Common use of Tenant Bankruptcy Clause in Contracts

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. 2. Notwithstanding anything to the contrary in this Section IV.N. or in Section II.B., the Company shall not be relieved of liability under this policy if (i) a proof of loss for a c, complying with Section IV.B., has been submitted to the Company prior to the institution of any bankruptcy, reorganization or insolvency proceeding by or against the Tenant or (ii) the Tenant, an affiliate of the Tenant or any other party continues to pay Base Rent under the Lease.

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. 2. Notwithstanding anything to the contrary in this Section IV.N. or in Section II.B., the Company shall not be relieved of liability under this policy if (i) a proof of loss for a c, complying with Section IV.B., has been submitted to the Company prior to the institution of any bankruptcy, reorganization or insolvency proceeding by or against the Tenant or (ii) the Tenant, an affiliate of the Tenant or any other party continues to pay Base Rent under the Lease.

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. 2. Notwithstanding anything to the contrary in this Section IV.N. IV.O. or in Section II.B., the Company shall not be relieved of liability under this policy if (i) a proof of loss for a cCondemnation, complying with Section IV.B., has been submitted to the Company prior to the institution of any bankruptcy, reorganization or insolvency proceeding by or against the Tenant or (ii) the Tenant, an affiliate of the Tenant or any other party continues to pay Base Rent under the Lease.