sec.24Provisions of financial arrangements and other arrangements

### sec.24 Provisions of financial arrangements and other arrangements Financial arrangements and other arrangements may contain absolute and unconditional covenants, undertakings, promises, guarantees or indemnities, which may include but are not limited to— absolute and unconditional covenants or promises by the Corporation or an affiliate to pay for, or to make payments calculated by reference to output or other product, or the prospect of obtaining output or other product, whether or not that output or other product is at any relevant time, produced or delivered or capable of being produced or delivered; and absolute and unconditional covenants or promises by the Corporation or an affiliate to purchase, and pay for, any property in the events or circumstances specified in the financial arrangements or other arrangements; and absolute and unconditional covenants or promises by the Corporation or an affiliate to make or procure loans (at interest or otherwise) in the events or circumstances specified in the financial arrangements or other arrangements and failing this to make payments not less than the amount that would have been lent; and guarantees and indemnities to secure payment of moneys to a person; or any of them. A covenant or promise referred to in subsection (1) (a) may contain an obligation to make payment in advance. Where the Corporation or an affiliate, in financial arrangements or other arrangements, makes a covenant or promise or gives an undertaking, guarantee or indemnity to make any payment irrespective of any event or circumstance which otherwise would or might at law terminate, or permit termination of, the arrangements or excuse compliance with, or performance of, or provide a defence to, any proceedings to enforce the covenant, promise, undertaking, guarantee or indemnity, the covenant, promise, undertaking, guarantee or indemnity shall operate and be enforceable in accordance with its terms notwithstanding any Act or rule of law to the contrary. Financial arrangements or other arrangements entered into by the Corporation or an affiliate, or related arrangements, may contain a provision that the arrangements shall not be terminated on account of any matter or thing referred to in the arrangements and shall be enforceable notwithstanding any such matter or thing, being or including (without limiting the generality of the foregoing) any default, event of force majeure or other event which would or might at law otherwise terminate, or permit termination of the arrangements or excuse compliance with, or performance of, or provide a defence to, any proceedings to enforce the arrangements, and where any financial arrangements or other arrangements, or related arrangements, so provide the provision— shall operate in accordance with its terms so that the arrangements shall not be capable of being terminated except by express agreement between the parties or in the events or circumstances expressly provided for in the arrangements; and shall be enforceable in accordance with its terms; notwithstanding any Act or rule of law to the contrary. Financial arrangements or other arrangements entered into by the Corporation or an affiliate may include an express waiver by the Corporation or affiliate of its immunity (if any) under any Act or rule of law from proceedings, either in whole or in part, and any such waiver shall operate in accordance with its terms notwithstanding any Act or rule of law to the contrary. Financial arrangements or other arrangements entered into by the Corporation or an affiliate, or related arrangements, may provide that the ownership of specified buildings, structures or fixtures, product or output of the land shall not vest in the owner of the land on which they are situated and that the buildings, structures, or fixtures, product or output are chattels and not realty and shall be transferable in accordance with the provisions of the arrangements to someone else. If financial arrangements or other arrangements entered into by the Corporation or an affiliate, or related arrangements, make provision for a matter mentioned in subsection (6) , the provision has effect despite any other law. In this section— related arrangements means arrangements, entered into by the Corporation, an affiliate or someone else, that give effect to, or are a part of, financial arrangements or other arrangements entered into by the Corporation or an affiliate. s 24 amd 2002 No. 56 s 27 (sec.24-ssec.1) Financial arrangements and other arrangements may contain absolute and unconditional covenants, undertakings, promises, guarantees or indemnities, which may include but are not limited to— absolute and unconditional covenants or promises by the Corporation or an affiliate to pay for, or to make payments calculated by reference to output or other product, or the prospect of obtaining output or other product, whether or not that output or other product is at any relevant time, produced or delivered or capable of being produced or delivered; and absolute and unconditional covenants or promises by the Corporation or an affiliate to purchase, and pay for, any property in the events or circumstances specified in the financial arrangements or other arrangements; and absolute and unconditional covenants or promises by the Corporation or an affiliate to make or procure loans (at interest or otherwise) in the events or circumstances specified in the financial arrangements or other arrangements and failing this to make payments not less than the amount that would have been lent; and guarantees and indemnities to secure payment of moneys to a person; or any of them. (sec.24-ssec.2) A covenant or promise referred to in subsection (1) (a) may contain an obligation to make payment in advance. (sec.24-ssec.3) Where the Corporation or an affiliate, in financial arrangements or other arrangements, makes a covenant or promise or gives an undertaking, guarantee or indemnity to make any payment irrespective of any event or circumstance which otherwise would or might at law terminate, or permit termination of, the arrangements or excuse compliance with, or performance of, or provide a defence to, any proceedings to enforce the covenant, promise, undertaking, guarantee or indemnity, the covenant, promise, undertaking, guarantee or indemnity shall operate and be enforceable in accordance with its terms notwithstanding any Act or rule of law to the contrary. (sec.24-ssec.4) Financial arrangements or other arrangements entered into by the Corporation or an affiliate, or related arrangements, may contain a provision that the arrangements shall not be terminated on account of any matter or thing referred to in the arrangements and shall be enforceable notwithstanding any such matter or thing, being or including (without limiting the generality of the foregoing) any default, event of force majeure or other event which would or might at law otherwise terminate, or permit termination of the arrangements or excuse compliance with, or performance of, or provide a defence to, any proceedings to enforce the arrangements, and where any financial arrangements or other arrangements, or related arrangements, so provide the provision— shall operate in accordance with its terms so that the arrangements shall not be capable of being terminated except by express agreement between the parties or in the events or circumstances expressly provided for in the arrangements; and shall be enforceable in accordance with its terms; notwithstanding any Act or rule of law to the contrary. (sec.24-ssec.5) Financial arrangements or other arrangements entered into by the Corporation or an affiliate may include an express waiver by the Corporation or affiliate of its immunity (if any) under any Act or rule of law from proceedings, either in whole or in part, and any such waiver shall operate in accordance with its terms notwithstanding any Act or rule of law to the contrary. (sec.24-ssec.6) Financial arrangements or other arrangements entered into by the Corporation or an affiliate, or related arrangements, may provide that the ownership of specified buildings, structures or fixtures, product or output of the land shall not vest in the owner of the land on which they are situated and that the buildings, structures, or fixtures, product or output are chattels and not realty and shall be transferable in accordance with the provisions of the arrangements to someone else. (sec.24-ssec.7) If financial arrangements or other arrangements entered into by the Corporation or an affiliate, or related arrangements, make provision for a matter mentioned in subsection (6) , the provision has effect despite any other law. (sec.24-ssec.8) In this section— related arrangements means arrangements, entered into by the Corporation, an affiliate or someone else, that give effect to, or are a part of, financial arrangements or other arrangements entered into by the Corporation or an affiliate. - (a) absolute and unconditional covenants or promises by the Corporation or an affiliate to pay for, or to make payments calculated by reference to output or other product, or the prospect of obtaining output or other product, whether or not that output or other product is at any relevant time, produced or delivered or capable of being produced or delivered; and - (b) absolute and unconditional covenants or promises by the Corporation or an affiliate to purchase, and pay for, any property in the events or circumstances specified in the financial arrangements or other arrangements; and - (c) absolute and unconditional covenants or promises by the Corporation or an affiliate to make or procure loans (at interest or otherwise) in the events or circumstances specified in the financial arrangements or other arrangements and failing this to make payments not less than the amount that would have been lent; and - (d) guarantees and indemnities to secure payment of moneys to a person; - (a) shall operate in accordance with its terms so that the arrangements shall not be capable of being terminated except by express agreement between the parties or in the events or circumstances expressly provided for in the arrangements; and - (b) shall be enforceable in accordance with its terms;