| C2004C05145 | LOAN (DEFENCE) ACT 1968 [Note: This Act is "repealed" by Act No. 61 of 1981]
(#DATE 19:12:1973)
Compilation Information
- Reprinted as at 19 December 1973
LOAN (DEFENCE) ACT 1968-1973 - TABLE OF PROVISIONS
TABLE
LOAN (DEFENCE) ACT 1968-1973
TABLE OF PROVISIONS
Section
1. Short title
2. Commencement
3. Interpretation
4. Approval of borrowing
5. Expenditure of loan moneys
6. Payment of moneys out of Consolidated Revenue Fund
7. Exemption from taxation
8. National Debt Sinking Fund Act not to apply
THE SCHEDULE
Agreement dated and entered into 2 October 1968
-----------------
LOAN (DEFENCE) ACT 1968-1973 - SECT. 1.
Short title.
SECT
United States of America and to authorize the expending of those Moneys for
Defence Purposes, and for purposes connected therewith.
Short title amended; No. 32, 1918, s. 2.
1. This Act may be cited as the Loan (Defence) Act 1968-1973.*
LOAN (DEFENCE) ACT 1968-1973 - SECT. 2.
Commencement.
SECT
2. This Act shall come into operation on the day on which it receives the
Royal Assent.*
LOAN (DEFENCE) ACT 1968-1973 - SECT. 3.
Interpretation.
SECT
3. (1) In this Act, ''the Loan Agreement'' means the agreement entered into
between the Commonwealth and the Export-Import Bank of the United States a
copy of which is set out in the Schedule to this Act.
(2) For the purposes of this Act-
(a) the promissory notes delivered by the Commonwealth under the Loan
Agreement shall be deemed to form part of the Loan Agreement; and
(b) a payment in accordance with the Loan Agreement by the Export-Import
Bank of the United States of moneys in discharge of a liability of the
Commonwealth shall be taken to be the loan of an amount equal to those moneys
by the Export-Import Bank of the United States to the Commonwealth.
LOAN (DEFENCE) ACT 1968-1973 - SECT. 4.
Approval of borrowing.
SECT
4. The borrowing by the Treasurer, on behalf of the Commonwealth, in
accordance with the Loan Agreement, of moneys in the currency of the United
States of America not exceeding in the whole Seventy-five million dollars is
approved.
LOAN (DEFENCE) ACT 1968-1973 - SECT. 5.
Expenditure of loan moneys.
SECT
5. The proceeds of borrowing under the Loan Agreement may be issued and
applied for defence purposes.
LOAN (DEFENCE) ACT 1968-1973 - SECT. 6.
Payment of moneys out of Consolidated Revenue Fund.
SECT
6. The expenses of borrowing and all moneys payable by the Commonwealth
under the Loan Agreement, including moneys payable in respect of interest or
by way of repayment of moneys borrowed, shall be paid out of the Consolidated
Revenue Fund, which is appropriated to the extent necessary for the purposes
of this section.
LOAN (DEFENCE) ACT 1968-1973 - SECT. 7.
Exemption from taxation.
SECT
Sub-section (1) amended by No. 216, 1973, s. 3.
7. (1) Notwithstanding anything contained in any law of the Commonwealth or
of a State or Territory, whether passed or made before or after the
commencement of this Act-
(a) the execution, issue and delivery of the Loan Agreement or of any
promissory note provided for by that agreement; and
(b) the payment of moneys referred to in paragraph A of Article VIII of
that agreement,
shall be exempt from all taxes, duties, fees, restrictions and other charges
as agreed in that article.
(2) Nothing in this section excludes or limits the application of section 6B
of the Loans Securities Act 1919-1968.
LOAN (DEFENCE) ACT 1968-1973 - SECT. 8.
National Debt Sinking Fund Act not to apply.
SECT
8. The National Debt Sinking Fund Act 1966-1967 does not apply in relation
to moneys borrowed under the Loan Agreement.
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LOAN (DEFENCE) ACT 1968-1973 - THE SCHEDULE
SCH
THE SCHEDULE
Section
3
THIS AGREEMENT, made and entered into the 2nd day of October, 1968, by and
between the Commonwealth of Australia (hereinafter called ''Borrower'') and
the Export- Import Bank of the United States (hereinafter called
''Eximbank''), an agency of the United States of America,
WITNESSETH:
WHEREAS, the Borrower has entered or will enter into arrangements
(hereinafter called ''Purchase Arrangements'') with the Department of Defense,
United States of America (hereinafter called ''DOD''), and with various United
States suppliers, for the purchase of 24 F111C aircraft, spares, associated
equipment, and services (said purchases being hereinafter collectively called
''Purchase Program''); and
WHEREAS, the Borrower has requested Eximbank to establish a line of credit
in its favor to assist the Borrower in financing payments required to be made
by the Borrower to the DOD and to United States suppliers under the Purchase
Arrangements for or towards the acquisition in the United States of that
portion of the Purchase Program which consists of (i) equipment, components,
and articles produced or manufactured in the United States to the extent that
at least ninety-five per cent (95%) of the value thereof has been added by
labor or material exclusively of United States origin; and (ii) services of
United States origin (the items in (i) and (ii) hereof being hereinafter
collectively called ''Eligible Items''), and
WHEREAS, the establishment of the line of credit requested will facilitate
exports and imports and the exchange of commodities between the United States
of America and Australia;
NOW, THEREFORE, the parties hereto agree as follows:
ARTICLE I
Line of Credit
Eximbank hereby establishes in favor of the Borrower a line of credit
(hereinafter called ''Credit'') in the principal amount of Seventy-Five
Million Dollars (U.S. $75,000,000), United States currency, against which
Eximbank will make disbursements from time to time, subject to the terms and
conditions hereinafter set forth, to assist the Borrower in financing payments
required to be made by the Borrower under Purchase Arrangements satisfactory
to Eximbank for or towards the acquisition in the United States of that
portion of the Purchase Program which consists of Eligible Items.
ARTICLE II
Repayment of Credit
The Borrower covenants and agrees to repay the principal amount of the
Credit, and to pay interest thereon, subject to the following terms and
conditions:
(a) Principal and Interest. The Borrower shall repay the disbursements
under the Credit in fourteen (14) approximately equal installments, the first
of which shall be due and payable on the 31st day of December following the
close of the fiscal year of Eximbank in which such disbursements were made
with the remaining thirteen installments due and payable successively
semiannually thereafter. In addition to the foregoing amounts, the Borrower
shall pay interest semiannually on the 30th day of June and the 31st day of
December at the rate of six per cent (6%) per annum on the principal amount of
the Credit disbursed and outstanding from time to time, said interest to
accrue from the dates of the respective disbursements under the Credit and to
be computed on the basis of the actual number of days using a 365-day factor.
Interest shall not be charged for the date on which any principal payment is
made on the amount of such principal payments. All payments of principal and
interest hereunder shall be made in United States currency at the principal
office of The Chase Manhattan Bank in the City of New York, State of New York,
United States of America in Federal Reserve Bank of New York funds.
(b) Promissory Notes. Further to evidence the obligation of the Borrower to
pay the amount specified in subparagraph (a) of this Article, the Borrower
shall within thirty (30) days following the close of each fiscal year of
Eximbank issue and deliver to Eximbank a negotiable promissory note in the
form of Annex ''A'' to this Agreement in the principal amount of the
disbursements made under the Credit by Eximbank during the preceding fiscal
year. Each note shall be dated as of the last day of July of the year
preceding the year of issue, printed or lithographed on one side of one sheet
of bank note or safety paper and be in form and substance satisfactory to
Eximbank. Although notes shall bear interest from their date of issue,
appropriate adjustment will be made so that interest is charged only from the
dates of the respective disbursements. (The term ''Notes'' shall mean the
promissory note or notes evidencing the principal amount of the disbursements
under the Credit outstanding at any one time.)
(c) Prepayments. The Borrower shall have the right, upon payment of all
accrued charges for interest, to repay at any time in advance of maturity,
without premium or penalty, all or part of the principal amount of the Credit
at the time outstanding, and of the Notes; provided, that any such prepayments
shall be applied to the Notes in the inverse order of their issue and to the
installments of said Notes in the inverse order of their maturity.
(d) Application of Payments. All payments made by the Borrower on or in
respect of the principal of and interest on the Credit, and of the Notes,
shall be applied first to accrued interest and then to the repayment of
principal.
(e) Commitment Fee. The Borrower shall on the 30th day of June and the 31st
day of December of each year pay to the order of Eximbank at the principal
office of The Chase Manhattan Bank in the City of New York, State of New York,
United States of America in Federal Reserve Bank of New York funds a
commitment fee computed at the rate of one-half of one per cent (1/2 of 1%)
per annum on the undisbursed, uncancelled or unexpired balance of the Credit
outstanding, using a 365-day factor; said commitment fee to accrue from
October 5, 1968, through June 30, 1971.
ARTICLE III
Disbursement Procedures
A. Disbursements to DOD. When all conditions precedent to the first
utilization of the Credit have been fulfilled, Eximbank will upon receipt of
the following in form and substance satisfactory to it, make disbursements
from time to time on behalf of the Borrower to the account of the DOD for the
purpose of financing payments required to be made by the Borrower (i) under
Purchase Arrangements satisfactory to Eximbank and (ii) in conformity with the
purposes for which the Credit has been established:
(1) Request. A request signed by a duly authorized representative of the
Borrower for a disbursement in the amount specified in the statement required
by subparagraph (2) below;
(2) DOD Statement. A statement of the DOD (a) identifying the Purchase
Arrangement(s) under which disbursement is being requested by the Borrower;
(b) verifying that the amount of the requested disbursement is due under said
Purchase Arrangement(s) and specifying the due date thereof; and (c)
certifying that the amount of the requested disbursement will be applied for
or towards the acquisition in the United States of Eligible Items;
(3) Additional Information. Such additional documents and information as
Eximbank may from time to time reasonably request.
B. Disbursements to United States Suppliers. When all conditions precedent
to the first utilization of the Credit have been fulfilled, Eximbank will upon
receipt of the following in form and substance satisfactory to it, make
disbursements from time to time on behalf of the Borrower to the account of
United States suppliers at commercial banks in the United States designated by
such suppliers and acceptable to Eximbank for the purpose of financing
payments required to be made by the Borrower (i) under Purchase Arrangements
satisfactory to Eximbank and (ii) in conformity with the purposes for which
the Credit has been established:
(1) Request. A request signed by a duly authorized representative of the
Borrower for a disbursement in the amount specified in the statement required
by sub-paragraph (2) below;
(2) Supplier Statement. A statement of the United States supplier or
suppliers (a) identifying the Purchase Arrangement(s) under which disbursement
is being requested by the Borrower; (b) verifying that the amount of the
requested disbursement is due under said Purchase Arrangement(s) and
specifying the due date thereof, and (c) certifying that the amount of the
requested disbursement will be applied for or towards the acquisition in the
United States of Eligible Items;
(3) Additional Information. Such additional documents and information as
Eximbank may from time to time reasonably request.
However, Eximbank will not make disbursements under this paragraph B of less
than Ten Thousand Dollars (US$10,000) United States currency, per United
States supplier.
C. Disbursements to Borrower. When all conditions precedent to the first
utilization of the Credit have been fulfilled, Eximbank will, upon receipt of
the following in form and substance satisfactory to it, make disbursements
from time to time to the account of the Borrower at a commercial bank in the
United States designated by the Borrower and acceptable to Eximbank to
reimburse the Borrower for payments made by the Borrower to the DOD or the
United States supplier or suppliers (i) under Purchase Arrangements
satisfactory to Eximbank and (ii) in conformity with the purposes for which
the Credit has been established:
(1) Request. A request signed by a duly authorized representative of the
Borrower for a disbursement in the amount specified in the statement required
by sub-paragraph (2) below;
(2) Statement. A statement or statements of the DOD or the United States
supplier or suppliers, as the case may be, (a) identifying the Purchase
Arrangement(s) under which disbursement is being requested by the Borrower;
(b) verifying that the amount of the requested disbursement was paid under
said Purchase Arrangement(s); and (c) certifying that an amount equal to the
amount of the requested disbursement has been or will be applied for or
towards the acquisition in the United States of Eligible Items;
(3) Additional Information. Such additional documents and information as
Eximbank may from time to time reasonably request.
D. Report. Within thirty (30) days following the close of each fiscal year
of Eximbank, the Borrower shall submit or cause to be submitted to Eximbank an
expenditure report which shall set forth on a cumulative basis through the
close of such fiscal year of Eximbank, an itemized statement of (1) all
expenditures in connection with the Purchase Program, said expenditures to be
segregated as between those financed by Eximbank under this Agreement and
those financed out of other funds, as well as between United States currency
and other currencies, and (2) the amount (hereinafter called ''Excess
Disbursements'') if any, by which the aggregate of all funds disbursed by
Eximbank under this Agreement exceeds the aggregate of such funds utilized
through the close of such fiscal year of Eximbank for or towards the
acquisition in the United States of that portion of the Purchase Program which
consists of Eligible Items financed under this Agreement, irrespective of
whether such Excess Disbursements shall have been caused by (a) the
utilization of such funds for or towards other than the acquisition of
Eligible Items, (b) adjustments or refunds, or (c) any reason of whatsoever
nature; said report to be satisfactory in form and substance to Eximbank, and
to bear or be accompanied by evidence of the approval of a duly authorized
representative of the Borrower.
E. Repayment of Excess Disbursements. The Borrower shall on the first
repayment date of principal following the due date of each report required by
paragraph C of this Article, make a repayment to Eximbank in advance of
maturity on the principal amount of the Credit and the Notes at the time
outstanding in an amount equal to the aggregate of the Excess Disbursements
outstanding as of the close of the fiscal year of Eximbank immediately
preceding the due date of the aforementioned report; provided that:
(1) any such repayment as aforesaid shall be applied ratably to the
outstanding installments of principal of the Credit and the Notes falling due
subsequent to the repayment date in question; and
(2) the Borrower shall be entitled to exchange for each outstanding Note a
new Note conforming to the requirements of sub-paragraph (b) of Article II
hereof and in substantially the form of Annex ''A'' to this Agreement in a
principal amount equal to the principal amount of this surrendered Note less
the aggregate of any repayments of principal made upon the surrendered Note
and the proportion of any such repayment as aforesaid as is attributable
ratably to the surrendered Note.
ARTICLE IV
Representations and Warranties
The Borrower represents and warrants as follows:
(a) Authority. The Borrower has full power, authority, and legal right to
incur the indebtedness and other obligations provided for in this Agreement
and the Notes, to execute and deliver this Agreement and the Notes, and this
Agreement does, and the Notes when issued hereunder will, constitute valid and
binding obligations of the Borrower in accordance with the respective terms
hereof and thereof.
(b) Legal Action. The Borrower has taken all action required under the laws
and regulations of the Borrower, or of any political subdivision, department
or agency thereof, to authorize the execution and delivery of this Agreement
and the Notes.
(c) Full Faith and Credit. All covenants of the Borrower contained in this
Agreement constitute, and the Notes when issued hereunder will constitute,
unconditional direct obligations of the Borrower, for the payment and
performance of which the full faith and credit of the Borrower is pledged.
ARTICLE V
Events of Default
In case one or more of the following events (hereinafter called ''Event of
Default'') shall have occurred and be continuing that is to say:
(a) A default shall have occurred in the payment of any amounts required
under this Agreement, the Notes, or any other agreement between Eximbank and
the Borrower; or
(b) A default shall have occurred in the performance of any other covenant
or agreement on the part of the Borrower under this Agreement, the Notes, or
any other agreement between Eximbank and the Borrower, and such default
remains unremedied for a period of thirty (30) days, after written notice
thereof shall have been given to the Borrower by Eximbank; or
(c) any representation or warranty made by the Borrower under this
Agreement, the Notes, or any other agreement between Eximbank and the Borrower
proves to be incorrect in any material respect and has not been corrected
within thirty (30) days after written notice thereof shall have been given to
the Borrower by Eximbank;
then and in each and every such case, Eximbank may, upon written notice to the
Borrower, make immediately due and payable the entire principal amount of the
Credit at the time outstanding, or any Note or Notes evidencing such amount,
together in each case with accrued interest thereon to the date of payment.
ARTICLE VI
Availability, Cancellation and Suspension
A. Availability. Except to the extent that a duly authorized officer of
Eximbank may otherwise consent in writing, Eximbank shall not be obligated to
make disbursements under the Credit subsequent to the close of business on
June 30, 1971, and any part of the Credit which shall not have been disbursed
on or before said date may be cancelled by Eximbank without the requirement of
notice to the Borrower.
B. Cancellation. The Borrower may by written notice to Eximbank cancel all
or any part of the Credit which shall not have been disbursed.
C. Suspension. If an Event of Default shall occur and be continuing, then
and in each and every such case, Eximbank may, upon written notice to the
Borrower, suspend all further disbursements under the Credit; thereafter,
Eximbank shall not be obligated to make further disbursements until it (i)
shall have received evidence that the cause or causes of the suspension have
been eliminated or corrected in a manner satisfactory to Eximbank, and (ii)
shall have notified the Borrower in writing that the suspension has been
removed.
D. Continuation of Rights and Obligations. Notwithstanding any cancellation
or suspension pursuant to this Article, all the provisions of this Agreement
and the Notes, and the rights and obligations of either party with respect to
disbursements made prior to such cancellation or suspension, shall continue in
full force and effect.
ARTICLE VII
Legal Opinions and Other Documents
Prior to and as a condition precedent to the first utilization of the Credit
by the Borrower, Eximbank shall be furnished with the following in form and
substance satisfactory to it:
(a) Legal Opinion. An opinion or opinions of the Secretary or Acting
Secretary to the Attorney-General's Department of the Commonwealth of
Australia verifying the representations, warranties and covenants of the
Borrower set forth in subparagraphs (a) through (c) of Article IV hereof;
provided that, such opinion or opinions shall refer to all pertinent laws,
ordinances, regulations, decrees, resolutions and other relevant documents.
(b) Evidence of Authority. Evidence of the authority of the person or
persons (i) who have signed this Agreement on behalf of the Borrower; (ii) who
will execute the Notes on behalf of the Borrower; and (iii) who will sign the
requests for disbursement and other documents required or permitted by this
Agreement and who will otherwise act as the representative or representatives
of the Borrower in connection with the operation of the Credit.
(c) Specimen Signatures. The authenticated specimen signatures of each
person named pursuant to subparagraph (b) above.
Thereafter, prior to and as a condition precedent to disbursements by
Eximbank with respect to any given Purchase Arrangement, the Borrower shall
submit or cause to be submitted to Eximbank a certified or conformed copy of
the Purchase Arrangement in question, or such other written evidence of said
Purchase Arrangement as may be satisfactory in form and substance to
Eximbank.
In addition, Eximbank shall be furnished with such additional legal
opinions, evidence of authority, authenticated specimen signatures, documents,
and other information as Eximbank may from time to time reasonably request.
ARTICLE VIII
Miscellaneous Provisions
A. Taxes. The Borrower covenants and agrees that the execution, issuance and
delivery of this Agreement and the Notes, and, except to the extent that the
right to receive payment of the principal amount of or interest on any
outstanding disbursements under the Credit or any Notes is or comes to be
beneficially owned by any person residing in or ordinarily a resident of
Australia or the Territory of Papua or the Territory of New Guinea, the
payment of principal and interest under this Agreement and the Notes, shall be
exempt from all present and future taxes, duties, fees, restrictions, and
other charges of whatsoever nature now or hereafter levied or imposed (i)
under the laws of the Borrower or laws in effect in its territories or (ii) by
the Borrower or by any political subdivision, taxing authority, department or
agency thereof.
B. Expenses. All statements, reports, certificates, opinions and other
documents or information furnished to Eximbank under this Agreement shall be
supplied by the Borrower without cost to Eximbank. Further, the Borrower
hereby agrees to reimburse Eximbank on demand for all out-of-pocket costs and
expenses incurred by Eximbank in connection with the enforcement, protection
or preservation of any right or claim of Eximbank in connection with this
Agreement or the Notes.
C. Marine Transportation. Any item or items, the purchase of which is to be
financed in whole or in part under this Agreement and which shall be exported
by ocean vessel to Australia shall be transported from the United States in
vessels of United States registry, as required by Public Resolution No. 17 of
the 73rd Congress of the United States, except to the extent that a waiver of
such requirement is obtained from the United States Maritime Administration.
D. Sale of Notes. Eximbank agrees not to negotiate or transfer the Credit or
the Notes nor to dispose of any participations therein without the prior
written consent of the Borrower; provided, however, that the foregoing shall
not apply to the sale of participations in the Credit or the Notes (i) if such
participations constitute interests in a pool of Eximbank loans, which pool
includes the Credit or the Notes, and (ii) such participations are guaranteed
by Eximbank.
E. Exchange of Notes. Upon the request of Eximbank made at any time or from
time to time more than thirty (30) days after the final date for making
disbursements as provided in paragraph A of Article VI hereof, the Borrower
shall issue and deliver to Eximbank, in exchange for any Notes theretofore
issued to Eximbank hereunder, its new Notes in such denominations as Eximbank
may specify, dated the date to which interest shall have been paid on the
Notes surrendered, and in an aggregate principal amount equal to the aggregate
of disbursements against, less the aggregate of any repayments of principal
made upon, the Notes surrendered. The new Notes issued pursuant hereto shall
conform to the requirements of subparagraph (b) of Article II hereof and shall
be substantially in the form of Annex ''A'' to this Agreement, except for such
modifications as may be necessary or appropriate to give effect to any of the
provisions of this paragraph E. The new Notes shall be dated so that no gain
or loss of interest or acceleration or delay of interest payments will
result.
F. Waiver. No failure or delay on the part of Eximbank to exercise any
right, power, or privilege under this Agreement or the Notes shall operate as
a waiver thereof, nor shall any single or partial exercise of any right,
power, or privilege under this Agreement or the Notes preclude any other or
further exercise thereof or the exercise of any other right, power, or
privilege.
G. Notices. All notices, demands and deliveries to be given or made to the
Borrower or Eximbank shall be given or made, as the case may be, at the
Australian Embassy, Washington, District of Columbia, United States of
America, or at the principal office of Eximbank, Washington, District of
Columbia, United States of America, or at such other place as may be
designated in writing by the respective parties hereto.
H. Effectiveness of Agreement. This Agreement shall not become effective
until there shall have come into operation legislation of the Parliament of
the Borrower approving the borrowing for defence purposes of an amount of or
equivalent to Seventy-Five Million Dollars (U.S. $75,000,000), United States
currency, and authorizing its expenditure by or on behalf of the Borrower.
However, the first utilization of the Credit is subject to compliance by the
Borrower with the requirements of Article VII hereof.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly
executed in duplicate in Washington, District of Columbia, United States of
America, on the date first mentioned above.
COMMONWEALTH OF AUSTRALIA
WILLIAM McMAHON
By
.............................................................................
Treasurer, Commonwealth of Australia
Title
..........................................................................
EXPORT-IMPORT BANK OF THE UNITED STATES
WALTER C. SAUER
By
.............................................................................
First Vice President
Title
..........................................................................
ATTEST for the Export-Import Bank of the United States
JOSEPH H. REGAN,
..............................................................................
.
Secretary
Annex
''A''
PROMISSORY NOTE
No.........................
U.S. $............................................................
..................................................,
19......
FOR VALUE RECEIVED, THE COMMONWEALTH OF AUSTRALIA (hereinafter called
''Borrower''), by this Promissory Note (hereinafter called ''Note''), hereby
unconditionally promises to pay to the Export-Import Bank of the United
States, or order, the principal sum of
..........................................Dollars (U.S.
$............................................................), United States
currency, in installments as hereinafter provided, and to pay interest in like
currency on the 30th day of June and the 31st day of December of each year at
the rate of .................................................................
..............................(................%) per annum on the unpaid
principal balance of this Note from time to time outstanding.
The principal of this Note shall be payable in
.............................. (....................) installments, the first
of which shall be in the sum of.. Dollars U.S.
$..............................), United States currency, and shall be due and
payable on .............................., 19........, and the remaining
.............................. (....................) installments shall each
be in the sum of..................................................... Dollars
U.S. $..............................), United States currency, and shall be
due and payable successively semiannually thereafter.
Payment of the principal of and interest on this Note shall be made at the
principal office of The Chase Manhattan Bank, in the City of New York, State
of New York, United States of America.
The principal of this Note, and the interest thereon, shall be paid without
deduction for or on account of, and shall be exempt from, all present and
future taxes, duties, fees, restrictions or other charges of whatsoever nature
now or any time hereafter levied or imposed (i) under the laws of the Borrower
or laws in effect in its territories or (ii) by the Borrower or by any
political subdivision, taxing authority, department or agency thereof, except
to the extent that this Note is or comes to be beneficially owned by any
person residing in or ordinarily a resident of Australia or the Territory of
Papua or the Territory of New Guinea.
Upon the default in the prompt and full payment of any installment of
principal or interest on this Note, the entire principal of this Note and
interest thereon to the date of payment shall immediately become due and
payable at the option and upon demand of the holder hereof.
The Borrower shall have the right, upon payment of all accrued charges for
interest, to repay at any time in advance of maturity, without premium or
penalty, all or part of the principal amount of this Note; any such prepayment
to be applied to the installments of principal in the inverse order of their
maturity.
This Note and the covenants herein contained constitute unconditional direct
obligations of the Borrower, for the payment and performance of which the full
faith and credit of the Borrower is pledged.
The non-exercise by the holder hereof of any of its rights hereunder in any
particular instance shall not constitute a waiver thereof in that or any
subsequent instance.
COMMONWEALTH OF AUSTRALIA
By............................................................................
..
Title.........................................................................
..
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LOAN (DEFENCE) ACT 1968-1973 - NOTE
NOTE
1. The Loan (Defence) Act 1968-1973 comprises the Loan (Defence) Act 1968 as
amended by the other Act specified in the following table:
------------------------------------------------------------------------------
Number Date of
Act and year Date of
Assent commencement
------------------------------------------------------------------------------
Loan (Defence) Act 1968 No. 133, 1968 9 Dec 1968 9 Dec 1968
Statute Law Revision Act
1973 No. 216, 1973 19 Dec 1973 31 Dec 1973
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