PIP Requirements definition

PIP Requirements means, collectively, with respect to any Individual Property, the obligation of Mortgage Borrower and/or Operating Lessee to comply with any property improvement program that may be mandated or otherwise required under any Management Agreement, Franchise Agreement or other applicable licensing agreement.

PIP Requirements collectively, the obligation of the Loan Parties to comply with the PIP Plans.

PIP Requirements means those certain repairs to be made in accordance with the Property Improvement Plan required under the Management Agreement and as more particularly described on Schedule II attached hereto.

Examples of PIP Requirements in a sentence

• On the Closing Date, Borrower shall deposit with Lender (i) an amount equal to one hundred twenty-five percent (125%) of the estimated amount for each Individual Property set forth on such Schedule III hereto to perform the Required Repairs for such Individual Property and (ii) a cash escrow or a Letter of Credit in an amount equal to $25,088,200 to secure the performance and completion of the PIP Requirements for each Individual Property.

• It is contemplated that Buyer's inspection and the PIP requirements will result in no more than $2,500,000 of improvements being required to be made to the Hotel and those hotels which are the subject of the Affiliated Sale Agreements (the "PIP Requirements").

• Upon the occurrence of such an Event of Default relating to Borrower’s failure to comply with its obligations under the preceding sentence, Lender, at its option, may withdraw all Required Repair Funds from the Required Repair Account and Lender may apply such funds either to completion of the Required Repairs or PIP Requirements at one or more of the Properties or toward payment of the Debt in such order, proportion and priority as Lender may determine in its sole discretion.

• Borrower shall cause Mortgage Borrower to complete the PIP Requirements on or before the deadline for each PIP Requirement as set forth on Schedule XI.

• Borrower shall cause Mortgage Borrower to complete the Required Repairs at each Individual Property by the required deadline for each repair as set forth on Schedule III and complete the PIP Requirements at each Individual Property by the required deadline for each PIP Requirement as set forth on Schedule XI.

More Definitions of PIP Requirements

PIP Requirements means those items set forth in any PIP.

PIP Requirements. All improvements and work to be completed to satisfy the requirements of a Property Improvement Plan. “PIP Reserve” See §7.18(c)(v).

PIP Requirements means each plan for replacing the Replacements, remodeling, redecorating and modifying the Property required of Borrower by the Franchisor pursuant to the Franchise Agreement.

PIP Requirements means the Existing PIP Requirement and/or the Additional PIP Requirements, as applicable.

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. “Pledge Agreement Termination Date”: the earlier of (x) the date that the Compliance Certificate for the fiscal quarter ending June 30, 2022 is delivered by Borrower to the Administrative Agent pursuant to Section 6.2(b) and (y) the Optional Modification Period Termination Date. “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; provided that, with respect to any period such Real Property was not owned by the Borrower, such information shall only be required to be delivered to the extent reasonably available to the Borrower; (c) a pro forma operating statement or an operating budget for such Real Property with respect to the current and immediately following fiscal years (to the extent available); (d) a budget for capital expenditures for the immediately following twelve-month period showing funding sources acceptable to the Administrative Agent, including any PIP Requirements for such Real Property; and (e) a recent STAR Report for such Real Property. “Prime Rate”: as defined in the definitio...

PIP Requirements means any property improvement requirements imposed by Franchisor in connection with the origination and commencement of the Franchise 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;