Document ID: chunk:federal_register_of_legislation:C2024C00682:schedule:1:p40
Version: federal_register_of_legislation:C2024C00682
Segment Type: schedule
Provision Reference: sch 1 (pt 40/50)
Character Range: 169864–172361

the singular shall include the plural and vice versa, and words importing the masculine gender shall include the feminine and neuter genders.
   2. Subject to Clause 3 hereof, interest shall accrue to the Bank for so long as the balance of the loan remains unpaid and shall be calculated at the Scheme rate applicable from time to time on the daily balance of the loan. Such interest shall be debited to the loan account on each interest day.
       3. (i) The Applicant agrees that, during such period/s as the Bank is not in receipt of subsidy, interest accruing to the Bank pursuant to Clause 2 hereof shall be calculated at the current interest rate and the Bank may review the instalments payable pursuant to Clause 4 hereof in the manner provided for in sub‑clauses 6 (ii) or 6 (iii) hereof.
       (ii) Paragraph (i) hereof shall not apply during such periods as the Bank is not in receipt of subsidy by reason only that subsidy has been suspended pursuant to the Scheme.
   4. The Applicant shall pay to the Bank the instalments set out in Item 3 of the Schedule or the instalments as varied pursuant Clause 6 hereof on the dates set out in Item 3 of the Schedule until the loan shall have been repaid and all interest and other money owing to the Bank hereunder shall have been paid, provided however, that the instalments payable by the Applicant pursuant to this clause shall be reduced by such amount as in necessary to reflect the amount of subsidy, if any, paid in respect of the loan.
   5. Each instalment referred to in Clause 4 shall be applied first in or towards payment of interest and the balance (if any) shall reduce the balance of the loan.
       6. (i) The following provision shall apply during such period/s as the Bank is in receipt of subsidy:—
        Upon the anniversary of the final drawdown of the loan in   each year, or upon the fixing of a new Scheme rate, the Bank may review the instalments payable pursuant to Clause 4 hereof and the amount of each instalment payable thereafter may be varied by the Bank to ensure that the balance of the loan is repaid by instalments of equal amounts within the term of the loan set out in Item 2 of the Schedule or within such other period as may be agreed between the Bank and the Applicant. In the event that the Bank should so vary the amount of instalments, the Bank shall give one months notice to the Applicant of such variation.
       (ii) If no reference rate is set out in Item 3 of the Schedule, and the Bank