Common use of PIP Guaranty Clause in Contracts

PIP Guaranty. Notwithstanding anything contained herein to the contrary, in the event that Guarantor fails to satisfy the Minimum Net Worth Requirement, Borrower shall cause Mortgage Borrower to (i) deposit or cause to be deposited into the PIP Reserve Account an amount equal to one hundred percent (100%) of the then-outstanding unreserved Aggregate PIP Work Costs or (ii) cause a Replacement Guarantor to deliver to Mortgage Lender and Lender a substitute PIP Guaranty in the form of the PIP Guaranty delivered to Mortgage Lender and Lender, respectively, on the Closing Date. If at any time, the then-outstanding Aggregate PIP Work Costs equal or exceed ten percent (10%) of the then-outstanding principal balance of the Loan, upon Lender’s request, Borrower shall deliver, at Borrower’s sole cost and expense, a New Non-Consolidation Opinion. If the Borrower is unable to deliver a New Non-Consolidation Opinion in accordance with the immediately preceding sentence, Borrower shall cause Mortgage Borrower to deposit into the PIP Reserve Account an amount equal to the amount by which the then-outstanding Aggregate PIP Work Costs equal or exceed ten percent (10%) of the then-outstanding principal balance of the Loan.

PIP Guaranty. Notwithstanding anything contained herein to the contrary, in the event that Guarantor fails to satisfy the Minimum Net Worth Requirement, Borrower shall cause Mortgage Borrower to (i) deposit or cause to be deposited into the PIP Reserve Account an amount equal to one hundred percent (100%) of the then-outstanding unreserved Aggregate PIP Work Costs or (ii) cause a Replacement Guarantor to deliver to Mortgage Lender, Mezzanine A Lender and Lender a substitute PIP Guaranty in the form of the PIP Guaranty delivered to Mortgage Lender, Mezzanine A Lender and Lender, respectively, on the Closing Date. If at any time, the then-outstanding Aggregate PIP Work Costs equal or exceed ten percent (10%) of the then-outstanding principal balance of the Loan, upon Lender’s request, Borrower shall deliver, at Borrower’s sole cost and expense, a New Non-Consolidation Opinion. If the Borrower is unable to deliver a New Non-Consolidation Opinion in accordance with the immediately preceding sentence, Borrower shall cause Mortgage Borrower to deposit into the PIP Reserve Account an amount equal to the amount 00000000.0.XXXXXXXX 107 by which the then-outstanding Aggregate PIP Work Costs equal or exceed ten percent (10%) of the then-outstanding principal balance of the Loan.

PIP Guaranty. Notwithstanding anything contained herein to the contrary, in the event that Guarantor fails to satisfy the Minimum Net Worth Requirement, Borrower shall cause Mortgage Borrower to (i) deposit or cause to be deposited into the PIP Reserve Account an amount equal to one hundred percent (100%) of the then-outstanding unreserved Aggregate PIP Work Costs or (ii) cause a Replacement Guarantor to deliver to Mortgage Lender, Mezzanine A Lender, Mezzanine B Lender and Lender a substitute PIP Guaranty in the form of the PIP Guaranty delivered to Mortgage Lender, Mezzanine A Lender, Mezzanine B Lender and Lender, respectively, on the Closing Date. If at any time, the then-outstanding Aggregate PIP Work Costs equal or exceed ten percent (10%) of the then-outstanding principal balance of the Loan, upon Lender’s request, Borrower shall deliver, at Borrower’s sole cost and expense, a New Non-Consolidation Opinion. If the Borrower is unable to deliver a New Non-Consolidation Opinion in accordance with the immediately preceding sentence, Borrower shall cause Mortgage Borrower to deposit into the PIP Reserve Account an amount equal to the amount by which the then-outstanding Aggregate PIP Work Costs equal or exceed ten percent (10%) of the then-outstanding principal balance of the Loan.New

PIP Guaranty. Notwithstanding anything contained herein to the contrary, in the event that Guarantor fails to satisfy the Minimum Net Worth Requirement, Borrower shall cause Mortgage Borrower to (i) deposit or cause to be deposited into the PIP Reserve Account an amount equal to one hundred percent (100%) of the then-outstanding unreserved Aggregate PIP Work Costs or (ii) cause a Replacement Guarantor to deliver to Mortgage Lender, Mezzanine A Lender, Mezzanine B Lender, Mezzanine C Lender and Lender a substitute PIP Guaranty in the form of the PIP Guaranty delivered to Mortgage Lender, Mezzanine A Lender, Mezzanine B Lender, Mezzanine C Lender and Lender, respectively, on the Closing Date. If at any time, the then-outstanding Aggregate PIP Work Costs equal or exceed ten percent (10%) of the then-outstanding principal balance of the Loan, upon Lender’s request, Borrower shall deliver, at Borrower’s sole cost and expense, a New Non-Consolidation Opinion. If the Borrower is unable to deliver a New Non-Consolidation Opinion in accordance with the immediately preceding sentence, Borrower shall cause Mortgage Borrower to deposit into the PIP Reserve Account an amount equal to the amount by which the then-outstanding Aggregate PIP Work Costs equal or exceed ten percent (10%) of the then-outstanding principal balance of the Loan.