✨ Agreement for Transitional Services
NEW ZEALAND GAZETTE, No. 93
5 JULY 2011
PAGE 2704
AGREEMENT dated
2011
PARTIES
MERIDIAN ENERGY LIMITED ("Meridian")
GENESIS POWER LIMITED ("Genesis")
INTRODUCTION
A.
Under the Electricity Industry Act 2010, the shareholding Ministers of the parties have directed the boards of directors of each party to require their respective companies to enter into a number of agreements, including this agreement and an agreement for sale and purchase under which Meridian will sell to Genesis the Tekapo A Power Station and Tekapo B Power Station (and associated infrastructure and equipment, including the canal known as the Tekapo Canal) ("Stations").
B.
Meridian has agreed that Meridian will, for a period after settlement of the purchase of the Stations by Genesis, provide to Genesis certain services to facilitate the transfer and ongoing operation of the Stations.
C.
Meridian and Genesis have agreed to establish a project steering group in order to effect an orderly transition of ownership of the Stations, and to supervise, and liaise in respect of, the services referred to in paragraph B.
AGREEMENT
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INTERPRETATION
1.1
Definitions:
In this agreement unless the context otherwise requires:
"Bill Rate" means in respect of any rate of interest to be calculated pursuant to this agreement the mid or "FRA" rate for 90 day bank accepted bills (expressed as a percentage) as quoted on Reuters page BKBM (or any successor page) at or about 10.45 am on the first Business Day of the period in respect of which such rate of interest is to be calculated, and thereafter at intervals of 90 days from that Business Day.
"Business Day" means any day other than a Saturday, Sunday or a statutory public holiday in Wellington.
"GCS Equipment" means the two station servers and associated software and control terminals that are located in each of the Stations and which form part of the "Generation Control System".
"General Services" means the services described in Schedule 1 as amended from time to time in accordance with clause 3.3.
"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 chargeable, or to which a person may be liable, under the Goods and Services Tax Act 1985, and any penalties, additional tax or interest payable in respect of goods and services tax.
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NZ Gazette 2011, No 93
✨ LLM interpretation of page content
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Agreement for Transitional Services between Meridian Energy Limited and Genesis Power Limited
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🏭 Trade, Customs & IndustryAgreement, Transitional Services, Meridian Energy Limited, Genesis Power Limited, Electricity Industry Act 2010, Tekapo A Power Station, Tekapo B Power Station, Tekapo Canal, Project Steering Group, General Services, Good Industry Practice, GST