Examples of PIP Reserve Account in a sentence
Amounts held in the PIP Reserve Account are herein referred to as the “PIP Reserve Funds”.
All proposers must fill out the applicable parts of Section 8 of the RFP.
If such security is in the form of a Letter of Credit or other non-cash security permitted under Section 4.12.2, then, in lieu of disbursements from the Scheduled PIP Reserve Account, Mortgage Lender shall grant approved reductions in the amount of such Letter of Credit or other security upon satisfaction of the same conditions that are applicable to disbursements of Scheduled PIP Reserve Funds from the Scheduled PIP Reserve Account in accordance with Section 6.5.2 of the Mortgage Loan Agreement.
If the Borrower is unable to deliver a New Non-Consolidation Opinion in accordance with the immediately preceding sentence, Borrower shall cause Mortgage Borrower to deposit into the PIP Reserve Account an amount equal to the amount by which the then-outstanding Aggregate PIP Work Costs equal or exceed ten percent (10%) of the then-outstanding principal balance of the Loan.
Any security delivered by Borrower pursuant to paragraph (ii) or paragraph (iii) above shall be in cash or the form of security required for Material Alterations under Section 4.12.2 hereof (and if cash, shall be deposited into the Scheduled PIP Reserve Account and disbursed in accordance with Section 6.5.2).
Any security delivered by Borrower pursuant to paragraph (ii) or paragraph (iii) above shall be in cash or the form of security required for Material Alterations under Section 4.12.2 hereof (and if cash, shall be deposited into the Future PIP Reserve Account and disbursed in accordance with Section 6.6.2).
Any security delivered by Owner pursuant to paragraph (ii) or paragraph (iii) above shall be in cash or the form of security required for Material Alterations under Section 4.12.2 hereof (and if cash, shall be deposited into the Future PIP Reserve Account and disbursed in accordance with Section 6.6.2 of the Mortgage Loan Agreement).
Amounts deposited from time to time into the Future PIP Reserve Account pursuant to this Section 6.6.1 are referred to herein as the “Future PIP Reserve Funds”.
For the avoidance of doubt, nothing herein restricts in any manner any Approved Mezzanine Borrower from obtaining an Approved Mezzanine Loan from an Approved Mezzanine Lender; provided that on or prior to the Approved Mezzanine Closing Date, Borrower is required to make the deposit into the Future PIP Reserve Account as set forth in Section 6.6.1(a).
For the avoidance of doubt, nothing herein restricts in any manner any Approved Mezzanine Borrower from obtaining an Approved Mezzanine Loan from an Approved Mezzanine Lender; provided that on or prior to the Approved Mezzanine Closing Date, Borrower is required, or shall cause Owner, to make the deposit into the Future PIP Reserve Account as set forth in Section 6.6.1(a) of the Mortgage Loan Agreement.