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5.—(1) This regulation applies if the Agency has issued a levy to a constituent authority for a financial year in accordance with regulation 3 or 4.
(2) The constituent authority must pay the levy to the Agency at such time and in such manner during the financial year as may be agreed between the Agency and the constituent authority.
(3) In default of such an agreement, the constituent authority must pay the levy to the Agency—
(a)if the levy is issued on or before 30th April in the financial year, by four equal instalments due on 1st May, 1st July, 1st October and 1st January in the financial year;
(b)if the levy is issued after 30th April and on or before 31st December in the financial year, by equal instalments or (as the case may be) by a single payment due on as many of the dates referred to in sub-paragraph (a) as remain after the date of issue; or
(c)if the levy is issued after 31st December in the financial year, 30 days after the date of issue.
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