Examples of PIP Requirements in a sentence
Upon the occurrence of such an Event of Default relating to Borrower’s failure to comply with its obligations under the preceding sentence, Lender, at its option, may withdraw all Required Repair Funds from the Required Repair Account and Lender may apply such funds either to completion of the Required Repairs or PIP Requirements at one or more of the Properties or toward payment of the Debt in such order, proportion and priority as Lender may determine in its sole discretion.
On the Closing Date, Borrower shall deposit with Lender (i) an amount equal to one hundred twenty-five percent (125%) of the estimated amount for each Individual Property set forth on such Schedule III hereto to perform the Required Repairs for such Individual Property and (ii) a cash escrow or a Letter of Credit in an amount equal to $25,088,200 to secure the performance and completion of the PIP Requirements for each Individual Property.
It is contemplated that Buyer's inspection and the PIP requirements will result in no more than $2,500,000 of improvements being required to be made to the Hotel and those hotels which are the subject of the Affiliated Sale Agreements (the "PIP Requirements").
Borrower shall cause Mortgage Borrower to complete the Required Repairs at each Individual Property by the required deadline for each repair as set forth on Schedule III and complete the PIP Requirements at each Individual Property by the required deadline for each PIP Requirement as set forth on Schedule XI.
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