Common use of Replacement Agreements Clause in Contracts

Replacement Agreements. If the Power Purchase Agreement is rejected or terminated as a result of any bankruptcy or insolvency proceeding involving Assignor, and the Agent, within sixty (60) days after such rejection or termination, certifies in writing to Purchaser that it or its Transferee intends to perform and is capable of performing the obligations of Assignor arising after the date of such certification as and to the extent required under such Power Purchase Agreement, Purchaser shall execute and deliver to Agent or its Transferee a new agreement (a "Replacement Agreement"), which must be for the balance of the remaining term under such rejected or terminated Power Purchase Agreement. The Replacement Agreement must contain the same conditions, agreements, terms, provisions and limitations as the original Power Purchase Agreement (except for any requirements that have been fulfilled by Assignor and Purchaser prior to such rejection or termination), and except that in the Replacement Agreement Agent or its Transferee will be substituted where the Seller appears in the Power Purchase Agreement.