Property Improvement Plan. There is currently no PIP or similar requirement imposed under any Franchise Agreement, for calendar year 2014, other than as set forth on Schedule XVIII (the “Scheduled PIP”) and there is currently no PIP or similar requirement imposed under any Franchise Agreement other than Scheduled PIP, other than as set forth on Schedule XXI.
Property Improvement Plan. Purchaser assumes all responsibility for improvements required by any "Property Improvement Plan" of the Franchisor as defined in Section 5.9.
Property Improvement Plan. It is contemplated that, as of the Closing Date, the Purchaser shall have received from the Licensor a property improvement plan (the “Purchaser’s PIP”) with respect to the Hotel. The Purchaser shall be responsible for all actions and expenses required by the Purchaser’s PIP, except as specifically stated otherwise herein. The provisions of this Section 7.12 shall survive the Closing.
Property Improvement Plan. ADDENDUM Franchisee agrees to upgrade and/or remodel the Hotel in accordance with the following terms and provisions:
Property Improvement Plan. Seller, at Seller’s sole cost and expense, shall complete all of the work described in Product Improvement Plan dated January 29, 2014 (the “2014 PIP”) and Seller shall provide Purchaser with written documentation from Licensor that Seller has completed the 2014 PIP promptly upon receipt from Licensor.
Property Improvement Plan. Based on an inspection of the Hotel, the property improvement plan prepared by Franchisor attached to this Exhibit C as Attachment One outlines the renovation requirements for the Hotel to continue to operate as a System Hotel (the “PIP”). All renovations, furniture, fixtures and equipment will conform to the then-current System specifications at the time such work is completed. Completion of the PIP does not satisfy Franchisee’s obligation to renovate the Hotel under Section 4.3.
Property Improvement Plan. As noted in Section 3.1.38, applicable exceptions are set forth in Schedule XVIII and XXI. SCHEDULE V
Property Improvement Plan. (a) On the Closing Date, Hotel Owner shall deliver to Administrative Agent a PIP Letter of Credit in the amount of $16,670,000. Attached hereto as Exhibit “L” is the property improvement plan for the Property set forth in the Management Agreement (the “Property Improvement Plan”). On or before the dates required pursuant to the Management Agreement, Operating Lessee shall cause the Property Improvement Plan to be performed and completed in a good and workmanlike manner, in material compliance with all applicable Laws and the Marriott Agreements and in each case in a manner reasonably satisfactory to Administrative Agent. Operating Lessee shall periodically (but not less frequently than quarterly) advise Administrative Agent as to the progress of the performance of the Property Improvement Plan, the costs incurred for same, the projected cost to completion of same and the projected completion date for all matters. So long as no Default shall have occurred and be continuing, upon the completion of the Property Improvement Plan, and provided Hotel Owner shall have delivered to Administrative Agent a certificate from Manager that the Property Improvement Plan has been completed in accordance with the terms of the Marriott Agreements and other reasonable evidence of such completion together with reasonable evidence that all costs thereof have been paid, either (i) the PIP Letter(s) of Credit (to the extent outstanding) shall be returned to Hotel Owner at its expense or (ii) if applicable, the balance remaining in the PIP Account shall either be (A) if no Cash Sweep Period is then in effect, disbursed to Hotel Owner in accordance with its written instructions delivered to Administrative Agent or (B) if a Cash Sweep Period is then in effect, deposited into the Working Capital Reserve Account. Additionally, from time to time as Operating Lessee completes each element of the Property Improvement Plan (but not more frequently than monthly), provided that (x) no Default shall have occurred and be continuing, (y) Hotel Owner is not required to take any action pursuant to the last sentence of this Section 2.33(a) that shall not have been performed and (z) Hotel Owner shall have delivered to Administrative Agent a certificate from Manager that such element of the Property Improvement Plan has been completed in accordance with the terms of the Management Agreement and other reasonable evidence of such completion together with reasonable evidence that all costs thereof ha...
Property Improvement Plan. Corporation agrees to undertake and complete the Capital Improvements described in the Property Improvement Plan attached hereto as Exhibit Y ("PIP") on or before the dates set forth therein; provided, however, that if funds under the Indenture are not available for the timely completion of the PIP, the Parties may mutually agree in writing to revise the PIP or to extend the time for the completion thereof.
Property Improvement Plan. “Property Improvement Plan” shall mean the plan attached hereto as Exhibit R, excluding the Signage, the corrective action of Purchaser required by Section 9.1 and the obligations of Seller in accordance with the Pre-Opening Budget.
