5  REPRESENTATIVE

5.1  Subject to paragraph 5.2 and without prejudice to the Agent's rights under the Security Documents, the Agent may give the Authority a Step-In Notice at any time:

5.1.1  during which a Sub-hubco Event of Default or an Enforcement Event8 is subsisting (whether or not a Termination Notice has been served); or

5.1.2  during the Required Period.

5.2  The Agent shall give the Authority not less than 5 Business Days prior notice of:

5.2.1  its intention to issue a Step-In Notice; and

5.2.2  the identity of the proposed Appointed Representative.

5.3  On the issue of the Step-In Notice, the Appointed Representative shall assume jointly with Sub-hubco the rights of Sub-hubco under the Authority Project Documents and thereafter, until the end of the Step-In Period the Authority shall deal with the Appointed Representative and not Sub-hubco.

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8  If Senior Funders are taking enforcement action, then there is no objection to there being a right of step-in, although in practice funders may not wish to step in if there is no Sub-hubco Event of Default (and therefore no threat of termination of the Design Build Finance and Maintain Agreement).