DEBENTURE TRUST DEED PURPOSE OF REPORT ...

Debenture Trust Deed 2
Definitions:
as quoted to the Trustee by a Reference Bank, at
which the Trustee is able to purchase New Zealand
dollars with the actual currency of the relevant part of
the nominal amount, or the relevant part of the
Secured Money owed to or by that person, at the time
at which that calculation is to be made, provided that:
such notional conversion shall not alter the
amount owing to, or secured in favour of,
such person; and
where a notional conversion is undertaken for the
purposes of clause 15.1, the conversion
shall be undertaken on the same date as
the Trustee makes the distribution under
that clause.
Following application of clause 15.1, for the purpose of
distributing the amount available for distribution to the
relevant Stockholder, the Trustee will convert the New
Zealand dollar amount available to be distributed to a
Stockholder to the relevant foreign currency in which
the relevant part of the Secured Money is owing by
reference to the applicable spot rate, as quoted to the
Trustee by a Reference Bank for the purposes of
clause 1.1.4(i)(B) above.
"Account Receivable" has the same meaning as in the PPSA;
"Act" means the Local Government Act 2002;
"Annual Plan" means the report prepared and adopted by the Council
under section 95 of the Act for each forthcoming financial year of the
Council;
"Annual Report" means the report prepared and adopted by the
Council under section 98 of the Act at the end of each financial year of
the Council;
"Auditors" means the person or persons for the time being holding the
office of auditor of the Council (or any agent or delegate of such person
or persons);
"Bearer Stock" means Stock issued in bearer form as provided for in
clause 0;
"Charged Assets" means:
(a) all rates from time to time set or assessed by the Council under
the Rating Act, and all rates revenue in respect thereof;
(b) each rate arising under section 115 of the Act in relation to any
Secured Money and the rates revenue from each such rate;
(c) the Proceeds of the rates, special rates or rates revenues
described in paragraphs (a) and (b) above, but only to the
extent to which such Proceeds constitute Accounts Receivable,
KCDC_n367613_v1_Fin-13-825_Appendix_1_Copy_of_Report_Fin-12-593_from_28_June_Council © Simpson Grierson