Common use of Replacement Agreement Clause in Contracts

Replacement Agreement. In the event any Assigned Agreement is terminated as a result of any bankruptcy or insolvency proceeding affecting the Purchasers, the Contractor will, at the option of the Administrative Agent exercised within 45 days after such termination, provided that all defaults under the Assigned Agreements (other than such insolvency event) shall have been cured, enter into a new agreement with the Administrative Agent or its transferee or nominee having identical terms other than as necessitated by the substitution of parties and other changes as the parties may agree; provided that in the case of a transferee or nominee, such transferee or nominee (i) if such termination shall have occurred prior to the Date of Final Acceptance of the System, is not and is not an affiliate of any entity engaged in the business of designing or constructing undersea cable systems for telecommunications; provided that such transferee or nominee shall not request any System Upgrades and (ii) if such termination shall have occurred prior to the Date of Final Acceptance of the System, is sufficiently creditworthy to fulfill the obligations under the Assigned Agreements.