✨ Virtual Asset Swap Agreement
22 DECEMBER 2010 NEW ZEALAND GAZETTE, No. 177 4339
AGREEMENT dated
2010
PARTIES
GENESIS POWER LIMITED ("Genesis")
MERIDIAN ENERGY LIMITED ("Meridian")
INTRODUCTION
A.
In connection with the State-owned enterprises asset reconfiguration proposals contained in Subpart 2 of Part 5 of the Electricity Industry Act 2010 ("EIA"), Genesis and Meridian have been instructed to enter into a virtual asset swap involving one or more long-term contracts (of up to 15 years duration) with each other for financial hedges for electricity ("VAS Transaction").
B.
It is proposed that the VAS Transaction will be documented under a Master Agreement and ISDA Schedule to be entered into by Genesis and Meridian and that each separate Transaction will be recorded in a Confirmation (the Master Agreement, ISDA Schedule and any such Confirmations together, the "ISDA Documents").
C.
This agreement contains the terms and conditions relating to the VAS Transaction that are not included in the ISDA Documents and sets out the principles governing the rights of the parties in relation to various matters during the term of the VAS Transaction.
AGREEMENT
- INTERPRETATION
1.1 Definitions: In this agreement, unless the context otherwise requires:
"Approved Clearing Agent" means a central clearing counterparty approved by the Parties in accordance with clause 7.2.
"Approved Rating Agency" means Standard & Poor's, Moody's, Fitch, any of their respective successors, or any other credit rating agency from time to time agreed by the Parties (acting reasonably) to be an internationally recognised and reputable rating agency.
"Block" has the meaning given to it in clause 3.1(b).
"Business Day" means a day on which registered banks are open for ordinary over the counter business in Auckland and Wellington, excluding Saturdays, Sundays and statutory public holidays in Auckland or Wellington.
"CCP Adequacy Criteria" means, in relation to a central clearing counterparty at any time, that such person at that time:
(a) is not a related person of either Party; and
(b) has a Credit Rating of at least A (Standard & Poor's), A2 (Moody's) or the equivalent of such Credit Ratings granted by another Approved Rating Agency.
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NZ Gazette 2010, No 177
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Virtual Asset Swap Head Agreement
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