Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p35
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 86276–89130

for the sale of land on terms, as well as assistance in the form of benefits such as those now set out in Sections 18a, 29, 29aa, 29ab, 31, 33 and 35 of the Act.
  C. In the course of providing such assistance the Corporation has acquired interests as mortgagee in respect of mortgages over land and interests as vendor of land under contracts of sale on terms. The Corporation also is a party to other agreements which are supplementary to its lending activities under the Act.
  D. The Bank wishes to acquire such of the Corporation's interests as are described herein and for the consideration set out herein the Commonwealth is willing to pass legislation vesting such interests in the Bank.
  E. The Commonwealth is willing to provide the Bank with the exclusive right to provide advances and benefits to all persons who satisfy the tests of eligibility and entitlement under the Act current as at the date of this Agreement, other than those members of the Defence Force who enlisted after 14 May 1985.
  F. The Commonwealth is willing to pay to the Bank a Subsidy in respect of Specified Portfolio Assets, Subsidised Advances and certain other agreements.
  G. The Commonwealth and the Bank acknowledge that this Agreement is dependent upon the passage of legislation governing same, by the Parliament of the Commonwealth of Australia.
NOW THEREFORE IT IS AGREED AS FOLLOWS:
1. DEFINITIONS AND INTERPRETATIONS
In this Agreement except where the context otherwise requires:
1.1 Definitions
            Act: means the Defence Service Homes Act 1918 as amended as at the date of signing of this Agreement.
            Agreement:  means this Agreement between the Commonwealth and the Bank signed on the above date.

SCHEDULE 1—continued

            Amended Act: means the Defence Service Homes Act 1918 as amended by the Amending Act or any subsequent amendment.
            Amending Act: means the Defence Service Homes Amendment Act 1988.
            Arrears: means any amount of principal and/or interest due and unpaid by a Borrower under a Specified Portfolio Asset or Subsidised Advance.
            Balance: means the original amount lent to a Borrower, less all actual repayments of principal and all prepayments of principal (including any moneys held pursuant to a loan interest offset arrangement) plus unpaid interest and unpaid fees.
            Borrower: means a person who is liable to pay the outstanding amount:
                (a) of a Subsidised Advance in respect of which a subsidy is payable; or
                (b) secured by a Specified Portfolio Asset which vests in the Bank under section 6b of the Amended Act in respect of which Subsidy is payable.
               Business Day: means a day upon which banks are open for business in Sydney.
               Calendar Year: means a period of twelve (12) months commencing on