Property Protection Advance definition

Property Protection Advance shall have the meaning assigned to the term “Servicing Advance” in the Servicing Agreement or such other analogous term used in the Servicing Agreement.

Property Protection Advance shall have the meaning given thereto in the Lead Securitization Servicing Agreement.

Property Protection Advance shall have the meaning assigned to the term “Property Protection Advances” in the Lead Securitization Servicing Agreement (or other analogous term under the Lead Securitization Servicing Agreement).

Examples of Property Protection Advance in a sentence

• The Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to reimbursement for Advance Interest Amounts on a Property Protection Advance or a Nonrecoverable Property Protection Advance, in the manner and from the sources provided in the Lead Securitization Servicing Agreement, including from general collections of the Lead Securitization and, in the case of Property Protection Advances, from general collections of the Non-Lead Securitization as provided below.

• The Master Servicer, the Special Servicer and the Trustee, as applicable, will be entitled to reimbursement for Advance Interest Amounts on a Property Protection Advance or a Nonrecoverable Property Protection Advance, in the manner and from the sources provided in the Lead Securitization Servicing Agreement, including from general collections of the Lead Securitization and, in the case of Property Protection Advances, from general collections of the Non-Lead Securitizations as provided below.

• If the Servicer does expend its own funds to restore the Property damaged by an Uninsured Cause (which insurance policy did not lapse in violation of the Servicer’s obligations), such expense shall be a Property Protection Advance.

• The cost of any such insurance maintained by the Servicer shall be advanced by the Servicer, as a Property Protection Advance unless it would be a Nonrecoverable Advance.

• In connection with any foreclosure, enforcement of the Loan Documents or other realization on the Collateral, the Special Servicer shall direct the Servicer to, and the Servicer shall, pay the costs and expenses in any such proceedings as a Property Protection Advance unless the Servicer determines, in accordance with Accepted Servicing Practices, that such Advance would constitute a Nonrecoverable Advance.

More Definitions of Property Protection Advance

Property Protection Advance. As defined in the Property Management Agreement.

Property Protection Advance. Any expenses identified in the Servicing Agreement as Property Protection Expenses which are required to be advanced by the Master Servicer, or by the Special Servicer, consistent with Accepted Master Servicing Practices or Accepted Special Servicing Practices, as applicable, or by the Indenture Trustee or the Fiscal Agent, to the extent the Master Servicer or the Special Servicer fails to make such advances.

Property Protection Advance shall have the meaning assigned to such term (or analogous term) (i) prior to the Securitization Date, in the Model PSA and (ii) from and after the Securitization Date, in the Servicing Agreement provided that such definition therein is substantially similar to the analogous definition in the Model PSA and any differences therefrom do not have a materially adverse effect on the Notes held by the Life Company Lenders.

Property Protection Advance. (i) prior to the Lead Securitization Date, shall have the meaning assigned to such term or an analogous term in the Model PSA, and (ii) from and after the Lead Securitization Date, assigned to such term or an analogous term in the Lead Securitization Servicing Agreement.

Property Protection Advance. As defined in Section 3.03(b).

Property Protection Advance. With respect to the Leases and the Properties, all customary, reasonable and necessary out-of-pocket costs and expenses incurred by the Property Manager or the Special Servicer, in connection with servicing the Leases and the Properties, in accordance with the Servicing Standard and this Agreement, for the purpose of paying real estate taxes, premiums on Property Insurance Policies (not already paid pursuant to Section 2.11 of the Indenture, as confirmed by the applicable Issuer), in the case of Leasehold Properties, payments required to be made under the related ground leases and other amounts necessary to preserve or maintain the security interest and lien of the Indenture Trustee in, and value of, each related Property (including any costs and expenses necessary to re-lease such Property), Lease (including costs and expenses related to collection efforts), including, but not limited to, amounts incurred by the Property Manager or the Special Servicer to (a) repair, or make improvements to, a Property in order to re-lease such Property or to induce a Tenant to extent, modify and/or renew the related Lease, and/or (b) provide to an existing or proposed Tenant a tenant allowance to enable such existing or proposed Tenant to repair, or make improvements to, a Property in connection with a new Lease or the extension, modification and/or renewal of an existing Lease. Notwithstanding anything to the contrary, “Property Protection Advances” shall not include allocable overhead of the Property Manager, the Special Servicer or the Back-Up Manager, such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses.

Property Protection Advance. As to any Mortgage Loan, any --------------------------- advance which is made by the Master Servicer, the Special Servicer, the Trustee or the Fiscal Agent, as the case may be, pursuant to Sections 3.01, 3.10, 3.11, 3.13, 3.15, 5.02 or otherwise (and which is designated as a Property Protection Advance in such Sections or any other Sections), any advance which is designated as a Property Protection Advance herein, and any other costs and expenses incurred by the Master Servicer, the Special Servicer, the Trustee or the Fiscal Agent to protect and preserve the security for such Mortgage Loan. Notwithstanding anything to the contrary, "Property Protection Advances" shall not include allocable overhead of the Master Servicer, which shall include costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses, and similar internal costs and expenses.