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Example clauses

Notes and References

Assignment

(a)  Subject to sub-clauses (b) and (c) hereinbelow, neither Party shall assign this Agreement or the rights, benefits and obligations hereunder save and except with prior consent of the other Party. 

(b)  Except as provided in sub-clause (c) hereinbelow, the Concessionaire shall not create nor permit to subsist any Encumbrance over or otherwise transfer or dispose of all or any of its rights and benefits under this Agreement except with prior consent in writing of the Authority, which consent the Authority shall be entitled to decline without assigning any reason whatsoever. 

(c)  Restraint set forth in sub-clauses (a) and (b) above shall not apply to: 

(i)  liens/encumbrances arising by operation of law (or by an agreement evidencing the same) in the ordinary course of business of the Concessionaire ;

(ii)  mortgages/pledges/hypothecation of goods/assets other than Project Site, as security for indebtedness, in favour of the Lenders and working capital providers for the Project;

(iii)  assignment of Concessionaire's rights and benefits under this Agreement to or in favour of the Lenders as security for financial assistance provided by them.

See SOPC Section 16.

Example clause adapted from Concession Agreement for Colombo Kathunayake Expressway Project (note confidential), index reference A2, folder 1.