Subordination to Bond Resolution. This Agreement and all rights granted to Operator hereunder are expressly subordinated and subject to the lien and provisions of the pledge, transfer, hypothecation or assignment made by Authority in any Bond Resolution heretofore or hereafter adopted by the Authority, and Authority and Operator agree that to the extent permitted by authorizing legislation, the holders of the Bonds or their designated representatives may exercise any and all rights of Authority hereunder to the extent such possession, enjoyment and exercise are necessary to insure compliance by Operator and Authority with the terms and provisions of this Agreement and Bond Resolution.
Appears in 4 contracts
Samples: Valet Parking Concession Agreement, Valet Parking Concession Agreement, Concession Agreement
Subordination to Bond Resolution. This Agreement and all rights granted to Operator Concessionaire hereunder are expressly subordinated and subject to the lien and provisions of the pledge, transfer, hypothecation or assignment made by Authority in any the Bond Resolution heretofore or hereafter adopted by the AuthorityResolution, and Authority and Operator Concessionaire agree that to the extent permitted by authorizing legislation, the holders of the Bonds or their designated representatives may shall exercise any and all rights of Authority hereunder to the extent such possession, enjoyment and exercise are necessary to insure compliance by Operator Concessionaire and Authority with the terms and provisions of this Agreement and Bond Resolution.
Appears in 2 contracts
Samples: Lease and Concession Agreement, Concession Agreement
