✨ Legal Agreement Amendments
4362 NEW ZEALAND GAZETTE, No. 177 22 DECEMBER 2010
(2) A new Section 2(a)(iv) is inserted as follows:
(iv) The condition precedent in Section 2(a)(iii)(1) does not apply to a payment due to be made to a party if it has satisfied all its payment obligations under Section 2(a)(i) and Section 9(h) and has no future payment obligations, whether absolute or contingent, under Section 2(a)(i) or Section 9(h).
(3) A new Section 2(a)(v) is inserted as follows:
(v) Each Transaction will be settled by way of payment, and neither party shall be required or obliged (in any circumstances) to provide delivery of the Commodity.
(4) A new Section 2(a)(vi) is inserted as follows:
(vi) If a party:
(A) satisfies Section 2(a)(iii) on a scheduled payment date, no account may be taken of its failure to satisfy Section 2(a)(iii) on any subsequent date in determining whether any obligation is due to it on that scheduled payment date; and
(B) does not satisfy Section 2(a)(iii) on a scheduled payment date, then the effect of this is only to suspend any obligation that would otherwise be owed to it on that date until it satisfies Section 2(a)(iii).(5) In Section 3:
(a) after the words "Section 3(g)" in line 2 of paragraph 1, the words ", 3(h) and 3(i)" are inserted; and
(b) new Sections 3(h) and 3(i) are inserted as follows:
(h) **Non-assignment:** It has not assigned (whether absolutely, in equity, by way of security or otherwise), declared any trust over or granted any security interest over any of its rights, interests, or obligations under this Agreement or any Transaction.
(i) **Authorised person:** It is either:
(i) a designated dealer (as defined in the Notice) and is acting on its own account; or
(ii) a person who falls within at least one of the classes of person referred to in clause 3(2)(a) of the Notice (or any substituted or amended clause) and who is acting on its own account.(6) At the end of Section 5(b)(iii), insert the following:
, provided that, if a party ceases to hold a valid certificate of exemption from New Zealand resident withholding tax under Section RE 27 of the Income Tax Act 2007, the provisions of this Section 5(b)(iii) will not apply to render it a Tax Event unless it results from a Change in Tax Law;(7) The following sentence is inserted at the end of the last paragraph of Section 6(b)(ii):
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NZ Gazette 2010, No 177
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