Document ID: chunk:federal_register_of_legislation:C2025C00096:schedule:1:p11
Version: federal_register_of_legislation:C2025C00096
Segment Type: schedule
Provision Reference: sch 1 (pt 11/51)
Character Range: 188983–191817

Rate as from the Interest Commencement Date.
    3.5 Notice of Face Value
    The Corporation shall calculate the Face Value and shall notify the Bank of the Face Value within seven (7) days of the relevant Vesting Date or the Interest Commencement Date, whichever is the earlier.
    3.6 Bank audit of Face Value
    The Bank and the Commonwealth agree that the Bank may audit the 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 Face Value; and
       (d) by random examination of accounts in Arrears.
         3.6.1 The Corporation shall provide the Bank access to the documentation and information necessary to enable the Bank to conduct such audits.
    3.7 Resolution of dispute as to amount of Face Value
         3.7.1 In the event that the Bank disagrees with or disputes that the Face Value notified by the Corporation is the correct 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 Face Value made pursuant to Sub‑clause 3.5; and
            (b) obtaining access to the documentation and information specified in Sub‑clause 3.6.1.
         3.7.2 Within fourteen (14) days of notice being given pursuant to Sub‑clause 3.7.1 the parties shall meet with a view to agreeing on the correct sum for the Face Value.
         3.7.3 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 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 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.
         3.7.4 If an auditor appointed pursuant to Sub‑clause 3.7.3 makes a determination prior to the date for payment fixed pursuant to Sub‑clause 3.2.5 or, if applicable, Sub‑clause 3.4(b)(ii) then the balance payable pursuant to the applicable Sub‑clause shall be adjusted, if necessary, by reference to the determination. In the event that the procedures set out in Sub‑clauses 3.6, 3.7.1, 3.7.2 and 3.7.3 are not completed prior to such date then the Bank shall pay to the Commonwealth the Total Face Value notified by the Corporation pursuant