Implementation of Novation. If the Material Project Contractor consents or is deemed to have consented to a novation pursuant to a Proposed Novation Notice, then on the Proposed Novation Date:
Implementation of Novation. If the Province consents to a novation pursuant to a Proposed Novation Notice, then on the Proposed Novation Date:
Implementation of Novation. If the Contractor consents to a novation pursuant to a Proposed Novation Notice (whether automatically or otherwise), then on the Proposed Novation Date and without prejudice to Clause 140.1 (Rights of Termination), following notification pursuant to Clause 139.1 (Proposed Substitute) and in the absence of any prior release in accordance with Clause 138.2.5, the Security Trustee shall, on or before the Proposed Novation Date, take any action which is necessary unconditionally and irrevocably to release the Construction Contract and the Parent Company Guarantee from the security constituted by the Security Documents; and Project Co shall immediately assign all its rights and powers under the Parent Company Guarantee to the Authority in accordance with clause [insert reference] of the same and on the Proposed Novation Date and without prejudice to Clause 140.1 (Rights of Termination). Subject to the prior performance by the Security Trustee and Project Co of their respective obligations under Clause 159.5.1.1(a) and Clause 159.5.1.1(b) the Proposed Substitute shall become a party to the Construction Contract in place of Project Co and, thereafter, shall be treated as if it was and had always been named as a party to the Construction Contract in place of Project Co; and the Contractor, Project Co and the Proposed Substitute shall enter into a novation agreement (the "Novation Agreement") and any other requisite agreements, in form and substance satisfactory to the Contractor (acting reasonably), pursuant to which: the Proposed Substitute shall be granted all of the rights of Project Co under the Construction Contract (including those arising prior to the end of the Step-in Period); subject to the Contractor giving to the Proposed Substitute within [three (3)] Business Days of receipt of the Proposed Novation Notice such notice as is referred to in Clause 158.2.1 and to the provisions of Clauses 158.2.2 and 158.2.3, mutatis mutandis, the Proposed Substitute shall assume all of the obligations and liabilities of Project Co under the Construction Contract (including those arising prior to the end of any Step-in Period and those arising during the period of the Proposed Novation Notice); provided that the Contractor will not be in breach of any of its obligations under this Agreement if the Proposed Substitute does not enter into one or other of such agreements. On and after the Novation Effective Date: the Contractor shall owe its obligations under the Construct...
