✨ Legal Agreement Terms
NEW ZEALAND GAZETTE, No. 177
22 DECEMBER 2010
(16) The definition of "Business Day" contained in Section 1.3 of the 2005 Definitions is replaced with the following:
"Business Day. "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."
(17) The parties agree that, with effect from the date of this Agreement, the terms of Section 6 and the definitions and provisions contained in Annexes 1 to (and including) 15 of the 2002 Master Agreement Protocol published by the International Swaps and Derivatives Association, Inc. (the Protocol) are incorporated and shall apply to this Agreement as if the parties had adhered to the Protocol without amendment in respect of that Annex.
(18) Limits on amendments to agreement: This Agreement shall not be amended except to the extent the amendment is:
(a) to vary the account details of a party under a Confirmation;
(b) to sign up or adhere to, or incorporate into this Agreement, 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 Sub-Section (18) 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.
(19) Meaning of "amended": "Amended" does not include entering into the Confirmations contemplated by clause 4.2 of the Head Agreement but otherwise includes removing, adding or changing a term of this Agreement. This Agreement is not amended in breach of Sub-Section (18) 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 an agreement contemplated by this Agreement (in a manner that does not remove, add, or change a term of this Agreement), including (without limitation) entering into the Confirmations contemplated by clause 4.2 of the Head Agreement,
provided that entering into the Confirmations contemplated by clause 4.2 of the Head Agreement does not constitute adding or changing a term of this Agreement for the purposes of this Sub-Section (19).
(20) Privity: Sub-Sections (18) and (19) are for the benefit of the Crown and are enforceable by it under the Contracts (Privity) Act 1982.
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NZ Gazette 2010, No 177
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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, Business Day, Amendments, Privity