7  Step-Out

7.1  The Appointed Representative will, on the earlier of:

7.1.1  the date specified in a written notice from the Facility Agent or the Appointed Representative to the Authority (which date shall be at least twenty (20) Business Days after such notice is received by the Authority); and

7.1.2  the expiry of the Step-In Period

(such date being the "Step-Out Date"), be released from all of its obligations and liabilities to the Authority under the Project Documents arising prior to the Step-Out Date and rights of the Appointed Representative against the Authority will be cancelled.

7.2  The Contractor shall continue to be bound by the terms of the Project Documents, notwithstanding the occurrence of the Step-Out Date.

7.3  If following the Step-Out Date the Authority is satisfied (acting reasonably) that the circumstances giving rise to the Facility Agent electing to exercise its rights under Clause 5 (Representative) have been remedied in full, then for the purposes of termination of the Project Agreement only, and without prejudice to the rights of the Authority to make Deductions pursuant to the Payment Mechanism, any Deductions, Warning Notices and Final Warning Notices [and any Accrued Unavailability/Unavailability] that arose prior to the Step-In Date or Ratchets subsisting at the Step-In Date shall be immediately cancelled or disregarded, provided that where, during the Step-In Period, the Contractor has substituted or replaced the defaulting FM Contractor, or a defaulting sub-contractor to the FM Contractor, and has elected to exercise its rights under clause [70.6] (Replacement of Sub-Contractors) of the Project Agreement, the provisions of clause [70.6] (Replacement of Sub-Contractors) of the Project Agreement will apply from the date of substitution or replacement of that FM Contractor or sub-contractor to that FM Contractor.