Examples of Novated Contract in a sentence
For avoidance of doubt, this Chapter shall apply to all ISS Transaction resulting either from Novated Contract or Direct Business Contract.
No cover is provided for liabilities in the Novated Contract that were not covered by the Policy prior to the novation.
The marked-to-market gain or loss of each Novated Contract is calculated based on the difference between the Valuation Price of the security of the Novated Contract and the price at which the Novated Contract is bought and sold, as well as the quantity of securities in the Novated Contract.
The marked-to-market gains and losses of a Clearing Member’s Novated Contracts are aggregated to determine its Clearing Member Variation Margins: Clearing Member Variation Margins = Sum of (Valuation Price – Traded Price) × (buy quantity – sell quantity) of securities in each Novated Contract across all unsettled Novated Contracts of the Clearing Member Positive results are Clearing Member Variation Margin gains.
For the avoidance of doubt, the termination of each Novated Contract shall be without prejudiceto any of the rights or remedies of CDP thereunder and CDP's right to damages in respect of any breach (whether antecedent or otherwise)under each Novated Contract shall not be extinguished.
Upon the assumption reinsurance of each UNUM Contract and First UNUM Contract (each now a ‘‘Novated Contract’’), Lincoln Life or Lincoln Life on NY will assume all of UNUM’s or First UNUM’s liabilities under the Novated Contract.
The marked-to- market gain or loss of each Novated Contract is calculated based on the difference between the Valuation Price of the security of the Novated Contract and the price at which the Novated Contract is bought and sold, as well as the quantity of securities in the Novated Contract.
Where a Professional Service has been novated under a written contract (the "Novated Contract") to theInsured, Exclusion 3.3 (Contractual or Commercial Liabilities) will not apply to the Novated Contract.
Comment [B25]: Consequential to reflecting some of the buying-in provisions that will be removed from the Exchange Rules and included in Rule 5.2A below.(b) The Clearing House’s obligation to deliver Securities to a buying Clearing Participant pursuant to a Novated Contract on any due settlement day shall be discharged by the crediting of such Securities to the relevant securities account of the buying Clearing Participant or the buying Clearing Participant’s client by 9.00am on the due settlement day.
This would wholly eliminate the economic and other impacts of this rule.