Common use of Charge on Assets Clause in Contracts

Charge on Assets. The Developer shall not be entitled to mortgage, hypothecate or otherwise create any charge or encumbrance as security upon the Project Land and interest in the Project Land referred to in Schedule and/or the Project in favour of Lenders or in favour of any other Person for securing any repayment obligation or otherwise of the Developer. However, the Developer shall be entitled to mortgage the Development Rights under this agreement, as per applicable laws with any scheduled Bank or financial institution with the conditions first charge shall always be with NRDA.

Charge on Assets. The Developer shall not be entitled to mortgage, hypothecate or otherwise create any charge or encumbrance as security upon the Project Land and interest in the Project Land NRDA Assets referred to in Schedule II and Article 10.1.2 and/or the Project in favour of Lenders or in favour of any other Person for securing any repayment obligation or otherwise of the Developer. However, the Developer shall be entitled to mortgage the Development Rights under this agreement, as per applicable laws with any scheduled Bank or financial institution with the conditions first charge shall always be with NRDA.

Charge on Assets. The Developer shall not be entitled to mortgage, hypothecate or otherwise create any charge or encumbrance as security upon the Project Land and interest in the Project Land NRDA Assets referred to in Schedule II and/or the Project in favour of Lenders or in favour of any other Person for securing any repayment obligation or otherwise of the Developer. However, the Developer shall be entitled to mortgage the Development Rights under this agreement, as per applicable laws with any scheduled Bank or financial institution with the conditions first charge shall always be with NRDA.

Charge on Assets. The Developer shall not be entitled to mortgage, hypothecate or otherwise create any charge or encumbrance as security upon the Project Land and interest in the Project Land NRANVP Assets referred to in Schedule II and/or the Project in favour of Lenders or in favour of any other Person for securing any repayment obligation or otherwise of the Developer. However, the Developer shall be entitled to mortgage the Development Rights under this agreement, as per applicable laws with any scheduled Bank or financial institution with the conditions first charge shall always be with NRDANRANVP.