Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p61
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 153173–155918

Asset, from the actual day upon which the Borrower first becomes liable for payment of interest thereon or from the relevant Vesting Date, whichever is the later; and
      (b) in so far as that Subsidy relates to a Subsidised Advance by the Bank to a Borrower, from the actual day upon which the Borrower first becomes liable to pay to the Bank interest on such Subsidised Advance.
    11.3 Subsidy payable monthly
   Subsidy is payable monthly and is calculated by reference to the Balance in the Subsidised Advance Loan Account of each Borrower on the relevant Rest Day or such later day as the amount of interest payable on that Rest Day is debited to the Subsidised Advance Loan Account.
    11.4 Subsidy Invoice
   The Bank hereby agrees to provide the Commonwealth with a written invoice detailing its claim for Subsidy together with the information referred to in Sub-clause 10.5 not more than three (3) Business Days after the Rest Day for Subsidised Advances.
    11.5 Verification and Payment of Subsidy
   The Commonwealth shall pay the Bank the amount of Subsidy which the Commonwealth has verified by 11 a.m. on the day which is fifteen (15) days after the relevant Rest Day or the day which is seven (7) Business Days after the receipt of the invoice and the information referred to in Sub-clause 10.5, whichever is the later.
    11.6 Manner of Payment of Subsidy
   Subsidy shall be paid by depositing the relevant amounts to BSB Account Number 032-936-05-0151 with the Retail Banking Division branch of the Bank, or to such other account as the Bank may from time to time advise.
    11.7 Dispute as to Subsidy Claim
   In the event of a dispute or disagreement arising between the Commonwealth and the Bank as to the amount of Subsidy payable to the Bank by the Commonwealth in accordance with this Agreement then the following provisions shall apply.
       11.7.1 The Commonwealth shall pay to the Bank the amount of subsidy the Commonwealth has verified as being due.

SCHEDULE 1—continued

       11.7.2 Such dispute or disagreement is, so far as is possible, to be resolved as soon as practicable directly between the Commonwealth and the Bank.
       11.7.3 In the event that any such dispute or disagreement cannot be resolved between the Commonwealth and the Bank within a period of seven (7) days after first occurring, the dispute or disagreement is to be referred to arbitration in accordance with the procedure outlined in Clause 26, except that the Commonwealth and the Bank agree that for the purpose of such dispute/disagreement the arbitrator shall be appointed by the President for the time being of the Australian Institute of Chartered Accountants.
       11.7.4 Until the actual resolution of such dispute