INCOME TAX ASSESSMENT ACT 1997 - SECT 775.185 What is a facility agreement ?

INCOME TAX ASSESSMENT ACT 1997 - SECT 775.185

    A facility agreement is an agreement between an entity (the first entity ) and another entity or entities under which:

  (a)   the first entity has a right to issue * eligible securities; and

  (b)   an entity or entities must acquire the securities;

where the economic effect of the agreement is to enable the first entity to obtain finance in a particular * foreign currency:

  (c)   up to the foreign currency amount specified in the agreement; and

  (d)   during the term of the agreement.