Approved PIP Expenses definition

Approved PIP Expenses means (i) Approved Scheduled PIP Expenses and (ii) Approved Future PIP Expenses.

Approved PIP Expenses means (i) PIP Costs set forth in the PIP Budget, or (ii) approved by Agent, which approval shall not be unreasonably withheld.

Approved PIP Expenses. Capital Expenses incurred by Mortgage Borrower or Operating Lessee on account of the PIP Project pursuant to the PIP Budget.

Examples of Approved PIP Expenses in a sentence

• The PIP Deposit shall be disbursed to Borrower from the Cash Collateral Reserve Subaccount to pay or reimburse Borrower for Approved PIP Expenses subject to the satisfaction of the Loan advance conditions set forth in Section 2.1.3(a) hereof; it being acknowledged and agreed by Lender that Borrower shall have the right to receive such disbursements prior to receiving advances of Loan proceeds.

• Borrower shall use the proceeds of the Loan to pay or reimburse itself for Approved PIP Expenses.

• Borrower shall not make a request for disbursement from the CapEx Reserve Account more frequently than once in any calendar month and (except in connection with the final disbursement) the total cost of all Approved PIP Expenses in any request shall not be less than $25,000.00.

• Borrower shall or shall cause Operating Lessee to complete all Approved PIP Expenses in a good and workmanlike manner as soon as practicable, subject to Force Majeure delay, following the commencement of making each such Approved PIP Expense.

More Definitions of Approved PIP Expenses

Approved PIP Expenses shall have the meaning set forth in Section 7.4.1 hereof.

Approved PIP Expenses shall have the meaning set forth in the Project Loan Agreement.