If Project Co provides a Handover Bond under clause 47.9(a)(ii) or is required to provide a Handover Bond in accordance with clause 47.9(b):
(a) (expiry date): any Handover Bond, including any replacement Handover Bond, provided under clause 47.9(a)(ii), clause 47.9(b), clause 47.11(d) or clause 47.11(e), must have an expiry date no earlier than one year after the end of the Term;
(b) (reduction): Project Co may reduce the amount of the Handover Bond no more than once an Operating Year to account for any Final Refurbishment Works completed to the satisfaction of the Handover Reviewer (as set out in the then current Outstanding Matters Report or as otherwise agreed or determined in accordance with clause 47.6(e)) since Project Co last exercised its rights under this clause 47.11(b), provided that:
(i) if the Handover Bond has been provided under clause 47.9(a)(ii) the remaining amount of the Handover Bond is no less than the then current Threshold Amount; or
(ii) if the Handover Bond has been provided under clause 47.9(b), the remaining amount of the Handover Bond and the amount in the Handover Escrow Account is no less than the then current Threshold Amount;
(c) (State use of Handover Bond): the State, in addition to any other remedies under this Deed or at Law:
(i) may draw on the Handover Bond:
A. to fund or refund any costs it incurs in carrying out (or engaging others to carry out) any Final Refurbishment Works under clause 47.8(b)(i) unless, within 10 Business Days of demand by the State of the amount due and payable under clause 47.8(b)(i), that amount is paid by Project Co to the State; and
B. for the remaining amount of the Handover Bond up to the Threshold Amount, no later than 20 Business Days after the Expiry Date if all of the Final Refurbishment Works have not been completed by the Expiry Date to the satisfaction of the Handover Reviewer (as set out in the then current Outstanding Matters Report or as otherwise agreed or determined in accordance with clause 47.6(e)),
provided that where the Handover Bond is provided under clause 47.9(b) the State first draws on the Handover Escrow Account in accordance with clauses 47.10(c)(ii) or 47.10(c)(iii);
(ii) must otherwise return the Handover Bond to Project Co on the earlier of 30 Business Days after:
A. the date on which the Handover Reviewer issues an updated Outstanding Matters Report in accordance with clause 47.6(d) (or as otherwise agreed or determined in accordance with clause 47.6(e)) stating that all of the Final Refurbishment Works are completed to the satisfaction of the Handover Reviewer; and
B. the Expiry Date;
(d) (Return and replacement of Handover Bond): where Project Co is entitled to reduce the Handover Bond in accordance with clause 47.11(b), subject to any right of the State to have recourse to the existing Handover Bond, the State must return the then existing Handover Bond to Project Co in exchange for the delivery to the State by Project Co of a replacement Handover Bond that complies in all respects with this Deed and is for the amount determined in accordance with clause 47.11(b); and
(e) (change in circumstances): where:
(i) the issuer of a Handover Bond ceases to hold a current licence issued by the Australian Prudential Regulation Authority or have the Required Rating; or
(ii) the specified location within Melbourne (or such other place as approved by the State) is no longer available for demand to be given or for payment to be made under a Handover Bond,
then Project Co must promptly:
(iii) notify the State of that circumstance; and
(iv) after being requested to do so by the State (and in any event within 10 Business Days), procure the issue to the State of a replacement Handover Bond that complies in all respects with this Deed and is for the same amount as the undrawn amount of the replaced Handover Bond.