Document ID: chunk:federal_register_of_legislation:F2021L01011:reg:11
Version: federal_register_of_legislation:F2021L01011
Segment Type: reg
Provision Reference: reg 11
Character Range: 12519–14277

11  Circumstances when fuel security services payment is not payable
 (1) For paragraph 42(2)(c) of the Act, fuel security services payment is not payable to a person for a quarter in accordance with subsection (2) or (3).
  (2) Fuel security services payment is not payable if:
 (a) refining of fuel by the committed refinery during the quarter no longer meets the requirements of subsection 7(2); and
 (b) any breach of the requirements of subsection 7(2) does not relate to a temporary cessation of the production of one or more FSSP fuels.
 (3) Fuel security services payment is not payable if:
 (a) if the person providing the security for subsection 6(3) previously had an investment grade credit rating—the rating is no longer an investment grade credit rating; and
 (b) the person providing the security for subsection 6(3) is reasonably likely to be unable to meet the repayment obligations guaranteed by the security; and
 (c) an appropriate replacement security has not been provided to the Secretary.
 (4) However, if subsection (3) applied to a quarter and an appropriate replacement security is subsequently provided to the Secretary, fuel security services payments are then payable for the quarters to which subsection (3) applied.
 (5) For paragraph (3)(c) and subsection (4), an appropriate replacement security includes:
 (a) a bank guarantee covered by paragraph 6(3)(b); or
 (b) a guarantee provided in accordance with subparagraph 6(3)(a)(iii).
 (6) A decision that fuel security services payment is not payable to a person for a quarter because of this section or subsection 42(2) of the Act is taken to be a reviewable decision under Division 2 of Part 5 of the Act, with the Secretary being the responsible person for that decision.