Common use of Mortgage of Assets Clause in Contracts

Mortgage of 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 NRANVP assets referred 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 Licensee. However, the Licensee shall be entitled to mortgage the Development Rights under this agreement, as per applicable laws with any scheduled Bank or Financial Institution with the condition of First Change shall always be with NRANVP.

Mortgage of Assets. The developer 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 NRANVP assets Assets referred to in Schedule II; 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 LicenseeDeveloper. However, the Licensee Developer shall be entitled to mortgage the Development Rights under this agreement, as per applicable laws with any scheduled Bank or Financial Institution financial institution with the condition of First Change conditions first charge shall always be with NRANVP.

Mortgage of Assets. The developer Licensee shall not be entitled to mortgage, hypothecate or otherwise create any charge or encumbrance as security upon the Project Land and interest in the NRANVP assets referred 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 Licensee. However, the Licensee shall be entitled to mortgage the Development Rights under this agreement, as per applicable laws with any scheduled Bank or Financial Institution with the condition of First Change shall always be with NRANVP.