Proposed Substitute. At any time that the Authority is entitled to give a Step-in Notice pursuant to Section 3.1 or at any time during the Step-in Period, the Authority may give notice (a "Proposed Transfer Notice") to the Material Project Contractor that it wishes itself or another person (a "Proposed Substitute") to assume, by way of sale, assignment, transfer or other disposal, the rights and obligations of Project Co under the Material Contract and specifying a date (the "Proposed Transfer Date"):
(a) if the Authority has terminated the Project Agreement but has not given a Step-in Notice, no later than 15 Business Days after termination of the Project Agreement;
(b) if the Material Project Contractor has given a Termination Notice but the Authority has not given a Step-in Notice, no later than expiry of the Termination Notice; and
(c) if the Authority has given a Step-in Notice (whether or not the Step-in Period has commenced), no later than 30 days after the date of the Proposed Transfer Notice. Subject to Section 3, the Material Project Contractor will not be entitled to terminate the Material Contract during the notice period specified in a Proposed Transfer Notice.
Proposed Substitute. At any time that the Authority is entitled to give a Step-in Notice pursuant to Clause 3.1 (Step-In Notice) or at any time during the Step-in Period the Authority may give notice (a "Proposed Novation Notice") to the Construction Contractor that it wishes itself or another person (a "Proposed Substitute") to assume, by way of sale, transfer or other disposal, the rights and obligations of hubco under the Construction Contract and specifying a date (the "Proposed Novation Date"): falling not later than [ fifteen (15)] Business Days after termination of the Design & Build Development Agreement where this has been terminated by the Authority; falling not later than the expiry of the Termination Notice where a Proposed Novation Notice is given by the Authority at a time when it is entitled to give a Step-in Notice pursuant to Clause 3.1; and falling not later than [ twenty eight (28)] Business Days after the date of the Proposed Novation Notice, where a Proposed Novation Notice is given during a Step-in Period,
Proposed Substitute. At any time that the Authority is entitled to give a Step-in Notice pursuant to Section 3.1 or at any time during the Step-in Period, the Authority may give notice (a "Proposed Novation Notice") to the Material Project Contractor that it wishes itself or another person (a "Proposed Substitute") to assume, by way of sale, assignment, transfer or other disposal, the rights and obligations of Project Co under the Material Contract and specifying a date (the "Proposed Novation Date"):
(a) falling not later than 15 Business Days after termination of the Project Agreement if the Project Agreement has been terminated by the Authority;
(b) falling not later than the expiry of the Termination Notice if a Proposed Novation Notice was given by the Authority at a time when it is entitled to give a Step-in Notice pursuant to Section 3.1; and
(c) falling not later than 30 days after the date of the Proposed Novation Notice, if a Proposed Novation Notice was given during a Step-in Period and, in any event, not later than the Step-Out Date. Subject to Section 3, the Material Project Contractor will not be entitled to terminate the Material Contract during the notice period specified in a Proposed Novation Notice.
Proposed Substitute. At any time that the Authority is entitled to give a Step-in Notice pursuant to Clause 3.1 (Step-in Notice) or at any time during the Step-in Period the Authority may give notice (copied to the Security Trustee) (a "Proposed Novation Notice") to the Contractor that it wishes itself or another person (a "Proposed Substitute") to assume, by way of sale, transfer or other disposal, the rights and obligations of DBFM Co under the Construction Contract and specifying a date (the "Proposed Novation Date"): falling not later than [fifteen (15)] Business Days after termination of the Design Build Finance and Maintain Agreement where this has been terminated by the Authority; falling not later than the expiry of the Termination Notice where a Proposed Novation Notice is given by the Authority at a time when it is entitled to give a Step-in Notice pursuant to Clause 3.1 (Step-in Notice); and falling not later than [twenty-eight (28)] Business Days after the date of the Proposed Novation Notice, where a Proposed Novation Notice is given during a Step-in Period. Save as provided in Clause 4.4 (Consent Withheld), only one Proposed Novation Notice may be given during the period of this Agreement. Without prejudice to Clauses 3.3 (Restriction of Right of Termination) and 5.1 (Rights of Termination), the Contractor shall not be entitled to terminate the Construction Contract during the notice period specified in a Proposed Novation Notice. If the Proposed Novation Notice specifies the Authority as the Proposed Substitute, the Contractor's consent to the novation shall be deemed to have been given automatically. Where the Proposed Substitute is not the Authority, a novation in accordance with a Proposed Novation Notice shall only be effective if the Contractor consents to that novation in writing in accordance with Clause 4.3 (Grant of Consent) and the Authority shall (as soon as practicable) supply the Contractor with the following information (copied to the Security Trustee): the name and registered address of the Proposed Substitute; the names of the shareholders in the Proposed Substitute and the share capital owned by each of them; the names of the directors and the secretary of the Proposed Substitute; details of the means by which it is proposed to finance the Proposed Substitute (including the extent to which such finance is committed and any conditions precedent as to its availability for drawing); and the resources (including contractual arrangements) which are t...
Proposed Substitute. At any time that BC Hydro is entitled to give a Step-in Notice pursuant to Section 3.1 or at any time during the Step-in Period, BC Hydro may give notice (a "Proposed Transfer Notice") to the Material Contract Party that it wishes itself or another person (a "Proposed Substitute") to assume, by way of sale, assignment, transfer or other disposal, the rights and obligations of Project Co under the Material Contract and specifying a date (the "Proposed Transfer Date"):
(a) if BC Hydro has terminated the Project Agreement but has not given a Step-in Notice, no later than 15 Business Days after termination of the Project Agreement;
(b) if the Material Contract Party has given a Termination Notice but BC Hydro has not given a Step-in Notice, no later than expiry of the Termination Notice; and
(c) if BC Hydro has given a Step-in Notice (whether or not the Step-in Period has commenced), no later than 30 days after the date of the Proposed Transfer Notice. Subject to Section 3, the Material Contract Party will not be entitled to terminate the Material Contract during the notice period specified in a Proposed Transfer Notice.
Proposed Substitute. At any time that the Authority is entitled to give a Step-in Notice pursuant to Clause 3.1 (Step-in Notice) or at any time during the Step-in Period the Authority may give notice (copied to the Security Trustee) (a "
Proposed Substitute. Subject to Clause 4.2, at any time during which the Lead Authority is entitled to serve a Step-In Notice or at any time during the Step-In Period the Lead Authority may give notice (a “Proposed Novation Notice”) to the Construction Contractor that it wishes itself or another person (a “Proposed Substitute”) to assume by way of novation the rights and obligations of the Contractor under the Construction Contract.
Proposed Substitute. 6 4.2 Consent to Transfer................................................................................................................... 7
Proposed Substitute. At any time that the Province is entitled to give a Step-in Notice pursuant to Section 3.1 or at any time during the Step-in Period, the Province may give notice (a "Proposed Transfer Notice") to the Material Contract Party that it wishes itself or another Person (a "Proposed Substitute") to assume, by way of sale, assignment, transfer or other disposal, the rights and obligations of Project Co under the Material Contract and specifying a date (the "Proposed Transfer Date"):
(a) if the Province has terminated the Project Agreement but has not given a Step-in Notice, no later than 15 Business Days after termination of the Project Agreement;
Proposed Substitute. (a) Where the Proposed Substitute is not the Crown or a Successor Governmental Entity, the Crown shall (as soon as practicable) supply the Major Sub-contractor with the following information:
(i) the name and registered address of the Proposed Substitute;
(ii) the names of the directors of the Proposed Substitute; and
(iii) the technical competency and resources (including financial resources, key personnel and contractual arrangements) that are to be available to the Proposed Substitute to enable it to perform its obligations under the Major Sub- contract.
