Property Approval Request definition
Examples of Property Approval Request in a sentence
If the Property Approval Request for a New Property is rejected by Starwood, Starwood shall provide an explanation indicating with respect to the Property Approval Request, which of the conditions described in clauses (i) through (x) of Section 5.2A above were not satisfied based on the information and documentation provided in the Property Approval Request.
With respect to each New Property, each Property Approval Request submitted by Vistana shall include a capital expenditure plan for such New Property, and Vistana shall enforce and implement, in all material respects, such capital expenditure plan in the form approved by Starwood pursuant to Section 5.2.
Vistana shall provide Starwood with a Property Approval Request for each proposed Material Change or Expansion.
Any such solicitation of a Location Confirmation, which must be made by Vistana in good faith and solely with respect to any proposed New Property that Vistana has legitimate and documented interest in pursuing, by itself, will not trigger the obligation to pay the Property Approval Request Fee.
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.
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).
Each Bank shall have a period of fifteen (15) Banking Days from its receipt of the Property Approval Request to notify Administrative Agent whether or not such Bank agrees to accept the proposed property as a Property and such New Borrower as a Borrower.
Any Bank that fails to respond to the Property Approval Request within such fifteen (15) Business Day Period will be deemed to have agreed to accept the proposed property as a Property and such New Borrower as a Borrower.
Each Bank shall have a period of fifteen (15) business days from its receipt of the Property Approval Request and the Commitment Increase Request to notify Administrative Agent whether or not such Bank agrees to (i) accept the proposed property and/or (ii) increase its Loan Commitment as aforesaid.
Any Bank that fails to respond to the Property Approval Request or the Commitment Increase Request within such fifteen (15)-business day period will be deemed not to have agreed to accept the proposed property or not to have agreed to increase its Loan Commitment, as the case may be.