Hypothecation of Materials or Plant. Notwithstanding the provisions of Clause 24.1, the Contractor may pledge or hypothecate to its lenders, any Materials or Plant prior to their incorporation in the Works. Further, the Contractor may, by written notice to the Authority, assign its right to receive payments under this Agreement either absolutely or by way of charge, to any person providing financing to the Contractor in connection with the performance of the Contractor’s obligations under this Agreement. The Contractor acknowledges that any such assignment by the Contractor shall not relieve the Contractor from any obligations, duty or responsibility under this Agreement.
Hypothecation of Materials or Plant. Notwithstanding the provisions of Clause 22.1, the Contractor may pledge or hypothecate to its lenders, any Materials or Plant prior to their incorporation in the Works. Further, the Contractor may, by written notice to the Authority, assign its right to receive payments under this Agreement either absolutely or by way of charge, to any person providing financing to the Contractor in connection with the performance of the Contractor’s obligations under this Agreement. The Contractor acknowledges that any such assignment by the Contractor shall not relieve the Contractor from any obligations, duty or responsibility under this Agreement. For the avoidance of doubt, all Materials and Plants shall, upon their incorporation into Works, be free from any and all Encumbrances without the Authority being required to make any payment to any person on account of any costs, compensation, expenses and charges for such Materials, Plants and Works.
Hypothecation of Materials or Plant. The Concessionaire may, by written notice to the Authority / SSNNL / FED, assign its right to receive payments under this Agreement either absolutely or by way of charge, to any Bank/ financial institution providing financing to the Concessionaire in connection with the performance of the Concessionaire’s obligations under this Agreement. The Concessionaire acknowledges that any such assignment by the Concessionaire shall not relieve the Concessionaire from any obligations, duty or responsibility under this Agreement.
