Common use of Replacement Agreement Clause in Contracts

Replacement Agreement. In the event that the Assigned Agreement is rejected or terminated as a result of any bankruptcy or insolvency proceeding, or the Assigned Agreement is terminated for any reason other than a Default which could have been cured by Security Agent as provided in Section (d), GE shall, at the option of Security Agent exercised within sixty (60) days after such rejection or termination, enter into a new agreement with Security Agent having identical terms as the Assigned Agreement (subject to any conforming changes necessitated by the passage of time, substitution of parties and other changes as the parties may mutually agree, the “Replacement Agreement”); provided that the term under the Replacement Agreement shall be no longer than the remaining balance of the term specified in the Assigned Agreement. Security Agent shall have the right to assign all of its interest in the Replacement Agreement to any Person, provided such assignee assumes in writing all obligations of Security Agent under the Replacement Agreement. Upon such assignment, Security Agent (including its agents and employees) shall be released from any further liability thereunder to the extent of its interest under the Replacement Agreement.