Emergency Costs definition

Emergency Costs means all costs and expenses required to (a) correct a condition that if not corrected would endanger imminently the preservation or safety of the Hotel or the safety of tenants, guests or other persons lawfully on or using the Hotel, (b) avoid the imminent suspension of any necessary service in or to the Hotel, (c) prevent any of the Members or their Affiliates from being subjected imminently to criminal or substantial civil penalties or damages resulting from the failure of the Hotel, the Company or any of its Subsidiaries to comply with applicable law, or (d) to avoid a material breach of the Hotel Management Agreement for failure to meet “first-class hotel standards” (as defined in the Hotel Management Agreement) or a material breach of any other agreement to which the Company or any of its Subsidiaries is a party.

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Emergency Costs means costs and expenses required to (i) correct a condition that, if not corrected, would endanger imminently the preservation or safety of either of the Commercial Properties or any part thereof or the safety of the tenants or other Persons at or using such Commercial Property, (ii) avoid the imminent suspension of any necessary service in or to either of the Commercial Properties, or (iii) prevent the Borrower or the Headlessee from being subjected imminently to criminal or substantial civil penalties or damages relating to either of the Commercial Properties or any part thereof;

Emergency Costs shall have the meaning set forth in Section 13.1(f)(iii).

Examples of Emergency Costs in a sentence

• Any Capital Call Notice shall specify the date (the “Due Date”) on or before which such funds are required by the Company, which shall be at least twenty-five (25) days after delivery of the Capital Call Notice except for Additional Capital Contributions for Emergency Costs, which shall be payable within ten (10) days after delivery of the Capital Call Notice.

• Take any action that is not contemplated in the Approved Business Plans and is not an Authorized Unilateral Decision that would reasonably be anticipated to create a material liability, obligation, cost or expense for the Company, any Subsidiary Entity or, to the extent within the Company’s control, any Outside Partnership other than on account of Emergency Costs or Non-Discretionary Funding Requirements.

• Take any action that is not contemplated in the Approved Business Plan and is not an Authorized Unilateral Decision that would reasonably be anticipated to create a material liability, obligation, cost or expense for the Company or any Subsidiary Entity other than on account of Emergency Costs or Non-Discretionary Funding Requirements.

• If funds are needed by the Company to pay any Emergency Costs, for any item included in an Approved Annual Plan or to fund any matter which has been approved as a Major Decision, then the Manager shall, from time to time as necessary, give notice to all Members of the Company’s need for such funds (a “Capital Call”).

• During any Fiscal Year, and regardless of any then applicable Approved Budget (if any), the Manager may cause the Company to expend any reasonable amounts which are for the payment of Emergency Costs.

More Definitions of Emergency Costs

Emergency Costs means costs and expenses which are (or are to be) incurred in the reasonable belief that such expenditures are required to (i) correct a condition that if not corrected would endanger imminently the preservation or safety of an Archstone Residual Asset, (ii) avoid the imminent suspension of any necessary service in or to such Archstone Residual Asset, or (iii) prevent the Company, any Subsidiary Entity, any of the Members or Parents or any of their respective agents, officers, employees or representatives from being subjected imminently to criminal or substantial civil penalties in connection with an Archstone Residual Asset.

Emergency Costs means costs and expenses which are (or are to be) incurred in the reasonable belief that such expenditures are required to (i) correct a condition that if not corrected would endanger imminently the preservation or safety of an Archstone Residual Asset or asset of an Outside Partnership, (ii) avoid the imminent suspension of any necessary service in or to such Archstone Residual Asset or asset of an Outside Partnership, or (iii) prevent the Company, any Subsidiary Entity, any of the Members or Parents or any of their respective agents, officers, employees or representatives from being subjected imminently to criminal or substantial civil penalties in connection with an Archstone Residual Asset or an asset of an Outside Partnership.

Emergency Costs shall have the meaning set forth in Section 5.9.F.

Emergency Costs. Costs and expenses required to (a) correct a condition that if not corrected would endanger imminently the preservation or safety of the Property or the safety of tenants, guests or other persons lawfully on or using the Property, (b) avoid the imminent suspension of any necessary service in or to the Property, or (c) prevent any of the Partners from being subjected imminently to criminal or substantial civil penalties or damages.

Emergency Costs means any costs and expenses that the Chief Executive Officer or Chief Operating Officer (or, in the absence of a Chief Executive Officer and Chief Operating Officer, the Board) believes are reasonably necessary to be expended by any Company Entity in order to mitigate or remedy any Emergency, including any Liabilities resulting from such Emergency.

Emergency Costs means any costs incurred due to a blow-out, fire, sabotage or similar type of emergency.

Emergency Costs means costs and expenses exceeding any applicable Deductible :