PIP Improvements definition

PIP Improvements means the improvements to the Site, and furniture and fixtures required to be incorporated into the Site pursuant to the PIP.
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PIP Improvements has the meaning specified in Section 4.01(x).
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Examples of PIP Improvements in a sentence

  • The Loan shall be used exclusively by Borrower to finance the cost of the Site acquisition, to finance the cost of the PIP Improvements and to fund closing costs and certain other permitted amounts (to the extent herein provided), in accordance with the terms of this Agreement and the other Loan Documents.

  • Borrower will cause the PIP Improvements to be Finally Complete by the earlier of the following (the “Completion Deadline”): (1) the date required under the PIP for the Improvements (as it may be extended pursuant to Section 4.7), or (2) June 30, 2020.

  • New Borrower shall complete the PIP Improvements in accordance with the PIP Budget approved by Lender.

  • As more particularly set forth in Schedule 2 hereof, Buyer shall be responsible for all costs to complete the PIP Improvements required by the Franchisor.

  • New Borrower shall promptly provide Lender with written notice of the timely completion of the PIP Improvements and, upon request by Lender from time to time, provide evidence of such timely, lien-free completion and compliance reasonably satisfactory to Lender.

  • Lender agrees to not unreasonably withhold its consent to an extension of the Completion Deadline, provided that (a) no Default is continuing, (b) Borrower is diligently working to complete the PIP Improvements, and (c) such extended Completion Deadline does not exceed the time required by Franchisor for Borrower to complete the PIP.

  • Except for the PIP Improvements required by the Franchisor to be satisfied, and which Buyer has agreed to assume in accordance with Schedule 2, to Seller’s knowledge the Improvements comply with, and the Hotel is being operated in accordance with, all requirements of the Management Agreement and the Franchise Agreement, if applicable, and all other requirements of the Manager and the Franchisor, if any, including all “brand standard” requirements of the Manager or the Franchisor.

  • The Hotel shall remain open for business at all times during the PIP Improvements.

  • Except as may be required or permitted by the Loan Agreement (including in connection with the initial construction of the PIP Improvements), Mortgagor shall not make, nor permit to be made, any alterations (including additions) to the Improvements without ▇▇▇▇▇▇’s prior written consent, not to be unreasonably withheld or conditioned, except that Mortgagor may make nonstructural alterations costing less than $100,000 in the aggregate at any one time without Lender’s consent.

  • New Borrower's failure to complete (or cause to be completed) the PIP Improvements lien-free on or before the deadlines prescribed by, or in conformance with, the PIP, the New Franchise Agreement, this Agreement and/or the other Loan Documents shall be an Event of Default under the Loan Documents.

Related to PIP Improvements

  • System improvements means capital improvements to public facilities which are designed to provide service to a service area.

  • Project Improvements means site improvements and facilities that are:

  • Site Improvements means any construction work on, or improvement to, streets, roads, parking facilities, sidewalks, drainage structures and utilities.

  • Initial Improvements means any construction, modification, rehabilitation, reconstruction, or restoration of the Premises, or installation of Fixtures thereto, that the Lessee is required to make upon commencement of this Lease in accordance with Section 8.

  • Minimum Improvements means the acquisition of land and construction of a 152-unit market rate residential apartment building, construction of a stormwater pond and related improvements. The Minimum Improvements are more fully depicted in Exhibit B, which is attached hereto and incorporated herein.