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Wednesday, 15 May 1968

9.   On giving 30 days' notice the Common wealth of Australia will be entitled at any time to repay the amount outstanding under the credit either wholly or in part before the due date, or to waive its rights to make further drawings. In these circumstances no further commitment fee will be charged on the amount in respect of which the Commonwealth of Australia has waived its right to make further drawings; and commitment fee already paid will be adjusted accordingly.

10.   All payments due from the Commonwealth of Australia in connection with the credit will be made at Frankfurt/Main in effective Deutsche Marks in all circumstances and notwithstanding any present or future bilateral or multilateral payment or clearing agreement which might be in force at the time of payment.

11.   All present or future taxes, fees or other charges incurred outside the Federal Republic of Germany in connection with the credit will be borne by the Commonwealth of Australia.

12.   This credit agreement as well as all rights and obligations arising thereunder will be governed exclusively by and construed in accordance with the laws of the Federal Republic of Germany. The place of performance will be Frankfurt/Main.

The enclosed English translation of this credit offer is given as a matter of courtesy only, the German version alone being the governing text of the contract.

To confirm the acceptence of this credit offer, please return the enclosed copy duly executed on behalf of the Commonwealth of Australia.

Yours faithfully,



Debate (on motion by Mr Crean) adjourned.

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