Common use of AGREEMENT TO NOVATE Clause in Contracts

AGREEMENT TO NOVATE. A novation of a Transaction or proportion of a Transaction under this Annex becomes binding when Party A accepts (in its absolute discretion) in accordance with Section 5.2 a Novation Confirmation from Party C which sets out the Novation Date for that Transaction or proportion of a Transaction and the Transferee Fund to which it will be novated and is otherwise in the form of the Schedule to this Master Novation Annex. Party C shall provide to Party B a copy of the Novation Confirmation.