Subconcession Sample Clauses
A Subconcession clause allows the primary concessionaire to grant a portion of their rights or interests under the main concession agreement to a third party, known as a subconcessionaire. This clause typically outlines the conditions under which such transfers are permitted, such as requiring the consent of the original grantor or ensuring the subconcessionaire meets certain qualifications. Its core practical function is to provide flexibility for the concessionaire to delegate or share operational responsibilities, while maintaining oversight and control to protect the interests of the original parties involved.
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Subconcession any dealings with or matters involving amendments to the terms of the Subconcession or application for or surrender of any Gaming Licence;
Subconcession. 2.1 PBL shall proceed to enter into the Subconcession Agreement with Wynn Resorts Limited (“Wynn”) and Wynn Resorts (Macau) S.A (“▇▇▇▇ Macau”) for the grant of Subconcession substantially in the form and content attached hereto, with such amendments or variations (except as to purchase price) as PBL shall deem expedient to reach agreement with ▇▇▇▇ and ▇▇▇▇ Macau as soon as possible, provided that any changes of substance shall have first been consulted and cleared with Melco.
2.2 PBL shall as soon as possible establish PBL Macau, as referred to in the Subconcession Agreement, as a wholly owned subsidiary of PBL, to be the grantee of the Subconcession. PBL shall perform its obligations and cause PBL Macau to perform its obligations under the Subconcession Agreement. PBL shall have the responsibilities as provided in the Subconcession Agreement to negotiate and agree the terms of the definitive Subconcession with the Government of Macau SAR in accordance with the Subconcession Agreement and all other matters and things referred under the Subconcession Agreement required to obtain the grant of the Subconcession and for the Subconcession to come into force and effect.
2.3 PBL and PBL Macau will closely consult with Melco in relation to the negotiations for the grant of the Subconcession and the terms of the definitive Subconcession and will not agree any material variation from the terms of the Subconcession referred to in the Subconcession Agreement without the consent of Melco, such consent not be unreasonably withheld or delayed. At the request of PBL, Melco will and will cause relevant Melco Group Companies to use their best efforts to support and cooperate with PBL and PBL Macau in negotiations with the Government of Macau SAR and other relevant persons or regulatory authorities for the grant of the Subconcession and all matters incidental or ancillary thereto.
2.4 Subject to the terms and conditions herein, the Purchase Price for the grant of the Subconcession namely US$900,000,000 (nine hundred million United Stated dollars) shall be provided by the parties as follows:
(a) PBL and Melco shall make or cause to be made by their wholly-owned subsidiaries, capital contributions to PBL Macau of respectively, US$240,000,000 (two hundred and forty million United Stated dollars) and US$160,000,000 (one hundred and sixty million United States dollars), which sums shall be applied towards the Purchase Price.
(b) The balance of the Purchase Price shall be met by ...
Subconcession. (a) The Specified Affiliate is a party to the trilateral agreement dated 8 September 2006 (MCE Subconcession) entered into by and between the Macau government, ▇▇▇▇ Resorts (Macau), S.A. (▇▇▇▇ Macau) (as concessionaire for the operation of casino games of chance and other casino games in Macau, under the terms of a concession contract dated 24 June 2002 between Macau and ▇▇▇▇ Macau, as amended on 8 September 2006) and the Specified Affiliate pursuant to which the Specified Affiliate is authorised to operate games of fortune and chance in casino in Macau.
(b) To the best of knowledge of MCE, the MCE Subconcession is in full force and effect and has not been revoked, suspended, cancelled, rescinded or terminated and has not expired, and the Specified Affiliate is in compliance in all material respects with the terms thereof.
Subconcession. The Company shall:
Subconcession. (a) Evidence that:
(i) the capital requirement under article 15 of the Subconcession has been complied with;
(ii) the procedural requirements under the Subconcession concerning the granting of the Transaction Security have been complied with;
(iii) the Company has obtained approval from the Macau SAR in respect of the Facilities and the Transaction Security and provided copies of the Finance Documents to the Macau SAR in accordance with article 34 of the Subconcession;
(iv) each area on which any operation of casino games of chance or other forms of gaming will be carried out by the Company has been authorised as a casino or gaming zone by the Macau SAR in accordance with article 9 of the Subconcession;
(v) the Subconcession Bank Guarantee has been issued under the Subconcession Bank Guarantee Facility as required by article 61 of the Subconcession; and
(vi) Reorganisation Permits have been obtained.
(b) Copies of all documents submitted to the Macau SAR as required under article 21 of the Subconcession and evidence that approval of the Company’s delegation of management authority (including the appointment of the Managing Director, the scope of his power and the form of his authorisation) has been granted pursuant to article 21.
(c) A certified true copy of a signed letter from an authorised representative of the Government of the Macau SAR confirming that there is no requirement for Government approval for the execution of any Pledge over Enterprise comprised in the Transaction Security Documents by the Relevant Obligor party thereto.
Subconcession a firm that has a sublease or other agreement with a prime concessionaire rather than with the airport itself, to operate a concession at the airport.