Property Protection Advances shall have the meaning assigned to such term in the Servicing Agreement or such other analogous term used in the Servicing Agreement or Non-Lead Securitization Servicing Agreement, as applicable.
Property Protection Advances. As defined in Section 3.23(b).
Property Protection Advances shall have the meaning given to such term or any one or more analogous terms in the Lead Securitization Servicing Agreement.
Examples of Property Protection Advances in a sentence
As to Wilmington Trust’s claim of $25,165.06 in property protection advances (“Property Protection Advances”), Debtor asserts in its Claim Objection that Wilmington Trust is not entitled to Property Protection Advances because there has been no showing that Wilmington Trust actually advanced monies on behalf of the Debtor to warrant 192 ECF No. 99.193 12/11/2019 Hr. 80: 20–22.194 12/11/2019 Hr. 59.195 11 U.S.C. § 502(b).
Wilmington Trust is not entitled to Property Protection Advances because there has been no showing that the Creditor actually advanced monies on behalf of the Debtor to warrant reimbursement.
This is in conjunction with the E-Rate program Category 1 funding.
Interest on Advances As to Wilmington Trust’s claim of $122.44 in interest on advances (“Interest on Advances”), because Debtor’s Claim Objection has been sustained and Wilmington Trust’s claim of $25,165.06 in Property Protection Advances has been disallowed, the Court need not examine the Interest on Advances any further.
Therefore, the ultimate burden in establishing allowance of the Property Protection Advances shifted to Wilmington Trust.No evidence was produced by Wilmington Trust supporting the enforceability of Property Protection Advances against the Debtor under the Loan Agreement.206 Without more, Wilmington Trust’s listing of the line item in the Proof of Claim unsupported by documentation or a calculation is not enough to meet its ultimate burden in establishing allowance of the claim.
More Definitions of Property Protection Advances
Property Protection Advances. With respect to the Leases, the Mortgage Loans and the Mortgaged Properties:
Property Protection Advances. All customary, reasonable and necessary “out of pocket” costs and expenses (including attorneys’ fees and expenses and fees of real estate brokers) incurred by the Master Servicer, the Special Servicer, Certificate Administrator, or the Trustee, as applicable, in connection with the servicing and administering of (a) a Mortgage Loan (and in the case of a Serviced Mortgage Loan, the related Serviced Companion Loan), other than a Non-Serviced Mortgage Loan, in respect of which a default, delinquency or other unanticipated event has occurred or as to which a default is reasonably foreseeable or (b) an REO Property, including, in the case of each of clause (a) and clause (b), but not limited to, (x) the cost of (i) compliance with the Master Servicer’s obligations set forth in Section 3.03(c), (ii) the preservation, restoration and protection of a Mortgaged Property, (iii) obtaining any Insurance and Condemnation Proceeds or any Liquidation Proceeds of the nature described in clauses (i) – (vi) of the definition of “Liquidation Proceeds,” (iv) any enforcement or judicial proceedings with respect to a Mortgaged Property, including foreclosures and (v) the operation, leasing, management, maintenance and liquidation of any REO Property and (y) any amount specifically designated herein to be paid as a “Property Protection Advance”. Notwithstanding anything to the contrary, “Property Protection Advances” shall not include allocable overhead of the Master Servicer or the Special Servicer, such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses or costs and expenses incurred by any such party in connection with its purchase of a Mortgage Loan or REO Property. None of the Master Servicer, the Special Servicer or the Trustee shall make any Property Protection Advance in connection with the exercise of any cure rights or purchase rights granted to the holder of a Serviced Companion Loan under the related Co-Lender Agreement or this Agreement.
Property Protection Advances. As defined in the Property Management Agreement.
Property Protection Advances. With respect to the Leases, the Mortgage Loans and the Mortgaged Properties: (i) All customary, reasonable and necessary out-of-pocket costs and expenses incurred by the Property Manager or the Back-Up Manager, in connection with servicing the Leases, the Mortgaged Properties and the Mortgage Loans, in accordance with the Servicing Standard and this Agreement, for the purpose of paying (a) real estate taxes, (b) in the case of Leasehold Mortgaged Properties, payments required to be made under the related ground leases, (c) premiums on Property Insurance Policies (not already paid pursuant to Section 2.11 of the Indenture, as confirmed by the applicable Issuers) and (d) other amounts necessary to preserve or maintain the security interest and lien of the Indenture Trustee in, and value of, each related Mortgaged Property (including any costs and expenses necessary to re-lease such Mortgaged Property), Lease or Mortgage Loan (including costs and expenses related to collection efforts). (ii) All customary, reasonable and necessary out-of-pocket costs and expenses incurred by the Property Manager or the Back-Up Manager (or, if applicable, the Special Servicer) in connection with the servicing of a Mortgage Loan after a default, delinquency or other unanticipated event, or in connection with the administration of any REO Property, including, but not limited to, the cost of (a) 20 US-DOCS\ 96557504.7 102826315.7
Property Protection Advances shall not include allocable overhead of the Property Manager or the Special Servicer, such as costs for office space, office equipment, supplies and related expenses, employee salaries and related expenses and similar internal costs and expenses. “Property Transfer Agreements ”: As defined in the Indenture. “Protective Mortgage Loan ”: Means any Mortgage Loan (a) with respect to which Spirit Realty or an affiliate thereof is the Borrower and (b) that was acquired by any Issuer in lieu of such Issuer acquiring the Mortgaged Property or Mortgaged Properties securing such Mortgage Loan in order to reduce or eliminate any actual or potential liability that such Issuer would have had in the event that such Mortgaged Property or Mortgaged Properties were acquired by such Issuer. “Purchase Option Deficiency ”: An amount equal to the deficiency, if any, between 115% of the Allocated Loan Amount of a Mortgaged Property released in connection with a Third Party Purchase Option and the related Third Party Option Price for such Mortgaged Property. “Purchase Premium ”: As defined in Section 7.01(c). “Qualified Deleveraging Event ”: Either (i) a firm commitment underwritten public offering of the equity interests of Spirit MTA or any direct or indirect parent entity of Spirit MTA pursuant to a registration statement under the Securities Act, which results in aggregate cash proceeds to Spirit MTA or any direct or indirect parent entity of Spirit MTA of at least $75 million (net of underwriting discounts and commissions), (ii) an acquisition (whether by merger, consolidation or otherwise) of greater than fifty percent (50%) of the voting equity interests of Spirit MTA, or any direct or indirect parent of Spirit MTA by any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) or (iii) Spirit MTA or any direct or indirect parent or subsidiary of Spirit MTA sells or transfers (whether by merger, consolidation or otherwise) all of its interests in the Issuers or the Issuers convey or transfer (whether by merger, consolidation or otherwise) all or substantially all the Collateral Pool in accordance with the applicable restrictions in the Indenture (in each case, other than a sale, transfer or other conveyance to a direct or indirect parent or wholly owned subsidiary of Spirit MTA). 21 US-DOCS\ 96557504.7 102826315.7
Property Protection Advances shall have the meaning set forth in the Property Management Agreement.
Property Protection Advances means advances to pay delinquent real and personal property taxes, levies, assessments and similar charges assessed by governmental authorities on a Data Center (including payments in lieu of taxes) and hazard insurance premiums, other Priority Expenses and Maintenance Capital Expenditures and to cover other costs and expenses necessary to realize upon Data Centers, including, all customary, reasonable and necessary out-of-pocket costs and expenses incurred by the Manager from time to time in connection with (a) the payment of (i) Impositions, (ii) insurance premiums, (iii) other Priority Expenses and (iv) Maintenance Capital Expenditures, in each case to the extent that, in the Manager’s sole discretion exercised in good faith and in accordance with the terms of this Agreement, such costs and expenses are necessary to realize upon the Data Centers or prevent an immediate or material loss to the Asset Entities’ interest in such Data Center, (b) any enforcement or judicial proceedings that are initiated by the Servicer or the Indenture Trustee, or in which the Servicer or Indenture Trustee is a named party, including but not limited to, court costs, attorneys’ fees and expenses, costs for third party experts, including environmental and engineering consultants and (c) any other item specifically identified as a Property Protection Advance herein; provided, however, the Manager or the Indenture Trustee, as applicable, will not be responsible for advancing (1) the cost to cure any failure of the Data Centers to comply with any applicable law, including any environmental law, or to contain, clean up, or remedy an environmental condition present at any Data Center, (2) any losses arising with respect to defects in the title to any Data Center, (3) any costs of capital improvements to any Data Center other than those necessary to prevent an immediate or material loss to the Asset Entities’ interest in such Data Center; (4) amounts required to cure any damages resulting from causes not required to be insured under the Indenture, and not so insured or (5) any amounts necessary to fund the Reserves.