Alqanoni

Article Four

Art. Four
Status unknownSaudi ArabiaRegulation

Issued by Saudi Central Bank (SAMA) Rulebook

The Lessor may assign his rights under the Contract without the consent of the Lessee, unless the Contract stipulates otherwise. Under all circumstances, the following shall be fulfilled in the event of assignment: 1. The assignment shall not cause detriment to the Lessee. 2. The assignment becomes effective on the date of its registration in the Contracts Register. 3. The assignment does not relieve the Lessor from its obligations under the Contract. 4. If the assignment results in change in the recipient of the lease payments, it shall be enforceable towards the Lessee only from the date of notifying the Lessee of the change.

The Arabic text is the legally binding version. The English translation is provided for guidance only.

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