Common use of Effect of assignment by Company Clause in Contracts

Effect of assignment by Company. (1) The Company may assign all or some of its rights under this Agreement with the written consent of the Minister. (2) An assignment shall be conditional on the assignee executing a deed in a form approved by the Minister under which the assignee agrees to be responsible for the performance of each of the obligations and conditions imposed by this Agreement that correspond to the rights assigned to it by the Company. (3) The Company shall be released from responsibility for the performance of each of the obligations and conditions of this Agreement that are assumed by an assignee by reason of sub-clause (2)." In clause 6, the word "fifty" is deleted and replaced with "one hundred". Sub-clauses 7(1) and 7(2) are omitted. In sub-clause 7(3), the words "of any extension pursuant to sub-clause (1) of this" are deleted and replaced with "specified in the last preceding". The word "further" is deleted. In sub-clause 7(4), the word "further" is deleted wherever it appears. The word "lease" is deleted and replaced with "licence". Clause 8 is amended as follows: the words "on or after the expiration of the first nine years or (if pursuant to clause 15 hereof that period is extended) twelve years of the term of this Agreement" are deleted; the number "15" is deleted and replaced with "19"; the words "or her" are inserted after "his"; the word "he" is deleted and replaced with "the Minister"; and the word "leases" is deleted and replaced with "licences". In sub-clause 9(2)(b), the words "sand gravel clay or earth" are deleted and replaced with "stone". Sub-clauses 9(3) and 9(4) are omitted. Sub-clause 10(1)(a) is amended as follows: the words "two shillings and sixpence" are deleted and replaced with "62 cents"; the words "each acre" are deleted and replaced with "each hectare"; and the words "an acre" are deleted and replaced with "a hectare". Sub-clause 10(1)(b) is amended as follows: the word "ton" is deleted and replaced with "tonne"; the word "or" is deleted after "electric power"; the words "or while the Company (whether alone or as part of a partnership or joint venture with others) is operating an aluminium smelting plant at Portland" are inserted after "hereof"; in paragraph (b)(i), the words "four xxxxx" are deleted and replaced with "38.7203 cents" and the words "one hundred thousand tons" are deleted and replaced with "one hundred and one thousand six hundred tonnes"; and