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.

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.

Examples of PIP Budget in a sentence

Borrower must deliver an updated PIP Budget to Lender promptly after any modifications are made to the PIP Budget pursuant to and in accordance with this Agreement.
Notwithstanding the foregoing, in no event shall Borrower be obligated to make a PIP Deficiency Payment prior to the PIP Budget (Initial) being finalized in accordance with this Agreement.
Notwithstanding the foregoing, so long as no Event of Default has occurred and is continuing, Borrower may (and may permit Mortgage Borrower to), without ▇▇▇▇▇▇’s prior written consent, reallocate any demonstrated cost savings to any other Line Item in the PIP Budget; provided, that Borrower provides evidence reasonably acceptable to Lender that such cost savings are actual savings realized by Mortgage Borrower.
For example, terms including, without limitation, Borrower, Franchise Agreement, Liquor License, Loan Documents, Management Agreement, Property, Operating Lease, Operating Lessee, Owner’s Title Insurance Policy, PIP Budget, Pledgee Direct Subsidiaries, Pledgee Subsidiaries, Property Document, and Security Instrument shall be deemed to exclude the Alba Property and all Persons and documentation related thereto.
Notwithstanding the foregoing, so long as no Event of Default has occurred and is continuing, Borrower may, without ▇▇▇▇▇▇’s prior written consent, reallocate any demonstrated cost savings to any other Line Item in the PIP Budget; provided, that Borrower provides evidence reasonably acceptable to Lender that such cost savings are actual savings realized by Borrower.

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.

PIP Budget means, individually and/or collectively, as the context may require, with respect to each Property listed on Schedule XI attached hereto, each budget for the PIP Work reasonably approved by Lender as set forth on Schedule XI attached hereto, as the same may hereafter be amended with the prior written approval of Lender, not to be unreasonably withheld, conditioned or delayed.

PIP Budget means, with respect to each 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).

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.

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...

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

PIP Budget and “PIP Budgets” shall have the meaning assigned to such terms in Section 5.9(3).