sec.7Transferring instruments

sec.7 Transferring instruments

This section applies if, immediately before the transfer date for a transfer schedule— the transfer schedule identifies an instrument relating to Stanwell; and the instrument is still in effect. The instrument applies to the recipient entity for the instrument instead of Stanwell on and from the transfer date. Stanwell, the recipient entity and any other party to the instrument must do all things necessary to enable the instrument to be applied to the recipient entity on and from the transfer date. Without limiting subsection (2) , on and from the transfer date— any right, title or interest arising under or relating to the instrument is taken to be transferred from Stanwell to the recipient entity; and a benefit or right provided by the instrument, given to, by or in favour of Stanwell is taken to have been given to, by or in favour of the recipient entity; and the recipient entity is taken to be a party to the instrument instead of Stanwell; and a reference in the instrument to Stanwell is taken to be a reference to the recipient entity; and a reference in the instrument to the shareholding Ministers of Stanwell is taken to be a reference to the shareholding Ministers of CleanCo; and an amount that is, or may become, payable to or by Stanwell under the instrument is taken to be an amount that is, or may become, payable to or by the recipient entity in the way the amount was, or might have become, payable to or by Stanwell. However, nothing in this section imposes a liability on the recipient entity to the extent that— the liability has not been transferred to the recipient entity under section 6 ; or Stanwell is liable for the liability under section 10 . (sec.7-ssec.1) This section applies if, immediately before the transfer date for a transfer schedule— the transfer schedule identifies an instrument relating to Stanwell; and the instrument is still in effect. (sec.7-ssec.2) The instrument applies to the recipient entity for the instrument instead of Stanwell on and from the transfer date. (sec.7-ssec.3) Stanwell, the recipient entity and any other party to the instrument must do all things necessary to enable the instrument to be applied to the recipient entity on and from the transfer date. (sec.7-ssec.4) Without limiting subsection (2) , on and from the transfer date— any right, title or interest arising under or relating to the instrument is taken to be transferred from Stanwell to the recipient entity; and a benefit or right provided by the instrument, given to, by or in favour of Stanwell is taken to have been given to, by or in favour of the recipient entity; and the recipient entity is taken to be a party to the instrument instead of Stanwell; and a reference in the instrument to Stanwell is taken to be a reference to the recipient entity; and a reference in the instrument to the shareholding Ministers of Stanwell is taken to be a reference to the shareholding Ministers of CleanCo; and an amount that is, or may become, payable to or by Stanwell under the instrument is taken to be an amount that is, or may become, payable to or by the recipient entity in the way the amount was, or might have become, payable to or by Stanwell. (sec.7-ssec.5) However, nothing in this section imposes a liability on the recipient entity to the extent that— the liability has not been transferred to the recipient entity under section 6 ; or Stanwell is liable for the liability under section 10 .