Document ID: chunk:federal_register_of_legislation:C2025C00096:schedule:1:p12
Version: federal_register_of_legislation:C2025C00096
Segment Type: schedule
Provision Reference: sch 1 (pt 12/51)
Character Range: 191580–194365

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 to Sub‑clause 3.5, together with interest, in the manner set out in Sub‑clause 3.2.5 or, if applicable, Sub‑clause 3.4(b)(ii). In the event that the auditor's determination requires an adjustment to the sum paid pursuant to Sub‑clause 3.2.5 or, if applicable, Sub‑clause 3.4(b)(ii) the amount payable by either party as a result of the audit shall be paid, together with interest calculated at the Interest Rate, to the other party forthwith.
    3.8 Vesting Date falling after Interest Commencement Date
     In the event that one or more of the Vesting Dates falls after the Interest Commencement Date the Corporation shall calculate the Final Face Value and shall notify the Bank of such Final Face Value within seven (7) days of the relevant Vesting Date.
         3.8.1 If amounts are notified pursuant to Sub‑clause 3.8 prior to 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 sum payable by the Bank pursuant to the applicable Sub‑clause 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.
         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