Common use of Third-Party Operated Areas Clause in Contracts

Third-Party Operated Areas. The Parties acknowledge that certain areas of the CityCenter Project may be operated by Third-Party Operators under a lease, operating agreement, franchise agreement or similar agreement. The operation of any Third-Party Operated Areas by a Third-Party Operator, and the selection of a Third-Party Operator for such Third-Party Operated Areas, shall be subject to the approval of both Owner and Operator (to the extent the approval of such Third-Party Operator constitutes a Major Decision). Any lease, operating agreement, franchise agreement or similar agreement with a Third-Party Operator shall: (i) be consistent with the terms of this Agreement; (ii) require the Third-Party Operators to operate the Third-Party Operated Areas in a manner consistent with the terms of this Agreement and; (iii) be subject to the review and prior written approval of the Operator. For the avoidance of doubt, all lease or rental income derived from Third-Party Operated Areas shall be included in Gross Revenue, but all gross receipts derived from the operation of Third-Party Operated Areas shall be excluded from Gross Revenue.

Third-Party Operated Areas. The Parties acknowledge that certain areas of the CityCenter Project may be operated by Third-Party Operators under a lease, operating agreement, franchise agreement or similar agreement. The operation of any Third-Party Operated Areas by a Third-Party Operator, and the selection of a Third-Party Operator for such Third-Party Operated Areas, shall be subject to the approval of both Manager and Owner and Operator (to the extent the approval of such Third-Party Operator constitutes a Major Decision). Any lease, operating agreement, franchise agreement or similar agreement with a Third-Party Operator shall: (i) be consistent with the terms of this Agreement; (ii) require the Third-Party Operators to operate the Third-Party Operated Areas in a manner consistent with the terms of this Agreement andAgreement; and (iii) be subject to the review and prior written approval of the Operatorrespective Manager. For the avoidance of doubt, all lease or rental income derived from Third-Party Operated Areas shall be included in Gross Revenue, but all gross receipts derived from the operation of Third-Party Operated Areas shall be excluded from Gross Revenue.