Common use of Replacement Agreement Clause in Contracts

Replacement Agreement. In the event of any bankruptcy, insolvency proceeding or other similar proceeding affecting the Borrower, at the option of the Security Trustee, the Manager shall enter into a new agreement with the Security Trustee (or its transferee or nominee) on terms the same as the terms of the Contract (other than with respect to any amendment to those terms as may be necessary to reflect the change of party and similar consequential amendments).

Replacement Agreement. In the event of any bankruptcy, insolvency proceeding or other similar proceeding affecting the BorrowerManager, at the option of the Security Trustee, the Manager Service Provider shall enter into a new agreement with the Security Trustee (or its transferee or nominee) on terms the same as the terms of the Contract Services Agreement (other than with respect to any amendment to those terms as may be necessary to reflect the change of party and similar consequential amendments).