Network Encumbrances Sample Clauses

Network Encumbrances. (a) The purchase price of the Network Encumbrances shall be calculated as the present value of the net cash flows after tax arising or projected to arise from those Network Encumbrances listed in the Annex to this Schedule over a period of 15 years from the date of Completion (or in the case of bridges and sidings, a period of 20 years from the date of Completion), using a 10% discount rate. (b) The net cash flows relating to each Encumbrance are subject to verification prior to Completion under section 4 below. (c) Tranz Rail may enter into new Network Encumbrances pending Completion subject to the Crown’s prior written consent, such consent not to be unreasonably withheld. The Rail Network and Network Assets purchase price shall be adjusted to reflect any new net cash flows arising from such new Network Encumbrances by applying a valuation calculated on the equivalent basis to (a) above, subject to verification by the Crown. (d) The Network Encumbrances which will form part of the Rail Network and Network Assets purchase price are those listed in the Annex to this Schedule 3 (and no others). To avoid doubt no amount is payable by the Crown in respect of cash flows arising from the Tranz Scenic track access agreement forming part of the Material Contracts or in respect of any other track access agreement.