PIP Project definition

PIP Project means Borrowers’ renovation and development of the Hotel, as required by the 2025 Hotel Management Agreement and approved by Agent, including the PIP Project Phase 1 and the PIP Project Phase 2, all in accordance with the PIP Plans and Specifications and the PIP Budget.
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PIP Project shall have the meaning set forth in the Project Loan Agreement.
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Examples of PIP Project in a sentence

  • Upon Completion of the PIP Project, to Borrower’s knowledge, the Individual Property associated with such PIP Project will comply with all applicable Legal Requirements (including, without limitation, all applicable zoning laws, all applicable administrative ordinance and code requirements).

  • The PIP Project does not contemplate any alterations to the exterior or structural elements of the buildings located on the Property.

  • Upon receipt of reasonable prior notice, Borrower and Operating Lessee shall permit Lender and its representatives to enter upon the Property, inspect the PIP Project and all materials to be used in the performance thereof and examine all detailed plans and shop drawings which are or may be kept at the applicable Property.

  • Lender may from time to time apply, or allow Borrower to apply, such Deficiency Deposit to such costs in respect of the PIP Project (subject to Borrower’s compliance with all conditions which would be applied to an advance of Loan proceeds under this Agreement, for the same costs to which the Deficiency Deposit is to be applied).

  • Borrowers shall promptly correct (or cause the responsible Contractor to correct) all defects in the Phase Zero Renovation Project and/or PIP Project, as applicable, or any departure from the Renovation/PIP Plans and Specifications not previously approved by Agent to the extent required hereunder.

  • Borrower shall perform or cause to be performed the PIP Project in accordance with the applicable PIP, this Section 5.24.1, Section 5.24.1 of the Mortgage Project Loan Agreement and the other applicable terms and provisions of this Agreement and the Mortgage Project Loan Agreement.

  • Borrower shall not perform or cause to be performed any part of the PIP Project unless all of the conditions set forth in Section 2.1.3(a) hereof have been satisfied.

  • With respect to the first Advance for any portion of the PIP Project, Agent shall have received and reasonably approved a construction schedule for the PIP Project.

  • Compliance with the provisions of this Section 5.40 and any other provisions of this Agreement relating to the construction and equipping of the Phase Zero Renovation Project and/or PIP Project, as applicable, shall be determined by Agent in its reasonable discretion.

  • Upon request by Agent, Borrower shall (subject to the terms of the Architect’s Contract) use commercially reasonable efforts to cause Borrower’s Architect to provide Agent with reports in regard to the status of construction of the Phase Zero Renovation Project and/or PIP Project, as applicable, in such form and detail as reasonably requested by Agent.

Related to PIP Project

  • New Project means (a) each facility which is either a new facility, branch or office or an expansion, relocation, remodeling or substantial modernization of an existing facility, branch or office owned by the Borrower or its Subsidiaries which in fact commences operations and (b) each creation (in one or a series of related transactions) of a business unit to the extent such business unit commences operations or each expansion (in one or a series of related transactions) of business into a new market.

  • Expansion Project has the meaning set forth in Section IV.3.a of this Agreement.

  • Solar PV Project means the solar Photo Voltaic Power project that uses sunlight for direct conversion into electricity through Photo Voltaic technology.

  • Construction project means the same as that term is defined in Section 38-1a-102.

  • Redevelopment project means a specific construction project