PIPS. Other than the Scheduled PIP, there are no PIPs affecting any Individual Property as of the Closing Date.
PIPS. The Health Plan shall perform no less than six (6) Agency approved performance improvement projects.
PIPS. Each Loan Party has responded to and either cured, or is diligently seeking a cure within the applicable cure period, of all action items listed in any PIP with respect to any Borrowing Base Property, or compliance therewith has been waived.
PIPS. (a) Lender’s consent shall be required in connection with any modification or amendment to any PIP Plan, PIP Budget, or PIP Completion Date, as set forth on Exhibits P-1, P-2, and P-3, respectively, attached hereto and made a part hereof, provided, however, that any modification or amendment accepted by the applicable Franchisor shall be deemed approved by Lender so long as (i) no Event of Default shall have occurred and be continuing, (ii) such modification or amendment shall not serve to (A) increase any PIP Budget by more than five percent (5%) of the total amount of such PIP Budget (provided Borrower shall have made a deposit into the PIP Reserve in the amount of any such increase prior to effecting such modification or amendment), (B) accelerate any time limits prescribed therein by more than thirty (30) days provided that Borrower shall have given Lender sixty (60) days written notice prior to such acceleration and such acceleration shall not change the calendar quarter in which Borrower’s obligations to perform all or any portion of the PIP Work thereunder shall become due or (C) otherwise increase the obligations of any Borrower in any material respect, in each case, without Lender approval, and (iii) in all cases, Borrower shall provide prior written notice of all such modifications or amendments. Each Borrower shall (x) take all necessary action to diligently complete in a manner acceptable to the applicable Franchisor the PIP Alterations applicable to such Borrower’s Property as contemplated under the applicable PIP Plan and in accordance with the applicable PIP Budget on or before the PIP Completion Date, as any of the same may have been modified or amended in accordance with the foregoing sentence, provided, however, in the case of any PIP Plan having a budget in excess of $15,000.00 per room, Lender shall be entitled to inspect such PIP Alterations for the purpose of determining such completion. Such Borrower shall deliver to Lender as promptly as practicable, but in no event more than one hundred eighty (180) days following the completion of the applicable PIP Plan, evidence reasonably satisfactory to Lender that the applicable Franchisor has accepted the PIP Alterations applicable to such Borrower’s Property as complete.
PIPS. The property improvement or other similar plans for the Hotels contemplated by the Management Agreements, including the 2005 capital expenditure plans for the Hotels.
PIPS. 8.1 When a Project Proposal is approved the Partners shall, subject to complying with their own approved procedures, finalise the terms of the PIPS and enter into it.
PIPS. There are no PIPs outstanding with respect to the Property other than the PIPs set forth on Schedule IX hereto. No Loan Party is in default under any PIP and to each Loan Party’s Actual Knowledge, no event has occurred that, with the passage of time and/or giving of notice, would constitute a breach of the PIP requirements under the Franchise Agreement.
PIPS. True, correct, and complete copies of the existing PIP Plans (including any amendments, modifications and extensions relating thereto) for each of the Properties known as Courtyard San Diego Carlsbad, Hampton Inn Austin North @ IH 35 & Highway 183, Hampton Inn Champaign Urbana, Hampton Inn Chicago Naperville, Hampton Inn College Station, Hampton Inn East Lansing, Hampton Inn Indianapolis Northeast Castleton, Hampton Inn Knoxville Airport, Hampton Inn Milford, Hampton Inn Orlando International Drive Convention Center, Homewood Suites Orlando International Drive Convention Center, and Stratford Homewood Suites (collectively, the “PIP Properties”) are attached as Schedule 2.5(g)-1 hereto. Borrower’s estimate of the PIP Budget, as well as the anticipated PIP start dates and the PIP Completion Dates for the PIP Plans is attached as Schedule 2.5(g)-2 hereto. 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. To Borrower’s knowledge, each PIP Budget is sufficient to complete the applicable PIP Plan. No PIP is outstanding with respect to any Property other than the PIP Properties. Except as set forth on Schedule 2.5(g)-3 hereto, to Borrower’s knowledge, no Franchisor intends to require any other renovations or capital improvement projects for the Properties prior to the Stated Maturity Date (as amended by this Agreement).
PIPS. Except for the Individual Property known as “Residence Inn Hartford Manchester”, which PIP is being reserved for pursuant to Section 9.9 hereof, there are no PIPs affecting any Individual Property as of the Closing Date.
PIPS. Except as set forth on Schedule 2.5(g)-3 to the First Modification Agreement, 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. To Borrower’s knowledge, each PIP Budget is sufficient to complete the applicable PIP Plan. No PIP is outstanding with respect to any Property other than the PIP Properties (as defined in the First Modification Agreement). Except as set forth on Schedule 2.5(g)-3 to the First Modification Agreement and except for the new PIPs that are expected to be issued for the Properties that are subject to Franchise Agreements with Hilton and cyclical renovations that are expected to be issued for the Properties that are subject to Franchise Agreements with Marriott, to Borrower’s knowledge, no Franchisor intends to require any other renovations or capital improvement projects for the Properties prior to the Stated Maturity Date.
