Document ID: chunk:federal_register_of_legislation:C2025C00096:schedule:1:p10
Version: federal_register_of_legislation:C2025C00096
Segment Type: schedule
Provision Reference: sch 1 (pt 10/51)
Character Range: 186564–189218

Sub‑clause 3.2.4 and interest thereon prior to 1 July 1989, provided that the Commonwealth notifies the Bank in writing on or prior to 24 May 1989 or such later date as may be agreed between the parties of the Commonwealth's election to receive the whole or any part of the instalment of five hundred million dollars ($500,000,000) and interest thereon prior to 1 July 1989.
            (a) In the event that the Bank receives notice under this Sub‑clause the Bank shall pay the amount specified in the notice on a date of its election prior to 1 July 1989, which date shall be notified by the Bank to the Commonwealth in writing approximately seven (7) days prior to the date on which the Bank elects to pay the amount and interest thereon.
            (b) In the event that the Bank pays the whole or any part of the instalment of five hundred million dollars ($500,000,000) and interest thereon on or prior to 30 June 1989, the balance of the Total Face Value and interest thereon shall be paid by the Bank to the Commonwealth in two equal instalments as follows:
               (i) the first instalment shall be paid in the manner set out in Sub‑clause 3.2.4; and
               (ii) the second instalment shall be paid in the manner set out in Sub‑clause 3.2.5.
    3.3 Manner of Payment
    The instalments of the Consideration referred to in Sub‑clause 3.2 shall be paid by 11.00 a.m. on the due dates by depositing the relevant amounts to the credit of the Commonwealth Public Account No. 002 21030‑0 with the Reserve Bank of Australia, Sydney, or as may be otherwise decided by the Commonwealth and notified to the Bank.
    3.4 Delay in Proclamation of Amending Act
    The Commonwealth and the Bank agree that, in the event that the Date of Proclamation is a date between 1 January 1989 and 30 June 1989, then:
       (a) the Bank shall pay the one hundred million dollars ($100,000,000) referred to in Sub‑clause 3.1.1(a) on the Date of Proclamation; and
       (b) the Bank shall pay the Total Face Value as follows:
           (i) by the payment in the sum of four hundred million ($400,000,000) seventy‑five (75) days after the Date of Proclamation; and
           (ii) by the payment of the balance of the Total Face Value one hundred and twenty (120) days after the Date of Proclamation or such other date as may be agreed between the parties, together with interest thereon calculated at the Interest Rate as from the Interest Commencement Date.
    3.5 Notice of Face Value
    The Corporation shall calculate the Face Value and shall notify the Bank of the Face Value within seven (7) days of the relevant Vesting Date or the Interest