Emergency Expenses definition
Emergency Expenses means any expenses, regardless of amount, which, in Manager’s reasonable judgment, are immediately necessary to protect the physical integrity or lawful operation of the Hotel or the health or safety of its occupants.
Emergency Expenses shall have the meaning set forth in the Mortgage Loan Agreement.
Emergency Expenses means an expense which, in Borrower’s good faith judgment is necessary to (a) prevent an immediate threat to the health, safety or welfare of any person in the immediate vicinity of any Individual Property, (b) prevent immediate material damage or material loss to any Individual Property, (c) avoid the suspension of any necessary service in or to any portion of any Individual Property, or (d) avoid criminal liability or material civil liability on the part of Borrower with respect to activities at any Individual Property or pursuant to this Agreement or the other Loan Documents.
Examples of Emergency Expenses in a sentence
Upon submission of a claim, the Insured Person will be reimbursed for any such Eligible Medical Emergency Expenses so paid, as described under this Certificate.
If, without contacting Our Administrator for assistance and claim management, an Insured Person incurs Eligible Medical Emergency Expenses, then he or she must first submit receipts and other proof to: • GHIP; • then to any group or individual health plans and/or insurers.
If Our Administrator has paid for Eligible Medical Emergency Expenses covered under other insurance or another plan, You and, if applicable, the Insured Person must assist Our Administrator in obtaining reimbursement, where necessary.
Any Eligible Medical Emergency Expenses that are not covered by such GHIP, health plans or insurance should then be submitted to Our Administrator with proof of claim, receipts and payment statements.
If, without contacting our Administrator for assistance and claim management, an Insured Person incurs Eligible Medical Emergency Expenses, then he or she must first submit receipts and other proof to: • GHIP; • then to any group or individual health plans and/or insurers.
More Definitions of Emergency Expenses
Emergency Expenses means expenses reasonably required on an immediate basis to avoid or mitigate an Emergency.
Emergency Expenses means any capital, operating or other expenses which the Borrower determines in good faith are necessary in the case of an emergency at an Individual Property in order to avoid immediate harm to individuals at such Individual Property or to such Individual Property and of which the Borrower has given Lender one (1) day’s prior notice (or such shorter or no notice, but subsequent notice to Lender as soon thereafter as reasonably possible, to the extent that one (1) day’s prior notice would jeopardize such Individual Property or the health, safety or welfare of individuals located thereon or therein), together with a reasonably detailed description of the Emergency Expenses and the nature of the emergency giving rise thereto.
Emergency Expenses means the expenses incurred to remove the existence of an Emergency.
Emergency Expenses means any expenditure of the Company or any of its Subsidiaries necessary with respect to required non-discretionary debt service payments, the payment of taxes, operating deficits and insurance premiums or similar matters reasonably required to avert or mitigate an emergency that threatens imminent injury to persons or material damage to property; provided that "Emergency Expenses" shall not include any portion of any operating deficit attributable to capital expenditures relating to hotel properties owned or leased by the Company or any of its Subsidiaries in excess of 6% of FF&E, except to the extent such capital expenditure is to repair damage or destruction to hotel properties of the Company and its Subsidiaries not covered by insurance proceeds (which shall in all cases constitute "Emergency Expenses"); and provided further that in no event shall "Emergency Expenses" include any amounts required to fund direct or indirect expenses of the Company or its Subsidiaries unless the contract, agreement or other obligation that gives rise to any such expense was approved pursuant to the terms of this Agreement to the extent such contract, agreement or other obligation was required to be approved hereunder.
Emergency Expenses shall not include any portion of any operating deficit attributable to capital expenditures relating to hotel properties owned or leased by the Company or any of its Subsidiaries in excess of 6% of FF&E, except to the extent such capital expenditure is to repair damage or destruction to hotel properties of the Company and its Subsidiaries not covered by insurance proceeds (which shall in all cases constitute "Emergency Expenses"); and provided further that in no event shall "Emergency Expenses" include any amounts required to fund direct or indirect expenses of the Company or its Subsidiaries unless the contract, agreement or other obligation that gives rise to any such expense was approved pursuant to the terms of this Agreement to the extent such contract, agreement or other obligation was required to be approved hereunder.
Emergency Expenses means expenses which in the reasonable opinion of the Administrative Member or the Development Manager or any Member need to be incurred or expended in order to reasonably address imminent physical danger to persons or immediate physical loss or damage to the Property or improvements at the Property, and which, when combined with all other Emergency Expenses incurred during the then Fiscal Year do not exceed $1,000,000.
Emergency Expenses means an expense that is necessary to prevent imminent damage to structural support of any portion of the Property, imminent bodily injury to persons in the immediate vicinity of the Property or material physical damage to any portion of the Property or substantial, imminent economic loss the Property (including, without limitation, any expense necessary to prevent any tenant’s right to offset rent arising pursuant to any lease at the Property), including, without limitation, any civil and/or criminal penalties that have been imposed in connection with such Emergency Expense.