Crystals Component definition
Examples of Crystals Component in a sentence
Owner acknowledges and agrees that various pre-opening activities for the Crystals Component have commenced as of the Effective Date and are continuing, and will continue to ensure that the Crystals Component can function properly on the Crystals Component Opening Date.
Owner shall provide all funds necessary to (a) enable the Managers to manage and operate the Crystals Component in accordance with the terms of this Agreement and the applicable Project Budget, (b) maintain the Crystals Component in accordance with its Operating Standards, and (c) comply with all Legal Requirements.
The General Manager and the Manager acknowledge, however, that Owner has no duty or obligation to fund such amounts from sources other than the Gross Revenue of the Crystals Component.
Each Manager is duly qualified to do business and is in good standing in each jurisdiction where it is required to be so qualified in connection with the operation of the relevant Crystals Component, and the conduct of its businesses and operations.
The Managers shall submit to Owner a monthly statement during the period of Pre-Opening Services until the Crystals Component Opening Date, which report shall include a statement of all Pre-Opening Expenses incurred by the Managers during the prior calendar month.
Furthermore, if the Crystals Component Opening Date is delayed from the originally projected dates (other than a delay caused by the Manager), the Pre-Opening Budget shall be revised to reflect any increases in Pre-Opening Expenses caused by such delay after consultation with and approval by Owner in accordance with the Joint Venture Agreement (or by the DW Member, as may be required by the Joint Venture Agreement).
Owner acknowledges, however, that Affiliates of MGM MIRAGE (excluding the General Manager and its subsidiaries) do and will engage in operations, ownership, or other activities or businesses that compete with the operations and business of the Crystals Component and/or other Components of the CityCenter Project, and such actions and conduct are expressly permitted.
Notwithstanding anything to the contrary contained herein, the Parties acknowledge and agree that Compensation paid to the Retail Operator shall be an Operating Expense of the Crystals Component.
The Manager shall keep and maintain the books and records of the Crystals Component, and the financial position and the results of operations recorded, in a manner that shall reflect all transactions of the Crystals Component and shall otherwise be appropriate and adequate for the business of the Crystals Component in accordance with all Legal Requirements and GAAP for financial reporting purposes and in accordance with all Legal Requirements for tax reporting purposes.
The Managers under this Agreement, and the “Operator” under the Vdara Condo-Hotel Management Agreement and the “Managers” under the Resort Hotel and Casino Management Agreement, shall further ensure that designation of Other Personnel shall not cause any undue delay in the performance of such Other Personnel’s performance of their duties, or increased cost or expense or other prejudice to the operation of the Crystals Component.