Novation

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Novation

 

in civil law, an agreement between parties to substitute one obligation for another. Under Soviet law, novation is used in relations between citizens and between socialist organizations, most often in credit relations.

References in periodicals archive ?
The novated programme under MSB has been assigned a rating of AIS with a stable outlook, full details of which have been provided in our rating announcement on 2 May 2013.
The 104 claims have been novated into the Agreement with 100 percent ownership reverting to Teck Cominco, and First Narrows' costs associated with the acquisition of the 104 claims being allowable expenditures for First Narrows under terms of the Agreement.
In the transaction listed below, the swap agreements will be novated from the existing Merrill Lynch entity, to a new swap counterparty, Bank of America NA (rated 'A+'/Rating Watch Negative/'F1+').
a specialist supplier will be novated to the main contract.
The Sukuk issued by PLUS is to be repaid with future operating cash flows from the acquired portfolio of tolled expressways, the concessions of which will be novated to the issuer.
THAT the board be and is hereby directed that no amendment or extension of time for allowing performance of, or satisfaction of conditions to, the Creditor Restructuring Agreement made as of 30th September 2003 between, inter alia, the Company, certain of its subsidiaries, certain of its creditors, certain of its bankers, British Nuclear Fuels PLC, and certain of its bondholders (as may have been amended, varied or novated prior to the date of this resolution) be allowed, granted or made without the previous sanction of a special resolution of the Company.
Apollo of FL's book of business consists of non-standard automobile policies, which have been novated and transferred to OMNI, another issuer of the same type of policies.
It is intended that the architect, structural engineer, mechanical and electrical engineer and BREEAM consultants will be novated to the successful contractor.
Chi-X said that all trades executed through Chi-Vision are novated to EMCF as central counterparty (CCP), thereby reducing the counterparty risk and avoiding the cost associated with bilateral settlement where participants settle directly with each other.
Company's investment management agreement has today been novated to Ghaliston.