Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p40
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 99492–102325

Clause.
    3.1.1 The Consideration referred to in Sub-clause 3.1 is the sum of:
           (a) one hundred million dollars ($100,000,000); and
           (b) the Total Face Value; and
           (c) interest calculated on a weekly basis at the Interest Rate as defined below on that part of the Total Face Value which has not been paid by the Bank to the Commonwealth as from the Interest Commencement Date to the date that payment of that part of the Consideration is received by the Commonwealth.
    3.1.2 For the purposes of this Clause, the words:
           (a) "Face Value" shall mean
              (i) if all the relevant Vesting Dates occur prior to the Interest Commencement Date the Principal Sum of the Specified Portfolio Assets as at their relevant Vesting Dates; or
              (ii) if one or more of the relevant vesting Dates falls after the Interest Commencement Date the Principal Sum of the Specified Portfolio Assets which vested prior to the Interest Commencement Date as at their relevant Vesting Dates and the Principal Sum of all Potential Portfolio Assets as at the Interest Commencement Date.
           (b) "Final Face Value" shall mean the Principal Sum of the Specified Portfolio Assets as at the relevant Vesting Dates whenever they occur.

SCHEDULE 1—continued

           (c) "Interest Commencement Date" means 30 April 1989 or, if the Date of Proclamation is a date between 1 January 1989 and 30 June 1989, the date which is one hundred and twenty (120) days after the Date of Proclamation.
           (d) "Interest Rate" shall be the weighted average yield set at the most recent weekly tender for the thirteen (13) week Treasury Note.
           (e) "Principal Sum" shall mean the outstanding principal, including all arrears of principal, and the outstanding interest, including all interest billed and unpaid as well as accrued since the last billing date.
           (f) "Total Face Value" shall mean the sum of the Face Values.
           (g) "Total Final Face Value" shall mean the sum of the Final Face Values.
3.2 Payment Schedule
    The Consideration, subject always to Sub-clause 3.4, shall be payable by instalments as follows:
       3.2.1 The sum of one hundred million dollars ($100,000,000) referred to in Sub-clause 3.1.1 (a) shall be due and payable by the Bank to the Commonwealth as follows:
          (a) the sum of ten million dollars ($10,000,000) on the Date of Proclamation; and
          (b) the sum of ninety million dollars ($90,000,000) on 1 January 1989.
       3.2.2 The Face Value referred to in Sub-clause 3.1.1 (b) shall be a debt due by 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