Common use of Security Creation Clause in Contracts

Security Creation. (a) The Concessionaire shall be entitled to create Security over all of its rights, title and interests in and to the Concession Agreement and the Escrow Agreement in favour of the Lenders for the purpose of obtaining Financial Assistance for the Project, provided that the creation of such Security will not result in any financial liability to the Authority. (b) The Concessionaire shall be entitled to include the Lenders as co-insured and/or additional loss payees in any of the insurances taken by the Concessionaire in accordance with Article 25 and/or grant Security over the proceeds of such insurance. (c) The Concessionaire shall be entitled to create Security over the Project Facilities in favour of the Lenders for the purpose of obtaining Financial Assistance for the Project. (d) The Concessionaire shall not be entitled to create any Security over the Site or any part thereof whether in favour of the Lenders or any third Persons.

Security Creation. (a) The Concessionaire shall be entitled to create Security over all of its rights, title and interests in and to the Concession this Agreement and the Escrow Agreement in favour of the Lenders for the purpose of obtaining Financial Assistance for the Project, provided that the creation of such Security will not result in any financial liability to the Authority. (b) The Concessionaire shall be entitled to include the Lenders as co-insured and/or additional loss payees in any of the insurances taken by the Concessionaire in accordance with Article 25 and/or grant Security over the proceeds of such insurance. (c) The Concessionaire shall be entitled to create Security over the Project Facilities in favour of the Lenders for the purpose of obtaining Financial Assistance for the Project. (d) The Concessionaire shall not be entitled to create any Security over the Site or any part thereof whether in favour of the Lenders or any third Persons.