Issue link: https://mbozikis.ufcontent.com/i/1422521
101 but excluding any charges related to a failure by the trustee to operate the premises or any penalty provision contained in the lease and without reduction except for sums actually received or to be received from a party other than the debtor. Id. The Bankruptcy Code provides important caveats to the right of a trustee to reject contracts. First, where the debtor is the lessor of real property and the lease is rejected, the Bankruptcy Code provides that the lessee may generally treat the lease as terminated by its own terms. 11 U.S.C. § 365(h)(1)(A)(i). Second, where the debtor is the lessor of real property and the lease term has already commenced, the lessee may, notwithstanding the trustee's rejection of the lease, retain its rights under such lease that are appurtenant 54 to the real property for the balance of the term of the lease and any renewal or extension rights. 11 U.S.C. § 365(h)(1)(A)(ii). Third, if an executory contract for the sale of real property is rejected when the purchaser is already in possession, the nondebtor purchaser may deem the contract terminated, or it may remain in possession and continue making payments due under the contract, less offsets for damages caused by the debtor's non-performance. 11 U.S.C. § 365(i). In such a case, the trustee must deliver title to the purchaser in accordance with the provisions of the contract, but is relieved of all other obligations to perform under the contract. 11 U.S.C. § 365(i)(2)(B). If a nondebtor purchaser deems the contract terminated (or if such a purchase contract is rejected where the purchaser is not in possession), it is granted a lien on the property for any portion of the purchase price already paid. 11 U.S.C. § 365(j). Fourth, if a debtor is the licensor of a right to intellectual property 55 and rejects the license, the licensee may treat the 54 The Bankruptcy Code provides non-exclusive examples of rights appurtenant to the real property, such as rights concerning the timing and payment of rent, quiet enjoyment, and rights to assign, sublease and hypothecate. 11 U.S.C. § 365(h)(1)(A)(ii). 55 Section 101(35A) of the Bankruptcy Code defines "intellectual property" as a (i) trade secret; (ii) invention process, design, or plant protected under title 35; (iii) patent application; (iv) plant variety; (v) work of authorship protected under title 17; or (vi) mask work protected under Chapter 9 of title 17. Notably, this definition excludes trademarks.