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

Lender’s Step-in Rights. The Authority will not issue a Step-In Notice at any time that the Senior Secured Creditors are validly exercising any Step-In rights with respect to the Project under: (a) the Lenders’ Remedies Agreement; (b) any Senior Financing Agreement; or (c) any direct agreement entered into between the Design-Builder and the Senior Secured Creditors with respect to the Design-Build Agreement, and the running of all notice periods and timelines set out in Section 3.1 will be suspended until such time as the Senior Secured Creditors are no longer exercising, or are no longer permitted to exercise, such rights under the Lenders’ Remedies Agreement, any Senior Financing Agreement or any such direct agreement. The Design-Builder will provide copies of all relevant notices delivered by it to, or to it by, the Senior Secured Creditors in respect of the exercise of such rights so as to enable the Authority and the Design-Builder to determine, in accordance with this Section 3.2 the notice periods and timelines set out in Section 3.1.

Lender’s Step-in Rights. The Authority will not issue a Step-In Notice at any time that the Senior Secured Creditors Lenders are validly exercising any Stepstep-In in rights with respect to the Project under: (a) the Lenders’ Remedies Agreement; (b) any Senior Financing Agreement; or (c) any direct agreement entered into between the Design-Builder Material Project Contractor and the Senior Secured Creditors Lenders with respect to the Design-Build AgreementMaterial Project Contract, and the running of all notice periods and timelines set out in Section 3.1 [Step-In Notice] will be suspended until such time as the Senior Secured Creditors Lenders are no longer exercising, or are no longer permitted to exercise, such rights under the Lenders’ Remedies Agreement, any Senior Financing Agreement or any such direct agreement. The Design-Builder Material Project Contractor will provide copies of all relevant notices delivered by it to, or to it by, the Senior Secured Creditors Lenders in respect of the exercise of such rights so as to enable the Authority and the Design-Builder Material Project Contractor to determine, in accordance with this Section 3.2 [Lenders’ Step-In Rights] the notice periods and timelines set out in Section 3.13.1 [Step-In Notice].

Lender’s Step-in Rights. The Authority will not issue a Step-In Notice at any time that the Senior Secured Creditors are validly exercising any Step-In rights with respect to the Project under: (a) the Lenders’ Remedies Agreement; (b) any Senior Financing Agreement; or (c) any direct agreement entered into between the Design-Builder Service Provider and the Senior Secured Creditors with respect to the Design-Build AgreementServices Contract, and the running of all notice periods and timelines set out in Section 3.1 will be suspended until such time as the Senior Secured Creditors are no longer exercising, or are no longer permitted to exercise, such rights under the Lenders’ Remedies Agreement, any Senior Financing Agreement or any such direct agreement. The Design-Builder Service Provider will provide copies of all relevant notices delivered by it to, or to it by, the Senior Secured Creditors in respect of the exercise of such rights so as to enable the Authority and the Design-Builder Service Provider to determine, in accordance with this Section 3.2 the notice periods and timelines set out in Section 3.1.