✨ Legal Agreement Amendments
4364 NEW ZEALAND GAZETTE, No. 177 22 DECEMBER 2010
(9) Section 7 is replaced with:
- Transfer
(a) Neither the rights nor the obligations of either party under this Agreement (including any Transaction) are capable of being assigned or transferred (whether at law, in equity or otherwise) or made the subject of any security interest or trust or other fiduciary obligation. Any action by a party that purports to do any of these things is void.
(b) Nothing in this Section 7:
(i) restricts a transfer by a party under Section 6(b)(ii); or
(ii) restricts a transfer by a party of its rights and obligations under this Agreement (including any Transaction) pursuant to a consolidation or amalgamation with or merger into, or transfer of all or substantially all its assets to, another entity (but without prejudice to any other right or remedy under this Agreement); or
(iii) restricts a novation of the rights and obligations of a party under this Agreement (including any Transaction); or
(iv) restricts a transfer by a party of all of its interest in an Early Termination Amount payable to it from a Defaulting Party, together with any amounts payable on or with respect to that interest and any other rights associated with that interest pursuant to Sections 8, 9(h) and 11; or
(v) prohibits either party from assigning, novating or otherwise transferring its rights and obligations under this Agreement (including any Transaction) as part of any reorganisation required by law.
(10) New Sections 9(i) and 9(j) are inserted as follows:
(i) Partial Invalidity. The illegality, invalidity or unenforceability of any provision of this Agreement under any law does not affect:
(i) the legality, validity or enforceability of that provision under another law; or
(ii) the legality, validity or enforceability of any other provision.
(j) Reliance. Each party may rely on any communication or document reasonably believed by it to be genuine and to have been made or delivered by the person or persons whose name or names and/or signatures have been previously notified to it by the other party.
(11) In Section 11, after "including legal fees, execution fees and Stamp Tax", insert the following:
and any goods and services tax;
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NZ Gazette 2010, No 177
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Agreement Clauses and Definitions
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🏭 Trade, Customs & IndustryLegal Agreement, Clauses, Definitions, Transaction Terms, Risk Assumption, Recording of Conversations, Set-off, Early Termination, Transfer Restrictions, Invalidity, Reliance, Goods and Services Tax