This office lease clause states that in the event the tenant becomes a debtor under Chapter 7 of the federal Bankruptcy Code and the Trustee of the tenant's property or the tenant elects to assume the lease for the purpose of assigning the same or otherwise, such election and assignment may only be made if all of the terms and conditions are satisfied. If such Trustee shall fail to elect or assume the lease within sixty (60) days after the filing of the petition, the lease shall be deemed to have been rejected.
Puerto Rico Landlord Bankruptcy Clause
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The term ?Bankruptcy Default? means the occurrence of any of the following Non-Monetary Defaults: (a) if Tenant shall make an assignment for the benefit of its creditors; (b) if any petition shall be filed against Tenant in any court, whether or not pursuant to any statute of the United States or of any State, in any ...
If you terminate the contract before bankruptcy, when the debtor files bankruptcy the contract no longer exists, and you do not have to deal with the debtor. However, if you have not terminated the contract before bankruptcy, you must obtain court permission to terminate it after bankruptcy is filed.
In 2016, Congress passed the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), which created the Puerto Rico Financial Oversight and Management Board to restructure the Commonwealth's unsustainable burden of more than $72 billion in debt and more than $55 billion in unfunded pension liabilities.
An ipso facto clause is a provision that declares a default in the event of insolvency or bankruptcy, or would otherwise affect and/or waive the rights of a debtor in bankruptcy, such as the protections afforded by the automatic stay. However, some courts have found such agreements unenforceable.
Due to operation of three provisions of the Bankruptcy Code, ToB provisions conditioned on insolvency of the debtor or its financial condition, or commencement of a bankruptcy case of the debtor, are generally unenforceable in bankruptcy.
SAN JUAN, Puerto Rico ? Puerto Rico's government formally exited bankruptcy Tuesday, completing the largest public debt restructuring in U.S. history after announcing nearly seven years ago that it was unable to pay its more than $70 billion debt.
It states that if the party in question experiences bankruptcy or any of a series of related circumstances, then depending on the contract, either the other party may terminate the contract or the contract will terminate automatically.
Because of Puerto Rico's status as a territory rather than a state, the island's municipalities cannot seek bankruptcy protection under Chapter 9.
