By submitting this Application for Deferred Settlement Account ("Application"), you (meaning the customer being the Applicant stated in the Application):
apply for a Deferred Settlement Account with Favourit Pty Ltd (ACN 609 489 009);
declare that all information provided in the Application is true and correct and that no relevant information in regard to credit worthiness has been withheld;
have reviewed and agreed to be bound by these Deferred Settlement Terms;
acknowledge that we may amend these Deferred Settlement Terms from time to time without notice to you;
authorise us to open a Deferred Settlement Account in your name and debit to that account any bets or wagers you may place with Favourit and all other amounts you owe to us;
agree that we may accept or decline the Application in our sole discretion;
agree that your Deferred Settlement Account will not be provided until your application has been properly assessed and approved;
agree to accept the deferred settlement limit allocated by us and that any deferred settlement facility provided by Favourit may be withdrawn or modified at any time without notice;
agree that this deferred settlement limit will be no more than your pre-commitment amount and that you are able to change your pre-commitment amount at any time upon notice to Favourit;
for the purposes of assessing credit worthiness and to ensure our compliance with all industry codes, and in accordance with the Privacy Act 1988 (Cth):
authorise us to use the information you provide to us and to manage the deferred settlement facility provided to you;
consent to us using third party information sources providing any information they may legally give to us including a credit report containing personal credit information about you;
consent to us disclosing personal information we collect to a credit reporting agency;
consent to us disclosing personal information we collect to our insurance brokers and/or insurance underwriters for the purpose of providing us with insurance;
consent to us maintaining your details on a register of all clients with deferred settlement facilities,
warrant that you will immediately notify us of any changes of address or any event, circumstance or matter which renders any of the information provided by you in the Application as incomplete, incorrect or misleading at any time during the operation of your Deferred Settlement Facility.
Unless you have applied and been accepted for monthly settlement in accordance with clause 4, settlement of your deferred settlement facility will be on a weekly basis. You agree to pay Favourit no later than 7 days from the date of issue of a tax invoice of the amounts set out therein. Payment of the amounts specified will be in Australian Dollars. You indemnify Favouritagainst liability, loss, costs, charges and expenses that Favourit suffers in connection with any breach of these Deferred Settlement Terms provided that:
Favourit will not undertake any action for recovery of the debt a period of at least 21 days after your settlement period has elapsed; and
You have been informed that the amount payable is overdue and/or have been sent a reminder notice of the overdue amount.
You will be entitled to apply for and be approved for monthly settlement only if:
Your credit limit will be more than $20,000; and
You agree to provide reasonably requested information (including, if requested a phone interview) to be assessed by an independent third party, as to your capacity to service this debt.
Favourit may, in its sole discretion and without any reason to do so, at any time, terminate or suspend your Deferred Settlement Account on seven days' written notice to you.
You acknowledge that Favourit may suspend or terminate your Deferred Settlement Account immediately if:
Favourit was induced by any misrepresentation to approve an application;
There is any breach of these Deferred Settlement Terms or the Terms and Conditions of Use;
The amount charged to your Account exceeds your credit limit;
Any amount charged to the Account is due and unpaid.
You inform us that you no longer wish to be provided with a Deferred Settlement Facility.
In the event Favourit suspends or terminates the Account, any amounts incurred but not yet billed immediately become a debt due and payable to Favourit. You must pay to Favourit any amounts reasonably incurred or expended by Favourit.
Failure by Favourit to enforce its obligations under these Deferred Settlement Terms does not constitute waiver of Favourit's' rights nor does it affect your obligations to make any further payments as and when they fall due.
These Deferred Settlement Terms will be governed by the law in force in the State of New South Wales.