Common use of Step-In Notice Clause in Contracts

Step-In Notice. (a) Provided that all unperformed payment obligations of the Concessionaire identified in a Department Notice will have been remedied in full or waived by the Department on or before the Step-in Date, the Collateral Agent may provide the Department with a written notice (“Step-in Notice”) under this Section 4.01 at any time during any Cure Period or NEXT Concessionaire Breach. (b) The Collateral Agent will nominate, in any Step-in Notice, any one of: (i) subject to the Department’s approval, which will not to be unreasonably withheld or delayed, the Collateral Agent, a Lender or any of their respective Affiliates; or (ii) any Person approved by the Department, such approval not to be unreasonably withheld or delayed if such Person meets all the criteria to be a Qualified Substitute Concessionaire and the Department has been provided with the relevant information required under Section 5.03 with respect to such Person (each a “Step-in Entity”), stating that the Step-in Entity is to become a joint and several obligor with the Concessionaire under the Second ARCA and this Agreement in accordance with the terms hereof. (c) The Step-in Entity named in the Step-in Notice will be deemed to become a party to the Second ARCA and this Agreement on and from the date it executes a duly completed Step-in Entity Accession Agreement, substantially in the form attached hereto as Annex 1 (Form of Step-in Entity Accession Agreement), and submits it to the Department (the “Step-in Date”).

Step-In Notice. (a) Provided that all unperformed payment obligations of the Concessionaire identified in a Department Notice will have been remedied in full or waived by the Department on or before the Step-in Date, the Collateral Agent may provide the Department with a written notice (“Step-in Notice”) under this Section 4.01 at any time during any Cure Period or NEXT Concessionaire BreachEvent of Default. (b) The Collateral Agent will nominate, in any Step-in Notice, any one of: (i) subject to the Department’s approval, which will not to be unreasonably withheld or delayed, the Collateral Agent, a Lender or any of their respective Affiliates; or (ii) any Person approved by the DepartmentDepartment in its discretion, such approval not to be unreasonably withheld or delayed if such Person meets all the criteria to be a Qualified Substitute Concessionaire and the Department has been provided with the relevant information required under Section 5.03 with respect to such Person (it being understood that if the Department has failed to respond to the Collateral Agent within 60 days of the date on which the Department has received the information specified in Section 5.03 in respect of any such nominated Person, the approval of the Department shall be deemed to have been given), (each a “Step-in Entity”), stating that the Step-in Entity is to become a joint and several obligor with the Concessionaire under the Second ARCA and this Agreement in accordance with the terms hereof. (c) The Step-in Entity named in the Step-in Notice will be deemed to become a party to the Second ARCA and this Agreement on and from the date it executes a duly completed Step-in Entity Accession Agreement, substantially in the form attached hereto as Annex 1 (Form of Step-in Entity Accession Agreement), and submits it to the Department (the “Step-in Date”).