Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p41
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 102103–104716

the Bank to the Commonwealth as at the relevant Vesting Date(s) or as at the Interest Commencement Date, whichever is the earlier, and the Total Face Value shall be paid in instalments by the Bank as set out in Sub-clauses 3.2.3, 3.2.4 and 3.2.5.
       3.2.3 The first instalment of the Total Face Value in the sum of four hundred million dollars ($400,000,000) shall be paid by the Bank on 15 March 1989.
       3.2.4 Subject to Sub-clause 3.2.6, the second instalment of the Total Face Value in the sum of five hundred million dollars ($500,000,000) and interest thereon shall be paid by the Bank at its election on a date between 1 July 1989 and 7 July 1989, of which date approximately seven (7) days prior notice shall be given to the Commonwealth in writing.

SCHEDULE 1—continued

       3.2.5 Subject to Sub-clause 3.2.6, the balance of the Total Face Value and interest thereon shall be paid by the Bank at its election on a date between 8 July 1989 and 14 July 1989, of which date approximately seven (7) days prior notice shall be given to the Commonwealth in writing.
       3.2.6 The Commonwealth may elect to receive the whole or any part of the instalment of five hundred million dollars ($500,000,000) referred to in 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