Novated definition

Novated means the Parties have agreed to fully transfer the rights and obligations of the entire contract from Clearwire to Supplier. It is understood that until such novation is complete for a specific contract Clearwire is still the legal party to that contract.
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Examples of Novated in a sentence

  • Consequently, the Parties shall equally bear the costs of reversing the Novation of a Novated Contract retroactive to the applicable Effective Time under this Section 2.7(b).

  • All obligations for which the Assuming Company shall be liable under the Novated Contracts shall be subject in all material respects to the same terms, rates, conditions, interpretations, and rights of cancellation as are applicable to the Ceding Company.

  • The territorial limits of this Agreement shall be identical with those of the Novated Contracts.

  • For the avoidance of doubt, a Novated Contract shall not constitute the creation of a new contract or the termination of the applicable Novation Subject Contract; rather such Novated Contract shall be considered and deemed a continuation of the existing contract as if the Assuming Company were the original party thereto in lieu of the Ceding Company in respect of such Novated Contract.

  • As of the applicable Effective Time, the Assuming Company shall be the successor to the Ceding Company under the Novated Contracts as if the Novated Contracts were the direct obligation of the Assuming Company.

  • In furtherance of the foregoing, at the Requesting Party’s reasonable request, the other Party shall meet with the Requesting Party and its Representatives upon reasonable notice and during normal business hours and for a reasonable period of time (but no more than once per calendar quarter) to discuss the administration of the Novated Contracts.

  • For the avoidance of doubt, unless and until a Novation Subject Contract becomes a Novated Contract, the Ceding Company shall retain control over the Non-Guaranteed Elements for such Novation Subject Contract in accordance with the terms of the Coinsurance Agreement.

  • Fund shares attributable to each Novated Contract held by the Ceding Company Separate Accounts shall be transferred from the applicable Ceding Company Separate Account to the applicable Assuming Company Separate Account as of the close of the Business Day on the date during which the Effective Time for such Novated Contracts occurs or as of the close of the next Business Day if the Effective Time occurs on a non-Business Day.

  • Subject to subclause (a) above, each of the Ceding Company and the Assuming Company shall maintain its respective Books and Records relating to the Novated Contracts.

  • In addition, the Ceding Company shall transfer to the Assuming Company all of its right, title and interest in and to the Policy Loan Balances with respect to such Novated Contracts as of the Effective Time through accounting transfers and other assets, if any, held by the Ceding Company that are attributable to the Novated Contracts.

Related to Novated

  • Novation means the process or the act of replacing the party in any agreement (including any sub-license in respect of the SFM Project), by another party such that the agreement transferred by the Novation process transfers all rights, duties and obligations from the original obligor to the transferee/ new obligor;

  • CMPPA Agreement means the CMPPA Agreement between the SSA and CHHS.

  • Factoring Agreement means a customary market agreement by and between Holdings or a Restricted Subsidiary and a Factoring Company pursuant to which Holdings or such Restricted Subsidiary shall, pursuant to customary terms for the size and type of transaction involved, sell, transfer and assign its rights, title and interests in certain accounts receivable, specifically identified therein, to a Factoring Company.

  • Third Party Contract means a contract between Metrolinx and any other Person which is in any way related to, impacts or is impacted by the Services and/or the Consultant’s acts or omissions, whether expressly identified to the Consultant or not.

  • Treasury Services Agreement means any agreement between the Borrower or any Restricted Subsidiary and any Approved Counterparty relating to treasury, depository, credit card, debit card, stored value cards, purchasing or procurement cards and cash management services or automated clearinghouse transfer of funds or any similar services.