Common use of Financing for Project Clause in Contracts

Financing for Project. (a) The Concessionaire agrees and undertakes to obtain financing for the design, development, construction and operation and maintenance of the Project in accordance with the provisions of this Agreement. (b) The Concessionaire may assign its rights, title or interest or create a security snterest in respect of its rights under this Agreement or any part thereof, including right, title and interest under this Agreement, in and to the Project Assets, and its right to receive Tariff (including a security interest on its rights, title and interests to the advertisement rights to it and its right to receive monies/advertisement charges, rental from Optional Facilities) in favour of Lenders for securing the Financial Assistance provided or agreed to be provided by the Lenders under the Financing Documents; provided that any such assignment or security interest shall be consistent with the provisions hereof and the lenders are made aware of the same. (i) Provided that the Concessioning Authority shall be informed by the Concessionaire as to the creation of any security interest in favour of the Lenders , together with the Lenders particulars within a period of 1 (one) week from the date such security interest comes into existence and provide to the Concessioning Authority within such time notarized true copies of documents/agreements relating thereto. Failure to do so shall amount to an event of default on the part of the Concessionaire and any consequential failure or inability on the part of the Concessioning Authority to provide any notice or intimation to such Lender, in terms of the relevant provisions of this Agreement, if any required, shall be at the risk and responsibility of the Concessionaire only.

Financing for Project. (a) The Concessionaire Licensee agrees and undertakes to obtain financing for the design, development, construction and operation and maintenance of the Project in accordance with the provisions of this Agreement. (b) The Concessionaire Licensee may assign its rights, title or interest or create a security snterest interest in respect of its rights under this Agreement or any part thereof, including right, title and interest under this Agreement, in and to the Project Assets, and its right to receive Tariff (including a security interest on its rights, title and interests to the advertisement rights commercial facilities to it and its right to receive monies/advertisement charges, rental from Optional Facilities) in favour of Lenders for securing the Financial Assistance provided or agreed to be provided by the Lenders under the Financing Documents; provided that any such assignment or security interest shall be consistent with the provisions hereof and the lenders are made aware of the same. (i) Provided that the Concessioning Authority shall be informed by the Concessionaire Licensee as to the creation of any security interest in favour of the Lenders , together with the Lenders particulars within a period of 1 (one) week from the date such security interest comes into existence and provide to the Concessioning Authority within such time notarized true copies of documents/agreements relating thereto. Failure to do so shall amount to an event of default on the part of the Concessionaire Licensee and any consequential failure or inability on the part of the Concessioning Authority to provide any notice or intimation to such Lender, in terms of the relevant provisions of this Agreement, if any required, shall be at the risk and responsibility of the Concessionaire Licensee only. (ii) Provided further in the event of termination of this Agreement by efflux of time or otherwise, such assignment/security interest shall stand extinguished upon payment of compensation by the Authority to the Lenders, to the extent they are entitled to receive the same in accordance with the provisions of this Agreement.