PIP Work definition

PIP Work has the meaning set forth in Section 5.1(W).

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PIP Work means the FF&E and other capital improvements required pursuant to any PIP to be installed and/or completed by Owner or Operating Lessee.

PIP Work means any replacements and/or alterations to the Property required by any Franchisor to be completed from time to time.

Examples of PIP Work in a sentence

Subject to Section 7.11(b), upon the occurrence and during the continuance of an Event of Default, Lender, at its option, may withdraw all PIP Reserve Funds from the PIP Reserve Account and Lender may apply such funds either to complete the PIP Work at the Property or to the payment of the Debt.
As of the date hereof, other than the PIP, there is no property improvement plan required pursuant to the any Franchise Agreement or any other material agreement affecting the Property, and Mortgage Borrower has completed all of the work included in the “Property Improvement Program” (as such term is defined in each Franchise Agreement) other than the PIP Work.
Subject to Section 7.11(b), upon the occurrence and during the continuance of an Event of Default, Lender, at its option, may withdraw all PIP Reserve Funds from the PIP Reserve Account and Lender may apply such funds either to complete the PIP Work at the Property.
Borrower shall (or shall cause Mortgage Borrower to) Complete the PIP Work at each Individual Property by the Outside Date.
Upon completion of all PIP Work, all amounts remaining in the PIP Reserve Account shall be disbursed to Borrower.

More Definitions of PIP Work

PIP Work means the work set forth in and required to be completed pursuant to and in accordance with the PIP.

PIP Work shall have the meaning set forth in Section 7.7 hereof.

PIP Work means the construction labor and materials necessary to satisfy Marriott or any other applicable franchisor that each of the requirements of each of the PIPs has been satisfied, as identified and approved by Lehman.

PIP Work means all of the covenants and agreements required to be performed and observed by it under any PIP.

PIP Work means the Capital Expenditures for physical improvements relating to each PIP set forth on and more particularly described on Schedule XI attached hereto, as described in each PIP Budget, and in accordance with the respective Franchise Agreement.

PIP Work means all of the work and items required, but not Completed as of the Closing Date, under and otherwise contemplated by the PIP, including all hard and soft costs and required capital improvements to the Property included in the PIP, as set forth on Schedule X attached hereto.

PIP Work means, with respect to any PIP for which Borrower makes a PIP Deposit in accordance with the terms hereof, the work that is the subject thereof.