Document ID: chunk:federal_register_of_legislation:C2025C00096:schedule:1:p37
Version: federal_register_of_legislation:C2025C00096
Segment Type: schedule
Provision Reference: sch 1 (pt 37/51)
Character Range: 255787–258603

Act for inclusion in Certificates of Entitlement in respect of such Advances, as at the date upon which the Commonwealth exercises such right.
    12.4 Employee actions resulting in Subsidy over‑payment
     Where employees of the Bank knowingly:
       (a) participate in or assist in the preparation of an incorrect application for a Certificate of Entitlement, and/or
    (b) conceal or participate in the concealing of information,
    and such action results in an over‑payment of Subsidy then the Commonwealth shall be entitled to recover from the Bank immediately as a debt all Subsidy payments over‑paid. The Bank shall notify the Commonwealth immediately it becomes aware of any such action.
    12.5 Recovery of Subsidy
     Where the Bank fails to notify the Commonwealth of the circumstances referred to in Sub‑clauses 10.1 or 12.4 and such failure to notify results in payments of Subsidy which would not otherwise have occurred then the Commonwealth shall be entitled to recover from the Bank, the Borrower or the Entitled Applicant as it deems appropriate immediately as a debt all Subsidy payments that the Commonwealth has incurred and/or paid as a result of the Bank's failure to so notify.
           12.5.1 The Commonwealth shall be entitled to recover as from the last date that notification should have been given by the Bank.
    12.6 Default in payment of Consideration
    If the bank defaults in payment of the Consideration or any part thereof and the default continues for more than fourteen (14) days after notice in writing specifying the default has been served on the Bank then, notwithstanding anything contained herein and without prejudice to any other rights of the Commonwealth, the whole of the balance of the Consideration and other moneys due hereunder shall at the option of the Commonwealth become immediately due and payable.
    12.7 Breach of this Agreement‑Interest Payable
    If the Commonwealth or the Bank commits a breach of this Agreement, including default in payment of Consideration, the party in default shall without prejudice to any other rights of the other party pay on demand interest on any moneys overdue during the period of default. Such interest shall be the weighted average yield set at the most recent weekly tender for the thirteen (13) week Treasury Note plus four (4) per cent.
    12.8 Exercise of Remedies
    Time shall be of the essence of this Agreement. However, without prejudice to the other provisions of this Clause, if either party defaults under this Agreement the other party shall not be entitled to exercise any of its rights arising out of the default, including its right to sue for moneys then owing until it has served the party in default with a written notice specifying the default and its intention to exercise its rights