Common use of Step-In Right for the Nominee Clause in Contracts

Step-In Right for the Nominee. (a) If the Adjacent Facility Owner and the CVL IM receive a Nomination Notice, the Nominee shall within 14 days of such Nomination Notice (or such shorter period as expires on the date of the Termination Event) exercise a right to step into the role of the CVL IM under this contract to take effect on the date of the Termination Event by notifying the Adjacent Facility Owner and the CVL IM in writing (such notice to be accompanied by evidence that the Nominee has a Network Licence), whereupon (subject to Clause 8A.3(b)), the Nominee shall covenant with the Adjacent Facility Owner to observe and perform the obliga- tions of the CVL IM under this contract and so that from and including the date of exercise of such right: (i) the CVL IM shall incur no further obligations under this contract; and (ii) references to the CVL IM in this contract shall be deemed to refer to the Nominee.