**Exhibit 10.2**

 

----

----

 

----

 

----

 

----

 

----

 

----

 

----

 

----

 

----

 

----

----

 

 

|  

                         

                         

                         

                         

                         

                         

**BENDIGO BANK LIMITED**

ACN 068 049 178

ABN 11 068 049 178

                         

                         

                         

                         

                         

**STANDARD TERMS****&****CONDITIONS**

                         

                             

                         

                          |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

 

----

***STANDARD TERMS AND CONDITIONS***

 

| **1.** | **APPLICATION OF STANDARD TERMS** | **3** |
|--------|-----------------------------------|-------|

| **2.** | **COSTS AND OTHER AMOUNTS** | **3** |
|--------|-----------------------------|-------|

| **3.** | **GENERAL OBLIGATIONS** | **4** |
|--------|-------------------------|-------|

| **4.** | **YOUR WARRANTIES AND UNDERTAKINGS AS TO ASSIGNED                        DEBTS** | **4** |
|--------|----------------------------------------------------------------------------------|-------|

| **5.** | **OUR RIGHT OF ENTRY AND INSPECTION**                                                             | **5** |
|--------|---------------------------------------------------------------------------------------------------|-------|
| **6.** | **LIMITATIONS ON YOUR RIGHTS UNDER ANY SALE OF GOODS OR                        OTHER AGREEMENTS** | **5** |

| **7.** | **LIMITATIONS ON YOUR RIGHTS TO DEAL WITH                        DEBTS** | **5** |
|--------|--------------------------------------------------------------------------|-------|

| **8.** | **RESTRICTIONS ON PAYMENTS TO DIRECTORS** | **5** |
|--------|-------------------------------------------|-------|

| **9.** | **GENERAL ACCOUNTING OBLIGATIONS** | **5** |
|--------|------------------------------------|-------|

| **10.** | **ACCOUNTING OBLIGATIONS FOR DEBTS** | **6** |
|---------|--------------------------------------|-------|

| **11.** | **YOUR DUTY TO INDEMNIFY US** | **7** |
|---------|-------------------------------|-------|

| **12.** | **WHAT IS THE PERIOD OF THE AGREEMENT AND HOW CAN IT BE                        ENDED** | **7** |
|---------|----------------------------------------------------------------------------------------|-------|

| **13.** | **YOUR OBLIGATION TO REPURCHASE ASSIGNED                        DEBTS** | **8** |
|---------|-------------------------------------------------------------------------|-------|

| **14.** | **WHAT YOU MUST PAY AT THE END OF THIS                        AGREEMENT** | **8** |
|---------|---------------------------------------------------------------------------|-------|

| **15.** | **CONVERSION TO NON SELECTIVE FACTORING** | **8** |
|---------|-------------------------------------------|-------|

| **16.** | **OUR DISCRETION TO VARY THIS AGREEMENT** | **8** |
|---------|-------------------------------------------|-------|

| **17.** | **YOU MUST APPOINT US AS ATTORNEY** | **9** |
|---------|-------------------------------------|-------|

| **18.** | **CHARGE** | **9** |
|---------|------------|-------|

| **19.** | **FURTHER ASSURANCE** | **9** |
|---------|-----------------------|-------|

| **20.** | **PROPER LAW** | **10** |
|---------|----------------|--------|

| **21.** | **CERTIFICATE, STATEMENT, ETC** | **10** |
|---------|---------------------------------|--------|

| **22.** | **WAIVER AND RIGHTS OF SET OFF** | **10** |
|---------|----------------------------------|--------|

| **23.** | **NOTICES** | **10** |
|---------|-------------|--------|

| **24.** | **NO FINANCIAL ADVICE** | **11** |
|---------|-------------------------|--------|

| **25.** | **ASSIGNMENT** | **11** |
|---------|----------------|--------|

| **26.** | **CONSENT** | **11** |
|---------|-------------|--------|

| **27.** | **TERMS OF THIS AGREEMENT TO PREVAIL** | **11** |
|---------|----------------------------------------|--------|

| **28.** | **TIME FOR PAYMENT** | **11** |
|---------|----------------------|--------|

| **29.** | **SECURITIES** | **11** |
|---------|----------------|--------|

| **30.** | **THE COLLATERAL AGREEMENTS** | **11** |
|---------|-------------------------------|--------|

| **31.** | **GOODS AND SERVICES TAX** | **11** |
|---------|----------------------------|--------|

| **32.** | **KEY WORDS AND EXPRESSIONS** | **11** |
|---------|-------------------------------|--------|

| **33.** | **INTERPRETATION** | **13** |
|---------|--------------------|--------|

 

 

| *Bendigo Bank Limited* | *Page*2*of 18* |
|------------------------|----------------|

 

 

----

***STANDARD TERMS AND CONDITIONS***

 

| **1.** | **APPLICATION OF STANDARD TERMS** |
|--------|-----------------------------------|

         

On*you*signing and        returning to*us*the offer set out in        the*Letter of Offer*and these Standard        Terms, a legally binding contract comes into existence between*you*and*us.        You*should carefully consider and ensure that*you*fully understands the terms of the*Letter of Offer*and these*Standard Terms*before*you*sign and accept the*Letter of Offer. We*recommend that*you*obtain legal and financial advice        before*you*sign and accept the*Letter of Offer*. The Standard Terms will also        apply to each*Security Provider*and        each*Security Provider*should carefully        consider and ensure that it understands its obligations before signing any        documents.*We*recommend that each*Security Provider*obtains legal and financial        advice before signing the*Letter of Offer*and any*Security.*

         

         

| **2.** | **COSTS AND OTHER AMOUNTS** |
|--------|-----------------------------|

         

|   | 2.1 | *You*must pay*us:* |
|--------|-----|--------------------|

         

|   | 2.1.1 | all fees, charges, bank charges and other expenses incurred                        by*us*under or specified                        in this*Agreement*or                        incidental to it or in connection with any transactions contemplated by                        it; |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 2.1.2 | all stamp duty, tax and other government or semi-government                        charges payable in respect of the*Transaction                        Documents*or any transactions entered into under                        them; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 2.1.3 | all costs and charges (including legal fees on the higher of                        a solicitor/own client basis and a full indemnity basis) incurred by*us*in negotiation, preparation,                        execution, stamping and (where necessary) registration of the*Transaction Documents;* |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 2.1.4 | all costs and charges (including legal fees on the higher of                        a solicitor/own client basis and a full indemnity basis) incurred by*us*in either or both of the                        following circumstances*:* |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

 

|   | (a) | where an*Event or                        Default*has occurred under any*Transaction Document;*or |
|--------|-----|--------------------------------------------------------------------------------------------------|

|   | (b) | in preserving or protecting*our*position or enforcing or                        attempting to enforce all or any of*our*rights under any*Transaction                        Document;* |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

including the costs of*our*agents, consultants or contractors as*we*reasonably determine and including such time spent by*our*and/or*our*agents' employees at the rate from time to        time applicable to*our*and/or*our*agents' employees as stipulated by*us*from time to time but if not otherwise        stipulated, at the following rates:

         

Executive Director and Chief Executive Officer or any person performing some        or all of the functions of any of those positions - at $380 plus GST per hour;

         

National Sales & Marketing Manager, Chief Financial Officer and Chief        Operations Officer or any person performing some or all of the functions of any of those        positions - at $292 plus GST per hour;

         

Account Manager, Risk Manager, Technology Manager, Sales or State Manager,        Business Development Manager, or any person performing some or all of the functions of any        of those positions -at $264 plus GST per hour;

         

Senior Client Services Officer, Risk Officer, Accounts Receivable        Manager,

Senior Accounts Officer or any person performing some or all of the        functions of any of those positions - at $171 plus GST per hour;

         

Client Services Officer, Accounts Receivable Officer, Accounts        Officer,

         

 

| *Bendigo Bank Limited* | *Page*3*of 18* |
|------------------------|----------------|

 

----

***STANDARD TERMS AND CONDITIONS***

 

Personal Assistant or any person performing some or all of the functions of        any of those positions - at $127 plus GST per hour;

         

Team Support Officer, Receptionist or any person performing some or all of        the functions of any of those positions - at $98 plus GST per hour.

         

|   | 2.2 | *You*must promptly comply with                        all of*our*requests and                        those of*our*lawyers in                        connection with any payments required in respect of the charges in clause                        2.1. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 2.3 | *You*indemnify*us*against any liability                        resulting from delay or failure to pay any of the charges in clause                        2.1. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 2.4 | Unless otherwise specified in the*Transaction Documents*all costs                        charges and other payments due to*us*are payable on demand. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 2.5 | *You*must pay*us*the*Security Release Fee*upon                        release or discharge of any one or more*securities.* |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------|

         

|   | 2.6 | *You*must pay*us*the sum as set out in Part                        18 of the*Details*for                        each new*Debtor*whose*Debts you*offer to sell to*us*after the initial sale of*Debts*to*us*under this*Agreement,*plus any costs                        (calculated on an indemnity basis)*we*incur in assessing the credit risk of the*Debtor,*whether or not*we*accept*your offer*in relation to                        that*Debtor.* |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 2.7 | If*we*agree in ourabsolute discretion, following*your*request, to release any                        part of the*Cash Reserve/ Reserve                        Release*where there are insufficient funds                        available in the*Reserve Account,*or otherwise prior to the date set out in Part 11 of                        the*Details, you*must                        pay*us*the greater                        of: |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

 

|   | 2.7.1 | $100 plus GST; or |
|--------|-------|-------------------|

         

|   | 2.7.2 | 1.5% of the funds to be made available plus GST;                        or |
|--------|-------|----------------------------------------------------------------------------|

         

|   | 2.7.3 | the charges set out in Part 25 of the*Details.* |
|--------|-------|-------------------------------------------------|

         

 

| **3.** | **GENERAL OBLIGATIONS** |
|--------|-------------------------|

         

| 3.1 | *You*must not do anything that                        would prevent any*Assigned Debts*being paid to*us*by*your Debtors.*In particular*you*shall not ask or require*your                        Debtors*to pay*Assigned                        Debts*to any person other than ourselves                        unless*we*direct*you*in writing to do                        so. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| 3.2 | *You*shall require*your Debtors*to pay*Assigned Debts*directly                        to*us*by the placing of                        a notice to such effect in the form annexed as Schedule A to these*Terms and Conditions*on each                        invoice. |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| 3.3 | Any payment received by*you*in respect of a*Assigned Debt*is received                        by*you*on trust                        for*us*and*you*must deliver it to*us*in original form or bank it                        as*we*direct whether or                        not, in the case of cheques, drafts or notes, it may, in addition to the                        payment of the*Debt*include an additional amount. If made payable to*you*it must be endorsed                        by*you*to*us*or as*we*direct, provided that if you                        are not in default of the terms of this*Agreement                        we*shall reimburse to*you*any amount received                        by*us*not in respect                        of*Assigned Debts.* |
|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| 3.4 | Whenever*we*request*you*to do so*you*shall execute a legal assignment to*us*of any*Assigned Debts*and give*your Debtors*written notice of                        such assignment. |
|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| **4.** | **YOUR WARRANTIES AND UNDERTAKINGS AS TO ASSIGNED                        DEBTS** |
|--------|----------------------------------------------------------------------------------|

         

|   | 4.1 | *You*warrant to*us*in relation to each*Debt you*offer to*us*that (except as disclosed in                        writing to*us*at the                        time of offering the*Debt):* |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 4.1.1 | the*Debt*is fully valid and enforceable for the*Full Face Value*free of any                        cross claims, set offs, charges, discounts or any other rights                        whatsoever; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 4.1.2 | the*Debt*was incurred in the ordinary course of*your Debtor's*business                        on*your*standard terms                        of trade as disclosed to*us*and that the terms provide for payment in Australia in                        Australian dollars; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 4.1.3 | *your Debtors*have not and will                        not during the term of the*Assigned                        Debt*have or claim any set off or other claim by                        way of cross action against*you*or dispute their liability to |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

 

| *Bendigo Bank Limited* | *Page*4*of 18* |
|------------------------|----------------|

 

 

----

***STANDARD TERMS AND CONDITIONS***

 

pay the*Debt*on any        ground whatsoever;

         

|   | 4.1.4 | *you*have investigated the                        financial status and credit of each of*your                        Debtors*and are satisfied that each*Debtor*is able to pay the                        relevant*Debt*before the                        due date; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 4.1.5 | *you*are not aware of any matter                        in relation to any of*your Debtors*that may affect*our*decision to purchase that*Debtor's                        Debts;* |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 4.1.6 | *you*have disclosed to*us*any fact or matter*you*know or ought to know would                        influence*our*decision                        whether or not to accept any offer*you*make to*us;* |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 4.1.7 | *you*have full power to sell the                        legal and equitable title to each*Debt*and that*you*will transfer each*Debt*to*us*free from any third party rights whatsoever; |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 4.1.8 | no*Assigned Debt*is owed by an*Associate*or*Related Company*or person of*you;* |
|--------|-------|--------------------------------------------------------------------------------|

         

|   | 4.1.9 | no supplier to*you*is entitled to or claims any interest in respect of                        any*Assigned Debt*under                        any retention of title or similar provisions; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 4.1.10 | the particulars included in the*Invoice*, and all other                        documents relating to the*Debt*submitted by*you*to*us*are                        correct; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 4.1.11 | y*ou*have                        paid all applicable Taxes (other than GST which*you*warrants*you*will pay in accordance with                        the GST Act) in respect of the sale represented by the*Debt;*and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 4.1.12 | the transaction creating the*Debt*is not governed by the                        Consumer Credit Code, unless*you*disclose to*us*in writing that the Transaction creating the debt is                        governed by the applicable Consumer Credit Code, and provide full written                        details to*us*of the                        terms, conditions, and circumstances of such Transaction creating                        the*Debt*and*we*waive this warranty in                        writing to*you*. |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 4.2 | *You*undertake to*us*in relation to each*Debt you offer*to*us*that (except as disclosed in                        writing to*us*at the                        time of offering the*Debt):* |
|--------|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 4.2.1 | *you*shall duly and promptly                        perform and observe all the terms of the agreement giving rise to                        the*Debt*and do                        everything necessary to ensure that the*Debt*is recoverable by action                        at law; |
|--------|-------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 4.2.2 | *you*will not make any                        arrangements with*your Debtors*to compromise, set off or discharge any*Debt;* |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------|

         

|   | 4.2.3 | *you*shall not make any                        arrangements for or accept the return of any goods without*our*consent in writing where                        the sale of those goods gave rise to an*Assigned                        Debt;* |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 4.2.4 | *you*will not issue a credit                        note in relation to a*Assigned Debt*without proper cause. Any credit note issued by*you*will be promptly notified                        to*us. You*will deliver                        any credit note and any other information in relation to it to*us*before issuing it if*we*require*you*to do so.*We*shall have total discretion                        to deliver such a credit note to*your                        Debtor*but if*we*deliver it, the delivery                        shall be without prejudice to any rights*we*have under this*Agreement*; |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 4.2.5 | *you*will keep*us*fully informed of all                        information concerning disputes or possible disputes about any*Assigned Debt*or that may                        affect the credit worthiness of any of*your                        Debtors;*and |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 4.2.6 | *you*will do everything                        necessary to validly assign each*Debt*to*us.* |
|--------|-------|----------------------------------------------------------------------------------------------|

         

|   | 4.3 | *You*indemnify*us*against any failure                        by*you*to fulfil*your*obligations under this                        clause and against any loss arising by reason of any actions whatsoever                        brought by*Debtors*against*you*in relation to any agreement giving rise to a*Assigned Debt.* |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| **5.** | **OUR RIGHT OF ENTRY AND INSPECTION** |
|--------|---------------------------------------|

         

*You*agree that*we*(or an*Authorised        Officer*or*our*nominee) is at any time able to enter land or buildings occupied by*you*without notice to inspect and take copies        of any documents relating in any way to any*Assigned        Debts.*

         

 

 

| *Bendigo Bank Limited* | *Page*5*of 18* |
|------------------------|----------------|

 

 

----

***STANDARD TERMS AND CONDITIONS***

 

|   | **6.** | **LIMITATIONS ON YOUR RIGHTS UNDER ANY SALE OF GOODS OR                        OTHER AGREEMENTS** |
|--------|--------|---------------------------------------------------------------------------------------------------|

         

Subject to clause 4.2.4,*you*agree that*you*will not        rescind, cancel or vary any sale of goods or other agreement between a*Debtor*and*you*which gave rise to an*Assigned Debt,*without*our*express consent in writing.

         

         

| **7.** | **LIMITATIONS ON YOUR RIGHTS TO DEAL WITH                        DEBTS** |
|--------|--------------------------------------------------------------------------|

         

Subject to clause 4.2.4,*you*agree that*you*will        not~~assign,~~charge or        otherwise encumber any of*your Debts*or        enter into any other agreement for factoring or discounting them without*our*prior written consent.

         

         

| **8.** | **RESTRICTIONS ON PAYMENTS TO                        DIRECTORS** |
|--------|------------------------------------------------------------------|

         

Unless*you*have        given*us*six months prior notice in        writing of*your*intention to do        so,*you*may not pay, lend or        credit*your*directors any amounts        without*our*prior written consent other        than the following:

         

         

|   | 8.1 | director's fees, salaries, expenses or benefits (including                        superannuation benefits) in whatever form for an amount which is no greater                        than that disclosed in*your*last balance sheet and profit and loss account before                        this*Agreement*; |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 8.2 | money payable under any agreement now in force which has                        been disclosed to*us*prior to*our*execution of this*Agreement*and where*we*have given*our*prior written approval to                        the payment; and |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 8.3 | dividends to which*we*have given prior written approval for payment of                        same. |
|--------|-----|-----------------------------------------------------------------------------------------------------|

 

 

| **9.** | **GENERAL ACCOUNTING OBLIGATIONS** |
|--------|------------------------------------|

         

| 9.1 | *You*must: |
|-----|------------|

 

|   | 9.1.1 | give to*us*all accounts and financial information provided for in                        this*Agreement*. The                        accounts and information must be prepared in accordance with all accounting                        standards in force or recommended by the Australian Society of Accountants                        or the Institute of Chartered Accountants and kept so as to give a true and                        fair view of*your*financial position and that of*your                        Group;* |
|--------|-------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 9.1.2. | keep proper books of account containing entries of all                        transactions in relation to*your                        Group's*business. Books of account, delivery                        receipts and all other documents relating to*your                        Group's*business must be kept at*your*principal place of                        business and be open for inspection at all reasonable times by*us*or anyone*we*authorises in writing;                        and |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 9.1.3 | appoint an accountant approved by*us*to maintain*your*debtors ledger and such                        other accounts as*we*requires if requested to do so by*us*in writing. If*you*does not do so for whatever                        reason*we*shall be                        entitled to appoint an accountant on*your*behalf.*We*is irrevocably authorised to                        pay for an appointment*we*makes and any work performed by the accountant*we*appoints out of any money                        due to*you*under                        this*Agreement*. |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 9.2 | *You*must give to*us*within 30*Business Days*of the end of                        each financial year and half year the following statements for the next                        year certified as correct by at least one of*your*directors or if*you*are not a corporation, by                        an owner or principal of*your                        business*: |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 9.2.1 | the estimated consolidated after tax profit of the*Group;*and |
|--------|-------|---------------------------------------------------------------|

         

|   | 9.2.2 | the budgets of the*Group.* |
|--------|-------|----------------------------|

         

 

 

| *Bendigo Bank Limited* | *Page*6*of 18* |
|------------------------|----------------|

 

 

----

***STANDARD TERMS AND CONDITIONS***

 

|   | 9.3 | Any material revisions of the statements in clause 9.2 must                        be given to*us*within 30                        days. |
|--------|-----|------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 9.4 | *You*must give to*us*within 180 days of the end                        of each financial year and half year: |
|--------|-----|--------------------------------------------------------------------------------------------------------------|

         

 

|   | 9.4.1 | a consolidated balance sheet and individual balance sheets                        for*you*and for each of                        the companies in*your Group;* |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 9.4.2 | consolidated profit and loss account and detailed audited                        individual profit and loss accounts for*you*and each of the companies                        in*your Group;*and |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 9.4.5 | an individual reconciliation of profit and loss                        appropriation accounts together with a consolidated profit summary                        for*you*and each of the                        companies in*your Group.* |
|--------|-------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| 9.5 | Subject to clause 9.6 all accounts referred to in clause 9.4                        must be prepared and audited by an independent chartered accountant agreed                        upon in writing between*you*and*us.*If*you*and*we*fail to agree upon a named accountant within 30*Business Days*after a written                        request by either*of you*or*us*to                        the other*we*shall                        nominate one. |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| 9.6 | If*you*and each of the companies in*your                        Group*are a small proprietary company under                        Section 45A(2) of the Corporations Act*we*may exempt*you*from the requirements in                        clause 8.6 on*your*request in writing to*us.*Even if*we*grant*you*an exemption*you*must still supply the                        accounts reports and other information referred to in Section 292 and 293                        of the Corporations Act if Section 292(2) of the Corporations Act                        applies. |
|-----|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 9.7 | All statements given pursuant to clauses 9.2, 9.3, 9.4, and                        9.5 must be certified as correct by at least one of*your*directors or if*you*are not a corporation, by                        an owner or principal of*your                        business*. |
|--------|-----|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 9.8 | *You*must if requested by*we*give to*us*management accounts and any                        other financial information*we*requires about*you*or a company in*your                        Group*to enable*us*to make an assessment                        of*your*financial                        position and that of*your Group.*The management accounts and any other information shall be                        for each month or such other periods as*we*may from time to time                        nominate and must be given to*us*within 30 days of the end of each period. |
|--------|-----|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| **10.** | **ACCOUNTING OBLIGATIONS FOR DEBTS** |
|---------|--------------------------------------|

         

| 10.1 | *You*must keep all proper books                        and accounts necessary to disclose the following matters to*us*in relation to*Assigned Debts*at all                        times: |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 10.1.1 | the amount; |
|--------|--------|-------------|

         

|   | 10.1.2. | the terms of payment; |
|--------|---------|-----------------------|

         

|   | 10.1.3 | the amounts collected and the time of each collection;                        and |
|--------|--------|-----------------------------------------------------------------------------------|

         

|   | 10.1.4 | the balance due by the*Debtor* |
|--------|--------|--------------------------------|

         

| 10.2 | When requested by*us**you*agree: |
|------|----------------------------------|

         

|   | 10.2.1 | to annotate in such manner as*we*require*your*debtors’ ledger so                        as to indicate which*Debts*have become*ours*and agree to otherwise deal with the*Debts*in*your*books as directed                        by*us*; and |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 10.2.2 | to keep a separate ledger to record all*Assigned Debts*. The ledger is                        and remains*our*property. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------|

         

 

| 10.3 | *You*agree that if*you*are requested to keep the                        accounts referred to in clause 10.1 and all other records and documents                        relating to the*Assigned Debts*the accounts will be kept at*your*expense, as agent                        for*us*and that*we*may remove them at any time                        for any period*we*think                        fit. |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| 10.4 | *You*must deliver to*us*on demand the following                        documents in relation to*Assigned                        Debts:* |
|------|-----------------------------------------------------------------------------------------------------------------------------------------|

 

|   | 10.4.1 | all agreements,*Debtor*invoices, delivery receipts and ledger cards; |
|--------|--------|----------------------------------------------------------------------|

         

         

 

| *Bendigo Bank Limited* | *Page*7*of 18* |
|------------------------|----------------|

 

 

----

***STANDARD TERMS AND CONDITIONS***

 

|   | 10.4.2 | all invoices, vouchers and accounts issued by*you;* |
|--------|--------|-----------------------------------------------------|

         

|   | 10.4.3 | all writing evidencing the agreement between*you*and*your Debtors*and*Debtor*receipts for any goods                        delivered by*you;*and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 10.4.5 | all other evidence or documents which would be required                        by*us*to enforce                        the*Debt*in a court of                        law or that*we*may from                        time to require. If*you*maintains accounts on computer,*your*obligations include                        providing to*us*copies                        of all computer software and all other programs and information necessary                        to enable*us*to inspect                        and efficiently use and maintain them. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| 10.5 | *You*warrant in relation to the                        documents and information in clause 10.4 that as at the time they are                        provided by*you*to*us*they contain correct and sufficient details of: |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 10.5.1 | the names and addresses of*Debtors*who owe*you Debts;* |
|--------|--------|--------------------------------------------------------|

         

|   | 10.5.2 | the goods sold and services rendered to*your Debtors*by*you*and the dates of the sales                        or services; and |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------|

         

|   | 10.5.3 | the amounts payable by*your                        Debtors*and the terms of such                        payments. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------|

         

 

| 10.6 | Without prejudice to*our*rights under this clause*we*may permit*you*to retain any documents                        referred to in clause 10.4 for the convenience of*your*business or lend them                        to*you*for such periods                        as*we*think                        fit. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| 10.7 | If*we*request*you*to do so*you*must by the 15th day of each month deliver to*us*a full aged debtor trial                        balance of all*your Debts*for the previous month together with a full reconciliation                        and any other information*we*may reasonably require in relation to the*Assigned Debts.* |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| 10.8 | *You*shall not deal in*your*books of account or                        financial statements or deal with any*Assigned                        Debt*in any way that*we*direct*you*not to do so. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| 10.9 | Where goods are the subject of a sale which gave rise to                        a*Assigned Debt*and the                        goods are returned to*you*for whatever reason*you*shall hold such goods on trust for*us*and deal with them in                        accordance with*our*directions. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| 10.10 | If*we*direct*you*to do so*you*must deliver the goods referred to in clause 10.9 to*us.* |
|-------|-----------------------------------------------------------------------------------------|

         

| **11.** | **YOUR DUTY TO INDEMNIFY US** |
|---------|-------------------------------|

         

| 11.1 | *You*indemnify*us*and keep*us*indemnified against any                        failure for whatever reason by a*Debtor*to pay the*Net Invoice                        Value*of an*Assigned                        Debt*by the*Recourse                        Date.* |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 11.2 | Without limiting the generality of*your*obligations under clause                        11.1*you*agree                        that*you*will pay*us*the*Net Invoice Value*of any*Assigned Debt*less any money                        received by*us*in                        respect of it without the need for any demand from*us*if: |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

 

|   | 11.2.1 | any*Assigned Debt*remains unpaid or has not been paid to*us*wholly or partly*by*the*Recourse Date;* |
|--------|--------|-----------------------------------------------------------------------------------------------------|

         

|   | 11.2.2 | any warranty given by*you*about a*Assigned Debt*has been breached                        whether at the time of offering it to*us*or subsequently; |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 11.2.3 | in our absolute discretion it is of the opinion that                        the*Assigned Debt*is                        unlikely to be paid in full by the*Recourse                        Date*for that*Debt*and*we*notifies*you*of that fact; |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 11.2.4 | the*Debtor*in relation to a*Assigned                        Debt;* |
|--------|--------|--------------------------------------------------------------------|

         

 

|   | (a) | is an individual and commits an act of bankruptcy as defined                        in the*Bankruptcy Act*1966 (C'th); or |
|--------|-----|---------------------------------------------------------------------------------------------------------------------------|

|   | (b) | is a company and any application is filed or an order is                        made or a resolution passed for its winding up or if any meeting is called                        for the purpose of considering such a resolution; |
|--------|-----|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 11.2.5 | an administrator or other controller is appointed to                        the*Debtor*or a                        receiver, receiver |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------|

 

| *Bendigo Bank Limited* | *Page*8*of 18* |
|------------------------|----------------|

 

 

----

***STANDARD TERMS AND CONDITIONS***

 

and manager or other controller is appointed to all or part of the        undertaking or property of the*Debtor;*

         

|   | 11.2.6 | the holder of any mortgage charge or encumbrance takes                        possession of any of the*Debtor's*assets; or |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------|

         

|   | 11.2.7 | any execution or other process of a court or any authority                        is levied over the*Debtor's*property. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------|

         

 

|   | 11.3 | Legal and beneficial title to any*Assigned Debt*remains                        with*us*even if*you*have made a payment under                        clauses 11.1 or 11.2 and*we*are entitled to receive the full proceeds from the*Assigned Debt*subject only to                        the terms of this*Agreement*, which proceeds will                        be credited to*your Drawdown Account*or*your Reserve Account*at*our*discretion. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 11.4 | If*you*issue a*Debtor*with a credit note or accept the return of goods in relation                        to the whole or any part of a*Assigned Debt                        you*must immediately pay to*us*the*Full Face Value*of the credit                        note.*Our*rights under                        this clause are without prejudice to the obligations imposed on*you*under clause 6 and clause                        7. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| **12.** | **WHAT IS THE PERIOD OF THE AGREEMENT AND HOW CAN IT BE                        ENDED** |
|---------|----------------------------------------------------------------------------------------|

         

|   | 12.1 | This*Agreement*operates until it is ended by*you*or*us*in a way set out in                        this*Agreement*. |
|--------|------|--------------------------------------------------------------------------------------------------------------------|

         

|   | 12.2 | Either of*you*or*us*can                        end this*Agreement*for                        future transactions by giving the other 60 days prior written                        notice. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 12.3 | *You*can end this*Agreement*without giving 60                        days prior written notice if*you*pay*us*the*Short Notice                        Fee.* |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 12.4 | *We*can end this*Agreement*at*our*option without notice if                        an*Event of Default*occurs. |
|--------|------|---------------------------------------------------------------------------------------------------------------|

         

|   | 12.5 | An*Event of Default*occurs if: |
|--------|------|--------------------------------|

         

 

|   | 12.5.1 | *you*breach any obligation under                        this*Agreement*; |
|--------|--------|--------------------------------------------------------------------------|

         

|   | 12.5.2 | in ourabsolute discretion*we*are of theopinion that any                        warranty*you*have                        given*us*under                        any*Transaction Document*is or becomes incorrect; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 12.5.3 | in ourabsolute discretion*we*are of the opinion                        that*you*have not                        disclosed to*us*something known to*you*that*you*know or ought to know might influence*our*decision whether or not to                        enter into this*Agreement*; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 12.5.4 | *you*or any other person breach                        any obligation under any of the*Collateral                        Securities;*or |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 12.5.5 | an*Event of Default*specified in any of the*Collateral                        Securities*occurs. |
|--------|--------|--------------------------------------------------------------------------------------------------|

         

|   | 12.6 | Except as specifically provided the ending of this*Agreement*does not                        affect*your*obligations                        under it prior to its end including without limitation*your*obligation to pay                        interest, fees and charges as provided for in this*Agreement*and*your*obligations under clauses                        10 and 11 in respect of*Assigned                        Debts.* |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| **13.** | **YOUR OBLIGATION TO REPURCHASE ASSIGNED                        DEBTS** |
|---------|-------------------------------------------------------------------------|

         

|   | 13.1 | If this*Agreement*is ended for whatever reason*you*must repurchase all*Assigned Debts,*(including                        any*Debts*for                        which*you*have made a                        payment under clause 11) immediately, without any need for demand                        from*us.* |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 13.2 | The repurchase price for any*Assigned Debt*shall be                        its*Full Face Value*less                        any money (including any payment)*we*have received in relation to it. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 13.3. | Legal and beneficial title to all*Assigned Debts*remains                        with*us*until*we*have received all money due                        to*us*or payable                        by*you*in the future                        under the*Transaction Documents.* |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| **14.** | **WHAT YOU MUST PAY AT THE END OF THIS                        AGREEMENT** |
|---------|---------------------------------------------------------------------------|

         

 

| *Bendigo Bank Limited* | *Page*9*of 18* |
|------------------------|----------------|

 

 

----

***STANDARD TERMS AND CONDITIONS***

 

|   | 14.1 | *You*agree to pay*us*on demand                        the*Termination Fee*(if                        applicable) if this*Agreement*is terminated by*you*or by*us*for any reason whatsoever. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 14.2 | Unless*you*give*us*60 days prior written notice of termination,*you*must pay*us*on demand a*Short Notice Fee*in lieu of                        such notice calculated as follows: |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 14.2.1 | if less than 30 days written notice is given the sum                        equivalent to 5% of the*Full FaceValue*of all*Assigned Debts*purchased by*us*from*you*which remain unpaid at the date*you*give notice; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 14.2.2 | if 30 days or more but less than 60 days written notice is                        given the sum equivalent to 3% of the*Full Face                        Value*of all*Assigned                        Debts*purchased by*us*from*you*which remain unpaid at the                        date*you*gave                        notice. |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 14.3 | *You*agree that the*Termination Fee*and the*Short Notice Fee*have been                        calculated by*us*after                        consideration of the loss which*we*would suffer if this*Agreement*was terminated early                        and/or without the giving of 60 days prior notice in writing and represent                        a genuine pre-estimate of the loss which the termination would cause*us*in such                        circumstances. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| **15.** | **CONVERSION TO NON SELECTIVE                        FACTORING** |
|---------|------------------------------------------------------------------|

         

|   | 15.1 | *We*may require*you*to offer to sell*us*all*your**Debts*by giving*you*a notice in writing in any of the following                        circumstances: |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 15.1.1 | if an*Event of Default*occurs; |
|--------|--------|--------------------------------|

         

|   | 15.1.2 | if in our absolute discretion*we*are of the opinion that                        the*Securities*are at                        risk; or |
|--------|--------|---------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 15.1.3 | if in our absolute discretion*we*are of the opinion that                        there has been a material adverse change to*you*or*your*business or the*Assigned Debts.* |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

 

|   | 15.2 | From service of a*Notice*under clause 15.1,*you*must offer to sell*us*all*your**Debts*no less than once each                        month. Each*Debt*must be                        included in the first*offer*made after the date the*Debt*arose. |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 15.3 | The provisions of this*Agreement*apply to*Debts*purchased by*us*after a*Notice*has been issued unless                        specified otherwise. |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 15.4 | *You*must require*your Debtors*to pay directly                        to*us:* |
|--------|------|-------------------------------------------------------------------------------|

         

|   | 15.4.1 | all*Assigned Debts*unless*we*specifies otherwise in writing; and |
|--------|--------|------------------------------------------------------------------|

         

|   | 15.4.2 | after an*Event of                        Default*has occurred, all*Assigned Debts* |
|--------|--------|------------------------------------------------------------------------------------|

         

by the placing of a notice to that effect in the form annexed as Schedule A        to these*Terms and Conditions*on each        invoice.

         

| **16.** | **OUR DISCRETION TO VARY THIS                        AGREEMENT** |
|---------|------------------------------------------------------------------|

         

|   | 16.1 | *We*may give notice of its                        intention to amend, add to or delete any term of this*Agreement*at any time by                        written notice to*you.* |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 16.2 | Without limiting the generality of what*we*can do under clause                        15.1*we*can give notice                        of an: |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------|

         

 

|   | 16.2.1 | increase or decrease in the*Advance                        Rate,*the*Reserve                        Amount*or any fees or charges payable under                        this*Agreement*;                        or |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 16.2.2 | imposition of any additional fees or charges. |
|--------|--------|-----------------------------------------------|

         

|   | 16.3 | *You*must accept or reject any                        amendments, additions or deletions*we*proposes to make by notice in writing to*us*within seven days of the                        date of*our*notice                        to*you.* |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 16.4 | If*you*reject any amendment, addition or deletion*you*shall be deemed to have                        given*us*notice to                        terminate this*Agreement*under clause 14.2. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 16.5 | If*you*fail to notify*us*within seven days of*your*acceptance or rejection                        of*our*amendment,                        addition or deletion,*you*is deemed to have accepted the amendment, addition or                        deletion. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 16.6 | Any amendment, addition or deletion if accepted shall only                        be applicable to*Debts*purchased after the date of*our*notice to*you.* |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

         

 

| *Bendigo Bank Limited* | *Page*10*of 18* |
|------------------------|-----------------|

 

 

----

***STANDARD TERMS AND CONDITIONS***

 

|   | **17.** | **YOU MUST APPOINT US AS ATTORNEY** |
|--------|---------|-------------------------------------|

         

|   | 17.1 | By this clause*you*irrevocably appoints*us*and each*Authorised                        Officers*or any one or more of them jointly and                        severally to be*your*true and lawful attorneys. As*your*attorneys*we*and                        each*Authorised Officer*can in*your*name and on*your*behalf: |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 17.1.1 | render accounts to*Debtors*who owe*Assigned Debts;* |
|--------|--------|-----------------------------------------------------|

         

|   | 17.1.2 | contact or communicate by letter, telephone, electronic                        mail, or in person any of*your Debtors*for the purposes of verifying the terms and collecting                        payment of any*Assigned Debt*owed by such*Debtor;* |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 17.1.3 | demand, commence or defend any action or other proceedings                        in any court for the recovery or otherwise in relation to any*Assigned Debt*which has not                        been legally assigned to*us*and bring action or proceedings to prosecute or discontinue                        or become non suit at*our*absolute discretion; |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 17.1.4 | bring any action to wind up or bankrupt any*Debtor;* |
|--------|--------|------------------------------------------------------|

         

|   | 17.1.5 | do everything necessary to prepare and complete formal or                        legal assignments of any*Assigned Debts*to*us*or                        otherwise to perfect*our*title to a*Assigned                        Debt;* |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 17.1.6 | write to any debtors in*your*name to require payment of                        any*Assigned Debts*whenever and in any manner*we*think fit; |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 17.1.7 | give in*your*name and on*your*behalf notice of the assignment, formal, legal or equitable                        of any*Assigned Debt;* |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 17.1.8 | draw, accept and endorse cheques, bills or other negotiable                        instruments in relation to any*Assigned                        Debt;* |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 17.1.9 | enter into or execute transactions, documents, mortgages,                        charges and agreements which, in*our*opinion*you*should enter or execute pursuant to the*Agreement*; and |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 17.1.10 | do anything whatsoever necessary to secure performance                        by*you*of*your*obligations under                        this*Agreement*or                        otherwise in relation to the*Assigned                        Debts* |
|--------|---------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| 17.2 | *You*ratify anything done by an                        attorney under the power of attorney in this document. |
|------|---------------------------------------------------------------------------------------------------------------|

 

| 17.3 | The power of attorney conferred on*us*and each*Authorised Officer*by this                        clause is irrevocable as long as*you*remains under any obligation actual or contingent under                        this*Agreement*despite                        any termination or purported termination of the*Agreement*. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| **18.** | **CHARGE** |
|---------|------------|

         

As security for all moneys owing from time to time by*you*to*us*,*you*as beneficial owner charge in favour of*us*all freehold and leasehold interests in land        and all personal property of whatever description and wherever situated which*you*now have or during the currency of        the*Agreement*may acquire.

         

| **19.** | **FURTHER ASSURANCE** |
|---------|-----------------------|

         

|   | 19.1 | *You*will whenever so requested                        by*us*: |
|--------|------|----------------------------------------------------------------|

         

 

| *Bendigo Bank Limited* | *Page*11*of 18* |
|------------------------|-----------------|

 

 

----

***STANDARD TERMS AND CONDITIONS***

 

|   | 19.1.1 | hand to*us*all certificates or other documents of title relating to the                        land and property charged under the*Agreement*and transfers for any                        such land or property duly executed*you*as transferor to be held by*us*until the charge created by                        the*Agreement*is                        released except during any period that a prior encumbrancer has and is                        entitled to hold such documents of title; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 19.1.2 | execute in favour of*us*in writing legal assignments of any or all of the*Assigned Debts*and give to                        any*Debtor*or*Debtors*in respect of                        such*Assigned Debts*written notice of such assignment; |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 19.1.3 | execute mortgages in favour of*us*, in such form as*we*determine of any land and or                        real or personal property now or in the future owned by*you*or in which*you*may have an interest and                        where such mortgage secures all money owing from time to time by*you*to*us;*and |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 19.1.4 | deliver or cause to be executed and delivered such deeds,                        instruments, mortgages and other documents and cause to be done all such                        other acts and things as*we*may consider necessary or desirable for further or more                        satisfactorily assuring or securing to*us*or as*we*direct the land and property                        charged under the*Agreement*in such form as is necessary in order to obtain any                        necessary or desirable registration of such documents. |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| **20.** | **PROPER LAW** |
|---------|----------------|

         

The proper law for this*Agreement*is that of the*Relevant State*and*you*and*we*agree to submit to the jurisdiction of its        courts.

 

| **21.** | **CERTIFICATE, STATEMENT, ETC** |
|---------|---------------------------------|

         

| 21.1 | Under no circumstances are*we*obliged to provide to any                        party to an*Agreement*or                        any of the*Transaction Documents*or*Securities*any statement or accounting as to amounts paid or payable                        (in this clause 21 "Statement") under an*Agreement*or any of the*Transaction Documents*or*Securities*, or any information                        as to the basis of arriving at any amount payable to*us*by a party to an*Agreement*or any of the*Transaction Documents*or*Securities*. |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| 21.2 | If*we*at                        any time and for any purpose serve a Statement on a party to an*Agreement*or any of the*Transaction Documents*or*Securities*in respect of any                        period and that party or any other party to the relevant an*Agreement*or any of the*Transaction Documents*or*Securities*does not by written                        notice given to*us*not                        later than 30 days after the Statement is served by*us*on the party, challenge the                        contents of that Statement and provide particulars of alleged inaccuracies                        in that Statement, that Statement is, in the absence of manifest error,                        admissible in proceedings and is conclusive evidence of its subject                        matter. |
|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 21.3 | A Certificate or notice from or demand signed by an*Authorised Officer*stating any                        of the following: |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------|

         

|   | 21.3.1 | that a specified sum of money is owing or payable (or both)                        under an*Agreement*or                        any of the*Transaction Documents*or*Securities***;                        or** |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 21.3.2 | that the party providing a*Security*to*us*has not complied with their                        obligations under an*Agreement*or any of the*Transaction                        Documents*or*Securities***;                        or** |
|--------|--------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 21.3.3 | something relevant to*our*rights or obligations                        of*us*under an*Agreement*or any of the*Transaction Documents*or*Securities*, |
|--------|--------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

         

is, in the absence of manifest error, admissible in proceedings and is        conclusive evidence of the matters stated.

         

 

| *Bendigo Bank Limited* | *Page*12*of 18* |
|------------------------|-----------------|

 

 

----

***STANDARD TERMS AND CONDITIONS***

 

|   | **22.** | **WAIVER AND RIGHTS OF SET OFF** |
|--------|---------|----------------------------------|

         

|   | 22.1 | If*you*breach this*Agreement**you*are not entitled to claim                        any waiver by*us*of*your*default unless*we*give*you*a certificate in writing signed by an*Authorised Officer*expressly                        waiving*your*breach. |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 22.2 | *We*are entitled to set off any                        amounts whatsoever*you*owe*us*under this*Agreement*or otherwise against any sum*we*owe*you.* |
|--------|------|-----------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 22.3 | *Our*right to set off continues                        despite the occurrence of an*Event of                        Default*is given in respect of any of*your*assets or                        undertaking. |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 22.4 | All warranties and indemnities given by*you*to*us*are absolute and                        unconditional in all circumstances and are not affected by any delay,                        concession or indulgence on*our*part to exercise any of*our*rights. |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| **23.** | **NOTICES** |
|---------|-------------|

         

| 23.1 | A notice or demand or other communication contemplated by                        this*Agreement*may be                        given by*you*or*us*by prepaid post, facsimile                        or email transmission to the last known address, facsimile number of the                        other or email address or by written notice left at that                        address. |
|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| 23.2 | Such a notice demand or other communication is deemed to be                        properly given and received: |
|------|-----------------------------------------------------------------------------------------------------------------|

         

 

|   | 23.2.1 | if by letter on the second*Business                        Day*after the day of posting; |
|--------|--------|------------------------------------------------------------------------------------------|

         

|   | 23.2.1 | if by facsimile or electronic mail on production of a                        transmission confirmation from the transmitting facsimile indicating that                        the facsimile or electronic mail was sent in its entirety to the facsimile                        number or electronic mail address of the recipient; or |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 23.2.2 | if delivered by hand, upon delivery; |
|--------|--------|--------------------------------------|

         

but if a receipt is not on a*Business        Day*or is after 4.00 pm at the place of receipt, it is deemed to        be given and received on the next*Business Day.*

         

| 23.3 | Where*you*consists of more than one party service by*us*on one of*you*is deemed to be service on                        all of*you.* |
|------|--------------------------------------------------------------------------------------------------------------------------------------|

         

| 23.4 | Any notice or demand to*you*from*us*is deemed to be properly                        signed if it is in writing and signed by                        an*Authorised Officer.* |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| **24.** | **NO FINANCIAL ADVICE** |
|---------|-------------------------|

         

*You*acknowledge and agree that*we*have not provided or held itself out as        providing any financial advice to*you*whatsoever and that the responsibility of determining the type and amount of        any facilities*you*want is        entirely*your.*

         

| **25.** | **ASSIGNMENT** |
|---------|----------------|

         

| 25.1 | *You*must not assign*your*rights or obligations                        under this*Agreement*without first obtaining*our*prior written                        consent. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| 25.2 | *We*can assign*our*rights and obligations                        under this*Agreement*at                        any time without restriction. |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------|

         

| **26.** | **CONSENT** |
|---------|-------------|

         

Unless any provision of this*Agreement*specifies otherwise, any consent required to be given by*us*under this*Agreement*may be given or refused absolutely or        subject to any conditions that*we*may        determine in ourabsolute discretion.

         

 

| *Bendigo Bank Limited* | *Page*13*of 18* |
|------------------------|-----------------|

 

 

----

***STANDARD TERMS AND CONDITIONS***

 

|   | **27.** | **TERMS OF THIS AGREEMENT TO PREVAIL** |
|--------|---------|----------------------------------------|

         

*We*may from time to time give*you*written notice of the terms on which the        facility provided under this*Agreement*is to operate. If there is a conflict between such a notice including*our*original facility letter and this*Agreement*the terms and conditions of        this*Agreement*prevail unless*we*determine otherwise.

         

| **28.** | **TIME FOR PAYMENT** |
|---------|----------------------|

         

Time is of the essence in relation to any payment from*you*to*us*under this*Agreement*.

 

| **29.** | **SECURITIES** |
|---------|----------------|

         

| 29.1 | *You*agree that for the purposes                        of securing*your*obligations under this*Agreement**you*will ensure that the following is granted to*us:* |
|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 29.1.1 | the*Securities;*and |
|--------|--------|---------------------|

         

|   | 29.1.2 | the*Guarantees*of the*Guarantors*if any specified in Part 13 of the*Details.* |
|--------|--------|-------------------------------------------------------------------------------|

         

| 29.2 | *You*acknowledge that*your*obligations under                        this*Agreement*are                        secured by the*Collateral                        Securities.* |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| 29.3 | *We*are not obliged to purchase                        any*Debt*or provide any                        financial accommodation to*you*until we are in receipt of duly executed and                        registrable*Securities.* |
|------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| **30.** | **THE COLLATERAL AGREEMENTS** |
|---------|-------------------------------|

         

This*Agreement*is        collateral to the*Collateral Securities*and*Transaction Documents.*

         

         

| **31.** | **GOODS AND SERVICES TAX** |
|---------|----------------------------|

         

All amounts, rates and other payments payable by*you*under this*Agreement*are exclusive of any goods and        services tax, broad based consumption tax, value added tax or similar tax ("GST"). If GST        is imposed on any supply made by*us*under or in connection with this*Agreement*(a "taxable supply") then*you*must pay to*us*an additional amount equal to the GST paid        by*us.*

         

| **32.** | **KEY WORDS AND EXPRESSIONS** |
|---------|-------------------------------|

         

|   | In this*Agreement*unless the context requires otherwise: |
|--------|----------------------------------------------------------|

 

|   | **•** | *Administration Fee*means the                        fee set out in Part 15 of the*Details;* |
|--------|------------|----------------------------------------------------------------------------------------------|

         

|   | **•** | *Application Fee*means the fee                        set out in Part 5 of the*Details;* |
|--------|------------|------------------------------------------------------------------------------------------|

         

|   | **•** | *Advance*means the amount                        calculated in accordance with the formula set out in Part 27 of the*Details;* |
|--------|------------|--------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Advance Rate*means in respect                        of each*Debt*purchased                        by*us,*the rate used to                        calculate the*Advance*for that*Debt*in accordance with Part 27 of the*Details;* |
|--------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Agreement*means the agreement                        entered into between*you*and*us*incorporating these Terms and Conditions by reference,                        the*Letter of Offer*and                        the Schedules and*Details*attached to any of them; |
|--------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Assigned Debts*means those                        of*your Debts*offered                        for sale to*us*and in                        respect of which*we*have                        accepted the offer; |
|--------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| *Bendigo Bank Limited* | *Page*14*of 18* |
|------------------------|-----------------|

 

 

----

***STANDARD TERMS AND CONDITIONS***

 

|   | **•** | *Associate*includes an associate                        in accordance with Section 12 and Section 15 of the Corporations Act and                        includes any related entity within the meaning of Section 9 of the                        Corporations Act; |
|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Audit Fee*means the fee                        specified in Part 21 of the*Details;* |
|--------|------------|---------------------------------------------------------------------------------------|

         

|   | **•** | *Authorised Officer*means any                        one of*our*directors,*our*company secretary, any person employed by*us*whose title includes the                        word "manager", or any other person authorised by*us*to sign documents or give                        notices or communications or certificates including but not limited to our                        solicitors, accountants and duly appointed agents and their                        employees; |
|--------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Batch Fee*means the fee set out                        in Part 16 of the*Details;* |
|--------|------------|-------------------------------------------------------------------------------------|

         

|   | **•** | *Business*means the business                        carried on by*you*from                        time to time during the term of this*Agreement*as specified in your                        application form; ## |
|--------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Business Day*means any day                        other than a Saturday or Sunday that banks in the capital city of                        the*Relevant State*are                        open for normal business; |
|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Cash Reserve/Reserve Release*means the amount available for payment to*you*from the*Reserve Account;* |
|--------|------------|--------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Certificate*means a certificate                        in the terms described in Clause 21 given by an*our Authorised Officer;* |
|--------|------------|----------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Chargeback*means the amount                        referred to in Clause 7.2 of the*Agreement                        you*must pay*us*in respect of any*Assigned Debt;* |
|--------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Collateral Securities*means and                        includes the*Guarantees*and*Securities;* |
|--------|------------|--------------------------------------------------------------------------------------------------|

         

|   | **•** | *Conditions Precedent*means the                        conditions precedent to the facility being granted to*you*as set out in the*Letter of Offer;* |
|--------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Current Drawings*means at any                        time, the total amount which*you*have drawn down from the*Drawdown                        Account*in respect of*Eligible Assigned Debts;* |
|--------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Debtors*means*your*Debtors from time to time                        and any person liable to*you*in respect of*Debts*and every one of them; |
|--------|------------|----------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Debts*means*your*book debts from time to                        time |
|--------|------------|-----------------------------------------------------------------------|

         

|   | **•** | *Debtor*; |
|--------|------------|-----------|

         

|   | **•** | *Details*means the Detailspart                        of the*Agreement;* |
|--------|------------|--------------------------------------------------------------------------|

         

|   | **•** | *Discounting charge*means the                        fee set out in Part 4 of the*Details;* |
|--------|------------|---------------------------------------------------------------------------------------------|

         

|   | **•** | *Drawdown Account*means the                        account maintained on*our*books to show amounts available for drawdown in respect                        of*Eligible Assigned Debts;* |
|--------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Drawdown Fee*means the fee set                        out in Part 17 of the*Details;* |
|--------|------------|----------------------------------------------------------------------------------------|

         

|   | **•** | *Early Retention Release Fee*means the fee set out in clause 2.7 of these*Terms and Conditions;* |
|--------|------------|--------------------------------------------------------------------------------------------------|

         

|   | **•** | *Electronic Funds Transfer Fee*means the fee set out in Part 8 of the*Details;* |
|--------|------------|---------------------------------------------------------------------------------|

         

|   | **•** | *Eligible Assigned Debts*means                        all*Assigned Debts*which                        remain unpaid excluding the*Assigned                        Debts*in any of the categories in Part 28 of                        the*Details;* |
|--------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Event of Default*means any                        event described as such in these*Terms and                        Conditions*or any of the*Transaction Documents;* |
|--------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Facility Limit*means the amount                        set out in Part 22 of the*Details;* |
|--------|------------|---------------------------------------------------------------------------------------------|

         

|   | **•** | *Group*means*you*and all companies that                        are*Related Companies*to*you;* |
|--------|------------|-----------------------------------------------------------------------------------------------|

         

|   | **•** | *GST Act*means the A New Tax                        System (Goods and Services Tax) Act 1999 and the elated imposition Acts of                        the Commonwealth; |
|--------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Guarantees*means the guarantees                        (if any) specified in Part 13 of the*Details*and any other guarantee                        from time to time of*your*obligations under this*Agreement;* |
|--------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| *Bendigo Bank Limited* | *Page*15*of 18* |
|------------------------|-----------------|

 

 

----

***STANDARD TERMS AND CONDITIONS***

 

|   | **•** | *Full Face Value*in respect of                        any*Debt*means the gross                        amount charged to the*Debtor*less any allowances made or allowable or which may on the                        terms of that invoice become allowable to the*Debtor*in respect of the*Debt;* |
|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Ineligible Assigned Debts*means                        the*Debts*described as                        excluded from eligibility in Part 28 of the*Details;* |
|--------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Invoice*means means each                        invoice created or deemed to be created by*you*evidencing a*Debt*and all other evidence                        whatever of the existence of a*Debt*and containing all information the statutory provisions of                        the*GST Act*require for                        the giving of a valid tax invoice; |
|--------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Letter of Offer*means the                        Letter of Offer addressed to*you*from*us*which offer is accepted by*you*and each*Security Provider*signing and                        returning to*us*the                        Letter of Offer which sets out the Facilities that*we*have offered to make                        available; |
|--------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Minimum Fee*means the fee set                        out in Part 19 of the*Details;* |
|--------|------------|---------------------------------------------------------------------------------------|

         

|   | **•** | *Misbanking Fee*means the fee                        set out in Part 14 of the*Details*; |
|--------|------------|------------------------------------------------------------------------------------------|

         

|   | **•** | *Net Invoice Value*means the                        dollar value of the*Invoice*as presented to*us*as part of an*Offer*which has been accepted by*us*and assigned to*us*; |
|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *New Debtor Application Fee*means the fee set out in clause 2.6 of the*Terms and Conditions;* |
|--------|------------|-----------------------------------------------------------------------------------------------|

         

|   | **•** | *Notification Notice*means a                        notice given to*you*by*us*that*you*must effect a notice in the form annexed as Schedule A,                        pursuant to Clauses 3.1 and 3.2 of the*Terms and                        Conditions*and 10.3 of the*Agreement;* |
|--------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Offer*means the*Debts*and or*Invoices**you*wish to sell to*us*as presented on the*Schedule*of*Debts*whether these are in a                        written form or sent to*us*via*our*web interface or any other electronic means such as                        facsimile or electronic mail under the terms of this*Agreement;* |
|--------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Related Company*means a related                        body corporate within the meaning of the*Corporations Act;* |
|--------|------------|---------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Relevant State*means the state                        or territory in which*our*office is situated as specified in Part 1of*the Details;* |
|--------|------------|--------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Recourse Date*means the date                        set out in Part 12 of the*Details;* |
|--------|------------|------------------------------------------------------------------------------------------|

         

|   | **•** | *Recourse Fee*means the fee set                        out in Part 23 of the*Details;* |
|--------|------------|----------------------------------------------------------------------------------------|

         

|   | **•** | *Reserve Account*means the                        account so styled in*your*name in*our*records to which*Reserve                        Amounts*are credited; |
|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Reserve Amount*means the amount                        calculated and set out in Part 10 of*the                        Details;* |
|--------|------------|-----------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Schedule*means the Schedule of                        Debts that you must provide to*us*in accordance with Clause 3 of the*Agreement;* |
|--------|------------|-----------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Security Provider*means any                        person a party to a*Transaction                        Document*who at any time grants a*Security*to*us.* |
|--------|------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Security Release Fee*means the                        amount/s set out in Part 26 of the*Details;* |
|--------|------------|-----------------------------------------------------------------------------------------------------|

         

|   | **•** | *Securities*means the securities                        specified in Part 13 of the*Details*and any other security provided to*us*from time to time for the                        performance by*you*of*your*obligations under this*Agreement;* |
|--------|------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Service Fee means*the fee                        calculated in accordance with Part 6 of the*Details* |
|--------|------------|--------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Settlement Fee*means the fee                        calculated in accordance with Part 7 of the*Details* |
|--------|------------|-----------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Short Notice Fee*means the                        short notice fee payable in accordance with clause 14.2 of these*Terms and Conditions;* |
|--------|------------|--------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Termination Fee*means the                        amounts set out in Part 9 of the*Details;* |
|--------|------------|----------------------------------------------------------------------------------------------|

         

|   | **•** | *Terms and*Conditionsmeans these                        our standard terms and conditions applicable to general business factoring                        as at the date of this*Agreement;* |
|--------|------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

| *Bendigo Bank Limited* | *Page*16*of 18* |
|------------------------|-----------------|

 

 

----

***STANDARD TERMS AND CONDITIONS***

 

|   | **•** | *Total Eligible Assigned Debt Limit*means the amount specified in Part 29 of the*Details*; |
|--------|------------|--------------------------------------------------------------------------------------------|

         

|   | **•** | *Transaction Documents*means                        this*Agreement,*any                        other agreement between*us, the Letter of                        Offer*and the*Collateral                        Securities;* |
|--------|------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *Unused Facility Fee means*the                        fee set out in Part 20 of the*Details;* |
|--------|------------|-----------------------------------------------------------------------------------------------|

         

|   | **•** | *Us*means the person described                        as us as set out in Part 1 of the*Details*and an*Associate*of*us*.*Us, our*and similar parts of                        speech have corresponding                        meanings;          |
|--------|------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | **•** | *You*means*the*person referred to as such                        on the first page of this*Agreement*and in Part 1 of the*Details*.*You, your*and similar parts of                        speech have corresponding meanings. |
|--------|------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

| **33.** | **INTERPRETATION** |
|---------|--------------------|

         

In        this*Agreement*unless there is something        inconsistent with the context or circumstances:

 

|   | 33.1 | Words importing any one gender include the other                        genders; |
|--------|------|----------------------------------------------------------------------------------|

         

|   | 33.2 | Words importing persons are deemed to include all bodies and                        associations, whether corporate or unincorporated, and vice                        versa; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 33.3 | Words (including defined terms) importing the singular                        include the plural and vice versa; |
|--------|------|------------------------------------------------------------------------------------------------------------------|

         

|   | 33.4 | The headings in this*Agreement*are for convenience                        and reference only and will not be construed as affecting the meaning or                        interpretation of this*Agreement*; |
|--------|------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 33.5 | A reference to a statute or regulation, or to a provision of                        a statute or regulation, includes a reference to that statute, regulation                        or provision as amended, consolidated, replaced or re-enacted from time to                        time; |
|--------|------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 33.6 | The obligations imposed and the benefits conferred under                        this*Agreement*on*you*and*us*will be binding and continue                        for the benefit of the respective parties and each of their respective                        successors in title, legal personal representatives and permitted                        assigns; |
|--------|------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 33.7 | A reference to any party to this*Agreement*includes that party's                        successors in title, legal personal representatives and permitted                        assigns; |
|--------|------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 33.8 | A reference to dollars and "$" will be taken as referring to                        amounts in Australian currency; |
|--------|------|---------------------------------------------------------------------------------------------------------------------|

         

|   | 33.9 | Where a party comprises two or more persons, all covenants                        and agreements by that party binds such two or more persons jointly and                        severally unless expressed to be only several; |
|--------|------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 33.10 | The interpretation of any covenant clause or word mentioned                        in this*Agreement*shall                        not be restricted by reference to any other covenant clause or word or by                        the position of such covenants clauses or words and in the event of any                        ambiguity all of the covenants clauses and words shall be construed in such                        a way as to widen and not restrict*our*powers, rights and remedies under this*Agreement*; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 33.11 | Where the day on or by which anything is to be done under                        this*Agreement*is not                        a*Business Day*such act,                        matter or thing may be done on the next succeeding day which is a*Business Day;* |
|--------|-------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 33.12 | Reference in this*Agreement*to a month shall be a                        reference to a calendar month; |
|--------|-------|---------------------------------------------------------------------------------------------------------|

         

|   | 33.13 | if a word or expression is defined, cognate words and                        expressions have corresponding definitions; |
|--------|-------|--------------------------------------------------------------------------------------------------------------------------|

         

|   | 33.14 | unless otherwise stated, a reference to a clause, recital or                        schedule is to a clause, recital or schedule in the document in which the                        reference is made; |
|--------|-------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

         

|   | 33.15 | Words such as “including” are not to be                        construed as being words of limitation. |
|--------|-------|--------------------------------------------------------------------------------------------------------------------|

         

 

| *Bendigo Bank Limited* | *Page*17*of 18* |
|------------------------|-----------------|

 

 

----

***STANDARD TERMS AND CONDITIONS***

 

**Schedule A**

         

         

#

 

 

|  

INVOICE ASSIGNED

                         

THE DEBT SUBJECT TO THIS INVOICE HAS BEEN ASSIGNED                        TO

BENDIGO BANK LIMITED

ACN 068 049 178

                         

FOUNTAIN COURT BENDIGO 3550

                         

DIRECT PAYMENT TO BENDIGO BANK LIMITED

SHALL BE THE ONLY DISCHARGE OF THIS DEBT |
|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

 

 

 

 

|   | *Bendigo Bank Limited* | *Page*18*of 18* |
|--------|------------------------|-----------------|