DEVELOPMENT ALLOWANCE AUTHORITY ACT 1992 (REPEALED)
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Hide history note(a) a certificate applies to an indirect infrastructure borrowing that relates to a direct infrastructure borrowing; and
(b) the whole of the direct infrastructure borrowing is repaid; and
(c) 30 days pass and:
(i) in a case where the repayment is made using a refinancing infrastructure borrowing - the holder has neither repaid the whole of the indirect infrastructure borrowing nor passed the certificate transfer test set out in subsection (3); or
(ii) in any other case - the holder has not repaid the whole of the indirect infrastructure borrowing;
the DAA is taken to have cancelled the certificate with effect from the time of the repayment of the direct infrastructure borrowing.
93ZAC(2) [Ground for cancellation]If the certificate is cancelled under subsection (1), the repayment of the direct infrastructure borrowing is taken to be the ground relied on by the DAA for cancelling the certificate.
93ZAC(3) [Certificate transfer test]For the purposes of this section, the holder passes the certificate transfer test at a particular time if, before that time:
(a) an application has been made under section 93U to transfer the certificate to the borrower in relation to the refinancing infrastructure borrowing (the transferee ); and
(b) either:
(i) the DAA has transferred the certificate to the transferee under this Division; or
(ii) the DAA was required to transfer the certificate to the transferee under this Division.
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