Step-Out. 14.1 The Additional Obligor's obligation to the Contractor under the Relevant Documents shall terminate: 14.1.1 automatically in the event that the Security Trustee has not given a Substitution Notice within the Step-In Period; or 14.1.2 at any time during the Step-in Period, following [•] days prior written notice of the Additional Obligor's intention to terminate its obligations under the Relevant Documents and end the Step-in Period. 14.2 On the expiry of the Step-In Period, the Additional Obligor shall be released from all obligations hereunder except for any obligation which has arisen during the Step-In Period.
Appears in 2 contracts
Sources: Contractor Agreement, STS Crane Supply Contract Direct Agreement