Article 3 Lease of Railtrack’s Railway to the Company

Railtrack and the Company may enter into and carry into effect agreements providing for the Lease to the Company of Railtrack’s Railway or any part thereof on such terms and conditions as may be agreed between Railtrack and the Company.

As from the entry date, subject to the terms of the Lease, the Company shall to the exclusion of Railtrack be entitled to the benefit of, and to exercise all the rights, powers and privileges and to be subject to all obligations of, Railtrack whether statutory or otherwise for the time being in force in respect of the Railtrack’s Railway or such part thereof as is leased as aforesaid.