Step-In Rights definition

Step-In Rights means the right of one party to assume an intervening position to satisfy all terms of an agreement in the event the other party fails to perform its obligations under the agreement.

Step-In Rights means the step in rights, if any, referred to in the Key Provisions;

Step-In Rights shall have the meaning set forth in Section 12.5.

Examples of Step-In Rights in a sentence

During any period that PacifiCorp is exercising its Step-In Rights, Seller shall retain legal title to and ownership of the Facility and all of its other property and its revenues.
PGE and Seller agree that (i) the Step-In Rights are intended solely to provide further assurance that the terms of this Agreement will be achieved, and accordingly that the purpose of the Step-In Rights is the same as the purpose of this Agreement; (ii) there is no separate or additional consideration for the Step-In Rights; and (iii) Seller’s obligations in respect of the Step-In Rights are inextricably interrelated to PGE’s obligations under the terms of this Agreement.
If at any time after exercising its Step-In Rights and taking control of and operating the Facility, PGE elects to return control and operation to Seller, PGE shall give Seller thirty (30) Business Days’ advance notice of the date that PGE intends to return such control to Seller.
If at any time after exercising its Step-In Rights, PacifiCorp elects to return such possession to Seller, PacifiCorp shall provide Seller with at least ten (10) days advance notice of the date PacifiCorp intends to return such possession, and upon receipt of such notice Seller shall take all measures necessary to resume possession of the Facility on such date.
If PGE contemplates exercising its Step-In Rights under this Section 9.4, PGE shall give Seller at least ten (10) Days’ advance notice thereof.

Step-In Rights means PacifiCorp’s rights under Section 11.8.

Step-In Rights. Has the meaning set out in paragraph 4.1.6.4.

Step-In Rights means the rights of the Debenture Trustee, without prejudice to any other rights or remedies available to the Debenture Trustee and the Debenture Holders under Applicable Law or under the Debenture Documents, and without being required to exercise or exhaust such rights or remedies, to enter upon and takeover the Project/Project sites and to take all such steps as are necessary for the continued operation and maintenance of the Project, including in relation to the debt servicing obligations of the Issuer in respect of its secured debt.

Step-In Rights is defined in Section 8.4.2.

Step-In Rights means the rights of a Step-in Party to exercise the powers under Clause 29, referred to in Clause 29.1.

Step-In Rights has the meaning set forth in Section 10.2(d).