or stayed in thirty (30) 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, and upon notice of such termination Tenant’s right to possession of the Premises shall cease, and the Tenant shall then quit and surrender the Premises to the Landlord, but the Tenant shall remain liable as provided in this Lease.

INSOLVENCY OF TENANT. The 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 the Tenant which appointment is not stayed or vacated in thirty (30) daysTenant, or (b) a general assignment by the Tenant for the benefit of creditors, or (c) the initiation of a proceeding any action taken or suffered by or against the Tenant under any insolvency or bankruptcy or insolvency law not vacated or stayed act (unless, in the case of an action filed against Tenant, the same is dismissed within thirty (30) days, or (d) the Tenant’s inability or failure to pay its creditors on a timely basisdays of filing), 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 the Landlord, Landlord but the Tenant shall remain liable as hereinafter provided in this LeaseSection 12 hereof.