Assumption or Assignment by Trustee Clause Samples
The "Assumption or Assignment by Trustee" clause defines the conditions under which a trustee may transfer or assign their rights and obligations under an agreement to another party. Typically, this clause outlines whether such an assignment requires the consent of other parties involved, and may specify any limitations or procedures that must be followed for a valid transfer. For example, it might allow a trustee to assign their duties to a successor in the event of resignation or incapacity, provided certain notice requirements are met. The core function of this clause is to ensure continuity and clarity in the administration of the trust, while protecting the interests of all parties by regulating how and when a trustee's responsibilities can be transferred.
Assumption or Assignment by Trustee. In the event Tenant becomes the subject debtor in a case pending under the Bankruptcy Code, Landlord's right to terminate this Lease pursuant to Section 11.2(a) shall be subject to the rights of the Trustee in Bankruptcy to assume or assign this Lease. The Trustee shall not have the right to assume or assign this Lease unless the Trustee (i) promptly cures all defaults under this Lease, (ii) promptly compensates Landlord for monetary damages, incurred as a result of such default, and (iii) provides adequate assurance of future performance on the part of Tenant as debtor in possession or on the part of the assignee Tenant.
Assumption or Assignment by Trustee. In the event Tenant becomes the subject debtor in a case pending under the Bankruptcy Code, Landlord's right to terminate this Lease pursuant to Section 11.2(a) shall be subject to the rights of the Trustee in Bankruptcy to assume or assign this Lease. In addition to all other objections Landlord may raise to assumption and/or assignment, and in addition to all other requirements of any Bankruptcy Court and the Bankruptcy Code, the Trustee shall not have the right to assume or assign this Lease unless the Trustee (i) has timely performed all Lease obligations of the Tenant/Debtor arising from and after the filing of any voluntary bankruptcy petition by Tenant or, in the case of an involuntary petition, the date of entry of the Order for Relief, (ii) promptly cures all defaults under this Lease, (iii) promptly compensates Landlord for monetary damages incurred as a result of such default, and (iv) provides adequate assurance of future performance on the part of Tenant or on the part of the assignee of Tenant or the Trustee.
Assumption or Assignment by Trustee. In the event TENANT becomes the subject debtor in a case pending under the Bankruptcy Code, LANDLORD'S right to terminate this Lease pursuant to this Section "13.1" shall be subject to the rights of the Trustee in Bankruptcy to assume or assign this Lease. The Trustee shall not have the right to assume or assign this Lease unless the Trustee: (a) promptly cures all defaults under this Lease, (b) promptly compensates LANDLORD for monetary damages incurred as a result of such default, and (c) provides adequate assurance of future performance.
Assumption or Assignment by Trustee. In the event Tenant becomes the subject debtor in a case pending under the Bankruptcy Code. Land▇▇▇▇'▇ ▇ight to terminate this Lease pursuant to this Paragraph 16 shall be subject to the rights of the Trustee in bankruptcy to assume or assign this Lease. The Trustee shall not have the right to assume or assign this Lease unless the Trustee (A) promptly cures all defaults under this Lease, (B) promptly compensates Landlord for monetary damages incurred as a result of such default, (C) provides "adequate assurance of future performance" (as hereinafter defined) (D) complies with the provisions of Paragraph 5 hereof.
Assumption or Assignment by Trustee. In the event Lessee becomes the subject debtor in a case pending under the Bankruptcy Code, Lessor's right to terminate this Lease pursuant to this Section 23 shall be subject to the rights of the Trustee in bankruptcy to assume or assign this Lease. The Trustee shall not have the right to assume or assign this Lease unless the Trustee (a) promptly cures all defaults under this Lease, (b) promptly compensates Lessor for monetary damages incurred as a result of such default, (c) provides "adequate assurance of future performance" (as hereinafter defined) and (d) complies with the provisions of Section 7 hereof.
Assumption or Assignment by Trustee. In the event Tenant becomes the subject debtor in a case pending under the Bankruptcy Code, Landlord’s right to terminate this Lease pursuant to this Section 16 shall be subject to the rights of the Trustee in bankruptcy to assume or assign this Lease. The Trustee shall not have the right to assume or assign this Lease unless the Trustee (A) promptly cures all defaults under this Lease, (B) promptly compensates Landlord for monetary damages, incurred as a result of such default, and (C) provides adequate assurance of future performance.
Assumption or Assignment by Trustee. In the event Sublessee becomes the subject debtor in a case pending under the Bankruptcy Code and shall thereafter fail to maintain timely rent payments hereunder, Sublessor's right to terminate this Sublease pursuant to Section 14:2 (a) shall be subject to the rights of the Trustee in bankruptcy to assume or assign this Sublease. The Trustee shall not have the right to assume or assign this Sublease unless the Trustee (i) promptly cures all defaults under this Sublease, (ii) promptly compensates Sublessor for monetary damages incurred as a result of such default, and (iii) provides adequate assurance of future performance on the part of Sublessee as debtor in possession or on the part of the Trustee, or on the part of the Assignee Sublessee.
Assumption or Assignment by Trustee. In the event Lessee becomes ----------------------------------- the subject debtor in a case pending under the Bankruptcy Code, Lessor's right to terminate this lease pursuant to this Section 12.1 shall be subject to the rights of the Trustee in Bankruptcy to assume or assign this lease. The Trustee shall not have the right to assume or assign this lease unless the Trustee;
(1) promptly cures all defaults under this lease;
(2) promptly compensates Lessor for monetary damages incurred as a result of such default; and,
(3) provides adequate assurance of future performance all of which shall be subject to the laws of the United States of America and the orders of direction of the Bankruptcy Court.
Assumption or Assignment by Trustee. If pursuant to the Bankruptcy ----------------------------------- Code this Lease shall become subject to the rights of the Trustee in Bankruptcy (as such term is defined in the Bankruptcy Code and hereinafter called "Trustee") to assume or assign this Lease, the Trustee shall not have the right to assume or assign this Lease, unless the Trustee (i) promptly cures all defaults under this Lease (other than the occurrence of the Event of Bankruptcy), (ii) promptly compensates Landlord for any actual monetary losses to Landlord as a result of such default, (iii) provides "adequate assurances for future performance" under this Lease, (iv) complies with all of The Corporate Advisory Board Company Lease June 23, 1998 Final the provisions of this Lease, and (v) gives appropriate written notice to Landlord of Trustee's election to assume or reject this Lease within sixty (60) days (or such other applicable time as provided for in the Bankruptcy Code for assumption or rejection of this Lease) after the commencement for the action in Bankruptcy.
Assumption or Assignment by Trustee. In the event Tenant shall become the subject debtor in a case under the Bankruptcy Code, Landlord's right to terminate this Lease pursuant to subparagraph 21 (b)(i) shall be subject to the rights of the Trustee in Bankruptcy to assume or assign this Lease. The Trustee shall not have the right to assume or assign this Lease unless the trustee (a) promptly cures all Defaults of Tenant; (b) promptly compensates Landlord for monetary damages incurred as a result of such Defaults; and (c) provides adequate assurance of future performance.