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.
1.2 The Owner hereby agrees to continue to be bound by the Management Agreement in all respects vis-a-vis the New Manager from the Effective Date and further agrees to release the Existing Manager from any further liability under the Management Agreement that may arise or be incurred from events after the Effective Date.
1.3 Any issues or disputes arising between the Existing Manager and the New Manager in connection with the Management Agreement shall be resolved between themselves without involving or prejudicing the Owner.
1.4 Nothing in this Novation Agreement shall affect or prejudice any claim or demand whatsoever which either the Owner or the Existing Manager may have against the other relating to matters arising prior to the Effective Date.
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. 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. 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 :
1.2 The Owner hereby agrees to continue to be bound by the Management Agreement in all respects vis-a-vis the New Manager from the Effective Date and further agrees to release the Existing Manager from any further liability under the Management Agreement that may arise or be incurred from events after the Effective Date.
1.3 Any issues or disputes arising between the Existing Manager and the New Manager in connection with the Management Agreement shall be resolved between themselves without involving or prejudicing the Owner.
1.4 Nothing in this Novation Agreement shall affect or prejudice any claim or demand whatsoever which either the Owner or the Existing Manager may have against the other relating to matters arising prior to 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.
1.2 As from the Effective Date, 92 TRADING undertakes to perform HUF’ obligations under the Contract and to be bound by the terms of the Contract in every way as party to the Contract in place of HUF.
1.3 As from the Effective Date, and except as provided in clause 2, HUF and CAMECO mutually release each other from their obligations under the Contract.
1.4 CAMECO consents to the novation and transfer. As from the Effective Date, and except as provided in clause 2, CAMECO releases and discharges HUF from all future claims and demands whatsoever in respect of the Contract and accepts the liability of 92 TRADING under the Contract. CAMECO agrees to be bound by the terms of the Contract as from the Effective Date in every way as if 92 TRADING were named in the Contract as a party in place of HUF.
Novation and Release. (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
(i) PCRD releases and discharges ICC from all liabilities and obligations arising in favour of or owed to PCRD by ICC under the Security Agreement as Securities Borrower and PCRD releases and discharges IPI from further obligations arising in favour of or owed to PCRD by IPI under the Security Agreement and the Share Charge Agreement as Security Trustee and (ii) ICC and IPI release and discharge PCRD from all liabilities and obligations arising in favour of or owed to them, and the security in their favour created, by PCRD under the Security Agreement and the Share Charge Agreement provided that (01) such releases and discharges shall not affect any of the parties' respective rights accruing due and/or obligations to be performed before the Effective Time and (02) the releases and discharges under Clause 3.1(b)(ii) shall not in any way prejudice the security created in favour of the New Trustee pursuant to this Agreement, in each case with effect from the Effective Time referred to in Clause 4 below and with intent inter alia that Purchaser and New Trustee should receive and assume as at and from that time all outstanding rights and obligations of the Securities Borrower and Security Trustee, respectively, under the Security Agreement and the Share Charge Agreement. At the Effective Time IPI shall transfer to New Trustee all Security Shares (as defined in the Share Charge Agreement) then held by it. PCRD acknowledges and agrees that it shall have no rights of any nature against Purchaser in respect of or in connection with any and all liabilities and obligations whatsoever, under the Security Agreement, which arise prior to the Effective Time and PCRD acknowledges and agrees that it shall have no rights of any nature against New Trustee under this Agreement, the Security Agreement and the Share Charge Agreement in respect of or in connection with any and all obligations whatsoever, which arise prio...
Novation and Release. (a) With effect from (and including) the Effective Date:
(i) the Resigning Borrower shall hereby transfer by novation to the Acceding Obligor all of the Resigning Borrower’s rights and obligations as a Borrower under the Project Facilities Agreement and the Intercreditor Agreement; and
(ii) pursuant to the terms of each ISDA Novation Agreement, the Resigning Borrower shall transfer by novation to the Acceding Obligor all of the Resigning Borrower’s rights and obligations under the Interest Hedging Instruments to which it is a party.
(b) Pursuant to Clause 5.2(a) above, the Lenders and each Agent confirm and agree that:
(i) the Acceding Obligor shall assume all of the rights and obligations of the Resigning Borrower under the Project Facilities Agreement and the Intercreditor Agreement; and
(ii) the Resigning Borrower shall:
(A) be released from its obligations as a Borrower under the Project Facilities Agreement and the Intercreditor Agreement;
(B) cease to be a Borrower; and
(C) have no further rights and obligations under the Project Facilities Agreement and the Intercreditor Agreement as a Borrower.
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.
1.2 With effect from the Effective Date all references to the Flag shall be amended to mean the flag of the Xxxxxxxx Islands.
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
(b) PCRD releases and discharges ICC from all liabilities and obligations arising in favour of or owed to PCRD by ICC under the SLA provided that such release and discharge shall not affect their respective rights accruing due and/or obligations to be performed before the Effective Time, in each case with effect from the Effective Time referred to in Clause 5 below and with intent inter alia that Purchaser should receive and assume as at and from that time all outstanding rights and obligations of ICC as Borrower under the SLA. PCRD acknowledges and agrees that it shall have no rights of any nature against Purchaser in respect of or in connection with any and all liabilities and obligations whatsoever under the SLA, which arise prior to the Effective Time and ICC acknowledges and agrees that it shall remain liable for any and all of its liabilities and obligations whatsoever under the SLA which arise prior to the Effective Time.
Novation and Release
