Replacement Agreement Sample Clauses
A Replacement Agreement clause defines the process and conditions under which an existing contract may be substituted with a new agreement between the parties. Typically, this clause outlines the circumstances that justify replacement, such as changes in law, business needs, or mutual consent, and specifies the steps required to implement the new agreement, including notice requirements and the effective date of replacement. Its core practical function is to provide a clear and agreed-upon mechanism for updating or revising contractual terms, thereby ensuring flexibility and reducing the risk of disputes when changes become necessary.
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Replacement Agreement. In the event that the Assigned Agreement is rejected or otherwise terminated as a result of any bankruptcy or insolvency proceeding affecting the Provider, the Customer shall, at the option of the System Lessor or the System Lessor’s respective successor, assignee and/or designee, enter into a new agreement with the System Lessor or any Substitute Owner (or its transferee or other nominee that owns or leases the Project) having terms substantially the same as the terms of the Assigned Agreement. Thereafter, references in this Consent to the “Assigned Agreement” shall be deemed to refer to such new agreement.
Replacement Agreement. An officer who is performing obligated service under an agreement for a nuclear officer bonus may execute a new agreement to replace the exist- ing agreement if the amount to be paid under the new agreement will be higher than the amount to be paid under the existing agree- ment. The period of the new agreement shall be equal to or exceed the remaining term of the period of the officer’s existing agreement. If a new agreement is executed under this paragraph, the existing agreement shall be cancelled, effective on the day before an anni- versary date of the existing agreement occur- ring after the date on which the amount to be paid under this paragraph is increased.
Replacement Agreement. 1.6.1 This Agreement replaces the State Government Departments Certified Agreement 2015 in respect of the employees covered by this Agreement from the date of certification.
Replacement Agreement. The Employers agree to commence discussions with the Unions no later than six months prior to the nominal expiry date of this Agreement. Provided that any claim made by a person covered by this Agreement during this period is not supported by industrial action, subclause 9.1
Replacement Agreement. Upon an event that a replacement Agreement shall have been entered into between Party B and a Transferee in accordance with Part 5(f) of this Schedule (in which event, Party A and Party B shall be Affected Parties and all Transactions shall be Affected Transactions);
Replacement Agreement. If this Agreement becomes mutilated and is surrendered by the Lender to the Company, or if the Lender claims that this Agreement has been lost or destroyed, the Company shall execute and deliver to the Lender a replacement Agreement upon receipt of appropriate waiver and undertaking of indemnification by the Lender.
Replacement Agreement. In the event of any bankruptcy, insolvency proceeding or other similar proceeding affecting the Borrower, at the option of the Security Trustee, the Manager shall enter into a new agreement with the Security Trustee (or its transferee or nominee) on terms the same as the terms of the Contract (other than with respect to any amendment to those terms as may be necessary to reflect the change of party and similar consequential amendments).
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.
Replacement Agreement. In the event that the Charter is terminated as a result of any bankruptcy or insolvency proceeding or other similar proceeding affecting the Guarantor, the Charterer shall, at the option of the Security Agent, enter into a new agreement with the Security Agent or its transferee or nominee (the “Replacement Owner”) on terms substantially the same as the terms of the Charter. In such event, the Security Agent (or, as the case may be, the Replacement Owner) shall comply with the provisions of Article 1.3 (x), (y) and (z) which shall apply for the purposes of this Article 1.7 as if the words “proposed Substitute Owner” have been replaced by the words “proposed Replacement Owner”.
Replacement Agreement. If the Assigned Agreement is rejected or otherwise terminated in connection with any bankruptcy, insolvency, reorganization or similar proceedings in respect of the Credit Party, then, at the Collateral Agent’s request, the Contracting Party will enter into a new agreement with the Collateral Agent or with the Collateral Agent’s nominee, for the remainder of the originally scheduled term of the Assigned Agreement, effective as of the date of such rejection or termination, with the same covenants, agreements, terms, provisions and limitations as are contained in the Assigned Agreement.