Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p44
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 109519–112306

if applicable, Sub-clause 3.4 (b) (ii) then the sum payable by the Bank pursuant to the applicable Subclause shall be reduced by the sum of any amount by which the Total Face Value exceeds the Total Final Face Value and interest on such difference calculated at the Interest Rate from the date of notification until payment of the balance.

SCHEDULE 1—continued

       3.8.2 If an amount is notified pursuant to Sub-clause 3.8 after the payment of the balance of the Total Face Value pursuant to Sub-clause 3.2.5 or, if applicable, Sub-clause 3.4 (b) (ii) then the Commonwealth shall pay to the Bank without interest any amount by which the Total Face Value exceeds the Total Final Face Value.
3.9 Bank audit of Final Face Value
   The Bank and the Commonwealth agree that the Bank may audit the Final Face Value. Such audits are to be carried out at the Bank's own expense, in the following way:
    (a) by random physical examination of the Corporation's security packets;
    (b) by random examination of loan approval documentation and the individual accounts;
    (c) by examination of the systems used by the Corporation for the calculation of the Final Face Value; and
    (d) by random examination of accounts in Arrears.
       3.9.1 The Corporation shall provide the Bank access to the documentation and information necessary to enable the Bank to conduct such audits.
3.10 Resolution of Dispute as to Final Face Value
        3.10.1 In the event that the Bank disagrees with or disputes that the Final Face Value notified by the Corporation is the correct Final Face Value, it shall notify the Commonwealth in writing no later than thirty (30) days after:
          (a) receipt of the Corporation's calculation of the Final Face Value made pursuant to Sub-clause 3.8; and
          (b) obtaining access to the documentation and information specified in Sub-clause 3.9.1.
        3.10.2 Within fourteen (14) days of notice being given pursuant to Sub-clause 3.10.1 the parties shall meet with a view to agreeing on the correct sum for the Final Face Value.
        3.10.3 In the event that the parties are unable to agree within twenty-eight (28) days of first meeting, the parties will appoint an independent registered company auditor to conduct an audit of and determine the correct Final Face Value. In the event that the parties are unable to agree on the appointment of an independent auditor an auditor will be selected by the President of the Institute of Chartered Accountants in Australia. The determination of Final Face Value by an independent auditor pursuant to this Clause shall be conclusive and binding on both parties. The fees and expenses of the auditor shall be borne equally by the parties.

SCHEDULE 1—continued

        3.10.4 If an auditor appointed