1954 NEW ZEALAND GAZETTE, No. 85 15 JUNE 2009

opinion) that Royalties reported by the Applicant for the period subject to the audit are understated by five percent (5%) or more from those Royalties actually paid, in which case the costs and expenses of such inspection and/or audit will be payable by the Applicant.

12. If the Applicant neglects or fails to pay any amount payable pursuant to this licence after the due date thereof, the amount owed will bear interest at a sum equal to the Bank of New Zealand’s standard business overdraft interest rate per annum plus a margin of 5% calculated on a daily basis from the due date paid and compounding monthly, provided that if this interest is held to be unenforceable for any reason, the interest rate will be the maximum rate allowed by law at the time the payment is due.

13. All amounts payable pursuant to this licence accruing in countries other than New Zealand will be payable in either:

(a) New Zealand Dollars; or

(b) United States Dollars

in amounts based on the rate of exchange for the relevant currency offered by any major International Trading Bank or the Bank of New Zealand on the day the relevant amount is paid or payable to LIC. In the event that either the Applicant cannot or it is impractical for the Applicant to comply with the operation of this clause, a comparable measure of the appropriate rate of exchange and/or method to exchange currency will be nominated by LIC.

14. The Applicant will not circumvent or attempt to circumvent the wording and intent of these licence terms.

15. Without limiting any other right or remedy of LIC whether expressed or implied:

(a) Breach of these licence terms by the Applicant will entitle LIC to:

(i) sue for damages for losses both direct and indirect;

(ii) seek injunctive relief under clause 15(b); and/or

(iii) cease (in LIC’s sole discretion either temporarily or indefinitely) the provision of any Core Data to the Applicant.

(b) The Applicant acknowledges that an actual or threatened breach of these licence terms may cause damage to LIC that is unable to be adequately compensated for by monetary damages. In such circumstances, LIC may seek in addition urgent injunctive relief from any Court of competent jurisdiction.

(c) The Applicant acknowledges and agrees that (without prejudice to LIC’s rights pursuant to clause 15(a)) in the event the Applicant is at any time in breach of these licence terms and that breach has not been remedied by the Applicant within 30 days of such breach occurring, then the Applicant waives for the purposes of Regulation 25(3) any right of confidentiality afforded by Regulation 25 and these terms together with evidence of any such unremedied breach shall be sufficient evidence for all purposes of such waiver of confidentiality pursuant to Regulation 25(3).

16. The Applicant acknowledges that LIC will appoint the DAA as its attorney and agent to act on its behalf for the duration of this licence (or any period during which the Applicant has not waived confidentiality pursuant to Regulation 25(3) (whether by operation of clause 15(c) or otherwise)).

17. For any period of this licence during which the Applicant has not waived confidentiality pursuant to Regulation 25(3) (whether by operation of clause 15(c) or otherwise), LIC will ensure the required standard of confidentiality pursuant to Regulations 25(1) and 25(2) is maintained by only acting as a party to this licence through the instrumentality of the DAA.

18. LIC will determine (in its sole discretion) whether any activity or use of Core Data undertaken by the Applicant is in competition with LIC’s Herd Recording, Herd Testing or Artificial Breeding Services.