✨ Legal Amendment
NEW ZEALAND GAZETTE, No. 177
22 DECEMBER 2010
(I) Day Count - Interest Amount. The term "Interest Amount" in Paragraph 10 of this Annex is hereby amended in respect of subparagraph (z) of the definition only as follows:
"(z) 365"
(J) Personal Property Securities Act. The following paragraph is inserted as a new Paragraph 12:
"Paragraph 12. Personal Property Securities Act 1999
(a) Each party hereby agrees and confirms that nothing in this Annex is intended to create or does create in favour of either party a security interest as defined in, and for the purposes of, the Personal Property Securities Act 1999 (New Zealand) ("PPSA") in any personal property transferred by one party to the other party under the terms of this Annex.
(b) Notwithstanding the terms of the above agreement and confirmation or the other terms of this Annex, if (but only to the extent that) this Annex creates or provides for the creation of a security interest as defined in, and for the purposes of, the PPSA then, (x) each other document which describes any cash or other personal property which the parties agree is to be (or has been) transferred by one party to the other under the terms of this Annex (including, but not limited to, the entries in the records of each party for the other party in respect of the Eligible Credit Support comprised in the Credit Support Balance) is deemed to be incorporated into, and form part of, this Annex, and (v) each of the parties shall be deemed to have agreed from the date of this Annex to have:
(i) to the fullest extent possible, contracted out of:
(A) all of the sections referred to in section 107(1) of the PPSA; and
(B) all of the debtor’s rights referred to in section 107(2) of the PPSA; and
(ii) agreed that they will not register a financing statement on the Register (as defined in the PPSA) in respect of such security interest.
(c) If this Annex does not create or provide for the creation of a security interest which is governed by the PPSA, then Paragraph 12(b) above shall be of no force or effect and shall not be taken into account in construing any other provision of this Agreement, any Confirmation or the other terms of this Annex.
All terms used in this Paragraph 12 and not defined in the Agreement shall have the same meanings as in the PPSA."
IN WITNESS WHEREOF, the parties hereto have executed this Annex as of the date first above written.
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NZ Gazette 2010, No 177
✨ LLM interpretation of page content
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Form of Credit Support Annex
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🏛️ Governance & Central AdministrationLegal Form, Credit Support Annex, Financial Agreement, Transfer Procedures, Valuation