New Zealand Gazette – 2010 – No. 177

Page 4352

✨ Contractual Agreement Terms



4352 NEW ZEALAND GAZETTE, No. 177 22 DECEMBER 2010

15.3 Limits on amendments to agreement: This agreement shall not be amended except to the extent the amendment is:

(a) to vary an address for transfers under the Credit Support Annex;

(b) to sign up or adhere to, or incorporate into the ISDA Documents, a protocol published and/or recommended by ISDA or the New Zealand Bankers Association (or any replacement for that association);

(c) to make changes of a minor or technical nature or to correct a manifest error; or

(d) necessary to comply with mandatory provisions of law.

Nothing in this clause prevents the parties from making promises or agreements outside of this agreement, whether related to the subject matter of this agreement or otherwise, on the basis that the parties acknowledge that such promises or agreements are not part of this agreement and accordingly the provisions of sections 119(4) and 130(1)(c) of the Electricity Industry Act 2010 do not apply to those promises or agreements.

15.4 Meaning of "amended": “Amended” includes removing, adding or changing a term of this agreement. This agreement is not amended in breach of clause 15.3 if:

(a) a party gives a notice or consent or exercises a right under this agreement that does not remove, add or change a term of this agreement; or

(b) the parties enter into another agreement contemplated by this agreement (in a manner that does not remove, add, or change a term of this agreement), including (without limitation):

(c) entering into the Confirmations contemplated by clause 4.2; or

(d) novating the Transactions under clause 7.1.

15.5 Privity: Clauses 15.3 and 15.4 are for the benefit of the Crown and are enforceable by it under the Contracts (Privity) Act 1982.

15.6 No implied waivers: Time shall be of the essence in the performance of this agreement but no failure on the part of either Party to exercise, and no delay on any of their parts in exercising, any right, power or remedy under this agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, power or remedy preclude any other or further exercise thereof or the exercise of any other right, power or remedy.

15.7 Consents: Subject to the terms of this agreement, either Party may give or withhold any approval or consent in its absolute discretion and either conditionally or unconditionally.

15.8 Remedies cumulative: The rights, powers and remedies provided in this agreement are in addition to, and not exclusive of, any rights, powers or remedies provided by law.

15.9 Waivers: A waiver of any provision of any Transaction Document will only be effective if it is expressly given in writing and signed by the Party granting it.



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Online Sources for this page:

Gazette.govt.nz — PDF NZ Gazette 2010, No 177




✨ LLM interpretation of page content

🏭 Limits on Amendments to Agreement

🏭 Trade, Customs & Industry
Amendment, Contract, Credit Support Annex, ISDA Documents, Protocol

🏭 Meaning of 'Amended'

🏭 Trade, Customs & Industry
Amendment, Contract, Terms, Confirmations, Novation

🏭 Privity Clause

🏭 Trade, Customs & Industry
Privity, Contracts (Privity) Act 1982, Crown, Enforceability

🏭 No Implied Waivers

🏭 Trade, Customs & Industry
Waiver, Rights, Powers, Remedies, Performance

🏭 Consents

🏭 Trade, Customs & Industry
Consent, Approval, Discretion, Conditions

🏭 Remedies Cumulative

🏭 Trade, Customs & Industry
Remedies, Rights, Powers, Law

🏭 Waivers

🏭 Trade, Customs & Industry
Waiver, Provision, Transaction Document, Writing, Signature