53. Notice of revision of repayment schedule

B and B’s assignees;

any person who is A’s guarantor or surety, or who has issued any performance bond or equivalent, in relation to any of A’s obligations under the specified contract.

within 6 weeks, or such longer period as the Minister may determine by order in the Gazette, after —

the date of commencement of section 9 of the COVID‑19 (Temporary Measures) (Amendment No. 3) Act 2020; or

where A seeks to revise the repayment schedule under subsection (1) pursuant to a change in the substance of Part 1 or 2 of the Fourth Schedule, the date of commencement of the amendment effecting the change; and

within the service period for that notice.

the amount covered by A’s revised repayment schedule must include, and only include —

moneys that became payable under the specified contract on or after 1 February 2020 and before the date of the notice of revision, and that remain unpaid on that date;

any interest imposed on any late payment of the moneys in sub‑paragraph (i) (determined in accordance with section 7A, where section 7A applies), accruing before the date of the notice of revision; and

interest on the amounts in sub‑paragraphs (i) and (ii) at the prescribed rate;

the period of repayment must not exceed 18 months;

the amount covered by A’s revised repayment schedule must be payable in equal instalments, on a monthly basis;

the first instalment must be payable within one month after the period of 6 weeks, or such longer period as the Minister may determine by order in the Gazette, after the date of commencement of section 9 of the COVID‑19 (Temporary Measures) (Amendment No. 3) Act 2020.

the period of repayment in subsection (4)(b) may extend beyond the period provided in the specified contract for repayment; and

upon service of the notice of revision, A cannot be required to pay any other interest or charge (however described) on the moneys mentioned in subsection (4)(a)(i) and (ii), that might be payable under the specified contract after the date of the notice of revision.