Common use of Assignment and Security Clause in Contracts

Assignment and Security. 34.1 Without prejudice to any assignment or other transfer of the rights or obligations of either Party under this Agreement required or effected by or under statute or by operation of law, and save as permitted by this clause or with the prior written consent of the other Party, neither Party may assign this Agreement or the rights arising under this Agreement nor create any security over this Agreement or such rights or over any property or rights forming part of the Toll Road. 34.2 For the purpose of financing the construction or operation of the Toll Road, the Developer may in security assign its rights under this Agreement to the Lenders (or the Lenders' Agent) and create any other forms of security over it or over any property or rights forming part of the Toll Road to the Lenders (or the Lenders' Agent) provided that all such rights and forms of security (but for the avoidance of doubt not including security over the Project Agreements) shall cease in relation to the Toll Road upon termination of this Agreement. 34.3 The Grantor shall upon the request of the Developer enter into a direct agreement with the Lenders in a form approved by the Grantor. 34.4 The Grantor may transfer or assign its rights and obligations under this Agreement to a different company wholly owned by the State and/or a governmental department and the Developer shall co-operate with the Grantor in completing the formalities of any transfer or assignment including by executing any additional documents as may be required by the Grantor PROVIDED THAT at the same time the Grantor procures that the Government Guarantee is amended to guarantee the obligations of such assignee or transferee on the same terms as the Grantor's obligations are guaranteed. All costs of such an assignment shall be borne by the Grantor and/or the assignee or transferee.

Assignment and Security. 34.1 Without prejudice to any assignment or other transfer of the rights or obligations of either Party under this Agreement required or effected by or under statute or by operation of law, and save as permitted by this clause or with the prior written consent of the other Party, neither Party may assign this Agreement or the rights arising under this Agreement nor create any security over this Agreement or such rights or over any property or rights forming part of the Toll Road. 34.2 For the purpose of financing the construction or operation of the Toll Road, the Developer may in security assign its rights under this Agreement to the Lenders (or the Lenders' Agent) and create any other forms of security over it or over any property or rights forming part of the Toll Road to the Lenders (or the Lenders' Agent) provided that all such rights and forms of security (but for the avoidance of doubt not including security over the Project Agreements) shall cease in relation to the Toll Road upon termination of this Agreement. 34.3 The Grantor shall upon the request of the Developer enter into a direct agreement with the Lenders in a form approved by the Grantor. 34.4 The Grantor may transfer or assign its rights and obligations under this Agreement to a different company wholly owned by the State and/or a governmental department and the Developer shall co-co- operate with the Grantor in completing the formalities of any transfer or assignment including by executing any additional documents as may be required by the Grantor PROVIDED THAT at the same time the Grantor procures that the Government Guarantee is amended to guarantee the obligations of such assignee or transferee on the same terms as the Grantor's obligations are guaranteed. All costs of such an assignment shall be borne by the Grantor and/or the assignee or transferee.