✨ Power Station Agreement
5 JULY 2011 NEW ZEALAND GAZETTE, No. 93 2613
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(a) Operation of Business: operate, conduct and deal with the Power Stations and the Assets in the ordinary course of business and in accordance with Good Industry Practice.
(b) Maintain Assets: maintain all Assets in accordance with Good Industry Practice and in accordance with the Vendor’s 2009/2010 maintenance plan, a copy of which is attached as Schedule 10;
(c) No Encumbrances: not sell, transfer, lease, assign or otherwise dispose of or encumber or permit any encumbrance to arise over any Asset (except in the ordinary course of business or pursuant to retention of title clauses imposed by suppliers in the ordinary course of business).
(d) No Material Contracts: not enter into any contract which would have a Material impact on the future viability or operation of the Power Stations except after prior consultation with and the approval of the Purchaser, which approval will not be unreasonably withheld or delayed except that no consultation will be required where an urgent decision is necessary in the case of an emergency or other situation which:
(i) may endanger the safety of any person; or
(ii) compromises the security of any Asset; or
(iii) is likely to result in an imminent breach of any consent, statute, regulation, by-law or other legal requirement,and the Vendor must notify the Purchaser forthwith after entry into of the relevant contract.
(e) Operation of Power Stations: operate the Power Stations and the other Assets as a reasonable and prudent operator in accordance with Good Industry Practice including, for the avoidance of doubt, taking such steps as may be necessary in the case of an emergency or other situation which may endanger the safety of employees of the Vendor or the security of any Material Asset (notwithstanding any other provision of this clause 9.1).
(f) Consents: maintain, comply with in all material respects, and, if necessary, seek renewals of all licences, consents or authorisations currently held by the Vendor relating to or governing the holding or operation of the Power Stations and the Assets.
(g) Material expenditure: not make or commit to make any expenditure on any item or related series of items that is reasonably likely to alter the value of the Assets to be transferred to the Purchaser by $1,000,000 or more, except after prior consultation with and the approval of the Purchaser, which approval will not be unreasonably withheld or delayed, except that no consultation will be required where an urgent decision is necessary in the case of an emergency or other situation which:
(i) may endanger the safety of any person; or
(ii) compromises the security of any Asset; or
(iii) is likely to result in an imminent breach of any consent, statute, regulation, by-law or other legal requirement,Next Page →
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, Assets, Obligations, Rectification, Indemnity, Hydrometric Stations, Licensed Consents, Replacement Consents, Settlement