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novation
(redirected from novate)

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Novation
Defeasance whereby the firm's debt is cancelled.
Novation
1. The transfer of a contract from one party to another by mutual consent of the original counterparties and the concurrence of the new party.

2. See: Rollover.
novation
The substitution of one debt with another debt.
novation

The substitution of a new contract, debt, or obligation for an existing one. Usually encountered when a tenant assigns the lease to another,or when a new building owner requires all existing tenants to execute novation agreements.The effect is to extinguish all obligations under the old agreements and replace them with the new obligations.
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The Orange GSA schedule and all other existing contracts will novate to the new company, as will all Orange employees.
ST Net Inc by Set-Aside Alert
On the other hand, where the import project Government is required to provide a guarantee of PPA obligations, including project buy-out, for an LNG-fuelled IPP, it may look at the fuel contract as an integral part of the project and require the LNG supplier to agree to novate the LNG supply contract in case of termination of the PPA.
The Main Issues In International LNG Sales Contracts: Susan Farmer by APS Review Downstream Trends
The Orange GSA schedule and all other existing contracts will novate to the new company, as will all Orange employees.
ST Net Inc by Set-Aside Alert
 
 
 
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