Common use of Mortgaging Clause in Contracts

Mortgaging. a) The SPD shall not transfer, assign, let, underlets, sublet, license, ▇▇▇▇- ▇▇▇▇, charge, encumber or part with the possession of the Demised Premises or any part thereof or any interest therein without prior written permission of GIPCL. b) For the purpose of constructing the Plant on the Demised Premises, if the SPD intends to obtain loan from a bank or other financial institutions by mortgaging their lease hold interest in the Demised Premises in favor of such bank or institution, prior permission of GIPCL shall be obtained. However, such mortgage shall not affect the rights and powers of GIPCL under this Agreement and Lease Agreement. c) The lender shall be required to give notice of at least 30 days for transfer of interest. That the Lessee will not give effect to any change in the constitution of its shareholders and/ or their respective shareholdings in contravention to the provisions of PPA. However, any change in share- holding pattern, which is permissible under the Provisions of PPA and has been allowed by GUVNL shall be deemed to be permissible under this Agreement. d) The lender/new owner shall be required to settle the past dues as per this Agreement and undertake to bear all future obligations of the SPD as per this Agreement. e) While granting such permission, GIPCL may also seek permission / No Objection Certificate (NOC) from Power Procurer i.e. GUVNL. However, such NOC shall not be construed as “NOC” from GIPCL/SPPD/SPIA.

Mortgaging. a) The SPD shall not transfer, assign, let, underlets, sublet, license, ▇▇▇▇- ▇▇▇▇mortgage, charge, encumber or part with the possession of the Demised Premises or any part thereof or any interest therein without prior written permission of GIPCL. b) For the purpose of constructing the Plant on the Demised Premises, if the SPD intends to obtain loan from a bank or other financial institutions by mortgaging their lease hold interest in the Demised Premises in favor of such bank or institution, prior permission of GIPCL shall be obtained. However, However such mortgage shall not affect the rights and powers of GIPCL under this Agreement and Lease Agreement. c) The lender shall be required to give notice of at least 30 days for transfer of interest. That the Lessee will not give effect to any change in the constitution of its shareholders and/ or their respective shareholdings in contravention to the provisions of PPA. However, any change in share- holding shareholding pattern, which is permissible under the Provisions of PPA and has been allowed by GUVNL shall be deemed to be permissible under this Agreement. d) The lender/new owner shall be required to settle the past dues as per this Agreement and undertake to bear all future obligations of the SPD as per this Agreement. e) While granting such permission, GIPCL may shall also seek permission / No Objection Certificate (NOC) from Power Procurer i.e. i.e GUVNL. However, such NOC shall not be construed as “NOC” from GIPCL/SPPD/SPIA.