✨ Legal Definitions
"Default GST" means an amount equal to any additional tax, civil penalty, late payment penalty or interest payable by the Vendor in relation to GST chargeable in respect of the Transaction as a consequence of the non-payment or late payment of such GST but does not include any such amount payable by reason of a default by the Vendor after payment of the GST (and any Default GST) to the Vendor by the Purchaser in accordance with this Agreement.
"Default Interest" is defined in clause 7.4.
"EIA" means the Electricity Industry Act 2010.
"Expert" means the person appointed as an expert under clause 15.1(a).
"Good Industry Practice" means that degree of skill, diligence, prudence and foresight which would reasonably and ordinarily be expected from a skilled, reasonable and experienced operator in the hydro-electricity generation industry in the same or similar circumstances, with reference to best international standards and practice.
"GST" means goods and services tax imposed by the GST Act.
"GST Act" means the Goods and Services Tax Act 1985.
"Hydrometric Station Equipment" means the hydrometric assets and equipment listed in Schedule 6.
"Intellectual Property" means the intellectual property and industrial property rights and interests (including common law rights and interests) owned or held by the Vendor exclusively in connection with the Power Stations and/or the Assets including without limitation:
(a) patents, trademarks, service marks, copyrights, registered designs, trade names, symbols and logos and any patent applications or applications to register trademarks, service marks and designs; and
(b) all formulae, methods, plans, data, drawings, specifications, characteristics, equipment designs, inventions, discoveries, improvements, know how, experience, trade secrets or other information used exclusively in relation to, or developed exclusively in connection with, the Power Stations or the Assets,
and includes those items listed in Schedule 3.
"IRD" means the New Zealand Inland Revenue Department.
"Land" means freehold land and leasehold interests and all other rights or interests in land (including licences and easements) and rights under Part 3 of the Electricity Act 1992, held, legally or beneficially, by the Vendor (whether or not, in respect of freehold land, title has been issued in the name of the Vendor) listed in Schedule 1 together with all buildings, structures and facilities on, under or over any such Land which are owned by the Vendor subject in each case to any existing leases, licences, agreements to lease, easements or other encumbrances registered on any certificate of title for the Land or listed or described by class or category in Schedule 1.
"Line" means the 33kV transmission line running from the Pukaki substation to the Tekapo B Power Station including the disconnector and protection equipment up to the demarcation point within the Pukaki substation.
"MIC Agreement" means the agreement described in paragraph 9 of Part B, Schedule 5.
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NZ Gazette 2011, No 93
✨ LLM interpretation of page content
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Agreement for Sale and Purchase of Power Stations
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🌾 Primary Industries & ResourcesAgreement, Sale, Purchase, Power Stations, Definitions, Consents, Contracts