PIP Plan definition

PIP Plan means the Southern Company Productivity Improvement Plan or replacement thereto, as such plans may be amended from time to time.

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PIP Plan with respect to each Borrowing Base Property, any property improvement program that may be mandated or otherwise required under the applicable Franchise Agreement for such Property or other applicable licensing agreement.

PIP Plan means, with respect to each Property, the applicable PIP attached hereto as Exhibit P-1.

Examples of PIP Plan in a sentence

• To Borrower’s knowledge, each PIP Budget is sufficient to complete the applicable PIP Plan.

• Provided Mr. Franklin is not entitled to benefits under A▇▇▇▇▇▇ ▇▇ ▇▇ the PIP Plan (the defined terms of which are incorporated in this Paragraph 2.(d)(iii) by reference), if the PIP Plan is in place through Mr. Franklin's Termination Date and to the exten▇ ▇▇.

• With respect to any Southern Energy Employee who transferred from Southern on or after January 1, 1997, Southern and Southern Energy shall share equally (i.e., 50% each) in the cost at target of the Performance Improvement Plan ("PIP") ramp down as determined by the PIP Plan in effect December 31, 1999.

• Borrower has not received any written notice or demand from any Franchisor demanding any repair, maintenance, alterations or improvement to any Property other than as specifically identified in a PIP Plan.

• Provided Mr. McCrary is not entitled to benefits under Ar▇▇▇▇▇ ▇▇ ▇▇ the PIP Plan (the defined terms of which are incorporated in this Paragraph 2.(d)(iii) by reference), if the PIP Plan is in place through Mr. McCrary's Termination Date and to the extent ▇▇.

• Except as set forth on Schedule 2.5(g)-3 hereto, Borrower has not received any written notice or demand from any Franchisor demanding any repair, maintenance, alterations or improvement to any Property other than as specifically identified in a PIP Plan.

• Provided Mr. Harris is not entitled to benefits under Art▇▇▇▇ ▇▇ ▇▇ the PIP Plan (the defined terms of which are incorporated in this Paragraph 2.(d)(iii) by reference), if the PIP Plan is in place through Mr. Harris's Termination Date and to the extent ▇▇.

• Provided Mr. Martin is not entitled to benefits under Art▇▇▇▇ ▇▇ ▇▇ the PIP Plan (the defined terms of which are incorporated in this Paragraph 2.(d)(iii) by reference), if the PIP Plan is in place through Mr. Martin's Termination Date and to the extent ▇▇.

• Each PIP Plan attached on Exhibit P-1 has been approved by the applicable Borrower and the applicable Franchisor.

• Provided Mr. Hairston is not entitled to benefits under A▇▇▇▇▇▇ ▇▇ ▇▇ the PIP Plan (the defined terms of which are incorporated in this Paragraph 2.(d)(iii) by reference), if the PIP Plan is in place through Mr. Hairston's Termination Date and to the exten▇ ▇▇.

More Definitions of PIP Plan

PIP Plan with respect to each Borrowing Base Property, any property improvement program that may be mandated or otherwise required under the applicable Franchise Agreement for such Property or other applicable licensing agreement. “PIP Requirements”: collectively, the obligation of the Loan Parties to comply with the PIP Plans. “Plan”: at a particular time, any employee benefit plan, other than a multiemployer plan as defined in Section 4001(a)(3) of ERISA, that is covered by ERISA and (a) in respect of which the Borrower or a Commonly Controlled Entity is (or, if such plan were terminated at such time, would under Section 4069 of ERISA be deemed to be) an “employer” as defined in Section 3(5) of ERISA or (b) in which Hotel Employees participate by virtue of their involvement in the operations of any of the Borrowing Base Properties. “Policies”: as defined in Section 6.5(d). “Preliminary Diligence Materials”: with respect to any Real Property which the Borrower has submitted a written request to be included in as a Borrowing Base Property pursuant to Section 5.3, each of the following documents: (a) a description of such Real Property, including the age, location and size of such Real Property, the Qualified Manager and the Qualified Franchisor; (b) an operating statement with respect to such Real Property for each of the two prior fiscal years and for the current fiscal year through the fiscal quarter most recently ending and for the current fiscal quarter (to the extent available), which shall be audited (to the extent available) or certified by a representative of the Borrower to the best of such representative’s knowledge as being correct and complete in all respects and presents accurately the results of operations of such Property for the periods indicated;

PIP Plan means the Southern Company Productivity Improvement Plan or any successor thereto which is considered an "equitable arrangement" under Section 1.30 thereof, as such plans may be amended from time to time.