93ZACCancellation of certificate that applies to an indirect infrastructure borrowing—total repayment of related direct infrastructure borrowing

#### 93ZAC Cancellation of certificate that applies to an indirect infrastructure borrowing—total repayment of related direct infrastructure borrowing (1) If: (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. (2) 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. (3) 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.