Common use of Step-Out Clause in Contracts

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.

Step-Out. (a) A Step-in Entity may, at any time, by giving not less than 30 Days’ prior written notice (“StepS tep-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 S ection 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.