Novation and Release. 1.1 With effect from the Effective Date as defined in paragraph “C” above and by mutual agreement between the parties and in consideration of the mutual undertakings and releases herein contained, the New Manager shall substitute the Existing Manager under the Management Agreement and the New Manager shall as from the Effective Date assume all rights and obligations of the Existing Manager arising out of or in connection with the Management Agreement and agrees to be bound in all respects in place of the Existing Manager by the terms of the Management Agreement, which shall hereafter be Ship Technical Management Agreement owners managers
Novation and Release. 1.1 Novation As of the Effective Date, AFSI agrees and undertakes to perform the obligations of AIIIM under the Management Agreement, whether arising prior to, on or subsequent to the Effective Date, and agrees to be bound by the terms and conditions of the Management Agreement in every way as if AFSI were named as a party to the Management Agreement in place of AIIIM. AFSI agrees to perform any and all past, present and future obligations of AIIIM under the Management Agreement.
Novation and Release. 3.1 (a) Without prejudice to Clauses 2 and 3.2, PCRD, Purchaser and New Trustee agree and undertake with each other that (i) PCRD, Purchaser and New Trustee shall perform and be bound by the terms and conditions of the Security Agreement on the basis that Purchaser replaces ICC as Securities Borrower thereunder and New Trustee replaces IPI as Securities Trustee thereunder and (ii) PCRD and New Trustee shall perform and be bound by the terms and conditions of the Share Charge Agreement on the basis that the New Trustee replaces IPI as Security Trustee thereunder; and
Novation and Release. 1.1 With effect from the Effective Date as defined in paragraph "F" above and by mutual agreement between the parties and in consideration of the mutual undertakings and releases herein contained, the Sub-Bareboat Charterer/Disponent Owner shall substitute the Owner under the Management Agreement and the Sub-Bareboat Charterer/Disponent Owner shall as from the Effective Date assume all rights and obligations of the Owner arising out of or in connection with the Management Agreement and agrees to be bound in all respects in place of the Owner by the terms of the Management Agreement, which shall hereafter be construed and treated in all respects as if the Sub-Bareboat Charterer/Disponent Owner had been originally named as a party to the Management Agreement.
Novation and Release. 1.1 With effect from the Effective Date as defined in paragraph "C" above and by mutual agreement between the parties and in consideration of the mutual undertakings and releases herein contained, the New Manager shall substitute the Existing Manager under the Management Agreement and the New Manager shall as from the Effective Date assume all rights and obligations of the Existing Manager arising out of or in connection with the Management Agreement and agrees to be bound in all respects In place of the Existing Manager by the terms of the Management Agreement, which shall hereafter be construed and treated in all respects as if the New Manager had been originally named as a party to the Management Agreement.
Novation and Release. (a) PCRD and Purchaser agree and undertake with each other that PCRD and Purchaser shall perform and be bound by the terms and conditions of the SLA on the basis that Purchaser replaces ICC as Borrower thereunder; and
Novation and Release. 1.1 With effect from the Effective Date as defined in paragraph "C" above and by mutual agreement between the parties and in consideration of the mutual undertakings and releases herein contained, the New Manager shall substitute the Existing Manager under the Management Agreement and the New Manager shall as from the Effective Date assume all rights and obligations of the Existing Manager arising out of or in connection with the Management Agreement and agrees to be bound in all respects in place of the Existing Manager by the terms of the Management Agreement, which shall hereafter be construed and treated in all respects as if the New Manager had been originally named as a party to the Management Agreement. Ship Technical Management Agreement OWNERS MANAGERS V.SHIPS SHIP MANAGEMENT AGREEMENT Version Number : 01-2013 Page Number : 30 of 32 Doc:VSMA File :
Novation and Release. (a) With effect from (and including) the Effective Date:
Novation and Release. 1.1 As from the Effective Date, HUF novates and transfers to 92 TRADING all of its rights and obligations under the Contract. References to HUF in the Contract will be read as references to 92 TRADING.
Novation and Release
