Concession Agreements. The Association is not by this Agreement granted the right to sell items, the sale of which would infringe on a concession contract between the Department and a third party. However, the Association may request of the Department that any concession contract(s) at the park exclude/include specific items currently being distributed by the Association, and, within its sole discretion, the Department will consider including such conditions in existing or pending contracts.
Concession Agreements. Borrower hereby represents and warrants to Lender the following with respect to each of the Concession Agreements: (i) Borrower has heretofore provided Lender with a true and correct copy of the Concession Agreement; (ii) there have not been amendments or modifications to the terms of the Concession Agreements other than pursuant to written instruments, copies of which have been previously provided to Lender; (iii) Mortgage Borrower’s interests in the Concession Agreements are not subject to any Liens or encumbrances superior to, or of equal priority with, the Mortgage; and (iv) as of the date hereof, each of the Concession Agreements is in full force and effect and no default by Mortgage Borrower, or to the best knowledge of Borrower, any other party thereto has occurred under either of the Concession Agreements and there is no existing condition which, but for the passage of time or the giving of notice, could result in a default under the terms of either the Concession Agreements.
Concession Agreements. Borrower shall cause Mortgage Borrower to (a) cause the parking areas to be operated pursuant to the related Concession Agreements; (b) promptly perform and/or observe in all material respects all of the covenants, agreements and obligations required to be performed and observed by Mortgage Borrower under the Concession Agreements and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (c) promptly notify Lender of any default under any Concession Agreements upon becoming aware of the same; (d) to the extent reasonably requested by Lender, promptly deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, notice, report and estimate received by Mortgage Borrower under the Concession Agreements; and (e) promptly enforce to the extent commercially reasonable the performance and observance of all of the covenants and agreements required to be performed and/or observed by the Operator under the Concession Agreements.
Concession Agreements. Subject to Sections 2.1.2, 2.1.3, 2.1.4, 2.4.2, 2.4.6 and 2.4.7 of this Agreement below and the remaining provisions of this Section, Manager shall negotiate, enter into and administer, as agent on behalf of Owner and for the benefit of the Hotel, any agreement with a concessionaire relating to the management and operation of the Hotel (individually, a “Concession Agreement” and collectively, “Concession Agreements”). Manager shall ensure that all Concession Agreements are expressly assignable to Owner or its designee, unless entered into explicitly by Manager on behalf of Owner. Prior to entering into any such Concession Agreement (or any other similar occupancy agreement), Manager shall submit such Concession Agreement to Owner, who shall obtain an opinion from Bond Counsel to the effect that such Concession Agreement will not adversely affect the Hotel’s exemption from ad valorem taxes, and Manager shall have the right to rely upon such opinion. Upon the termination of this Agreement for any reason whatsoever, Manager shall promptly take all reasonable actions necessary to assign to Owner or its designee all such Concession Agreements; provided, however, that Manager shall not be required to pay any money in connection with the assignment. In addition, Manager shall require that each such agreement include a no personal liability and indemnity clause in favor of Owner.
Concession Agreements. A concession contract is one possible arrangement governments can use to raise the necessary funds to finance revenue-generating projects when their access to traditional sources of capital is constrained or undesirable. Examples of projects that can be funded using concession ar- rangements include roads, bridges, tunnels, power plants, pipelines, industrial plants, and office buildings. This type of arrangement requires the involvement of several companies (the pro- moting team) to finance the project, perform the design, execute and manage its construction, and be responsible for the operation and maintenance of the facility. Depending on the nature of the project, the promoting team might include construction companies, engineering firms, equipment and material suppliers, plant operators, utility companies, and customers of the fa- cility. Figure 1 illustrates possible contractual relationships (dashed lines) and flows of capital (solid lines) among the different participants of a concession-financed project. The shaded boxes indicate those participants that can either be part of the promoting team or serve as external providers of services. The amount of time promoters have to construct, operate and maintain a facility before trans- ferring its ownership to the project sponsor (usually the government) is known as the concession period. Projects that have finite concession periods are called BOT (Build-Operate-Transfer) projects, otherwise they are called BOO (Build-Operate-Own) projects. In Build-Operate-Transfer (BOT) projects, the sponsor provides a concession that permits a promoting team to build a facility and to operate it for a specific amount of time. Project promoters use the revenues produced during the concession period to pay back lenders, other shareholders, and to get a return on their investment. After the concession period has elapsed, the operation of the facility and its revenues are transferred to the sponsor that infused, at the time of construction, very few monetary resources. One very well publicized example of this method is the Channel Tunnel project linking France and the UK by rail. Build-Operate-Own (BOO) projects should also produce revenues from their cash flows to cover debt, operation and maintenance costs and to return profit gains to promoter companies. However, project promoters have an unlimited amount of time to operate the facility as well as full ownership of the underlying assets. Actual examples of such project...
Concession Agreements. The Borrower has heretofore delivered to the Board and the Agent a true and correct schedule identifying the Concessions together with true and correct copies of the agreements effecting the Concessions which have not been amended, supplemented or otherwise modified prior to the date hereof. After giving effect to the Loan and application of the proceeds therefrom, the Concessions are in full force and effect.
Concession Agreements. Landlord shall include, or require the inclusion of, the foregoing provisions of this Section 26.2 (with the terms “Landlord” and “District” appropriately modified) in every agreement or concession agreement pursuant to which any persons other than Landlord operates or has the right to operate in the Facility. Landlord shall take such action with respect to any such agreement as the District may reasonably direct as a means of enforcing this Section 26.2, including without limitation the termination of such agreement or concession.
Concession Agreements. A concession agreement is entered into between a public- sector entity and the project company (the figure), under which the project company must operate and the types and period of concession are specified. For instance, the concession may state that the firm finances, upgrades, build, maintains, and operates a road for 20-30 years, in a road project, before transferring ownership to the government.7 Additionally, under this contract, the aim of the project is to provide a service rather than product to the public-sector entity or to the public.8The concession agreement contains the detailed obligations and rights of the parties and also creates the right and obligation to build, own and transfer ownership to the host government infrastructure used for the general benefit of the population. Therefore, It should clearly state the rights such as terms and duration of the concession, capacity of extending the concession even if there are changes in the law, termination of the concession, and ability of banks to freely transfer the concession to a third party.9 1Hoffman, loc. cit. 2ibid., p. 210, 211. 3Yescombe, op. cit., p. 71. 4Hoffman, op. cit., p. 211. 5Professor A Xxxxxx,xxx. cit.
Concession Agreements. Borrower shall (a) cause the parking to be operated pursuant to the related Concession Agreements; (b) promptly perform and/or observe in all material respects all of the covenants, agreements and obligations required to be performed and observed by Borrower under the Concession Agreements and do all things necessary to preserve and to keep unimpaired its material rights thereunder; (c) promptly notify Lender of any default under any Concession Agreements upon becoming aware of the same; (d) to the extent reasonably requested by Lender, promptly deliver to Lender a copy of each financial statement, business plan, capital expenditures plan, notice, report and estimate received by Borrower under the Concession Agreements; and (e) promptly enforce to the extent commercially reasonable the performance and observance of all of the covenants and agreements required to be performed and/or observed by the Operator under the Concession Agreements.
Concession Agreements. Foundation may enter into concession agreements for the provision of services to the public that are compatible with or assessory to park and recreation purposes on the Premises. All foods, beverages, confectionery, refreshments, or other items, sold or kept for sale shall conform in all respects to federal, state and municipal laws, ordinances and regulations. Foundation shall require all concessionaires operating under their authority to obtain at their own expense any and all permits or licenses that may be required in connection with the operation of any concession. Any concession agreement entered into by Foundation shall only be a license to provide services on the Premises and shall not constitute an interest in the real property of the Premises. Any and all concession agreements shall terminate upon Foundation’s assignment of this Lease or other termination of Foundation’s interest in the Premises.
