4282

NEW ZEALAND GAZETTE

No. 178

determine jointly the basis for fixing the forestry licence fee;

(i) If either the Initiator or the Recipient fails to appoint a valuer within the 28 day period, then the determination of the basis for fixing the forestry licence fee shall be made by the sole valuer as nominated by either the Initiator or the Recipient, as the case may be, and such determination shall be final and binding on both parties as if the appointment had been by consent;

(ii) If both the Initiator and the Recipient have appointed valuers then, before proceeding with their determination, the said valuers shall agree upon and appoint an umpire (also qualified in the manner referred to in clause 1.9 (f) (i)) and obtain the umpire’s acceptance in writing of appointment;

(iv) Subject to clauses 1.9 (f) (ii) and 1.9 (f) (iii), the valuers so nominated shall within fifty six days (56) after the expiration of the 28 day period jointly determine the basis for fixing the forestry licence fee as at the General Review Date;

(v) Each valuer will provide to the other within twenty one (21) days after the expiration of the 28 day period a written assessment of the basis for fixing the forestry licence fee and will provide full details of the market evidence on which the assessment is particularly reliant;

(vi) If the said valuers are unable to agree upon a determination within fifty six (56) days after the expiration of the 28 day period then the basis for fixing the forestry licence fee shall be assessed by the umpire whose assessment shall be final and binding on the parties thereto. The umpire shall give such determination and the reasons therefor in writing;

(vii) In assessing the basis for fixing the forestry licence fee, the valuer(s) and/or umpire shall be deemed to be acting as expert(s) and not as arbitrator(s);

(g) Any amendment to the basis for fixing the forestry licence fee resulting from any general review in accordance with clause 1.9 shall take effect on and from the General Review Date applicable thereto so that each successive three yearly review of the forestry licence fee that takes place on and from such General Review Date shall be completed by substituting in clauses 1.5 through to 1.8 (inclusive) the new basis for fixing the forestry licence fee.

1.10 In any case where the general review in accordance with clause 1.9:

(a) Has been completed within six (6) months after the particular General Review Date then unless the forestry licence fee payable from that General Review Date is part of the foregoing general review provisions contained in clause 1.9, the forestry licence fee shall be reviewed and fixed in accordance with clause 1.5 through 1.8 (inclusive) as amended by clause 1.9 (g);

(b) Has not been completed within six (6) months after the particular General Review Date, then the Grantor may give the Grantor’s Notice in accordance with clause 1.5 (a) of its assessment of the forestry licence fee determined in accordance with the basis applicable at the immediately preceding Review Date, but any dispute arising from the Grantor’s Notice shall be determined as part of the general review in accordance with clause 1.9 (f);

(c) Has not been completed on the General Review Date and the Grantor has given the Grantor’s Notice pursuant to clause 1.10 (b) then:

(i) Pending completion of such general review, payment shall be made on the Review Date of the forestry licence fee nominated in such Grantor’s Notice for the next year; and

(ii) On completion of such general review in accordance with clause 1.9, either the Grantor shall refund any overpayment to the Grantee or the Grantee shall pay any deficiency to the Grantor. Any such refund or payment shall bear interest, compounded on quarterly rests and computed from the Review Date until the date at which such refund or payment is made in full at a rate that is 2% above the FRA midpoint 30 day bank bill rate as at 10.45 a.m. on Reuters page BKBM (or its successor page) on the date on which such amount is payable.

1.11 Without prejudice to the other rights and remedies of the Grantor hereunder if any forestry licence fee or other moneys owing by the Grantee to the Grantor on any account whatsoever pursuant to this Forestry Right shall be in arrear and unpaid for fourteen (14) days after the same shall have become due or demanded, whichever is the later, then such moneys shall bear interest compounded on quarterly rests and computed from such due date until the date of payment in full of such moneys at a rate that is 5% above the FRA midpoint 30 day bank bill rate as at 10.45 a.m. on Reuters page BKBM (or its successor page) on the date on which such amount is payable and the said interest shall be recoverable in like manner as the moneys so unpaid.

1.12 Where the interest rate formula referred to in clauses 1.3 (b), 1.8 (b), 1.10 (c), 1.11 and 4.5 can no longer be used to calculate an interest rate as a result of the information ceasing to be available the Grantor and the Grantee will agree upon a basis for determining the interest rate which will best achieve the result achieved under the existing method of determination and failing such agreement will refer the matter to arbitration.

2. Outgoings

(a) The Grantee will during the Term of this Forestry Right duly and punctually pay all general, water, special and other rates and all taxes (including land tax if any) and all other assessments, charges or imposts of a like nature or kind levied upon or payable in respect of the commercial forest within the Hunua Forest irrespective of the ownership thereof but excluding income tax or any tax on rents or licence fees or other tax assessed in respect of the income or profits of the Grantor.

(b) Where the Hunua Forest is separately rated the Grantor shall be entitled to supply the Grantee’s name to the appropriate authority for inclusion in the rating roll.

(c) If such rates, taxes and assessments shall not be separately levied or assessed in respect of the commercial forest within the Hunua Forest, then the Grantee will upon demand by the Grantor pay a share of the total of such rates, taxes and assessments in the proportion the land area of the commercial forest within the Hunua Forest bears to the land area subject to such rates, taxes, assessments or imposts. Solely for the purposes