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

Step-In Right for the Nominee. (a) If Network Rail and AKIL 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 AKIL under this Agreement to take effect on the date of the Termination Event by notifying Network Rail and AKIL in writing (such notice to be accompanied by evidence that the Nominee has a Network Licence), whereupon (subject to Clause 8.3(b)), the Nominee shall covenant with Network Rail to observe and perform the obligations of AKIL under this contract and so that from and in- cluding the date of exercise of such right: (i) AKIL shall incur no further obligations under this Agreement; and (ii) references to AKIL in this contract shall be deemed to refer to the Nom- inee. (b) Notwithstanding Clause 8.3(a), the Nominee shall not be liable to pay to Net- work Rail any sum attributable to the period prior to the step in right being ex- ercised pursuant to Clause 8.3(a) and AKIL shall not be liable to pay to Network Rail any sum attributable to the period on and after the step in right being exer- cised pursuant to Clause 8.3(a). (c) If the Nominee does not step into this contract on the date of a Termination Event then either AKIL or Network Rail shall be free to terminate this contract as if a Nomination Notice had not been served. 9.1 Performance Orders in relation to breach (a) the Innocent Party shall be entitled to apply under Clause 12.4 for a Performance Order against the party in breach; and (b) if a Performance Order is made, the party against whom it has been made shall comply with it.

Step-In Right for the Nominee. (a) If Network Rail and AKIL 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 AKIL under this Agreement to take effect on the date of the Termination Event by notifying Network Rail and AKIL in writing (such notice to be accompanied by evidence that the Nominee has a Network Licence), whereupon (subject to Clause 8.3(b)), the Nominee shall covenant with Network Rail to observe and perform the obligations of AKIL under this contract and so that from and in- cluding the date of exercise of such right: (i) AKIL shall incur no further obligations under this Agreement; and (ii) references to AKIL ▇▇▇▇ in this contract shall be deemed to refer to the Nom- inee. (b) Notwithstanding Clause 8.3(a), the Nominee shall not be liable to pay to Net- work Rail any sum attributable to the period prior to the step in right being ex- ercised pursuant to Clause 8.3(a) and AKIL shall not be liable to pay to Network Rail any sum attributable to the period on and after the step in right being exer- cised pursuant to Clause 8.3(a). (c) If the Nominee does not step into this contract on the date of a Termination Event then either AKIL or Network Rail shall be free to terminate this contract as if a Nomination Notice had not been served. 9.1 Performance Orders in relation to breach (a) the Innocent Party shall be entitled to apply under Clause 12.4 for a Performance Order against the party in breach; and (b) if a Performance Order is made, the party against whom it has been made shall comply with it.