Substitute Agreements Clause Samples
The Substitute Agreements clause allows one party to replace an existing agreement with a new one under specified conditions. Typically, this clause outlines the process for substitution, such as requiring written notice and ensuring the new agreement maintains or improves upon the original terms. Its core function is to provide flexibility in contractual relationships, enabling parties to adapt to changing circumstances without breaching the original contract.
Substitute Agreements. The Trustor may, but shall not be required to, amend the Trust Estate by executing and delivering to the Trustees before the expiration of one (1) year from date of this Trust, one or more substitute Assignments of After-Payout Working Interests. In such case, the substitute Assignment of After-Payout Working Interests will be in the same form as, the original Assignment of After-Payout Working Interests then held by the Trustees. On receipt of a substitute Assignment of After-Payout Working Interests, the Trustees shall re-assign to the Trustor the conveyance of working interest then held by the Trustees and accept in its place the substitute Assignment of After Pay-Out Working Interest until a further substitution, if any, is made pursuant to this Section 2.03.