50.1 This Agreement, the Licences [the Leases150] and any other agreement in connection with the Project to which both the Board and Project Co are a party shall be binding on, and shall enure to the benefit of, Project Co and the Board and their respective successors and permitted transferees and assignees. In the case of the Board, its successors shall include any person to whom the Scottish Ministers, in exercising their statutory powers to transfer property, rights and liabilities of the Board upon the Board ceasing to exist, transfers the property, rights and obligations of the Board under this Agreement, the Licences [the Leases] and such other agreements in connection with the Project to which the Board and Project Co are both a party.
50.2 Subject to Clause 50.3, Project Co shall not, without the prior written consent of the Board, assign, transfer, sub-contract or otherwise dispose of any interest in this Agreement, the Licences, [the Leases,] [the Independent Tester Contract,] the Construction Contract, the Service Contracts and [any other contract] entered into by Project Co for the purposes of performing its obligations under this Agreement.
50.3 The provisions of Clause 50.2 do not apply to the grant of any security, in a form approved by the Board prior to its grant (such approval not to be unreasonably withheld or delayed), for any loan made to Project Co under the Initial Funding Agreements provided that any assignee shall enter into the Funders' Direct Agreement in relation to the exercise of its rights, if the Board so requires.
50.4 The Board shall not assign or otherwise dispose of the benefit of the whole or part of this Agreement or any agreement in connection with this Agreement to which Project Co and the Board are a party to any person, save:
(a) to the Scottish Ministers, another Health Board or any other person or body replacing any of the foregoing (or to whom the Scottish Ministers exercising his statutory rights would be entitled to transfer such benefits) covered by the National Health Service (Residual Liabilities) Act 1996; or
(b) with the prior written consent of Project Co (such approval not to be unreasonably withheld or delayed),
provided that nothing in this Clause shall restrict the rights of the Scottish Ministers to effect a statutory transfer.
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150 Leases will be required for any areas in relation to which Project Co is granted exclusive rights of occupation, e.g. retail areas.