36 CFR 51.86 – What encumbrances require the approval of the Director?
Current as of: 2024 | Check for updates
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The concessioner may not encumber, pledge, mortgage or otherwise provide as a security interest for any purpose (such transactions collectively referred to as “encumbrances” for purposes of this part), without the prior written approval of the Director, any of the following:
Terms Used In 36 CFR 51.86
- Contract: A legal written agreement that becomes binding when signed.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(a) Any concession contract;
(b) Any rights to operate under or manage performance under a concession contract as a subconcessioner or otherwise;
(c) Any controlling interest in a concessioner or concession contract; or
(d) Any leasehold surrender interest or possessory interest obtained under a concession contract.