BSEL definition
Examples of BSEL in a sentence
On 1 April 2020 (after trading hours), WLL (a direct wholly-owned subsidiary of GENM) and BSEL (an indirect wholly-owned subsidiary of the Company) entered into the New Collaboration Agreement in relation to the operation and management of the Gaming Area.
In the event that the Quarterly Report sets out positive Financial Results (that is, the Agreed Costs and Expenses are lower than the total revenue generated by operating the Gaming Area), each of WLL and BSEL shall be entitled to receive 50% of the surplus amount within 30 days from the date of provision of the Quarterly Report.
Operation and management of the Gaming Area : BSEL shall be responsible for the provision of operation, management and support services for the Gaming Area, and WLL shall be responsible for the costs and expenses in relation to the charter of the Vessel and shall make available the Gaming Area.
In the event that the Quarterly Report sets out negative Financial Results (that is, the Agreed Costs and Expenses are higher than the total revenue generated by operating the Gaming Area), each of WLL and BSEL shall contribute an amount equal to 50% of the shortfall amount within 30 days from the date of receipt of the Quarterly Report.
Exclusivity : Throughout the term of the New Collaboration Agreement, BSEL shall be the sole and exclusive operator and manager of the Gaming Area, and WLL shall not appoint or engage any third party to provide any gaming activity-related services on board the Vessel without the prior written approval of BSEL.
On 9 December 2019, WLL and BSEL entered into the 2019 Collaboration Agreement, pursuant to which WLL and BSEL agreed to collaborate in a business arrangement in relation to the operation and management of the Gaming Area.
BSEL and WLL shall discuss in good faith in determining any subsequent funding that may be required to meet the operational needs from time to time, whenever applicable.