Document ID: chunk:federal_register_of_legislation:C2025C00096:schedule:1:p39
Version: federal_register_of_legislation:C2025C00096
Segment Type: schedule
Provision Reference: sch 1 (pt 39/51)
Character Range: 260998–264126

seek Subsidised Advances or other benefits under the Amended Act shall be notified that the Bank has the exclusive right to make such Subsidised Advances and to provide such benefits.

    14. PROVISION FOR REFUND OF PART OF $100 MILLION REFERRED TO IN SUB‑CLAUSE 3.1.1(a)
    14.1 The Commonwealth agrees that the Bank may be entitled to a refund of part of the Consideration pursuant to this Clause if, during the period of five (5) years commencing from the date of this Agreement, the Commonwealth should:
       (a) pass legislation to reduce or restrict the benefits of or the terms of entitlement to Subsidised Advances and Instalment Relief which the Bank has agreed to provide under this Agreement; or
       (b) introduce a different scheme of benefits for eligible persons who otherwise would be entitled to Subsidised Advances and Instalment Relief which the Bank has agreed to provide under this Agreement,
    and such action causes the number of Entitled Applicants applying to the Bank for Subsidised Advances and Instalment Relief in any of the five (5) years following the date of this Agreement to fall below four thousand (4,000). If the Bank is of the opinion that the above facts have occurred or will occur it may give notice of that situation to the Commonwealth. On receipt of such notice, the Commonwealth and the Bank shall meet with a view to verifying the facts and then determining the extent, if any, to which part of the Consideration referred to in Sub‑clause 3.1.1(a) paid by the Bank to the Commonwealth under this Agreement, and attributed by the Bank to its purchase of the exclusive right under this Agreement to provide Subsidised Advances and Instalment Relief to Entitled Applicants in future, namely $50 million, might be refunded to the Bank to take account of the effects of such action by the Commonwealth, such refund not to exceed the following sums:

Year in which number of applications received first falls below 4,000
                                                                       $m
Year 1                                                                 50
Year 2                                                                 40
Year 3                                                                 30
Year 4                                                                 20
Year 5                                                                 10
Year 6                                                                 Nil

    If, within a period of three (3) months after first verifying the facts, agreement has not been reached with the Commonwealth on the amount, if any, to be refunded to the Bank, then the parties shall refer the matter to arbitration in accordance with Clause 26 and any amount payable as a result of the arbitration shall be paid within seven (7) days of the determination of the arbitrator.

    15.5 WARRANTIES
    15.1 Bank
    The Bank warrants that:
         15.1.1 it undertakes and represents to the Commonwealth and it is a condition of this Agreement that the execution and delivery of this Agreement has been duly and validly