✨ Agreement for Sale and Purchase of Power Stations
2616 NEW ZEALAND GAZETTE, No. 93 5 JULY 2011
10.7 Separate Agreements with Counterparties: As soon as practicable after Settlement, the Vendor and the Purchaser shall each use all reasonable endeavours to finalise the terms of each Agreed Form Contract with the relevant Counterparty. Each final Agreed Form Contract shall be substantially in the form in Schedule 7 provided that the Vendor and the Purchaser may make such amendments to the Agreed Form Contracts that:
(a) they consider are necessary or desirable to give effect to the purposes set out in section 120 of the EIA; or
(b) are administrative or technical in nature.
Once finalised with the relevant Counterparty, the Vendor and the Purchaser shall enter into and give effect to each Agreed Form Contract. Once the agreement amending the MIC Agreement is finalised with the Counterparty, the Vendor and the Purchaser shall enter into and give effect to the MIC Management Agreement.
10.8 Performance of Obligations: The Purchaser shall as from the Settlement Time be responsible for the performance of all obligations under Assigned Contracts and all obligations under the Purchaser Provisions (together "Assumed Obligations"). The Vendor shall both before and after the Settlement Time remain responsible for the performance of all obligations under the Vendor Provisions ("Retained Obligations"). The parties shall to the fullest extent co-operate with each other to enable the appropriate party to perform each obligation. This clause 10.8 shall apply whether or not a Counterparty has agreed to assignment, transfer, or other matters in terms of clauses 10.4 or 10.7.
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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, Assets, Obligations, Rectification, Indemnity, Hydrometric Stations, Licensed Consents, Replacement Consents, Settlement, Notification, Removal, Stakeholders, Co-operation, Information