Document ID: chunk:federal_register_of_legislation:C2024C00682:schedule:1:p3
Version: federal_register_of_legislation:C2024C00682
Segment Type: schedule
Provision Reference: sch 1 (pt 3/50)
Character Range: 75738–78998

D. Entitlement to Subsidy will be determined by the Commonwealth in accordance with the Act.

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 Force (Home Loans Assistance) Act 1990 as amended from time to time.
Agreement:                           means this agreement between the Commonwealth and the Bank signed on the above date.
Application for Payment of Subsidy:  means an application to the Commonwealth for payment of Subsidy by an Entitled Person or Subsidised Borrower.
Bank:                                means National Australia Bank Limited or any person or body to whom it assigns all or any of its rights or obligations under this Agreement.
Benchmark Rate:                      means the rate of interest calculated in accordance with Sub‑clause 5.15.
Business Day:                        means a day upon which banks are open for business in Canberra and in Melbourne.
Calendar Year:                       means a period of twelve (12) Months, beginning on 1 January.
Commencement Date:                   means the day on which the entire Act comes into effect or 15 May 1991 whichever is the later.
Entitled Person:                     means a person who has been issued with an Entitlement Certificate pursuant to the Act.
Entitlement Certificate:             means an entitlement certificate issued pursuant to the Act by the Commonwealth.
Financial Year:                      means a period of twelve (12) Months commencing on 1 July.
Franchise Term:                      means the period from the Commencement Date to 31 December 2006.
Further Housing Loan:                means a Housing Loan made by the Bank in respect of the Property and is a loan which is in addition to the Subsidised Loan.
Grant of Approval:                   means a grant of approval given by the Commonwealth pursuant to the Act.
Housing Loan:                        means a loan from a bank to a borrower for any of the purposes for which Subsidised Loans may be made or increased under the Act and is a loan in respect of a dwelling in which it is intended that the borrower shall reside or is residing.
Joint Borrower:                      means a person, not being a Subsidised Borrower, joined as a mortgagor on Title with a Subsidised Borrower.
Lending Criteria                     means the lending criteria set out in Sub‑clause 5.7.
Member:                              means a member of the Defence Force.
Month:                               means a calendar month.
Mortgage:                            shall mean the mortgage, including statutory mortgages under a Torrens system of registration, securing the Subsidised Loan.
Property:                            means the property over which the Subsidised Loan is, or is to be secured, and shall be either:
                                     (a) real property; or
                                     (b) a Crown lease of real property where the term of the lease is more than fifty (50) years.
Rest Day:                            means the last Business Day of each Month.
Scheme:                              means the scheme of