PIP Work definition

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

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

• Guarantor agrees to indemnify and hold Lender harmless from any and all loss, cost, liability or expense in any way suffered, incurred or paid by Lender as a result of, or in any way arising from, either Borrower Party’s failure to perform and complete the PIP Work or Borrower’s failure to cause either Borrower Parties to perform and complete the PIP Work, including all costs and expenses of collection (including reasonable attorney’s fees and disbursements) incurred by Lender to enforce this Agreement.

• All additional Costs of Post-closing PIP Work shall be borne by Parent.

• The RLJ REITs shall be responsible for the next Ten Million Dollars ($10,000,000) in the aggregate of Costs of Post-closing PIP Work.

• Except as otherwise provided in this Section 3.10, the RLJ REITs shall be responsible for completing any work currently required pursuant to existing PIPs, provided that if any such work is not completed by the Closing Date, the RLJ REITs shall give Parent a credit in the amount of the cost of completing the uncompleted existing PIP work, such cost to be determined in the same manner as set forth above with respect to calculating the Cost of New PIP Work.

• The RLJ REITs’ portion of the Costs of Post-closing PIP Work shall take the form of a credit to Parent against the Company Merger Consideration at Closing.

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, 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.

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

PIP Work means, with respect to each Asset, any repair, maintenance or alterations of, or improvements to, such Asset required to be made in accordance with the PIP relating to such Asset.

PIP Work means such work that is described on Exhibit B attached hereto.