Common use of Permitted Dealing Clause in Contracts

Permitted Dealing. 40.2.1 The Partner may mortgage or charge or assign the benefit of this Agreement to an Approved Funder details of whom have been notified to the Council to secure monies advanced in connection with discharging the obligations under this Agreement and carrying out and disposing of the Development. 40.2.2 The Partner may direct the Council to grant any Phase Lease to a Group Company or to an Approved Funder or to a third party where such third party directly covenants with the Council to comply with the obligations in this Agreement relating to the relevant Phase or Sub-phase to be demised by the relevant Phase Lease PROVIDED THAT:- (a) the identity of: (i) any third party proposed tenant; and (ii) the identity of any further Group Company/ies where Phase Leases have been granted to five Group Companies has been approved by the Council (such approval not to be unreasonably withheld or delayed); (b) the Partner will still remain liable to the Council for the performance of its obligations in this Agreement; and (c) the Partner Group Company, the Approved Funder, the third party or the Partner (as shall be the tenant in the Phase Lease) shall enter into an Overage Deed on completion of the Phase Lease. 40.2.3 The Council may assign the benefit of this Agreement to a Government Minister or body under the direction of a Government Minister, a statutory successor of the Council or another local authority.