THE OBLIGATIONS OF THE OPERATING COMPANY Clause Samples

This clause defines the specific duties and responsibilities that the operating company must fulfill under the agreement. It typically outlines the operational tasks, compliance requirements, and performance standards expected of the company, such as maintaining facilities, managing staff, or adhering to regulatory obligations. By clearly delineating these obligations, the clause ensures accountability and sets measurable expectations, thereby reducing the risk of disputes and promoting smooth operation of the business arrangement.
THE OBLIGATIONS OF THE OPERATING COMPANY. 5.1 The Owner hereby authorizes the Operating Company to rent out the Owner’s Unit and to manage such rentals. 5.2 The Operating Company shall throughout the duration of this Agreement have the right, in its sole discretion, to set the rent payable by a Tenant for using and occupying the Owner’s Unit. 5.3 For the duration of this Agreement, the Operating Company is entrusted with the control and management of the rental of the Unit, and will be responsible, inter alia, for: 5.3.1 the maintenance of the interior of the Unit as in the normal course of business, which remains for the account of the Owner and therefore be subject to the approval of the Owner; 5.3.2 ensuring the continued good working order of facilities in the Unit such as, by way of illustration, television sets, fridges and microwave ovens, where applicable and provided by the Owner, expenses to be approved by the Owner and will be for the cost of the Unit owner; 5.3.3 the maintenance through damage, loss or fair wear and tear, of all furniture, fixtures, fittings, equipment and movables in the Unit, expenses to be approved by the Owner and will be for the cost of the Owner; 5.3.4 the reasonable control & management of the Tenant; 5.3.5 undertaking an adequate and on-going marketing campaign with the aim of ensuring reasonable levels of occupancy of the Unit and to report to the Owner on a (no less than) quarterly basis in respect of occupancy of the Unit. 5.4 The Operating Company will be entitled to appoint a Rental Company for purposes of performing its duties and responsibilities, or portions thereof, under this Agreement.
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THE OBLIGATIONS OF THE OPERATING COMPANY. 5.1 Subject to the Owner’s right to use the Owner’s Villa and the Owner’s Parking Bay/s in terms of this Agreement, the Owner hereby authorizes the Operating Company to place the Owner's Villa and the Owner’s Parking Bay in the Villa Rental Business. The Operating Company undertakes to place the Owner’s Villa and the Owner’s Parking Bay in the Rental Business and to endeavor to use the Owner’s Villa as often as possible in the conduct of the Hotel Business during the term of this Agreement accordingly. 5.2 The Operating Company shall throughout the duration of this Agreement have the right, in its sole discretion, to set the rates payable by Guests for using and occupying the Participating Villas and the Parking Bay’s (including the Owner’s Villa and the Owner’s Parking Bay/s), provided such rates are reasonably comparable to those of similar South African hotels. 5.3 For the duration of this Agreement the Operating Company is entrusted with the control and management of the Hotel Business, the Participating Villas, the Parking Bay’s and the Owner’s Villa and the Owner’s Parking Bay and will be responsible, inter alia, for: - 5.3.1 the creation of a Villa Rental Business by way of the use of the Participating Villas for the purposes of carrying on of the Hotel Business and the control, management and administration of the Rental Business so created; 5.3.2 the maintenance of the interior of the Participating Villas as in the normal course of business, expenses to be approved by the Villa owner and will be for the cost of the Villa owner; 5.3.3 ensuring the continued good working order of facilities in the Villas such as, by way of illustration, television sets, fridges and microwave ovens, where applicable, expenses to be approved by the Villa owner and will be for the cost of the Villa owner; 5.3.4 the maintenance through damage, loss or fair wear and tear, of all furniture, fixtures, fittings, equipment and movables in the Participating Villas, expenses to be approved by the Villa owner and will be for the cost of the Villa owner; 5.3.5 the reasonable control of all Guests; 5.3.6 the employment and control of all staff members engaged in the conduct and operation of the Hotel Business, including the cleaning of the Owner’s Villa at an agreed upon daily cost and the Owner’s Parking Bay; 5.3.7 ensuring that the Participating Villas are supplied with appropriate Guest supplies (including without limitation cleaning supplies) at an agreed upon daily cost, and...
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Related to THE OBLIGATIONS OF THE OPERATING COMPANY

  • CONDITIONS OF THE OBLIGATIONS OF THE COMPANY The obligations of the Company to sell and deliver the portion of the Shares required to be delivered as and when specified in this Agreement are subject to the conditions that at the Closing Date or the Option Closing Date, as the case may be, no stop order suspending the effectiveness of the Registration Statement shall have been issued and in effect or proceedings therefor initiated or threatened.

  • Conditions to the Obligations of the Company The obligations of the Company to consummate the Merger are subject to the satisfaction or waiver (where permissible) of the following additional conditions:

  • Conditions to the Obligations of the Manager The obligations of the Manager under this Agreement and any Terms Agreement shall be subject to (i) the accuracy of the representations and warranties on the part of the Company contained herein as of the Execution Time, each Representation Date, and as of each Applicable Time, Settlement Date and Time of Delivery, (ii) the performance by the Company of its obligations hereunder and (iii) the following additional conditions:

  • Conditions to the Obligations of the Parties The obligations of each Party to consummate the Transactions shall be subject to the satisfaction or written waiver (where permissible) by the Company and CCTS of the following conditions: (a) the applicable waiting period (and any extension(s) thereof) relating to the Transactions shall have expired or been terminated and any other applicable Consent shall have been obtained (or deemed, by applicable Law, to have been obtained), as applicable, so that the Transactions are deemed to be cleared, approved or consented to under any applicable Antitrust Law; (b) no Order or Law issued by any court of competent jurisdiction or other Governmental Entity or other legal restraint or prohibition, in each case preventing the consummation of the Transactions, shall be in effect, including, for the avoidance of doubt, a failure to obtain the requisite auditor’s statements required under Dutch law in order to consummate the Holdco Reorganization and issuance of the Holdco Shares in connection with the Merger; (c) the Registration Statement/Proxy Statement shall have become effective in accordance with the provisions of the Securities Act, no stop order suspending the effectiveness of the Registration Statement/Proxy Statement shall have been issued under the Securities Act and shall remain in effect with respect to the Registration Statement/Proxy Statement, and no Proceeding seeking such a stop order shall have been threatened or initiated by the SEC and remain pending; (d) the Required CCTS Shareholder Approval shall have been obtained; (i) Holdco’s initial listing application with Nasdaq in connection with the Transactions shall have been approved such that, immediately following the Closing, Holdco shall satisfy any applicable initial and continuing listing requirements of Nasdaq, (ii) Holdco shall not have received any notice of non-compliance therewith, and (iii) the Holdco Shares and Holdco Warrants to be issued in connection with the Transactions shall have been approved for listing on Nasdaq, subject to official notice of issuance; (f) after giving effect to the Transactions (including the CCTS Shareholder Redemption), Holdco shall have at least $5,000,001 of net tangible assets (as determined in accordance with Rule 3a51-1(g)(1) of the Exchange Act) immediately after the Closing; provided, that the condition set forth in this Section ‎7.1(f) shall not be applicable to the extent that such requirement has been validly removed from the Governing Documents of CCTS prior to or in connection with the CCTS Shareholders Meeting.

  • OBLIGATIONS OF THE OWNER 5.1 The Owner agrees to provide the requisite access and authority for Coinllectibles to have access to information necessary for Coinllectibles to carry out the Services hereunder. 5.2 The Owner shall pay Coinllectibles the Fees (each of the Fees to be paid in full in one tranche and without set-off) as follows: Minting Fee in accordance with Clause 6.1(a) below; and Commission in accordance with Clause 6.1(b) below. 5.3 The Owner shall execute the Power of Attorney in accordance with Clause 9 below.