4Definitions

4 Definitions

Note: A number of expressions used in this instrument are defined in the Act, including the following:

(a) Board;
(b) constitutional corporation;
(c) constitutional trade or commerce;
(d) Corporation;
(e) Desertification Convention;
(f) responsible Ministers;
(g) farm business loan.

In this instrument:

Act means the Regional Investment Corporation Act 2018.

affected area has the same meaning as in the Desertification Convention.

Climate Change Conventions means:

(a) the United Nations Framework Convention on Climate Change, done at New York on 9 May 1992; and
(b) the Kyoto Protocol to the United Nations Framework Convention on Climate Change, done at Kyoto on 11 December 1997; and
(c) the Paris Agreement, done at Paris on 12 December 2015.

Note: The Convention, the Protocol and the Agreement are in Australian Treaty Series 1994 No. 2 ([1994] ATS 2), 2008 No. 2 ([2008] ATS 2) and 2016 No. 24 ([2016] ATS 24), respectively. In 2020, they could be viewed in the Australian Treaties Library on the AustLII website (http://www.austlii.edu.au).

commercial debt means debt established on commercial terms, at commercial interest rates.

eligible farm business has the meaning given by section 5.

expanded drought loan means a loan by the Corporation to an eligible farm business, on terms and conditions that include the following:

(a) the term of the loan is 10 years;
(b) only interest is payable for the first 5 years of the loan;
(d) the business must pay interest and repay the principal over the final 5 years of the loan;
(e) the principal of the loan may be repaid (wholly or partly) at any time during the term of the loan without penalty;
(f) all outstanding amounts must be repaid at the end of the term of the loan.

Note: Part 2 of the Regional Investment Corporation Operating Mandate Direction 2018 deals with the interest rates applying to the loan.

program means the Expanded Drought Loans Program prescribed by section 6.