New South Wales Consolidated Acts

SYDNEY HARBOUR TUNNEL (PRIVATE JOINT VENTURE) ACT 1987 - SECT 7

7 Operation of certain agreements

(1) Any obligation imposed on the State by the Ensured Revenue Stream Agreement, or on the Commissioner by the Net Bridge Revenue Loan Agreement, being an obligation to make any payment (including any payment in respect of a loan) irrespective of any event or circumstance which otherwise would or might at law:

(a) terminate, or permit termination of, the agreement, or

(b) excuse compliance with or performance of, or provide a defence to, any proceedings to enforce the obligation,

shall operate and be enforceable in accordance with its terms, notwithstanding any provision of the Frustrated Contracts Act 1978 or any other Act or statute or any rule of law to the contrary.

(2) Any provision of the Ensured Revenue Stream Agreement or the Net Bridge Revenue Loan Agreement that provides that the agreement shall not be terminated on account of any matter or thing referred to in the agreement and shall be enforceable notwithstanding any such matter or thing:

(a) shall operate in accordance with its terms so that the agreement 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 agreement, and

(b) shall be enforceable in accordance with its terms,

notwithstanding any provision of the Frustrated Contracts Act 1978 or any other Act or statute or any rule of law to the contrary.