PIP Budget definition

PIP Budget shall have the meaning set forth in Section 11.3.
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PIP Budget means the budget attached hereto as Schedule 10, which budget relates to the PIP and sets out the direct and indirect costs of the PIP anticipated by the Parties as at the Effective Date as such budget may be updated from time to time in accordance with Section 5.5.
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PIP Budget means the budget for the PIP Project, as approved by Hotel Manager and Agent, such approval not to be unreasonably withheld, as the same may be amended in accordance with the provisions hereof. The PIP Budget in effect as of the Closing Date is attached as Schedule X attached hereto.
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Examples of PIP Budget in a sentence

  • To the extent Seller expends sums toward completion of the PIP implementation prior to Closing, Seller shall receive a credit therefor at Closing provided such sums are strictly in accordance with the PIP Budget.

  • Neither Seller nor Buyer shall commit the Franchisor to materially alter the PIP in a manner that would increase the PIP Budget, without the prior written consent of the other party hereto.

  • In the event that the PIP Expense is greater than the PIP Budget, zero percent (0%) of the deficit shall be allocated to Medical Group.

  • In the event the PIP Expense is less than the PIP Budget, fifty percent (50%) of the surplus shall be allocated to Medical Group.

  • To Borrower’s knowledge, each PIP Budget is sufficient to complete the applicable PIP Plan.

  • In the event the PIP Expense is less than the PIP Budget, zero percent (0%) of the surplus shall be allocated to Medical Group.

  • In the event that the PIP Expense is greater than the PIP Budget, fifty percent (50%) of the deficit shall be allocated to Medical Group, not to exceed one dollar eighty cents ($1.80) per Commercial Plan Member per month.

  • Neither Seller nor Buyer shall permit the Franchisor to materially alter the PIP in a manner that would increase the PIP Budget, without the prior written consent of the other party hereto.

  • In the event that the PIP Expense is greater than the PIP Budget, fifty percent (50%) of the deficit shall be allocated to Medical Group.

  • No disbursements shall be made by the Administrative Agent from PIP Reserve until the Administrative Agent has approved the PIP Budgets; provided, however, the Administrative Agent shall make disbursements from the PIP Reserve in accordance with the provisions of this Section 5.9(3) prior to the approval of all of the PIP Budgets in an aggregate amount not to exceed $2,000,000, but only for Individual Properties for which the PIP Budget has been approved by the Administrative Agent.


More Definitions of PIP Budget

PIP Budget means, with respect to each Property, the projected budget associated with the PIP Alterations for such Property, each of which is set forth and attached hereto as Exhibit P-2, as approved by Lender in its reasonable discretion, together with such modifications or amendments to such budgets approved by Lender in accordance with Section 4.1.19 hereof and/or any additional detail provided pursuant to Section 4.1.19(b) hereof.
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PIP Budget means, with respect to each Collateral Asset, the projected budget associated with the PIP Work for such Asset, as approved by the Administrative Agent in its reasonable discretion, together with such modifications or amendments to such budget approved in accordance with Section 5.02(v).
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PIP Budget and “PIP Budgets” shall have the meaning assigned to such terms in Section 5.9(3).
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PIP Budget shall have the meaning set forth in Section 2.1.3(a)(ii) hereof. PIP Project: collectively, the components of the PIP required to be performed with respect to each applicable Individual Property in accordance with the terms and provisions of this Agreement, the applicable Franchise Agreement for such Individual Property and the applicable PIP for such Individual Property as set forth on Schedule 6 attached hereto.
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PIP Budget shall have the meaning set forth in the Project Loan Agreement.
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PIP Budget means the budget for the PIP. “PIP Completion Evidence” shall mean, with respect to any PIP, evidence reasonably acceptable to Agent that the related PIP Work has been (x) completed in a good, workmanlike and lien free manner in accordance with this Agreement, the Franchise Agreement and Applicable Law and (y) paid for in full, which such evidence shall include, without limitation, (a) written certification from Borrower and the Franchisor confirming the foregoing, (b) at Agent’s discretion, an inspection of the Property by Agent and/or its agents confirming the foregoing, (c) lien waivers and releases from all parties furnishing materials and/or services in connection therewith, (d) a title search for the Property confirming that only Permitted Encumbrances exist and no liens, lis pendens or similar matters have been filed in connection with the related PIP Work, and (e) evidence that a TCO or PCO has been issued for the PIP and the related PIP Work. “PIP Deposit” shall have the meaning set forth in Section 4.5 hereof. “PIP Final Completion Evidence” shall mean, with respect to any PIP, (x) evidence reasonably acceptable to Agent that the PIP Work has been fully and finally completed in accordance with the PIP Approved Plans and completed in a good, workmanlike and lien free manner in accordance with this Agreement, the Franchise Agreement and Applicable Law, and that all approvals and sign-offs required by any Governmental Authority have been obtained, (y) evidence reasonably acceptable to Agent that the related PIP Work has been paid for in full, which such evidence shall include, without limitation, (a) written certification from Borrower and the Franchisor confirming the foregoing, (b) at Agent’s discretion, an inspection of the Property by Agent and/or its agents confirming the foregoing, (c) final lien waivers and releases from all parties furnishing materials and/or services in connection therewith, and (d) a title search for the Property confirming that only Permitted Encumbrances exist and no liens, lis pendens or similar matters have been filed in connection with the related PIP Work, and (e) evidence that a TCO or PCO has been issued for the PIP and the related PIP Work. “PIP Plans” means the plans and specifications for the PIP. “PIP Reserve Funds” shall have the meaning set forth in Section 4.5 hereof. “PIP Work” shall mean the work to be completed pursuant to the PIP Approved Plans. “Pledge Agreement” shall mean, individually and/or collecti...
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Related to PIP Budget

  • DIP Budget means a 13-week cash flow budget detailing the Credit Parties’ anticipated cash receipts and expenditures (including capital expenditures, debt service, adequate protection payments, professional fees and expenses), as amended, supplemented, or replaced from time to time in accordance with this Agreement and the DIP Order, which budget (and any amendments thereto or replacements thereof) shall be in form and substance acceptable to the Administrative Agent. The DIP Budget in effect as of the Effective Date is attached as Exhibit F hereto.

  • Approved Budget means an annual budget-

  • Project Budget means the budget and project description included in the grant application. The Project Budget must succinctly describe all major elements of project work, the estimated cost of each and clearly allocate requested grant funding and match contributions to each.

  • Capital Budget has the meaning given in Section 3.11(a).

  • BASE budget means the minimum general fund budget of a district, which includes 80% of the basic