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 Jal ▇▇▇▇▇ or NMCG. (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 Clause 11.2 and/or grant Security over the proceeds of such insurance. (c) Except for any Security created by operation of law and any Security created pursuant to this Clause 10.2, the Concessionaire shall not be entitled to create any other Security over the Concession Agreement, the Escrow Agreement or insurance policies taken by it in favour of any third Persons, without the prior written consent of the Jal ▇▇▇▇▇, which consent the Jal ▇▇▇▇▇ may deny in its sole discretion. (d) The Concessionaire shall not be entitled to create any Security over the Site or any part thereof, or any of the Facilities or the Power Plant, if any, 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 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 Jal ▇▇▇▇▇ or NMCG. (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 Clause 11.2 and/or grant Security over the proceeds of such insurance. (c) Except for any Security created by operation of law and any Security created pursuant to this Clause 10.2, the Concessionaire shall not be entitled to create any other Security over the Concession Agreement, the Escrow Agreement or insurance policies taken by it in favour of any third Persons, without the prior written consent of the Jal ▇▇▇▇▇, which consent the Jal ▇▇▇▇▇ may deny in its sole discretion. (d) The Concessionaire shall not be entitled to create any Security over the Site or any part thereof, or any of the Facilities or the Power Plant, if any, 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 rightsright, 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 Jal ▇▇▇▇▇ or NMCG. (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 Clause 11.2 and/or grant Security over the proceeds of such insurance. (c) Except for any Security created by operation of law and any Security created pursuant to this Clause 10.2, the Concessionaire shall not be entitled to create any other Security over the Concession Agreement, the Escrow Agreement or insurance policies taken by it in favour of any third Persons, without the prior written consent of the Jal ▇▇▇▇▇, which consent the Jal ▇▇▇▇▇ may deny in its sole discretion. (d) The Concessionaire shall not be entitled to create any Security over the Site or any part thereof, or any of the Facilities or the Associated Infrastructure or the Power Plant, if any, whether in favour of the Lenders or any third Persons.