PIP Account definition

PIP Account shall have the meaning set forth in Section 7.6.1.
View Source
PIP Account means a sub-account of the Cash Management Account, or, at Administrative Agent’s election, a separate account at Administrative Agent, for the deposit of proceeds of the PIP Letters of Credit.
View Source
PIP Account means a separate bank account owned solely by PIP, as described in Section 3.2(b)(iii) below.
View Source

Examples of PIP Account in a sentence

  • 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.

  • Group and its authorized representatives shall have the right to review all such financial records and bank records maintained by PIP relating to the PIP Account or the Deposit Account and uses contemplated by Section 3.2(d) below.

  • To the extent that Available Revenues are not available to fund PIP costs, the Majority Bondholder will fund the remaining PIP costs in an amount equal to the amount by which remaining PIP costs exceeds such Available Revenues deposited in the FF&E PIP Account.

  • In connection with this Agreement, Group hereby assigns and transfers to PIP all rights and interest Group may have to the funds transferred from the Deposit Account into the PIP Account.

  • PIP will deposit all collections from Facility Charges directly into the PIP Account.


More Definitions of PIP Account

PIP Account shall have the meaning set forth in the Mortgage Loan Agreement.
View Source