A Novation
<ol style="margin: 0px; padding: 0px; border: 0px; font-variant-numeric: inherit; font-variant-east-asian: inherit; font-stretch: inherit; line-height: inherit; font-family: -apple-system, BlinkMacSystemFont, "Segoe UI", Roboto, Lato, Helvetica, Arial, sans-serif; vertical-align: baseline; background-image: none; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial; list-style-position: inside; list-style-image: initial; color: rgb(34, 34, 34);"><li style="margin: 0px 0px 10px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; background: none;"><span class="ib-brac" style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; background: none;">(</span><span class="ib-content" style="margin: 0px; padding: 0px; border: 0px; font-style: italic; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; background: none;"><a href="https://en.m.wiktionary.org/wiki/law" title="law" style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; background: none; color: rgb(107, 75, 161);">law</a></span><span class="ib-brac" style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; background: none;">)</span> Replacement of a <a href="https://en.m.wiktionary.org/wiki/contract" title="contract" style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; background: none; color: rgb(107, 75, 161);">contract</a> with one or more new contracts, in particular in <a href="https://en.m.wiktionary.org/wiki/financial" title="financial" style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; background: none; color: rgb(107, 75, 161);">financial</a>markets the replacement of a contract between a particular buyer and seller with contracts between the <a href="https://en.m.wiktionary.org/wiki/clearing_house" title="clearing house" style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; background: none; color: rgb(107, 75, 161);">clearing house</a> and each <a href="https://en.m.wiktionary.org/wiki/party" title="party" style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; background: none; color: rgb(107, 75, 161);">party</a>.</li><li style="margin-top: 0px; margin-right: 0px; margin-bottom: inherit; margin-left: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; background: none;"><span class="ib-brac" style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; background: none;">(</span><span class="ib-content" style="margin: 0px; padding: 0px; border: 0px; font-style: italic; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; background: none;"><a href="https://en.m.wiktionary.org/wiki/law" title="law" style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; background: none; color: rgb(107, 75, 161);">law</a></span><span class="ib-brac" style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; background: none;">)</span> A new contract between the original contracting parties whereby the first <a href="https://en.m.wiktionary.org/wiki/obligation" title="obligation" style="margin: 0px; padding: 0px; border: 0px; font-style: inherit; font-variant: inherit; font-weight: inherit; font-stretch: inherit; line-height: inherit; font-family: inherit; vertical-align: baseline; background: none; color: rgb(107, 75, 161);">obligation</a> is extinguished and a new obligation is substituted.</li></ol>