STEP-IN RIGHTS UNDER PROJECT CONTRACTS. 9.1 Priority of Step-In Rights under Project Contracts (a) within 30 Business Days of delivery by the relevant Project Contractor to the Authority of a Termination Notice as contemplated in Section 2.1 of the relevant Project Contractor Collateral Agreement, the Authority has not received a copy of a step-in notice delivered under the terms of the lenders’ direct agreement in respect of such Project Contract (a “Lenders’ Step-In Notice”); or (b) if (i) within 30 Business Days of delivery by the relevant Project Contractor to the Authority of a Termination Notice as contemplated in Section 2.1 of the relevant Project Contractor Collateral Agreement, the Authority has received a copy of a Lenders’ Step-In Notice but (ii) within 60 Business Days of delivery by the relevant Project Contractor to the Authority of a Termination Notice as contemplated in Section 2.1 of the relevant Project Contractor Collateral Agreement, the Collateral Agent has not completed either a step-in and assumption of Operations Co’s rights and obligations under the relevant Project Contract or a transfer or assignment thereof.
Appears in 2 contracts
Sources: Lenders’ Remedies Agreement, Assignment of Master Agreement