Document:

Exhibit 10.2

 

 

CONFIRMED CAPITAL AGREEMENT

 

between

 

MONEYTECH FINANCE PTY LIMITED

 

(ACN: 112 110 906)

 

and

 

THE PARTY NAMED AND DESCRIBED IN ITEM 2 OF SCHEDULE 1

 

and

 

THE PARTY NAMED AND DESCRIBED IN ITEM 3 OF SCHEDULE 1

 

1

 

TABLE OF CONTENTS

 

	
1
    	
DEFINITIONS AND INTERPRETATION
    	
4
    
	
 
    	
 
    	
1.1.
    	
DEFINITIONS
    	
4
    
	
 
    	
 
    	
1.2.
    	
INTERPRETATION
    	
9
    
	
2
    	
THE MONEYTECH EXCHANGE
    	
10
    
	
 
    	
 
    	
2.1
    	
USE AND SECURITY
    	
10
    
	
 
    	
 
    	
2.2
    	
ACCEPTANCE OF BUYER’S ACCOUNTS ETC.
    	
10
    
	
 
    	
 
    	
2.3
    	
RESTRICTIONS
    	
10
    
	
 
    	
 
    	
2.4
    	
CASH ADVANCES, REFUNDS, REBATES OR INCENTIVES
    	
11
    
	
 
    	
 
    	
2.5
    	
CREDIT NOTES
    	
11
    
	
 
    	
 
    	
2.6
    	
NO DIRECT BILLING OF CUSTOMERS
    	
11
    
	
 
    	
 
    	
2.7
    	
CHARGES BY YOUR ASSOCIATES
    	
11
    
	
 
    	
 
    	
2.8
    	
REJECTION OF CHARGES
    	
12
    
	
 
    	
 
    	
2.9
    	
NO PREFERENCE TO OTHER CARDS
    	
12
    
	
 
    	
 
    	
2.10
    	
NO ADDITIONAL CHARGE FOR ACCEPTING BUYER’S ACCOUNTS
    	
12
    
	
3
    	
CONFIRMED CAPITAL ACCOUNTS
    	
12
    
	
 
    	
 
    	
3.1
    	
ISSUING OF CONFIRMED CAPITAL ACCOUNTS
    	
12
    
	
 
    	
 
    	
3.2
    	
PRIMARY ACCOUNTHOLDERS
    	
12
    
	
 
    	
 
    	
3.3
    	
SUPPLEMENTARY ACCOUNTHOLDERS
    	
12
    
	
4
    	
USING THE MONEYTECH EXCHANGE
    	
13
    
	
 
    	
 
    	
4.1
    	
GENERAL PROVISION
    	
13
    
	
 
    	
 
    	
4.2
    	
PROCESSING GUIDELINES
    	
13
    
	
 
    	
 
    	
4.3
    	
PROCEDURE FOR USING MONEYTECH EXCHANGE
    	
13
    
	
 
    	
 
    	
4.4
    	
MONEYTECH IS NOT LIABLE TO YOU
    	
13
    
	
 
    	
 
    	
4.5
    	
IMPROPER TRANSACTIONS
    	
14
    
	
 
    	
 
    	
4.6
    	
YOUR REPRESENTATIONS AND WARRANTIES
    	
14
    
	
5
    	
TRANSACTION ACCEPTANCE INSTRUCTIONS
    	
14
    
	
 
    	
 
    	
5.1
    	
GENERAL PROVISIONS
    	
14
    
	
 
    	
 
    	
5.2
    	
OFFER TO SELL RECEIVABLES
    	
15
    
	
 
    	
 
    	
5.3
    	
WHEN YOU HAVE A BINDING CONTRACT WITH ONE OF YOUR CUSTOMERS
    	
15
    
	
6
    	
PROCESSING MANUAL CHARGES
    	
15
    
	
 
    	
 
    	
6.1
    	
MANUAL CHARGES
    	
15
    
	
 
    	
 
    	
6.2
    	
MANUAL CHARGES – SUMMARY OF CHARGES
    	
15
    
	
 
    	
 
    	
6.3
    	
RECORD OF CHARGE FORM
    	
16
    
	
7
    	
PROCESSING OF MANUAL CHARGES BY APPROVED MEDIUM
    	
16
    
	
 
    	
 
    	
7.1
    	
USING AN APPROVED MEDIUM
    	
16
    
	
 
    	
 
    	
7.2
    	
FORMAT OF APPROVED MEDIUM
    	
16
    
	
 
    	
 
    	
7.3
    	
NOTICE OF FAILURE TO SATISFY APPROVED FORMAT
    	
16
    
	
 
    	
 
    	
7.4
    	
COSTS OF COMPLYING WITH LAWS
    	
16
    
	
 
    	
 
    	
7.5
    	
ACCEPTING SUMMARY OF CHARGES IS NOT A WAIVER
    	
17
    
	
8
    	
PAYMENT OF CHARGES AND FEES
    	
17
    
	
 
    	
 
    	
8.1
    	
LIABILITY OF MONEYTECH TO YOU
    	
17
    
	
 
    	
 
    	
8.2
    	
PAYMENT AGAINST AUTHORISED TRANSACTIONS ONLY
    	
17
    
	
 
    	
 
    	
8.3
    	
WHEN MONEYTECH WILL PAY CHARGES
    	
17
    
	
 
    	
 
    	
8.4
    	
WITHHOLDING PAYMENT FOR CHARGES
    	
17
    
	
 
    	
 
    	
8.5
    	
CALCULATION OF TIME OF SUBMISSION OF CHARGES
    	
18
    
	
 
    	
 
    	
8.6
    	
CHARGES IN AUSTRALIA
    	
18
    
	
 
    	
 
    	
8.7
    	
MSF FEE
    	
18
    
	
 
    	
 
    	
8.8
    	
HOW MONEYTECH WILL PAY CHARGES
    	
18
    
	
 
    	
 
    	
8.9
    	
YOUR RECEIVABLES – ACCEPTANCE OF OFFER
    	
18
    
	
9
    	
CURRENCY PROVISIONS
    	
18
    
	
 
    	
 
    	
9.1
    	
PAYMENT CURRENCY
    	
18
    
	
 
    	
 
    	
9.2
    	
CHARGES IN ANOTHER CURRENCY
    	
18
    
	
 
    	
 
    	
9.3
    	
CONVERTING ANOTHER CURRENCY
    	
19
    
	
10
    	
DIRECT CREDIT ARRANGEMENTS
    	
19
    
	
 
    	
 
    	
10.1
    	
DIRECT CREDIT ARRANGEMENTS
    	
19
    
	
 
    	
 
    	
10.2
    	
CHANGE IN YOUR DIRECT CREDIT ACCOUNT
    	
19
    
	
 
    	
 
    	
10.3
    	
ACCOUNT ADJUSTMENTS
    	
19
    
	
 
    	
 
    	
10.4
    	
DIRECT CREDIT RELATING TO UNCOLLECTIBLE CHARGES
    	
20
    
	
 
    	
 
    	
10.5
    	
ENDING DIRECT CREDIT
    	
20
    
	
11
    	
STATEMENTS OF MONEYS OWING
    	
20
    
	
 
    	
 
    	
11.1
    	
GENERAL PROVISION
    	
20
    
	
 
    	
 
    	
11.2
    	
RIGHT TO PAY STATEMENTS OF ACCOUNT
    	
20
    
	
 
    	
 
    	
11.3
    	
NO SET-OFF, COUNTERCLAIM ETC.
    	
20
    
	
 
    	
 
    	
11.4
    	
ALLOCATION OF PAYMENTS
    	
20
    
	
 
    	
 
    	
11.5
    	
PAYMENT OF INTEREST
    	
20
    
	
 
    	
 
    	
11.6
    	
INTEREST ON UNCOLLECTIBLE CHARGES
    	
21
    
	
 
    	
 
    	
11.7
    	
MAKING PAYMENTS TO YOUR ACCOUNT
    	
21
    
	
 
    	
 
    	
11.8
    	
NO ISSUE OF STATEMENTS OF ACCOUNT – GENERAL RULE
    	
21
    

 

2

 

	
 
    	
 
    	
11.9
    	
DEEMED KNOWLEDGE OF STATEMENTS OF ACCOUNT ON MONEYTECH EXCHANGE
    	
21
    
	
12
    	
COMPLAINTS, DISPUTES AND PRICE ADJUSTMENTS
    	
21
    
	
 
    	
 
    	
12.1
    	
YOU MUST DEAL WITH COMPLAINTS
    	
21
    
	
13
    	
UNCOLLECTIBLE CHARGES
    	
22
    
	
 
    	
 
    	
13.1
    	
YOU MUST REIMBURSE MONEYTECH FOR UNCOLLECTIBLE CHARGES
    	
22
    
	
 
    	
 
    	
13.2
    	
WHAT IS AN UNCOLLECTIBLE CHARGE
    	
22
    
	
 
    	
 
    	
13.3
    	
DEEMED REFUSAL TO PAY
    	
23
    
	
 
    	
 
    	
13.4
    	
APPROVAL CODES AND AUTHORISATIONS
    	
23
    
	
 
    	
 
    	
13.5
    	
NOTICE OF UNCOLLECTIBLE CHARGE
    	
23
    
	
 
    	
 
    	
13.6
    	
REPAYMENT OF AMOUNTS MONEYTECH OR THE INVOICING ENTITY RECEIVES
    	
23
    
	
 
    	
 
    	
13.7
    	
YOU MUST HELP WITH MONEYTECH ENQUIRIES
    	
24
    
	
 
    	
 
    	
13.8
    	
FRAUDULENT AND DISHONEST CHARGES AND CUSTOMER DISPUTES
    	
24
    
	
 
    	
 
    	
13.9
    	
WITHHOLDING PAYMENT UPON NOTICE
    	
24
    
	
14
    	
EVENTS OF DEFAULT
    	
24
    
	
 
    	
 
    	
14.1
    	
EFFECT OF EVENT OF DEFAULT
    	
24
    
	
 
    	
 
    	
14.2
    	
REPAYMENT OBLIGATION
    	
24
    
	
 
    	
 
    	
14.3
    	
YOUR PERFORMANCE TO CONTINUE
    	
25
    
	
 
    	
 
    	
14.4
    	
ENFORCEMENT
    	
25
    
	
 
    	
 
    	
14.5
    	
ENFORCEMENT EXPENSES
    	
25
    
	
 
    	
 
    	
14.6
    	
NO LIABILITY
    	
25
    
	
15
    	
CONFIDENTIALITY
    	
25
    
	
 
    	
 
    	
15.1
    	
CONFIDENTIALITY
    	
25
    
	
 
    	
 
    	
15.2
    	
CREDIT ASSESSMENTS
    	
25
    
	
16
    	
SPECIAL WARNING BULLETINS
    	
25
    
	
 
    	
 
    	
16.1
    	
MONEYTECH MAY ISSUE SPECIAL WARNING BULLETINS
    	
25
    
	
 
    	
 
    	
16.2
    	
YOU MUST CHECK SPECIAL WARNING BULLETINS
    	
26
    
	
 
    	
 
    	
16.3
    	
NOTICE OF SPECIAL WARNING BULLETINS
    	
26
    
	
17
    	
MONEYTECH RIGHT OF SET-OFF
    	
26
    
	
 
    	
 
    	
17.1
    	
MONEYTECH MAY SET-OFF ALL PAYMENTS
    	
26
    
	
 
    	
 
    	
17.2
    	
ACCOUNTHOLDERS ASSOCIATED WITH YOU
    	
26
    
	
 
    	
 
    	
17.3
    	
YOU MUST PAY MONEYTECH ON DEMAND
    	
26
    
	
18
    	
SECURITY GUIDELINES
    	
26
    
	
 
    	
 
    	
18.1
    	
CONFIRMED CAPITAL ACCOUNT AND CODE SECURITY GUIDELINES
    	
26
    
	
 
    	
 
    	
18.2
    	
THINGS YOU MUST TELL US
    	
27
    
	
19
    	
CANCELLATION
    	
27
    
	
 
    	
 
    	
19.1
    	
CANCELLATION BY MONEYTECH
    	
27
    
	
 
    	
 
    	
19.2
    	
CANCELLATION BY THE ACCOUNTHOLDER
    	
27
    
	
 
    	
 
    	
19.3
    	
CANCELLATION BY YOU
    	
27
    
	
 
    	
 
    	
19.4
    	
ACTION ON CANCELLATION
    	
27
    
	
20
    	
SUSPENSION
    	
28
    
	
21
    	
INDEMNITIES, NO LIABILITY
    	
28
    
	
 
    	
 
    	
21.1
    	
GENERAL INDEMNITY
    	
28
    
	
 
    	
 
    	
21.2
    	
CONTINUING INDEMNITIES
    	
29
    
	
 
    	
 
    	
21.3
    	
NO LIABILITY
    	
29
    
	
 
    	
 
    	
21.4
    	
NOT LIABLE FOR CONSEQUENTIAL LOSS ETC.
    	
30
    
	
 
    	
 
    	
21.5
    	
EXCLUSIONS
    	
30
    
	
22
    	
FEES AND TAXES
    	
30
    
	
 
    	
 
    	
22.1
    	
GENERAL
    	
30
    
	
 
    	
 
    	
22.2
    	
GST
    	
30
    
	
23
    	
RECEIVABLES AND RETENTION OF TITLE PROVISIONS
    	
31
    
	
 
    	
 
    	
23.1
    	
APPLICATION OF CLAUSE
    	
31
    
	
 
    	
 
    	
23.2
    	
RETENTION OF TITLE PROVISIONS
    	
31
    
	
24
    	
PERIOD OF AGREEMENT
    	
32
    
	
 
    	
 
    	
24.1
    	
ENDING AGREEMENT WITH NOTICE
    	
32
    
	
 
    	
 
    	
24.2
    	
CONTINUING OBLIGATIONS
    	
32
    
	
25
    	
GENERAL PROVISIONS
    	
32
    
	
 
    	
 
    	
25.1
    	
GOVERNING LAW
    	
32
    
	
 
    	
 
    	
25.2
    	
CERTIFICATE CONCLUSIVE
    	
32
    
	
 
    	
 
    	
25.3
    	
RIGHT OF ACCESS
    	
32
    
	
 
    	
 
    	
25.4
    	
CHANGE OF PREMISES
    	
32
    
	
 
    	
 
    	
25.5
    	
NOTICE OF WITHHOLDING EVENTS
    	
32
    
	
 
    	
 
    	
25.6
    	
ASSIGNMENT RESTRICTED
    	
32
    
	
 
    	
 
    	
25.7
    	
NOTICES TO YOU
    	
33
    
	
 
    	
 
    	
25.8
    	
NOTICES TO MONEYTECH
    	
33
    
	
26
    	
WAIVER
    	
 
    	
34
    
	
27
    	
TIME OF THE ESSENCE
    	
34
    
	
28
    	
VARIATIONS TO THIS AGREEMENT
    	
34
    
	
29
    	
INVOICING ENTITY
    	
34
    
	
30
    	
PERSONAL PROPERTY SECURITIES ACT
    	
35
    

 

3

 

	
THIS AGREEMENT IS MADE ON THE DATE SPECIFIED IN ITEM 1 OF   SCHEDULE 1
    
	
 
    	
 
    	
 
    
	
BETWEEN 
    	
 
    	
MONEYTECH FINANCE PTY LIMITED (ACN 112 110 906) of Level 6,   97 Pacific Highway, North Sydney, NSW, 2060 (“Moneytech”)
    
	
 
    	
 
    	
 
    
	
AND
    	
 
    	
THE PARTY NAMED AND DESCRIBED IN ITEM 2 OF SCHEDULE   1 (“You”)
    
	
 
    	
 
    	
 
    
	
AND
    	
 
    	
THE PARTY NAMED AND DESCRIBED IN ITEM 3 OF SCHEDULE   1 (“Invoicing Entity”)
    
	
 
    	
 
    	
 
    
	
WHEREAS
    	
 
    	
 
    

 

Moneytech offers you a facility to enable your customers to buy goods and services either from you or through the Moneytech Exchange by using a Buyer’s Account or any other such Account provided by you utilising funding provided to you by Moneytech.

 

NOW IT IS HEREBY AGREED

 

1       DEFINITIONS AND INTERPRETATION

 

1.1.   Definitions

 

In this agreement, unless the context otherwise requires:

 

Accountholder means:

 

(a)         in relation to one of your customers, a person who has been authorised by the customer for the purposes of making charges against the customer’s Account;

 

(b)         in relation to you, a person who has been issued a Confirmed Capital Account at your request for the purposes of accessing the Moneytech Exchange on your behalf;

 

Aggregate Limit means the Aggregate Limit as disclosed in the fee schedule.

 

Application Form means the form called “Moneytech Application Form” (or any variations or previous versions) submitted by you to Moneytech;

 

approved goods and services means goods and services referred to in the Application Form as approved goods and services excluding (whether or not previously approved) goods or services excluded by Moneytech in the Application Form or by way of notice given or made available to you in accordance with this Agreement;

 

Approved Medium means a machine readable magnetic tape, computer diskette or any electronic means of communication approved by Moneytech;

 

Associate means, in relation to a person:

 

(a)         if the person is a company, each director or officer of the person;

 

(b)         if the person is a natural person, the husband, wife, de facto partner or child (including step child) of the person;

 

(c)          each partner or employee of the person;

 

(d)         a Subsidiary of that person;

 

(e)          a company of which the person is a Subsidiary;

 

(f)           a company which is another Subsidiary of a company of which the person is a Subsidiary;

 

(g)          a company which is, or whose directors are, accustomed or under an obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the person;

 

4

 

(h)         a company in accordance with the directions, instructions or wishes of which, or of the directors of which, the person is accustomed or under an obligation, whether formal or informal, to act;

 

(i)             the trustee of a trust estate where the person or another person who is an Associate of the first person by virtue of another paragraph of this definition benefits or is capable (whether by exercise of a power of appointment or otherwise) of benefiting under the trust, either directly or through any interposed companies, partnerships or trusts; and

 

(j)            any person who is, by virtue of this definition, an Associate of any other person who is an Associate of the person (including a person who is an Associate of the person by another application or other applications of this definition);

 

Authorised Transaction means any transaction represented by the purchase by one of your customers of goods or services from you and which satisfies the following conditions:

 

(a)         the transaction involves approved goods and services for use in Australia;

 

(b)         the transaction has been approved by Moneytech for charging against the customer’s account;

 

(c)          the transaction or part thereof has been accepted by you or by Moneytech on your behalf and this acceptance is recorded by the issue by you of a Transaction Acceptance Instruction to Moneytech;

 

(d)         the transaction occurs after the creation date of the Transaction Acceptance Instruction to which the transaction relates; and

 

(e)          the transaction occurs before the expiry time referred to in the Transaction Acceptance Instruction to which the transaction relates;

 

Business Day means a weekday that is not a public holiday or bank holiday in Sydney;

 

Buyer’s Account in relation to one of your customers means the account that is provided by you to the customer against which Charges are made for the purchase of goods or services from you using funds provided to you by Moneytech or using the Moneytech Exchange;

 

Charge means, in relation to one of your customers, the charge paid or to be paid by Moneytech to you against the Buyer’s Account as a result of Authorised Transactions undertaken between you and the customer, including where appropriate, a Manual Charge;

 

Code means, in relation to each Accountholder, any information which Moneytech requires the Accountholder to keep secret and which is used to access the Moneytech Exchange and to undertake Authorised Transactions using the Confirmed Capital Account. It includes the Accountholder’s PIN;

 

Confirmed Capital Account means the facility pursuant to which Moneytech agrees to make Charges;

 

Direct Credit means the arrangement by which Moneytech pays amounts due under clause 8.3 directly into your Direct Credit Account;

 

Direct Credit Account means the account you choose to have Direct Credit payments made to under clause 10.1 of this Agreement;

 

dispatch in relation to goods means the handing over by you of the goods to a person, being the purchaser or a third party, in circumstances where you cease to have possession or custody of the goods and you cease to have control over the goods and over the person who has possession or custody of them;

 

Encumbrance means an interest or power:

 

(a)         reserved in or over an interest in any asset including, but not limited to, any retention of title; or

 

(b)         created or otherwise arising in or over any interest in any asset under a bill of sale, mortgage, charge, lien,

 

5

 

pledge, trust or power,

 

by way of security for the payment of a debt, any other monetary obligation or the performance of any other obligation, and includes, but is not limited to, any agreement to grant or create any of the above;

 

Event of Default means any of the following events:

 

(a)         you fail to pay or repay any of the Outstanding Moneys when due;

 

(b)         you fail to perform or observe any undertaking, obligation or agreement expressed or implied in, or given in relation to, this Agreement and the failure is not remedied within 5 Business Days of you becoming aware of the failure or being notified of the failure by Moneytech (whichever is earlier);

 

(c)          an Insolvency Event occurs or applies with respect to you;

 

(d)         all or any part of any provision of this Agreement is or becomes illegal, void, voidable, unenforceable or otherwise of limited force or effect;

 

(e)          Moneytech becomes entitled to terminate, rescind or avoid all or any material part or material provision of any of this Agreement;

 

(f)           the execution, delivery or performance of any of this Agreement by you violates, breaches or results in a contravention of any law, regulation or authorisation; or

 

(g)          any other change occurs in your financial position which, in the opinion of the Moneytech, may have a Material Adverse Effect.

 

Fees means the fees, charges and interest described in the Fee Schedule;

 

Fee Schedule means the latest schedule of fees, charges and interest provided to you and entitled “Fee Schedule”;

 

Governmental Agency means any government or any governmental, semi-governmental, administrative, fiscal or judicial body, department, commission, authority, tribunal, agency or entity;

 

Invoicing Entity means the wholly owned subsidiary of Moneytech that Moneytech will use for the purpose of making Charges against the customer’s Account as a result of Authorised Transactions undertaken between you and the customer and issuing invoices to customers as directed by you and receiving assignments of the receivables the subject of approved transactions, described in Item 3 of Schedule 1

 

Insolvency Event means in relation to any person:

 

(a)         any present or future, or actual, prospective or contingent, indebtedness of the person in respect of any financial accommodation including, but not limited to, moneys payable under a guarantee:

 

(1)         is or becomes due and payable or is or becomes capable of being declared due and payable before the due date for payment; or

 

(2)         is not paid when due or upon the expiration of any period of grace which may apply;

 

(b)         any Encumbrance is or becomes enforceable against any asset or the undertaking of the person;

 

(c)          any guarantee is or becomes enforceable against the person;

 

(d)         a judgment in an amount exceeding $10,000 is obtained against the person and is not set aside or satisfied within seven (7) days;

 

(e)          any distress, attachment, execution or other process of a Governmental Agency in an amount exceeding $10,000 is issued against, levied or enforced upon any of the assets of the person and is not set aside or satisfied within 7 days;

 

6

 

(f)           a receiver, receiver and manager, official manager, trustee, administrator, other controller (as defined in the Corporations Act) or similar official is appointed, or steps are taken for such appointment, over any of the assets or undertaking of the person;

 

(g)          the person suspends payment of its debts generally;

 

(h)         the person is or becomes unable to pay its debts when they are due or is or becomes unable to pay its debts within the meaning of the Corporations Act, or is presumed to be insolvent under the Corporations Act;

 

(i)             the person enters into or resolves to enter into any arrangement, composition or compromise with, or assignment for the benefit of, its creditors or any class of them;

 

(j)            the person ceases or threatens to cease to carry on business;

 

(k)         any person is appointed under any legislation in respect of companies to investigate the affairs of the person;

 

(l)             an administrator is appointed or a resolution is passed or any steps are taken to appoint, or to pass a resolution to appoint, an administrator to the person;

 

(m)     an application or order is made for the winding-up or dissolution of the person or a resolution is passed or any steps are taken to pass a resolution for the winding-up or dissolution of the person and in the case of an application it is not withdrawn or dismissed within 5 Business Days; and

 

(n)         a demand under section 459E of the Corporations Act is served on the person or any subsidiary of the person and not withdrawn or dismissed within 5 Business Days;

 

Loss means any claim, action, damages, loss, liability, cost, charge, expense or payment of any kind;

 

Manual Charge means a Charge to which clause 6 applies;

 

Material Adverse Effect means a material adverse effect upon:

 

(a)         your ability to perform any of your obligations under this Agreement; or

 

(b)         the value of your receivables purchased by Moneytech; or

 

(c)          the value of your assets or any of your material assets; or

 

(d)         your business or operations;

 

Moneytech means Moneytech Finance Pty Limited ACN 112 110 906;

 

Moneytech Exchange means the web-enabled platform and systems of Moneytech through which Authorised Transactions are undertaken using a Confirmed Capital Account and PIN;

 

MSF Fee means the merchant services fee payable to Moneytech under clause 8.7;

 

MSF Rate means the percentage specified as the rate of the merchant services fee in the Application Form or in written correspondence to you, as varied at any time under clause 8.7(c);

 

Outstanding Moneys means all of your debts and monetary liabilities to Moneytech under or in relation to this Agreement, irrespective of whether the debts or liabilities are present or future or are actual, prospective, contingent or otherwise;

 

Payment Time in relation to a Charge means, subject to clause 8.4, the last day represented by the period:

 

(a)         where the Charge is associated with an Authorised Transaction processed through the Moneytech Exchange, the period starting on the day after the date Moneytech records and processes the Charge and ending on the expiry of the number of days specified as the “Payment Time” in the Application Form;

 

7

 

(b)         in any other circumstances, the period starting on the day after the date Moneytech receives (or is taken under clause 8.3(b) to have received) details of the Charge and ending on the expiry of the number of days specified as the “Payment Time” in the Application Form;

 

person includes any company, partnership, joint venture, association, corporation or other body corporate or Governmental Agency, as well as a natural person;

 

PIN in relation to a Confirmed Capital Account means the personal identification number used in conjunction with the Confirmed Capital Account;

 

Potential Event of Default means anything which would become an Event of Default on the giving of notice, the expiration of time, the satisfaction of any condition, or any combination of the above;

 

Pre-Auth ID, or Pay’n Release, Seller Payment or EDI transaction or automation means an identification number or reference given by Moneytech to you through the Moneytech Exchange or by such other means as Moneytech may allow from time to time in relation to a Charge and which is used by Moneytech to identify the Transaction Acceptance Instruction for that Charge;

 

Premises means the branches or outlets at which you carry on your business, as specified in the Application Form, and includes any other place where you carry on business during the period of the agreement;

 

Primary Accountholder means the person nominated by you in the Application Form, or any other form issued by Moneytech for the nomination by you of the person, to be the primary signatory from time to time on the Confirmed Capital Account;

 

Processing Guidelines means any information Moneytech issues about the procedures you must follow when transacting through the Moneytech Exchange or otherwise dealing with your customers using a Buyer’s Account;

 

Record of Charge Form means, whenever a Manual Charge is incurred with respect to the customer, the record of charge form that Moneytech issue to you or that Moneytech approves at any time which is to be completed by you and signed by an Accountholder of the relevant customer;

 

Reserve Amount means the Reserve Requirement disclosed in the fee schedule.

 

Security Interest has the meaning assigned to it in the Personal Property Securities Act 2009.

 

Special Warning Bulletin is a notice given or made available through the Moneytech Exchange by Moneytech in writing or in or on an Approved Medium which lists the Buyer’s Accounts or customers in respect of which you are no longer authorised to transact business through the Moneytech Exchange;

 

statement of moneys owing means any statement, including a statement in or on an Approved Medium, issued or made available through the Moneytech Exchange by Moneytech and which sets out the charges (including any taxes, duties, interest, Fees or enforcement expenses) and other amounts you owe to Moneytech;

 

Subsidiary has the meaning set out in section 9 of the Corporations Act;

 

Summary of Charges means a Summary of Charges Form or a summary of Charges in or on an Approved Medium recorded in accordance with clause 7.1;

 

Summary of Charges Form means any form Moneytech issues to you to summarise Manual Charges for which you seek payment under this Agreement;

 

Supplementary Accountholder means a person who is nominated by you in the Application Form, or any other form issued by Moneytech for the nomination by you of a person, to be the supplementary signatory on a Confirmed Capital Account;

 

Taxes means all stamp duty, financial institutions duty and any other duties and taxes including, but not limited to, a goods and services tax, consumption tax, value added tax or similar;

 

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this Agreement means:

 

(a)         this agreement;

 

(b)         the Application Form; and

 

(c)          the Fee Schedule,

 

as they may be varied at any time and from time to time under clause 28.

 

Transaction Acceptance Instruction in relation to a transaction intended to be an Authorised Transaction means a Transaction Acceptance Instruction issued under clause 5.1;

 

Uncollectible Charge means a Charge described in clause 13.2;

 

Westpac means Westpac Banking Corporation ABN 33 007 457 141

 

Withholding Event means any event where:

 

(a)         you, or one of your Associates, suffers any Insolvency Event;

 

(b)         an Event of Default or Potential Event of Default occurs;

 

(c)          any owner, director or partner of you is declared bankrupt or becomes unable to pay his or her debts;

 

(d)         you or any of your Associates participate in or attempts to participate in, or Moneytech has reasonable grounds to suspect that you are or one of your Associates is or may be participating in or is attempting to participate in:

 

(1)              any fraud or dishonesty against Moneytech, an Accountholder, you or one of your customers; or

 

(2)              any misuse of the Moneytech Exchange or any Buyer’s Account;

 

your account means the account that is opened by Moneytech or the Invoicing Entity in your name against which charges (including any taxes, duties, interest, Fees or enforcement expenses) and other amounts may be made in accordance with this Agreement.

 

1.2.   Interpretation

 

If there is any inconsistency or uncertainty between this Agreement, the provisions of the Application Form or any other terms and conditions that apply to the issue of a Confirmed Capital Account, then irrespective of the time or circumstances under which the various terms and conditions or provisions are said to apply, the relevant term or condition or provisions which most benefits Moneytech will prevail and take precedence over any other equivalent or applicable term or condition or provision.(b) No rule of construction applies to the disadvantage of a party because this Agreement is prepared by (or on behalf of) that party. Headings are only for convenience and do not affect interpretation of these conditions.

 

(c)          words importing:

 

(i)             the singular include the plural and vice versa; and

 

(ii)          any gender includes the other genders;

 

(d)         an agreement, representation, warranty, undertaking or covenant on the part of or in favour of two or more persons binds or is for the benefit of them jointly and severally;

 

(e)          if a word or phrase is defined cognate words and phrases have corresponding definitions; 

 

(f)           a reference to:

 

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(i)                  a person includes a firm, unincorporated association, corporation and governmental or semi-governmental authority;

 

(ii)               a person includes the legal personal representatives, successors, assigns and substitutes (including, without limitation, persons taking by novation) of that person;

 

(iii)            this or any other document includes the document as varied or replaced, and notwithstanding any change in the identity of the parties;

 

(iv)           writing includes any mode of representing or reproducing words in tangible and permanently visible form, and includes telex and facsimile transmission;

 

(v)              time is to local time in the state or territory specified in Item 5 of Schedule 1; and

 

(vi)           any thing (including, without limitation, any amount) is a reference to the whole or any part of it and a reference to a group of things or persons is a reference to any one or more of them.

 

2                           THE MONEYTECH EXCHANGE

 

2.1                 Use and Security

 

(a)             For security reasons the Code must be kept confidential and not provided or given to any person other than the Accountholder to which the Code relates or the Primary Accountholder.

 

(b)             Confirmed Capital Accounts are the property of Moneytech and are not transferable.

 

(c)              You must notify Moneytech immediately of any change to your or an Accountholder’s name or address.

 

2.2                   Acceptance of Buyer’s Accounts etc

 

Subject to these conditions you agree to accept the use of the Buyer’s Account for the purchase from you of approved goods and services using the Moneytech Exchange.

 

2.3                   Restrictions

 

(a)              You must not use the Moneytech Exchange or your Confirmed Capital Account, or allow it to be used, for any unlawful or improper purpose.

 

(b)              You must not allow any person other than the Primary or Supplementary Accountholder to use the Confirmed Capital Account.

 

(c)               You must not use the Moneytech Exchange other than in the manner and for the purpose for which it is made available by Moneytech.

 

(d)              You must not use the Moneytech Exchange for the purpose of selling goods or services other than where such sale constitutes an Authorised Transaction.

 

(e)               You must not use the Moneytech Exchange for the purpose of selling approved goods and services that are not sold or supplied by you in the ordinary course of your business.

 

(f)                Subject to clause 2.3(h), Moneytech has the right at any time without giving you prior notice (and without assuming any duty whatsoever) to do any of the following by issuing a written notice to that effect to you:

 

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(1)              refuse authorisation for any charge against one of your customer’s Buyer’s Account or otherwise;

 

(2)              refuse or withhold authorisation of any transaction;

 

(3)              refuse or withdraw use of or access to the Moneytech Exchange by you or any other person;

 

(4)              refuse or withhold the authorisation of any transaction as an Authorised Transaction,

 

if:

 

(a)              Moneytech has obtained information about the customer that the authorised transaction concerns (and, if that occurs, Moneytech will convey such information to you) indicating that the customer is or is likely to become Insolvent or involved in fraudulent activity, or is otherwise subject to circumstances that may materially adversely affect the customer’s ability to pay amounts comprising the Buyer’s Account; or

 

(b)              an event has occurred which may have a Material Adverse Effect; or

 

(c)               Moneytech has reasonably requested from you information which would allow it to make an assessment of whether a Material Adverse Effect has or may occur and this information has not been provided to Moneytech in a timely fashion.

 

(g)              Any transaction subject to a notice issued in accordance with clause 2.3(f) ceases to be an approved transaction for the purposes of this agreement unless the notice is withdrawn (in Moneytech’s absolute discretion);

 

(h)             Nothing in clause 2.3(f) or anywhere else in this Agreement prohibits you from delivering a good or service to a customer in accordance with your arrangements with the customer even where this would give rise to or increase a Buyer’s Account.

 

2.4                   Cash advances, refunds, rebates or incentives

 

You must not make cash advances, cash refunds, cash rebates, cash incentives:

 

(a)             to one of your customers by way of a transaction occurring through the Moneytech Exchange ; or

 

(b)             to one of your customers or any other person in relation to any Authorised Transaction.

 

2.5                   Credit Notes

 

Should it be necessary to issue a credit note to one of your customers, you must:

 

(a)             procure the issue of such credit note by the Invoicing Entity; and

 

(b)             pay to Moneytech the value of the credit note before issuing same to your customer.

 

2.6                   No direct billing of customers

 

Where one of your customers buys goods or services using the Moneytech Exchange and the authority conferred on the customer’s Accountholders, you must not bill or charge the customer directly or receive payment other than in accordance with this Agreement.

 

2.7                   Charges by Your Associates

 

You must not, without Moneytech’s prior written consent, allow one of your customers or an Accountholder to use a Buyer’s Account to incur Charges or undertake an Authorised Transaction with you where the customer or the Accountholder is one of your Associates. Moneytech may withdraw its consent at any time by giving you written notice.

 

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2.8                   Rejection of Charges

 

(a)             If you do not comply with any of clauses 2.3(g), 2.4, 2.5 or 2.6, Moneytech may reject the relevant Charge.

 

(b)             If Moneytech rejects the Charge under clause 2.7(a) after the Charge is made, the Charge will be treated as an Uncollectible Charge.

 

2.9                   No preference to other cards

 

You must not encourage in any way one of your customers to use other credit cards or charge cards held by the customer in preference to your Confirmed Capital Account to buy goods or services from you.

 

2.10            No additional charge for accepting Buyer’s Accounts

 

You must not charge one of your customers any additional fees to use a Buyer’s Account to buy goods or services from you.

 

3                           CONFIRMED CAPITAL ACCOUNTS

 

3.1                 Issuing of Confirmed Capital Accounts

 

At your request, using the Application Form or such other form, if any, Moneytech uses for the issue of a Confirmed Capital Account, Moneytech may issue a Confirmed Capital Account to such person or persons nominated by you from time to time.

 

3.2                 Primary Accountholders

 

The Confirmed Capital Account confers on the Primary Accountholder the following rights and powers in addition to any other rights and powers conferred upon the Primary Accountholder by this Agreement:

 

(a)             the right to have access to and use the Code applying to any Confirmed Capital Account;

 

(b)             the rights and powers conferred on Supplementary Accountholders under this Agreement;

 

(c)              the authority to exercise any discretion, right or power conferred on you by this Agreement,

 

and in its dealings with you and in relation to the performance of this Agreement, Moneytech may rely, without more, on the authority of the Primary Accountholder provided by this clause.

 

3.3                 Supplementary Accountholders

 

The issue of a Confirmed Capital Account confers on the relevant Supplementary Accountholder:

 

(a)             the right to access the Moneytech Exchange and operate it on your behalf in accordance with this Agreement and such other terms of use , if any, applying from time to time;

 

(b)             the authority to act for and bind you in relation to any dealings between you and Moneytech;

 

and in its dealings with you and in relation to the performance of this Agreement, Moneytech may rely, without more, on the authority of the Supplementary Accountholders provided by this clause.

 

3.4                 Responsibility for use of Confirmed Capital Account

 

You are responsible for the use of Confirmed Capital Account and for the activities and events occurring on or authorized through the Moneytech Exchange through the use of such accounts.

 

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4                             USING THE MONEYTECH EXCHANGE

 

4.1                 General provision

 

(a)             You must use the Moneytech Exchange strictly in accordance with the terms of use published by Moneytech on the Moneytech Exchange (or by any other means) as applying from time to time.

 

(b)             If you want to undertake an Authorised Transaction through the Moneytech Exchange, you must process the Authorised Transactions and the associated Charges through the Moneytech Exchange in accordance with this Agreement, except where:

 

(1)              the Moneytech Exchange is not operating; or

 

(2)              Moneytech stops supporting the making of Authorised Transactions through the Moneytech Exchange.

 

4.2                 Processing Guidelines

 

(a)             You must process each transaction intended to be an Authorised Transaction and otherwise deal with customers using a Buyer’s Account in accordance with the procedures in the Processing Guidelines, if any, and this Agreement.

 

(b)             Without limiting clause 28, Moneytech may vary the Processing Guidelines by giving you written notice of the changes. The changes come into effect on the day specified in Moneytech’s notice.

 

(c)              Notwithstanding clause 4.2(a), you must follow any other instructions or directions about processing transactions through the Moneytech Exchange that Moneytech issues to you: (1) in written form; (2) in or on an Approved Medium; or (3) by telephone.

 

4.3                   Procedure for using Moneytech Exchange

 

Unless the Processing Guidelines provide for some other procedure to be applied by you, in order to enter into an Authorised Transaction through the Moneytech Exchange you must process each transaction with one of your customers through the Moneytech Exchange in accordance with the following procedures:

 

(a)           You must process the transaction through the Moneytech Exchange following any applicable operating instructions issued by the supplier or manufacturer of any equipment required to be used to access the Moneytech Exchange;

 

(b)           You must process the transaction through the Moneytech Exchange following any applicable operating instructions issued by Moneytech;

 

(c)            Upon fulfilling the conditions to the issue of the Transaction Acceptance Instruction associated with the transaction as provided in clause 5.1(c), you may give a Transaction Acceptance Instruction to Moneytech which complies with clause 5.1(d);

 

(d)           If clause 6.1 applies, you must follow the procedures in clauses 6 and 7 for processing Manual Charges; and

 

(e)            In the case of a Manual Charge, you must ensure that the procedures, if any, set out in the Processing Guidelines for the processing of Manual Charges are complied with.

 

4.4                   Moneytech is not liable to you

 

Moneytech is not liable to you for any Loss that you suffer, incur, pay or are liable for relating to your use of the Moneytech Exchange or a Charge in relation to which a Transaction Acceptance Instructions has been issued except to the extent that the Loss arises from any fraud, negligence or breach of contract by Moneytech or an Associate of Moneytech.

 

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4.5                   Improper transactions

 

If, in undertaking a transaction with one of your customers, you do not comply with the provisions of this clause 4, the Charge the subject of the transaction will be treated as an Uncollectible Charge.

 

4.6                 Your representations and warranties

 

You represent and warrant to Moneytech that:

 

(a)             you are able to supply the goods and services ordered using the Moneytech Exchange;

 

(b)             your Web Site complies with any relevant laws and industry codes of conduct or practice;

 

(c)              your Web Site does not contain material that is defamatory or obscene or infringes any copyright or other intellectual property rights; and

 

(d)             every Transaction Acceptance Instruction issued by you is, in all material respects, complete, accurate and not misleading and complies with this Agreement.

 

5                           TRANSACTION ACCEPTANCE INSTRUCTIONS

 

5.1                 General Provisions

 

(a)             If you want a transaction between you and one of your customers to be an Authorised Transaction, you must issue a Transaction Acceptance Instruction to Moneytech through the Moneytech Exchange or directly to a Moneytech employee in accordance with this clause 5.1.

 

(b)             The Transaction Acceptance Instruction must be in the form of a file, electronic process or other instruction or notice delivered directly to Moneytech or that operates through the Moneytech Exchange.

 

(c)              You must not submit a Transaction Acceptance Instruction to Moneytech and Moneytech may ignore a Transaction Acceptance Instruction submitted by you unless the following conditions are fulfilled to the entire satisfaction of Moneytech:

 

(1)              the Transaction Acceptance Instruction is, in all material respects, complete, accurate and not misleading;

 

1.              the Transaction Acceptance Instruction relates to a specific transaction(s) which has not been the subject of a prior Transaction Acceptance Instruction;

 

(2)              you have directed the Invoicing Entity to issue an invoice in respect of the goods or services the subject of the Transaction Acceptance Instruction and the issue of the invoice is in accordance with your arrangements with the customer and, if required by Moneytech, this is substantiated by the issue of an authority to invoice or equivalent, as agreed by Moneytech;

 

2.              the transaction the subject of the Transaction Acceptance Instruction is not restricted by this Agreement;

 

3.              no dispute exists between you and the relevant customer in respect of or which affects the amount owing by the customer the subject of the Transaction Acceptance Instruction; and

 

4.              there is no prohibition or restriction on the assignment from you to Moneytech of any receivable or other relevant right;

 

5.              you have a Security Interest under the PPSA in relation to the approved goods and if applicable the proceeds of sale of the approved goods;

 

6.              you have complied with the PPSA so that you have perfected any right you may have to obtain a purchase money security interest or any other Security Interest in respect of the goods or their proceeds which are the subject of the Transaction Acceptance Instruction

 

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(3)              no Event of Default or Potential Event of Default has occurred and is continuing and no Event of Default or Potential Event of Default would result from the proposed transaction.

 

(d)             A Transaction Acceptance Instruction must:

 

(1)              set out details of the transaction as agreed to by you in the format required by Moneytech;

 

(2)              contain a confirmation by you that you have directed the Invoicing Entity to issue an invoice in respect of the goods or services the subject of the transaction as agreed to by you and in accordance with your arrangements with the customer;

 

(3)              set out details of the Charge claimed as due to you in relation to the transaction;

 

(4)              irrevocably offer to sell to the Invoicing Entity, all of your right, title and interest in the Buyer’s Account the subject of a Transaction Acceptance Instruction; and

 

(5)              contain such other information that Moneytech may reasonably require from you from time to time.

 

(e)              Once given, a Transaction Acceptance Instruction may not be withdrawn or cancelled.

 

(f)               Despite Moneytech accepting an instruction as a Transaction Acceptance Instruction, any Charge associated with an instruction which does not comply with the provisions of this clause 5.1 will be treated as an Uncollectible Charge.

 

5.2                 Offer to sell receivables

 

Despite clause 5.1(d)(4), you will be taken to have made the irrevocable offer referred to in that clause to the Invoicing Entity, upon and by virtue of the submission by you of the Transaction Acceptance Instruction to which the relevant receivables relate.

 

5.3                 When you have a binding contract with one of your customers

 

(a)             You acknowledge that, on Moneytech’s receipt of the Transaction Acceptance Instruction in relation to the Charge, you have a valid, binding and enforceable contract with the customer for the supply of goods or services relating to that instruction.

 

(b)             If you claim that the contract is not binding, or is invalid, unenforceable or incomplete in a way that affects or may affect the recoverability of the Buyer’s Account against which the Charge is made, the Charge will be treated as an Uncollectible Charge.

 

6                           PROCESSING MANUAL CHARGES

 

6.1                 Manual Charges

 

You may process a transaction with one of your customers and claim payment of the relevant Charge from Moneytech as a Manual Charge if and only if:

 

(a)             the Moneytech Exchange is not available for processing of Authorised Transactions;

 

(b)             Moneytech allows you to submit the Charge as a Manual Charge;

 

(c)              the Charge is recorded in a valid Record of Charge Form; and

 

(d)             you follow the procedures in the Processing Guidelines associated with Manual Charges, if any.

 

6.2                 Manual Charges — Summary of Charges

 

If Moneytech allows you to submit a Manual Charge, you must, subject to clause 4.3(e), submit details of each Charge to Moneytech on a Summary of Charges (or in any other way agreed to by Moneytech) no later than 5 days

 

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after the Charge is incurred.

 

6.3    Record of Charge Form

 

(a)              Unless some other procedure or time is provided for in the Processing Guidelines, you must send Moneytech the Moneytech copy of the Record of Charge Form bearing the Accountholder’s signature no later than five (5) days after the Manual Charge is incurred. If you do not do so, the Charge will be treated as an Uncollectible Charge.

 

(b)              You must keep the establishment copy of the Record of Charge Form for one (1) year from the date the relevant Charge was incurred.

 

7       PROCESSING OF MANUAL CHARGES BY APPROVED MEDIUM 

 

7.1    Using an Approved Medium

 

Instead of sending Moneytech a Summary of Charges Form under clause 6.2, you may submit to Moneytech a summary of all Manual Charges recorded in or on an Approved Medium. A Summary of Charges in or on an Approved Medium must contain at least the following information about each Charge:

 

(a)              the customer’s name;

 

(b)              the relevant Accountholder’s name;

 

(c)               Buyer’s Account number;

 

(d)              the Transaction Acceptance Instructions for the transaction associated with the Charge;

 

(e)               Australian dollar value (or, if not in Australian dollars, the foreign currency value) of the Charge;

 

(f)                description of the goods or services; and

 

(g)               any other information that Moneytech reasonably notifies you should be included in the Summary of Charges.

 

7.2    Format of Approved Medium

 

If you submit a Summary of Charges in or on an Approved Medium, it must comply with the format and procedures that Moneytech reasonably notifies to you at any time. If you fail to comply with the format and procedures and do not remedy the failure promptly after being asked to do so by Moneytech, Moneytech may treat any Charge in the Summary of Charges as an Uncollectible Charge.

 

7.3    Notice of failure to satisfy approved format

 

If a Summary of Charges in or on an Approved Medium does not meet Moneytech’s requirements, Moneytech will endeavour to notify you of this within two (2) Business Days of receipt of the Approved Medium and in any event notify you as soon as reasonably practicable after becoming aware.

 

7.4            Costs of complying with laws

 

If:

 

(a)              you are prevented by law or government regulation from submitting a Summary of Charges in an Approved Medium, or in the format in which it may otherwise be submitted under this Agreement, or from including information Moneytech requires; or

 

(b)              the Approved Medium does not satisfy clause 7.2, 

 

neither you nor Moneytech are liable to the other for any Loss relating to complying with those laws or reverting to

 

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other ways of submitting the Summary of Charges to Moneytech under this Agreement. 

 

7.5    Accepting Summary of Charges is not a waiver

 

If Moneytech:

 

(a)      accepts a Summary of Charges:

 

(1)              in an Approved Medium that does not comply with the appropriate format; or

 

(2)              in the appropriate format, but that does not contain the information relating to each Manual Charge summarised in it required by these conditions; or

 

(b)      fails to give you the notice referred to in clause 7.3,

 

that does not mean that Moneytech has waived or lost Moneytech’s right of reimbursement under clause 13.1.

 

8       PAYMENT OF CHARGES AND FEES

 

8.1    Liability of Moneytech to you

 

Moneytech is not liable to you in connection with any Charge or any transaction between you and any customer unless the Charge results from, and the transaction constitutes, an Authorised Transaction.

 

8.2    Payment against Authorised Transactions only

 

You will not be entitled to be paid by Moneytech for any amounts connected with transactions between you and one of your customers unless:

 

(a)      the transaction is an Authorised Transaction;

 

(b)      you have complied with this Agreement; and

 

(c)      no Event of Default or Potential Event of Default has occurred and is subsisting. 

 

8.3    When Moneytech will pay Charges

 

(a)              Subject to this Agreement, in relation to each Authorised Transaction undertaken by you, Moneytech will, in accordance with clause 8.8, pay you the amount of the Charge associated with the Authorised Transaction less any applicable deductions, withholdings or set-offs in accordance with this Agreement before the Payment Time for the Charge expires.

 

(b)              If Moneytech receives a Transaction Acceptance Instruction after 4pm (Sydney time) on a Business Day, Moneytech is taken to have received the Transaction Acceptance Instruction on the next Business Day.

 

(c)               If Moneytech receives a Transaction Acceptance Instruction, or pays a Charge, that does not mean that the relevant Charge is a valid Charge or that Moneytech has waived or lost Moneytech’s right to treat it as an Uncollectible Charge.

 

(d)              Without limiting clause 17, Moneytech may deduct the MSF Fee from any payments to be made under this clause and pay the net amount to you in full satisfaction of the payment to you.

 

8.4    Withholding payment for Charges

 

Moneytech may withhold payment of any Charge for up to twenty (20) Business Days after the Charge associated with an Authorised Transaction undertaken by you is submitted to Moneytech to allow Moneytech time to investigate and check the validity of the Charge or compliance with this Agreement. This clause entitles Moneytech to withhold payment only if there is reason to suspect that the charge may not be valid or the transaction is not an Authorised Transaction and Moneytech has notified you in writing that it is withholding payment and the reasons

 

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why it suspects the transaction is not an Authorised Transaction.

 

8.5    Calculation of time of Submission of Charges

 

For the purposes of clause 8.3(a), an Authorised Transaction will be taken to have been undertaken by you at the time and by reason of the acceptance by Moneytech of the Transaction Acceptance Instructions to which the Authorised Transaction relates.

 

8.6    Charges in Australia

 

Moneytech will not be required to pay you the amount of any Charge associated with any transaction (whether or not an Authorised Transaction) involving the use or delivery of any goods or service to a person outside Australia.

 

8.7    MSF Fee

 

(a)              You must pay Moneytech a MSF Fee, together with any Taxes Moneytech incurs or pays or for which it may be liable which relate to that payment or the Charge, for each Authorised Transaction undertaken by you.

 

(b)              The MSF Fee is the Merchant Service Fee in the Fee Schedule.

 

(c)               Moneytech may review the MSF Rate and vary it by giving you notice of the change.

 

8.8    How Moneytech will pay Charges

 

Moneytech will make payments under this clause 8 by Direct Credit in accordance with clause 10 or, if you so elect or the Direct Credit facility fails, by cheque sent to your last known address. Payment by cheque is taken to have been made when the cheque is posted.

 

8.9    Your receivables — acceptance of offer

 

Upon payment of the amount of the Charge (less any fees payable under this Agreement) associated with an Authorised Transaction, the Invoicing Entity shall be taken to have accepted your offer under clause 5.2 in respect of the receivables to which the Authorised Transaction relates and in any circumstances you shall have assigned to Moneytech all of your right, title and interest in:

 

(A)                     the receivables representing the moneys owing by the Organisation to you in respect of the sale of goods the subject of the Transaction Acceptance Instruction; and

 

(B)                     the goods the subject of the Transaction Acceptance Instruction.

 

9                      CURRENCY PROVISIONS

 

9.1            Payment currency

 

All payments required under this Agreement must be made in Australian Dollars.

 

9.2    Charges in another currency

 

If Moneytech allows a payment to be made in a currency other than Australian Dollars, after obtaining Moneytech’s prior approval, you may undertake an Authorised Transaction in a currency other than Australian dollars and issue a Transaction Acceptance Instruction (in the currency in which the relevant transaction occurs) to Moneytech in accordance with this Agreement. Moneytech obligation under clause 8.3 to pay you the Charges incurred in a currency other than Australian dollars is to:

 

(a)              convert the foreign currency amount of the Charge to Australian dollars as at the day Moneytech receive details of the Charge; and

 

(b)              pay the converted Australian dollar amount of the Charge in accordance with these conditions.

 

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9.3    Converting another currency

 

In making a conversion under clause 9.2, Moneytech may itself or through Moneytech’s bankers buy one currency with another, whether or not through an intermediate currency, and in the way and for the amounts Moneytech chooses.

 

10     DIRECT CREDIT ARRANGEMENTS

 

10.1  Direct Credit arrangements

 

(a)              You may choose to have payments Moneytech is required to make under clause 8.3 paid directly into your nominated account with a financial institution. You must give Moneytech details of your nominated account.

 

(b)              Moneytech will make payments under clause 8.3, less any amount that Moneytech is entitled to deduct, withhold or set-off against those payments, by Direct Credit before the Payment Time for that Charge expires.

 

(c)               If you choose to have payments Moneytech is required to make under clause 8.3 paid by cheque or cancel your Direct Credit Account, Moneytech may charge you the fee for doing so as stated in the most current Fee Schedule.

 

10.2  Change in your Direct Credit account

 

(a)              If you change or cancel your Direct Credit Account, you must give Moneytech at least 7 days prior written notice of the change or cancellation. You must give Moneytech correct details of your Direct Credit Account at all times.

 

(b)              Moneytech is not liable for any Loss you suffer, incur, pay or are liable for as a result of or connected with Moneytech:

 

(1)              Transferring funds to a Direct Credit Account that is no longer current; or

 

(2)              failing to transfer funds to a Direct Credit Account for any reason

 

except to the extent of fraud, negligence or breach of contract on the part of Moneytech or any of its Associates.

 

10.3  Account adjustments

 

(a)              If Moneytech credits any funds to your Direct Credit Account by mistake, or in excess of the amount Moneytech owes you under this Agreement, you must immediately refund the payment or the excess payment (as applicable) to Moneytech when Moneytech give you written notice of the amount or when you become aware of the mistake or excess payment, whichever first occurs.

 

(b)              You authorise Moneytech (and you direct the fmancial institution at which the Direct Credit Account is held) to debit your Direct Credit Account to correct any mistake or excess payment relating to any funds Moneytech credits to your Direct Credit Account or otherwise. You must also procure the signatories to the Direct Credit Account to sign or authorise any withdrawal from that account for the purposes of this clause 10.3.

 

(c)               Where Moneytech makes a payment in excess of the amount that is owed to you, Moneytech will provide you with a certificate of moneys owing and such certificate will be sufficient and conclusive evidence of the amount owing by you to Moneytech, subject to manifest error.

 

(d)              Notwithstanding the preceding sub-clauses, Moneytech may deduct any monies overpaid to you associated with any Authorised Transaction by deducting such amounts from any other monies owed by Moneytech to you under any other Authorised Transaction.

 

(e)               Nothing in this clause shall be taken as precluding Moneytech’s rights to commence legal proceedings to recover any overpayments made by it to you under this Agreement or any other document.

 

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10.4  Direct Credit relating to Uncollectible Charges

 

Upon Moneytech properly giving you written notice that a Charge is an Uncollectible Charge, you authorise Moneytech (and you authorise the financial institution at which the Direct Credit Account is held) to debit an amount from the Direct Credit Account equal to the face value of that Charge. You must also procure the signatories to the Direct Credit Account to sign or authorise any withdrawal from that account for the purposes of this clause 10.4.

 

10.5  Ending Direct Credit

 

Moneytech may end the Direct Credit arrangements at any time by giving you two (2) Business Days advance written notice.

 

11     STATEMENTS OF MONEYS OWING

 

11.1  General provision

 

Moneytech will open an interest bearing bank account in your name and manage your account through the Moneytech Exchange or by any other means. Moneytech may make charges against your account to record any debts or monetary liabilities you may have to Moneytech under or in relation to this Agreement but must not overdraw that account. Moneytech will make available to you statements of moneys owing upon which will be recorded all such charges and other entries made to or against it.

 

11.2  Right to pay statements of account

 

You may pay to Moneytech all or any part of the charges (including any taxes, duties, interest, Fees or enforcement expenses) and other amounts appearing on any statement of moneys owing as due to Moneytech before the due date appearing on the statement.

 

11.3  No set-off, counterclaim etc.

 

All payments which you are required to make to Moneytech must be without any set-off, counterclaim or condition and except to the extent required by law, without any deduction or withholding for any tax, charge, duty or impost imposed by law in Australia or any other reason.

 

11.4  Allocation of payments

 

A payment made to Moneytech under this clause 11 or clause 14, will be applied against your account and will, unless Moneytech decides otherwise, be applied towards amounts owed or owing to Moneytech in the following order:

 

(a)              first, in payment of all costs, charges and expenses of Moneytech incurred in or incidental to the exercise or performance or attempted exercise or performance of any power other than those amounts listed in paragraphs (b) to (e) below;

 

(b)              second, enforcement costs and expenses payable by you in accordance with clause 14.5; and

 

(c)               third, Fees which have become due and payable;

 

(d)              fourth, interest which has accrued on your account in accordance with clause 11.5;

 

(e)               [fifth, each other charge made to your account in accordance with the date when the charge was made against your account, the earlier dated charges being paid before the later;

 

(f)                sixth, against any outstanding correlating amount on a Buyer Account.

 

11.5  Payment of Interest

 

(a)              Interest will be charged to moneys owing by you to Moneytech at the discount rate of interest set out in the

 

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Fee Schedule and in the manner applicable to you from time to time. For the purposes of this clause, unless Moneytech nominates some other method, the applicable rate and manner of charging interest is the rate and manner of charging interest as described in the Fee Schedule.

 

(b)              Interest on moneys owing to Moneytech will accrue daily (including the date of payment) and will be debited to your statement as stated in the Fee Schedule;

 

(c)               Moneytech may charge you with interest that has accrued due on any moneys owing from time to time and capitalise that interest monthly such that interest may then be charged on that interest.

 

11.6  Interest on Uncollectible Charges

 

Without limiting clause 11.5, interest will accrue on a Charge that is or becomes an Uncollectible Charge at the standard rate of interest set out in the Fee Schedule from and including the day Moneytech declares the Charge to be an Uncollectible Charge (less any applicable deductions, withholdings or set-offs) to and including the payment date. The interest is due and payable by you on the day the Charge is payable by you as an Uncollectible Charge in accordance with clause 13.

 

11.7  Making payments to your account

 

(a)      You can make payments to Moneytech:

 

(1)     using any payment option detailed on your statement of moneys owing; or

 

(2)     using any other method authorised by Moneytech from time to time.

 

(b)                  Payments made after 4pm (Sydney time) on a Business Day or at any time on a day that is not a Business Day will be treated as if made on the following Business Day.

 

11.8  No issue of statements of account — general rule

 

Statements of moneys owing will not generally be sent to you but will be made available for your review though the Moneytech Exchange by any Approved Medium and need not be in any physical or tangible form. Moneytech will not issue written statements unless requested in writing to do so by you and then only upon payment of the applicable Fee.

 

11.9  Deemed knowledge of statements of account on Moneytech Exchange

 

For the purposes of this Agreement, you shall be taken to have knowledge of and to have received the particulars contained in statements of moneys owing made available for review by you through the Moneytech Exchange as provided in clause 11.8 as and from the time such statements are made available even though you may not have actual knowledge of such particulars.

 

12     COMPLAINTS, DISPUTES AND PRICE ADJUSTMENTS

 

12.1  You must deal with complaints

 

(a)              You must handle all complaints by Accountholders or customers relating to purchases from you.

 

(b)              You may only make price adjustments, credit notes or refunds to one of your customers relating to goods or services bought by using a Buyer’s Account by crediting the Buyer’s Account with Moneytech in accordance with the Processing Guidelines to give effect to that adjustment, credit note or refund. You must not give cash refunds or other benefits relating to or connected with a Charge to any customer or to an Associate of the customer.

 

(c)               Where one of your customers disputes a Charge for any reason (other than for a reason connected solely with the default, negligence or breach of contract of Moneytech or the Invoicing Entity), unless the dispute is resolved beforehand, the Charge will be treated as an Uncollectible Charge.

 

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13     UNCOLLECTIBLE CHARGES

 

13.1  You must reimburse Moneytech for Uncollectible Charges

 

(a)              Unless collected by Moneytech by means of Direct Debit, within two (2) Business Days of being given notice by Moneytech that a Charge is an Uncollectible Charge, you must (if the Charge is an Uncollectible Charge) pay Moneytech an amount equal to the amount of that Charge plus any interest accrued due as provided for under this Agreement and the Buyer’s Account underlying the Uncollectible Charge is, immediately following receipt of payment from you, automatically assigned back to you. Moneytech and the Invoicing Entity otherwise have no recourse to you in respect of that Uncollectible Charge.

 

(b)              Moneytech and the Invoicing Entity must provide any information and execute any documents reasonably requested by you to give effect to the assignment referred to in clause 13.1(a).

 

13.2  What is an Uncollectible Charge

 

A Charge is an Uncollectible Charge if:

 

(a)              it is incurred by one of your customers or through the use of a Buyer’s Account which you have been notified in a Special Warning Bulletin or other means before you issued a Transaction Acceptance Instruction in relation to the Charge;

 

(b)              in the case of a Manual Charge:

 

(1)             it is incurred involving a Record of Charge Form that is not signed by the Accountholder or is incomplete or illegible as to the Accountholder’s name;

 

(2)             it is processed in circumstances where the date of the Charge is wholly or partly incapable of being deciphered or processed;

 

(3)             Moneytech receives the details or date of the Charge more than fourteen (14) days after the Charge was incurred by the customer;the amount of the Charge is altered by you or any other person in any way after the customer signed the Record of Charge Form;

 

(c)               it is incurred in contravention of any conditions or requirements of the Transaction Acceptance Instruction to which it is associated;

 

(d)              it has not been incurred or processed in accordance with this Agreement or the Processing Guidelines;

 

(e)               you received payment other than through the use of the Moneytech Exchange;

 

(f)                it does not apply in relation to the goods or services stated in the Transaction Acceptance Instruction to which the Charge relates;

 

(g)               the relevant customer or Accountholder refuses to pay or does not pay on the due date the whole or any part of the Charge because goods or services the subject of the Charge are returned, not delivered or provided, or not as promised;

 

(h)              the relevant customer or Accountholder refuses to pay or does not pay on the due date the whole or any part of the Charge because of a dispute involving you and the customer or Accountholder in relation to or connected with:

 

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(1)             any Charge (whether or not the Charge);

 

(2)             the existence of any transaction (whether or not an Authorised Transaction); or

 

(3)             the nature, quality, defectiveness, existence or relevance of any goods or services the subject of any transaction (whether or not an Authorised Transaction);

 

(i)                  it relates to an order which the customer has failed to pay and you cannot produce to Moneytech on request a bill or order form or other evidence of the goods or services the subject of the Charge bearing the customer’s signature;

 

(j)                 it relates to a transaction for which you have previously processed a Transaction Acceptance Instruction under this Agreement;

 

(k)              the amount of the Charge is altered by you or any other person in any way after you have issued a Transaction Acceptance Instruction in relation to the Charge;

 

(1)              in Moneytech’s opinion, it relates to a single transaction which has been split into two (2) or more Charges;

 

(m)          it is incurred through misleading, fraudulent or dishonest means, whether or not such means were know by you at the relevant time;

 

(n)              a payment Moneytech receives is wholly or partly avoided, or a claim is made to avoid it and that claim is upheld, conceded or compromised under any applicable law (including, but not limited to, any law relating to bankruptcy or liquidation);

 

(o)              it remains outstanding for more than thirty (30) days beyond the agreed ordinary trading terms between you and your customer;

 

(p)              it remains unpaid by your customer for a period of one hundred and twenty (120) days; or

 

(q)              it is otherwise treated as an Uncollectible Charge under this Agreement.

 

13.3  Deemed refusal to pay

 

For the purposes of clause 13.2(h), one of your customers shall be taken to have refused to pay for a Charge because of a dispute in relation to any matter referred to in clause 13.2(h) if the customer notifies you that it is in dispute with you in relation to any such matter, irrespective of the merits of the dispute, it being the intention that any disputes in relation to any such matters shall be at your sole risk and responsibility.

 

13.4  Approval Codes and Authorisations

 

A Charge can be an Uncollectible Charge notwithstanding that a Transaction Acceptance Instruction has been given in relation to that Charge.

 

13.5  Notice of Uncollectible Charge

 

Moneytech may give you written notice that a Charge is or may become an Uncollectible Charge pursuant to Clause 13.2 at any time and neither your obligation to reimburse Moneytech under clause 13.1 nor Moneytech’s authority under clause 10.4 to debit the Direct Credit account lapses or is waived by reason of any delay or compromise whatsoever, including a delay in giving you notice that a Charge is an Uncollectible Charge.

 

13.6  Repayment of amounts Moneytech or the Invoicing Entity receives

 

If Moneytech or the Invoicing Entity receive a payment relating to an Uncollectible Charge that has been reimbursed by you under clause 13.1, Moneytech or the Invoicing Entity, as applicable, will pay the amount of the payment to you, less any amount that Moneytech is entitled to deduct, withhold or set-off under this Agreement.

 

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13.7  You must help with Moneytech enquiries

 

If Moneytech, acting reasonably, asks you anything about a Charge (including asking you to provide Moneytech with copies of any document relating to the Charge), you must promptly help Moneytech with Moneytech’s enquiry. If you do not answer Moneytech’s enquiry to Moneytech’s satisfaction within seven (7) days of the date of the enquiry, the Charge to which the enquiry relates will be treated as an Uncollectible Charge.

 

13.8  Fraudulent and Dishonest Charges and customer disputes

 

If you claim payment of a Charge from Moneytech which involves, or Moneytech suspects on reasonable grounds involves, fraud or dishonesty committed by you or any of your Associates or any other person, or in Moneytech’s opinion a dispute exists or arises between you and one of your customers concerning any transaction or the goods or services the subject of any transaction or the payment of money between you and the customer, Moneytech may do any combination of the following:

 

(a)         withhold payment of any Charge (whether or not the Charge relates to the dispute or the Charge involves fraud or dishonesty) claimed by you until Moneytech has had time to fully investigate the dispute or the fraud;

 

(b)         exercise Moneytech’s right of set-off under clause 17 in relation to any such withheld payment; or

 

(c)          treat as an Uncollectible Charge any Charge (whether or not the Charge relates to the dispute or the Charge involves fraud or dishonesty) claimed by you and which is disputed by the customer.

 

13.9  Lost, stolen or fraudulently misused

 

(a)         You must immediately notify Moneytech if you suspect that someone has fraudulently or dishonestly used your Confirmed Capital Account or the Moneytech Exchange.

 

(b)         You are liable for charges incurred by the use of your Confirmed Capital Account or Moneytech Exchange that has been accessed fraudulently or dishonestly by any person other than Moneytech or any of its Associates, whether or not you were in any way involved in or benefited from the dishonesty, fraud, theft or misuse, except to the extent caused by the fraud, negligence or breach of contract by Moneytech or any of its Associates. Your liability continues even in respect of dishonesty, fraud, theft or misuse occurring after you have notified Moneytech of the same.

 

13.9  Withholding payment upon notice

 

Should Moneytech become aware, or have reason to suspect, that a Withholding Event has occurred, or in Moneytech’s opinion is likely to occur, with respect to you or any of your Associates, Moneytech may withhold all or any part of any amounts thereafter payable by Moneytech to you under this Agreement.

 

14     EVENTS OF DEFAULT

 

14.1  Effect of Event of Default

 

Upon or at any time after the occurrence of an Event of Default, Moneytech may by notice to you declare that:

 

(a)         the Outstanding Moneys are immediately due and payable;

 

(b)         your access to the Moneytech Exchange is cancelled;

 

(c)          terminate this Agreement,

 

or make each of the declarations contained in this clause, respectively.

 

14.2  Repayment Obligation

 

You must upon receipt of a notice under clause 14.1 immediately pay the Outstanding Moneys in full.

 

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14.3  Your performance to continue

 

If Moneytech makes any declaration under clause 14.1 (a) or (b), the declaration does not affect or diminish your duties and obligations under this Agreement and you must continue to perform your obligations under this Agreement as if the declaration had not been made, subject to any directions that may be given by Moneytech from time to time.

 

14.4  Enforcement

 

This Agreement may be enforced without notice to or consent by you, any guarantor of your performance of this Agreement or any other person even if Moneytech accepts any part of the Outstanding Moneys after an Event of Default or there has been any other Event of Default.

 

14.5  Enforcement expenses

 

You must pay to Moneytech, and hereby authorise Moneytech to charge to your account, all costs or expenses incurred by Moneytech or its contractors or agents (including all legal costs and collection agency fees) in enforcing or collecting payment of any amount due or in exercising any power under this Agreement.

 

14.6  No liability

 

Moneytech is not liable to you or any guarantor of your performance of this Agreement for any Loss that you or the guarantor may suffer, incur or be liable for arising out of or in connection with Moneytech exercising any power under this Agreement except to the extent of the fraud, negligence or breach of contract of Moneytech, or any of its Associates.

 

15     CONFIDENTIALITY

 

15.1  Confidentiality

 

2.                                      You acknowledge that all information you or your officers or employees receive in the course of dealing with any customers or Accountholders or Moneytech (including customer Accountholder and Buyer’s Account details) is Moneytech property.

 

(a)              You must:

 

(1)            hold that information in strict confidence; and

 

(2)            not disclose any of that information to any third party or use it for your own or another person’s benefit, or intended benefit, without Moneytech’s, the customer’s and the Accountholder’s written consent, as the case may be, except to the extent required by law or for the purposes of seeking legal or financial advice or otherwise on a confidential basis.

 

15.2  Credit assessments

 

(a)              For the purposes of these conditions Moneytech may carry out credit assessments and otherwise obtain, check and exchange with third parties information (including, but not limited to, credit reports) concerning you or your Associates.

 

(b)              If requested to do so by Moneytech, you must promptly obtain the consent of the relevant Associates so that Moneytech can exercise Moneytech rights under this clause 15.2.

 

16     SPECIAL WARNING BULLETINS

 

16.1  Moneytech may issue Special Warning Bulletins

 

Moneytech may make available to you through the Moneytech Exchange Special Warning Bulletins listing Buyer’s Accounts and customers that are no longer valid for use or entitled to transact through the Moneytech Exchange.

 

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16.2     You must check Special Warning Bulletins

 

Whenever you receive, or are taken to have received, a Special Warning Bulletin, in relation to all transactions presented to you after the “Effective Date” shown on the bulletin, you must not permit a Charge to be incurred with you in relation to the transaction.

 

16.3     Notice of Special Warning Bulletins

 

Clauses 11.7 and 11.8 apply to Special Warning Bulletins as if references to statements of account in those clauses includes a reference to Special Warning Bulletins.

 

17               MONEYTECH RIGHT OF SET-OFF

 

17.1     Moneytech may set-off all payments

 

Where under this Agreement or any other agreement between Moneytech and you, or under any law or regulation, Moneytech is entitled to any payment, repayment or reimbursement from you (including, but not limited to, any payment by indemnity), Moneytech may, without any notice to or demand against you, set-off the payment, repayment or reimbursement against amounts due and payable to you under this Agreement.

 

17.2     Accountholders associated with you

 

You must not accept a transaction on a Buyer’s Account held by any of your associates. Where any amount is charged to a Buyer’s Account by any of your Associates as a result of a written authorisation from Moneytech and that charge is not paid within two (2) days of the due date, Moneytech may deduct that amount from any amount payable to you under this Agreement.

 

17.3     You must pay Moneytech on demand

 

If there is no amount against which Moneytech can set-off an amount due and payable by you under this Agreement, you must pay Moneytech the amount you owe Moneytech within two (2) Business Days of demand.

 

18               SECURITY GUIDELINES

 

18.1     Confirmed Capital Account and Code Security Guidelines

 

(a)              The security of your Confirmed Capital Account and their respective Codes (such as their PIN) is very important. This clause outlines your basic obligations concerning your Confirmed Capital Account and Code security and contains some suggestions to help you meet these obligations. If you do not keep your Confirmed Capital Account and the Codes secure, you may be liable for transactions on your behalf that were not made by you.

 

(b)                  It is your responsibility and the responsibility of each Accountholder:

 

(1)              not to allow anyone other than the Primary Accountholder or the Supplementary Accountholder to use the applicable Confirmed Capital Account;

 

(2)              not to disclose the Code applicable to the relevant Confirmed Capital Account to any other person other than the Primary or Supplementary Accountholder;

 

(3)              not to record the Code applicable to the relevant Confirmed Capital Account in an unsecure location;

 

(4)              not to allow any other person to see the Accountholder entering his or her Code when using or accessing the Moneytech Exchange.

 

(c)               You must not store or allow any Accountholder to store his or her Code in any electronic device (such as a personal computer or electronic organiser) which another person may easily access.

 

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18.2     Things you must tell us

 

(a)                  If you know or suspect that:

 

(1)              a Confirmed Capital Account has been used in an unauthorised way;

 

(2)              a Confirmed Capital Account number has been used in an unauthorised way;

 

(3)              the Moneytech Exchange has been used in an unauthorised way; or

 

(4)              a Code has become known by or given to someone else,

 

you must tell us immediately by contacting Customer Service, 24 hours a day on 1300-858-905 if calling within Australia or reverse charges on +61(2) 9497-7300 if calling outside Australia.

 

(b)              At the time of your report, you will be given a notification number (or other form of acknowledgment) which you should write down and keep as evidence of the date and time of your report. You must confirm your report in writing to Moneytech as soon as possible by faxing your report to 1300-858-905 or posting it to Fraud Security Team, PO  Box 1094, Pymble, NSW, 2073.

 

19               CANCELLATION

 

19.1     Cancellation by Moneytech

 

Without limiting clause 14.1, Moneytech may cancel a Confirmed Capital Account and cancel the Accountholder’s or your right to access the Moneytech Exchange at any time with or without cause upon giving 180 days’ notice in writing. Upon expiry of the notice period, the Accountholder must immediately stop using the Confirmed Capital Account and the Moneytech Exchange. If Moneytech reinstates the Accountholder’s access to the Confirmed Capital Account at any time after cancellation, this Agreement will continue to apply to the use by the Accountholder of the Confirmed Capital Account and the Moneytech Exchange.

 

19.2     Cancellation by the Accountholder

 

(a)              An Accountholder may cancel his or her account access at any time upon giving 180 days’ notice in writing. Any such cancellation will not be effective until Moneytech has received a written request from the Accountholder asking Moneytech to cancel his or her account access.

 

(b)              You must ensure that the Accountholder advises Moneytech immediately on the Accountholder ceasing to be employed by the customer for whatever reason.

 

19.3     Cancellation by you

 

(a)              The Confirmed Capital Account is issued at your direction and may be cancelled by you at any time in accordance with this clause 19.3 upon giving 180 days’ notice in writing, or, if Moneytech notifies you of a variation of the Fee Schedule under clause 28, upon giving 14 days’ notice in writing

 

(b)              You may cancel your Confirmed Capital Account by sending a written request to Moneytech providing 180 days’ notice. Any such cancellation will usually be effective from the Business Day after expiry of the notice period.

 

(c)               The access to the Moneytech Exchange conferred on the Accountholder must be cancelled by you if the Accountholder ceases employment with you.

 

19.4     Action on cancellation

 

If the Confirmed Capital Account and/or access to the Moneytech Exchange is cancelled under clause 19.2(a) or 19.3(b), you must ensure that the relevant Accountholder does not make any further use of the Moneytech Exchange.

 

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20               SUSPENSION

 

(a)              Moneytech can suspend an Accountholder’s right to access to the Moneytech Exchange at any time without notice:

 

(1)              if you are or any Accountholder is in default under this Agreement;

 

(2)              if Moneytech suspects that the Buyer’s Account, the Confirmed Capital Account or the Moneytech Exchange has been used fraudulently, dishonestly or improperly by you, any Accountholder or any other person; or

 

(3)              to prevent loss to either you and/or Moneytech.

 

(b)              If Moneytech does this, you must not use and must ensure that the Accountholder does not use the Moneytech Exchange until such time as Moneytech advises you that the Confirmed Capital Account has been reactivated or reinstated. The suspension of the use of the Moneytech Exchange:

 

(1)              does not affect your obligations under this Agreement; and

 

(2)              does not of itself give rise to any liability on the part of Moneytech on any account (including negligence) whatsoever.

 

21               INDEMNITIES, NO LIABILITY

 

21.1     General indemnity

 

Subject to any applicable law to the contrary, you indemnify Moneytech and the Invoicing Entity against all Loss (whether direct or indirect) that Moneytech and the Invoicing Entity suffers, incurs, pays or is liable for in respect of or in connection with:

 

(a)              your breach of any of your obligations under this Agreement;

 

(b)              any dispute between you and an Accountholder or one of your customers;

 

(c)               any Taxes now or in future assessed, levied, imposed or collected by any government or any governmental, semi-governmental, administrative, fiscal or judicial body, department or authority in respect of the use of the Moneytech Exchange to buy goods or services from you, any Charge or any transaction under, or contemplated by, this Agreement;

 

(d)              a claim by an Accountholder or one of your customers against you or Moneytech for any Loss or to recover an amount from you or Moneytech for misrepresentation, breach of contract or failure of consideration relating to goods or services bought from or supplied by you;

 

(e)               outages, faults or delays in any of your computer systems or any infrastructure or systems connected to your computer systems or any corruption of data caused by, or in any way attributable to, your use or the use by a Accountholder or one of your customers of any Confirmed Capital Account, Buyer’s Account or the Moneytech Exchange, as the case may be;

 

(f)                the goods or services purchased by customers using the Buyer’s Account or the Moneytech Exchange;

 

(g)               the exercise by Moneytech of any of its powers under this Agreement;

 

(h)              any loss, costs or expenses incurred as a result of or in connection with the action or inaction of any third party (other than an Associate of Moneytech) or as a result of any matter which is outside Moneytech’s control;

 

(i)                  any loss, costs or expenses incurred as a result of or in connection with any fraudulent or improper use of the Confirmed Capital Account, Buyer’s Account or the Moneytech Exchange; or

 

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(j)                 any loss, costs or expenses incurred as a result of or in connection with the improper use of the Confirmed Capital Account,

 

except in each case to the extent caused by the fraud, negligence or breach of contract of Moneytech or any of its Associates.

 

21.2     Continuing indemnities

 

Each of your indemnities in this Agreement:

 

(a)                  is a continuing obligation, despite any settlement of account or anything else that occurs;

 

(b)                  remains in force until all money owing, contingently or otherwise, under the indemnity has been paid in full;

 

(c)                   is an additional, separate and independent obligation; and

 

(d)                  continues after the agreement ends.

 

21.3     No liability

 

In addition to clause 4.4, Moneytech is not liable for any Loss (whether direct or indirect) you suffer, incur, pay or are liable for in respect of or in connection with:

 

(a)              any dispute between you and an Accountholder or one of your customers about the supply, use or quality of goods or services;

 

(b)              your possessing, operating, controlling or using the Confirmed Capital Account or the Moneytech Exchange;

 

(c)               a claim by an Accountholder or one of your customers against you for damages or to recover an amount from you for misrepresentation, breach of contract or failure of consideration relating to goods or services bought from or supplied by you;

 

(d)              outages, faults or delays in any of your computer systems or any infrastructure or systems connected to your computer systems or any corruption of data caused by, or in any way attributable to, the use by an Accountholder or one of your customers;

 

(e)               any failure, error or delay occurring through or by reason of the Moneytech Exchange or the use or effect of a Confirmed Capital Account;

 

(f)                the Moneytech Exchange not being available or accessible for any reason (including the negligence of Moneytech);

 

(g)               the goods or services purchased using the Buyer’s Account or the Moneytech Exchange;

 

(h)              the exercise by Moneytech of any of its powers under this Agreement;

 

(i)                  any loss, costs or expenses incurred by you as a result of or in connection with the action or inaction of any third party other than an Associate of Moneytech or as a result of any matter which is outside Moneytech’s control;

 

(j)                 any loss, costs or expenses incurred by you as a result of or in connection with any fraudulent or improper use of the Confirmed Capital Account, Buyer’s Account or the Moneytech Exchange; or

 

(k)              any loss, costs or expenses incurred by you as a result of or in connection with the improper use of the Confirmed Capital Account,

 

except in each case to the extent caused by the fraud, negligence or breach of contract by Moneytech or any of its Associates.

 

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21.4     Not liable for consequential Loss etc

 

Except as required by law, Moneytech will not be liable for any indirect or consequential Loss that you may suffer or incur as a result of or in connection with:

 

(a)                  Moneytech failing to carry out its obligations under this Agreement;

 

(b)                  Moneytech attempting to carry out its obligations under this Agreement; or

 

(c)                   any other act, negligence or default of Moneytech.

 

21.5     Exclusions

 

To the extent permitted by law all warranties implied into this Agreement by law are excluded. The liability of Moneytech under or in relation to any warranty or condition implied into this Agreement by law which cannot be excluded, is limited to one or more of the following at the option of Moneytech: (i) in the case of goods, the replacement or repair of the goods or payment of the cost of having the goods replaced; or (ii) in the case of services, the supply of the services again or payment of the cost of having the services supplied again.

 

22               FEES AND TAXES

 

22.1     General

 

(a)              Moneytech is irrevocably authorised to charge you for any Fee that is due and payable. The Fees that may be charged to you by Moneytech are detailed in the Fee Schedule and/or may be set out in written correspondence agreed between you and Moneytech.

 

(b)              You are liable for any tax, duty or other charge imposed by law in Australia (including stamp duty or goods and services tax, unless otherwise stated to be included in the price) incurred by Moneytech, or for which Moneytech is liable to reimburse another person, in respect of the supply or use of a goods or services provided through the Moneytech Exchange or any other transaction involving one of your customers or a payment or charge for the benefit of one of your customers.

 

22.2     GST

 

(a)              In this clause 22.2:

 

Adjustment has the same meaning given to that term in the GST Act;

 

Adjustment Note has the same meaning given to that term in the GST Act;

 

Consideration means consideration payable under this Agreement in return for a Taxable Supply, but does not include any amount on account of GST;

 

GST has the same meaning given to that term in the GST Act;

 

GST Act means A New Tax System (Goods and Services Tax) Act 1999 (Cth);

 

Input Tax Credit has the same meaning given to that term in the GST Act, but also includes a reduced input tax credit under Division 70 and an adjusted input tax credit under Division 132 of the GST Act;

 

Recipient has the same meaning given to that term in the GST Act;

 

Supplier means the entity making a Supply to the Recipient; and

 

Supply has the same meaning given to that term in the GST Act.

 

(b)              Except as otherwise provided by this clause 22.2, all Consideration payable under this Agreement in relation to any Supply is exclusive of GST.

 

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(c)               To the extent that any Supply under this Agreement constitutes a Taxable Supply, the Consideration payable by the Recipient to the Supplier will be increased by the applicable amount of GST (GST Amount), which shall be calculated by multiplying the amount upon which GST is payable by the prevailing rate of GST.

 

(d)              Any GST Amount must be paid by the Recipient to the Supplier at the same time and in the same manner as the relevant Consideration is paid or given under this Agreement, without any right of set-off or deduction (unless otherwise provided in this agreement).

 

(e)               If this Agreement require the Recipient to pay, reimburse or contribute to any expense, loss or outgoing suffered or incurred by the Supplier (Relevant Expense), the amount which the Recipient must pay, reimburse or contribute will be the amount net of any Input Tax Credits to which the Supplier is entitled in respect of the Relevant Expense, together with any GST Amount if the payment, reimbursement or contribution constitutes a Taxable Supply by the Supplier to the Recipient.

 

(f)                The Supplier must provide to the Recipient a valid Tax Invoice at or prior to the time of payment of any GST Amount.

 

(g)               To the extent that any Adjustment occurs in relation to a Taxable Supply, the Supplier must issue an Adjustment Note to the Recipient within 7 days of becoming aware of the Adjustment, and any payment necessary to give effect to such Adjustment must be made within 7 days after the date of receipt of the Adjustment Note.

 

23               RECEIVABLES AND RETENTION OF TITLE PROVISIONS

 

23.1     Application of Clause

 

This clause applies if Moneytech takes (whether in law or in equity) an assignment of or procures another person to take an assignment of the chose in action (or receivable) representing the moneys owing by one of your customers to you in respect of the sale of goods or services the subject of a Transaction Acceptance Instruction.

 

23.2     Retention of Title Provisions

 

Despite the terms of purchase between one of your customers and you, you acknowledge to and agree with Moneytech that

 

(a)              payments by Moneytech to you in respect of and Charges against the Buyer’s Account reflects the assignment to the Invoicing Entity, of your right title and interest in:

 

(1)              the chose in action (or receivable) representing the moneys owing by the customer to you in respect of the sale of goods the subject of each Transaction Acceptance Instruction; and

 

(2)              to the extent that the subject of a Transaction Acceptance Instruction is goods, the goods;

 

(b)              for the purposes of section 12 of the Conveyancing Act, this Agreement constitutes sufficient notice of the assignment of each of the relevant receivables from you to Moneytech or the relevant assignee, as the case may be, as and when each Authorised Transaction occurs;

 

(c)               without limiting the force or effect of any other term and condition, Moneytech or the relevant assignee may enforce against the customer repayment of the relevant chose in action (or receivables) upon the occurrence of any Event of Default or Potential Event of Default;

 

(d)              the terms of each transaction constituting an Authorised Transaction for the purchase of goods from you shall be taken to contain provisions to the effect of the provisions set out in the Retention of Title Provisions in Schedule 2; and

 

(e)               you will not be entitled to claim and must not claim any legal or beneficial title in or to the relevant goods involved in each such transaction other than strictly in accordance with the Retention of Title Provisions in Schedule 2.

 

31

 

24               PERIOD OF AGREEMENT

 

24.1     Ending agreement with notice

 

The agreement continues until you or Moneytech end it by giving 180 days’ written notice to the other. The notice takes effect on the date it is given.

 

24.2     Continuing obligations

 

All your debts and monetary liabilities to Moneytech and all of Moneytech’s rights of set off, withholding, reimbursement and indemnity under this Agreement continue after the agreement ends.

 

25               GENERAL PROVISIONS

 

25.1     Governing law

 

These conditions are governed by the laws of New South Wales. You submit to the non-exclusive jurisdiction of the courts of New South Wales.

 

25.2     Certificate conclusive

 

A certificate signed by a Moneytech officer stating the amount you owe Moneytech under these conditions is conclusive evidence of the amount of your liability to Moneytech at the date of the certificate, unless there is manifest error.

 

25.3     Right of access

 

Moneytech may enter the Premises during your normal business hours with (unless an Event of Default subsists) reasonable notice to:

 

(a)              remove or protect any of Moneytech’s property that is in your possession; or

 

(b)              take copies of any documents in your possession relating to any transactions involving the use of a Buyer’s Account or any transaction undertaken through the use of a Buyer’s Account.

 

25.4     Change of Premises

 

You must promptly give Moneytech written notice if you change the address where you carry on business or start carrying on business at any place other than the Premises specified in the Application Form.

 

25.5     Notice of Withholding Events

 

You must promptly give Moneytech written notice of the relevant event if:

 

(a)                  you become aware that you or any of your Associates are subject to or are involved in a Withholding Event;

 

(b)                  your business or, if owned by you, the Premises are sold, assigned, leased or transferred;

 

(c)                   any event occurs that might prevent or restrict you from meeting your obligations under this Agreement; or

 

(d)                  you become aware that any of your Associates is declared bankrupt or becomes unable to pay his or her debts.

 

25.6     Assignment restricted

 

(a)              You may not assign or transfer any of your rights or obligations under the agreement without Moneytech’s prior written consent.

 

(b)              Moneytech may assign or transfer any of Moneytech rights or obligations under the agreement without your prior consent.

 

32

 

25.7     Notices to you

 

(a)              Subject to clauses 25.7(e) and (f), a notice, direction or other information (including a Special Warning Bulletin) to be given to you in writing under these conditions (each called a notice) must be legible and may be posted, faxed or sent by email or other electronic messaging system to your address for service as set out in Item 4 of Schedule 1 or otherwise made available to you through the Moneytech Exchange.

 

(b)                  A notice is regarded as given to you:

 

(1)              if posted, 2 Business Days after the date it is posted;

 

(2)              if faxed, when transmitted to you; or

 

(3)              if sent by email or other electronic messaging system, when sent to your computer system or your email or electronic messaging system account

 

(4)              if made available through the Moneytech Exchange, when it is posted on the Moneytech Exchange,

 

but if delivery or receipt is on a day which is not a Business Day or is after 5pm (addressee’s time), it is regarded as received at 9am on the next Business Day.

 

(c)                   A notice sent by facsimile, email or other electronic messaging system is regarded as legible unless, within 24 hours after the transmission is received or regarded as received, you:

 

(1)              give Moneytech written notice that it is not legible; or

 

(2)              telephone Moneytech and tell Moneytech that it is not legible.

 

(d)              In this clause 25.7 address means your address, facsimile number or email or other electronic messaging address set out in Item 4 of Schedule 1 or otherwise as last known to Moneytech.

 

(e)               Despite clause 25.7(a), notices will not generally be sent to you but will be made available for your review though the Moneytech Exchange by any Approved Medium and need not be in any physical or tangible form. Accordingly, for the purposes of this Agreement, you shall be taken to have been given a notice if the notice is made available for review by you through the Moneytech Exchange as and from the time the notice is posted on the Moneytech Exchange even though you may not have actual knowledge of such particulars.

 

(f)                You agree that, except where separate notices are required to be given by law, notice given by Moneytech to either of you or the Primary Accountholder in accordance with this Agreement constitutes notice to the other.

 

25.8  Notices to Moneytech

 

(a)              A notice to be given to Moneytech in writing under this Agreement must be legible and may be posted, faxed or sent by email or other electronic messaging system to Moneytech’s address for service as set out in Item 4 of Schedule 1.

 

(b)              A notice is regarded as given to Moneytech:

 

(1)              if posted, 2 Business Days after the date it is posted;

 

(2)              if faxed, when transmitted to Moneytech; or

 

(3)              if sent by email or other electronic messaging system, when sent to Moneytech’s computer system or email or electronic messaging system account,

 

but if delivery or receipt is on a day which is not a Business Day or is after 4pm (Sydney time), it is regarded as received at 9am on the next Business Day.

 

(c)                   A notice sent by facsimile, email or other electronic messaging system is regarded as legible unless, within 24

 

33

 

hours after the transmission is received, Moneytech:

 

(1)              gives you written notice that it is not legible; or

 

(2)              telephones you and tells you that it is not legible.

 

(d)              In this clause 25.8 address means Moneytech address, facsimile number or email or other electronic messaging address set out in Item 4 of Schedule 1 or otherwise as last notified to you.

 

26               WAIVER

 

No failure or delay by Moneytech in exercising its rights under this Agreement constitutes a waiver of those rights. Any waiver by Moneytech must be in writing and signed by an officer of Moneytech.

 

27               TIME OF THE ESSENCE

 

In relation to the performance of this Agreement by you or a Accountholder, time shall be of the essence.

 

28               VARIATIONS TO THIS AGREEMENT

 

(a)              Moneytech may vary this Agreement (including introducing or changing a fee or any interest due by you) at any time by giving you notice of the variation whether in writing or in or by way of an Approved Medium. Such notice may be given to you by being addressed to Authorised Merchants generally as a group (and not to you specifically). The variation takes effect on the day specified in Moneytech’s notice.

 

(b)              Without limiting clause 28(a), Moneytech may vary any Special Warning Bulletin, Summary of Charges, Processing Guidelines, MSF Fees or MSF Rates (without giving you any written notice) by publishing the varied material on the Moneytech Exchange (or by any other means) as applying generally to Authorised Merchants and any such variation will apply to this Agreement and bind you accordingly.

 

(c)               This clause does not qualify or restrict the method by which this Agreement or any Special Warning Bulletin, Summary of Charges, Processing Guidelines, MSF Fees or MSF Rates may otherwise be varied.

 

(d)              You acknowledge, warrant and represent to Moneytech that:

 

(i)                 no representation has been made by Moneytech and relied upon by you in accepting this Agreement, except as expressly set out by Moneytech in this Agreement; and

 

(ii)              all previous negotiations, understandings, representations, warranties, memoranda or commitments in relation to, or in any way affecting this Agreement are merged in and superseded by this Agreement and will be of no force or effect and no party will be liable to any other party in respect of those matters.

 

29               INVOICING ENTITY

 

Moneytech and the Invoicing Entity agree that:

 

(a)              the Invoicing Entity must only issue invoices to your customers at your direction and in the form and for the amounts and in all other respects as specified by you;

 

(b)              the Invoicing Entity must not engage in any business other than issuing invoices or, where necessary, credit notes in accordance with Clause 2.5, to your customers and performing its obligations and exercising its rights under this Agreement;

 

(c)               You are to act as agent of the Invoicing Entity in which capacity you will create invoices on behalf of the Invoicing Entity which must bear the Invoicing Entity’s name, ABN and bank account details and specify that payment of the said invoices is to be made to the said bank account established and operated by Moneytech;

 

(d)              Should you fail or be unable to fulfil your obligations as agent of the Invoicing Entity in accordance with Clause 29, you acknowledge and agree that the Invoicing Entity shall be entitled to issue invoices to customers in its own right for any transaction relating to a Charge which has not been invoiced by you as agent.

 

34

 

(e)               if you direct at any time, the Invoicing Entity must as soon as reasonably practicable change its name so as to cease using the name of the party named and described in Item 2 of Schedule 1 or any derivative of that term in its name;

 

(f)                You acknowledge and agree that Moneytech will withhold a Reserve Amount, as disclosed in the fee schedule, being a percentage of your Aggregate Limit, or such other amount as Moneytech may specify from time to time in the Fee Schedule

 

(g)               The Reserve amount will be held by Moneytech in a separate Westpac bank account in the name of the Invoicing Entity.

 

(h)              if any of Moneytech or the Invoicing Entity breaches their obligations under paragraph (g) above, the relevant Buyer’s Account or Charge is not and may not ever be declared to be an Uncollectible Charge;

 

(i)                  Upon termination of this Agreement and following full and final payment of all monies owing to Moneytech, Moneytech will arrange to:

 

(i)                  reimburse the Reserve Amount to you;

 

(ii)               close the Invoicing Entity’s bank account; and

 

(iii)            cease to use your name in connection with the Invoicing Entity.

 

30     PERSONAL PROPERTY AND SECURITIES ACT (PPSA)

 

30.1   The parties:

 

(a)              agree that this Agreement and/or any receivable or chose in action assignable or assigned from you to Moneytech and/or the Invoicing Entity under these terms and conditions creates a registrable security interest under the PPSA;

 

(b)              acknowledge the right of Moneytech and/or the Invoicing Entity to register a financing statement under the PPSA with respect to such security interest;

 

(c)               acknowledge the right of Moneytech and/or Invoicing Entity to exercise all of the remedies afforded to it as a secured party under the PPSA without prejudice to any other rights or remedies arising out of a breach by you or any other party of any agreement with Moneytech and/or Invoicing Entity; and

 

(d)              agree that the Buyers Account sold pursuant to clause 8.9 is collateral for the purposes of the PPSA.

 

30.2   You waive any right you have under the PPSA to receive notice in relation to any registration events or to claim damages available under the PPSA

 

30.3   All your present and after acquired property is collateral for the purposes of the PPSA.

 

30.4   Any receivable or chose in action which are to be assigned or have been assigned under this Agreement, or any proceeds realised from any such receivable or chose in action, are collateral for the purposes of the PPSA.

 

30.5   The parties acknowledge that none of them will disclose information of the kind specified in Section 275 (1) of the PPSA.

 

30.6   At the election of Moneytech to be exercised at any time in its absolute discretion, any section of the PPSA specified in Section 115 will not apply to the extent permitted by Section 115.

 

30.7         You must pay the costs, charges and expenses of and incidental to registering a security interest or any action taken by Moneytech and/or the Invoicing Entity to comply with the PPSA (including any demand given under section 178 of the PPSA).

 

35

 

SCHEDULE 1

 

	
Item 1
    	
 
    	
This 23 day of May, 2012
    
	
(Date)
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Item 2
    	
 
    	
Name:
    	
 
    	
Bleach Pty Ltd
    
	
(You)
    	
 
    	
ACN:
    	
 
    	
095 987 214
    
	
 
    	
 
    	
Address:
    	
 
    	
14 Mentmore Avenue
    
	
 
    	
 
    	
 
    	
 
    	
Rosebery NSW 2018
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Item 3
    	
 
    	
Name:
    	
 
    	
Bleach Finance Pty Ltd
    
	
(Invoicing Entity)
    	
 
    	
ACN:
    	
 
    	
155 475 406
    
	
 
    	
 
    	
Address:
    	
 
    	
Level 6, 97 Pacific Highway
    
	
 
    	
 
    	
 
    	
 
    	
North Sydney NSW 2060
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Item 4
    	
 
    	
Name:
    	
 
    	
Moneytech Finance Pty Limited
    
	
(Addresses for Service)
    	
 
    	
Address:
    	
 
    	
Level 6, 97 Pacific Highway
    
	
 
    	
 
    	
 
    	
 
    	
North Sydney NSW 2060
    
	
 
    	
 
    	
Telephone:
    	
 
    	
1300 858 904
    
	
 
    	
 
    	
Facsimile:
    	
 
    	
1300 858 906
    
	
 
    	
 
    	
Attention:
    	
 
    	
Hugh Evans
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    	
Bleach Pty Ltd
    
	
 
    	
 
    	
Address:
    	
 
    	
14 Mentmore Avenue
    
	
 
    	
 
    	
 
    	
 
    	
Rosebery NSW 2018
    
	
 
    	
 
    	
Phone:
    	
 
    	
(02) 8373 9300
    
	
 
    	
 
    	
Facsimile:
    	
 
    	
(02) 8373 9399
    
	
 
    	
 
    	
Attention:
    	
 
    	
Mark Byers
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
 
    	
 
    	
Name:
    	
 
    	
Bleach Finance Pty Ltd
    
	
 
    	
 
    	
Address:
    	
 
    	
Level 6, 97 Pacific Highway
    
	
 
    	
 
    	
 
    	
 
    	
North Sydney NSW 2060
    
	
 
    	
 
    	
Phone:
    	
 
    	
1300 858 904
    
	
 
    	
 
    	
Facsimile:
    	
 
    	
1300 858 906
    
	
 
    	
 
    	
Attention:
    	
 
    	
Hugh Evans
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Item 5
    	
 
    	
New South Wales
    
	
(State or Territory)
    	
 
    	
 
    

 

36

 

SCHEDULE 2

 

RETENTION OF TITLE PROVISIONS

 

Effective Date: 30 January 2012

 

The following are the Retention of Title Provisions applying to the use of a Buyer’s Account with effect from and including the abovementioned Effective Date.

 

1.              In respect of the supply by you of goods (hereinafter referred to as the “Goods”) by way of the use of and charges to the Buyer’s Account, the customer accepts delivery of the Goods upon the following terms and conditions.

 

2.              It is the responsibility of the customer to ensure, when ordering, that all the Goods ordered are in conformity with the customer’s requirements.

 

3.              All risk of loss, damage or other injury to the Goods passes from you to the customer upon delivery of the Goods to the customer.

 

4.              Notwithstanding clause 2, title to and property in the Goods does not pass from you to the customer and the legal and beneficial ownership of the Goods remains with you until the customer has paid to you the purchase price (and any additional charges, taxes or duties):

 

1.         for the Goods; and

 

2.         for any and all other goods,

 

supplied by you to the customer.

 

5.              Until the title to and property in the Goods passes to the customer in accordance with clause 3, the customer holds the Goods as your fiduciary and as bailee for you and, without prejudice to your other rights:

 

(a)         the customer must keep the Goods marked and apart from all other goods so as to distinguish and separate the Goods from other goods and show clearly that they belong to you (and in this regard identifying numbers, plates, marks and other features affixed to the Goods shall not be obliterated, altered, defaced, removed or obscured);

 

(b)         you permit the customer to sell the Goods to its customers on commercially reasonable terms as its fiduciary, but the benefit and the proceeds of the sale representing the purchase price (and any additional charges, taxes or duties) for the Goods belong to you absolutely;

 

(c)          if you sell or attempt to sell the Goods, the customer must not represent to any person that it is acting for you. You will not be bound by any agreement in relation to the Goods that the customer may make or enter into;

 

(d)         upon the Goods being sold by it, the customer holds the proceeds of the sale representing the purchase price (and any additional charges, taxes or duties) for the Goods on trust for or otherwise for your benefit and must immediately pay those proceeds into a separate bank account on trust in your name or as nominated by Moneytech, on the basis that it is not permitted to withdraw those proceeds other than as provided in clause 4(d);

 

(e)          notwithstanding any other clause in this Agreement, the customer must pay the purchase price (and any additional charges, taxes or duties) to you from the bank account immediately after receiving the proceeds of sale and depositing them in the bank account;

 

(f)           you may recover, or require immediate re-delivery of, the Goods on demand and for the purpose of such recovery or re-delivery you may, and the customer hereby grants to you, your officers, servants or agents full and unrestricted licence to, enter upon the premises of the customer (or other premises at which the Goods may be located) to remove the Goods from such premises;

 

37

 

(g)          if the Goods are damaged or destroyed, the customer must (amongst other things) pay to you any proceeds recovered on insurance relating to the Goods;

 

(h)         the customer must not combine the Goods with any other goods in such a way as to make it impossible to separate or distinguish the Goods from the other goods;

 

(i)             if the Goods are damaged or destroyed, the customer must pay to you forthwith any proceeds recovered on insurance relating to the Goods

 

6.              The customer indemnifies you against, and must pay to you, immediately upon demand, all and any loss, damages, cost, charge, or expense or other liability (including but not limited to consequential loss, loss of profits and legal costs) whatsoever and howsoever incurred or sustained by you, as a result of or in relation to the exercise by you of your rights under this Agreement on a full indemnity basis.

 

7.              Nothing in this Agreement confers upon the customer any right to return the Goods or to refuse or delay payment for them.

 

8.              You may sell or assign your rights, title and interest in the Goods (as described in this Agreement) and the benefit of this Agreement to any person (the “Assignee”) to whom is sold or assigned (whether in law or in equity) the chose in action representing the benefit of the outstanding purchase price for the Goods and upon any such sale or assignment, this Agreement shall be read and construed as if reference to you included a reference to the Assignee.

 

9.              Where a sub-clause, or a part of a sub-clause, of this Agreement is void, invalid, or unenforceable, it may be severed without affecting the enforceability of any other sub-clause or part of a sub-clause.

 

38

 

	
EXECUTED AS AN AGREEMENT
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Executed for and on behalf of MONEYTECH
    	
)
    	
 
    
	
FINANCE PTY LIMITED (ACN 112 110   906)
    	
)
    	
 
    
	
pursuant to section 127 of the Corporations 
    	
)
    	
 
    
	
Act 2001:
    	
)
    	
 
    
	
/s/ Hugh Evans
    	
)

)

)

)
    	
/s/ Mark Cameron
    
	
Signature of Director/Secretary
    	
)
    	
Signature of Director
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
HUGH EVANS
    	
)
    	
MARK CAMERON 
    
	
Name of Director/Secretary
    	
)
    	
Name of Director
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Executed for and on behalf of Bleach Pty Ltd    
    	
)
    	
 
    
	
(ACN 095 987 214) pursuant section 127 
    	
)
    	
 
    
	
of the Corporations Act 2001:
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
/s/ Mark Byers
    	
)
    	
 
    
	
Signature of Sole Director
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
MARK BYERS
    	
)
    	
 
    
	
Name of Sole Director
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Executed for and on behalf of Bleach Finance Pty 
    	
)
    	
 
    
	
Ltd (ACN 155 475 406) pursuant to section 127 
    	
)
    	
 
    
	
of the Corporations Act 2001:
    	
)
    	
 
    
	
/s/ Hugh Evans
    	
)

)

)

)
    	
 
    
	
Signature of Sole Director
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
HUGH EVANS
    	
)
    	
 
    
	
Name of Sole Director
    	
)
    	
 
    
	
 
    	
)
    	
 
    

 

39Exhibit 10.3

 

	
 
    	
DATED 9 MARCH 2010
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
TSUBI PTY LTD (IN LIQUIDATION) ACN 095 
    
	
 
    	
235 180
    
	
 
    	
 
    
	
 
    	
and
    
	
 
    	
 
    
	
 
    	
TSUBI (RETAIL) PTY LTD (IN LIQUIDATION) 

ACN 110 756 208
    
	
 
    	
 
    
	
 
    	
and
    
	
 
    	
 
    
	
 
    	
K10 PTY LIMITED ACN 140 672 797
    
	
 
    	
 
    
	
 
    	
and
    
	
 
    	
 
    
	
 
    	
PAUL ANDREW BILLINGHAM
    
	
 
    	
 
    
	
 
    	
and
    
	
 
    	
 
    
	
 
    	
SAID JAHANI
    
	
 
    	
 
    
	
 
    	
and
    
	
 
    	
 
    
	
 
    	
BLEACH PTY LIMITED ACN 095 987 214
    
	
 
    	
 
    
	
 
    	
and
    
	
 
    	
 
    
	
 
    	
WESTPAC BANKING CORPORATION
    
	
 
    	
ABN 33 007 457 141
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
BUSINESS SALE AGREEMENT
    

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page No.
    
	
 
    	
 
    	
 
    
	
1
    	
INTERPRETATION
    	
2
    
	
 
    	
1.1    Special Definitions
    	
2
    
	
 
    	
1.2    Interpretational Rules
    	
11
    
	
 
    	
1.3    Liability
    	
12
    
	
 
    	
1.4    Performance
    	
12
    
	
 
    	
 
    	
 
    	
 
    
	
2
    	
BUSINESS SALE
    	
12
    
	
 
    	
2.1    Sale and Purchase
    	
12
    
	
 
    	
2.2    Vendor Finance
    	
12
    
	
 
    	
2.3    Title Transfer
    	
12
    
	
 
    	
2.4    Price Apportionment
    	
12
    
	
 
    	
2.5    Purchase Payment
    	
12
    
	
 
    	
2.6    Further advance of funds to cover Liquidators’ Costs
    	
13
    
	
 
    	
2.7    Ownership and Title
    	
14
    
	
 
    	
 
    	
 
    	
 
    
	
3
    	
REPRESENTATIONS
    	
14
    
	
 
    	
3.1    Seller Representations
    	
14
    
	
 
    	
3.2    Reliance
    	
14
    
	
 
    	
3.3    No Representation or Warranty by Liquidators
    	
14
    
	
 
    	
3.4    Performance Representations
    	
14
    
	
 
    	
 
    	
 
    
	
4
    	
NO LIQUIDATORS’ WARRANTIES OR   LIABILITY
    	
15
    
	
 
    	
4.1    No Representation or Warranty
    	
15
    
	
 
    	
The   Liquidators have made no representation or warranty as to the state, fitness   or condition of the Business, the Business Assets, the Property or the   Property Leases and the Buyer acknowledge that it has satisfied itself as to   same, and the Buyer shall not make or support a Claim for compensation   against the Liquidators arising from or otherwise in connection with the   purchase of the Business and the Business Assets.
    	
15
    
	
 
    	
4.2    Acknowledgement
    	
15
    
	
 
    	
4.3    No requisitions or compensation
    	
15
    
	
 
    	
 
    	
 
    	
 
    
	
5
    	
RISK
    	
16
    
	
 
    	
5.1    Passing of Risk
    	
16
    
	
 
    	
5.2    Income Benefit
    	
16
    
	
 
    	
 
    	
 
    
	
6
    	
BUSINESS NAME
    	
16
    
	
 
    	
6.1    Business names
    	
16
    
	
 
    	
 
    	
 
    
	
7
    	
EMPLOYEES
    	
16
    
	
 
    	
7.1    Termination of Employment
    	
16
    
	
 
    	
7.2    Offers of employment
    	
17
    
	
 
    	
7.3    Seller’s Assistance
    	
17
    
	
 
    	
7.4    Terminating Employees
    	
17
    
	
 
    	
7.5    Transferring Employees
    	
17
    
	
 
    	
7.6    Superannuation Acknowledgement
    	
18
    
	
 
    	
 
    	
 
    
	
8
    	
CONTRACTS AND STOCK
    	
18
    
	
 
    	
8.1    Contracts
    	
18
    
	
 
    	
8.2    The Buyer is Entitled to Sell Stocks
    	
20
    
	
 
    	
 
    	
 
    
	
9
    	
COMPLETION
    	
20
    
	
 
    	
9.1    Completion Date
    	
20
    
	
 
    	
9.2    Seller Action
    	
20
    

 

 

	
 
    	
9.3    Buyer Action
    	
21
    
	
 
    	
9.4    Completion Documents
    	
21 
    
	
 
    	
9.5    Services, Property Leases   and Equipment Leases
    	
22
    
	
 
    	
 
    	
 
    
	
10
    	
POST-COMPLETION MATTERS
    	
22
    
	
 
    	
10.1  Surry Hills Premises
    	
22
    
	
 
    	
10.2  Seller Book Debts
    	
22
    
	
 
    	
10.3  Confidentiality Protection
    	
22
    
	
 
    	
10.4  Releases
    	
23
    
	
 
    	
10.5  Termination by Westpac and   enforcement of Westpac’s rights
    	
25
    
	
 
    	
10.6  Termination by the Seller
    	
26
    
	
 
    	
10.7  Failure to pay the   Purchase Price to the Seller
    	
26
    
	
 
    	
10.8  Ongoing Covenants
    	
27
    
	
 
    	
 
    	
 
    
	
11
    	
REPORTING
    	
27
    
	
 
    	
11.1  The Buyer shall provide to the Liquidators   the Reporting Information on a quarterly basis or within seven days of   receipt by the Buyer of a written request from the Liquidators for the   provision of the Reporting Information.
    	
27
    
	
 
    	
11.2  Notwithstanding the provisions of clause   11.1 above the Buyer shall not be obliged to provide the Reporting   Information to the Liquidators unless requested to do so by the Liquidators   in writing.
    	
28
    
	
 
    	
11.3  The Buyer shall provide to Westpac and the   Liquidators the Quarterly Accounts within 1 month of the end of the relevant   financial quarter.
    	
28
    
	
 
    	
 
    	
 
    
	
12
    	
GST
    	
28
    
	
 
    	
12.1  Goods and Services Tax
    	
28
    
	
 
    	
12.2  Sale of a Going Concern 
    	
28
    
	
 
    	
12.3  Taxable supply
    	
28
    
	
 
    	
 
    	
 
    
	
13
    	
COSTS
    	
29
    
	
 
    	
 
    	
 
    
	
14
    	
DUTIES
    	
29
    
	
 
    	
14.1  Payment
    	
29
    
	
 
    	
 
    	
 
    
	
15
    	
ASSIGNMENT
    	
30
    
	
 
    	
 
    	
 
    
	
16
    	
NOTICES
    	
30
    
	
 
    	
16.1  Form
    	
30
    
	
 
    	
16.2  Service Method
    	
30
    
	
 
    	
16.3  Receipt 
    	
30
    
	
 
    	
16.4  Service Details
    	
30
    
	
 
    	
 
    	
 
    
	
17
    	
GOVERNING LAW AND JURISDICTION
    	
31
    
	
 
    	
17.1  Governing Law 
    	
31
    
	
 
    	
17.2  Jurisdiction
    	
31
    
	
 
    	
17.3  Submission
    	
31
    
	
 
    	
 
    	
 
    
	
18
    	
GENERAL PROVISION
    	
31
    
	
 
    	
18.1  Amendments
    	
31
    
	
 
    	
18.2  Third Parties
    	
31
    
	
 
    	
18.3  Pre-Contractual Negotiation 
    	
31
    
	
 
    	
18.4  Further Assurance
    	
32
    
	
 
    	
18.5  Continuing Performance 
    	
32
    
	
 
    	
18.6  Waivers
    	
32
    
	
 
    	
18.7  Remedies
    	
32
    
	
 
    	
18.8  Severability 
    	
32
    
	
 
    	
18.9  No Set Off
    	
32
    
	
 
    	
18.10      Counterparts 
    	
33
    
	
 
    	
18.11      Consideration
    	
33
    

 

 

BUSINESS SALE AGREEMENT

 

AGREEMENT dated  9  March  2010

 

PARTIES

 

TSUBI PTY LTD (IN LIQUIDATION) ACN 095 235 180 c/- Grant Thornton, Level 17, 383 Kent Street, Sydney in the State of New South Wales (“Tsubi”)

 

AND

 

TSUBI (RETAIL) PTY LTD (IN LIQUIDATION) ACN 110 756 208 c/- Grant Thornton, Level 17, 383 Kent Street, Sydney in the State of New South Wales (“Tsubi Retail”) (Each of Tsubi and Tsubi Retail are hereinafter referred to jointly as the “Seller” and jointly and severally the “Sellers”)

 

AND

 

K10 PTY LIMITED ACN 140 672 797 of Suite 301, Level 3, 302-318 Kingsway, Caringbah in the State of New South Wales (“Buyer”)

 

AND

 

PAUL ANDREW BILLINGHAM AND SAID JAHANI in their capacity as the joint and several liquidators of the Sellers, Holdings, Ksubi, Ksubi Eye and Secret Handshake (as defined in this Agreement) of Grant Thornton, Level 17, 383 Kent Street, Sydney in the State of New South Wales (“Liquidators”)

 

AND

 

WESTPAC BANKING CORPORATION ABN 33 007 457 141 of Level 20, 275 Kent Street, Sydney in the State of New South Wales (“Westpac”)

 

AND

 

BLEACH PTY LIMITED ACN 095 987 214 of Suite 201, Level 3, 302-318 Kingway, Caringbah in the State of New South Wales (“Bleach”)

 

RECITALS

 

A.                                                            The Sellers have carried on the Business and are the owner and/or lessee of the Business Assets.

 

B.                                                            On 11 January 2010 the Liquidators were appointed the voluntary administrators of the Sellers, Holdings, Ksubi, Ksubi Eye and Secret Handshake. On 16 February 2010, the Liquidators were appointed the joint and several liquidators of the companies.

 

C.                                                            The Sellers, Holdings, Ksubi, Ksubi Eye and Secret Handshake are indebted to Westpac pursuant to the Westpac Facility and have granted the Westpac Security to Westpac as security for their obligations to Westpac under the Westpac Facility.

 

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D.                                                            Westpac enters into this Agreement to provide its consent to the release of the Business Assets from the Westpac Security on the terms and conditions of this Agreement and for the purpose of obtaining the New Westpac Charge and the New Westpac Guarantee from the Buyer.

 

E.                                                             With the consent of the Liquidators, the Sellers wish to sell and the Buyer wishes to purchase the Business Assets upon and subject to the terms of this Agreement.

 

F.                                                              Bleach will supply product to the Buyer from the Completion Date and various administrative services in accordance with the terms of the New SSA and enters into this Agreement solely for the purpose of giving and receiving the releases described in clause 10 of this Agreement.

 

THE PARTIES AGREE:

 

1                                                                 INTERPRETATION

 

1.1                                                       Special Definitions

 

Meanings shall apply to capitalised terms used in this Agreement as specified in this provision, unless the context otherwise requires:

 

“Agents and Employees” means, in relation to a person, its agents, attorneys, contractors, employees, officers and servants or any combination of those persons, as the case may be;

 

“Appointment Date” means 11 January 2010;

 

“Armadale Premises” means the premises at volume 06999 folio 772 and known as 1021 High Street, Armadale in the State of Victoria;

 

“ATO” means the Australian Taxation Office;

 

“Bank Bill Swap Yield Rate” means on any day the rate per centum per annum determined by Westpac which is equal to the average “bid rate” quoted on the page entitled “BBSY” of the Reuters Monitor System at or about 10 am (Sydney time) on that day for bank accepted bills which have a tenor of 30 days plus a Westpac product margin of 0.5%;

 

“Bond Amount” means the full amount of the cash bond held to secure the Property Leases;

 

“Bondi Premises” means the premises at B/314901 being the premises known as 82 Gould Street, Bondi Beach in the State of New South Wales;

 

“Business” means the business of the sale and marketing of “Tsubi” branded products to wholesale and retail customers, including but not limited to, the business conducted from the Tsubi Retail Premises;

 

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“Business Assets” means the:

 

(a)                                 Plant and Equipment;

 

(b)                                 Business Name;

 

(c)                                  Business Records;

 

(d)                                 Equipment; and

 

(e)                                  Business Licence;

 

(f)                                   Intellectual Property;

 

(g)                                  Property Leases;

 

(h)                                 any other right, title or interest in anything owned by the Sellers which forms part of the Business,

 

but excluding the Excluded Assets;

 

“Business Day” for the purposes of any agreement, means any day on which trading banks generally are open for business in the place of receipt of any written notice, payment of any moneys or performance of any liability by any party contemplated or required under that agreement, excluding a Saturday, Sunday or public holiday in that place;

 

“Business Licence” means any consent by any Governmental Agency relating to the performance of any agreement or action connected with the Business and includes any licences which may be specified in Schedule 2;

 

“Business Name” means each registered or other business name specified in Schedule 2;

 

“Business Records” means all business records of the Seller whether held electronically or otherwise connected with the Business kept by or on behalf of the Seller at any time prior to, and held by the Seller at the Completion Date, and includes:

 

(a)                                 all records and files;

 

(b)                                 promotional and sales literature and other advertising material and catalogues;

 

(c)                                  supplier and customer lists;

 

(d)                                 wages and other employment benefit and payroll and personnel records of the Transferring Employees;

 

(e)                                  all service contracts, service manuals and associated service documents; and

 

(g)                                  stationery,

 

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but excludes any records relating to the legal structure or taxation or financial affairs of the Seller or any associates of the Seller or other assets and liabilities of the Seller or any of its associates not connected with the Business;

 

“Claim” includes any claim, demand, right, request, requisition, requirement, direction, action, application, proceeding, allegation or legal action, whether actual, commenced, anticipated, threatened or potential;

 

“Completion Calculation Time” means the close of business on the last day that the Business is open for business prior to the Completion Date or any other date and time agreed at any time between the Seller and the Buyer;

 

“Completion Date” means the date of this Agreement;

 

“Confidential Information” means information which at any time is in the knowledge, possession or control of the Seller relating to the Business including information relating to:

 

(a)                                 any relationship or arrangement with any agent;

 

(b)                                 inventions, discoveries, trade secrets, knowhow, technology, techniques, processes, information, formulae, ideas or concepts, whether or not reduced to material form, drawings, designs, plans, models, and scientific, technical and product information;

 

(c)                                  source and object codes;

 

(d)                                 business and marketing plans and projections;

 

(e)                                  customer information, customer lists and customer information proprietary to customers;

 

(f)                                   agreements and arrangements with third parties, whether legally enforceable or otherwise; and

 

(g)                                  computer software;

 

“Contracts” means any of the Business Assets comprising the:

 

(a)                                 Property Leases;

 

(b)                                 Key Contracts;

 

(c)                                  Equipment Leases; and

 

(d)                                 Business Licences;

 

“Corporations Act” means the Corporations Act 2001 (Cth) and any subsequent amendments to that Act;

 

“Deed of Priority” means the deed of priority to be entered into by Westpac, the Seller and the Buyer on the Completion Date which will

 

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regulate the priorities between the New Westpac Charge and the Vendor Charge;

 

“Default Rate” means the interest rate to be paid by the Buyer under clause 10.6 of this Agreement calculated on a per annum basis at 7.25% above the Bank Bill Swap Yield Rate;

 

“Employee” means any employee engaged by the Seller in connection with the Business;

 

“Equipment” means the equipment currently leased by the Sellers from Westpac which is used by the Sellers in the conduct of the Business, unencumbered title to which will be transferred by the Sellers to the Buyer on the Completion Date and which is identified in Schedule 1;

 

“Equipment Leases” means the equipment leases identified in paragraph 55 of Schedule 1;

 

“Excluded Asset” means any:

 

(a)                                 Excluded Records;

 

(b)                                 any Business Assets excluded from the Business Assets under any provision of this Agreement;

 

(c)                                  cash;

 

(d)                                 Goodwill;

 

(e)                                  Stocks; and

 

(f)                                   Seller Book Debts;

 

“Excluded Record” means any Business Records which the Seller is compelled by law to retain in its possession;

 

“Excluded Stocks” means any item of inventory connected with the Business and held by the Seller at the Completion Calculation Time which was supplied to the Seller by Bleach prior to the Completion Date and which is subject to a retention of title in favour of Bleach including raw materials, packaging materials, work in progress and finished stock;

 

“Goodwill” means:

 

(a)                                 the goodwill relating to the Business; and

 

(b)                                 the exclusive right of the Buyer upon and following the Completion Date to represent itself as the successor to the Seller;

 

“Governmental Agency” means the Crown, any government, any governmental ministry or department, or any Crown, governmental, semi-governmental, statutory, parliamentary, administrative, fiscal, public, municipal, local, judicial or regulatory entity, agency, instrumentality, utility, authority, court, commission, body or tribunal;

 

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“GST” means the same as GST means in the GST Law;

 

“GST Law” means A New Tax System (Goods and Services Tax) Act, 1999 (Cth) (GST Act) and associated regulations;

 

“Holdings” means Ksubi Holdings Pty Limited (In Liquidation) ACN 123 380 987 c/- Grant Thornton, Level 17, 383 Kent Street, Sydney in the State of New South Wales;

 

“Intellectual Property” means any intellectual property owned by the Sellers and used in or connected with the Business, including:

 

(a)                                 intellectual property specified in Schedule 2; and

 

(b)                                 any right to protect the reputation of any product or service supplied under any Business Name or that product or service from being passed off by any third party;

 

(c)                                  any patent, trademark, service mark or design;

 

(d)                                 any copyright;

 

(e)                                  any utility model, eligible layout right or plant variety right;

 

(f)                                   any business, trade or commercial name or designation, brand name, logo, symbol, source indication or origin appellation;

 

(g)                                  any Confidential Information;

 

(h)                                 any other industrial, commercial, agricultural or extractive right derived from intellectual knowledge or activity of any industrial, scientific, literary or artistic nature or description, whether relating to any manufactured or natural product or otherwise;

 

(i)                                     any legal action relating to any previous item;

 

(j)                                    any licence or other right to use or grant the user, or to become the registered proprietor or user of, any previous item; and

 

(k)                                 any document of title, letters patent, deed of grant or other document or agreement relating to any previous item,

 

whether registered or unregistered or recorded or unrecorded, stored or incorporated in any medium of any nature or description;

 

“Key  Contracts” means the contracts specified in paragraph 6 of Schedule 1;

 

“Ksubi” means Ksubi Pty Limited (In Liquidation) ACN 123 380 950 c/- Grant Thornton, Level 17, 383 Kent Street, Sydney in the State of New South Wales;

 

“Ksubi Eye” means Ksubi Eye Australia Pty Ltd (In Liquidation) ACN 121 116 069 c/- Grant Thornton, Level 17, 383 Kent Street, Sydney in the State of New South Wales;

 

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“Licence” means the licence agreement between Tsubi and the Buyer dated on or about 24 December 2009;

 

“Liquidators’ Costs” mean all fees, costs and expenses incurred by the Liquidators in running the business of the Sellers, Holdings, Ksubi, Ksubi Eye and Secret Handshake during the voluntary administration and liquidation period until the Completion Date, including but not limited to any trading losses incurred in running those businesses, employee payments and other priority payments.

 

“Margin Share” has the same meaning as in the New SSA and is calculated in accordance with Schedule 5;

 

“Monetary Obligation” means an obligation owed to Westpac by the Buyer to pay to Westpac the Purchase Price and Westpac Interest pursuant to clause 2 and Schedule 1 of this Agreement.

 

“Memorandum of Understanding” means the memorandum of understanding to be executed on or around the date of this Agreement between Tsubi, Paul Andrew Billingham and Said Jahani in their capacity as Liquidators of Tsubi, and Bleach;

 

“New SSA” means the strategic supply arrangement to be entered into by the Buyer with Bleach from the Completion Date in relation to the supply of product by Bleach to customers and the provision of various administrative services by Bleach to the Buyer;

 

“New Westpac Charge” means the fixed and floating charge to be granted by the Buyer in favour of Westpac on the Completion Date in respect of the obligations of the Buyer under the New Westpac Guarantee;

 

“New Westpac Guarantee” means the guarantee to be granted by the Buyer to Westpac on the Completion Date in respect of the Sellers, Holdings, Ksubi, Ksubi Eye and Secret Handshake’s indebtedness to Westpac;

 

“Non-Monetary Obligation” means an obligation owed to Westpac by the Buyer pursuant to this Agreement which is not a Monetary Obligation.

 

“Paddington Premises” means the premises at 16 Glenmore Road, Paddington in the State of New South Wales;

 

“Plant and Equipment” means all plant and equipment, machinery, tools, office furniture, machines and equipment, appliances, fittings and the like and spare parts and maintenance materials in relation to them owned by the Sellers as at the Completion Date and used in or relating the Business including the Equipment and the items set out in Schedule 2;

 

“Property” means jointly and severally each of the Armadale Premises, the Bondi Premises and the Paddington Premises;

 

“Property Lease” means each lease between Tsubi Retail and the registered proprietor of the relevant Property;

 

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“Purchase Price” is the amount specified in Schedule 1;

 

“Quarterly Accounts” means the management accounts which:

 

(a)                                 shall be prepared by the Buyer’s management on a quarterly basis;

 

(b)                                 include a comparison between the actual performance of the Buyer and the Buyer’s budget; and

 

(c)                                  shall be provided by the Buyer to the Sellers pursuant to clause 11.3;

 

“Related Company” includes a body corporate and a trust and in relation to:

 

(a)                                 a body corporate, means a related body corporate within the meaning of Division 6 of Part 1.2 of the Corporations Act; and

 

(b)                                 a trust, means a trust that would be a related body corporate within that meaning assuming that the trust were a body corporate and that a Subsidiary meant a Subsidiary for the purposes of that meaning;

 

“Reporting Information” means the profit and loss sheets, balance sheets, sales records and other revenue records of the Buyer which are associated with the conduct of the Business by the Buyer;

 

“Restricted Name” means “Tsubi” or “Ksubi” or any name or words resembling, similar to or likely to be mistaken for or confused with that name;

 

“Sale Warranty” means each warranty made by the Seller to the Buyer as set out in Schedule 3;

 

“Secret Handshake” means Secret Handshake Pty Ltd (In Liquidation) ACN 114 599 165 c/- Grant Thornton, Level 17, 383 Kent Street, Sydney in the State of New South Wales;

 

“Security Interest” includes:

 

(a)                                 any mortgage, charge, guarantee, indemnity, pledge, lien, trust or power created or conferred in relation to any asset;

 

(b)                                 any title retention interest or other proprietary title or legal interest retained or reserved in any asset;

 

(c)                                  any consignment trust agreement;

 

(d)                                 any sale and lease-back agreement;

 

(e)                                  any agreement for the provision of any form of security;

 

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(f)                                   any other right conferred on, or agreement with, any creditor to be paid in priority or preference to other creditors by recourse to any asset or its proceeds;

 

(g)                                  any acknowledgment or confirmation of any liability; or

 

(h)                                 any agreement or document created to achieve or effect any of the foregoing,

 

by way of security for the payment or performance of any liability;

 

“Seller Book Debt” means any book and other debt due and/or payable to the Sellers from or by any person in the course of, or resulting or derived from, any business activity connected with the Business prior to the Completion Date;

 

“Sellers’ Solicitors” means Blake Dawson of Level 36, Grosvenor Place, 225 George Street, Sydney in the State of New South Wales;

 

“Services” means telephone, facsimile services and mobile telephone services;

 

“Side Letter” means the side letter between the Seller and Bleach executed on or around the date of this Agreement relating to the sale of the Stocks by Bleach;

 

“Stocks” means, each and every item of inventory connected with the Business and held by the Sellers at the Completion Calculation Time which is good and saleable including raw materials, packing materials and work in progress and finished stock but does not include the Excluded Stocks;

 

“Subsidiary” in relation to:

 

(a)                                 a body corporate, means a Subsidiary within the meaning of Division 6 of Part 1.2 of the Corporations Act;

 

(b)                                 a trust, means a trust that would be a Subsidiary within that meaning if it were a company equating for this purpose:

 

(i)                                     shares with the beneficial interests or units held in the trust; and

 

(ii)                                  the board of directors with the trustee; and

 

(c)                                  a body corporate or subtrust owned or held as an asset of a trust, means a Subsidiary within any previous meaning which would be applicable if the trust were a body corporate;

 

“Superannuation Commitments” means:

 

(a)                                 any legal liability (whether arising under an industrial award, enterprise bargaining agreement or otherwise) or voluntary commitment to make superannuation contributions in respect of an Employee; or

 

9

 

(b)                                 any contribution amount required to avoid a superannuation guarantee charge under the Superannuation Guarantee (Administration) Act 1992 (Cth) or the Superannuation Guarantee Charge Act 1992 (Cth) for any contribution period under either Act in respect of an Employee.

 

“Surry Hills Premises” means the premises located in 1/225393 and known as Suite 1, Ground Floor, 61 Marlborough Street, Surry Hills in the State of New South Wales;

 

“Terminating Employee” means an Employee who is not a Transferring Employee;

 

“Transferring Employee” means any Employee who accepts an offer for employment by the Buyer in accordance with this Agreement;

 

“Tsubi Retail Premises” means the Bondi Premises, the Armadale Premises and the Paddington Premises;

 

“Vendor Charge” means the Charge to be granted by the Buyer to the Sellers on the Completion Date over the assets of the Buyer, as security for the Vendor Finance;

 

“Vendor Finance” means the finance to be provided by the Sellers to enable the Buyer to purchase the Business;

 

“Westpac Account” means bank account number 032-023 269711 in the name of Ksubi held with Westpac;

 

“Westpac Costs” means all costs incurred by and payable to Westpac by the Sellers, Holdings, Ksubi, Ksubi Eye and Secret Handshake under the Westpac Facility and the Westpac Security, including but not limited to:

 

(a)                                 legal costs;

 

(b)                                 stamp duty, filing fees and registration fees; and

 

(d)                                 any costs incurred in the negotiation, preparation, execution, amendment or performance of any obligations under this Agreement, or any agreement or document executed or effected under this Agreement;

 

“Westpac Debt” means the debt owing to Westpac by the Sellers, Holdings, Ksubi, Ksubi Eye and Secret Handshake as at the Completion Date of $4,467,386.02 plus Westpac Costs and any advances made by Westpac as contemplated under clause 2.6 of this Agreement but not exceeding in any circumstance the sum of $5,000,000.00;

 

“Westpac Facility” means any financing arrangements provided by Westpac to the Sellers, Holdings, Ksubi, Ksubi Eye and/or Secret Handshake under a Westpac Facility Agreement and the terms and conditions which govern each of those facilities;

 

10

 

“Westpac Facility Agreement” means any agreement or arrangement in connection with the provision of financial accommodation by Westpac to the Sellers, Holdings, Ksubi, Ksubi Eye and/or Secret Handshake;

 

“Westpac Interest” means the interest to be paid to Westpac on the Westpac Debt, which is to be calculated on a per annum basis at 3.25% above the Bank Bill Swap Yield Rate; and

 

“Westpac Security” means any Security Interest provided to Westpac by, or in relation to, the Sellers, Holdings, Ksubi, Ksubi Eye and Secret Handshake.

 

1.2                                                          Interpretational Rules

 

Rules of interpretation shall apply to this Agreement as specified in this provision, unless the context otherwise requires:

 

(a)                                 (headings): headings and subheadings are for convenience only and shall not affect interpretation, except for specified cross-references;

 

(b)                                 (plurality): words denoting the singular number include the plural, and the converse also applies;

 

(c)                                  (gender): words denoting any gender include all genders;

 

(d)                                 (cognates): any word or expression which is cognate to or a grammatical or linguistic variation, conversion or opposite of a defined word or expression shall have a corresponding meaning;

 

(e)                                  (parties): any reference to a party to any agreement or document includes its successors and permitted assigns and substitutes by way of assignment or novation;

 

(f)                                   (amendments): any reference to any agreement or document includes that agreement or document as amended at any time;

 

(g)                                  (references): any reference to a clause, schedule, annexure, exhibit or attachment is a reference to a clause of, or schedule, annexure, exhibit or attachment to, this Agreement;

 

(h)                                 (provisions): any reference to a provision of or in this Agreement, means a clause, schedule, annexure, exhibit or attachment of or to this Agreement, including each clause, subclause, paragraph and subparagraph of that clause, schedule, annexure, exhibit or attachment;

 

(i)                                     (statutes): any term or expression defined by reference to the Corporations Act or any other legislation has the statutory meaning as defined in, and for the purposes of

 

11

 

any relevant chapter, part, division, section or schedule of, that legislation at the date of this Agreement;

 

(j)                                    (interpretation) in the interpretation of this agreement, no rule of construction shall apply to the disadvantage of one party on the basis that party put forward this Agreement or any part of this Agreement;

 

(k)                                 (specifics): any specific reference to or listing of agreements, documents, actions, facts, liabilities or any other items following the word “including” shall be without limitation; and

 

(l)                                     (multiple parties): a covenant or agreement on the part of two or more persons binds them jointly and severally.

 

1.3                                                       Liability

 

Any covenant, undertaking, representation or warranty in this Agreement by two or more persons named as the same separate party to this Agreement shall be a joint and several liability of each named person.

 

1.4                                                       Performance

 

Any action required to be performed under any provision of this Agreement on or prior to a day which is not a Business Day shall be performed on or prior to the immediately following Business Day.

 

2                                                                 BUSINESS SALE

 

2.1                                                       Sale and Purchase

 

The Sellers shall sell and the Buyer shall purchase the Business Assets for the Purchase Price upon and subject to the terms of this Agreement.

 

2.2                                                       Vendor Finance

 

The parties acknowledge that the purchase of the Business Assets by the Buyer shall be financed through the Vendor Finance.

 

2.3                                                       Title Transfer

 

The Seller shall transfer to the Buyer the full, absolute and entire legal interest in the Business Assets, free and clear of any Security Interest on the Completion Date.

 

2.4                                                       Price Apportionment

 

The Purchase Price shall be apportioned as set out in Schedule 1.

 

2.5                                                       Purchase Payment

 

(a)                                 (Timing): The Buyer shall pay the Purchase Price on the dates set out in Schedule 1 as follows:

 

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(i)                                                             first, to Westpac in permanent reduction of the Westpac Debt until the Westpac Debt has been repaid in full; and then

 

(ii)                                                          second, to the Sellers.

 

Payments to Westpac of the Purchase Price under clause 2.5(a)(i) of this Agreement are to be paid into the Westpac Account.

 

(b)                                         (Westpac Interest): The Buyer shall pay the Westpac Interest on a monthly basis in arrears payable on the first Business Day of the following month.

 

(c)                                          (Method): Any payment to be made to Westpac pursuant to clauses 2.5(a) and (b) of this Agreement is to be made by electronic transfer in cleared funds into the Westpac Account.

 

Any payment to be made by any party (other than to Westpac) under this Agreement shall be made by way of bank cheque or electronic transfer in cleared funds.

 

(d)                                         (New Westpac Guarantee): If the Buyer makes a payment (a “relevant payment”) to Westpac under the New Westpac Guarantee in respect of the principal amount of the Westpac Debt, then:

 

(i)                                                             each of (1) the Westpac Debt and (2) the Purchase Price that remains outstanding under this Agreement shall be reduced by the amount of the relevant payment; and

 

(ii)                                                          the amount of the Purchase Price payable on each date set out in Schedule 1 falling after the relevant payment shall be reduced rateably by the amount of the relevant payment.

 

2.6                               Further advance of funds to cover Liquidators’ Costs

 

Subject to the Liquidators undertaking following, the parties acknowledge and agree that should the Liquidators request Westpac to advance funds to the Liquidators to meet immediate payment of the Liquidators’ Costs, then Westpac shall be at liberty and in its sole discretion to advance funds to the Liquidators for that purpose on the basis that:

 

(a)                                         any such advance shall be debited to the Westpac Account; and

 

(b)                                         all amounts otherwise recovered by the Liquidators during the liquidation of the Sellers, Holdings, Ksubi,

 

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Ksubi Eye and Secret Handshake (not including the Purchase Price) shall be paid, after deduction of realisation costs but without any further deduction, by the Liquidators into the Westpac Account by way of reimbursement of the advances made to pay the Liquidators’ Costs until any such advances have been reimbursed in full.

 

(c)                                          The Liquidators undertake to the parties that they:

 

(i)                                                             will not request Westpac to advance funds to them to meet payment of the Liquidators’ Costs under clause 2.6(a) at any time before 30 June 2010; and

 

(ii)                                                          will only do so thereafter in respect of the balance of the Liquidators’ Costs then outstanding after payment to them of amounts recovered by the Liquidators under clause 2.6(b).

 

2.7                              Ownership and Title

 

The title to and the property of the Business shall pass to the Buyer on and from the Completion Date.

 

3                                        REPRESENTATIONS

 

3.1                               Seller Representations

 

The Sellers represent to the Buyer that each Sale Warranty is accurate as at the date of this Agreement in relation to facts subsisting on that date.

 

3.2                               Reliance

 

The Seller agrees that the Buyer has effected completion of this Agreement on the Completion Date in reliance on each Sale Warranty.

 

3.3                               No Representation or Warranty by Liquidators

 

The Liquidators make no representation or warranty to the Buyer as to the Business or the Business Assets, including but not limited to, the legal and/or beneficial ownership of the assets by the Seller and the possession of the Business Assets by the Seller.

 

3.4                               Performance Representations

 

The Seller and Buyer each represent to the other that at the date of this Agreement:

 

(a)                                         (corporate status): that party is a corporation duly incorporated and validly existing under the law of the country or jurisdiction of its incorporation or registration;

 

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(b)                                         (corporate powers): that party has the corporate power to own its assets and perform any business activity as contemplated at any time by this Agreement;

 

(c)                                          (legal compliance): the execution or performance of this Agreement by that party does not contravene any provision of:

 

(i)                                     the constitution documents of that party;

 

(ii)                                  any agreement created by that party, except to the extent otherwise contemplated; or

 

(iii)                               any law; and

 

(d)                                         (corporate compliance): that party has full corporate power, and has procured all necessary consents, for the execution and performance by that party of this Agreement, in compliance with its constitution documents and any applicable law.

 

4                                         NO LIQUIDATORS’ WARRANTIES OR LIABILITY

 

4.1                               No Representation or Warranty

 

The Liquidators have made no representation or warranty as to the state, fitness or condition of the Business, the Business Assets, the Property or the Property Leases and the Buyer acknowledges that it has satisfied itself as to same, and the Buyer shall not make or support a Claim for compensation against the Liquidators arising from or otherwise in connection with the purchase of the Business and the Business Assets.

 

4.2                               Acknowledgement

 

The parties acknowledge that no warranties or representations with respect to the Business, the Business Assets, the Property, the Property Leases or this Agreement have been given or made by or on behalf of the Liquidators, or their employees, agents or representatives. The parties further acknowledge that any conditions, warranties or representations in this Agreement and any terms implied by law, which cannot be excluded by law, are given by the Sellers alone.

 

4.3                               No requisitions or compensation

 

The parties expressly acknowledge and agree that:

 

(a)                            the Sellers enter into this Agreement with the consent of the Liquidators. The Buyer shall not make any requisition, objection nor Claim for compensation in respect thereof;

 

(b)                            the Sellers’ rights hereunder shall not be adversely affected by a deed of company arrangement or by any subsequent appointment of a liquidator to the Sellers; and

 

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(c)                             The Liquidators are not personally liable under this Agreement for any matter, including the performance of the Sellers under this Agreement.

 

5                                         RISK

 

5.1                               Passing of Risk

 

The risk in the Business Assets shall be transferred and pass from the Sellers to the Buyer on the Completion Date.

 

5.2                               Income Benefit

 

(a)                                         (Pre-Appointment): The Seller shall be entitled to the benefit of all rights, including the right to any income, attaching, relating to or derived from the Business Assets at any time prior to the Appointment Date.

 

(b)                                         (Post-Appointment): The benefit of all rights, including the right to any income attaching, relating to or derived from the Business Assets at any time after the Appointment Date and up to the Completion Date shall be dealt with in accordance with the Memorandum of Understanding.

 

(c)                                          (Post-Completion): The Buyer shall be entitled to the benefit of all rights, including the right to any income, attaching, relating to or derived from the Business Assets at any time after the Completion Date.

 

6                                         BUSINESS NAME

 

6.1                               Business names

 

(a)                                         (Corporate change): The Sellers shall procure, on the Completion Date, the change of corporate name of the Sellers, Ksubi and Ksubi Eye to a name that excludes any Restricted Name.

 

(b)                                         (Name cancellation): The Sellers shall execute and deliver to the Buyer on the Completion Date an application in registrable form and duly executed by the Sellers for the transfer of registration of each Business Name.

 

7                                         EMPLOYEES

 

7.1                               Termination of Employment

 

On or before the Completion Date, the Sellers shall give notice to each Employee terminating his or her employment and release each Employee from his or her employment with the Seller with effect from the Completion Date.

 

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7.2                               Offers of employment

 

(a)                                         The Buyer must make an offer of employment to each of the Employees set out in Schedule 4, which offer will:

 

(i)                                     be on terms overall no less favourable than the relevant Employee’s current terms of employment with the Seller; and

 

(ii)                                  be on terms recognising the relevant Employee’s prior service with the Seller as service with the Buyer.

 

(b)                                         If requested by the Sellers or by the Liquidators, the Buyer must provide details of those Employees who have accepted the Buyer’s offer of employment as soon as reasonably practicable after the date of any such request.

 

7.3                               Seller’s Assistance

 

The Seller must co-operate with the Buyer and use all reasonable endeavours to encourage the Employees to accept the offer of employment made to them by the Buyer. If an Employee does not accept the Buyer’s offer of employment, then the Seller is solely responsible and liable for all amounts due on the termination of employment of that Employee in accordance with clause 7.4.

 

7.4                               Terminating Employees

 

The Seller is solely responsible for the entitlements of the Terminating Employees in respect of:

 

(a)                                         accrued salary, wages and other remuneration;

 

(b)                                         accrued entitlements to annual and long service leave;

 

(c)                                          all employer superannuation contributions;

 

(d)                                         notice and redundancy payments; and

 

(e)                                          any other entitlement arising out of his or her employment in the Business or its termination.

 

7.5                               Transferring Employees

 

In relation to the Transferring Employees:

 

(a)                                         the Seller must deliver to the Buyer on the Completion Date a document setting out full details, in respect of each Transferring Employee, of all accrued annual leave, long service leave and personal/carer’s leave entitlements, in each case as at the Completion Date;

 

(b)                                         on the Completion Date, the Buyer is assuming liability for the accrued annual leave and personal/carer’s leave entitlements 

 

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of Transferring Employees with the Seller in accordance with the Fair Work Act 2009 (Cth);

 

(c)                                          on the Completion Date, the Buyer is assuming liability for the accrued long service leave entitlements of Transferring Employees with the Seller in accordance with the Long Service Leave Act 1955 (NSW);

 

(d)                                         subject to any requirements of the Memorandum of Understanding, the Seller is solely responsible and liable for the payment of wages and salary and all other employment related entitlements arising in respect of each Transferring Employee’s employment with the Seller up to the Completion Date; and

 

(e)                                          the Buyer is solely responsible and liable for the payment of wages and salary and all other employment related entitlements of each Transferring Employee in respect of their employment with the Buyer on and from the Completion Date.

 

7.6                               Superannuation Acknowledgement

 

(a)                                         The parties acknowledge that the Seller has failed to meet the Superannuation Commitments due in respect of some or all of the Employees.

 

(b)                                         The Seller is responsible for the Superannuation Commitments due in respect of all Employees up to the Completion Date.

 

(c)                                          The Buyer shall satisfy the Superannuation Commitments due in respect of the Transferring Employees from the Completion Date (but not including any liability arising prior to the Completion Date).

 

8                                         CONTRACTS AND STOCK

 

8.1                               Contracts

 

(a)                                         On the Completion Date the Seller transfers and assigns (to the extent permissible pursuant to the terms and conditions of any Contract or at law) to the Buyer all its rights and interests (if any) in or to all Contracts and the Buyer accepts such assignment and assumes all of the burdens and benefits of the Contracts.

 

(b)                                         Subject to clause 8.1(e), if third party consent or approval is required for the transfer or assignment of any Contracts and such consent or approval is not obtained, the relevant Contract may, at the written request of the Buyer, be excluded from the sale to the Buyer.

 

(c)                                          Where for any Contract to be assigned or novated and the person whose consent is needed to that assignment or

 

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novation does not give that consent before Completion, the Seller must, to the extent the Contract does not prohibit this:

 

(i)                             if the Contract is a Property Lease, allow the Buyer to use the Property to conduct the Business;

 

(ii)                          if the Contract is an Equipment Lease, allow the Buyer to use the equipment concerned;

 

(iii)                     perform the Contract by sub-contracting the work involved to the Buyer on the same terms as the Contract, and delegate management of performance of the Contract to the Buyer;

 

(iv)                    enforce the Contract against other parties to the Contract as directed by the Buyer by notice (but the Buyer must indemnify the Seller from all reasonable costs and expenses incurred by the Seller in doing so); and not amend the Contract or waive a right of the Seller under the Contract without the prior written consent of the Buyer.

 

(d)                                         The Seller agrees to promptly apply for, and to use its reasonable endeavours to obtain, the consent or approval of each relevant party for the assignment of all Contracts to the Buyer unless the Buyer directs the Seller not to do so in writing.

 

(e)                                          The Buyer agrees to use its reasonable endeavours to obtain, the consent or approval of each relevant party for the assignment of all Contracts to the Buyer and to provide such information as may reasonably be required to allow the request for the transfer or assignment of any Contracts to be considered.

 

(f)                                           The Buyer must pay the reasonable costs and expenses of the party from whom the consent is sought for the transfer or assignment of any Contract in assessing any request for the transfer or assignment of any Contract.

 

(g)                                          The Buyer must indemnify the Seller against, and must pay the Seller on demand the amount of, each loss arising as a result of a Claim in relation to any breach or non-performance after Completion of any provision of any Contract assigned to it under clause 8.

 

(i)                                             Within 7 days of the completion of an assignment or a novation of a Property Lease to the Buyer under this Agreement, the Buyer must pay to the Seller the Bond Amount.

 

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8.2                              The Buyer is Entitled to Sell Stocks

 

On and from the Completion Date the Buyer shall sell the Stocks on the terms set out in the Side Letter.

 

The Buyer shall report to the Seller in writing on a weekly basis as to the progress of the sale of the Stocks and will account to the Seller monthly and remit the sale proceeds to the Seller on a monthly basis.

 

9                                         COMPLETION

 

9.1                               Completion Date

 

Completion of the sale and purchase of the Business Assets under this Agreement shall be effected on the Completion Date at the offices of the Sellers’ Solicitors or at any other place or time agreed between the parties.

 

9.2                               Seller Action

 

The Seller shall procure delivery to the Buyer on the Completion Date of the documents and assets specified in this provision:

 

(a)                                         (title documents): original executed and, if applicable, duly stamped and registered copies of all documents creating or evidencing the legal interest of the Seller in any Business Assets;

 

(b)                                         (transfers): registrable forms of transfers for all Business Assets executed by the Seller;

 

(c)                                          (novation documents): an original of each document by way of novation or assignment or other agreement, as applicable, executed by the Seller and/or any third party, requiring execution by the Buyer to effectuate or comply with the terms of any consent for the transfer of any Business Assets to the Buyer;

 

(d)                                         (security releases): releases of all Security Interests, including any title retention interest, over any Business Assets;

 

(e)                                          (financier letters): letters or other documents from Westpac confirming that any Security Interests of Westpac over the Equipment is released as at the Completion Date and that on the Completion Date title to the Equipment shall pass to the Buyer;

 

(f)                                           (registration changes): all documents executed by the Seller necessary or required to effect the transfer, amendment or change into the name of the Buyer, and/or cessation in the name of the Seller, in any registration or certificate relating to any Business Assets effected with or issued by any

 

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Governmental Agency or necessary for compliance with any law;

 

(g)                                          (name changes): all documents necessary or appropriate to evidence any action required by the Seller to effectuate any change of name of the Seller, and/or any Related Company of the Seller;

 

(h)                                         (Deed of Priority): a counterpart of the Deed of Priority, the Vendor Charge, the New Westpac Guarantee and the New Westpac Charge duly executed by all parties other than the Buyer;

 

(i)                                             (additional documents): any other document executed by the Seller required under this Agreement or reasonably required by the Buyer on the Completion Date to transfer, and vest the full possession and benefit of, any Business Assets to or in the Buyer; and

 

(j)                                            (possession): possession of all Business Assets.

 

9.3                               Buyer Action

 

The Buyer shall at Completion:

 

(a)                                         (documents): accept from the Seller any document of transfer and duly execute any document requiring execution by the Buyer at Completion under this Agreement;

 

(b)                                         (possession): accept delivery of possession from the Seller of all Business Assets;

 

(c)                                          (Vendor Charge): provide to the Seller the Vendor Charge duly executed and in registrable form;

 

(d)                                         (Deed of Priority): provide to each of the Sellers and Westpac a counterpart of the Deed of Priority duly executed by the Buyer; and

 

(e)                                          (Westpac security):

 

(i)                           provide to Westpac the New Westpac Guarantee and the New Westpac Charge duly executed and in registrable form; and

 

(ii)                        do all things necessary, including signing any document, required by Westpac in order to give effect to the New Westpac Guarantee and the New Westpac Charge.

 

9.4                               Completion Documents

 

Any document required under this Agreement to be executed on the Completion Date by any party or third party shall be in a form and substance and duly completed and executed as previously approved

 

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(acting reasonably) by or on behalf of the other party receiving that document.

 

9.5                               Services, Property Leases and Equipment Leases

 

The Seller agrees to do all things reasonably necessary to enable the transfer of the Property Leases, Equipment Leases, Key Contracts and/or the Services to the Buyer on or prior to Completion.

 

10                                 POST-COMPLETION MATTERS

 

10.1                       Surry Hills Premises

 

(a)                                         From the Completion Date, the Buyer shall ensure that the Surry Hills Premises are maintained in a good condition.

 

(b)                                         Within 14 days of the Completion Date, the Buyer shall vacate the Surry Hills Premises and will deliver all sets of keys to the Surry Hills Premises to the Liquidators.

 

10.2                       Seller Book Debts

 

(a)                                         (Seller retention): The Seller shall subsequent to the Completion Date retain the full, absolute and entire legal interest in all Seller Book Debts.

 

(b)                                         (Buyer collection): The Buyer shall comply with all of the Seller’s reasonable requests to assist the Seller with the collection of the Seller Book Debts after the Completion Date.

 

(c)                                          (Trust): Any amount collected by either party in respect of any debt owing to the other party shall:

 

(i)                           be held by that party on trust for the other party; and

 

(ii)                        be remitted to the other party every 5 Business Days.

 

(d)                                         (Order of priority): All amounts received by either party from a person who owes money to both the Buyer and the Seller will be applied towards the debt/debts which the debtor intended to pay.

 

10.3                       Confidentiality Protection

 

(a)                                         (Positive undertaking): The Seller shall at any time from the date of this Agreement keep all Confidential Information connected with the Business fully confidential to and for the benefit of the Buyer.

 

(b)                                         (Negative restrictions): The Seller shall not directly or indirectly at any time from the date of this Agreement, without the prior written consent of the Buyer:

 

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(i)                                                             use or disclose to any person; or

 

(ii)                                                          manufacture any product or use any process based on or derived from, any Confidential Information connected with the Business.

 

(c)                                                          (Permitted exemptions): This provision shall not apply to the disclosure or use of any Confidential Information connected with the Business:

 

(i)                                                             to any party to this Agreement for the purpose of performance of any liability of that party under this Agreement;

 

(ii)                                                          which is or has become generally available to the public through no default or action on the  part of the Seller or its agents; or

 

(iii)                                                       where compelled by any judicial order or legal process in the course of any legal action.

 

10.4                                                Releases

 

(a)                                                         In consideration of the parties completing the Agreement in accordance with clause 9, the Sellers, the Buyer, Bleach and the Liquidators (collectively “the Released Parties”)  release and discharge each other from all obligations, liabilities, actions, suits, causes of action, Claims and demands (including, without limitation, any Claim or demand for costs or expenses) which any of them:

 

(i)                                                             now has; or

 

(ii)                                                          but for the execution of this Agreement could or might have had,

 

against any other Released Party arising out of or in connection with:

 

(iii)                                                       the entry into this Agreement by the Released Party;

 

(iv)                                                      any Claim that any of the Released Parties may have, whether or not known to that party, in connection with any matter, event or circumstance;

 

(v)                                                         any matter, agreement, arrangement or understanding arising or entered into or existing prior to the date of this Agreement;

 

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(vi)                                                      any previous agreement, arrangement, dealing or understanding between Bleach and the Sellers prior to the date of execution of the New SSA;

 

(vii)                                                   under or in connection with the Licence; and

 

(viii)                                                any other act, matter or thing,

 

excluding any liability arising in connection with the performance of the any of the covenants or undertakings required to be performed under or connection with this Agreement, the Memorandum of Understanding, the Vendor Charge, the New Westpac Charge or the New Westpac Guarantee.

 

(b)                                                         Each of the Sellers, the Buyer, Bleach and the Liquidators and each of their respective Agents and Employees (collectively “the Releasing Parties”)  release and discharge Westpac and its Agents and Employees from all obligations, liabilities, actions, suits, causes of action, Claims and demands (including, without limitation, any Claim or demand for costs or expenses) which any of the Releasing Parties:

 

(i)                                                             now has; or

 

(ii)                                                          may have in the future; or

 

(iii)                                                       but for the execution of this Agreement could or might have had,

 

against Westpac or any of its Agents and Employees arising out of or in connection with:

 

(iv)                                                      the entry into this Agreement by Westpac;

 

(v)                                                         the Westpac Debt;

 

(vi)                                                      the New Westpac Guarantee;

 

(vii)                                                   the New Westpac Charge;

 

(viii)                                                the Westpac Security;

 

(ix)                                                      any Claim that any of the Releasing Parties may have against Westpac, whether or not known to that party, in connection with any matter, event or circumstance;

 

(x)                                                         any matter, agreement, arrangement or understanding arising or entered into or existing prior to the date of this Agreement; and

 

(xi)                                                      any other act, matter or thing,

 

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excluding any liability arising in connection with the performance of the any of the covenants or undertakings required to be performed under or connection with this Agreement, the New Westpac Charge or the New Westpac Guarantee.

 

10.5                                                  Termination by Westpac and enforcement of Westpac’s rights

 

(a)                                                         In the event that the Buyer breaches a Non-Monetary Obligation and Westpac is of the view, in its absolute discretion, that the breach is capable of remedy:

 

(i)                                                             Westpac shall provide the Buyer with a written notice of its intention to terminate the Agreement if the breach is not remedied within 7 days; and

 

(ii)                                                          in the event that Westpac is of the view that the breach is not capable of being remedied or the Buyer has failed to remedy a breach within 7 days of receipt of a written notice from Westpac under clause 10.5(a)(i) above, then:

 

(A)                          Westpac will be at liberty to immediately terminate the Agreement;

 

(B)                          the unpaid balance of the Purchase Price owed to Westpac is immediately accelerated so that the unpaid balance is immediately due and payable to Westpac;

 

(C)                          interest to Westpac on all outstanding amounts of the Purchase Price owed to Westpac is due and payable at the Default Rate;

 

(D)                          Westpac will be at liberty to immediately enforce its rights as against the Buyer under the New Westpac Guarantee and the New Westpac Charge; and

 

(E)                           the Buyer agrees to indemnify and hold harmless Westpac in respect of all costs, expenses, outgoings and losses incurred by Westpac (including its reasonable legal costs on a full indemnity basis) in connection with its attempts to recover all outstanding amounts of the Purchase Price owed to Westpac from the Buyer and enforcement of the New Westpac Guarantee and the New Westpac Charge, including the costs of enforcement of its securities.

 

(b)                                                         In the event that the Buyer breaches a Monetary Obligation:

 

(i)                                                             Westpac will be at liberty to immediately terminate the Agreement;

 

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(ii)                                                          the unpaid balance of the Purchase Price owed to Westpac is immediately accelerated so that the unpaid balance is immediately due and payable to Westpac;

 

(iii)                                                       interest to Westpac on all outstanding amounts of the Purchase Price owed to Westpac is due and payable at the Default Rate;

 

(iv)                                                      Westpac will be at liberty to immediately enforce its rights as against the Buyer under the New Westpac Guarantee and the New Westpac Charge; and

 

(v)                                                         the Buyer agrees to indemnify and hold harmless Westpac in respect of all costs, expenses, outgoings and losses incurred by Westpac (including its reasonable legal costs on a full indemnity basis) in connection with its attempts to recover all outstanding amounts of the Purchase Price owed to Westpac from the Buyer and enforcement of the New Westpac Guarantee and the New Westpac Charge, including the costs of enforcement of its securities.

 

10.6                                                Termination by the Seller

 

(a)                                                         In the event that the Buyer breaches an obligation owed to the Sellers pursuant to this Agreement if the breach is capable of remedy, the Seller shall provide the Buyer with a 14 day written notice of its intention to terminate the Agreement if the breach is not remedied within that time.

 

(b)                                                         In the event that the breach under clause 10.6(a) is not capable of being remedied or the Buyer has failed to remedy a breach within 14 days of receipt of a written notice of intention to terminate, the Seller is entitled to terminate the Agreement.

 

(c)                                                          In the event that the Agreement is terminated pursuant to this clause then the Seller shall be discharged from future performance under the Agreement.

 

(d)                                                         In the event the Agreement is terminated by the Seller pursuant to this clause then Westpac will be at liberty to exercise its rights as against the Buyer as outlined under clause 10.5(b) above.

 

10.7                                                Failure to pay the Purchase Price to the Seller

 

In the event that the Buyer fails to pay to the Seller the Purchase Price in accordance with clause 2.5 and Schedule 1 of this Agreement:

 

(a)                                                         if the default continues for a period of 14 days, the Seller is entitled  to  give  a  notice  of acceleration  to the  Buyer to accelerate the unpaid balance of the Purchase Price owed to

 

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the Seller so that the unpaid balance is then immediately due and payable to the Seller;

 

(b)                                                         the Buyer agrees to pay to the Seller interest on all outstanding amounts of the Purchase Price owed to the Seller at the Default Rate; and

 

(c)                                                          the Buyer agrees to indemnify and hold harmless the Seller in respect of all costs, expenses, outgoings and losses incurred by the Seller (including its reasonable legal costs on a full indemnity basis) in connection with its attempts to recover the Purchase Price from the Buyer including the costs of enforcement of its securities.

 

10.8                                                Ongoing Covenants

 

The Buyer agrees:

 

(a)                                                         to enter into the New SSA on the Completion Date and not to vary it or terminate it without the prior consent of Westpac and the Sellers;

 

(b)                                                         not to undertake any other business not connected with the Business;

 

(c)                                                          not to open any new stores without the prior approval of Westpac and the Sellers, which will not be unreasonably withheld or delayed;

 

(d)                                                         not to enter into any new lending arrangements with a principal amount in excess of $50,000 without the prior approval of Westpac and the Sellers, which will not be unreasonably withheld or delayed;

 

(e)                                                          not to pay any dividends to its shareholders without the prior approval of Westpac and the Sellers;

 

(f)                                                           not to enter into any related party transactions without the prior approval of Westpac and the Sellers; and

 

(g)                                                          not to vary the Margin Share without the prior approval of Westpac and the Sellers.

 

This clause shall not merge on the Completion Date. Nothing in this clause creates or imposes any covenant from Bleach to the Seller or any other party.

 

Once the Purchase Price is paid in full the covenants no longer bind the Buyer.

 

11                                                          REPORTING

 

11.1                                                The Buyer shall provide to the Liquidators the Reporting Information on a

 

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quarterly basis or within seven days of receipt by the Buyer of a written request from the Liquidators for the provision of the Reporting Information.

 

11.2                                                Notwithstanding the provisions of clause 11.1 above the Buyer shall not be obliged to provide the Reporting Information to the Liquidators unless requested to do so by the Liquidators in writing.

 

11.3                                                The Buyer shall provide to Westpac and the Liquidators the Quarterly Accounts within 1 month of the end of the relevant financial quarter.

 

12                                                          GST

 

12.1                                                Goods and Services Tax

 

In this clause;

 

(a)                                                         words used in this clause which have a particular meaning in the “GST law” (as defined in the GST Act, and also including any applicable legislative determinations and ATO public rulings) have the same meaning, unless the context otherwise requires;

 

(b)                                                         any reference to GST payable by a party includes any corresponding GST payable by the representative member of any GST group of which that party is a member; and

 

(c)                                                          if the GST law treats part of a supply as a separate supply for the purpose of determining whether GST is payable on that part of the supply or for the purpose of determining the tax period to which that part of the supply is attributable, such part of the supply is to be treated as a separate supply.

 

12.2                                                Sale of a Going Concern

 

(a)                                                         Each party warrants that it is registered or required to be registered for GST under the GST Act and the Buyer must supply evidence of registration on or before Completion.

 

(b)                                                         The parties acknowledge and agree that the supply under this Agreement is a supply of a going concern for the purposes of section 38-325 of the GST Act.

 

12.3                                                Taxable supply

 

If it is determined for any reason whatsoever that the supply is not a supply of a going concern and GST is payable on the supply then the following provisions apply:

 

(a)                                                         the consideration expressed to be payable under any other clause of this Agreement for any supply made under or in connection with this Agreement does not include GST;

 

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(b)                                                         to the extent that any supply made under or in connection with this Agreement is a taxable supply the GST exclusive consideration otherwise payable for that supply is increased by an amount equal to that consideration multiplied by the rate at which GST is imposed in respect of the supply, and is payable at the same time as the time the consideration is paid;

 

(c)                                                          each party agrees to do all things, including providing tax invoices and other documentation, that may be necessary or desirable to enable or assist the other party to claim any input tax credit, adjustment or refund in relation to any amount of GST paid or payable in respect of any supply made under or in connection with this Agreement;

 

(d)                                                         if a payment to a party under this Agreement is a payment by way of reimbursement or indemnity and is calculated by reference to the GST inclusive amount of a loss, cost or expense incurred by that party, then the payment is to be reduced by the amount of any input tax credit to which that party is entitled in respect of that loss, cost or expense before any adjustment is made for GST pursuant to this clause; and

 

(e)                                                          the Buyer must pay the amount by which the consideration is increased pursuant to this clause 12.3 even if this Agreement has been completed within 21 days of notification of the amount required to be paid and this clause 12 does not merge upon Completion.

 

13                                                          COSTS

 

Each party (other than Westpac in that the Westpac Costs which will form part of the Westpac Debt) shall pay its own costs in relation to:

 

(a)                                                         (documentation): the negotiation, preparation, execution, performance, amendment or registration of, or any consent given or made; and

 

(b)                                                         (performance): the performance of any action by that party in compliance with any liability arising,

 

under this Agreement, or any agreement or document executed or effected under this Agreement, unless this Agreement provides otherwise.

 

14                                                          DUTIES

 

14.1                                                Payment

 

The Buyer shall promptly within the initial applicable period prescribed by law pay any duty payable in relation to the execution, performance and registration of this Agreement.

 

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15                                                          ASSIGNMENT

 

A party shall not transfer any right or liability under this Agreement without the prior consent of each other party, except where this Agreement provides otherwise.

 

16                                                          NOTICES

 

16.1                                                Form

 

Any notice to or by a party under this Agreement shall be in writing and signed by the sender or, if a corporate party, an authorised officer of the sender or under the seal of or any power of attorney conferred by the sender.

 

16.2                                                Service Method

 

Any notice may be served by delivery in person or by post or transmission by facsimile to the address or number of the recipient specified in this provision or most recently notified by the recipient to the sender.

 

16.3                                                Receipt

 

Any notice shall be effective for the purposes of this Agreement upon delivery to the recipient or production to the sender of a facsimile transmittal confirmation report prior to 4.00 pm local time on a Business Day in the place in or to which the written notice is delivered or sent or otherwise at 9.00 am on the next Business Day following delivery or receipt.

 

16.4                                                Service Details

 

Details initially specified for service of notice comprise:

 

Seller:

 

Address:                                                                                                 Grant Thornton, 383 Kent Street, Sydney NSW 2000

 

Facsimile:                                                                                         (02) 9299 4445

 

Attention:                                                                                         Paul Billingham/Said Jahani

 

Buyer:

 

Address:                                                                                                 14 Mentmore Avenue, Rosebery, NSW 2018

 

Facsimile:                                                                                         (02) 9662 8138

 

Attention:                                                                                         Mark Byers

 

Westpac:

 

Address:                                                                                                 c/-Henry Davis York, 44 Martin Place, Sydney NSW 2000

 

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Facsimile:                                                                                         (02) 9947 6999

 

Attention:                                                                                         Philip Crawford

 

17                                                          GOVERNING LAW AND JURISDICTION

 

17.1                                                Governing Law

 

This Agreement shall be governed by and construed under the law in the State of New South Wales.

 

17.2                                                Jurisdiction

 

Any legal action in relation to this Agreement against any party or its property may be brought in any court of competent jurisdiction of the State of New South Wales.

 

17.3                                                Submission

 

Each party by execution of this Agreement irrevocably, generally and unconditionally submits to the non-exclusive jurisdiction of any court specified in this provision in relation to both itself and its property.

 

18                                                          GENERAL PROVISION

 

18.1                                                Amendments

 

Any amendment of this Agreement shall have no force or effect, unless effected by a document executed by the parties.

 

18.2                                                Third Parties

 

This Agreement shall confer rights only upon a person expressed to be a party, and not upon any other person.

 

18.3                                                Pre-Contractual Negotiation

 

This Agreement:

 

(a)                                                         (entire agreement): expresses and incorporates the entire agreement between the parties in relation to its subject-matter, and all the terms of that agreement, and

 

(b)                                                         (collateral exclusion): supersedes and excludes any prior or collateral negotiation, understanding, communication or agreement by or between the parties in relation to that subject-matter or any term of that agreement.

 

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18.4                                                Further Assurance

 

Each party shall execute any document and perform any action necessary to give full effect to this Agreement, whether prior or subsequent to performance of this Agreement.

 

18.5                                                Continuing Performance

 

(a)                                                         (Merger exclusion): The provisions of this Agreement shall not merge with any action performed or document executed by any party for the purposes of performance of this Agreement.

 

(b)                                                         (Representation): Any representation in this Agreement shall survive the execution of any document for the purposes of, and continue subsequent to, performance of this Agreement.

 

(a)                                                         (Indemnity): Any indemnity agreed by any party under this Agreement shall:

 

(i)                                                             constitute a liability of that party separate and independent from any other liability of that party under this Agreement or any other agreement; and

 

(ii)                                                          survive and continue subsequent to performance of this Agreement.

 

18.6                                                Waivers

 

Any failure by any party to exercise any right under this Agreement shall not operate as a waiver and the single or partial exercise of any right by that party shall not preclude any other or further exercise of that or any other right by that party.

 

18.7                                                Remedies

 

The rights of a party under this Agreement are cumulative and not exclusive of any rights provided by law.

 

18.8                                                Severability

 

Any provision of this Agreement which is invalid in any jurisdiction shall be ineffective in that jurisdiction to that extent, without invalidating or affecting the remaining provisions of this Agreement or the validity of that provision in any other jurisdiction.

 

18.9                                                No  Set Off

 

Without prejudice to any of its other rights, the Buyer agrees that it is not entitled to assert a set off of in respect of any Claim against its obligation to pay the Purchase Price to Westpac and the Seller under this Agreement.

 

32

 

18.10                                         Counterparts

 

This Agreement may be executed in any number of counterparts, all of which taken together shall be deemed to constitute one and the same document.

 

18.11                                         Consideration

 

Each of the parties to this document acknowledges that it has received valuable consideration for entering into this document.

 

33

 

SCHEDULE 1

 

THE PURCHASE PRICE AND EQUIPMENT

 

1.                                                              Purchase price - The sum of $5,000,000.00 plus the Westpac Interest.

 

2.                                                              Payment of the Purchase Price  (excluding the Westpac Interest) shall be made:

 

(a)                                                         first, to Westpac in permanent reduction of the Westpac Debt until the Westpac Debt is repaid in full; and then

 

(b)                                                         second, to the Sellers,

 

on the dates and in the amounts set out:

 

a.             The sum of $150,000.00 on 30 April 2010;

b.             The sum of $150,000.00 on 31 July 2010;

c.              The sum of $600,000.00 on 31 October 2010;

d.             The sum of $600,000.00 on 31 January 2011; and

e.              The sum of $375,000.00 on the last day of each 3 month period which follows 31 January 2011 until the Purchase Price is paid in full.

 

Payments to Westpac of the Purchase Price are to be paid into the Westpac Account.

 

The Westpac Interest shall be paid on the Westpac Debt on a monthly basis in arrears payable on the first Business Day of the following month.

 

3.                                                              Apportionment of Purchase Price

 

	
 
    	
 
    	
$
    	
 
    	
$
    	
 
    
	
 
    	
 
    	
Tsubi
    	
 
    	
Tsubi Retail
    	
 
    
	
Plant and Equipment
    	
 
    	
25,000.00
    	
 
    	
25,000.00
    	
 
    
	
Business Name
    	
 
    	
1.00
    	
 
    	
1.00
    	
 
    
	
Intellectual Property
    	
 
    	
4,849,995.00
    	
 
    	
99,995.00
    	
 
    
	
Business Records
    	
 
    	
1.00
    	
 
    	
1.00
    	
 
    
	
Business Licences
    	
 
    	
1.00
    	
 
    	
1.00
    	
 
    
	
Property Lease
    	
 
    	
1.00
    	
 
    	
1.00
    	
 
    
	
Equipment
    	
 
    	
1.00
    	
 
    	
1.00
    	
 
    
	
Other
    	
 
    	
—
    	
 
    	
—
    	
 
    

 

4.                                                              Equipment is the equipment set out in the attached equipment leases between the Seller and Westpac.

 

5.                                                              Equipment Leases:

 

i.                   Hire Purchase Agreement between Tsubi Pty Limited and CBFC Limited dated on or about 4 December 2006;

 

ii.                Hire Purchase Agreement between Tsubi Retail Pty Limited and CBFC Limited dated on or about 26 November 2006;

 

 

iii.             Hiring Agreement  between  Esanda  Finance  and Tsubi  Pty Limited dated on or about 5 July 2007; and

 

iv.            Hiring  Agreement  between  Esanda  Finance and  Tsubi  Pty Limited dated on or about 10 May 2006.

 

6.                                                              Key Contracts:

 

1.     David Jones Exclusive Supply Agreement between Tsubi and David Jones

2..    International Distribution Agreements between Tsubi and :- 949 Distribution (USA) / Futurenet Distribution (Italy) / C2 Distribution (Canada) / MnO Distribution (Scandinavia) / Stem Distribution (NZ) / BigBro Distribution (Japan) / Electric Sekki (HK / Asia) /

3.   Licensing Agreements between Tsubi and:- Six Distribution (Shoes) / Sunshades Distribution (Sunglasses)

4.   Sales Agency Agreements between Tsubi and:- Purdom Thomas (USA Sales) / Haynes Agency (UK)

 

 

SCHEDULE 2

 

BUSINESS ASSETS

 

Plant and Equipment

 

See attached Annexure A.

 

Business Names

 

1.                                      “KSUBI” registered in the State of New South Wales being registration no BN98346742 in the name of Tsubi Pty Limited

 

2.                                      “K S U B I” registered in the State of Victoria, being registration no B2103402Y in the name of Ksubi Pty Limited

 

3.                                      “Ksubi Eye” registered in the State of New South Wales, being registration no. BN98343413 in the name of Secret Handshake Pty Limited

 

Intellectual Property

 

1.            Australian Trade Mark Applications and Registrations

 

	
Trade Mark No
    	
 
    	
Trade Mark
    	
 
    	
Proprietor
    	
 
    	
Status
    	
 
    	
Lodgement Date
    	
 
    
	
933460
    	
 
    	
TSUBI
    	
 
    	
TSUBI   PTY LIMITED
    	
 
    	
REGISTERED
    	
 
    	
7   November 2002
    	
 
    
	
987589
    	
 
    	

    	
 
    	
TSUBI   PTY LIMITED
    	
 
    	
REGISTERED
    	
 
    	
5   February 2004
    	
 
    
	
937590
    	
 
    	

    	
 
    	
TSUBI   PTY LIMITED
    	
 
    	
REGISTERED
    	
 
    	
5   February 2004
    	
 
    
	
987591
    	
 
    	

    	
 
    	
TSUBI   PTY LIMITED
    	
 
    	
REGISTERED
    	
 
    	
5   February 2004
    	
 
    
	
1021678
    	
 
    	
TSUBI
    	
 
    	
TSUBI   PTY LIMITED
    	
 
    	
REGISTERED
    	
 
    	
23   September 2004
    	
 
    
	
1057313
    	
 
    	

    	
 
    	
TSUBI   PTY LIMITED
    	
 
    	
REGISTERED
    	
 
    	
27   May 2005
    	
 
    

 

1

 

	
1057315
    	
 
    	

    	
 
    	
TSUBI   PTY LIMITED
    	
 
    	
REGISTERED
    	
 
    	
27   May 2005
    	
 
    
	
1122392
    	
 
    	
KSUBI
    	
 
    	
TSUBI   PTY LIMITED
    	
 
    	
REGISTERED
    	
 
    	
11   July 2006
    	
 
    
	
1220295
    	
 
    	

    	
 
    	
TSUBI   PTY LTD
    	
 
    	
REGISTERED
    	
 
    	
24   January 2008
    	
 
    
	
1293473
    	
 
    	

    	
 
    	
TSUBI   PTY LTD
    	
 
    	
REGISTERED
    	
 
    	
20   April 2009
    	
 
    

 

2.             New Zealand Trade Mark Applications and Registrations

 

	
Trade Mark
   No
    	
 
    	
Trade Mark
    	
 
    	
Proprietor
    	
 
    	
Status
    	
 
    	
Lodgement Date
    	
 
    
	
777345
    	
 
    	
KSUBI
    	
 
    	
TSUBI PTY LTD
    	
 
    	
REGISTERED
    	
 
    	
9 October 2007
    	
 
    
	
777347
    	
 
    	

    	
 
    	
TSUBI PTY LTD
    	
 
    	
REGISTERED
    	
 
    	
9 October 2007
    	
 
    

 

3.             United States Trade Mark Applications and Registrations

 

	
Trade Mark No
    	
 
    	
Trade Mark
    	
 
    	
Proprietor
    	
 
    	
Status
    	
 
    	
Lodgement Date
    	
 
    
	
2938318
    	
 
    	
TSUBI
    	
 
    	
TSUBI   PTY LIMITED
    	
 
    	
REGISTERED
    	
 
    	
12   November 2003
    	
 
    
	
3433414
    	
 
    	
KSUBI
    	
 
    	
TSUBI   PTY LIMITED
    	
 
    	
REGISTERED
    	
 
    	
7   April 2006
    	
 
    
	
3063954
    	
 
    	

    	
 
    	
TSUBI   PTY LIMITED
    	
 
    	
REGISTERED
    	
 
    	
16   December 2004
    	
 
    

 

2

 

	
3063953
    	
 
    	

    	
 
    	
TSUBI   PTY LIMITED
    	
 
    	
REGISTERED
    	
 
    	
16   December 2004
    	
 
    
	
78857017
    	
 
    	
KSUBI
    	
 
    	
TSUBI   PTY LIMITED
    	
 
    	
APPLICATION
    	
 
    	
7   April 2006
    	
 
    

 

4.          Domain Names

 

	
Domain Name
    	
 
    	
Registrant
    
	
tsubi.com
    	
 
    	
Ksubi   Pty Limited
    
	
ksubi.com.au
    	
 
    	
Tsubi   Pty Limited
    

 

3

 

SCHEDULE 3

 

SALE WARRANTIES

 

1.                     SELLER INFORMATION

 

1.1                  Sale Authority

 

The Sellers have full power to execute and perform all liability of the Sellers under this Agreement, including the sale of the Business Assets to the Buyer.

 

 

SCHEDULE 4

 

EMPLOYEES

 

Employees of Tsubi

 

Graeme Jack 

William Perry 

Kristie Deane 

Michael Nolan 

Paul Wilson 

Rebecca Dawson 

Guy Hastie 

Tristan Ceddia 

Toby Jones 

Christina Ryan 

Aimee Bayliss 

Samantha Stevenson 

Matthew Saville 

Melanie Warne

 

Employees of Tsubi Retail

 

Clementine Hurley (permanent) 

Fenella McCall (permanent) 

Tom Hanley (casual) 

Michael Melas (casual) 

Kelsea Nagel (casual) 

Bree Pickering (casual) 

Giles Russell (casual) 

Samuel Skelton (casual) 

Elizbeth Bayliss (casual) 

Joel Draper (casual) 

Nick Gregory (casual) 

Andrew Henson (casual) 

Juliette Herrera (casual) 

Robert McReynolds (casual) 

Melanie Warne

 

 

SCHEDULE 5

MARGIN SHARE CALCULATION

 

Margin Share

 

For the Term, the parties agree the Estimated Gross Margin pursuant to the New SSA shall be paid to the Buyer (less the Service Fee which shall be paid to Bleach at the same time as the payment of Estimated Gross Margin) on the following terms:-

 

(a)         The Estimated Gross Margin per the initial costing spreadsheet which shall set out

 

(i)                                    the $US Factory cost plus (+)

(ii)                                 international freight +

(iii)                              conversion to $AUD using an agreed exchange rate

(iv)                             domestic freight / cartage + customs + clearing charges +

(v)                                custom duties +

(vi)                             required gross margin (as set out in the initial costing spreadsheet and updated from time to time) which = 

(vii)                          proposed wholesale price 

(viii)                      converted to retail price (based on proposed retail margin) after taking into account retail discounts (both volume and settlement discounts) less 

(ix)                            Management Fee for the relevant period

 

(b)         a reconciliation of the Estimated Gross Margin with the actual P & L Gross Margin will be made as soon as practicable after the end of each quarter and any applicable adjustment necessary to the amount paid to Bleach or the Buyer shall be made promptly after the reconciliation is available.

 

Definitions

 

Cost of Sales (COS) in respect of Bleach Nett Sales =

import garment value (in $AUD) (plus) +

international freight +

domestic carriage +

customs clearing charges +

customs duty +

sample costs +

movements between opening and closing stock values

 

Estimated Gross Margin means the margin estimated in the initial costing spreadsheet dated [on or around the date of this Agreement].

 

Management Fee = direct cost reimbursement for management services supplied to the Buyer by Bleach including but not limited to :-

 

·      Finance @ $120,000 p.a.

·      Sales Strategic @ $60,000 p.a.

·      IT Maintenance @ $35,000 p.a.

 

Other as mutually agreed or otherwise provided by Bleach to the Buyer.

 

 

Nett Sales = gross sales by Bleach (less) –

retail discounts –

commissions (if any) –

returns.

 

P &  L Gross Margin = Nett Sales less Cost of Sales

 

Service Fee = 9% of gross sales by Bleach in any period

 

 

	
EXECUTED as a Deed.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
EXECUTED by TSUBI PTY LTD (IN 
    	
)
    	
 
    
	
LIQUIDATION) ACN 095 235 180, 
    	
)
    	
/s/   Paul Billingham
    
	
with   the consent of its Liquidators
    	
)
    	
Liquidator
    
	
 
    	
)
    	
Print   Name: Paul Billingham
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/   Said Jahani
    
	
 
    	
 
    	
Liquidator
    
	
 
    	
 
    	
Print   Name: Said Jahani
    
	
 
    	
 
    	
 
    
	
EXECUTED by TSUBI (RETAIL) PTY
    	
)
    	
 
    
	
LTD (IN LIQUIDATION) ACN 110 756
    	
)
    	
/s/   Paul Billingham
    
	
208, with the consent of its 
    	
)
    	
Liquidator
    
	
Liquidators
    	
)
    	
Print   Name: Paul Billingham
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
/s/   Said Jahani
    
	
 
    	
 
    	
Liquidator
    
	
 
    	
 
    	
Print   Name: Said Jahani
    
	
 
    	
 
    	
 
    
	
EXECUTED by  K10 PTY LIMITED  
    	
)
    	
 
    
	
ACN 140 672 797 in accordance with
    	
)
    	
 
    
	
Section 127   of the Corporations Act
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Director   
    	
 
    	
Director   / Secretary
    
	
Full   Name:
    	
 
    	
Full   Name:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
EXECUTED by BLEACH PTY 
    	
)
    	
 
    
	
LIMITED ACN 095 987 214 in
    	
)
    	
 
    
	
accordance   with Section 127 of the
    	
)
    	
 
    
	
Corporations   Act
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
)
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Director
    	
 
    	
 
    
	
Full   Name:
    	
 
    	
Director   / Secretary 
    
	
 
    	
 
    	
Full   Name:
    

 

 

	
SIGNED, SEALED AND DELIVERED 

on   behalf of WESTPAC BANKING 

CORPORATION ABN 33 007 457 141, 

by   its attorney under power of attorney 

dated   17 January 2001, book 4299 No 

332   in the presence of:
    	
 
    	
By   executing this instrument the attorney 

states   that they have received no notice 

of   the revocation of the power of 

attorney.
    
	
 
    	
 
    	
 
    
	
/s/   Kieran Laurence John Ryan 
    	
 
    	
/s/ Michael Muluihill
    
	
 Witness (signature) 
    	
 
    	
Attorney   (signature) 
    
	
 
    	
 
    	
 
    
	
Kieran Laurence John Ryan 
    	
 
    	
Michael Muluihill
    
	
 Witness (print name) 
    	
 
    	
Attorney   (print name) 
    
	
 
    	
 
    	
TIER   THREE ATTORNEY
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
EXECUTED by PAUL BILLINGHAM  
    	
 
    	
 
    
	
in   his capacity as Liquidator of the 
    	
 
    	
 
    
	
Sellers   in the presence of:
    	
 
    	
/s/ Paul Billingham
    
	
 
    	
 
    	
Signature   of party
    
	
 
    	
 
    	
 
    
	
/s/   James Marshall
    	
 
    	
 
    
	
Signature   of witness
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
James   Marshall
    	
 
    	
 
    
	
Name
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
EXECUTED by SAID JAHANI in his
    	
 
    	
 
    
	
capacity   as Liquidator of the Sellers in 
    	
 
    	
 
    
	
the   presence of:
    	
 
    	
/s/ Said Jahani
    
	
 
    	
 
    	
Signature   of party
    
	
 
    	
 
    	
 
    
	
/s/   Alysson Morgan
    	
 
    	
 
    
	
Signature   of witness 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Alysson Morgan
    	
 
    	
 
    
	
Name
    	
 
    	
 
    

 

 

Annexure A

 

	
Sect No
    	
 
    	
Sub Section
    	
 
    	
Item No
    	
 
    	
Qty
    	
 
    	
Type
    	
 
    	
Description
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
1
    	
 
    	
1
    	
 
    	
IT Cabinet
    	
 
    	
Wall mounted with 10 patch panels, (with   Avaya telephone system and handsets throughout offices, Rented)
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
2
    	
 
    	
3
    	
 
    	
Halogen Lights
    	
 
    	
With stands
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
3
    	
 
    	
1
    	
 
    	
Lounge Suite
    	
 
    	
Antique style timber frame, green fabric   upholstered
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
4
    	
 
    	
8
    	
 
    	
Display Modules
    	
 
    	
White melamine finish
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
5
    	
 
    	
1
    	
 
    	
Floor Fan
    	
 
    	
Heller
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
6
    	
 
    	
1
    	
 
    	
Mirror
    	
 
    	
Approx. 1800 x 600mm
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
7
    	
 
    	
3
    	
 
    	
Clothes Racks
    	
 
    	
Chrome, assorted, bolted to ground
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
8
    	
 
    	
4
    	
 
    	
Chairs
    	
 
    	
Stackable, black plastic moulded seat and   back
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
9
    	
 
    	
1
    	
 
    	
Trestle Table
    	
 
    	
White
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
10
    	
 
    	
1
    	
 
    	
Computer
    	
 
    	
Compaq Presario AMD Siempron Mid Tower,   Philips flat screen monitor, keyboard and mouse
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
11
    	
 
    	
1
    	
 
    	
Clerical Arm Chair
    	
 
    	
Swivel base on castors, gas lift, black   leather upholstered
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
12
    	
 
    	
2
    	
 
    	
Steel Filing Cabinets
    	
 
    	
3 drawer
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
13
    	
 
    	
1
    	
 
    	
Bar Refrigerator
    	
 
    	
Westinghouse
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
14
    	
 
    	
1
    	
 
    	
Facsimile
    	
 
    	
Brother 8360P
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
15
    	
 
    	
1
    	
 
    	
Lion
    	
 
    	
Stuffed and mounted
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
16
    	
 
    	
1
    	
 
    	
Sideboard
    	
 
    	
Mirror backed, bow front, 4 door
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
17
    	
 
    	
2
    	
 
    	
Arm Chairs
    	
 
    	
Wing back, beige, fabric upholstered
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
18
    	
 
    	
1
    	
 
    	
Lounge Suite
    	
 
    	
Brown fabric upholstered, (settee and 2 arm   chairs)
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
19
    	
 
    	
1
    	
 
    	
Male Torso
    	
 
    	
Cardboard
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
20
    	
 
    	
2
    	
 
    	
Cabinets
    	
 
    	
White melamine, 2 door
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
21
    	
 
    	
2
    	
 
    	
Cabinets
    	
 
    	
Black melamine, 2 door
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
22
    	
 
    	
4
    	
 
    	
Cabinets
    	
 
    	
Black melamine, 2 door
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
23
    	
 
    	
22
    	
 
    	
Clerical Arm Chair
    	
 
    	
Swivel base on castors, gas lift, assorted
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
24
    	
 
    	
5
    	
 
    	
Floor Fans
    	
 
    	
Heller
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
25
    	
 
    	
4
    	
 
    	
Large Work Benches
    	
 
    	
Chrome legs, black melamine top, assorted
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
26
    	
 
    	
1
    	
 
    	
Matching Bench
    	
 
    	
L-shaped, to wall (fixed), with overhead   cabinets
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
27
    	
 
    	
1
    	
 
    	
Computer
    	
 
    	
HP Compaq P4 desktop, flat screen monitor, keyboard and mouse
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
28
    	
 
    	
6
    	
 
    	
Pedestals
    	
 
    	
Assorted
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
29
    	
 
    	
1
    	
 
    	
Steel Cabinet
    	
 
    	
2 door
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
30
    	
 
    	
1
    	
 
    	
Sideboard
    	
 
    	
3 door, veneered finish
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
31
    	
 
    	
1
    	
 
    	
Desk
    	
 
    	
Woodgrain veneer, 3 drawer
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
32
    	
 
    	
1
    	
 
    	
Fish Tank
    	
 
    	
Approx. 3000 x 800 x 700mm, with base,   lighting, pumps, etc
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
33
    	
 
    	
1
    	
 
    	
Steel Filing Cabinet
    	
 
    	
3 drawer
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
34
    	
 
    	
3
    	
 
    	
Clothes Racks
    	
 
    	
Chrome, assorted
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
35
    	
 
    	
1
    	
 
    	
Stuffed Horse and Dog
    	
 
    	
 
    

 

 

	
Sect No
    	
 
    	
Sub Section
    	
 
    	
Item No
    	
 
    	
Qty
    	
 
    	
Type
    	
 
    	
Description
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
36
    	
 
    	
2
    	
 
    	
Computers
    	
 
    	
eMac
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
37
    	
 
    	
1
    	
 
    	
Laptop
    	
 
    	
Mac Book Pro
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
38
    	
 
    	
2
    	
 
    	
Computers
    	
 
    	
Mac G5, with flat screen monitor, keyboard and mouse
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
39
    	
 
    	
1
    	
 
    	
Computer
    	
 
    	
I Mac 20 inch screen
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
40
    	
 
    	
1
    	
 
    	
Steel Cabinet
    	
 
    	
White, 2 door
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
41
    	
 
    	
1
    	
 
    	
Floor Fan
    	
 
    	
Heller
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
42
    	
 
    	
3
    	
 
    	
Benches
    	
 
    	
Black melamine, chrome legs, (fixed to wall), assorted
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
43
    	
 
    	
2
    	
 
    	
Dining Chairs
    	
 
    	
Assorted
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
44
    	
 
    	
2
    	
 
    	
Clients Arm Chairs
    	
 
    	
Chrome steel frame, black leather upholstered
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
45
    	
 
    	
7
    	
 
    	
Clerical Arm Chairs
    	
 
    	
Swivel base on castors, gas lift, assorted
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
46
    	
 
    	
1
    	
 
    	
Arm Chair
    	
 
    	
Salmon fabric upholstered
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
47
    	
 
    	
2
    	
 
    	
Whiteboards
    	
 
    	
Assorted
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
48
    	
 
    	
1
    	
 
    	
Laptop
    	
 
    	
HP Compaq NX6120
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
49
    	
 
    	
1
    	
 
    	
Printer
    	
 
    	
HP Laserjet 1015
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
50
    	
 
    	
1
    	
 
    	
Filing Cabinet
    	
 
    	
Steel, 4 drawer
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
51
    	
 
    	
1
    	
 
    	
Laptop
    	
 
    	
HP Compaq 6710b
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
52
    	
 
    	
1
    	
 
    	
Clerical Arm Chair
    	
 
    	
Swivel base on castors, gas lift
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
53
    	
 
    	
1
    	
 
    	
Table
    	
 
    	
Blonde wood top, steel base
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
54
    	
 
    	
1
    	
 
    	
Computer
    	
 
    	
Mid Tower Clone, screen, keyboard and mouse
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
55
    	
 
    	
1
    	
 
    	
IT Cabinet
    	
 
    	
3/4 length
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
56
    	
 
    	
1
    	
 
    	
UPS
    	
 
    	
APC Smart UPS 1500, rack mount
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
57
    	
 
    	
1
    	
 
    	
Server
    	
 
    	
Dell Power Edge 1600SC Xeon Mid Tower, flat screen, keyboard (Not in   use)
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
58
    	
 
    	
1
    	
 
    	
Cabinet
    	
 
    	
Steel, 2 door
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
59
    	
 
    	
1
    	
 
    	
Filing Cabinet
    	
 
    	
Steel, 4 drawer
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
60
    	
 
    	
1
    	
 
    	
Filing Cabinet
    	
 
    	
Steel, 3 drawer
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
61
    	
 
    	
4
    	
 
    	
Clerical Chairs
    	
 
    	
Assorted
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
62
    	
 
    	
2
    	
 
    	
Pedestals
    	
 
    	
Assorted
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
63
    	
 
    	
4
    	
 
    	
Chairs
    	
 
    	
Moulded plywood seat and back
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
64
    	
 
    	
2
    	
 
    	
Tables
    	
 
    	
Steel frame, white melamine top
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
65
    	
 
    	
3
    	
 
    	
Pidgeon Hole Units
    	
 
    	
White melamine, 25 sections
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
66
    	
 
    	
1
    	
 
    	
Step Ladder
    	
 
    	
Aluminium, 2400mm
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
67
    	
 
    	
36
    	
 
    	
Bays of Shelving
    	
 
    	
Steel
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
68
    	
 
    	
1
    	
 
    	
Over Locker
    	
 
    	
Brother MA4-B551-065-5
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
69
    	
 
    	
2
    	
 
    	
Plain Sewers
    	
 
    	
Juki DDL-5550-6, with stitch selector
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
70
    	
 
    	
6
    	
 
    	
Cabinets
    	
 
    	
Assorted
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
71
    	
 
    	
3
    	
 
    	
Chairs
    	
 
    	
Assorted
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
72
    	
 
    	
7
    	
 
    	
Clothes Racks
    	
 
    	
Steel, assorted
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
73
    	
 
    	
1
    	
 
    	
Refrigerator
    	
 
    	
Centrex, 2 door
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
74
    	
 
    	
1
    	
 
    	
Cabinet
    	
 
    	
Steel, 2 door
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
75
    	
 
    	
2
    	
 
    	
Pedestal Fans
    	
 
    	
Assorted
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
76
    	
 
    	
1
    	
 
    	
Stock Picking Ladder
    	
 
    	
Aluminium, Bailey Laderweld
    

 

 

	
Sect No
    	
 
    	
Sub Section
    	
 
    	
Item No
    	
 
    	
Qty
    	
 
    	
Type
    	
 
    	
Description
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
77
    	
 
    	
3
    	
 
    	
Chairs
    	
 
    	
Stackable
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
78
    	
 
    	
1
    	
 
    	
Pallet Trolley
    	
 
    	
Hydraulic
    
	
1
    	
 
    	
Office Furniture
    	
 
    	
79
    	
 
    	
3
    	
 
    	
Store Trolleys
    	
 
    	
2 wheal
    
	
2
    	
 
    	
Stores
    	
 
    	
1
    	
 
    	
8
    	
 
    	
Clothes Racks
    	
 
    	
Steel ‘A’ frame, white
    
	
2
    	
 
    	
Stores
    	
 
    	
2
    	
 
    	
62
    	
 
    	
Modular Display Sections
    	
 
    	
Steel frame, glass tops, assorted
    
	
2
    	
 
    	
Stores
    	
 
    	
3
    	
 
    	
19
    	
 
    	
Modular Display Cubes
    	
 
    	
Glass, assorted
    
	
2
    	
 
    	
Stores
    	
 
    	
4
    	
 
    	
1
    	
 
    	
Glass Display Cabinet
    	
 
    	
Approx. 1800 x 300 x 1800mm, 2 sliding doors
    
	
2
    	
 
    	
Stores
    	
 
    	
5
    	
 
    	
1
    	
 
    	
Point-Of-Sale System
    	
 
    	
IBM Net Vista PC, Acer flat screen, keyboard, mouse, Cisco 800 Server   Router, cash drawer docket printer
    
	
2
    	
 
    	
Stores
    	
 
    	
6
    	
 
    	
1
    	
 
    	
Step Ladder
    	
 
    	
Steel, 900mm
    
	
2
    	
 
    	
Stores
    	
 
    	
7
    	
 
    	
1
    	
 
    	
Vacuum Cleaner
    	
 
    	
Domestic
    
	
2
    	
 
    	
Stores
    	
 
    	
8
    	
 
    	
1
    	
 
    	
Sound System
    	
 
    	
Yamaha 4TR-740 receiver and speakers
    
	
2
    	
 
    	
Stores
    	
 
    	
9
    	
 
    	
1
    	
 
    	
Point-Of-Sale System
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
Comprising of IBM Think Centre P4 PC, HP flat screen monitor,   keyboard and mouse, docket printer, cash drawer
    
	
2
    	
 
    	
Stores
    	
 
    	
10
    	
 
    	
4
    	
 
    	
Clothes Racks
    	
 
    	
Chrome, bolted to floor, assorted
    
	
2
    	
 
    	
Stores
    	
 
    	
11
    	
 
    	
1
    	
 
    	
Centre Display Cabinet
    	
 
    	
Timber and glass construction, approx. 5000 x 500 x 1800mm
    
	
2
    	
 
    	
Stores
    	
 
    	
12
    	
 
    	
1
    	
 
    	
Digital Advertising Panel
    	
 
    	
Adaptive, model 213C-1
    
	
2
    	
 
    	
Stores
    	
 
    	
13
    	
 
    	
1
    	
 
    	
Stuffed Deers Head
    	
 
    	
 
    
	
2
    	
 
    	
Stores
    	
 
    	
14
    	
 
    	
1
    	
 
    	
Step Ladder
    	
 
    	
Aluminium, 900mm
    
	
2
    	
 
    	
Stores
    	
 
    	
15
    	
 
    	
1
    	
 
    	
Vacuum Cleaner
    	
 
    	
Volta Sprite
    
	
2
    	
 
    	
Stores
    	
 
    	
16
    	
 
    	
 
    	
 
    	
1 Reception Desk
    	
 
    	
Black Perspex Cladded, with 7 Drawers, 1400mm (L) x 700mm
    
	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
(W) x 750mm (H)
    
	
2
    	
 
    	
Stores
    	
 
    	
17
    	
 
    	
 
    	
 
    	
1 Hi-Fi
    	
 
    	
Sony, Model STR-DE400, with 2 Sony, Model SS-MF650H, Floor Standing   Speakers
    
	
2
    	
 
    	
Stores
    	
 
    	
18
    	
 
    	
 
    	
 
    	
1 Personal Computer
    	
 
    	
with Mag, Flatscreen Monitor and Cash Drawer
    
	
2
    	
 
    	
Stores
    	
 
    	
19
    	
 
    	
 
    	
 
    	
1 Eftpos Machine
    	
 
    	
(Property of Third Party, Not Valued)
    
	
2
    	
 
    	
Stores
    	
 
    	
20
    	
 
    	
 
    	
 
    	
1 Furniture Located Around Showroom
    	
 
    	
Comprising: 4 Aluminium Foil Coated Armchairs; Cabinet, 3 Glass   Shelves and Timber Frame; Aluminium Foil Coated Lamp; Dia Type Aluminium Foil   Coated (Ornamental) Telephone; 3 Stainless Steel Hanging Shelves (Bolted to   Floor); 28 Glass Bottles
    
	
2
    	
 
    	
Stores
    	
 
    	
21
    	
 
    	
 
    	
 
    	
1 Storage Unit Container
    	
 
    	
Comprising: 3 Shelving Units; Ladder; Mop & Bucket; Lighting   Features; Bar Refrigerator, Hair; Hot Water Unit; Containers; Artwork
    

 

 

Equipment Leases

 

	
Sect No
    	
 
    	
Sub Section
    	
 
    	
Item No
    	
 
    	
Qty
    	
 
    	
Type
    	
 
    	
Description
    
	
LEASED   ASSETS
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    	
 
    
	
3
    	
 
    	
Leased
    	
 
    	
13
    	
 
    	
 
    	
 
    	
Laptop
    	
 
    	
Mac Book Serial No. W8740B5UZ5W, Core 2 Duo
    
	
3
    	
 
    	
Leased
    	
 
    	
14
    	
 
    	
 
    	
 
    	
Plotter
    	
 
    	
Gerber Infinity 45 with digitising board, PC etc
    
	
3
    	
 
    	
Leased
    	
 
    	
15
    	
 
    	
 
    	
 
    	
Laptop
    	
 
    	
HP 6710B (with Bleach)
    
	
3
    	
 
    	
Leased
    	
 
    	
16
    	
 
    	
 
    	
 
    	
Scanner
    	
 
    	
Flat bed - Canon, Canoscan Lide 600F
    
	
3
    	
 
    	
Leased
    	
 
    	
17
    	
 
    	
 
    	
 
    	
Laptop
    	
 
    	
HP NX8420 (sold)
    
	
3
    	
 
    	
Leased
    	
 
    	
18
    	
 
    	
 
    	
 
    	
Laptop
    	
 
    	
HP DX 7400 (sold)
    
	
3
    	
 
    	
Leased
    	
 
    	
19
    	
 
    	
1
    	
 
    	
Server
    	
 
    	
IBM X3650 Xeon, rack mount 4 x 73GB SCSI drives
    
	
3
    	
 
    	
Leased
    	
 
    	
20
    	
 
    	
1
    	
 
    	
Server
    	
 
    	
IBM X3650 Xeon, rack mount 2 x 73GB SCSI drives
    
	
3
    	
 
    	
Leased
    	
 
    	
21
    	
 
    	
1
    	
 
    	
Tape Library
    	
 
    	
IBM TS3100 rack mount
    
	
3
    	
 
    	
Leased
    	
 
    	
22
    	
 
    	
1
    	
 
    	
Storage Unit
    	
 
    	
IBM DS3400, 12 x 300GB, SCSI drives, rack mount
    
	
3
    	
 
    	
Leased
    	
 
    	
23
    	
 
    	
2
    	
 
    	
Routers
    	
 
    	
Cisco wireless routers
    
	
3
    	
 
    	
Leased
    	
 
    	
24
    	
 
    	
1
    	
 
    	
Switch
    	
 
    	
3 Com 4500G
    
	
 
    	
 
    	
 
    	
 
    	
25
    	
 
    	
 
    	
 
    	
 
    	
 
    	
All above with software mount kits, cards, cables, processors etc
    
	
3
    	
 
    	
Leased
    	
 
    	
26
    	
 
    	
 
    	
 
    	
Fitout
    	
 
    	
fitout for 16 Glenmore Road, Paddington
    
	
3
    	
 
    	
Leased
    	
 
    	
27
    	
 
    	
 
    	
 
    	
Fitout
    	
 
    	
fitout for 1021 High Street, Armidale Melbourne

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00212-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00212-of-00352.parquet"}]]