Document ID: chunk:federal_register_of_legislation:C2024C00682:schedule:1:p17
Version: federal_register_of_legislation:C2024C00682
Segment Type: schedule
Provision Reference: sch 1 (pt 17/50)
Character Range: 111938–114641

for the benefit of the Subsidised Borrowers and Joint Borrowers to whom they relate in accordance with the Act and this Agreement.
    7.3 Payment of Subsidy
        7.3.1 The first payment of Subsidy in respect of a Subsidised Loan shall be made on the second Rest Day after the Bank has advanced a Subsidised Loan pursuant to Sub‑clause 5.4. Prior to a Subsidy Payment Commencement being made, the Commonwealth shall advise the Entitled Person and the Bank of the date of commencement and the basis of calculation of Subsidy. The Commonwealth shall continue to pay Subsidy to the Bank on each Rest Day thereafter until such time as payments of Subsidy stop or are cancelled or suspended in accordance with the Act, or the Subsidised Loan is repaid in full, whichever is the earlier.
        7.3.2 All Subsidy payments due to be paid to the Bank on a particular Rest Day shall be totalled and paid by the Commonwealth to the Bank by depositing the amount so totalled to such account as the Bank may from time to time advise.
        7.3.3 The Commonwealth shall on the day Subsidy is paid provide the following:
           (a) the name of each Subsidised Borrower and Joint Borrower, if any;
           (b) the number of each Subsidised Loan Account to which Subsidy is to be credited;
           (c) the amount of Subsidy to be credited to each Subsidised Loan Account; and
           (d) such other information as may be agreed between the parties.
        7.3.4 On the day Subsidy is paid, the Bank shall credit Subsidy payments to the relevant Subsidised Loan Accounts as notified by the Commonwealth, provided that if the information referred to in Sub‑clause 7.3.3 is delivered to the Bank after 3.00 p.m. on the day Subsidy is paid, the Bank will endeavour to credit Subsidy to the relevant Subsidised Loan Accounts on that day and if it is unable to do so, Subsidy shall be credited to Subsidised Loan Accounts on the following Business Day.
        7.3.5 The information referred to in Sub‑clause 7.3.3 shall be delivered to a lodgement point nominated by the Bank and shall be supplied on magnetic tape or in such other computerised form as the parties may agree and in accordance with agreed standards and specifications.
        7.3.6 In cases where, on payment of Subsidy, the Bank is unable to exactly match its records relating to a Subsidised Borrower or Joint Borrower (namely, the correct name or names of such persons together with the Subsidised Loan Account number) with that advised by the Commonwealth, then unless the parties can resolve the discrepency in records the Bank agrees that it will repay to the Commonwealth the Subsidy received within three (3) days of its receipt.