Tenant Bankruptcy. 1. In the event of the institution of any bankruptcy, reorganization or insolvency proceeding, by or against any Tenant and, as a result of the institution of such proceeding, Tenant fails to timely comply with its obligations under the Lease to pay Base Rent, then, in such event, the obligations of the Company under this policy to pay to the Trustee the Ascertained Net Loss relating to a proof of loss initially submitted during such period of time as Tenant fails to meet its obligation under the Lease to pay Base Rent, as provided hereinabove, shall be suspended for so long as Tenant fails to meet its obligation under the Lease to pay Base Rent. The Company's obligations under this policy shall recommence upon the earlier of (i) resumption of payments by the Tenant, (ii) dismissal (other than by an order of discharge in favor of the Tenant) of any such proceeding of insolvency, bankruptcy, reorganization or the like, or (iii) the entry of an appropriate order confirming Tenant's assumption of its obligations under the Lease, including actual timely payment and receipt of rent by the Trustee.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Nationslink Funding Corp 1999-LTL-1 Commer Loan Pas THR Cer), Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc)
Tenant Bankruptcy. 1. In the event of the institution of any bankruptcy, reorganization or insolvency proceeding, proceeding by or against any Tenant and, as a result of the institution of such proceeding, Tenant fails to timely comply with its obligations under the Lease to pay Base Rent, then, in such event, the obligations of the Company under this policy to pay to the Trustee the Ascertained Net Loss relating to a proof of loss initially submitted during such period of time as Tenant fails to meet its obligation under the Lease to pay Base Rent, as provided hereinabove, shall be suspended for so long as Tenant fails to meet its obligation under the Lease to pay Base Rent. The Company's obligations under this policy shall recommence upon the earlier of (i) resumption of payments by the Tenant, (ii) dismissal (other than by an order of discharge in favor of the Tenant) of any such proceeding of insolvency, bankruptcy, reorganization or the like, or (iii) the entry of an appropriate order confirming Tenant's assumption of its obligations under the Lease, including actual timely payment and receipt of rent by the Trustee.
Appears in 2 contracts
Samples: Pooling and Servicing Agreement (Bear Stearns Commercial Mortgage Securities Inc), Pooling and Servicing Agreement (Nationslink Funding Corp 1999-LTL-1 Commer Loan Pas THR Cer)