Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p45
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 112052–114817

Final 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.

SCHEDULE 1—continued

        3.10.4 If an auditor appointed pursuant to Sub-clause 3.10.3 makes a determination prior to the date for payment fixed pursuant to Sub-clauses 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 3.9, 3.10.1, 3.10.2 and 3.10.3 are not completed prior to such date then any adjustment required by Sub-clause 3.8.1 or payment required by Sub-clause 3.8.2 shall be based on the amount notified pursuant to Sub-clause 3.8. In the event that the auditor's determination requires a further adjustment, 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.
   4. VESTING OF PORTFOLIO ASSETS AND PAYMENT OF SUMS DEPOSITED BY BORROWERS
   4.1 Vesting
    On the Vesting Dates the Corporation's interests, title, rights and obligations in the Portfolio Assets shall progressively vest in the Bank by operation of the amending Act in the manner provided for under the Agreement and it is a condition of this Agreement that the Amending Act shall be effective to so transfer those interests, title, rights and obligations from the Corporation to the Bank.
   4.2 Bank bound by Portfolio Assets
    The Bank hereby acknowledges and agrees that the Amending Act should bind it, as and from the Vesting Dates, to comply with the terms and conditions of the Portfolio Assets.
   4.3 Bank to perform the terms and conditions of Portfolio Assets
    The Bank hereby acknowledges and agrees that the Amending Act should bind it, as and from the relevant Vesting Dates, to abide by and duly perform the terms and conditions and obligations of the Corporation under the Portfolio Assets.
   4.4 Nomination of Vesting Dates
    The Bank shall be entitled to give written notices to the Commonwealth and the Corporation nominating a date for the vesting of the Portfolio Assets in one or more of the States and Territories provided that;
      (a) such date may not be earlier than ten (10) days from the date of giving notice;
      (b) such date in relation to a particular State or Territory may not be earlier than;
        (i) the date identified in Sub-clause 4.6 in respect of that State or Territory; or

SCHEDULE 1—continued

        (ii) if the Date of Proclamation is a date between 1 January 1989 and 30 June 1989, then such date referred to in Subparagraph (i)