Common use of Loans to the Company Clause in Contracts

Loans to the Company. (1) Subject to the provision of sub‑clause (2) of this clause the State will guarantee (pursuant to the provisions of the Industry (Advances) Act, 1947) repayment of the following loans and payment of interest thereon to be made to the Company for the purpose of the construction of the factory, namely (a) a series of loans from the Superannuation Board in the said State aggregating the sum of $4 500 000 each for a term not exceeding 25 years from the respective days of the funding (such loans complementing a loan for the sum of $1 500 000 which has been advanced by the said Superannuation Board on a like basis), (b) loans from the Australian and New Zealand Banking Group Limited of such sum or sums as shall be required to provide bridging finance to the Company pending advances being made as mentioned in paragraph (a) of this clause. Interest thereon will not exceed 1½ percentum above the prime overdraft rate charged by the said Bank from time to time, (c) a loan from the said Bank for the sum of $1 000 000 for a term not exceeding 5 years to be made not before the loans referred to in paragraph (a) of this clause have been expended by the Company. The liability of the State as guarantor for the interest payable thereon shall not exceed the long term bond rate as hereinbefore defined plus 1½ percentum, and (d) subject to satisfactory compliance by the Company with the terms and conditions of the mortgages and charges given in respect of the loans mentioned in paragraphs (a) (b) and (c) of this clause a loan of $1 000 000 from a lender approved by the State in substitution for the loan mentioned in paragraph (c) of this clause for a term which when aggregated with the elapsed term of the loan for which it is substituted shall not exceed 25 years. (2) The giving of the guarantees in respect of the loans referred to in sub‑clause (1) of this clause are conditional upon the Company first executing in favour of the State or its nominee such mortgages and charges over such of the Company’s real and personal property and in such form and containing such covenants and provisions as the State requires and their respective registration in the relevant offices of registration in such priority as the State determines AND the Company will do all such acts matters and things as are required to so effect registration or as are incidental thereto. (1) The Conservator has supplied the Company with his best estimates of the availability of chiplogs and sawmill residues from the pine plantations for each of the years during the term of this Agreement. (2) On the 31st day of December in each year during the continuance of this Agreement the Company shall deliver to the Conservator an estimate of its requirements for the next ensuing 6 years. (3) The Conservator shall as far as is practicable control the pine plantations and the disposal of sawmill residues so as to ensure that (consistent with, in his opinion, approved forestry practice) the quantities of chiplogs and sawmill residues agreed between the Conservator and the Company (pursuant to sub‑clause 4) of this clause) are available to the Company and the State shall not sell or dispose of or cause to be sold or disposed of chiplogs or sawmill residues or enter into contracts or cause any contracts to be entered into for such sale or disposal which would prevent or be likely to prevent the Company being supplied with its requirements therefor in full (up to the maximum aggregate quantity referred to in paragraph 5 (b) of this clause) at both the factory and the Kewdale factory. (4) The Company and the Conservator shall from time to time during each year confer as to the respective requirements of the Company for chiplogs and sawmill residues and as to the availability of the respective quantities likely to be required by the Company in the next following year. On or before the 30th day of June in each year, agreement shall be reached as to the respective quantities of chiplogs and sawmill residues to be supplied by the Conservator to the Company during the next following year in default of agreement the matter shall be determined by arbitration. (5) During the continuance and subject to the provisions of this Agreement: — (a) the State shall supply to the Company (without the Company being under any obligation to obtain any permit or licence from the Conservator) from the pine plantations the respective quantities of chiplogs and sawmill residues agreed upon or determined from time to time in respect of each year pursuant to the provisions of subclause (4) of this clause; (b) The maximum aggregate quantity of chiplogs and sawmill residues which the State shall be obliged to supply to the Company pursuant to sub‑clause (4) of this clause in any year will not exceed 330 000 cubic metres. As regards any difference in any year between that maximum aggregate quantity and the aggregate quantity so agreed or determined pursuant to that subclause the State undertakes not to sell or dispose of that difference for the manufacture of particle board.

Loans to the Company. (1) Subject to the provision of sub‑clause sub-clause (2) of this clause the State will guarantee (pursuant to the provisions of the Industry (Advances) Act, 1947) repayment of the following loans and payment of interest thereon to be made to the Company for the purpose of the construction of the factory, namely) (a) a series of loans from the Superannuation Board in the said State aggregating the sum of $4 500 000 each for a term not exceeding 25 years from the respective days of the funding (such loans complementing a loan for the sum of $1 500 000 which has been advanced by the said Superannuation Board on a like basis), (b) loans from the Australian and New Zealand Banking Group Limited of such sum or sums as shall be required to provide bridging finance to the Company pending advances being made as mentioned in paragraph (a) of this clause. Interest thereon will not exceed 1½ percentum above the prime overdraft rate charged by the said Bank from time to time, (c) a loan from the said Bank for the sum of $1 000 000 for a term not exceeding 5 years to be made not before the loans referred to in paragraph (a) of this clause have been expended by the Company. The liability of the State as guarantor for the interest payable thereon shall not exceed the long term bond rate as hereinbefore defined plus 1½ percentum, and (d) subject to satisfactory compliance by the Company with the terms and conditions of the mortgages and charges given in respect of the loans mentioned in paragraphs (a) (b) and (c) of this clause a loan of $1 000 000 from a lender approved by the State in substitution for the loan mentioned in paragraph (c) of this clause for a term which when aggregated with the elapsed term of the loan for which it is substituted shall not exceed 25 years. (2) The giving of the guarantees in respect of the loans referred to in sub‑clause sub-clause (1) of this clause are conditional upon the Company first executing in favour of the State or its nominee such mortgages and charges over such of the Company’s real and personal property and in such form and containing such covenants and provisions as the State requires and their respective registration in the relevant offices of registration in such priority as the State determines AND the Company will do all such acts matters and things as are required to so effect registration or as are incidental thereto. (1) The Conservator has supplied the Company with his best estimates of the availability of chiplogs and sawmill residues from the pine plantations for each of the years during the term of this Agreement. (2) On the 31st day of December in each year during the continuance of this Agreement the Company shall deliver to the Conservator an estimate of its requirements for the next ensuing 6 years. (3) The Conservator shall as far as is practicable control the pine plantations and the disposal of sawmill residues so as to ensure that (consistent with, in his opinion, approved forestry practice) the quantities of chiplogs and sawmill residues agreed between the Conservator and the Company (pursuant to sub‑clause sub-clause 4) of this clause) are available to the Company and the State shall not sell or dispose of or cause to be sold or disposed of chiplogs or sawmill residues or enter into contracts or cause any contracts to be entered into for such sale or disposal which would prevent or be likely to prevent the Company being supplied with its requirements therefor in full (up to the maximum aggregate quantity referred to in paragraph 5 (b) of this clause) at both the factory and the Kewdale factory. (4) The Company and the Conservator shall from time to time during each year confer as to the respective requirements of the Company for chiplogs and sawmill residues and as to the availability of the respective quantities likely to be required by the Company in the next following year. On or before the 30th day of June in each year, agreement shall be reached as to the respective quantities of chiplogs and sawmill residues to be supplied by the Conservator to the Company during the next following year in default of agreement the matter shall be determined by arbitration. (5) During the continuance and subject to the provisions of this Agreement: — (a) the State shall supply to the Company (without the Company being under any obligation to obtain any permit or licence from the Conservator) from the pine plantations the respective quantities of chiplogs and sawmill residues agreed upon or determined from time to time in respect of each year pursuant to the provisions of subclause (4) of this clause; (b) The maximum aggregate quantity of chiplogs and sawmill residues which the State shall be obliged to supply to the Company pursuant to sub‑clause sub-clause (4) of this clause in any year will not exceed 330 000 cubic metres. As regards any difference in any year between that maximum aggregate quantity and the aggregate quantity so agreed or determined pursuant to that subclause the State undertakes not to sell or dispose of that difference for the manufacture of particle board.

Loans to the Company. (1) Subject to the provision of sub‑clause sub-clause (2) of this clause the State will guarantee (pursuant to the provisions of the Industry (Advances) Act, 1947) repayment of the following loans and payment of interest thereon to be made to the Company for the purpose of the construction of the factory, namely (a) a series of loans from the Superannuation Board in the said State aggregating the sum of $4 500 000 each for a term not exceeding 25 years from the respective days of the funding (such loans complementing a loan for the sum of $1 500 000 which has been advanced by the said Superannuation Board on a like basis), (b) loans from the Australian and New Zealand Banking Group Limited of such sum or sums as shall be required to provide bridging finance to the Company pending advances being made as mentioned in paragraph (a) of this clause. Interest thereon will not exceed 1½ percentum above the prime overdraft rate charged by the said Bank from time to time, (c) a loan from the said Bank for the sum of $1 000 000 for a term not exceeding 5 years to be made not before the loans referred to in paragraph (a) of this clause have been expended by the Company. The liability of the State as guarantor for the interest payable thereon shall not exceed the long term bond rate as hereinbefore defined plus 1½ percentum, and (d) subject to satisfactory compliance by the Company with the terms and conditions of the mortgages and charges given in respect of the loans mentioned in paragraphs (a) (b) and (c) of this clause a loan of $1 000 000 from a lender approved by the State in substitution for the loan mentioned in paragraph (c) of this clause for a term which when aggregated with the elapsed term of the loan for which it is substituted shall not exceed 25 years. (2) The giving of the guarantees in respect of the loans referred to in sub‑clause sub-clause (1) of this clause are conditional upon the Company first executing in favour of the State or its nominee such mortgages and charges over such of the Company’s real and personal property and in such form and containing such covenants and provisions as the State requires and their respective registration in the relevant offices of registration in such priority as the State determines AND the Company will do all such acts matters and things as are required to so effect registration or as are incidental thereto. (1) The Conservator has supplied the Company with his best estimates of the availability of chiplogs and sawmill residues from the pine plantations for each of the years during the term of this Agreement. (2) On the 31st day of December in each year during the continuance of this Agreement the Company shall deliver to the Conservator an estimate of its requirements for the next ensuing 6 years. (3) The Conservator shall as far as is practicable control the pine plantations and the disposal of sawmill residues so as to ensure that (consistent with, in his opinion, approved forestry practice) the quantities of chiplogs and sawmill residues agreed between the Conservator and the Company (pursuant to sub‑clause sub-clause 4) of this clause) are available to the Company and the State shall not sell or dispose of or cause to be sold or disposed of chiplogs or sawmill residues or enter into contracts or cause any contracts to be entered into for such sale or disposal which would prevent or be likely to prevent the Company being supplied with its requirements therefor in full (up to the maximum aggregate quantity referred to in paragraph 5 (b) of this clause) at both the factory and the Kewdale factory. (4) The Company and the Conservator shall from time to time during each year confer as to the respective requirements of the Company for chiplogs and sawmill residues and as to the availability of the respective quantities likely to be required by the Company in the next following year. On or before the 30th day of June in each year, agreement shall be reached as to the respective quantities of chiplogs and sawmill residues to be supplied by the Conservator to the Company during the next following year in default of agreement the matter shall be determined by arbitration. (5) During the continuance and subject to the provisions of this Agreement: — (a) the State shall supply to the Company (without the Company being under any obligation to obtain any permit or licence from the Conservator) from the pine plantations the respective quantities of chiplogs and sawmill residues agreed upon or determined from time to time in respect of each year pursuant to the provisions of subclause (4) of this clause; (b) The maximum aggregate quantity of chiplogs and sawmill residues which the State shall be obliged to supply to the Company pursuant to sub‑clause sub-clause (4) of this clause in any year will not exceed 330 000 cubic metres. As regards any difference in any year between that maximum aggregate quantity and the aggregate quantity so agreed or determined pursuant to that subclause the State undertakes not to sell or dispose of that difference for the manufacture of particle board.