Document ID: chunk:federal_register_of_legislation:C2010C00685:clause:3_1:p7
Version: federal_register_of_legislation:C2010C00685
Segment Type: clause
Provision Reference: sch 3 cl 1 (pt 7/9)
Character Range: 80399–83108

subject.

 (4) If the Minister for Transport and Regional Development has specified, in the decision under section 396‑70, the maximum amount of *tax offsets allowable for any income year for the project, the agreement must specify the maximum amount of tax offset allowable that will be available for each lender for each income year. The total of the amounts specified must not exceed the maximum specified in the decision.

 (5) The conditions specified in the agreement must include:
 (a) the conditions set out in section 396‑85; and
 (b) any conditions specified by the Minister for Transport and Regional Development in the decision under section 396‑70;
but may include such other conditions as the Minister for Transport and Regional Development considers appropriate.

396‑85  Conditions to be in all agreements

 (1) All *land transport facilities borrowings agreements must include the following conditions:
 (a) that the facilities covered by the agreement will be used in accordance with subsection (2);
 (b) that the borrower and each of the lenders will do each of the things that they state in the agreement that they will do;
 (c) that the borrower will not do anything that will cause section 51AD of the Income Tax Assessment Act 1936 or Division 16D of Part III of that Act to apply to any of the facilities concerned;
 (d) that the *borrowings will only be used in the construction of the facilities or the construction or acquisition of *related facilities;
 (e) that the borrower will keep proper records in respect of all dealings by the borrower with the borrowed money;
 (f) that the borrower and each of the lenders will keep proper records in respect of the doing of all other things specified in the agreement (for example, in respect of things done in constructing any facility);
 (g) that the borrower and each of the lenders will inform the Commissioner of any breach of the agreement within 30 days of becoming aware of the breach;
 (h) that each of the lenders will, as soon as is practicable, inform the borrower of the amount of any tax offset to which the lender is entitled for a borrowing under the agreement.

 (2) A facility is used in accordance with this subsection if the borrower:
 (a) owns the facility (or holds a *quasi‑ownership right granted by an *exempt Australian government agency over land to which the facility is attached); and
 (b) uses the facility principally for gaining or producing assessable income; and
 (c) effectively controls the use of the facility (other than by leasing it);
from the time that the facility is first used until the end of the last income year covered by the agreement.

396‑90  Variation of agreements

 (1) The parties