Document ID: chunk:federal_register_of_legislation:C2010C00611:clause:4_4:p9
Version: federal_register_of_legislation:C2010C00611
Segment Type: clause
Provision Reference: sch 4 cl 4 (pt 9/11)
Character Range: 115027–117749

not apply
775‑205 What is a roll‑over?
775‑210 Notional loan
775‑215 Discharge of obligation to pay the principal amount of a notional loan under a facility agreement—forex realisation event 6
775‑220 Material variation of a facility agreement—forex realisation event 7

[This is the end of the Guide.]

Operative provisions

775‑185  What is a facility agreement?

  A facility agreement is an agreement between an entity (the first entity) and another entity or entities under which:
 (a) the first entity has a right to issue *eligible securities; and
 (b) an entity or entities must acquire the securities;
where the economic effect of the agreement is to enable the first entity to obtain finance in a particular *foreign currency:
 (c) up to the foreign currency amount specified in the agreement; and
 (d) during the term of the agreement.

775‑190  What is an eligible security?

  An eligible security is:
 (a) a bill of exchange, or a promissory note, that is:
 (i) non‑interest bearing; and
 (ii) issued at a discount to face value; and
 (iii) denominated in a particular *foreign currency; and
 (iv) for a fixed term; or
 (b) a security that is:
 (i) specified in the regulations; and
 (ii) denominated in a foreign currency; and
 (iii) for a fixed term.

775‑195  You may choose roll‑over relief for a facility agreement

 (1) You may choose roll‑over relief for a *facility agreement if:
 (a) you have entered into the agreement; and
 (b) you have a right to issue *eligible securities under the agreement; and
 (c) the economic effect of the agreement is to enable you to obtain finance in a particular *foreign currency:
 (i) up to the foreign currency amount specified in the agreement; and
 (ii) during the term of the agreement.

 (2) A choice must be made:
 (a) within 90 days after the first time you issue an *eligible security under the *facility agreement; or
 (b) within 90 days after the applicable commencement date; or
 (c) within 30 days after the commencement of this subsection.

Note: For applicable commencement date, see section 775‑155.

 (3) If you make a choice within 90 days after the first time you issue an *eligible security under the *facility agreement, the choice is taken to have been in effect throughout the period that began immediately before the first time you issued an eligible security under the facility agreement.

 (4) If:
 (a) you make a choice:
 (i) within 90 days after the applicable commencement date; or
 (ii) within 30 days after the commencement of this subsection; and
 (b) subsection (3) does not apply;
the choice is taken to have been in effect throughout the period that began at whichever is the later of the following times:
 (c) the start of the