PIP Funds definition

PIP Funds shall have the meaning set forth in Section 7.6.1.
View Source
PIP Funds means the amount of $1,798,650 to be deposited with Lender in connection with the payment and performance of the PIP Work.
View Source
PIP Funds means all funds from time to time on deposit in the PIP Account.
View Source

Examples of PIP Funds in a sentence

  • Lender may from time to time reassess its estimate of the amount necessary for PIP Work, and may require Borrower to increase the PIP Funds by making one or more additional deposits thereto upon ten (10) Business Days’ notice to Borrower if Lender determines in its reasonable discretion that an increase is necessary to complete the PIP Work.

  • Lender may require that such inspection be conducted by an appropriate independent qualified professional selected by Lender and may require a certificate of completion by an independent qualified professional architect acceptable to Lender prior to the disbursement of PIP Funds.

  • Lender shall, or shall direct Servicer to, disburse the PIP Funds to Borrower out of the PIP Account upon satisfaction by Borrower of each of the following conditions with respect to each such disbursement: (i) such disbursement is for PIP Work and (ii) Borrower shall have satisfied each of the Reserve Disbursement Conditions with respect to each such disbursement.

  • Withdraw any PIP Funds or Room Revenue Funds from the Reserve Account, except in accordance with this Agreement.

  • PIP Funds shall be disbursed in accordance with the procedures for disbursing FF&E Funds set forth in Section 8.8. below.

  • Borrowers have notified Bank that they completed the PIP renovations and $479,100 of the PIP Funds remain in the Reserve Account.

  • Borrowers shall deposit with Lender an amount equal to $1,775,000 on the Closing Date (the “PIP Funds”) into an Account (the “PIP Reserve Account”), which PIP Funds shall be disbursed and applied in accordance with Section 6.6.2 below.

  • If (x) a Cash Sweep Event then exists, Lender shall deposit any such released PIP Funds into the Excess Cash Flow Account, (y) no Cash Sweep Event then exists but a Cash Management Trigger Event then exists, Lender shall deposit any such released PIP Funds into the Cash Management Account to be applied in accordance with Section 2.7.2 hereof or (z) no Cash Management Trigger Event Period is then in effect, Lender shall disburse any such released PIP Funds to Borrower.

  • In connection with a PIP, Borrower shall deposit the PIP Funds into an Account (the “PIP Reserve Account”), which PIP Funds shall be disbursed and applied in accordance with Section 6.5.2 below; provided, however, that Guarantor may deliver to Lender a guaranty pursuant to which Guarantor guarantees PIP Costs in an amount equal to the PIP Guaranty Amount and, in such case, Borrower shall be required to deposit an amount equal to the PIP Costs less the PIP Guaranty Amount into the PIP Reserve Account.