§ 51.86. What encumbrances require the approval of the Director?
87 words·~1 min read·
/us/cfr/t36/s§ 51.86·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
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:
(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.