Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p58
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 145372–148292

banking account as described in Sub-clause 9.5 can be used, (such purposes being described in Schedule E to this Agreement) and further agrees not to charge any fees (excluding statutory charges) to Borrowers in respect of withdrawals or debits made from these accounts which are directly attributable to the Portfolio Asset and/or Subsidised Advance instalment repayments.

SCHEDULE 1—continued
    9.7 Prepayments
    In the event that the Borrower pays to the Bank an amount in excess of that required to meet the monthly instalment on the Specified Portfolio Asset and/or Subsidised Advance, and the Borrower specifically elects for that amount to be treated as a prepayment then the Bank shall treat that amount as a prepayment. Such prepayments are to be applied by the Bank at the direction of the Borrower to reducing the principal and interest outstanding under the Borrower's Specified Portfolio Asset and/or Subsidised Advance without penalty to the Borrower.
    9.8 Effect of prepayment
    The Bank agrees that where a Borrower has made the election referred to in Sub-clause 9.7 the prepayment will not affect the monthly instalments payable by the Borrower, but shall reduce the term applicable to the Specified Portfolio Asset and/or Subsidised Advance.
    9.9 Prepayment on a loan
    In the event that the Borrower makes a prepayment on a loan account applicable to his Specified Portfolio Asset and/or Subsidised Advance which has more than one interest rate then the Bank shall credit that prepayment on a proportionate basis in accordance with the relationship between the amount of principal which attracts a single interest rate and the total principal outstanding.
    10. PROVISION OF INFORMATION
    10.1 Obligations of Bank to notify the Commonwealth
    The Bank shall notify the Comonwealth when the Bank Manager responsible for a Borrower's account becomes aware of or receives in the ordinary course of banking business any of the following concerning or regarding an Entitled Applicant or Borrower, such notification to be forwarded to the Commonwealth not more than seven (7) days after the Bank Manager becomes aware of or receives same:
      (a) written notice of marriage;
      (b) a purported transfer of land or land and dwelling house subject to Subsidy without Commonwealth consent;
      (c) written notice of death;
      (d) written notice of bankruptcy or insolvency;
      (e) seizure in execution of a Court order of the land or land and dwelling house;
      (f) ownership of any other dwelling house as at the date of issue of the Certificate of Entitlement;
      (g) cessation of the occupation of dwelling house without Commonwealth consent; and

SCHEDULE 1—continued
      (h) a failure to use the Subsidised Advance for the purpose set out in Part A of the Certificate of Entitlement.
    10.2 Variation of Bank's Obligations under Sub-clause 10.1
    The parties