Common use of Insolvency or Bankruptcy of Tenant Clause in Contracts

Insolvency or Bankruptcy of Tenant. If at any time prior to the Commencement Date of this Lease, or any time during the term hereby demised, there shall be filed by or against Tenant in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the appointment of a receiver or trustee of all or a portion of Tenants property, and if within thirty (30) days hereof Tenant fails to secure a discharge thereof, or if Tenant makes an assignment for the benefit of creditors, or petitions for or enters into a plan under the Bankruptcy Code (as defined below), this Lease, at the option of Landlord, may be cancelled and terminated by notice of cancellation to Tenant effective three (3) days thereafter, in which event neither Tenant nor Guarantor nor any person claiming through or under Tenant or Guarantor by virtue of any statute or of an order of any court shall be entitled to possession, or to remain in possession of the Premises, and Landlord, in addition to the other rights and remedies Landlord has by virtue of any other provision herein or elsewhere in this Lease contained or by virtue of any statue or rule of law may retain as liquidate damages any Rent, security, deposit or monies received by Landlord from Tenant or others in behalf of Tenant. If Tenant becomes a debtor within the meaning of the Bankruptcy Reform act of 1978, as the same may from time to time be amended (“Bankruptcy Code”) and notwithstanding any other provisions of this Lease, this Lease and Landlord’s and Tenant’s rights are then made subject to such Bankruptcy Code, it is covenanted and agreed that the failure of Tenant or its representative appointed in accordance with said Bankruptcy Code to furnish accurate information and adequate assurances as to the source of Rent and other consideration due under this Lease, or conduct or have conducted at the Premises Tenant’s business as provided in Section 6 hereof, shall in any case each be deemed a default under this Section 20, and Landlord shall have all rights and remedies herein afforded to it in the event of any default by Tenant under this Lease. Tenant’s interest in this Lease shall not pass to any trustee or receiver or assignee for the benefit of creditors or operation of law except as may be specially provided by the Bankruptcy Code.

Insolvency or Bankruptcy of Tenant. If at any time prior to the Commencement Date of this Lease, or any time during the term hereby demised, there shall be filed by or against Tenant in any court pursuant to any statute either of the United States or of any state a petition in bankruptcy or insolvency or for reorganization or for the The appointment of a receiver or trustee to take possession of all or a portion substantially all of Tenants property, and if within thirty (30) days hereof Tenant fails to secure a discharge thereofthe assets of Tenant, or if Tenant makes an assignment by Tenant for the benefit of creditors, or petitions for any action taken or enters into a plan suffered by Tenant under the Bankruptcy Code (as defined below)any insolvency, this Lease, at the option of Landlord, may be cancelled and terminated by notice of cancellation to Tenant effective three (3) days thereafter, in which event neither Tenant nor Guarantor nor any person claiming through or under Tenant or Guarantor by virtue of any statute or of an order of any court shall be entitled to possessionbankruptcy, or reorganization act, or the failure of Tenant (or any successor or assign of Tenant) to remain carry on the business of Tenant in possession the ordinary course on the Premises, or the abandonment of the Premises, and shall at Landlord’s option, constitute a breach of this Lease by Tenant. Upon the happening of any such event or at any time thereafter, this Lease shall terminate five days after written notice of termination from Landlord to Tenant. Except as expressly required by applicable law, in addition to the other rights and remedies Landlord has by virtue of any other provision herein or elsewhere in no event shall this Lease contained be assigned by Tenant or assignable by Tenant by operation of law or by virtue voluntary or involuntary bankruptcy proceedings or otherwise. In the event that assignment of any statue or rule of law this Lease is required under applicable law, Landlord may retain as liquidate damages any Rent, security, require from the assignee a deposit or monies received other security for the performance of such assignee’s obligations under this Lease substantially the same as would have been required by Landlord from upon the initial leasing to a similar tenant. Tenant agrees that it will not oppose any petition by Landlord to require any trustee or others in behalf receiver to assume or reject this Lease as long as said trustee or receiver is allowed sixty (60) days after the commencement of Tenantsuch proceeding to determine whether to assume or reject the Lease. If Tenant becomes a debtor within the meaning Failure of the Bankruptcy Reform act trustee or receiver to assume this Lease within such period, or any rejection of 1978this Lease by any trustee or receiver at any time, as the same may from time to time be amended (“Bankruptcy Code”) and notwithstanding any other provisions shall constitute a breach of this Lease, this Lease and Landlord’s and Tenant’s rights are then made subject to such Bankruptcy Code, it is covenanted and agreed that the failure of Tenant or its representative appointed in accordance with said Bankruptcy Code to furnish accurate information and adequate assurances as to the source of Rent and other consideration due under . In assuming this Lease, any trustee or conduct receiver must (i) cure any default or have conducted at the Premises Tenant’s business provide adequate assurance that any default hereunder will be promptly cured, (ii) compensate Landlord for any actual pecuniary loss (including out-of-pocket expenses and attorneys’ fees) incurred as provided in Section 6 hereof, shall in a result of any case each be deemed a default under this Section 20default, and (iii) provide assurance reasonably adequate to the Landlord shall have of actual performance of all rights and remedies herein afforded to it in the event of any default by Tenant future obligations under this Lease. Tenant’s interest in this Lease In no event shall not pass to Tenant or any trustee or receiver receiver, trustee, representative, successor or assignee for of Tenant conduct any activities on the benefit Premises other than in the ordinary course of creditors business, and in no event shall any meetings of creditors, auctions, sales or operation other activities other than in the ordinary course of law except as may business be specially provided by conducted on the Bankruptcy CodePremises, nor shall notices thereof be posted on or about the Premises.