Common use of Assignability and Encumbrance Clause in Contracts

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-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-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 through 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-leasing the use of the Leased Area Land (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 Land (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(sLand (area) under this Agreement, the Lessee shall not have or claim any right or interest in the said Leased Space(sLand (area) 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(sLand (area). 3. the rights, which the Lessee shall have in relation to the Leased Space(sLand (area), 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-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 Xxxxxx 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-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 therintherein, thorugh through 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-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.