New Properties Clause Samples
The "New Properties" clause defines how newly acquired or developed properties are treated under the agreement. Typically, it outlines whether such properties will be automatically included within the scope of the contract, and may specify notification requirements or procedures for adding these properties to the agreement. This clause ensures that both parties have clarity on the status and obligations related to properties obtained after the contract is signed, preventing disputes and maintaining comprehensive coverage.
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.
A. Starwood may reject a proposed New Property if:
(i) Starwood determines, in Starwood’s sole discretion, that the proposed New Property does not meet the applicable Standards and Policies (including related to construction and design);
(ii) Starwood determines, in Starwood’s sole discretion, that using the Licensed Marks in association with the proposed New Property would be reasonably likely to (a) materially interfere with Starwood’s or its Affiliate’s ownership of the Proprietary Marks, (b) pose a material risk to Vistana’s use of the Licensed Marks or Starwood’s use of the Proprietary Marks in the jurisdiction(s) in which the proposed New Property would be developed, sold, marketed or operated, (c) violate a settlement or co-existence agreement relating to the Proprietary Marks; or (d) violate Applicable Law;
(iii) Starwood determines that (a) in Starwood’s sole discretion, the location of the proposed New Property does not meet applicable Standards and Policies or is otherwise not appropriate for the proposed New Property; (b) the proposed New Property (x) jeopardizes the commercial viability of an existing Starwood Lodging Facility or Residential Property, or (y) Starwood’s ability to proceed with a proposed Starwood Lodging Facility or Residential Property that is being actively...
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.
(b) Where, in accordance with clause 12.1(a), a party wishes to propose the addition of a property or properties to the Agreed Pool of Properties:
(i) if the Change is being initiated by MSD, MSD’s Change Notice must:
(A) describe the type of property or properties MSD is looking to have included in the Agreed Pool of Properties; and
(B) identify whether MSD would be willing to make any sort of financial contribution towards the purchase or lease of any property or properties, and the Provider’s Change Proposal must include a completed Agreed Pool of Properties Change Form; or
(ii) if the Change is being initiated by the Provider, the Provider’s Change Proposal must outline the reason(s) why the Provider wishes to add a new property to the Agreed Pool of Properties and must include a completed Agreed Pool of Properties Change Form.
(c) Where, through applying the Change provisions in Part 8 (Changes) of this Agreement, the parties agree to add a property or properties to the Agreed Pool of Properties:
(i) each property or properties shall be listed under paragraph 2 (New Properties) of Schedule 3 (Agreed Pool of Properties) as a New Property;
(ii) each New Property will be a Property on and from the Start Date specified for that New Property, as set out in paragraph 2 (New Properties) of Schedule 3 (Agreed Pool of Properties), or the date the Change becomes a Confirmed Change (whichever is later); and
(iii) the Agreed Rent will be as agreed through the Change Process to apply in respect of the New Property.
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. 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.
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. 11.1 Authorities to advise the CMO when new properties will need a collection
11.2 Authorities should consult with the CMO when they receive pre-application and planning applications for new developments so that CMO officers are able to advise whether waste management provision is acceptable, before planning permission is granted.
11.3 SCC will provide an annual update of Surrey postcodes to the CMO to support the ReCollect search tool and app.
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.
91. The Service Provider will be expected to accommodate new properties within their Service for no additional payment as part of their programme of continuous improvements. This contribution will be recognised by the Council when monitoring performance and achievement of objectives.
New Properties. ▇▇▇▇▇▇ acknowledges and agrees that the terms of Exhibit I will apply for New Properties added to the Collection and this Agreement.