Monetary development contribution. (a) A monetary Development Contribution is made for the purposes of this Agreement when the Council receives the total amount of the contribution in cash, by bank cheque or by electronic funds transfer of cleared funds into a bank account nominated by the Council. (b) The Developer is to give the Council not less than two Business Days written notice of its intention to pay a monetary Development Contribution. (c) After having given notice under clause 4.2(b), the Developer is required to attend a Council Office at Prince Street, Grafton or River Street, Maclean to pay the monetary Development Contribution. (d) The Parties agree that if the Developer does not pay a monetary Development Contribution on or before the due date for payment, that monetary Development Contribution: (i) is to be a debt due and payable by the Developer to the Council on demand; (ii) may be recovered in a court of competent jurisdiction in New South Wales; (iii) is to incur interest from the due date for payment until the amount is paid in full; (iv) interest is calculated for this clause at a rate which is the aggregate of 4% per annum and the cash rate quoted by the Reserve Bank of Australia; and (v) interest accrues and is charged from day to day and is calculated on the basis of days elapsed and a 365 day year.
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Sources: Planning Agreement, Planning Agreement