Assignability and Encumbrance Clause Samples
Assignability and Encumbrance. 5.5.1 Except for the sub-leasing the use of the Leased Area as per the terms of this Agreement, the Lessee shall not assign any of its rights, or interest in this Agreement in favour of any entity/person(s) at any time and for any reasons whatsoever.
5.5.2 Under no circumstance, shall the Leased Area including the facilities, constructions or installations therein, be mortgaged, charged or otherwise any lien (including negative lien), charge or encumbrance be created or agreed to be created in favor of any person, including Lenders / Financial Institution(s) / Banks. Subject to prior written permission from DMRC, the Lessee / concessionaire can assign its rights under this concession agreement to a Special Purpose Company/Vehicle established for implementation of the project provided that the Lessee / concessionaire shall hold minimum 51% share capital of the Special Purpose Company/ Vehicle and be responsible for performance of all obligations under the Concession/Lease agreement.
5.5.3 That no tenancy / sub-tenancy is being created by Lesser in favour of Lessee under or in pursuance of this Lease Agreement and it is distinctly and clearly understood, agreed and declared by and between the Parties hereto that:
1. except to carry out the activities permitted over the Leased Space(s) under this Agreement, the Lessee shall not have or claim any right or interest in the said Leased Space(s) as a tenant/sub-tenant or otherwise.
2. no right as a tenant/sub-tenant or otherwise is purported or is intended to be created or transferred by Lesser in favor of Lessee or in respect of the Leased Space(s).
3. the rights, which the Lessee shall have in relation to the Leased Space(s), are only those set out in this Lease Agreement.
5.5.4 The lessee shall not be allowed to monetize the lease area, facilities, constructions or installation therin, thorugh Real Estate Investment Trust (REITs)/Infrastructure Investment Trust/ etc. In exceptional circumstances however, and after considering the exigencies of circumstances, DMRC may consider granting such permission in some specific cases with such safeguards considered necessary. The decision of DMRC in this regard shall be final and binding upon the lessee.
Assignability and Encumbrance. 5.5.1 Except for the sub-licensing the use of the Licensed Area as per the terms of this Agreement, the Licensee shall not assign any of its rights, or interest in this Agreement in favour of any entity/person(s) at any time and for any reasons whatsoever.
5.5.2 Under no circumstance, shall the Licensed Area including the facilities, constructions or installations therein, be mortgaged, charged or otherwise any lien (including negative lien), charge or encumbrance be created or agreed to be created in favor of any person, including Lenders / Financial Institution(s) / Banks.
5.5.3 That no tenancy / sub-tenancy is being created by Licensor in favour of Licensee under or in pursuance of this License Agreement and it is distinctly and clearly understood, agreed and declared by and between the Parties hereto that:
1. except to carry out the activities permitted over the Licensed Space(s) under this Agreement, the Licensee shall not have or claim any right or interest in the said Licensed Space(s) as a tenant/sub-tenant or otherwise.
2. no right as a tenant/sub-tenant or otherwise is purported or is intended to be created or transferred by Licensor in favor of Licensee or in respect of the Licensed Space(s).
3. the rights, which the Licensee shall have in relation to the Licensed Space(s), are only those set out in this License Agreement.
Assignability and Encumbrance. 5.5.1 Except for the sub-leasing the use of the Leased Area as per the terms of this Agreement, the Lessee shall not assign any of its rights, or interest in this Agreement in favour of any entity/person(s) at any time and for any reasons whatsoever.
5.5.2 Under no circumstance, shall the Leased Area including the facilities, constructions or installations therein, be mortgaged, charged or otherwise any lien (including negative lien), charge or encumbrance be created or agreed to be created in favor of any person, including Lenders / Financial Institution(s)
Assignability and Encumbrance. 6.7.1 Except for the sub-leasing the use of the built space, facility as per the terms of this Agreement, the Licensee shall not assign any of its rights, or interest in this Agreement in favor of any person(s) at any time and for any reasons whatsoever.
6.7.2 The Licensee may subject to the first and paramount charge of the CMRL/LICENSOR over the receivables from the sub-Licensee and other users of the built up space and facilities, for the payment of the amounts becoming due to CMRL/LICENSOR, m ay create second or further charge subservient to first charge of CMRL/LICENSOR. over the receivables as security to recognized Financial Institution(s) / Banks for financial assistance and funding of the Project.
6.7.3 Under no circumstance, shall the land or building or facilities constructed or installed at the Project Facility or Site be mortgaged, charged or otherwise be encumbered (either directly or indirectly) or create any lien (including negative lien), charge or encumbrance be created or agreed to be created in favor of any person, including Lenders / Financial Institution(s) / Banks.
Assignability and Encumbrance. 5.5.1 The Concessionaire shall not assign any of his rights, or interests in this Agreement in favour of any person(s) at any time and for any reason whatsoever except with prior approval of Concessioning Authority in writing.
5.5.2 The Concessionaire may, subject to the first and paramount charge of the Concessioning Authority over the receivables from the hotel and associated facilities, for the payment of the amounts becoming due to Concessioning Authority, create second or further charge over the receivables as security to recognised Financial Institution(s) / Banks for financial assistance and funding of the Project.
5.5.3 Under no circumstance, shall the land or building or facilities constructed or installed at the Project Facility or Site be mortgaged, charged or otherwise any lien (including negative lien), charge or encumbrance be created or agreed to be created in favour of any person, including Lenders / Financial Institution(s) / Banks.
Assignability and Encumbrance. 6.7.1 Except for the sub-licensing the use of the built space, facility as per the terms of this Agreement, the Concessionaire shall not assign any of its rights, or interest in this Agreement in favour of any person(s) at any time and for any reasons whatsoever.
6.7.2 The Concessionaire may subject to the first and paramount charge of the DMRC over the receivables from the sub-lessees and other users of the built up space and facilities, for the payment of the amounts becoming due to DMRC, create second or further charge over the receivables as security to recognised Financial Institution(s) / Banks for financial assistance and funding of the Project.
6.7.3 Under no circumstance, shall the land or building or facilities constructed or installed at the Project Facility or Site be mortgaged, charged or otherwise any lien (including negative lien), charge or encumbrance be created or agreed to be created in favour of any person, including Lenders / Financial Institution(s) / Banks.
Assignability and Encumbrance. 6.7.1 Except for the sub-licensing the use of the built space, facility as per the terms of this Agreement, the Concessionaire shall not assign any of its rights, or interest in this Agreement in favour of any person(s) at any time and for any reasons whatsoever.
6.7.2 The Concessionaire may subject to the first and paramount charge of the DMRC over the receivables from the sub-lessees and other users of the built up space and facilities, for the payment of the amounts becoming due to DMRC, create second or further charge over the receivables as security to recognised Financial Institution(s) / Banks for financial assistance and funding of the Project.
6.7.3 Under no circumstance, shall the land or building or facilities constructed or installed at the Project Facility or Site be mortgaged, charged or otherwise any lien (including negative lien), charge or encumbrance be created or agreed to be created in favour of any person, including Lenders / Financial Institution(s) / Banks. Subject to prior written permission from DMRC, the Lessee / concessionaire can assign its rights under this Lease / concession agreement to a Special Purpose Company/Vehicle established for implementation of the project provided that the Lessee / concessionaire shall hold minimum 51% share capital of the Special Purpose Company/ Vehicle and be responsible for performance of all obligations under the Concession/Lease agreement.