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

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

Examples of Novation in a sentence

• All clauses regarding Assignment are subject to Assignment of Claims and Novation and Change-of-Name Agreements.

• This Novation Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by facsimile transmission), each of which will be deemed an original.

• The parties will each pay their own costs and expenses (including legal fees) incurred in connection with this Novation Agreement and as a result of the negotiation, preparation and execution of this Novation Agreement.

• The Transferor, by its execution of a copy of this Novation Confirmation, agrees to the terms of the Novation Confirmation as it relates to the Old Transaction.

• The Transferee, by its execution of a copy of this Novation Confirmation, agrees to the terms of the Novation Confirmation as it relates to the New Transaction.

More Definitions of Novation

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

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;

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 that the assumed claim or policy

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;