Restatement; No Novation Sample Clauses
The "Restatement; No Novation" clause clarifies that any restatement or amendment of an agreement does not create a new contract but simply modifies the existing one. In practice, this means that the parties' original rights and obligations continue, except as specifically changed by the restatement, and all prior actions and liabilities remain in effect. This clause ensures continuity of the contractual relationship and prevents parties from unintentionally discharging prior obligations, thereby maintaining legal clarity and avoiding disputes over whether a new contract has been formed.
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Restatement; No Novation. (a) Effective as of the Second Restatement Effective Date, the Existing RPA is amended and restated as set forth in this Agreement. It is the intent of the parties hereto that this Agreement (i) shall re-evidence the Obligations under the Existing RPA, (ii) is entered into in substitution for, and not in payment of, the Obligations under the Existing RPA, and (iii) is in no way intended to constitute a novation of any of the Obligations which was evidenced by the Existing RPA or any of the other Transaction Document (as defined in the Existing RPA).
(b) As of the Second Restatement Effective Date, the portion of each Pool Receivable (as defined in the Existing RPA) and Related Assets (as defined in the Existing RPA) purchased by the SCC Administrative Agent or the ISC Administrative Agent on behalf of the Purchasers on or prior to the Second Restatement Effective Date shall for all purposes of this Agreement be deemed to have been sold by the applicable Sellers to the Collateral Agent on behalf of the Purchasers in accordance with this Agreement.
Restatement; No Novation. Effective as of the Restatement Date, the Existing RPA is amended and restated as set forth in this Agreement. It is the intent of the parties hereto that this Agreement (i) shall re-evidence the Seller Obligations under the Existing RPA, (ii) is entered into in substitution for, and not in payment of, the Seller Obligations under the Existing RPA and (iii) does not constitute a novation of any of the Seller Obligations which was evidenced by the Existing RPA or any of the other Transaction Documents.
Restatement; No Novation. Borrower and Bank hereby restate, without novation, Articles I through XII of the Loan Agreement, and the Exhibits to the Loan Agreement as required, in their entirety as follows:
Restatement; No Novation. Effective as of the Third Restatement Effective Date, the Second Amended and Restated Receivables Sale and Contribution Agreement dated as of November 19, 2015 (as amended or otherwise modified prior to the date hereof, the “Existing RSA”) among the parties to this Agreement is amended and restated as set forth in this Agreement. It is the intent of the parties hereto that this Agreement (i) shall re-evidence the obligations and other indebtedness under the Existing RSA, (ii) is entered into in substitution for, and not in payment of, the obligations and other indebtedness under the Existing RSA, and (iii) is in no way intended to constitute a novation of any of the obligations or other indebtedness which was evidenced by the Existing RSA.
Restatement; No Novation. Effective as of the Second Restatement Effective Date, the Amended and Restated Receivables Sale Agreement dated as of April 24, 2015 (the “Existing RSA”) among the parties to this Agreement is amended and restated as set forth in this Agreement. It is the intent of the parties hereto that this Agreement (i) shall re-evidence the obligations and other indebtedness under the Existing RSA, (ii) is entered into in substitution for, and not in payment of, the obligations and other indebtedness under the Existing RSA, and (iii) is in no way intended to constitute a novation of any of the obligations or other indebtedness which was evidenced by the Existing RSA.
Restatement; No Novation. (a) Effective as of the Restatement Effective Date, the Original RPA is amended and restated as set forth in this Agreement. It is the intent of the parties hereto that this Agreement (i) shall re-evidence the Obligations under the Original RPA, (ii) is entered into in substitution for, and not in payment of, the Obligations under the Original RPA, and (iii) is in no way intended to constitute a novation of any of the Obligations which was evidenced by the Original RPA or any of the other Transaction Document (as defined in the Original RPA).
(b) As of the Restatement Effective Date, the portion of each Pool Receivable (as defined in the Original RPA) and Related Assets (as defined in the Original RPA) purchased by the SCC Administrative Agent on behalf of the Purchasers on or prior to the Restatement Effective Date shall for all purposes of this Agreement be deemed to have been sold by the applicable Sellers to the Collateral Agent on behalf of the Purchasers in accordance with this Agreement.
Restatement; No Novation. Effective as of the Restatement Effective Date, the Receivables Sale Agreement dated as of May 16, 2014 (the “Original RSA”) among the parties to this Agreement is amended and restated as set forth in this Agreement. It is the intent of the parties hereto that this Agreement (i) shall re-evidence the obligations and other indebtedness under the Original RSA, (ii) is entered into in substitution for, and not in payment of, the obligations and other indebtedness under the Original RSA, and (iii) is in no way intended to constitute a novation of any of the obligations or other indebtedness which was evidenced by the Original RSA.
Restatement; No Novation. Effective as of the Effective Date, the Existing Framework Agreement is amended and restated as set forth in this Framework Agreement. It is the intent of the parties hereto that this Framework Agreement (i) shall re-evidence the obligations of the Parties under the Existing Framework Agreement, (ii) is entered into in substitution for, and not in payment of, the obligations under the Existing Framework Agreement and (iii) does not constitute a novation of any of the obligations which were evidenced by the Existing Framework Agreement or any of the other Transaction Agreement.