I certify that immediately on completion of shearing the above wool clip will be consigned to Elders Rural Services Australia Limited (Elders) at the wool centre indicated above.
I acknowledge and agree that Elders is entitled to deduct the sum of the Advance and all interest accrued thereon from the first available proceeds of the sale(s) of this wool clip.
I further warrant that no other person or financier has any lien, charge or rights to the wool hereby consigned.
I agree that:
(a) interest will be charged on the above advance at the rate(s) detailed in this agreement from the date of the advance until it is repaid, and
(b) should I fail to consign wool as required by this agreement or am otherwise in breach of a material obligation under this agreement then the advance must be repaid immediately in full together with interest accrued thereon calculated from the date of the advance until it is repaid.
The Advance (together with any interest accrued thereon) will also become repayable upon 7 days’ notice from Elders if the Advance has been outstanding for a period (not being less than 60 days from the date of the Advance) which Elders, in its sole discretion, considers to be an unreasonably long period in which to repay the Advance and accrued interest from the proceeds of sale(s) of this wool clip.
For the first 60 days from the date of the Advance, interest shall be charged at the Standard Elders Default Interest Rate less 7.5per cent. From the 61st day after the date of the Advance interest shall be charged at the Standard Elders Default Interest Rate less 4.5per cent.
I agree that should I fail to consign wool as required by this agreement or am otherwise in breach of a material obligation under this agreement then the advance must be repaid immediately together with any interest accrued thereon calculated until it is repaid.
The Advance (together with any interest accrued thereon) will also become repayable upon 7 days notice from Elders if the Advance has been outstanding for a period (not being less than 50 days from the date of the Advance) which Elders, in its sole discretion, considers to be an unreasonably long period in which to repay the Advance and accrued interest from the proceeds of sale(s) of this wool clip.
For the first 50 days from the date of the Advance, interest shall not be charged. From the 51st day after the date of the Advance interest shall be charged at the Standard Elders Default Interest Rate less 4.5per cent.