Material Changes and Expansions. Except with Starwood’s prior written approval (which Starwood may withhold in its sole discretion) and subject to Section 12.5, Vistana shall not make any alterations, improvements, replacements, renewals or additions to any Licensed Vacation Ownership Property that (i) involve a significant change in the primary use of any part of a Licensed Vacation Ownership Property, or (ii) involve a material physical expansion, material alteration or material reconfiguration of a Licensed Vacation Ownership Property, (collectively, “Material Changes or Expansions”). Vistana shall provide Starwood with a Property Approval Request for each proposed Material Change or Expansion. For each Property Approval Request for Material Changes or Expansions, Vistana shall pay to Starwood simultaneously with the submission of such Property Approval Request a Property Approval Request Fee in the amount of $15,000 (as adjusted annually after the Effective Date by the GDP Deflator). If any Material Changes or Expansions are approved by Starwood pursuant to this Section 5.4, Vistana shall carry them out in accordance with the Standards and Policies and Applicable Law and in the manner set forth in Exhibit E.
Appears in 4 contracts
Samples: License, Services, and Development Agreement (Starwood Hotel & Resorts Worldwide, Inc), Matters Agreement (Starwood Hotel & Resorts Worldwide, Inc), Services and Development Agreement (Vistana Signature Experiences, Inc.)
