Replace Itself Sample Clauses
The "Replace Itself" clause allows a specific provision within a contract to be substituted or updated automatically under certain conditions. Typically, this clause specifies the circumstances or events that trigger the replacement, such as changes in law, regulatory requirements, or mutual agreement between the parties. Its core practical function is to ensure that the contract remains current and enforceable without requiring a full renegotiation, thereby addressing the problem of outdated or non-compliant terms.
Replace Itself. Use its good faith efforts to find a party acceptable to Party B, which acceptance, subject to the Rating Agency Condition, shall not be unreasonably withheld, to whom all of Party A's interests and obligations under this Agreement shall be assigned at no cost to Party B, and following which Party A shall be released from all further obligations under this Agreement.
Replace Itself. Post collateral pursuant to clause (c) below and use its good faith efforts to find third party that meets or exceeds the Approved Ratings Threshold and that is acceptable to Party B, which acceptance, subject to the Rating Agency Condition, shall not be unreasonably withheld, to whom all of Party A's interests and obligations under this Agreement shall be transferred at no cost to Party B, and following which Party A shall be released from all further rights and obligations under this Agreement;