93RConditions applying to certificate

#### 93R Conditions applying to certificate The following conditions apply to the certificate: (a) if the certificate applies to a direct infrastructure borrowing or to a refinancing infrastructure borrowing that relates to a direct infrastructure borrowing—that the holder will be: (i) an incorporated body throughout the certificate holder requirement period; or (ii) a corporate limited partnership, or a trust of a kind mentioned in subparagraph 93I(2)(a)(ii), in relation to each year of income in which any part of the certificate holder requirement period occurs; (b) if the holder is: (i) the person to whom the certificate was issued; or (ii) a person to whom the certificate was transferred, where subsection 93K(2) applies; or (iii) a person to whom the certificate was transferred, where subsection 93K(3) or (4) applies and the transfer mentioned in that subsection has not yet occurred; that the holder will: (iv) in any case—do, if applicable by the date specified in the application, all the things that were specified in the application as things the applicant intended to do in relation to: (A) the borrowing; and (B) the spending, lending or investing of the borrowed money; and (C) the construction or acquisition of any facility; and (D) the ownership, use and control of any facility; and (E) any transfer of the holder’s rights, interests and obligations in respect of any facility; and (F) any other matter; and (v) if the certificate applies to a direct infrastructure borrowing—not do anything that: (A) will cause section 51AD of the Tax Act or Division 16D of Part III of that Act to apply to any of the facilities concerned; or (B) would have caused section 51AD of the Tax Act or Division 16D of Part III of that Act to apply to any of the facilities concerned if the amendments made by Part 2 of Schedule 1 to the Tax Laws Amendment (2007 Measures No. 5) Act 2007 had not been made; and (vi) in any case—keep proper records in respect of all dealings by the holder with the borrowed money and the doing of all other things specified in the application (for example, in respect of things done in constructing any facility); (c) if the holder is a person to whom the certificate was transferred, where subsection 93K(3) or (4) applies and the transfer mentioned in that subsection has occurred—that the holder will: (i) own, use principally for gaining or producing assessable income and effectively control the use of, the facilities concerned (other than by leasing them) until at least 25 years after the first use of any of the facilities concerned after their construction or acquisition under the borrowing; and (ii) not do anything that: (A) will cause section 51AD of the Tax Act or Division 16D of Part III of that Act to apply to any of the facilities concerned; or (B) would have caused section 51AD of the Tax Act or Division 16D of Part III of that Act to apply to any of the facilities concerned if the amendments made by Part 2 of Schedule 1 to the Tax Laws Amendment (2007 Measures No. 5) Act 2007 had not been made; and (iii) keep proper records in respect of the ownership, use and control of the facilities concerned.