Document ID: chunk:federal_register_of_legislation:C2004A05067:schedule:1:p7
Version: federal_register_of_legislation:C2004A05067
Segment Type: schedule
Provision Reference: sch 1 (pt 7/8)
Character Range: 17117–19935

each subsidised advance and each amount owed under a loan secured by a specified portfolio asset is to be:

            (i) charged in arrears; and

           (ii) calculated by applying the applicable annual percentage rate divided by 365 to the outstanding daily balance of the subsidised advance loan account; and

         (c) if the Commonwealth terminates the interest subsidy in respect of a subsidised advance contract:

            (i) the Bank may terminate the contract and any associated portfolio mortgage, portfolio contract of sale, portfolio supplementary agreement or other portfolio agreement; and

            (ii) if the Bank does so, it is entitled to demand repayment of, and recover by action in any court or under the mortgage, the principal and interest and any other money owing under the contract, mortgage or agreement.

      (2) Clause 1.1 of the agreement has effect as if the definition of "Rest Day" were omitted and the following definition were substituted:

      Rest Day: means, in respect of a Specified Portfolio Asset or a Subsidised Advance, the fifth day of each month on which principal and accrued interest will be due and payable in respect of the relevant Subsidised Advance Loan Account.

      (3) Any reference to a rest day in any mortgage relating to a subsidised advance, or in any portfolio mortgage, portfolio contract of sale, portfolio supplementary agreement or other portfolio agreement, is taken to be a reference to a rest day as defined by subsection (2).

    (4) The agreement has effect as if Part B of Schedule D were omitted.

6 Section 45

    Add at the end:

      (2) Subsection (1) does not apply to any agreement made between the Commonwealth and the Bank within 3 months after the day on which the Veterans' Affairs Legislation Amendment Act (No. 1) 1996 receives the Royal Assent that amends, or otherwise affects, the operation of clause 8.1 or 11 of the agreement.

7 Commencement, transitional and saving provisions

    (1) Item 5 commences, or is taken to have commenced, on:

          (a) 1 November 1996; or

            (b) if the Consumer Credit Codes commencing day is after 1 November 1996—the Consumer Credit Codes commencing day.

      (2) Despite subitem (1) and anything in a Consumer Credit Code of a State or Territory, the Bank is taken, at all times before 1 June 1997, to have been entitled to calculate and charge interest in respect of subsidised advances, and amounts owed under loans secured by specified portfolio assets, in the manner prescribed by the agreement as in force immediately before the day on which this Act receives the Royal Assent.

    (3) If, during a period:

         (a) beginning on or after the day on which item 5 commences or is taken to have commenced; and

       (b) ending before 1 June