PIP Deposit definition

PIP Deposit shall have the meaning set forth in Section 8.4 hereof.
View Source
PIP Deposit means, with respect to any PIP, an amount equal to 125% of the costs of the related PIP Work as estimated by Lender in its reasonable discretion (which such cost shall be exclusive of the cost of any PIP Work which is duplicative of any Approved FF&E for which adequate FF&E Reserve Funds exist hereunder (as reasonably determined by Lender) (the “Duplicative FF&E”)). Amounts deposited in the PIP Reserve Account pursuant to this Section 8.4 are referred to herein as the “PIP Reserve Funds”.
View Source
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 collectively, as the context may require, the HoldCo Pledge Agreement and the MezzCo Pledge Agreement, as the same may hereafter be amended, supplemented or otherwise modified. Any references in this Agreement to
View Source

Examples of PIP Deposit in a sentence

  • In lieu of making the Initial PIP Deposit in cash, Borrower shall be entitled to, at its option, deposit with Lender a Letter of Credit in the amount of the Initial PIP Deposit.

  • The aggregate amount of Scheduled PIP Reserve Funds and the notional amount of any such Letter of Credit delivered for the Initial PIP Deposit shall not exceed the remaining cost of the PIP Work as reasonably determined by Lender, and any such excess shall be promptly released to Borrower and any such excess shall be released to Borrower or, in the case of a Letter of Credit, the amount thereof shall be reduced.

  • Concurrently with the execution of this Agreement, Buyer shall deposit with Lender the PIP Deposit in an account (the “PIP Reserve Account”) which shall meet the standards for custodial accounts as required by Lender from time to time.

  • 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.

  • The Brand Manager PIP Deposit Amount shall be deemed PIP Reserve Funds and the work required under the New Brand Manager PIP shall be deemed PIP Work.

  • Without limiting the foregoing approval rights of Lender, Borrower’s deposit of the corresponding PIP Deposit as and to the extent required under Section 8.9 hereof shall be deemed an additional condition precedent to Lender granting any approval over any PIP or other matters relating to any Franchise Agreement (including, without limitation, any approval over any renewal or replacement thereof).

  • Borrower acknowledges and agrees that in no event shall proceeds of the Loan or Term Loan be used to fund the PIP Deposit.

  • Within 5 days following the end of each calendar month after the Closing Date, Borrower shall deposit in the PIP Reserve Account an amount equal to four percent (4.0%) of the Borrower’s gross revenues for such calendar month (the “Required PIP Deposit Amount”) and deliver to Lender an account statement from the Approved Bank (each, an “Account Statement”) verifying such deposit of the Required PIP Deposit Amount and the current balance of the PIP Reserve Account.

  • The PIP Deposit Amount shall be deemed PIP Reserve Funds and the work required under the New PIP shall be deemed PIP Work.

  • The PIP Deposit shall be held and released in accordance with the Loan Documents and the Budget.


More Definitions of PIP Deposit

PIP Deposit means, with respect to any PIP, an amount equal to 110% of the excess, if any, of (I) the costs of the related PIP Work as estimated by Agent in its reasonable discretion (which such cost shall be exclusive of the cost of any PIP Work which is duplicative of any Approved FF&E for which adequate FF&E Reserve Funds exist hereunder (as reasonably determined by Agent) (the “Duplicative FF&E”)) over (II) the then remaining PIP Reserve Funds. Amounts deposited with Agent pursuant to this Section 4.5(a) are referred to herein as the “PIP Reserve Funds.” (b) Subject to the terms and conditions of this Section 4.5, Agent shall make disbursements from the PIP Reserve Funds as requested by Borrower (but not more than once in each calendar quarter) to reimburse Borrower for ▇▇▇▇▇▇▇▇’s actual, out-of-pocket costs and expenses incurred solely in connection with the performance of the related PIP Work; provided that: (i) such request is made (A) on a form of draw request specified or approved by Agent and which shall at a minimum set forth (1) a general description of the PIP Work for which such disbursement is requested and (2) the accuracy of the invoices, to be attached thereto, which shall provide the quantity and price of each item purchased, if the PIP Work includes the purchase or replacement of specific items (such as appliances) and the price of all materials (grouped by type or category) used in any item of PIP Work other than the purchase or replacement of specific items and the cost of all contracted labor or other services applicable to each item of PIP Work for which such request for disbursement is made and (B) at least ten (10) days prior to the date on which Borrower requests such disbursement be made; (ii) on the date such request is received by Agent and on the date such disbursement is to be made, no Event of Default shall exist and remain uncured; (iii) at Agent’s option, Agent shall have verified (by an inspection conducted at Borrower’s expense) performance of the associated PIP Work; (iv) the request for disbursement is accompanied by (A) an Officer’s Certificate certifying that (1) such funds will be used to reimburse
View Source

Related to PIP Deposit

  • Reserve Account Initial Deposit means cash or Eligible Investments having a value of at least $____________.

  • Cash Deposit means a cash security deposit in U.S. dollars held by AT&T-21STATE.

  • Initial Deposit shall have the meaning set forth in Section 2.5(a).

  • Spread Account Initial Deposit means, with respect to the Closing Date, an amount equal to ___% of the aggregate principal balance of the Receivables as of the Cutoff Date (which is equal to $____________).

  • Reserve Account Deposit Cash or Eligible Investments having a value of at least $2,802,496.17.