Step-Out. 5.1 Step-Out Notice
Step-Out. The Authority may, at any time, terminate the Step-in Period by giving the Material Project Contractor at least 30 days' notice specifying the date on which the Step-in Period will terminate (the "Step-out Date").
Step-Out. (a) A Step-in Entity may, at any time, by giving not less than 30 Days’ prior written notice (“Step-out Notice”) to the Department, terminate its obligations to the Department under the Comprehensive Agreement and this Agreement, whereupon the Step-in Entity will, upon the expiry of such notice, no longer be deemed to be a party to the Comprehensive Agreement and this Agreement and, except as provided in Section 4.03(b), will be released from all obligations under the Comprehensive Agreement and this Agreement. The obligations of the Department to the Step-in Entity in such capacity under the Comprehensive Agreement and this Agreement will also terminate upon the expiry of such notice.
(b) Nothing in this Section 4.03 will have the effect of releasing the Step-in Entity from any liability that relates to the performance or non-performance of the Comprehensive Agreement or this Agreement by the Developer or the Step-in Entity during the Step-in Period.
Step-Out. (a) The Lender may at any time during the Step-In Period deliver to the Province a Step-Out Notice which specifies the Step-Out Date.
(b) Upon expiry of the Step-In Period:
(i) the Province will no longer deal with the Lender or the Representative and will deal with the Contractor or the Suitable Substitute Contractor (if applicable); and
(ii) the Lender and the Representative are released from all obligations and liabilities under the DBFM Agreement.
Step-Out. (a) A Step-in Entity may, at any time, by giving not less than 30 Days’ prior written notice (“Step-out Notice”) to the Department, terminate its obligations to the Department under the Second ARCA and this Agreement, whereupon the Step-in Entity will, upon the expiry of such notice, no longer be deemed to be a party to the Second ARCA and this Agreement and, except as provided in Section 4.03(b), will be released from all obligations under the Second ARCA and this Agreement. The obligations of the Department to the Step-in Entity in such capacity under the Second ARCA and this Agreement will also terminate upon the expiry of such notice.
(b) Nothing in this Section 4.03 will have the effect of releasing the Step-in Entity from any liability that relates to the performance or non-performance of the Second ARCA or this Agreement by the Concessionaire or the Step-in Entity during the Step-in Period.
Step-Out. A Step-in Party may, at any time, by giving not less than 30 days' prior written notice (“Step-out Notice”) to the Department, terminate its obligations to the Department under this Direct Agreement respecting the event giving rise to the Step-in Notice, in which event such Step-in Party shall be released from all obligations under this Direct Agreement respecting the event giving rise to the Step-in Notice, except for any obligation or liability of the Step-in Party arising on or before the effective date set forth in the Step-out Notice. The obligations of the Department to the Step-in Party under this Direct Agreement respecting the event giving rise to the Step-in Notice shall also terminate upon the effective date set forth in the Step-out Notice. If the Step-in Party giving the Step-out Notice is a Substituted Entity that is not a Lender, then such Step-in Party shall be released from all obligations under this Direct Agreement arising from and after the effective date contained in the Step-out Notice and its relinquishment of possession and control of the Project.
Step-Out. (A) If HPI exercised its step-in rights in accordance with Section 27.1, HPI may elect to cease exercising its right to step-in at any time by giving notice to HPES (a “Step-Out Notice”).
(B) Within three business days after the Step-In Date, HPES will develop a plan to demonstrate to HPI how it will resume the proper performance of the applicable Services (a “Step-Out Plan”), and will submit the Step-Out Plan to HPI for approval. Approval by HPI of the Step-Out Plan will not constitute a waiver by HPI of any rights it may have if HPES is unable to perform any of its obligations in accordance with the terms of this Agreement after the Step-Out Date. The Step-Out Plan and delivery of the Services will remain HPES’ responsibility.
(C) Following receipt and review of the Step-Out Plan, HPI will either (1) confirm the date for resumption of the affected Services by HPES as being the date set out in the Step-Out Notice or (2) subject to the last sentence of Section 27.1, revise the date to reflect the time to implement the Step-Out Plan and the state of readiness of HPES. The date notified by HPI under clause (1) or clause (2) will be the “Step-Out Date.” Once HPI has notified HPES of a Step-Out Date, HPES will devote the necessary resources to implement the Step-Out Plan such that delivery of the affected Services by HPES is restored to the Service Levels, and that the affected Services are delivered in accordance with all other provisions of this Agreement, from the Step-Out Date.
(D) During any step-in period, the Parties will meet at least weekly to discuss progress toward remedying the event which gave rise to exercise of the step-in right, including deciding whether or not HPES can resume performance of the affected Services. By exercising its right to step-in HPI will not, and will not be deemed to, assume any obligation to resolve the event giving rise to its right to step-in or relieve HPES of any obligation or liability in relation to that event or relieve HPES of any of its other obligations or liabilities under this Agreement.
Step-Out. 14.1 The Additional Obligor's obligation to the Contractor under the Relevant Documents shall terminate:
14.1.1 automatically in the event that the Security Trustee has not given a Substitution Notice within the Step-In Period; or
14.1.2 at any time during the Step-in Period, following [•] days prior written notice of the Additional Obligor's intention to terminate its obligations under the Relevant Documents and end the Step-in Period.
14.2 On the expiry of the Step-In Period, the Additional Obligor shall be released from all obligations hereunder except for any obligation which has arisen during the Step-In Period.
Step-Out. An Additional Obligor may, at any time, by giving not less than sixty days prior written notice to the Contractor terminate its obligations to the Contractor under the Construction Contract, in which event such Additional Obligor shall, upon the expiry of such notice, cease to be a party hereto and to the Construction Contract and shall be released from all obligations hereunder and under the Construction Contract except for any obligation which has arisen on or before the expiry of such notice. PART 5 NOVATION
Step-Out. In the event that a Step In has occurred and the Authority determines that Services transferred to or taken on by it, or another person on its behalf, (“Step In Services”) shall be resumed by the Operator (a “Step Out”):
(a) the Authority shall give reasonable notice to the Operator of the date on which Step Out shall occur;
(b) the Operator shall, upon receipt of a notice under clause 43.2(a), resume performance of the Step In Services; and
(c) the Operator shall give all reasonable co-operation to the Authority to ensure a smooth transition to enable the Operator to resume performance of the Step In Services with no degradation of the standard of Services.
