Substituted Collateral. Notwithstanding anything in any Existing Policy or Existing Insurance Agreement to the contrary, the Parties, each RemainCo Entity that is a party hereto and each SpinCo Entity that is a party hereto hereby agree that, upon receipt of the Substituted Collateral, the Existing Collateral shall be replaced with such Substituted Collateral and, accordingly, shall be released by the Company and the ACE Affiliates.
Appears in 2 contracts
Sources: Assumption and Loss Allocation Agreement (Babcock & Wilcox Enterprises, Inc.), Assumption and Loss Allocation Agreement (Babcock & Wilcox Enterprises, Inc.)