Emergency Costs definition

Emergency Costs means Defence Costs, Investigation Costs or Regulatory Crisis Event Costs exceeding any applicable Retention:

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 Brand 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.

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 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.

• 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.

• The General Partner shall, in the performance of its duties hereunder, comply with each Subsidiary Budget and shall not (except to the extent required as a result of violations of law or changes of law) deviate therefrom, incur additional expenses or materially change the manner of operation of the Company or any Subsidiary without the approval of the Limited Partner, except as provided in Section 6.4(c) or to incur Emergency Costs.

• The Capital Call Notice shall specify the date (the “Due Date”) on or before which such funds are required by the Partnership, which shall be at least (i) five (5) Business Days after receipt of the Capital Call Notice, for Emergency Costs and (ii) fifteen (15) Business Days after receipt of the Capital Call Notice, for all other funds, unless a shorter time is reasonably designated by the General Partner.

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 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 5.3(e).

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 owners, 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. US-DOCS\83202430.20

Emergency Costs means Defence Costs or Legal Representation Costs agreed by the Insurer in accordance with Extension 2.5.