Common use of TIME FOR ASSUMPTION OR REJECTION OF LEASE IN TENANT'S BANKRUPTCY Clause in Contracts

TIME FOR ASSUMPTION OR REJECTION OF LEASE IN TENANT'S BANKRUPTCY. In the event that either a voluntary petition or involuntary petition for reorganization or liquidation or adjustment of debts is filed by or against Tenant under Chapter 7, 11 or 13 of the Bankruptcy Code, the Tenant or the bankruptcy trustee or the Tenant as debtor in possession must elect to assume or reject this Lease within 60 days after the date of filing of the petition. If the Tenant, trustee or debtor in possession shall elect to assume this Lease, whether for the purpose of assignment or otherwise, such election and assignment may only be made if all of the terms and conditions of Section 10.4.4 hereof are satisfied. If the Tenant, trustee or debtor in possession shall fail to elect or assume this Lease within 60 days after the date of filing the bankruptcy petition, this Lease shall be deemed to have been rejected. In the event of such rejection, Landlord shall thereupon be immediately entitled to possession of the Premises without further obligation to the Tenant, trustee or debtor in possession and this Lease shall be cancelled, but Landlord's right to be compensated for damages in such proceeding shall survive.

TIME FOR ASSUMPTION OR REJECTION OF LEASE IN TENANT'S BANKRUPTCY. In the event that either a voluntary petition or involuntary petition for reorganization or liquidation or adjustment of debts is filed either by or against Tenant under Chapter 7, 11 11, or 13 of the Bankruptcy Code, the Tenant The Tenant, as debtor in possession, or the bankruptcy trustee or the Tenant as debtor in possession trustee, must elect to assume or reject this Lease within 60 days after the date of filing of the petition. If the Tenant, trustee or debtor in possession shall elect to assume this Lease, whether for the purpose of assignment or otherwise, such election and assignment may only be made if all of the terms and conditions of Section 10.4.4 17.4 hereof are satisfied. If the Tenant, trustee or debtor in possession shall fail to elect or assume this Lease within 60 days after the date of filing the bankruptcy petition, this Lease shall be deemed to have been rejected. In the event of such rejection, Landlord shall thereupon be immediately entitled to possession of the Leased Premises without further obligation to the Tenant, trustee or debtor in possession and this Lease shall be cancelled, but Landlord's right to be compensated for damages in such proceeding shall survive.