✨ Legal Agreement Amendments
22 DECEMBER 2010 NEW ZEALAND GAZETTE, No. 177 4363
However, consent may be withheld if the other party considers that the creditworthiness of the transferee is, or is likely to be, materially weaker than the Affected Party.
(8) Section 6(f) is replaced with the following:
(f) Set-off
(i) If:
(A) an Early Termination Date occurs;
(B) on or after that date an amount is (or, but for this Section 6(f), would be) payable under this Agreement by one party ("Payer") to the other party ("Payee"); and
(C) on or after that date an amount ("Set-Off Amount") is payable (whether at that time, in the future or upon the occurrence of a contingency) by the Payee to the Payer (irrespective of the currency, place of payment or booking office of the obligation) in respect of a transaction ("Other Transaction") under any other contract ("Other Contract") between the Payee and the Payer or otherwise under this Agreement,
then:
(D) at the option of the Payer, the Other Transaction will become a transaction to which this Agreement applies and an amount equal to the Set-Off Amount will be deemed to be an Unpaid Amount due to the Payer for the purposes of Section 6(e); and
(E) the obligation of the Payee to pay the Set-Off Amount under the Other Contract or under this Agreement is terminated on the inclusion of that amount in accordance with subparagraph (D) in the calculation of the Early Termination Amount payable between the parties under Section 6(e).
(ii) The Payer must notify the Payee of any set-off effected under this Section 6(f).
(iii) If an obligation is unascertained, the Payer may in good faith estimate that obligation and set off in respect of the estimate, subject to the relevant party accounting to the other when the obligation is ascertained.
(iv) Nothing in this Section 6(f) creates a charge or other security interest. This Section 6(f) is without prejudice and in addition to any right of set-off, offset, combination of accounts, lien, right of retention or withholding or similar right or requirement to which any party is at any time otherwise entitled or subject (whether by operation of law, contract or otherwise).
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NZ Gazette 2010, No 177
✨ LLM interpretation of page content
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Agreement Clauses and Definitions
(continued from previous page)
🏭 Trade, Customs & IndustryLegal Agreement, Clauses, Definitions, Transaction Terms, Risk Assumption, Recording of Conversations, Set-off, Early Termination