Common use of Replacement Agreement Clause in Contracts

Replacement Agreement. If the Assigned Agreement is terminated as a result of any bankruptcy or insolvency proceeding or other similar proceeding affecting Borrower, then Consenting Party will, at the option of the Agent, enter into a new agreement with the Agent or its transferee or nominee having terms substantially the same as the terms of the terminated Assigned Agreement for the performance of all obligations and services to be performed or provided under the Assigned Agreement after such termination, subject to the obtainment of any required approvals.

Replacement Agreement. If In the event that the Assigned Agreement is terminated as a result of any bankruptcy or insolvency proceeding or other similar proceeding affecting Borrowerthe Partnership, then Consenting the Contracting Party will, at the option request of the Collateral Agent (as directed by the Intercreditor Agent, acting pursuant to the Intercreditor Agreement), enter into a new agreement with the Collateral Agent or its transferee or nominee having terms substantially the same as the terms of the terminated Assigned Agreement for the performance of all obligations and services to be performed or provided under the Assigned Agreement after such termination, subject to the obtainment of any required approvalsAgreement.