Examples of Branding Agreement in a sentence
In connection with the Second Renewed Branding Agreement, the Company, MGM Grand Paradise, MGM Branding, MGM Resorts International, MRIH and NCE entered into the Branding Agreement Side Letter on June 26, 2022.
Pursuant to the Second Renewed Branding Agreement, the Company agrees to pay MGM Branding license fees in consideration of the license granted to the Company to use certain trademarks owned by MGM Resorts International and its subsidiaries.
The Second Renewed Branding Agreement enables MGM Macau, MGM Cotai and any future resort and casino projects or sites we may develop in the Restricted Zone to use the MGM brand, and grants a license to the Company to use the Subject Marks, which is critical to the success of the business of the Group, given that the Subject Marks are integral to the Group’s corporate identity.
As one or more of the applicable percentage ratios (other than the profits ratio) under Rule 14.07 of the Listing Rules in respect of the monetary cap for the period from June 26, 2022 to December 31, 2022 under the Second Renewed Branding Agreement is more than 0.1% but less than 5%, such continuing connected transaction is subject to reporting, announcement and annual review requirements but are exempt from independent shareholders’ approval requirements under Chapter 14A of the Listing Rules.
Save for the above, none of the other Directors has a material interest in the abovementioned continuing connected transaction under the Second Renewed Branding Agreement.