Common use of STEP-OUT RIGHTS Clause in Contracts

STEP-OUT RIGHTS. (a) The Appointed Representative may, at any time during the Step-In Period, deliver written notice (a “Step-Out Notice”) to the City to terminate the Step-In Period on the Step-Out Date. (b) On expiry of the Step-In Period: (i) the rights and obligations of the Appointed Representative in relation to the City under the City Project Documents arising prior to the expiry of the Step-In Period will be assumed by Project Co to the exclusion of the Appointed Representative; (ii) the City will no longer deal with the Appointed Representative and will deal with Project Co in connection with all matters related to the City Project Documents; and (iii) the Appointed Representative and the City shall be and hereby are released from all obligations and liabilities to one another under the City Project Documents. (c) There will not be more than one Step-In Period in respect of any one Default Notice.

STEP-OUT RIGHTS. (a) The Appointed Representative may, at any time during the Step-In Period, deliver written notice (a “Step-Out Notice”) to the City to terminate the Step-In Period on the Step-Out Date. (b) On expiry of the Step-In Period: (i) the rights and obligations of the Appointed Representative in relation to the City under the City Project Documents arising prior to the expiry of the Step-In Period will be assumed by Project DB Co to the exclusion of the Appointed Representative; (ii) the City will no longer deal with the Appointed Representative and will deal with Project DB Co in connection with all matters related to the City Project Documents; and (iii) the Appointed Representative and the City shall be and hereby are released from all obligations and liabilities to one another under the City Project Documents. (c) There will not be more than one Step-In Period in respect of any one Default Notice.