5Interpretation

5 Interpretation

(1)  In this Act –

approved form means a form approved by the Commissioner;

business day means a day that is not –

(a) a Saturday or Sunday; or

(b) a statutory holiday within the meaning of the Statutory Holidays Act 2000 ;

Commissioner means the Farm Debt Mediation Commissioner appointed under section 11(1) ;

cooling-off period, in relation to a draft mediation agreement or a mediation agreement, means the cooling-off period specified in section 36(2) ;

cooling-off period statement means a statement, in an approved form, specifying the cooling-off period;

Creditor means a person to whom a farm debt is, for the time being, owed by a farmer;

default, in relation to a farm mortgage, means failure to perform an obligation that, under the terms of the mortgage, is a ground for enforcement action;

draft mediation agreement means a draft mediation agreement prepared in accordance with section 34 ;

enforcement action, in relation to a farm mortgage, means taking possession of property under the mortgage or any other action to enforce the mortgage, including the giving of any statutory enforcement notice, or the continuation of any action to that end already commenced, but does not include –

(a) the completion of the sale of property held under the mortgage in respect of which contracts were exchanged before the commencement of Part 4 of this Act; or

(b) the enforcement of a judgment that was obtained before the commencement of of this Act;