5.4

(2) A successful applicant must pay the balance of the bid price to the ACA as follows:

(a) 10% of the balance of the bid price no later than 10 working days after the date of the notice; and

(b) the remainder no later than 20 working days after that 10th working day.

(3) If a notice under subsection (1) contains a material error, the ACA will give the successful applicant a revised notice by receipted mail.

(4) If the ACA gives a successful applicant a revised notice, the successful applicant must pay the balance of the bid price as follows:

(a) if the revised notice is given before the successful applicant has made the 10% payment mentioned in paragraph (2) (a) — 10% of the balance of the bid price no later than 10 working days after the date of the revised notice and the remainder no later than 20 working days after that 10th working day; and

(b) if the revised notice is given after the successful applicant has made that 10% payment — the remainder of the bid price, no later than 20 working days after the date of the notice.

(5) The payment of 10% of the balance of the bid price mentioned in paragraph 2 (a) or 4 (a), must be made in full by the specified time by RTGS in accordance with section 1.9.

(6) The payment of the remainder of the bid price mentioned in paragraph 2 (b) or 4 (b), must be made in full by the specified time by RTGS in accordance with section 1.9.

5.4 Default by successful applicant

(1) If a successful applicant does not pay any part of the balance of the bid price in accordance with section 5.3:

(a) the applicant ceases to be entitled to be allocated a licence at the auction; and

(b) all highest bids made by the applicant will be treated as withdrawn bids and the applicant will be penalised for those bids in accordance with section 4.23; and

(c) any lots so affected will be regarded as defaulted lots and the applicant will be taken to be in default of its financial obligations to the ACA under this determination.

(2) If the ACA holds a performance payment for a successful applicant who is in default, then so much of the monies held by the ACA as will meet the undischarged liability of the applicant are forfeited to the ACA.

(3) Any monies held by the ACA in excess of the undischarged liability of the successful applicant in default must be refunded to the applicant after that liability has been satisfied.

(4) However, if a successful applicant remains in default of its financial obligations to the ACA, the amount remaining payable to the ACA is a debt due to the ACA and is recoverable by the ACA from the successful applicant in any court of competent jurisdiction.