Common use of Permitted Charges Clause in Contracts

Permitted Charges. 15.2.1 Neither Party shall create or permit to subsist any encumbrance over all or any of its rights and benefits under this Agreement. 15.2.2 However, the TSP may create any encumbrance over all or part of the receivables, or the Project Assets of the Project in favour of the Lenders or the Lenders’ Representative on their behalf, as security for amounts payable under the Financing Agreements and any other amounts agreed by the Parties. Provided that: i. the Lenders or the Lenders’ Representative on their behalf shall have entered into the Financing Agreements and agreed in writing to the provisions of this Agreement; and ii. any encumbrance granted by the TSP in accordance with this Article 15.2.2 shall contain provisions pursuant to which the Lenders or the Lender’s Representative on their behalf agrees unconditionally with the TSP to release from such encumbrances upon payment by the TSP to the Lenders of all amounts due under the Financing Agreements. 15.2.3 Article 15.2.1 does not apply to: a. liens arising by operation of law (or by an agreement evidencing the same) in the ordinary course of the TSP developing and operating the Project; b. pledges of goods, the related documents of title and / or other related documents, arising or created in the ordinary course of the TSP developing and operating the Project; or c. security arising out of retention of title provisions in relation to goods acquired in the ordinary course of the TSP developing and operating the Project.

Permitted Charges. 15.2.1 Neither Party shall create or permit to subsist any encumbrance over all or any of its rights and benefits under this Agreement. 15.2.2 However, the TSP may create any encumbrance over all or part of the receivables, Letter of Credit or the Project Assets other assets of the Project in favour of the Lenders or the Lenders’ Representative on their behalf, as security for amounts payable under the Financing Agreements and any other amounts agreed by the Parties. Provided that: i. the Lenders or the Lenders’ Representative on their behalf shall have entered into the Financing Agreements and agreed in writing to the provisions of this Agreement; and ii. any encumbrance granted by the TSP in accordance with this Article 15.2.2 shall contain provisions pursuant to which the Lenders or the Lender’s Representative on their behalf agrees unconditionally with the TSP to release from such encumbrances upon payment by the TSP to the Lenders of all amounts due under the Financing Agreements. 15.2.3 Article 15.2.1 does not apply to: a. liens arising by operation of law (or by an agreement evidencing the same) in the ordinary course of the TSP developing and operating carrying out the Project; b. pledges of goods, the related documents of title and / or other related documents, arising or created in the ordinary course of the TSP developing and operating carrying out the Project; or c. security arising out of retention of title provisions in relation to goods acquired in the ordinary course of the TSP developing and operating carrying out the Project.

Permitted Charges. 15.2.1 Neither Party shall create or permit to subsist any encumbrance over all or any of its rights and benefits under this Agreement. 15.2.2 However, the TSP may create any encumbrance over all or part of the receivables, or the Project Assets of the Project in favour of the Lenders or the Lenders’ Representative on their behalf, as security for amounts payable under the Financing Agreements and any other amounts agreed by the Parties. Provided that:. i. the Lenders or the Lenders’ Representative on their behalf shall have entered into the Financing Agreements and agreed in writing to the provisions of this Agreement; and ii. any encumbrance granted by the TSP in accordance with this Article 15.2.2 shall contain provisions pursuant to which the Lenders or the Lender’s Representative on their behalf agrees unconditionally with the TSP to release from such encumbrances upon payment by the TSP to the Lenders of all amounts due under the Financing Agreements. 15.2.3 Article 15.2.1 does not apply to: a. liens arising by operation of law (or by an agreement evidencing the same) in the ordinary course of the TSP developing and operating the Project; b. pledges of goods, the related documents of title and / or other related documents, arising or created in the ordinary course of the TSP developing and operating the Project; or c. security arising out of retention of title provisions in relation to goods acquired in the ordinary course of the TSP developing and operating the Project.

Permitted Charges. 15.2.1 Neither Party shall create or permit to subsist any encumbrance over all or any of its rights and benefits under this Agreement. 15.2.2 However, the TSP may create any encumbrance over all or part of the receivables, Letter of Credit or the Project Assets other assets of the Project in favour of the Lenders or the Lenders’ Representative on their behalf, as security for amounts payable under the Financing Agreements and any other amounts agreed by the Parties. Provided that: i. the Lenders or the Lenders’ Representative on their behalf shall have entered into the Financing Agreements and agreed in writing to the provisions of this Agreement; and ii. any encumbrance granted by the TSP in accordance with this Article 15.2.2 shall contain provisions pursuant to which the Lenders or the Lender’s Representative on their behalf agrees unconditionally with the TSP to release from such encumbrances upon payment by the TSP to the Lenders of all amounts due under the Financing Agreements. 15.2.3 Article 15.2.1 does not apply to: a. liens arising by operation of law (or by an agreement evidencing the same) in the ordinary course of the TSP developing and operating carrying out the Project; b. pledges of goods, the related documents of title and / or other related documents, arising or created in the ordinary course of the TSP developing and operating carrying out the Project; or c. security arising out of retention of title provisions in relation to goods acquired in the ordinary course of the TSP developing and operating carrying out the Project. 15.2.4 Neither the TSP nor any of the Long Term Transmission Customers can relinquish or transfer its rights and obligations, without prior approval of the Appropriate Commission.

Permitted Charges. 15.2.1 Neither Party shall create or permit to subsist any encumbrance over all or any of its rights and benefits under this Agreement. 15.2.2 However, the TSP may create any encumbrance over all or part of the receivables, Letter of Credit or the Project Assets other assets of the Project in favour of the Lenders or the Lenders’ Lenders‟ Representative on their behalf, as security for amounts payable under the Financing Agreements and any other amounts agreed by the Parties. Provided that: i. the Lenders or the Lenders’ Lenders‟ Representative on their behalf shall have entered into the Financing Agreements and agreed in writing to the provisions of this Agreement; and ii. any encumbrance granted by the TSP in accordance with this Article 15.2.2 shall contain provisions pursuant to which the Lenders or the Lender’s Lender‟s Representative on their behalf agrees unconditionally with the TSP to release from such encumbrances upon payment by the TSP to the Lenders of all amounts due under the Financing Agreements. 15.2.3 Article 15.2.1 does not apply to: a. liens arising by operation of law (or by an agreement evidencing the same) in the ordinary course of the TSP developing and operating carrying out the Project; b. pledges of goods, the related documents of title and / or other related documents, arising or created in the ordinary course of the TSP developing and operating carrying out the Project; or c. security arising out of retention of title provisions in relation to goods acquired in the ordinary course of the TSP developing and operating carrying out the Project. 15.2.4 Neither the TSP nor any of the Long Term Transmission Customers can relinquish or transfer its rights and obligations, without prior approval of the Appropriate Commission.