Detailed Implementing Steps Sample Clauses

Detailed Implementing Steps. On the grant of the Subconcession to PBL Macau on completion of the Subconcession Agreement, the issued share capital of PBL Macau will be held as to 90% by PBL Asia and/or other subsidiaries of PBL and, in order to comply with applicable Macau laws and regulations, as to 10% by the Managing Director. The relevant laws and regulations require that at least 10% of the issued share capital of a company which has been granted a gaming concession or subconcession must be owned by the managing director or executive director of the relevant company, who must be a Macau permanent resident. The Managing Director will hold PBL Macau A Shares (the terms of which are described above) having negligible economic value. The subscription price payable for the shares of PBL Macau to be subscribed by the Managing Director will be funded by PBL Asia and, accordingly, the PBL Macau A Shares held by the Managing Director will be subject to the restrictions of a shareholders’ agreement having the principal terms described in this section above. The remaining funding required by PBL Macau will be provided by the Company and PBL (or their respective subsidiaries) each making a subordinated interest free loan of US$160,000,000 to PBL Macau. The detailed implementing steps for PBL Macau to become a Joint Venture Company and to achieve a 50:50 sharing between the Company and PBL of the economic value and benefits of PBL Macau and the Joint Venture Companies are, subject to approval by the Macau Government, proposed to be as described below:–