Novation definition

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;

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Novation has the meaning set forth in Section 2.1(a).

Novation shall, for the purposes of documents governed by German law, be construed as "Vertragsübernahme". "To novate" shall be interpreted accordingly; and

Examples of Novation in a sentence

• The Buyer may at its discretion assign, novate or otherwise dispose of any or all of its rights, obligations and liabilities under this Call-Off Contract and/or any associated licences to the Department of Health and Social Care, and / or any Central Government Body and the Supplier shall, at the Buyer’s request, enter into an agreement in such form as the Buyer shall reasonably specify in order to enable the Buyer to exercise its rights pursuant to this clause 34 (Assignment and Novation).

• Signatures to this Novation delivered by electronic communications shall be considered original signatures for purposes of the effectiveness hereof.

• Pursuant to the Assignment and Novation Agreement dated May 4, 2005 between International Uranium Corporation, Keewatin Consultants (2002) Inc., 723519 B.C. Ltd., and Santoy Resources Ltd.

• Following the receipt of a written notice by the Authority to the Contractor, the Contractor shall enter into the novation agreement set out at Schedule 14 (the Novation Agreement).

• If the Vessel is delivered with the Bareboat Charter, the Buyers (or their nominee if applicable) are required, as part of the sale and purchase of the Vessel under this Agreement, to enter into a Deed of Novation (the "Deed of Novation") in a form as requested by the Sellers on the date hereof whereby the rights and obligations of the Sellers under the Bareboat Charter shall be novated to the Buyers upon delivery of the Vessel evidenced by the signing of a Protocol of Delivery and Acceptance.

More Definitions of Novation

Novation means that the assumed claim or policy

Novation means an agreement between the policyholder and two insurers whereby a contract with one insurer is replaced by a contract with the other, regardless of any language to the contrary in the policy or contract.

Novation means the act of a clearing corporation interposing itself between both parties of every trade, being the legal counterparty to both;

Novation means that the assumed claim or policy obligations became the direct

Novation means the act of one or more recognised clearing corporations interposing between the parties of every trade, so as to be a legal counterparty;

Novation means that the assumed claim or policy obligations became the direct obligations of the insolvent insurer through consent of the policyholder and that thereafter the ceding insurer or entity initially obligated under the claims or policies is released by the policyholder from performing its claim or policy obligations. Consent may be express or implied based upon the circumstances, notice provided and conduct of the parties.

Novation. If: (i) CBA as Party A defaults in its payment obligations under Part 5(24)(b)(i) or (b)(ii)(B) for reasons other than solely a technical, computer or similar error outside the control of Party A and such default is not remedied on or before one Business Day after such failure; or (ii) CBA as Party A fails to fulfill its obligations under Part 5(24)(b)(ii)(A), then: (iii) CBA's rights, powers, privileges and obligations as Party A under this Agreement and each Transaction terminate other than its rights, powers, privileges and obligations pursuant to Part 5(24)(d) and Paragraph 13(m)(vii) of the Credit Support Annex; (iv) subject to Part 5(24)(c)(vi), CBA will be taken to have transferred its rights powers and privileges as Party A under this Agreement and each Transaction to the Standby Swap Provider and the Standby Swap Provider will be taken to have assumed obligations equivalent to those that CBA as Party A had under this Agreement and each Transaction; (v) Party B and the Standby Swap Provider will be taken to have released CBA as Party A from all its unperformed and future obligations under this Agreement and each Transaction other than its present and future obligations pursuant to Part 5(24)(d); (vi) this Agreement and the Confirmation relating to each Transaction shall be construed as if the Standby Swap Provider was a party to it in place of Party A except that: (A) references to "CBA as Party A" will not apply to the Standby Swap Provider as Party A; (B) references to any jointly supported credit rating of Party A and the Standby Swap Provider will be deemed to be references to the relevant credit rating of the Standby Swap Provider; (C) without limiting Part 5(24)(c)(vi)(A), this Part 5(24) and Paragraph 13(m)(vii) of the Credit Support Annex will not apply to the Standby Swap Provider as Party A; (D) the Standby Swap Provider must (if it has not already done so) satisfy the obligations of Party A under Part 5(22)(a) within 10 Business Days of the Novation Date on the basis that any collateral lodged by CBA as Party A or any other arrangements made by CBA as Party A pursuant to Part 5(22)(a)(iii) will be returned to CBA as Party A or will cease (but such collateral will only be returned and such arrangements will only cease upon compliance by the Standby Swap Provider with its obligations under this Part 5(24)(c)(vi)(D) and otherwise, where applicable, in accordance with Paragraph 13(m)(vii) of the Credit Support Annex or the terms of such arra...