CVC Use Payments definition

CVC Use Payments means the obligation of CVC under the CVC Tourism Promotion Agreement, upon Completion (as defined in the Development Agreement), to make an annual use payment to Bristol of $650,000 per year, as compensation for certain promotional and use rights granted by Bristol to CVC in the Speedway, as described therein.
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Examples of CVC Use Payments in a sentence

  • Bristol agrees that it shall cause the CVC to make the CVC Use Payments directly to the Bond Trustee for deposit into the Lease Revenue Fund and application by the Bond Trustee in accordance with Section 9(b) hereof.

  • Subject to the requirements of Applicable Law, Fair Board shall, immediately upon receipt thereof, cause the deposit of (i) all payments of Rent and CVC Use Payments to the Lease Revenue Fund and (ii) all payments of Tax Revenues to the Tax Revenue Fund.

  • Bristol hereby assigns to, and grants to the Fair Board a security interest in, all of its right, title and interest in the CVC Use Payments to secure Bristol’s obligations under this Lease.

  • Bristol acknowledges that it has entered into the CVC Use Agreement with the CVC of even date herewith pursuant to which (a) the CVC will have use of the Premises pursuant to the terms of this Section 12(e), and (b) the CVC will pay to Bristol the CVC Use Payments.