(a) Without prejudice to the Agent's rights under the Security Documents, at any time:
(i) during which an Event of Default25 is subsisting (whether or not a Termination Notice has been served); or
(ii) during the Required Period,26
the Agent may procure that a Representative assumes, jointly and severally with the Contractor, all of the Contractor's rights under the Contract.
(b) The Agent shall give the Authority [5]27 days prior notice of any action to be taken by it referred to in this Clause 5.
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25 This should be defined in the Credit Agreement and this drafting assumes that the occurrence of an Event of Default will allow the Senior Lenders to enforce their security. If the Contractor has negotiated that the security is not enforced until the debt is actually accelerated, the Contractor should be permitted to change references from Event of Default to "Enforcement Event". It is, in any event, unlikely that Senior Lenders will wish to step-in unless the Project is in serious difficulties.
26 The Authority should ensure that during this period it has preserved the right in the Contract to enter on the property and restore problems that need an emergency fix (through rights of access). Its rights of termination against the contractor with the Senior Lenders "stepped-in" are sufficient to protect it during the "step-in" period (provided the Contract has been negotiated correctly).
27 It is unlikely that a longer period will be needed.