Common use of Step-In Notice Clause in Contracts

Step-In Notice. 7.1 Upon the issuance of a Lender Notice or a Department Notice, except for an Incurable Developer Default, the Collateral Agent may give a written notice (a “Step-in Notice”) under this Section 7 to the Department at any time during the Cure Period in the case of the issuance of a Department Notice or at any time following the receipt by the Department of a Lender Notice. 7.2 The Collateral Agent shall nominate, in the Step-in Notice, (a) the Collateral Agent, a Lender or any entity that is wholly owned by a Lender or group of Lenders; or (b) any Person approved by the Department as a Substituted Entity in accordance with Section 12.5 of the Agreement and Section 10 below, and the person so nominated being referred to as the “Step- in Party”. 7.3 The Department shall have the unconditional right to rely upon any Step-in Notice purported to be signed and delivered by or for the Collateral Agent, without Department obligation or liability to ascertain or investigate its authenticity, truth or accuracy.

Step-In Notice. 7.1 Upon the issuance of a Lender Notice or a Department Notice, except for an Incurable Developer Default, the Collateral Agent may give a written notice (a “Step-in Notice”) under this Section 7 to the Department at any time during the Cure Period in the case of the issuance of a Department Notice or at any time following the receipt by the Department of a Lender Notice. 7.2 The Collateral Agent shall nominate, in the Step-in Notice, (a) the Collateral Agent, a Lender or any entity that is wholly owned by a Lender or group of Lenders; Lenders or (b) any Person approved by the Department as a Substituted Entity in accordance with Section 12.5 of the Agreement and Section 10 below, and the person Person so nominated being referred to as the “Step- in Party”. 7.3 The Department shall have the unconditional right to rely upon any Step-in Notice purported to be signed and delivered by or for the Collateral Agent, without Department obligation or liability to ascertain or investigate its authenticity, truth or accuracy.