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 GoM's support is underlined by its guarantee on PASB's additional MYR 20 billion IMTN Programme, soft loans allocated under the 10th Malaysia Plan, and a five-year moratorium on all Novated Federal Government loans.
R&Q has novated the outstanding liabilities to a new cell within its Bermuda subsidiary R&Q Quest (SAC) Limited and will now proceed to wind up the Trimac Acceptance and Trimac Exit companies as soon as possible, it said.
The group's book of business, which comprises non-standard automobile policies, was novated and transferred to Omni Insurance, which issues the same type of policies.
With a business sale, those contracts the buyer requires will need to be transferred, assigned or novated as part of the deal.
the licences for the software will be novated at the end of the defect period to swindon borough council.
and Petrobras Venezuela Investments & Services, both subsidiaries of Petrobras, breached the Agreement for the Provision of Drilling Services for the Titanium Explorer dated February 4, 2009 between PVIS and Vantage Deepwater Company and which had been novated to PAI and Vantage Deepwater Drilling, Inc.
The position exempts novated or transferred legacy SPV swaps from variation margin posting and thereby re-enabling the replacement of swap counterparties in legacy structured finance transactions for as long as the securitization transaction remains outstanding.