Creation of the New Agreement. With respect to the Old Agreement, a new contract, instrument or, as applicable, arrangement (the “New Agreement”) shall be deemed, with effect from and including the date of the Remaining Party’s signature to this Agreement, to have been entered into between the Transferee (taking the position in the New Agreement as taken by the Transferor in the Old Agreement) and the Remaining Party (taking the same position in the New Agreement as it took in the Old Agreement) having identical terms to the Old Agreement, subject to the amendments described in Exhibit 2 to this Agreement as if the Transferee and the Remaining Party had entered into the New Agreement on the date of the Remaining Party’s signature to this Agreement.
Creation of the New Agreement. (a) With respect to the Original Agreement, a new contract, instrument or, as applicable, arrangement (the "New Agreement") shall be deemed, with effect from and including the Effective Date, to have been entered into between GSBE (taking the position in the New Agreement as taken by GSI in the Original Agreement) and the Counterparty taking the same position in the New Agreement as it took in the Original Agreement) having identical terms to the Original Agreement (including the governing law and dispute resolution provisions in respect thereof), subject to the amendments described in Annex 1 to this Agreement. No transactions entered into between GSI and the Counterparty before the Effective Date will be duplicated.
