✨ Legal Agreement Details
2610 NEW ZEALAND GAZETTE, No. 93 5 JULY 2011 14
payment calculated on a daily basis at the Bill Rate for the period from Settlement to the date of payment.
7.3 TPNZ Adjustment: Without limiting clause 7.2, if Transpower New Zealand Limited ("TPNZ") seeks to recover from the Purchaser any amount on account of TPNZ’s apportionment methodology (as that methodology applies to HVDC rental amounts and their apportionment to South Island based electricity generators) and that amount:
(a) relates to the Power Stations; and
(b) wholly or partly relates to a period before the Settlement Date,
(a "TPNZ Claim"),
then, subject to clause 17, the Vendor shall pay to the Purchaser (if and to the extent the Vendor has not satisfied such amount directly with TPNZ) the amount of the TPNZ Claim that relates to the period before the Settlement Date (and interest or other charges payable to TPNZ in respect of the TPNZ Claim). For the avoidance of doubt, if TPNZ makes, or may seek to make, any TPNZ Claim against the Purchaser, clause 17 shall apply.
If the amount payable by the Vendor has not been agreed by the date 40 Business Days after the Purchaser requests payment of an amount under this clause or, if the Vendor exercises its rights under clause 17 in relation to the TPNZ Claim, 40 Business Days after the conclusion of action taken by the Vendor under clause 17, either party may require it to be determined under clause 15. The Vendor shall in such circumstances also pay to the Purchaser interest on the amount paid by the Vendor calculated on a daily basis at the Bill Rate for the period (if any) from the date on which the Purchaser makes payment to TPNZ to the date on which the Vendor pays the Purchaser.
7.4 Default interest: If either party does not pay any amount payable under this Agreement (other than an amount payable under clause 4.5) on the due date for payment ("Due Date") that party shall pay to the other party interest (both before and after judgment) on that amount. That interest shall be:
(a) paid at the Bill Rate plus 5% per annum; and
(b) calculated on a daily basis from and including the Due Date until the unpaid amount is paid in full.
The right of a party to require payment of interest under this clause does not limit any other right or remedy of that party.
7.5 Payments: The Purchaser shall pay all amounts payable under this Agreement in immediately available funds:
(a) free of any restriction or condition;
(b) free of (and (except to the extent required by law) without any deduction or withholding on account of any Taxation; and
(c) without any deduction or withholding on account of any other amount, whether by way of set-off, counterclaim or otherwise.
7.6 Reduction in Consideration: Any monetary amount received by the Purchaser as a result of any breach by the Vendor of any Warranty or any other obligation under this Agreement is to be in reduction and refund of the Consideration.
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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
(continued from previous page)
🌾 Primary Industries & ResourcesAgreement, Sale, Purchase, Power Stations, Legal Title, Trust Relationship