New Properties. Vistana shall provide Starwood with a property approval request in the form attached hereto as Exhibit D, as modified by Starwood from time to time (“Property Approval Request”) for each proposed New Property. For each Property Approval Request for New Properties submitted to Starwood, Vistana shall pay to Starwood simultaneously with the submission of such Property Approval Request a property approval request fee (a “Property Approval Request Fee”) in the amount of $50,000 (as adjusted annually after the Effective Date by the GDP Deflator); provided, however, that if Vistana requested a Location Confirmation for such proposed New Property in accordance with Section 5.2B(i) below, the Property Approval Request Fee shall be reduced by an amount equal to the Location Confirmation Fee, if any, paid by Vistana to Starwood in respect of such proposed New Property. The Property Approval Request Fee shall be inclusive of all costs and expenses incurred by Starwood in connection with providing evaluation and other approval and vetting services for each New Property in accordance with this Section 5.2, other than any Reimbursable Expenses relating to such Property Approval Request.
New Properties. At the time any Advance is used to finance the acquisition of any Oil and Gas Properties by Borrowers, Borrowers shall, at Lender's discretion, grant and thereafter shall maintain in favor of Lender at all times until the Obligations are paid and satisfied in full, valid first mortgage liens and first, prior and perfected security interests in and to all of their right, title and interest in such Oil and Gas Properties. Borrowers shall execute and deliver, or cause to be executed and delivered, such oil and gas mortgages, deeds of trusts, instruments, agreements, assignments, financing statements and other documents as may be reasonably necessary in the opinion of Lender and Lender's counsel to grant Lender valid first mortgage liens and first, prior and perfected security interests in and to such new Oil and Gas Properties.
New Properties. In the event either Borrower desires to acquire any real property upon which a Borrower intends to renovate existing improvements or construct new improvements, such Borrower shall notify Mezzanine Lender in writing at least five (5) Business Days in advance of such acquisition and shall establish a new wholly owned subsidiary of such Borrower to acquire such real property and to incur debt in connection with such acquisition and construction activities on terms acceptable to Mezzanine Lender; provided, however, that in no event shall such debt exceed at any time seventy-five percent (75%) of the cost of the land which has actually been acquired and the portion of the improvements that have actually been completed, as Mezzanine Lender shall determine in its sole discretion. All debt incurred by such wholly owned subsidiary of the relevant Borrower shall be the exclusive obligation of such subsidiary and no Borrower shall have any obligations or liabilities with respect to such debt (or any part of it) under any circumstances. Simultaneous with the creation of any such wholly owned subsidiary, each Borrower shall take all steps as shall be necessary in Mezzanine Lender's sole discretion to ensure that Mezzanine Lender obtains a first perfected security interest in the equity in such wholly owned subsidiary of the relevant Borrower. In addition, simultaneous with the creation of any such wholly owned subsidiary, the relevant Borrower shall cause such subsidiary to grant to Mezzanine Lender an enforceable irrevocable right of first refusal to provide any financing to such subsidiary. Borrowers and Mezzanine Lender agree that on or about November 27, 1996 Borrowers established a wholly-owned subsidiary known as HH Properties - VB, Inc. which shall be permitted to incur the indebtedness described in and under the conditions set forth in this Section.
New Properties. (a) The parties may agree, at any time during the Contract Term, to add a property or properties (not being a Substitute Property) to the Agreed Pool of Properties. The addition of that property or properties will be treated as a Change to be dealt with under Part 8 (Changes) of this Agreement.
New Properties. 90. The number of households requiring household refuse and/or recycling collections at the start of the Contract will be all those within the area of the Council. The council records indicate that the number of households at 1 April 2006 was 94,200. A map outlining the borough is shown at Appendix 1. To meet the requirements of the Local Plan, additional properties will need to be built between 2007 and 2012.
New Properties. At the time any Advance is used to finance the -------------- acquisition or development of any New Properties by Borrower, Borrower shall, at Lender's discretion, grant and thereafter shall maintain in favor of Lender at all times until the Obligations are paid and satisfied in full, valid first mortgage liens and first, prior and perfected security interests in and to all of Borrower's right, title and interest in such New Properties. Borrower shall execute and deliver, or cause to be executed and delivered, such oil and gas mortgages, deeds of trusts, instruments, agreements, assignments, financing statements and other documents as may be reasonably necessary in the opinion of Lender and Lender's counsel to grant Lender valid first mortgage liens and first, prior and perfected security interests in and to such New Properties.
New Properties. 18.1 The letting of new properties by the Lessor to the Lessee shall be effected under the conditions stipulated in this Agreement, provided that such contractual arrangement has been approved by the audit committee and the board of directors of Properties and Investments and of the Lessor, provided that the contractual arrangement shall be during the Lease Period and for a period of 10 years, counted from the date of the contractual arrangement in respect of each of the new properties and where all the new properties that will be let shall not exceed an aggregate area of 80,000 sq.m. (an increase of 20% as compared with the area of the Leased Premises as at the date of signing of the Framework Agreement).
New Properties. At the time any Advance is used to finance the acquisition of any Oil and Gas Properties by Borrower, Borrower shall, at Lender's discretion, grant and thereafter shall maintain in favor of Lender at all times until the Obligations are paid and satisfied in full, valid first mortgage liens and first, prior and perfected security interests in and to all of their right, title and interest in such Oil and Gas Properties. On or before the 1st and 15th of each month in which the Borrower acquires any new oil & gas leases, Borrower shall execute and deliver, or cause to be executed and delivered, such oil and gas mortgages, deeds of trusts, instruments, agreements, assignments, financing statements and other documents as may be reasonably necessary in the opinion of Lender and Lender's counsel to grant Lender valid first mortgage liens and first, prior and perfected security interests in and to such new Oil and Gas Properties. Borrower further understand and agrees that no more than $75,000.00 of the Lease Loan may be Advanced on an unsecured basis at any time for the acquisition of any new oil & gas leases, and the purchase of seismic other than the seismic which is the subject of the Exploration Agreement.
New Properties. In accordance with and subject to the Proposal Process set forth in Section 2.1, for the acquisition and development of a New Property, Olympus and Stratus agree that the typical venture will provide (i) a capital contribution by Stratus of cash, common stock or other securities, like-kind exchanges, guarantees, or some combination thereof recorded at a value mutually agreed by Stratus and Olympus, (ii) a capital contribution by Olympus in cash and (iii) unless otherwise mutually agreed, Stratus and Olympus shall receive identical instruments in exchange for such contributions, whether in the form of equity or mezzanine debt.
New Properties. With respect to any New Property acquired after the Closing Date, such Financed Property and Lease shall be acquired or entered into pursuant to the terms and provisions of this Agreement and the Property Management Agreement and in accordance with the related underwriting guidelines.
