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;

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

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

Examples of Novation 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).

• 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.

• The Ceding Company shall, at its own cost and expense, mail the Policyholder Notice to each relevant Policyholder and establish and maintain a toll-free telephone number to respond to inquiries from Policyholders and Producers related to the Novation.

• Any additional Books and Records created by the Ceding Company following such applicable Novation Date shall be transferred to the Assuming Company as soon as reasonably practicable, but no later than 15 Business Days, following their creation.

• Such filings will include, without limitation, filings related to the establishment by the Assuming Company of the Assuming Company Separate Accounts to mirror the existing Ceding Company Separate Accounts for the Novation Subject Contracts that constitute Variable Annuity Reinsured Contracts, new registration statements, prospectus supplements and/or disclosures relating to the Novation.

More Definitions of Novation

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

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 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 has the meaning set forth in the Preamble.

Novation means the automatic generation of Single Contracts by discharging an old obligation with the establishment of a new one;

Novation means a process by which the original obligation between a buyer and a seller is discharged through the substitution of the central counter-party as seller to the buyer and buyer to the seller, creating 2 new contracts;

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;