novation

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  • noun

Words related to novation

(law) the replacement of one obligation by another by mutual agreement of both parties

References in periodicals archive ?
This rating action is purely event driven following Commodity Futures Trading Commission's (CFTC) No-Action Position exempting novated or transferred legacy SPV swaps from variation margin posting.
It is an example of the way in which a design-and-build contract, where the architect is novated to the contractor (in this case Gleeson), can work extremely well.
Prior to the sale, most of Penn General's business was novated to OneBeacon with a small book of business fully reinsured by OneBeacon.
Fitch's rating action follows the 'No-action Position' of the CFTC exempting novated or transferred legacy SPV swaps from variation margin posting.
Tenders are invited for medite europe dac is seeking a suitably qualified and experienced lpc level 4 fire protection company for the mte chip handling and storage project to: o modify /extend existing ductile iron fire ring main o provide sprinkler systems to new buildings o provide deluge systems to conveyors and storage units o construct new valve house assemblies as required o manage all system isolations and testing o the preferred fire protection contractor will be novated to the me contractor (who will act as main contractor) as a domestic sub-contractor.
Therefore CIFG NA will receive AGC's financial strength ratings and additionally, policies associated with the 2009 reinsurance transaction between CIFG NA and AGC that have not been novated to AGC already, will become direct AGC obligations and the obligations insured by those policies will receive AGC's financial strength ratings.
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.
At the same time, internal retrocession business ceded by XL Re Life America Inc was novated from XL Life to a non-US subsidiary of SCOR.
With a business sale, those contracts the buyer requires will need to be transferred, assigned or novated as part of the deal.
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+').