Effect of Step-In Undertaking Clause Samples

Effect of Step-In Undertaking. During any Step-in Period, the Material Project Contractor will continue to observe and perform its duties and obligations under the Material Contract and will only be entitled to exercise its rights of termination under the Material Contract: (a) by reference to a default under the Material Contract arising during the Step-in Period (other than to the extent that a Project Co Insolvency Event constitutes such a default) provided that no event of default by Project Co under the Project Agreement will entitle the Material Project Contractor to exercise such rights of termination during the Step-in Period; (b) if the Authority fails to pay when due any amount owed to the Material Project Contractor or fails to perform or discharge when falling due for performance or discharge any obligation under the Step-in Undertaking; or (c) if such rights of termination arise in circumstances where there is no default under the Material Contract by the Authority or the Material Project Contractor.
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Effect of Step-In Undertaking. During any Step-in Period, the Material Project Contractor will continue to observe and perform its duties and obligations under the Material Contract and will only be entitled to exercise its rights of termination under the Material Contract: (a) by reference to a default under the Material Contract arising during the Step-in Period provided that no event of default by Project Co under the Project Agreement will entitle the Material Project Contractor to exercise such rights of termination during the Step-in Period; (b) if the Authority fails to pay when due any amount owed to the Material Project Contractor or fails to perform or discharge when falling due for performance or discharge any obligation under the Step-in Undertaking; or (c) if such rights of termination arise in circumstances where there is no default under the Material Contract by the Authority or the Material Project Contractor.
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Effect of Step-In Undertaking. During any Step-In Period, the Design-Builder will continue to observe and perform its duties and obligations under the Design-Build Agreement and will only be entitled to exercise its rights of termination under the Design-Build Agreement: (a) by reference to a default under the Design-Build Agreement arising during the Step-In Period (other than to the extent that an Operations Co Insolvency Event constitutes such a default), provided that no event of default by Project Co under the Project Agreement or Operations Co under the Project Implementation Agreement will entitle the Design-Builder to exercise such rights of termination during the Step-In Period; (b) if the Authority fails to pay when due any amount owed to the Design-Builder or fails to perform or discharge when falling due for performance or discharge any obligation under the Step-In Undertaking; or (c) if such rights of termination arise in circumstances where there is no default under the Design-Build Agreement by the Authority or the Design-Builder.
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Effect of Step-In Undertaking. During any Step-in Period, the Project Contractor will continue to observe and perform its duties and obligations under the Project Contract (subject to the terms thereof, including any maximum liability provisions contained therein) and will only be entitled to exercise its rights of termination under the Project Contract: (a) by reference to a default under the Project Contract arising during the Step-in Period (other than to the extent that an event described in Section 15.3(a), (b), (c) or (d) of the Project Agreement constitutes such a default) provided that no event of default by Project Co under the Project Agreement will entitle the Project Contractor to exercise such rights of termination during the Step-in Period; (b) if the City fails to pay when due any amount owed to the Project Contractor or fails to perform or discharge when falling due for performance or discharge any obligation under the Step-in Undertaking; or (c) if such rights of termination arise in circumstances where there is no default under the Project Contract by the Project Contractor.
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Effect of Step-In Undertaking. During any Step-in Period, the Material Contract Party will continue to observe and perform its duties and obligations under the Material Contract and will only be entitled to exercise its rights of termination under the Material Contract: (a) by reference to a default under the Material Contract arising during the Step-in Period (other than to the extent that a Project Co Insolvency Event constitutes such a default) provided that no event of default by Project Co under the Project Agreement will entitle the Material Contract Party to exercise such rights of termination during the Step-in Period; (b) if the Authority fails to pay when due any amount owed to the Material Contract Party or fails to perform or discharge when falling due for performance or discharge any obligation under the Step-in Undertaking; or (c) if such rights of termination arise in circumstances where there is no default under the Material Contract by the Authority or the Material Contract Party.
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Effect of Step-In Undertaking. During any Step-In Period, the Service Provider will continue to observe and perform its duties and obligations under the Services Contract and will only be entitled to exercise its rights of termination under the Services Contract: (a) by reference to a default under the Services Contract arising during the Step-In Period (other than to the extent that an Operations Co Insolvency Event constitutes such a default), provided that no event of default by Project Co under the Project Agreement or Operations Co under the Project Implementation Agreement will entitle the Service Provider to exercise such rights of termination during the Step-In Period; (b) if the Authority fails to pay when due any amount owed to the Service Provider or fails to perform or discharge when falling due for performance or discharge any obligation under the Step-In Undertaking; or (c) if such rights of termination arise in circumstances where there is no default under the Services Contract by the Authority or the Service Provider.
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Effect of Step-In Undertaking. During any Step-in Period, the Material Project Contractor will continue to observe and perform its duties and obligations under the Material Contract and will only be entitled to exercise its rights of termination under the Material Contract: (a) by reference to a default under the Material Contract arising during the Step-in Period (other than to the extent that a Project Co Insolvency Event constitutes such a default) provided that no event of default by Project Co under the Project Agreement will entitle the Material Project Contractor to exercise such rights of termination during the Step-in Period; (b) if BC Hydro fails to pay when due any amount owed to the Material Project Contractor or fails to perform or discharge when falling due for performance or discharge any obligation under the Step-in Undertaking; or (c) if such rights of termination arise in circumstances where there is no default under the Material Contract by BC Hydro or the Material Project Contractor.
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Effect of Step-In Undertaking. During any Step-in Period, the Material Contract Party will continue to observe and perform its duties and obligations under the Material Contract and will only be entitled to exercise its rights of termination under the Material Contract: (a) by reference to a default under the Material Contract arising during the Step-in Period (other than to the extent that a Project Co Insolvency Event constitutes such a default) provided that no event of default by Project Co under the Project Agreement will entitle the Material Contract Party to exercise such rights of termination during the Step-in Period; (b) if BC Hydro fails to pay when due any amount owed to the Material Contract Party or fails to perform or discharge when falling due for performance or discharge any obligation under the Step-in Undertaking; or (c) if such rights of termination arise in circumstances where there is no default under the Material Contract by BC Hydro or the Material Contract Party.
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Related to Effect of Step-In Undertaking

  • Effect of Approval Approval of any insurance by City shall not relieve or decrease the liability of Grantee hereunder.

  • Governing Law; Binding Effect; Amendment and Termination (a) This Agreement shall be interpreted and enforced in accordance with the laws of the State of Delaware. (b) This Agreement shall be binding upon the Company, its successors and assigns, and shall inure to the benefit of Indemnitee, his heirs, personal representatives and assigns and to the benefit of the Company, its successors and assigns. (c) No amendment, modification, termination or cancellation of this Agreement shall be effective unless in writing signed by the Company and Indemnitee.

  • Effect of Agreement Nothing herein contained shall be deemed to require to the Trust to take any action contrary to its Declaration of Trust or its By-Laws or any applicable law, regulation or order to which it is subject or by which it is bound, or to relieve or deprive the Trustees of the Trust of their responsibility for and control of the conduct of the business and affairs of the Trust.

  • Revocation and Effect of Consents, Waivers and Actions Until an amendment, waiver or other action by Holders becomes effective, a consent thereto by a Holder of a Security hereunder is a continuing consent by the Holder and every subsequent Holder of that Security or portion of the Security that evidences the same obligation as the consenting Holder's Security, even if notation of the consent, waiver or action is not made on the Security. However, any such Holder or subsequent Holder may revoke the consent, waiver or action as to such Holder's Security or portion of the Security if the Trustee receives the notice of revocation before the date the amendment, waiver or action becomes effective. After an amendment, waiver or action becomes effective, it shall bind every Securityholder.

  • Effect of Dissolution Except as otherwise provided in this Agreement, upon the dissolution of the Company, the Sole Member shall take such actions as may be required pursuant to the Act and shall proceed to wind up, liquidate and terminate the business and affairs of the Company. In connection with such winding up, the Sole Member shall have the authority to liquidate and reduce to cash (to the extent necessary or appropriate) the assets of the Company as promptly as is consistent with obtaining fair value therefor, to apply and distribute the proceeds of such liquidation and any remaining assets in accordance with the provisions of Section 8.3, and to do any and all acts and things authorized by, and in accordance with, the Act and other applicable laws for the purpose of winding up and liquidation.