Document ID: chunk:federal_register_of_legislation:C2010C00611:clause:4_4:p10
Version: federal_register_of_legislation:C2010C00611
Segment Type: clause
Provision Reference: sch 4 cl 4 (pt 10/11)
Character Range: 117525–120281

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 applicable commencement date;
 (d) the first time you issued an *eligible security under the *facility agreement.

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

 (5) A choice must be in writing.

 (6) A choice continues to apply until the *facility agreement ends.

Note: If forex realisation event 7 happens (material variation of facility agreement), subsection 775‑220(5) terminates your choice.

 (7) A choice may not be revoked.

 (8) An *ADI or a *non‑ADI financial institution is not entitled to make a choice under this section.

775‑200  Forex realisation event 4 does not apply

  A *forex realisation gain or a *forex realisation loss you make as a result of forex realisation event 4 is disregarded to the extent to which the event happens because:
 (a) you discharge your obligation under an *eligible security issued by you under a *facility agreement; and
 (b) you have made a choice for roll‑over relief for the facility agreement, and that choice is in effect.

775‑205  What is a roll‑over?

  A roll‑over happens under a *facility agreement if:
 (a) you discharge your obligation under an *eligible security issued by you under the agreement (the rolled‑over security); and
 (b) at the same time, you issue a new eligible security (the new security) under the agreement; and
 (c) the issue of the new security is related to the discharge of your obligation under the rolled‑over security in one of the following ways:
 (i) your obligation under the rolled‑over security is wholly or partly set‑off against your right to receive the *foreign currency issue price of the new security;
 (ii) your obligation under the rolled‑over security is wholly or partly satisfied by the issue of the new security; and
 (d) you have made a choice for roll‑over relief for the agreement, and that choice is in effect; and
 (e) the new security is issued on or after the applicable commencement date; and
 (f) if you have not made an election under section 775‑150—the rolled‑over security is issued on or after the applicable commencement date.

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

775‑210  Notional loan

 (1) The rules in this section have effect only for the purposes of this Subdivision.

Notional loan

 (2) If you issue an *eligible security under a *facility agreement otherwise than as a result of a roll‑over, you are taken to have been given a loan (the notional loan):
 (a) of a *foreign currency principal amount equal to the foreign currency face value of the security;