Nonrecoverable Property Protection Advance definition

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

Nonrecoverable Property Protection Advance means any Property Protection Advance that is a Nonrecoverable Advance.

Nonrecoverable Property Protection Advance shall have the meaning given to such term or any one or more analogous terms in the Lead Securitization Servicing Agreement.

Examples of Nonrecoverable Property Protection Advance in a sentence

• The costs and expenses incurred by the Special Servicer in any such proceedings shall be advanced by the Master Servicer; provided that, in each case, such cost or expense would not, if incurred, constitute a Nonrecoverable Property Protection Advance.

• 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 any Non-Lead Securitization as provided below.

• Notwithstanding the foregoing, the Property Manager shall have no obligation to make any such Property Protection Advance if (as evidenced by an Officer’s Certificate delivered to the applicable Issuer and the Indenture Trustee) the Property Manager determines, in accordance with the Servicing Standard, that such payment would be a Nonrecoverable Property Protection Advance.

• The determination by the Property Manager that it has made a Nonrecoverable Property Protection Advance or that any proposed Property Protection Advance, if made, would constitute a Nonrecoverable Property Protection Advance, shall be made in accordance with the Servicing Standard and shall be evidenced by an Officer's Certificate delivered promptly to the Issuer, the Master Servicer and the Indenture Trustee setting forth the basis for such determination.

More Definitions of Nonrecoverable Property Protection Advance

Nonrecoverable Property Protection Advance. With respect to the Mortgage Loan or the Property, any portion of a Property Protection Advance previously made and not previously reimbursed, or proposed to be made, including interest thereon, which, in accordance with Accepted Servicing Practices (in the case of the Servicer) or good faith judgment (in the case of the Trustee) would not be ultimately recoverable from subsequent payments or collections (including Condemnation Proceeds and Insurance Proceeds not otherwise required to be distributed in connection with a restoration of the Property pursuant to this Agreement or the Loan Agreement or Liquidation Proceeds) in respect of the Mortgage Loan or the Property or from funds related to the Mortgage Loan or the Property on deposit in the Collection Account pursuant to Section 3.4(c). The Trustee may rely conclusively upon a determination of non-recoverability made by the Servicer. In making such non-recoverability determination, the Servicer or the Trustee, as applicable, shall be entitled to consider (among other things) the obligations of the Borrower under the terms of the Mortgage Loan as it may have been modified, to consider (among other things) the Property in its “as-is” or then-current condition and occupancy, as modified by such party’s assumptions regarding the possibility and effects of future adverse change with respect to the Property, to estimate and consider (among other things) future expenses and to estimate and consider (among other things) the timing of recoveries and shall be entitled to give due regard to the existence of any Nonrecoverable Advances that, at the time of such consideration, the recovery of which are being deferred or delayed by the Servicer, in light of the fact that amounts collected in respect of the Mortgage Loan or the Property, whether in the form of late payments, Insurance Proceeds, Condemnation Proceeds, Liquidation Proceeds or otherwise from the Mortgage Loan or the Property are a source of recovery not only for the Advance under consideration but also a potential source of recovery for such delayed or deferred Advance.

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

Nonrecoverable Property Protection Advance. Any Property Protection Advance previously made or proposed to be made in respect of a Mortgaged Property (including any Lease related thereto) or Mortgage Loan that, as determined by the Property Manager (or, if applicable, the Back-Up Manager or Indenture Trustee), in its commercially reasonable good faith business judgment and (other than with respect any such determination made by the Indenture Trustee) in accordance with the Servicing Standard, will not be ultimately recoverable from late payments, Property Insurance Proceeds, Liquidation Proceeds or any other recovery on or in respect of the related Mortgage Loan or Mortgaged Property or related Lease with respect to which such Property Protection Advance was (or is proposed to be) made (including any Monthly Lease Payments in respect of any Lease added to the Collateral upon any re-leasing of the related Mortgaged Property).

Nonrecoverable Property Protection Advance. Any Property Protection Advance previously made or to be made in respect of a Lease or Mortgage Loan that, as determined by the Property Manager in accordance with the Servicing Standard and Section 3.03(f) (or, if applicable, the Back-Up Manager in its sole discretion in accordance with the Servicing Standard and Section 3.03(f)), will not be ultimately recoverable from late payments, Property Insurance Proceeds, Liquidation Proceeds or any other recovery on or in respect of such Lease and the related Mortgaged Property or such Mortgage Loan (including any Monthly Lease Payments in respect of any Lease added to the Collateral upon any re-leasing of the related Mortgaged Property).

Nonrecoverable Property Protection Advance. Any Property Protection Advance previously made or proposed to be made in respect of a Mortgaged Property (including any Lease related thereto) or Mortgage Loan that, as determined by the Property Manager (or, if applicable, the Back-Up Manager or Indenture Trustee), in its commercially reasonable good faith business judgment and (other than with respect any such determination made by the Indenture Trustee) in accordance with the Servicing Standard, will not be ultimately recoverable from late payments, Property Insurance Proceeds, Liquidation Proceeds or any other recovery on or in respect of the related Mortgage Loan or Mortgaged Property or related Lease with respect 15 US-DOCS\ 96557504.7 102826315.7

Nonrecoverable 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.

Nonrecoverable Property Protection Advance. Any Property Protection Advance previously made or to be made in respect of a Lease that, as determined by the Property Manager in accordance with the Servicing Standard (or, if applicable, the Indenture Trustee, in its sole determination), will not be ultimately recoverable from late payments, Unscheduled Proceeds, or any other recovery on or in respect of such Lease or the related Mortgaged Property (including any Monthly Lease Payments in respect of any Lease added to the Collateral upon any re-leasing of the related Mortgaged Property).