Common use of Adequate Assurance of Future Performance Clause in Contracts

Adequate Assurance of Future Performance. Landlord and Tenant hereby agree in advance that adequate assurance of future performance, as that term is used in Section 11.2(d) above, shall mean that all of the following minimum criteria must be met: (i) Tenant's gross revenues in the ordinary course of business during the thirty (30) day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next installment of Base Annual Rent and Additional Rent due under this Lease; (ii) both the average and median of Tenant's gross revenues in the ordinary course of business during the six (6) month period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next six (6) installments of Base Annual Rent and Additional Rent due under this Lease; (iii) Tenant must pay (and continue to pay on a timely basis throughout the Lease Term) Base Annual Rent, Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to the performance of Landlord's obligations hereunder; (iv) the Trustee must agree that Tenant's business shall be conducted in a first class manner, and that no liquidating sales, auctions, or other non-first class business operations shall be conducted on or about the Demised Premises, Building and/or Complex; (v) the Trustee must agree that the use of the Demised Premises as stated in this Lease will remain unchanged and that no prohibited use shall be permitted; and (vi) the Trustee must agree that the assumption or assignment of this Lease will not violate or affect the rights of other tenants in the Building and/or Complex.

Appears in 3 contracts

Sources: Office Building Lease (Quadramed Corp), Office Building Lease (Otg Software Inc), Office Building Lease (Net2000 Communications Inc)

Adequate Assurance of Future Performance. Landlord and Tenant hereby agree in advance that adequate assurance of future performance, as that term is used in Section 11.2(dsubparagraph 21 (b)(vi) above, shall mean that all of the following minimum criteria must be met: : (ia) Tenant's gross revenues in the ordinary course of business during Trustee or Tenant must pay to Landlord, at the thirty (30) day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than time the next monthly installment of Base Annual Rent and Additional Rent rent is due under this Lease, in addition to such monthly installment of rent, an amount equal to the total amount of monthly installments of rent payable under this Lease for the three months immediately following, and Landlord shall hold said amount in escrow until either the Trustee or Tenant defaults in its payments of rent under this Lease (whereupon Landlord shall have the right to apply funds held in escrow to any deficiency in Tenant's rent account) or until the expiration of this Lease (whereupon such funds shall be returned to the Trustee or Tenant); (iib) both the average Tenant or Trustee must agree to pay to Landlord, at any time the Landlord is authorized to and median of Tenant's gross revenues in does apply the ordinary course of business during funds as escrowed, the six (6) month period immediately preceding amount necessary to restore such escrow account to the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next six (6) installments of Base Annual Rent and Additional Rent due under original level required by this Leasesubparagraph; (iii) Tenant must pay (and continue to pay on a timely basis throughout the Lease Term) Base Annual Rent, Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to the performance of Landlord's obligations hereunder; (ivc) the Trustee must agree that Tenant's business shall be conducted in a first first-class manner, manner and that no liquidating sales, sale auctions, or other non-first first-class business operations operation shall be conducted on or about in the Demised Premises, Building and/or Complex; (vd) the Trustee trustee or Tenant must agree that the use of the Demised Premises as stated in this Lease will remain unchanged and that no prohibited use shall be permittedunchanged; and (vie) the Trustee must agree that the assumption or assignment of this Lease will not violate or affect the rights of other tenants in the Building and/or ComplexBuilding. For the purpose of this subparagraph, the term "monthly installment of rent" shall mean the total of monthly installments of Base Annual Rent and Additional Rent for a month under this Lease.

Appears in 1 contract

Sources: Lease Agreement (Exigent International Inc)

Adequate Assurance of Future Performance. Landlord and Tenant hereby agree in advance that the phrase "adequate assurance of future performance", as that term is used in Section 11.2(d) abovethis Paragraph 16(b), shall mean that all of the following minimum criteria must be met: ; (iA) Tenant's gross revenues in the ordinary course of business during Trustee must pay to Landlord, at the thirty (30) day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than time the next installment payment of Base Annual Rent and Additional Rent rent is then due under this Lease; (ii) both the average and median , in addition to such payment of Tenant's gross revenues in the ordinary course of business during the six (6) month period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than rent, an amount equal to the next six three (63) installments of Base Annual Rent and Additional Rent months rent due under this Lease, said amount to be held by Landlord in escrow until either the Trustee or Tenant defaults in its payments of rent or other obligations under this Lease (whereupon Landlord shall have the right to draw upon such escrowed funds) or until the expiration of this Lease (whereupon the funds shall be returned to the Trustee or Tenant); (iiiB) the Tenant or Trustee must agree to pay to Landlord, at any time the Landlord is authorized to and does draw upon the funds escrowed pursuant to subparagraph (A) above, the amount necessary to restore such escrow account to the original level required by said provision; (C) Tenant must pay the cost of all services, if any, provided by Landlord for which Tena▇▇ ▇▇ charged other than pursuant to Paragraph 3 hereof (whether directly or through agents or contractors, and continue whether or not the cost of such services is to pay on a timely basis throughout the Lease Termbe passed through to Tenant) Base Annual Rent, Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to of the performance or provision of Landlord's obligations hereundersuch services; (ivD) the Trustee must agree that Tenant's business Tena▇▇'▇ ▇usiness shall be conducted in a first class manner, and that no liquidating liquidation sales, auctions, or other non-first class business operations shall be conducted on or about the Demised Premises, Building and/or Complexpremises; (vE) the Trustee must agree that the use of the Demised Premises premises as stated in this Lease will remain unchanged and that no prohibited use shall be permittedunchanged; and (viF) the Trustee must agree that the assumption or assignment of this Lease will not violate or affect the rights of other tenants in the Building and/or ComplexBuilding. * Nothwithstanding any provision of this Lease Agreement, Tenant shall not be prevented from making a separate claim or cause of action which Tenant may have directly against the condemming authority and which Tena▇▇ ▇▇ able to pursue without interfering with Land▇▇▇▇'▇ ▇laim or cause of action and without eliminating Land▇▇▇▇'▇ ▇ight to Land▇▇▇▇'▇ ▇ward.

Appears in 1 contract

Sources: Agreement of Lease (Mason George Bankshares Inc)

Adequate Assurance of Future Performance. Landlord and Tenant hereby agree in advance that adequate assurance of future performance, as that term is used in Section 11.2(d) above, shall mean that all of the following minimum criteria must be met: : (i) Tenant's ’s gross revenues in the ordinary course of business during the thirty (30) day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next installment of Base Annual Rent and Additional Rent due under this Lease; , (ii) both the average and an median of Tenant's ’s gross revenues revenues) in the ordinary course of business during the six (6) month period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next six (6) installments of Base Annual Rent and Additional Rent due under this Lease; (iii) Tenant must pay (and continue to pay on a timely basis throughout the Lease Term) Base Annual Rent, Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to the performance of Landlord's ’s obligations hereunder; (iv) the Trustee must agree that Tenant's ’s business shall be conducted in a first class manner, and that no liquidating sales, auctions, or other non-first class business operations shall be conducted on or about the Demised Premises, Building and/or Complex; (v) the Trustee must agree that the use of the Demised Premises as stated in this Lease will remain unchanged and that no prohibited use shall be permitted; and (vi) the Trustee must agree that the assumption or assignment of this Lease will not violate or affect the rights of other tenants in the Building and/or Complex.

Appears in 1 contract

Sources: Office Building Lease (Spherix Inc)

Adequate Assurance of Future Performance. If the Tenant has assumed this Lease pursuant to the terms and provisions of Sections (a) and (b) hereof, for the purpose of assigning (or elects to assign) Tenant's interest under this Lease, or the estate created thereby, to any other person, such interest or estate may be so assigned only if Landlord shall acknowledge in writing that the intended assignee has provided adequate assurance of the future performance (as defined in this Section 34) of all of the terns, covenants and conditions of this Lease to be performed by Tenant. For the purposes of this Section 34.4, Landlord and Tenant hereby agree acknowledge that, in advance that the context of a bankruptcy proceeding of Tenant, at a minimum, “adequate assurance of future performance, as that term is used in Section 11.2(d) above, shall mean that all each of the following minimum criteria must be metconditions have been satisfied, and Landlord has so acknowledged in writing: (ia) The assignee has submitted a current financial statement audited by a Certified Public Accountant which shows a net worth and working capital in amounts (which amounts shall in no event be less than the greater of those of Tenant and any guarantor of Tenant's gross revenues in obligations hereunder at the ordinary course of business during the thirty (30) day period immediately preceding the initiation time of the case under execution of this Lease) determined to be sufficient by Landlord to assure the Bankruptcy Code must be at least two (2) times greater than the next installment future performance by such assignee of Base Annual Rent and Additional Rent due Tenant's obligations under this Lease; ; (iib) both The assignee, if requested by Landlord, shall have obtained guarantees in form and substance satisfactory to Landlord from one or more persons who satisfy Landlord's standards of creditworthiness; (c) The assignee has submitted, in writing, evidence satisfactory to Landlord, of substantial retailing experience in shopping centers of comparable size to the average Shopping Center and median in the sale of merchandise and services permitted under this Lease; (d) Landlord has obtained all consents and waivers from any third party required under any lease, mortgage, financing arrangement or other agreement by which Landlord is bound to permit Landlord to consent to such assignment; (e) The assignee has supplied such additional information required to be supplied by Section 10.3 hereof and has complied with any other provisions, conditions and requirements set forth in said Section 10.3 for an assignment of Tenant's gross revenues in the ordinary course of business during the six (6) month period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next six (6) installments of Base Annual Rent and Additional Rent due under this Lease; (iii) Tenant must pay (and continue to pay on a timely basis throughout the Lease Term) Base Annual Rent, Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to the performance of Landlord's obligations hereunder; (iv) the Trustee must agree that Tenant's business shall be conducted in a first class manner, and that no liquidating sales, auctions, or other non-first class business operations shall be conducted on or about the Demised Premises, Building and/or Complex; (v) the Trustee must agree that the use of the Demised Premises as stated interest in this Lease will remain unchanged and that no prohibited use shall or the estate created thereby; and (f) The assignee has deposited with Landlord a Security Deposit in such amount as determined by Landlord to be permitted; and (vi) appropriate based upon the Trustee must agree that the assumption or assignment of financial information supplied under this Lease will not violate or affect the rights of other tenants in the Building and/or ComplexSection 34.4.

Appears in 1 contract

Sources: Lease Agreement (Digital Cinema Destinations Corp.)

Adequate Assurance of Future Performance. Landlord and Tenant hereby agree in advance that adequate assurance of future performance, as that term is used in Section 11.2(d14.2(d) above, shall mean that all of the following minimum criteria must be met: (i) Tenant's gross revenues in the ordinary course of business during the thirty (30) day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next installment of Base Minimum Annual Rent and Additional Rent due under this Lease; . (ii) both Both the average and median of Tenant's gross revenues in the ordinary course of business during the six (6) month period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next six (6) installments of Base Minimum Annual Rent and Additional Rent due under this Lease; . (iii) Tenant must pay (and continue to pay on a timely basis throughout the Lease Term) Base Minimum Annual Rent, Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to the performance of Landlord's obligations hereunder; . (iv) the The Trustee must agree that Tenant▇▇▇▇▇▇'s business shall be conducted in a first class manner, and that no liquidating sales, auctions, or other non-first class business operations shall be conducted on or about the Demised Premises, Leased Premises and/or Building and/or Complex; Shopping Center. (v) The source of Minimum Annual Rent, Additional Rent and other consideration due under this Lease, and in the Trustee must agree that case of an assignment, the financial condition and operating performance of the proposed assignee and its guarantors, if any, shall be similar to the source of such rents and consideration, and to the financial condition and operating performance of the Tenant and its guarantors, if any, as of the time the Tenant became the lessee under this Lease. (vi) [Intentionally Omitted.] (vii) That the use of the Demised Leased Premises as stated in this Lease will remain unchanged and that no prohibited use shall be permitted; . (viii) That assumption or assignment of this Lease is subject to all the provisions hereof, including (but not limited to) provisions such as radius, location, use, and exclusivity provisions, and will not breach any such provision contained in any other lease, financing agreement, or agreement relating to the Building and/or the Shopping Center. (viix) the Trustee must agree that the That assumption or assignment of this Lease will not violate disrupt any tenant mix or affect the rights of other tenants balance in the Building and/or ComplexShopping Center.

Appears in 1 contract

Sources: Lease

Adequate Assurance of Future Performance. Landlord and Tenant hereby agree in advance that adequate assurance of future performance, as that term is used in Section section 11.2(d) above, shall mean that all of the following minimum criteria must be met: (i) Tenant's gross revenues receipts in the ordinary course of business during the thirty (30) thirty-day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next installment payment of Base Annual Rent and Additional Rent rent due under this Lease; (ii) both Both the average and median of Tenant's gross revenues receipts in the ordinary course of business during the six (6) six-month period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next six (6) installments payment of Base Annual Rent and Additional Rent rent due under this Lease; (iii) Tenant must pay its estimated pro rata share of the cost of all services provided by Landlord (whether directly or through agents or contractors and continue to pay on a timely basis throughout whether or not previously included as part of the Lease Term) Base Annual Rentbase rent), Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to of the performance or provision of Landlord's obligations hereundersuch services; (iv) the The Trustee must agree that Tenant▇▇▇▇▇▇'s business shall be conducted in a first class manner, and that no liquidating sales, auctions, or other non-first class business operations shall be conducted on or about the Demised Premises, Building and/or Complexpremises; (v) the The Trustee must agree that the use of the Demised Premises premises as stated in this Lease will remain unchanged and that no prohibited use shall be permitted; and (vi) the The Trustee must agree that the assumption or assignment of this Lease will not violate or affect the rights of other tenants in the Building and/or Complexbuilding.

Appears in 1 contract

Sources: Office Building Lease (Sherwood Brands Inc)

Adequate Assurance of Future Performance. Landlord and Tenant hereby agree in advance that adequate assurance of future performance, as that term is used in Section 11.2(dsection 13.2(d) above, shall mean that all of the following minimum criteria must be met: : (iI) Tenant's gross revenues receipts in the ordinary course of business during the thirty (30) day 30)-day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next installment payment of Base Annual Rent and Additional Rent rent due under this Lease; (ii) both Both the average and median of Tenant's gross revenues receipts in the ordinary course of business during the six (6) month 6)-month period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next six (6) installments payment of Base Annual Rent and Additional Rent rent due under this the Lease; (iii) Tenant must pay its estimated pro rata share of the cost of all services provided by Landlord (whether directly or thought agents or contractors and continue to pay on a timely basis throughout whether or not previously included as part of the Lease Term) Base Annual Rentbase rent), Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to of the performance or provision of Landlord's obligations hereundersuch services; (iv) the The Trustee must agree that Tenant's business shall be conducted in a first class manner, and that no liquidating sales, auctions, or other non-first class business operations shall be conducted on or about the Demised Premises, Building and/or Complexpremises; (v) the The Trustee must agree that the use of the Demised Premises premises as stated in this Lease will remain unchanged and that no prohibited use shall be permitted; : and (vi) the Trustee must agree that the assumption or assignment of this Lease will not violate or affect the rights of other tenants in the Building and/or ComplexBuilding.

Appears in 1 contract

Sources: Lease Agreement (Franklin Bancorporation Inc)

Adequate Assurance of Future Performance. Landlord and Tenant hereby agree in advance that adequate assurance of future performance, as that term is used in Section 11.2(d27.1 (2) (v) above, shall mean that all of the following minimum criteria must be met: (iA) Tenant's gross revenues in The Trustee must pay to Landlord, at the ordinary course of business during the thirty (30) day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than time the next installment payment of Base Annual Rent and Additional Rent is then due under this Lease; (ii) both the average and median , in addition to such payment of Tenant's gross revenues in the ordinary course of business during the six (6) month period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than Rent, an amount equal to the next six three (63) installments of Base Annual months Rent and Additional Rent due under this Lease, said amount to be held by Landlord in escrow until either the Trustee or Tenant defaults in its payment of Rent or other obligations under this Lease (whereupon Landlord shall have the right to draw such escrowed funds) or until the expiration of this Lease (whereupon the funds shall be returned to the Trustee or Tenant); (iiiB) The Tenant or Trustee must agree to pay to the Landlord, at any time the Landlord is authorized to and does draw on the funds escrowed the amount necessary to restore such escrow account to the original level required by said provision; (C) Tenant must pay (and continue to pay on a timely basis throughout its estimate pro-rata share of the Lease Term) Base Annual Rent, Additional Rent and cost of all other sums payable services provided by Tenant hereunder Landlord in advance and as a condition precedent to advances of the performance or provision of Landlord's obligations hereundersuch services; (ivD) the The Trustee must agree that Tenant's business shall be conducted in a first class manner, and that no liquidating sales, auctions, or other non-first class business operations shall be conducted on or about the Demised Premises, Building and/or Complex; (vE) the The Trustee must agree that the use of the Demised Premises as stated in this Lease will remain unchanged and that no prohibited use shall be permittedunchanged; and (viF) the The Trustee must agree that the assumption or assignment of this Lease will not violate or affect the rights of other tenants in the Building and/or ComplexBuilding.

Appears in 1 contract

Sources: Lease Agreement (Paytrust Inc)

Adequate Assurance of Future Performance. Landlord and Tenant hereby agree in advance that adequate assurance of future performance, as that term is used in Section 11.2(d) above, shall mean that all of the following minimum criteria must be met: (i) Tenant's gross revenues receipts in the ordinary course of business during the thirty (30) thirty-day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next installment payment of Base Annual Rent and Additional Rent rent due under this Lease; (ii) both Both the average and median of Tenant's gross revenues receipts in the ordinary course of business during the six (6) six-month period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next six (6) installments payment of Base Annual Rent and Additional Rent rent due under this Lease; (iii) Tenant must pay its estimated pro rata share of cost of all 16 services provided by Landlord (whether directly or through agents or contractors and continue to pay on a timely basis throughout whether or not previously included as part of the Lease Term) Base Annual Rentbase rent), Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to of the performance or provision of Landlord's obligations hereundersuch services; (iv) the The Trustee must agree that Tenant's business shall be conducted in a first class manner, and that no liquidating sales, auctions, or other non-first class business operations shall be conducted on or about the Demised Premises, Building and/or Complexpremises; (v) the The Trustee must agree that the use of the Demised Premises premises as stated in this Lease will remain unchanged and that no prohibited use shall be permitted; and (vi) the The Trustee must agree that the assumption or assignment of this Lease will not violate or affect the rights of other tenants in the Building and/or Complexbuilding.

Appears in 1 contract

Sources: Office Building Lease (Template Software Inc)

Adequate Assurance of Future Performance. Landlord and Tenant hereby agree in advance that adequate assurance of future performance, as that term is used in Section 11.2(d13.2(d) above, shall mean means that all of the following minimum criteria must be met: (i) Tenant's gross revenues in the ordinary course of business during the thirty (3030 day) day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next installment of Base Minimum Annual Rent, Percentage Rent and Additional Rent due under this Lease; . (ii) both Both the average and median of Tenant's gross revenues in the ordinary course of business during the six (6) month period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next six (6) installments of Base Minimum Annual Rent, Percentage Rent and Additional Rent due under this Lease; . (iii) Tenant must pay (and continue to pay on a timely basis throughout the Lease Term) Base Minimum Annual Rent, Additional Percentage Rent, additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to the performance of Landlord's obligations hereunder; . (iv) the The Trustee must agree that Tenant's business shall be conducted in a first class manner, and that no liquidating sales, auctions, or other non-first fist class business operations shall be conducted on or about the Demised Premises, Building Premises and/or Complex; Building. (v) The source of Minimum Annual Rent, Percentage Rent, Additional Rent and other consideration due under this Lease, and in the Trustee must agree that case of an assignment, the financial condition and operating performance of the proposed assignee and its guarantors, if any, shall be similar to the source of such rents and consideration, and to the financial condition and operating performance of the Tenant and its guarantors, if any, as of the time the Tenant became the lessee under this Lease. (vi) That any Percentage Rent due under this Lease will not decline substantially from the highest levels of Percentage Rent due under this Lease prior to the bankruptcy.. (vii) That the use of the Demised Premises as stated in this Lease will remain unchanged and that no prohibited use shall be permitted; and . (viviii) the Trustee must agree that the That assumption or assignment of this Lease is subject to all the provisions hereof, including (but not limited to) provisions such as radius, location, use, and exclusivity provisions, and will not violate breach any such provision contained in any other lease, financing agreement, or affect agreement relating to the rights of other tenants in the Building and/or ComplexBuilding.

Appears in 1 contract

Sources: Lease Agreement (Franklin Bancorporation Inc)

Adequate Assurance of Future Performance. Landlord and Tenant hereby agree in advance that adequate assurance of future performance, as that term is used in Section 11.2(d) above, shall mean that all of the following minimum criteria must be met: (i) Tenant's gross revenues in the ordinary course of business during the thirty (30) day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next installment of Base Annual Rent and Additional Rent due under this Lease; (ii) both the average and median of Tenant's gross revenues revenues) in the ordinary course of business during the six (6) month period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next six (6) installments of Base Annual Rent and Additional Rent due under this Lease; (iii) Tenant must pay (and continue to pay on a timely basis throughout the Lease Term) Base Annual Rent, Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to the performance of Landlord's obligations hereunder; (iv) the Trustee must agree that Tenant's business shall be conducted in a first class manner, and that no liquidating sales, auctions, or other non-first class business operations shall be conducted on or about the Demised Premises, Building and/or Complex; (v) the Trustee must agree that the use of the Demised Premises as stated in this Lease will remain unchanged and that no prohibited use shall be permitted; and (vi) the Trustee must agree that the assumption or assignment of this Lease will not violate or affect the rights of other tenants in the Building and/or Complex.

Appears in 1 contract

Sources: Office Building Lease (Techteam Global Inc)

Adequate Assurance of Future Performance. Landlord and Tenant hereby ----------------------------------------- agree in advance that adequate assurance of future performance, as that term is used in Section 11.2(d) above, shall mean that all of the following minimum criteria must be met: (i) Tenant's gross revenues in the ordinary course of business during the thirty (30) day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next installment of Base Annual Rent and Additional Rent due under this Lease; (ii) both the average and median of Tenant's gross revenues in the ordinary course of business during the six (6) month period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next six (6) installments of Base Annual Rent and Additional Rent due under this Lease; (iii) Tenant must pay (and continue to pay on a timely basis throughout the Lease Term) Base Annual Rent, Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to the performance of Landlord's obligations hereunder; (iv) the Trustee must agree that Tenant's business shall be conducted in a first class manner, and that no liquidating sales, auctions, or other non-first class business operations shall be conducted on or about the Demised Premises, Building and/or Complex; (v) the Trustee must agree that the use of the Demised Premises as stated in this Lease will remain unchanged and that no prohibited use shall be permitted; and (vi) the Trustee must agree that the assumption or assignment of this Lease will not violate or affect the rights of other tenants in the Building and/or Complex.and

Appears in 1 contract

Sources: Office Building Lease (Cais Internet Inc)

Adequate Assurance of Future Performance. Landlord Lessor and Tenant Lessee hereby agree in advance that the phrase "adequate assurance of future performance, as that term is ." As used in Section 11.2(d) abovethis Subparagraph 21(d)(ii), shall mean that all of the following minimum criteria must be met: : (ia) Tenant's gross revenues in the ordinary course of business during Trustee must pay to Lessor, at the thirty (30) day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than time the next installment payment of Base Annual Rent and Additional Rent rent is then due under this Lease; (ii) both the average and median , in addition to such payment of Tenant's gross revenues in the ordinary course of business during the six (6) month period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than rent, an amount equal to the next six three (63) installments of Base Annual Rent and Additional Rent months rent due under this Lease, said amount to be held by Lessor in escrow until either the Trustee or Lessee defaults in its payments of rent or other obligations under this Lease (whereupon Lessor shall have the right to draw upon such escrowee funds) or until the expiration of this Lease (whereupon the funds shall be returned to Trustee or Lessee); (iiib) Tenant the Lessee or Trustee must agree to pay to Lessor, at any time the Lessor is authorized to and does draw upon the funds escrowee pursuant to this Subparagraph 21(d)(ii), the amount necessary to restore such escrow account to the original level required by said provision; [copyright] Lessee must pay the cost of all services, if any, provided by Lessor for which Lessee is charged (whether directly or through agents or contractors, and continue whether or not the cost of such services is to pay on a timely basis throughout the Lease Termbe passed through to Lessee) Base Annual Rent, Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to of the performance or provision of Landlord's obligations hereundersuch services; (ivd) the Trustee must agree that Tenant's business shall be conducted in a first class manner, and that no liquidating liquidation sales, auctions, or other non-first class business operations shall not be conducted on or about the Demised Premises, Building and/or ComplexPremises without Lessor's prior written approval; (ve) the Trustee must agree that the use of the Demised Premises as stated in this Lease will remain unchanged and that no prohibited use shall be permittedunchanged; and (vif) the Trustee must agree that the assumption or assignment of this Lease will not violate or affect the rights of other tenants Lessees in the Building and/or ComplexBuilding.

Appears in 1 contract

Sources: Lease Agreement (Colorocs Information Technologies Inc)

Adequate Assurance of Future Performance. Landlord Regardless of whether an Event of Default has occurred, Indemnitors agree that in the event of a filing after the Effective Date by or against any of Indemnitors of a proceeding under the Bankruptcy Code: (a) Surety is the holder of a “claim” and Tenant hereby agree is a claimant within the meaning of Section 101(5) of the Bankruptcy Code and is a “party in advance that interest” within the meaning of Sections 362(d) of the Bankruptcy Code. Surety has standing as a party in interest to be heard in all matters including, without limitation, the right to seek relief pursuant to Sections 361 and 365 of the Bankruptcy Code; (b) an Event of Default will be deemed to continue to exist and will not be deemed to be cured notwithstanding the payment by Surety pursuant to the Bonds of claims, bills, or other Surety Loss incurred in or in connection with the performance of the Bonded Contracts; (c) time is of the essence in any Indemnitors acceptance or rejection of a Bonded Contract pursuant to Section 365 of the Bankruptcy Code, and any delay in any Indemnitors prompt acceptance or rejection of same may materially increase Surety Loss; and (d) with respect to any Bonded Contract assumed by any Indemnitor pursuant to Section 365 of the Bankruptcy Code, the cure of any default and the adequate assurance of future performanceperformance to which Surety will be entitled will include, as that term is used in Section 11.2(d) above, shall mean that all of the following minimum criteria must but not be met: limited to: (i) Tenant's gross revenues payment by Indemnitors to Surety in an amount not less than any Reserve which Surety may be required by statute or otherwise deem necessary to establish with respect to the ordinary course of business during the thirty (30) day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next installment of Base Annual Rent and Additional Rent due under this LeaseBonded Contract so assumed; or (ii) both Indemnitors may provide Surety with an irrevocable letter of credit, financial guarantee, or surety bond in a form and from a financial institution or corporate surety reasonably acceptable to Surety in an amount no less than any Reserve which Surety may be required by statute or otherwise deem necessary to establish with respect to the average Bonded Contract so assumed. Indemnitors represent and median of Tenant's gross revenues agree with Surety that the Collateral, the Existing Pledged Collateral, the Indemnity Agreement, and any collateral and assurances provided for in the ordinary course Surety Credit Documents is insufficient for purposes of business during the six (6) month period immediately preceding the initiation providing adequate assurance of future performance to Surety with respect to any Bonded Contract assumed by such Indemnitor pursuant to Section 365 of the case under the Bankruptcy Code must be at least two (2) times greater than the next six (6) installments of Base Annual Rent and Additional Rent due under this Lease; (iii) Tenant must pay (and continue to pay on a timely basis throughout the Lease Term) Base Annual Rent, Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to the performance of Landlord's obligations hereunder; (iv) the Trustee must agree that Tenant's business shall be conducted in a first class manner, and that no liquidating sales, auctions, or other non-first class business operations shall be conducted on or about the Demised Premises, Building and/or Complex; (v) the Trustee must agree that the use of the Demised Premises as stated in this Lease will remain unchanged and that no prohibited use shall be permitted; and (vi) the Trustee must agree that the assumption or assignment of this Lease will not violate or affect the rights of other tenants in the Building and/or ComplexCode.

Appears in 1 contract

Sources: Underwriting, Continuing Indemnity, and Security Agreement (Integrated Electrical Services Inc)

Adequate Assurance of Future Performance. Landlord Lessor and Tenant Lessee ---------------------------------------- hereby agree in advance that adequate assurance of future performance, as that term is used in Section 11.2(d12.1(b)(v) above, shall mean that all of the following minimum criteria must be met: (i1) Tenant's gross revenues The Trustee must pay to Lessor, at the time the next payment of rent is then due under this lease, in addition to such payment of rent, an amount equal to the ordinary course next three (3) months' rent due under this lease, said amount to be held by Lessor in escrow until either the Trustee or Lessee defaults in its payment of business during rent or other obligations under this lease (whereupon Lessor shall have the thirty right to draw upon such escrowed funds) or until the expiration of this lease or renewal term (30) day period immediately preceding whereupon the initiation of funds shall be returned to the case under the Bankruptcy Code must be at least two Trustee or Lessee); (2) times greater than The Lessee or Trustee must agree to pay to the next installment of Base Annual Rent Lessor, at any time the Lessor is authorized to and Additional Rent due under this Lease; does draw on the funds escrowed pursuant to Section 12.1(b)(vi)(1) above, the amount necessary to restore such escrow account to the original level required by such provision; (ii3) both the average and median of Tenant's gross revenues in the ordinary course of business during the six (6) month period immediately preceding the initiation Lessee must pay its estimate pro rata share of the case under cost of all services provided by Lessor (whether directly or through agents or contractors, and whether or not the Bankruptcy Code must cost of such services is to be at least two (2passed through to Lessee) times greater than the next six (6) installments of Base Annual Rent and Additional Rent due under this Lease; (iii) Tenant must pay (and continue to pay on a timely basis throughout the Lease Term) Base Annual Rent, Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to of the performance or provision of Landlord's obligations hereunder; such services; (iv4) the The Trustee must agree that TenantLessee's business shall be conducted in a first class manner, and that no liquidating sales, auctions, or other non-first class business operations shall be conducted on or about the Demised Premises, Building and/or Complex; premises; (v5) the The Trustee must agree that the use of the Demised Premises premises as stated in this Lease lease will remain unchanged and that no prohibited use shall be permitted; and unchanged; (vi6) the The Trustee must agree that the assumption or assignment of this Lease lease will not violate or affect the rights of other tenants in the Building and/or ComplexBuilding. All of the foregoing shall be subject to the laws of the United States of America and the orders of direction of the Bankruptcy Court.

Appears in 1 contract

Sources: Sublease Agreement (Broadview Networks Holdings Inc)

Adequate Assurance of Future Performance. Landlord and Tenant hereby agree in advance that adequate assurance of future performance, as that term is used in Section 11.2(d) above, shall mean that all of the following minimum criteria must be met: : (i) Tenant's ’s gross revenues in the ordinary course of business during the thirty (30) day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next installment of Base Annual Rent and Additional Rent due under this Lease; (ii) both the average and median of Tenant's ’s gross revenues in the ordinary course of business during the six (6) month period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next six (6) installments of Base Annual Rent and Additional Rent due under this Lease; (iii) Tenant must pay (and continue to pay on a timely basis throughout the Lease Term) Base Annual Rent, Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to the performance of Landlord's ’s obligations hereunder; (iv) the Trustee must agree that Tenant's ’s business shall be conducted in a first class manner, and that no liquidating sales, auctions, or other non-first class business operations shall be conducted on or about the Demised Premises, Building and/or Complex; (v) the Trustee must agree that the use of the Demised Premises as stated in this Lease will remain unchanged and that no prohibited use shall be permitted; and (vi) the Trustee must agree that the assumption or assignment of this Lease will not violate or affect the rights of other tenants in the Building and/or Complex.

Appears in 1 contract

Sources: Office Building Lease (TRX Inc/Ga)

Adequate Assurance of Future Performance. Landlord Regardless of whether an Event of Default has occurred, Indemnitors agree that in the event of a filing by or against any of Indemnitors of a proceeding under the Bankruptcy Code: (a) Surety is the holder of a "claim" and Tenant hereby agree is a claimant within the meaning of Section 101(5) of the Bankruptcy Code and is a "party in advance that interest" within the meaning of Sections 362(d) of the Bankruptcy Code. Surety has standing as a party in interest to be heard in all matters including, without limitation, the right to seek relief pursuant to Sections 361-365 of the Bankruptcy Code; (b) an Event of Default will be deemed to continue to exist and will not be deemed to be cured notwithstanding the payment by Surety pursuant to the Bonds of claims, bills, or other Surety Loss incurred in or in connection with the performance of the Bonded Contracts; (c) time is of the essence in any Indemnitors acceptance or rejection of a Bonded Contract pursuant to Section 365 of the Bankruptcy Code, and any delay in any Indemnitors prompt acceptance or rejection of same may materially increase Surety Loss; and (d) with respect to any Bonded Contract assumed by any Indemnitor pursuant to Section 365 of the Bankruptcy Code, the cure of any default and the adequate assurance of future performanceperformance to which Surety will be entitled will include, as that term is used in Section 11.2(d) above, shall mean that all of the following minimum criteria must but not be met: limited to: (i) Tenant's gross revenues payment by Indemnitors to Surety in an amount not less than any Reserve which Surety may be required by statute or otherwise deem necessary to establish with respect to the ordinary course of business during the thirty (30) day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next installment of Base Annual Rent and Additional Rent due under this LeaseBonded Contract so assumed; or (ii) both Indemnitors may provide Surety with an irrevocable letter of credit, financial guarantee, or surety bond in a form and from a financial institution or corporate surety reasonably acceptable to Surety in an amount no less than any Reserve which Surety may be required by statute or otherwise deem necessary to establish with respect to the average Bonded Contract so assumed. Indemnitors represent and median of Tenant's gross revenues agree with Surety that the Collateral, the Existing Pledged Collateral, the Indemnity Agreement, and any collateral and assurances provided for in the ordinary course Surety Credit Documents is insufficient for purposes of business during the six (6) month period immediately preceding the initiation providing adequate assurance of future performance to Surety with respect to any Bonded Contract assumed by such Indemnitor pursuant to Section 365 of the case under the Bankruptcy Code must be at least two (2) times greater than the next six (6) installments of Base Annual Rent and Additional Rent due under this Lease; (iii) Tenant must pay (and continue to pay on a timely basis throughout the Lease Term) Base Annual Rent, Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to the performance of Landlord's obligations hereunder; (iv) the Trustee must agree that Tenant's business shall be conducted in a first class manner, and that no liquidating sales, auctions, or other non-first class business operations shall be conducted on or about the Demised Premises, Building and/or Complex; (v) the Trustee must agree that the use of the Demised Premises as stated in this Lease will remain unchanged and that no prohibited use shall be permitted; and (vi) the Trustee must agree that the assumption or assignment of this Lease will not violate or affect the rights of other tenants in the Building and/or ComplexCode.

Appears in 1 contract

Sources: Underwriting, Continuing Indemnity, and Security Agreement (Integrated Electrical Services Inc)

Adequate Assurance of Future Performance. Landlord and Tenant hereby agree in advance that adequate assurance of future performance, as that term is used in Section 11.2(d) above, shall mean that all of the following minimum minimium criteria must be met: (i) Tenant's gross revenues receipts in the ordinary course of business during the thirty (30) thirty-day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next installment payment of Base Annual Rent and Additional Rent rent due under this Lease; (ii) both Both the average and median of Tenant's gross revenues receipts in the ordinary course of business during the six (6) six-month period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next six (6) installments payment of Base Annual Rent and Additional Rent rent due under this Lease; (iii) Tenant must pay its estimated pro rata share of cost of all services provided by Landlord (whether directly or through agents or contractors and continue to pay on a timely basis throughout whether or not previously included as part of the Lease Term) Base Annual Rentbase rent), Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to of the performance or provision of Landlord's obligations hereundersuch services; (iv) the The Trustee must agree that Tenant's business shall be conducted in a first class manner, and that no liquidating sales, auctions, or other non-first class business operations shall be conducted on or about the Demised Premises, Building and/or Complexpremises; (v) the The Trustee must agree that the use of the Demised Premises premises as stated in this Lease will remain unchanged and that no prohibited use shall be permitted; and (vi) the The Trustee must agree that the assumption or assignment of this Lease will not violate or affect the rights of other tenants in the Building and/or Complexbuilding.

Appears in 1 contract

Sources: Office Building Lease (Otg Software Inc)

Adequate Assurance of Future Performance. Landlord LANDLORD and Tenant TENANT hereby agree in advance that adequate assurance of future performance, as that term is used in Section 11.2(d) "13.1(B)(v)" above, shall mean that all of the following minimum criteria must be met: (ia) Tenant's gross revenues in The Trustee must pay to LANDLORD, at the ordinary course of business during the thirty (30) day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than time the next installment payment of Base Annual Rent and Additional Rent rent is then due under this Lease; (ii) both the average and median lease, in addition to such payment of Tenant's gross revenues in the ordinary course of business during the six (6) month period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than rent, an amount equal to the next six (6) installments of Base Annual Rent and Additional Rent month's rent due under this Lease; lease, said amount to be held by LANDLORD in escrow until either the Trustee or TENANT defaults in its payment of rent or other obligations under this lease (iiiwhereupon LANDLORD shall have the right to draw such escrow funds) Tenant or until the expiration of this lease (whereupon the funds shall be returned to the Trustee or TENANT); (b) The TENANT or Trustee must agree to pay to the LANDLORD, at any time the LANDLORD is authorized to and does draw on the funds escrowed pursuant to Section "13.1(B)(vi)(a)" above, the amount necessary to restore such escrow account to the original level required by said provision; (c) TENANT must pay its estimated pro-rata share of the cost of all services provided by LANDLORD (whether directly or through agents or contractors, and continue whether or not the cost of such service is to pay on a timely basis throughout the Lease Termbe passed through to TENANT) Base Annual Rent, Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to of the performance or provision of Landlord's obligations hereunder; such services; (ivd) the The Trustee must agree that TenantTENANT's business shall be conducted in a first class manner, and that no liquidating sales, auctions, or other non-first class business operations shall be conducted on or about the Demised Premises, Building and/or Complex; premises; (ve) the The Trustee must agree that the use of the Demised Premises premises as stated in this Lease lease will remain unchanged and that no prohibited use shall be permitted; and unchanged: (vif) the The Trustee must agree that the assumption or assignment of this Lease lease will not violate or affect the rights of other tenants in of the Building and/or ComplexLANDLORD.

Appears in 1 contract

Sources: Lease Agreement (Gutbusters Pty LTD)

Adequate Assurance of Future Performance. Landlord and Tenant hereby agree in advance that adequate assurance of future performance, as that term is used in Section 11.2(d¶16(b)(v) above, shall mean that all of the following minimum criteria must be met: : (i) Tenant's gross revenues in A)the Trustee must pay to Landlord at the ordinary course of business during the thirty (30) day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than time the next installment payment of Base Annual Rent and Additional Rent rent is then due under this Lease; (ii) both the average and median , in addition to such payment of Tenant's gross revenues in the ordinary course of business during the six (6) month period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than rent, an amount equal to the next six (6) installments payment of Base Annual Rent and Additional Rent rent due under this Lease, or the next three (3) months rent due under this Lease, whichever is greater, said amount to be held by Landlord in escrow until either the Trustee or Tenant defaults in its payments of rent or other obligations under this Lease (whereupon Landlord shall have the right to draw such escrowed funds) or until the expiration or this Lease (whereupon the funds shall be returned to the Trustee or Tenant); (iiiB) The Tenant or Trustee must agree to pay to Landlord, at any time the Landlord is authorized to and does draw on the funds escrowed pursuant to ¶16(b)(vi)(A( above, the amount necessary to restore such escrow account to the original level required by said provision; (C) Tenant must pay its estimated pro rata share of the coat of all services provided by Landlord (whether directly or through agents or contractors, and continue whether or not the cost of such services is to pay on a timely basis throughout the Lease Termbe passed through to Tenant) Base Annual Rent, Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to of the performance or provision of Landlord's obligations hereundersuch services; (ivD) the The Trustee must agree that Tenant's ’s business shall be conducted in a first class manner, and that no liquidating sales, auctions, or other non-first class business operations shall be conducted on or about the Demised Premises, Building and/or Complexpremises; (vE) the The Trustee must agree that the use of the Demised Premises premises as stated in this Lease will remain unchanged and that no prohibited use shall be permittedunchanged; and (viF) the The Trustee must agree that the assumption or assignment of this Lease will not violate or affect the rights of other tenants in the Building and/or ComplexBuilding.

Appears in 1 contract

Sources: Lease Agreement (SunGard Availability Inc.)

Adequate Assurance of Future Performance. Landlord and Tenant hereby agree in advance that adequate assurance of future performance, as that term is used in Section 11.2(d) above, shall mean that all of the following minimum criteria must be met: (i) Tenant's gross revenues receipts in the ordinary course of business during the thirty (30) thirty-day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next installment payment of Base Annual Rent and Additional Rent rent due under this Lease; (ii) both Both the average and median of Tenant's gross revenues receipts in the ordinary course of business during the six (6) six-month period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next six (6) installments payment of Base Annual Rent and Additional Rent rent due under this Lease; (iii) Tenant must pay its estimated pro rata share of cost of all services provided by Landlord (whether directly or through agents or contractors and continue to pay on a timely basis throughout whether or not previously included as part of the Lease Term) Base Annual Rentbase rent), Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to of the performance or provision of Landlord's obligations hereundersuch services; (iv) the The Trustee must agree that Tenant's business shall be conducted in a first class manner, and that no liquidating sales, auctions, or other non-first class business operations shall be conducted on or about the Demised Premises, Building and/or Complexpremises; (v) the The Trustee must agree that the use of the Demised Premises premises as stated in this Lease will remain unchanged and that no prohibited use shall be permitted; and (vi) the The Trustee must agree that the assumption or assignment of this Lease will not violate or affect the rights of other tenants in the Building and/or Complexbuilding.

Appears in 1 contract

Sources: Office Building Lease (Techteam Global Inc)

Adequate Assurance of Future Performance. Landlord and Tenant hereby agree in advance that adequate assurance of future performance, as that term is used in Section 11.2(d) 16.03, above, shall mean that include all of the following minimum criteria, in addition to the general criteria must be metof Section 365 (b) (3) of the Bankruptcy Code: (ia) In the event of assumption by Tenant's gross revenues in the ordinary course of business , Tenant’s Gross Sales during the thirty Thirty (30) day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two ten (210) times greater than the next monthly installment of Base Annual annual Minimum Rent and Additional Rent due under this the Lease; , (iib) In the event of assumption by Tenant, both the average and median of Tenant's gross revenues ’s monthly Gross Sales in the ordinary course of business during the six (6) month period immediately preceding the initiation of the case under the Bankruptcy Code (or such shorter period as may have elapsed in the Term of this Lease) must be at least two ten (210) times greater than the next six (6) installments monthly installment of Base Annual annual Minimum Rent and Additional Rent due under this Lease; ; (iiic) Tenant Trustee or Assignee, as the case may be, must pay Tenant’s Proportionate Share of Real Estate Taxes, Common Area Maintenance Costs, Shopping Center Insurance and for all services provided by Landlord (whether directly or through agents or contractors and continue to pay on a timely basis throughout whether or not previously included as part of the Lease Term) Base Annual annual Minimum Rent), Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to of the performance or provision of Landlord's obligations hereunder; such services; (ivd) Tenant’s or Assignee’s business, as the Trustee must agree that Tenant's business case may be, shall be conducted in a first first-class manner, and that no liquidating sales, auctions, or other non-first first-class business operations shall be conducted on or about the Demised Premises, Building and/or Complex; ; (ve) The Premises shall be used for the Trustee must agree that Permitted Use and operated under the use of the Demised Premises Permitted Name as stated in this Lease will remain unchanged and that no prohibited use shall be permitted; and (vi) the Trustee must agree that the assumption or assignment of this Lease will not violate or affect the rights of other tenants in the Building and/or Complex.;

Appears in 1 contract

Sources: Lease Agreement (Alliance Bankshares Corp)

Adequate Assurance of Future Performance. Landlord and Tenant hereby agree in advance that the phrase "adequate assurance of future performance", as that term is used in Section 11.2(d) abovethis paragraph 16(b), shall mean that all of the following minimum criteria must be met: : (iA) Tenant's gross revenues in the ordinary course of business during Trustee must pay to Landlord, at the thirty (30) day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than time the next installment payment of Base Annual Rent and Additional Rent rent is then due under this Lease; (ii) both the average and median , in addition to such payment of Tenant's gross revenues in the ordinary course of business during the six (6) month period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than rent, an amount equal to the next six three (63) installments of Base Annual Rent and Additional Rent months rent due under this Lease, said amount to be held by Landlord in escrow until either the Trustee or Tenant defaults in its payments of rent or other obligations under this Lease (whereupon Landlord shall have the right to draw upon such escrowed funds) or until the expiration of this Lease (whereupon the funds shall be returned to the Trustee or Tenant); (iiiB) the Tenant or Trustee must agree to pay to Landlord, at any time the Landlord is authorized to and does draw upon the funds escrowed pursuant to subparagraph (A) above, the amount necessary to restore such escrow account to the original level required by said provision; (C) Tenant must pay the cost of all services, if any, provided by Landlord for which Tena▇▇ ▇▇ charged other than pursuant to paragraph 3 hereof (whether directly or through agents or contractors, and continue whether or not the cost of such services is to pay on a timely basis throughout the Lease Termbe passed through to Tenant) Base Annual Rent, Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to of the performance or provision of Landlord's obligations hereundersuch services; (ivD) the Trustee must agree that Tenant's business Tena▇▇'▇ ▇usiness shall be conducted in a first class manner, and that no liquidating liquidation sales, auctions, or other non-first class business operations shall be conducted on or about the Demised Premises, Building and/or Complexpremises; (vE) the Trustee must agree that the use of the Demised Premises premises as stated in this Lease will remain unchanged and that no prohibited use shall be permittedunchanged; and (viF) the Trustee must agree that the assumption or assignment of this Lease will not violate or affect the rights of other tenants in the Building and/or Complex.Building. JACo rev. 4-2-81

Appears in 1 contract

Sources: Agreement of Lease (Mason George Bankshares Inc)

Adequate Assurance of Future Performance. In the event of the ---------------------------------------- occurrence of any of the events specified in this Article, if Landlord and shall not choose to exercise, or by law shall not be able to exercise, its rights under this Lease to terminate this Lease upon the occurrence of such events, then, in addition to any other rights of Landlord allowed under this Lease or by law, Landlord shall not be obligated to provide Tenant hereby agree with any of the services specified in Article 8, unless Landlord has received compensation in advance for such services, and the parties agree that Landlord's reasonable estimate of the compensation required with respect to such services shall control. Further, neither Tenant, as debtor-in-possession, nor any trustee or other person (referred to in this Lease as the "Assuming Tenant") shall be entitled to assume this Lease unless, on or before the date of such assumption, the Assuming Tenant (x) cures, or provides adequate assurance that the latter will promptly cure, any existing default under this Lease, (y) compensates, or provides adequate assurance that the Assuming Tenant will promptly compensate, Landlord for any pecuniary loss, including, without limitation, attorneys' fees and disbursements resulting from such default, and (z) provides adequate assurance of future performance, as that term is used in Section 11.2(d) above, shall mean that all of the following minimum criteria must be met: (i) Tenant's gross revenues in the ordinary course of business during the thirty (30) day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next installment of Base Annual Rent and Additional Rent due performance under this Lease. The parties agree that, for such purposes, any cure or compensation shall be effected by the immediate payment of any monetary default or any required compensation, or the immediate correction or bonding of any nonmonetary default; (ii) both any "adequate assurance" of such cure or compensation shall be effected by the average establishment of an escrow fund for the amount at issue or by bonding; and median "adequate assurance" of Tenant's gross revenues future performance shall be effected by the deposit of cash security in an amount equal to the ordinary course sum of business during the six (6) month period months' Fixed Rent for the calendar year immediately preceding such assignment plus an amount equal to any increase in Rent under Article 4 for the initiation calendar year preceding the year in which such assumption is intended to become effective, which deposit shall be held by Landlord for the balance of the case under Term, without interest, as security for the Bankruptcy Code must be at least two (2) times greater than the next six (6) installments full performance of Base Annual Rent and Additional Rent due all of Tenant's obligations under this Lease; (iii) . Landlord and Tenant must pay (and continue to pay on a timely basis throughout the Lease Term) Base Annual Rent, Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to the performance of Landlord's obligations hereunder; (iv) the Trustee must agree that Tenant's business shall be conducted in a first class manner, and that no liquidating sales, auctions, or other non-first class business operations shall be conducted on or about the Demised Premises, Building and/or Complex; (v) the Trustee must agree that the use foregoing provision was a material part of the Demised Premises as stated in consideration for this Lease will remain unchanged and that no prohibited use shall be permitted; and (vi) the Trustee must agree that the assumption or assignment of this Lease will not violate or affect the rights of other tenants in the Building and/or ComplexLease.

Appears in 1 contract

Sources: Lease Agreement (Inflow Inc)

Adequate Assurance of Future Performance. Landlord and Tenant hereby agree in advance that adequate assurance of future performance, as that term is used in Section 11.2(d) above, shall mean that all of the following minimum criteria must be met: ; (i) Tenant's ’s gross revenues in the ordinary course of business during the thirty (30) day period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next installment of Base Annual Rent and Additional Rent Rant due under this Lease; (ii) both the average and median of Tenant's ’s gross revenues in the ordinary course of business during the six (6) month period immediately preceding the initiation of the case under the Bankruptcy Code must be at least two (2) times greater than the next six (6) installments of Base Annual Rent and Additional Rent due under this Lease; (iii) Tenant must pay (and continue to pay on a timely basis throughout the Lease Term) Base Annual Rent, Additional Rent and all other sums payable by Tenant hereunder in advance and as a condition precedent to the performance of Landlord's ’s obligations hereunder; (iv) the Trustee must agree that Tenant's ’s business shall be conducted in a first class manner, and that no liquidating sales, auctions, or other non-first class business operations shall be conducted on or about the Demised Premises, Building and/or Complex; (v) the Trustee must agree that the use of the Demised Premises as stated in this Lease will remain unchanged and that no prohibited use shall be permitted; and (vi) the Trustee must agree that the assumption or assignment of this Lease will not violate or affect the rights of other tenants in the Building and/or Complex.

Appears in 1 contract

Sources: Office Building Lease (Micromet, Inc.)