Document ID: chunk:federal_register_of_legislation:C2004A03717:body:0:p42
Version: federal_register_of_legislation:C2004A03717
Segment Type: other
Provision Reference: 
Character Range: 104470–107264

set out in Sub-clause 3.2.4; and
              (ii) the second instalment shall be paid in the manner set out in Sub-clause 3.2.5.
3.3 Manner of Payment
    The instalments of the Consideration referred to in Sub-clause 3.2 shall be paid by 11.00 a.m. on the due dates by depositing the relevant amounts to the credit of the Commonwealth Public Account No. 002 21030-0 with the Reserve Bank of Australia, Sydney, or as may be otherwise decided by the Commonwealth and notified to the Bank.
3.4  Delay in Proclamation of Amending Act
    The Commonwealth and the Bank agree that, in the event that the Date of Proclamation is a date between 1 January 1989 and 30 June 1989, then:
      (a) the Bank shall pay the one hundred million dollars ($100,000,000) referred to in Sub-clause 3.1.1 (a) on the Date of Proclamation; and

SCHEDULE 1—continued

      (b) the Bank shall pay the Total Face Value as follows:
              (i) by the payment in the sum of four hundred million ($400,000,000) seventy-five (75) days after the Date of Proclamation; and
              (ii) by the payment of the balance of the Total Face Value one hundred and twenty (120) days after the Date of Proclamation or such other date as may be agreed between the parties, together with interest thereon calculated at the Interest Rate as from the Interest Commencement Date.
3.5  Notice of Face Value
    The Corporation shall calculate the Face Value and shall notify the Bank of the Face Value within seven (7) days of the relevant Vesting Date or the Interest Commencement Date, whichever is the earlier.
3.6  Bank audit of Face Value
    The Bank and the Commonwealth agree that the Bank may audit the 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 Face Value; and
      (d) by random examination of accounts in Arrears.
       3.6.1 The Corporation shall provide the Bank access to the documentation and information necessary to enable the Bank to conduct such audits.
3.7 Resolution of dispute as to amount of Face Value
       3.7.1 In the event that the Bank disagrees with or disputes that the Face Value notified by the Corporation is the correct Face Value, it shall notify the Commonwealth in writing no later than thirty (30) days after:
          (a) receipt of the Corporation's calculation of the Face Value made pursuant to Sub-clause 3.5; and
          (b) obtaining access to the documentation and information specified in Sub-clause 3.6.1.
       3.7.2 Within fourteen (14) days of notice