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(y) and (z) which shall apply for the purposes of this Article 1.7 as if the words “proposed Substitute Owner” have been replaced by the words “proposed Replacement Owner”.
Appears in 3 contracts
Samples: Facility Agreement, Facility Agreement (Teekay Corp), Facility Agreement (Teekay LNG Partners L.P.)
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 GuarantorBorrower, the Charterer shall, at the option of the Security AgentTrustee, enter into a new agreement with the Security Agent Trustee or its transferee or nominee (the “Replacement Owner”) on terms substantially the same as identical, mutatis mutandis, to the terms of the Charter. In such event, the The Security Agent Trustee (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(y) and (z) which shall apply for the purposes of this Article 1.7 as if the words “proposed Substitute Owner” have been replaced by the words “proposed Replacement Owner”.
Appears in 2 contracts
Samples: Consent and Agreement (Hoegh LNG Partners LP), Consent and Agreement (Hoegh LNG Partners LP)
Replacement Agreement. In the event that the Charter is terminated by the Charterer as a result of any bankruptcy or insolvency proceeding or other similar proceeding affecting the GuarantorBorrower, the Charterer shall, at the option of the Security AgentTrustee, enter into a new agreement with the Security Agent Trustee or its transferee or nominee (the “"Replacement Owner”") on terms substantially the same as identical, mutatis mutandis, to the terms of the Charter. In such event, the The Security Agent Trustee (or, as the case may be, the Replacement Owner) shall comply with the provisions of Article 1.3 (x1.3(b)(i), (yii) and (ziii) which shall apply for the purposes of this Article 1.7 as if the words “"proposed Substitute Owner” " have been replaced by the words “"proposed Replacement Owner”".
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