Common use of OBLIGATION TO ENTER INTO A NEW CONTRACT Clause in Contracts

OBLIGATION TO ENTER INTO A NEW CONTRACT. 3.1 If the Guaranteed Agreement is terminated for any reason, whether by the Beneficiary or the Agency, or if the Guaranteed Agreement is disclaimed by a liquidator of the Agency or the obligations of the Agency are declared to be void for any reason, then the Guarantor will, at the request of the Beneficiary, enter into a contract with the Beneficiary on similar terms to the Guaranteed Agreement. The obligations of the Guarantor under such substitute agreement will be the same as if the Guarantor had been original obligor under the Guaranteed Agreement.

OBLIGATION TO ENTER INTO A NEW CONTRACT. 3.1 If the Guaranteed Agreement is terminated for any reason, whether by the Beneficiary or the AgencySupplier, or if the Guaranteed Agreement is disclaimed by a liquidator of the Agency Supplier or the obligations of the Agency Supplier are declared to be void for any reason, then the Guarantor will, at the request of the Beneficiary, enter into a contract with the Beneficiary on similar terms to the Guaranteed Agreement. The obligations of the Guarantor under such substitute agreement will be the same as if the Guarantor had been original obligor under the Guaranteed Agreement.