Common use of Lender’s Step-in Rights Clause in Contracts

Lender’s Step-in Rights. (a) Without prejudice to the Lender's rights under any agreement between the Lender and the Contractor, the Lender may give the Province a Step-In Notice at any time: (i) during which a Default is subsisting, whether or not a Default Notice has been served; (ii) during the Notice Period; or (iii) if the Lender delivers a notice to the Province stating that an event has occurred and is continuing which, under the Contractor’s financing arrangements with the Lender, entitles the Lender to give a Step-In Notice. (b) The Lender or the Representative may at any time during the Step-In Period, but not more often than is reasonably required for the purposes of any remedial plan being considered by the Lender, require the Province to provide current information regarding the liabilities and obligations of the Contractor under the DBFM Agreement (and information relating to the Default under the DBFM Agreement), in which event the Province shall as soon as practicable supply to the Lender all such information that is known to senior officials of the Province's Infrastructure Department and Education Department that have been directly involved in the DBFM Agreement, having made due inquiry. (c) Upon the issuance of the Step-In Notice and until the end of the Step-In Period, (i) the Lender or the Representative may exercise the rights of the Contractor under the DBFM Agreement arising from and after the Step-In Date, and (ii) the Lender or the Representative shall be the exclusive agent of the Contractor for all matters relating to the DBFM Agreement and involving the Province, including but not limited to the giving and receiving of all notices and communications under the DBFM Agreement. (d) During any Step-In Period, the Province shall consider and decide upon (in its absolute discretion) any extension of the time period in Section 2.11(a) hereof proposed in connection with any remedial plan put forward by the Lender or the Representative, but the exercise by the Lender of its Step-in Rights shall not otherwise affect the cure period referred to in Section 2.11(a). (e) All rights of the Lender under clauses (b), (c) and (d) of this Section and clause (a) of Section 2.10 may be exercised on behalf of the Lender by the Representative named in the Step-In Notice.

Lender’s Step-in Rights. (a) Without prejudice to the Lender's rights under any agreement between the Lender and the Contractor, the Lender may give the Province a Step-In Notice at any time: (i) during which a Default is subsisting, whether or not a Default Notice has been served; (ii) during the Notice Period; or (iii) if the Lender delivers a notice to the Province stating that an event has occurred and is continuing which, under the Contractor’s financing arrangements with the Lender, entitles the Lender to give a Step-In Notice. (b) The Lender or the Representative may at any time during the Step-In Period, but not more often than is reasonably required for the purposes of any remedial plan being considered by the Lender, require the Province to provide current information regarding the liabilities and obligations of the Contractor under the DBFM DBFO Agreement (and information relating to the Default under the DBFM DBFO Agreement), in which event the Province shall as soon as practicable supply to the Lender all such information that is known to senior officials of the Province's Infrastructure Department and Education Department that have been directly involved in the DBFM AgreementTransportation Department, having made due inquiry. (c) Upon the issuance of the Step-In Notice and until the end of the Step-In Period, (i) the Lender or the Representative may exercise the rights of the Contractor under the DBFM DBFO Agreement arising from and after the Step-In Date, and (ii) the Lender or the Representative shall be the exclusive agent of the Contractor for all matters relating to the DBFM DBFO Agreement and involving the Province, including but not limited to the giving and receiving of all notices and communications under the DBFM DBFO Agreement. (d) During any Step-In Period, the Province shall consider and decide upon (in its absolute discretion) any extension of the time period in Section 2.11(a) hereof proposed in connection with any remedial plan put forward by the Lender or the Representative, but the exercise by the Lender of its Step-in Rights shall not otherwise affect the cure period referred to in Section 2.11(a). (e) All rights of the Lender under clauses (b), (c) and (d) of this Section and clause (a) of Section 2.10 may be exercised on behalf of the Lender by the Representative named in the Step-In Notice.

Lender’s Step-in Rights. (a) Without prejudice to the Lender's rights under any agreement between the Lender and the Contractor, the Lender may give the Province a Step-In Notice at any time: (i) during which a Default is subsisting, whether or not a Default Notice has been served; (ii) during the Notice Period; or (iii) if the Lender delivers a notice to the Province stating that an event has occurred and is continuing which, of default by the Contractor under the Contractor’s its financing arrangements with the Lender, Lender which entitles the Lender to give a Step-In NoticeNotice has occurred and is continuing. (b) The Lender or the Representative may at any time during the Step-In Period, but not more often than is reasonably required for the purposes of any remedial plan being considered by the Lender, require the Province to provide current information regarding the liabilities and obligations of the Contractor under the DBFM DBFO Agreement (and information relating to the Default under the DBFM DBFO Agreement), in which event the Province shall as soon as practicable supply to the Lender all such information that is known to senior officials of the Province's Infrastructure Department and Education Department that have been directly involved in the DBFM AgreementTransportation Department, having made due inquiry. (c) Upon the issuance of the Step-In Notice and until the end of the Step-In Period, (i) the Lender or the Representative may exercise the rights of the Contractor under the DBFM DBFO Agreement arising from and after the Step-In Date, and (ii) the Lender or the Representative shall be the exclusive agent of the Contractor for all matters relating to the DBFM DBFO Agreement and involving the Province, including but not limited to the giving and receiving of all notices and communications under the DBFM DBFO Agreement. (d) During any Step-In Period, the Province shall consider and decide upon (in its absolute discretion) any extension of the time period in Section section 2.11(a) hereof proposed in connection with any remedial plan put forward by the Lender or the RepresentativeLender, but the exercise by the Lender of its Step-in Rights shall not otherwise affect the cure period referred to in Section section 2.11(a). (e) All rights of the Lender under clauses (b), (c) and (d) of this Section and clause (a) of Section 2.10 may be exercised on behalf of the Lender by the Representative named in the Step-In Notice.

Lender’s Step-in Rights. (a) Without prejudice to the Lender's rights under any agreement between the Lender and the Contractor, the Lender may give the Province a Step-In Notice at any time: (i) during which a Default is subsisting, whether or not a Default Notice has been served; (ii) during the Notice Period; or (iii) if the Lender delivers a notice to the Province stating that an event has occurred and is continuing which, under the Contractor’s financing arrangements with the Lender, entitles the Lender to give a Step-In Notice. (b) The Lender or the Representative may at any time during the Step-In Period, but not more often than is reasonably required for the purposes of any remedial plan being considered by the Lender, require the Province to provide current information regarding the liabilities and obligations of the Contractor under the DBFM DBFO Agreement (and information relating to the Default under the DBFM DBFO Agreement), in which event the Province shall as soon as practicable supply to the Lender all such information that is known to senior officials of the Province's Infrastructure Department and Education Department that have been directly involved in the DBFM AgreementTransportation Department, having made due inquiry. (c) Upon the issuance of the Step-In Notice and until the end of the Step-In Period, (i) the Lender or the Representative may exercise the rights of the Contractor under the DBFM DBFO Agreement arising from and after the Step-In Date, and (ii) the Lender or the Representative shall be the exclusive agent of the Contractor for all matters relating to the DBFM DBFO Agreement and involving the Province, including but not limited to the giving and receiving of all notices and communications under the DBFM DBFO Agreement. (d) During any Step-In Period, the Province shall consider and decide upon (in its absolute discretion) any extension of the time period in Section 2.11(a) hereof proposed in connection with any remedial plan put forward by the Lender or the Representative, but the exercise by the Lender of its Stepstep-in Rights rights shall not otherwise affect the cure period referred to in Section 2.11(a). (e) All rights of the Lender under clauses (b), (c) and (d) of this Section and clause (a) of Section 2.10 may be exercised on behalf of the Lender by the Representative named in the Step-In Notice.

Lender’s Step-in Rights. (a) Without prejudice to the Lender's rights under any agreement between the Lender and the Contractor, the Lender may give the Province a Step-In Notice at any time: (i) during which a Default is subsisting, whether or not a Default Notice has been served; (ii) during the Notice Period; or (iii) if the Lender delivers a notice to the Province stating that an event has occurred and is continuing which, of default by the Contractor under the Contractor’s its financing arrangements with the Lender, Lender which entitles the Lender to give a Step-In NoticeNotice has occurred and is continuing. (b) The Lender or the Representative may at any time during the Step-In Period, but not more often than is reasonably required for the purposes of any remedial plan being considered by the Lender, require the Province to provide current information regarding the liabilities and obligations of the Contractor under the DBFM DBFO Agreement (and information relating to the Default under the DBFM DBFO Agreement), in which event the Province shall as soon as practicable supply to the Lender all such information that is known to senior officials of the Province's Infrastructure Department and Education Department that have been directly involved in the DBFM AgreementTransportation Department, having made due inquiry. (c) Upon the issuance of the Step-In Notice and until the end of the Step-In Period, (i) the Lender or the Representative may exercise the rights of the Contractor under the DBFM DBFO Agreement arising from and after the Step-In Date, and (ii) the Lender or the Representative shall be the exclusive agent of the Contractor for all matters relating to the DBFM DBFO Agreement and involving the Province, including but not limited to the giving and receiving of all notices and communications under the DBFM DBFO Agreement. (d) During any Step-In Period, the Province shall consider and decide upon (in its absolute discretion) any extension of the time period in Section 2.11(a) hereof proposed in connection with any remedial plan put forward by the Lender or the Representative, but the exercise by the Lender of its Step-in Rights shall not otherwise affect the cure period referred to in Section 2.11(a). (e) All rights of the Lender under clauses (b), (c) and (d) of this Section and clause (a) of Section 2.10 may be exercised on behalf of the Lender by the Representative named in the Step-In Notice.