Document ID: chunk:federal_register_of_legislation:C2024C00682:schedule:1:p5
Version: federal_register_of_legislation:C2024C00682
Segment Type: schedule
Provision Reference: sch 1 (pt 5/50)
Character Range: 81406–84147

be done, the thing may be done on the first day following which is not a Saturday, a Sunday, a public holiday or a bank holiday in that place.
          1.2.8 Where in this Agreement any reference to time occurs, such time shall, unless it is otherwise specifically stated, be deemed in each State or part of the Commonwealth to mean the time in that State or part of the Commonwealth.
          1.2.9 A reference to a Clause shall be a reference to a Clause in this Agreement.
          1.2.10  A reference to the parties shall be a reference to the parties to this Agreement or their permitted assigns.
          1.2.11  All sums of money referred to in this Agreement and all payments made under this Agreement shall be in Australian dollars.

         2. AGREEMENT
         2.1 Parties to be bound by this Agreement.
     The parties hereby agree to be bound by all terms and conditions set out in this Agreement.
         2.2 Bank to act in accordance with Scheme
          The Bank further agrees to be bound by and to act at all times in accordance with the Scheme.

         3. FRANCHISE
          The Commonwealth hereby grants to the Bank;
        (a) during the Franchise Term the exclusive right to participate as the lender under the Scheme; and
        (b) in respect of Subsidised Loans advanced during the Franchise Term the exclusive right to receive Subsidy for the benefit of Subsidised Borrowers, or Subsidised Borrowers and Joint Borrowers, as the case may be,
        and the Bank accepts these grants.

         4. FRANCHISE PAYMENTS
    4.1 Payments
             The Bank agrees to pay to the Commonwealth:
             (a) forty‑two million dollars ($42 million); and
        (b) for each of the periods set out in Column 1 of Schedule A a payment calculated in accordance with the following formula:
       Where
       P = the payment due to the Commonwealth;
       a = the total number of Subsidy Payment Commencements made during the period set out in Column 1 of Schedule A, or 4,500 whichever is the lesser;
       b = the number set out in Column 2 on the same line as the period in Column 1; and
       c = the amount set out in column 3 on the same line as the period in Schedule A;
       provided that where P is a figure less than one (1), no payment shall be due to the Commonwealth in respect of that period.
         4.2. Provision of invoices
     The Commonwealth agrees to provide the Bank with a written invoice detailing its claim for payments due under Sub‑clause 4.1 (b).
    4.3 Times for payment
     The payments referred to in Sub‑clause 4.1 shall be made as follows:
        (a) the sum of forty‑two million dollars ($42 million) referred to in Sub‑clause 4.1 (a) on the Commencement Date