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 those certain replacements and/or alterations to the Property as may be required by the 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’ 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.

• Parent shall be responsible for the first Ten Million Dollars ($10,000,000) in the aggregate of (i) Costs of New PIP Work required pursuant to the New PIPs and (ii) the costs of completing the existing requirements of the applicable Franchisor of the Atlanta Marriott Century Center (the “Costs of the Atlanta Work”) (together, the Costs of New PIP Work and the Costs of the Atlanta Work, are referred to as the “Costs of Post-closing PIP Work”).

• The Costs of the Atlanta Work shall be determined in the same manner as the Costs of New PIP Work.

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 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 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 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 the work required in connection with the PIP which is detailed on Schedule VI hereto.