Emergency Advance. Any Property Advance that, pursuant hereto, the Special Servicer is required to either (a) make (in its sole discretion in accordance with the Servicing Standard) or (b) to request the Master Servicer to make, that must be made in an emergency situation or on an urgent basis within two (2) Business Days of the Special Servicer becoming aware that it must be made in order to avoid any material penalty, any material harm to a Mortgaged Property securing a Mortgage Loan or any other material adverse consequence to the Trust Fund or any related Companion Loan Holder.
Emergency Advance. Any Servicing Advance, whether or not it is a Servicing Advance that, pursuant hereto, the applicable Special Servicer is required to make (at its sole discretion in accordance with the Servicing Standard) or to request the applicable Master Servicer to make, that must be made within three (3) Business Days of the applicable Special Servicer obtaining actual knowledge that it must be made in order to avoid any material penalty, any material harm to a Mortgaged Property securing a Serviced Mortgage Loan or Serviced Loan Combination or any other material adverse consequence to the Trust Fund.
Emergency Advance. Any Servicing Advance that must be made within five Business Days by the Special Servicer in order to avoid any material penalty, any material harm to a Mortgaged Property or any other material adverse consequence to the Trust Fund.
Examples of Emergency Advance in a sentence
On April 14, 2020, the Company received $10,000 for the Economic Injury Disaster Loan Emergency Advance.
BCI has helped and continues to help Dulce Hogar Cleaning Coop, Brighter Days Dog Walking Collective, Throneless Technology Cooperative and Three Part Harmony Farm assess whether it makes sense for them to submit applications to the two available Small Business Administration programs: 1) the Payroll Protection Program; 2) the Economic Injury Disaster Loan Emergency Advance.
The repayment schedule for an Emergency Advance may occur as early as the next invoicing cycle to ensure that the advance is fully paid prior to the end of the fiscal year.
Claims for Emergency Advance Payments are governed by a separate protocol.
Emergency Advance Funds are for an agency that is experiencing unusual financial challenges and/or financial instability.
More Definitions of Emergency Advance
Emergency Advance. Any Servicing Advance, whether or not it is a Servicing Advance that, pursuant hereto, the Special Servicer is required to make (at its sole discretion in accordance with the Servicing Standard) or to request the Master Servicer to make, that must be made within three (3) Business Days of the Special Servicer obtaining actual knowledge that it must be made in order to avoid any material penalty, any material harm to a Mortgaged Property securing a Serviced Mortgage Loan or Serviced Loan Combination or any other material adverse consequence to the Trust Fund.
Emergency Advance. Any Servicing Advance, whether or not it is a Servicing Advance that, pursuant hereto, the applicable Special Servicer is required to make or to request a Master Servicer to make, that must be made within five Business Days of such Special Servicer's becoming aware that it must be made in order to avoid any material penalty, any material harm to a Mortgaged Property securing a Serviced Mortgage Loan or any other material adverse consequence to the Trust Fund.
Emergency Advance. Any Property Advance with respect to a Specially Serviced Loan that must be made in an emergency situation or on an urgent basis in order to avoid any material penalty, any material harm to a Mortgaged Property securing a Mortgage Loan or any other material adverse consequence to the Trust Fund or any related Companion Loan Holder.
Emergency Advance means any Servicing Advance that must be made within five Business Days by the Special Servicer in order to avoid any material penalty, any material harm to a Mortgaged Property or any other material adverse consequence to the Trust.
Emergency Advance. Any Servicing Advance that must be made within 10 days of the Special Servicer's becoming aware that it must be made in order to avoid any material penalty, any material harm to a Mortgaged Property or any other material adverse consequence to the Trust Fund.
Emergency Advance. Any Servicing Advance that, pursuant hereto, the Special Servicer is permitted, but not required to either make (in its sole discretion in accordance with the Servicing Standard) or to request the applicable Master Servicer to make, provided that any Emergency Advance must be made, if at all (as determined by the Special Servicer in its sole discretion pursuant to the Servicing Standard), within two (2) Business Days of the Special Servicer becoming aware that, in order to avoid any material penalty, any material harm to a Mortgaged Property securing a Mortgage Loan (other than a Non-Serviced Mortgage Loan) or any other material adverse consequence to the Trust Fund, an Emergency Advance may be required.
Emergency Advance has the meaning set forth in Section 4.2(h).