Document:

Exhibit 10.8

 

EXECUTION VERSION

 

SECOND LIEN GUARANTY

 

THIS SECOND LIEN GUARANTY is made as of August 30, 2013, by SUNDANCE ENERGY AUSTRALIA LIMITED (ACN 112 202 883), a company organized under the laws of South Australia (“Guarantor”), in favor of WELLS FARGO ENERGY CAPITAL, INC., individually and as Administrative Agent for the Guaranteed Parties.

 

RECITALS:

 

1.                                      Sundance Energy, Inc., a Colorado corporation (“Borrower”), is executing in favor of Lenders those certain promissory notes of even date herewith, payable to the order of Lenders in the aggregate principal amount of up to $100,000,000 (such promissory notes, as from time to time amended, and all promissory notes given in substitution, renewal or extension therefor or thereof, in whole or in part, being herein collectively called the “Note”).

 

2.                                      The Note is being executed pursuant to a Second Lien Credit Agreement of even date herewith, (herein, as from time to time amended, supplemented or restated, called the “Credit Agreement”), by and among Borrower, Administrative Agent and Lenders, pursuant to which Lenders have agreed to advance funds to Borrower under the Note.

 

3.                                      It is a condition precedent to Lenders’ obligations to advance funds pursuant to the Credit Agreement that Guarantor shall execute and deliver to Administrative Agent a satisfactory guaranty of the Obligations.

 

4.                                      Guarantor owns directly, or indirectly through one or more subsidiaries, one hundred percent (100%) of the outstanding shares of common stock of Borrower.

 

5.                                      The board of directors of Guarantor has determined that Guarantor’s execution, delivery and performance of this Guaranty may reasonably be expected to benefit Guarantor, directly or indirectly, and are in the best interests of Guarantor.

 

NOW, THEREFORE, in consideration of the premises, of the benefits which will inure to Guarantor from Lenders’ advances of funds to Borrower under the Credit Agreement, and of Ten Dollars and other good and valuable consideration, the receipt and sufficiency of all of which are hereby acknowledged, and in order to induce Lenders to advance funds under the Credit Agreement, Guarantor hereby agrees with Administrative Agent, for the benefit of Administrative Agent and Lenders as follows:

 

AGREEMENTS:

 

Section 1.                                           Definitions. Reference is hereby made to the Credit Agreement for all purposes. All terms used in this Guaranty which are defined in the Credit Agreement and not otherwise defined herein shall have the same meanings when used herein. All references herein to any Obligation Document, Loan Document, or other document or instrument refer to the same as from time to time amended, supplemented or restated. As used herein the following terms shall have the following meanings:

 

PARENT GUARANTY

 

 

“Administrative Agent” means the Person who, at the time in question, is the “Administrative Agent” under the Credit Agreement.

 

“Borrower” has the meaning specified in Recital 1.

 

“Credit Agreement” has the meaning specified in Recital 1.

 

“Guaranteed Parties” means Administrative Agent, Lenders, and any other Person to which Obligations are owing.

 

“Lenders” means Wells Fargo Bank, N.A. and all other Persons who at any time are “Lenders” under the Credit Agreement.

 

“Obligations” means collectively all of the indebtedness, obligations, and undertakings which are guaranteed by Guarantor and described in subsections (a) and (b) of Section 2.

 

“Obligation Documents” means this Guaranty, the Note, the Credit Agreement, the Loan Documents, all other documents and instruments under, by reason of which, or pursuant to which any or all of the Obligations are evidenced, governed, secured, or otherwise dealt with, and all other documents, instruments, agreements, certificates, legal opinions and other writings heretofore or hereafter delivered in connection herewith or therewith.

 

“Obligors” means Borrower, Guarantor and any other endorsers, guarantors or obligors, primary or secondary, of any or all of the Obligations.

 

“Security” means any rights, properties, or interests of Administrative Agent or Lenders, under the Obligation Documents or otherwise, which provide recourse or other benefits to Administrative Agent or Lenders in connection with the Obligations or the non-payment or non-performance thereof, including collateral (whether real or personal, tangible or intangible) in which Administrative Agent or Lenders have rights under or pursuant to any Obligation Documents, guaranties of the payment or performance of any Obligation, bonds, surety agreements, keep-well agreements, letters of credit, rights of subrogation, rights of set off.

 

Section 2.                                           Guaranty.

 

(a)                                 Guarantor hereby irrevocably, absolutely, and unconditionally guarantees to each Guaranteed Party the prompt, complete, and full payment when due, and no matter how the same shall become due, of:

 

(i)                                     The Note, including all principal, all interest thereon and all other sums payable thereunder; and

 

(ii)                                  All other sums payable under the other Obligation Documents, whether for principal, interest, fees or otherwise.

 

Without limiting the generality of the foregoing, Guarantor’s liability hereunder shall extend to and include all post-petition interest, expenses, and other duties and liabilities of each Restricted Person described above in this subsection (a), or below in the following subsection (b), which

 

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would be owed by such Restricted Person but for the fact that they are unenforceable or not allowable due to the existence of a bankruptcy, reorganization, or similar proceeding involving a Restricted Person.

 

(b)                                 Guarantor hereby irrevocably, absolutely, and unconditionally guarantees to Administrative Agent and each Lender the prompt, complete and full performance, when due, and no matter how the same shall become due, of all obligations and undertakings of the Restricted Persons to Administrative Agent or such Lender under, by reason of, or pursuant to any of the Obligation Documents.

 

(c)                                  If any Restricted Person shall for any reason fail to pay any Obligation, as and when such Obligation shall become due and payable, whether at its stated maturity, as a result of the exercise of any power to accelerate, or otherwise, Guarantor will, upon demand by Administrative Agent, pay such Obligation in full to Administrative Agent for the benefit of Administrative Agent or the Lender to whom such Obligation is owed. If any Restricted Person shall for any reason fail to perform promptly any Obligation, Guarantor will, upon demand by Administrative Agent, cause such Obligation to be performed or, if specified by Administrative Agent, provide sufficient funds, in such amount and manner as Administrative Agent shall in good faith determine, for the prompt, full and faithful performance of such Obligation by Administrative Agent or such other Person as Administrative Agent shall designate.

 

(d)                                 If any Restricted Person or Guarantor fails to pay or perform any Obligation as described in the immediately preceding subsections (a), (b), or (c) Guarantor will incur the additional obligation to pay to Administrative Agent, and Guarantor will forthwith upon demand by Administrative Agent pay to Administrative Agent, the amount of any and all reasonable expenses, including fees and disbursements of Administrative Agent’s counsel that are not employees of Administrative Agent or any Affiliate of Administrative Agent and of any experts or agents retained by Administrative Agent, which Administrative Agent may incur as a result of such failure.

 

(e)                                  As between Guarantor and Administrative Agent or Lenders, this Guaranty shall be considered a primary and liquidated liability of Guarantor.

 

Section 3.                                           Unconditional Guaranty.

 

(a)                                 No action which Administrative Agent or any Lender may take or omit to take in connection with any of the Obligation Documents which does not violate the terms thereof, any of the Obligations (or any other indebtedness owing by Borrower to Administrative Agent or any Lender), or any Security, and no course of dealing of Administrative Agent or any Lender with any Obligor or any other Person, shall release or diminish Guarantor’s obligations, liabilities, agreements or duties hereunder, affect this Guaranty in any way, or afford Guarantor any recourse against Administrative Agent or any Lender, regardless of whether any such action or inaction may increase any risks to or liabilities of Administrative Agent or any Lender or any Obligor or increase any risk to or diminish any safeguard of any Security. Without limiting the foregoing, Guarantor hereby expressly agrees that Administrative Agent and Lenders may, from time to time, without notice to or the consent of Guarantor, do any or all of the following:

 

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(i)                                     Amend, change or modify, in whole or in part, any one or more of the Obligation Documents and give or refuse to give any waivers or other indulgences with respect thereto.

 

(ii)                                  Neglect, delay, fail, or refuse to take or prosecute any action for the collection or enforcement of any of the Obligations, to foreclose or take or prosecute any action in connection with any Security or Obligation Document, to bring suit against any Obligor or any other Person, or to take any other action concerning the Obligations or the Obligation Documents.

 

(iii)                               Accelerate, change, rearrange, extend, or renew the time, rate, terms, or manner for payment or performance of any one or more of the Obligations (whether for principal, interest, fees, expenses, indemnifications, affirmative or negative covenants, or otherwise).

 

(iv)                              Compromise or settle any unpaid or unperformed Obligation or any other obligation or amount due or owing, or claimed to be due or owing, under any one or more of the Obligation Documents.

 

(v)                                 Take, exchange, amend, eliminate, surrender, release, or subordinate any or all Security for any or all of the Obligations, accept additional or substituted Security therefor, and perfect or fail to perfect Administrative Agent’s or Lenders’ rights in any or all Security.

 

(vi)                              Discharge, release, substitute or add Obligors.

 

(vii)                           Apply all monies received from Obligors or others, or from any Security for any of the Obligations, as Administrative Agent or Lenders may determine to be in their best interest, without in any way being required to marshall Security or assets or to apply all or any part of such monies upon any particular Obligations.

 

(b)                                 No action or inaction of any Obligor or any other Person, and no change of law or circumstances, shall release or diminish Guarantor’s obligations, liabilities, agreements, or duties hereunder, affect this Guaranty in any way, or afford Guarantor any recourse against Administrative Agent or any Lender. Without limiting the foregoing, the obligations, liabilities, agreements, and duties of Guarantor under this Guaranty shall not be released, diminished, impaired, reduced, or affected by the occurrence of any or all of the following from time to time, even if occurring without notice to or without the consent of Guarantor:

 

(i)                                     Any voluntary or involuntary liquidation, dissolution, sale of all or substantially all assets, marshalling of assets or liabilities, receivership, conservatorship, assignment for the benefit of creditors, insolvency, bankruptcy, reorganization, arrangement, or composition of any Obligor or any other proceedings involving any Obligor or any of the assets of any Obligor under laws for the protection of debtors, or any discharge, impairment, modification, release, or limitation of the liability of, or stay of actions or lien enforcement proceedings

 

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against, any Obligor, any properties of any Obligor, or the estate in bankruptcy of any Obligor in the course of or resulting from any such proceedings.

 

(ii)                                  The failure by Administrative Agent or any Lender to file or enforce a claim in any proceeding described in the immediately preceding subsection (i) or to take any other action in any proceeding to which any Obligor is a party.

 

(iii)                               The release by operation of law of any Obligor from any of the Obligations or any other obligations to Administrative Agent or any Lender.

 

(iv)                              The invalidity, deficiency, illegality, or unenforceability of any of the Obligations or the Obligation Documents, in whole or in part, any bar by any statute of limitations or other law of recovery on any of the Obligations, or any defense or excuse for failure to perform on account of force majeure, act of God, casualty, impossibility, impracticability, or other defense or excuse whatsoever.

 

(v)                                 The fact that Guarantor may have incurred directly part of the Obligations or is otherwise primarily liable therefor.

 

(vi)                              Without limiting any of the foregoing, any fact or event (whether or not similar to any of the foregoing) which in the absence of this provision would or might constitute or afford a legal or equitable discharge or release of or defense to a guarantor or surety other than the actual payment and performance by Guarantor under this Guaranty.

 

(c)                                  This is a guaranty of payment and not of collection. Administrative Agent and Lenders may invoke the benefits of this Guaranty before pursuing any remedies against any Obligor or any other Person and before proceeding against any Security now or hereafter existing for the payment or performance of any of the Obligations. Administrative Agent and Lenders may maintain an action against Guarantor on this Guaranty without joining any other Obligor therein and without bringing a separate action against any other Obligor.

 

(d)                                 If any payment to Administrative Agent or any Lender by any Obligor is held to constitute a preference or a voidable transfer under applicable state or federal laws, or if for any other reason Administrative Agent or any Lender is required to refund such payment to the payor thereof or to pay the amount thereof to any other Person, such payment to Administrative Agent or such Lender shall not constitute a release of Guarantor from any liability hereunder, and Guarantor agrees to pay such amount to Administrative Agent or such Lender on demand and agrees and acknowledges that this Guaranty shall continue to be effective or shall be reinstated, as the case may be, to the extent of any such payment or payments. Any transfer by subrogation which is made as contemplated in Section 6 prior to any such payment or payments shall (regardless of the terms of such transfer) be automatically voided upon the making of any such payment or payments, and all rights so transferred shall thereupon revert to and be vested in Administrative Agent and Lenders.

 

(e)                                  This is a continuing guaranty and shall apply to and cover all Obligations and renewals and extensions thereof and substitutions therefor from time to time.

 

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Section 4.                                           Waiver. Guarantor hereby waives, with respect to the Obligations, this Guaranty, and the other Obligation Documents:

 

(a)                                 notice of the incurrence of any Obligation by any Restricted Person, and notice of any kind concerning the assets, liabilities, financial condition, creditworthiness, businesses, prospects, or other affairs of any Restricted Person (it being understood and agreed that: (i) Guarantor shall take full responsibility for informing itself of such matters, (ii) neither Administrative Agent nor any other Guaranteed Party shall have any responsibility of any kind to inform Guarantor of such matters, and (iii) Guaranteed Parties are hereby authorized to assume that Guarantor, by virtue of its relationships with Borrower which are independent of this Guaranty, has full and complete knowledge of such matters whenever Guaranteed Parties extend credit to any Restricted Person or take any other action which may change or increase Guarantor’s liabilities or losses hereunder).

 

(b)                                 notice that Administrative Agent, any Lender, any Obligor, or any other Person has taken or omitted to take any action under any Obligation Document or any other agreement or instrument relating thereto or relating to any Obligation.

 

(c)                                  default, demand, presentment for payment, and notice of default, demand, dishonor, nonpayment, or nonperformance.

 

(d)                                 notice of intention to accelerate, notice of acceleration, protest, notice of protest, notice of any exercise of remedies (as described in the following Section 5 or otherwise), and all other notices of any kind whatsoever.

 

Section 5.                                           Exercise of Remedies.     Administrative Agent shall have the right to enforce, from time to time, in any order and at Administrative Agent’s sole discretion, any rights, powers and remedies which Administrative Agent or Lenders may have under the Obligation Documents or otherwise, including judicial foreclosure, the exercise of rights of power of sale, the taking of a deed or assignment in lieu of foreclosure, the appointment of a receiver to collect rents, issues and profits, the exercise of remedies against personal property, or the enforcement of any assignment of leases, rentals, oil or gas production, or other properties or rights, whether real or personal, tangible or intangible; and Guarantor shall be liable to Administrative Agent and each Lender hereunder for any deficiency resulting from the exercise by Administrative Agent of any such right or remedy even though any rights which Guarantor may have against Borrower or others may be destroyed or diminished by exercise of any such right or remedy. No failure on the part of Administrative Agent or any Lender to exercise, and no delay in exercising, any right hereunder or under any other Obligation Document shall operate as a waiver thereof; nor shall any single or partial exercise of any right preclude any other or further exercise thereof or the exercise of any other right. The rights, powers and remedies of Administrative Agent and each Lender provided herein and in the other Obligation Documents are cumulative and are in addition to, and not exclusive of, any other rights, powers or remedies provided by law or in equity. The rights of Administrative Agent and each Lender hereunder are not conditional or contingent on any attempt by Administrative Agent or any Lender to exercise any of its rights under any other Obligation Document against any Obligor or any other Person.

 

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Section 6.              Limited Subrogation.

 

(a)           Until all of the Obligations have been paid and performed in full Guarantor shall have no right to exercise any right of subrogation, reimbursement, indemnity, exoneration, contribution or any other claim which it may now or hereafter have against or to any Obligor or any Security in connection with this Guaranty, and Guarantor hereby waives any rights to enforce any remedy which Guarantor may have against any Restricted Person and any right to participate in any Security until such time. If any amount shall be paid to Guarantor on account of any such subrogation or other rights, any such other remedy, or any Security at any time when all of the Obligations and all other expenses guaranteed pursuant hereto shall not have been paid in full, such amount shall be held in trust for the benefit of Administrative Agent, shall be segregated from the other funds of Guarantor and shall forthwith be paid over to Administrative Agent to be held by Administrative Agent as collateral for, or then or at any time thereafter applied in whole or in part by Administrative Agent against, all or any portion of the Obligations, whether matured or unmatured, in such order as Administrative Agent shall elect.

 

(b)           If Guarantor shall make payment to Administrative Agent of all or any portion of the Obligations and if all of the Obligations shall be finally paid in full in cash, Administrative Agent will, at Guarantor’s request and expense, execute and deliver to Guarantor (without recourse, representation or warranty) appropriate documents necessary to evidence the transfer by subrogation to Guarantor of an interest in the Obligations resulting from such payment by Guarantor; provided that such transfer shall be subject to Section 3(d) above and that without the consent of Administrative Agent (which Administrative Agent may withhold in its discretion) Guarantor shall not have the right to be subrogated to any claim or right against any Obligor which has become owned by Administrative Agent or any Lender, whose ownership has otherwise changed in the course of enforcement of the Obligation Documents.

 

Section 7.              Successors and Assigns. Guarantor’s rights or obligations hereunder may not be assigned or delegated, but this Guaranty and such obligations shall pass to and be fully binding upon the successors of Guarantor, as well as Guarantor. This Guaranty shall apply to and inure to the benefit of Administrative Agent and Lenders and their successors or assigns who acquire their interests in accordance with the assignment provisions of the Credit Agreement. Without limiting the generality of the immediately preceding sentence, Administrative Agent and each Lender may assign, grant a participation in, or otherwise transfer any Obligation held by it or any portion thereof, and Administrative Agent and each Lender may assign or otherwise transfer its rights or any portion thereof under any Obligation Document, to any other Person, and such other Person shall thereupon become entitled to all of the benefits in respect thereof granted to Administrative Agent or such Lender hereunder unless otherwise expressly provided by Administrative Agent or such Lender in connection with such assignment or transfer.

 

Section 8.              Subordination and Set Off.    Guarantor hereby subordinates and makes inferior to the Obligations any and all indebtedness now or at any time hereafter owed by Restricted Persons to Guarantor. Guarantor agrees that after the occurrence and during the continuance of any Event of Default (including the commencement and continuation of any proceeding under any Debtor Relief Law relating to any Restricted Person) it will neither permit any Restricted Person to repay such indebtedness or any part thereof nor accept payment from any Restricted Person of such indebtedness or any part thereof without the prior written consent

 

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of Administrative Agent. If Guarantor receives any such payment without the prior written consent of Administrative Agent, the amount so paid shall be held in trust for the benefit of Lenders, shall be segregated from the other funds of Guarantor, and shall forthwith be paid over to Administrative Agent to be held by Administrative Agent as collateral for, or then or at any time thereafter applied in whole or in part by Administrative Agent against, all or any portions of the Obligations, whether matured or unmatured, in such order as Administrative Agent shall elect. In any proceeding under any Debtor Relief Law relating to any Restricted Person, the Guaranteed Parties shall be entitled to receive payment in full in cash of all Obligations (including all interest and expenses accruing after the commencement of a proceeding under any Debtor Relief Law, whether or not constituting an allowed claim in such proceeding) before Guarantor receives payment of any Subordinated Obligation.

 

If an Event of Default shall have occurred and be continuing, each Guaranteed Party is hereby authorized at any time and from time to time after obtaining the prior written consent of Administrative Agent, to the fullest extent permitted by applicable Law, to set off and apply any and all deposits (general or special, time or demand, provisional or final, in whatever currency) at any time held and other obligations (in whatever currency) at any time owing by such Guaranteed Party to or for the credit or the account of Guarantor against any and all of the obligations of Guarantor now or hereafter existing under this Guaranty to such Guaranteed Party. The rights of each Guaranteed Party under this Section are in addition to other rights and remedies (including other rights of set off) that such Guaranteed Party may have.

 

Section 9.              Representations and Warranties.     Guarantor hereby represents and warrants to Administrative Agent and each Lender as follows:

 

(a)           The Recitals at the beginning of this Guaranty are true and correct in all respects.

 

(b)           Guarantor is an entity duly organized, validly existing and in good standing under the laws of the state of its organization as set forth in the Recitals to this Guaranty; and Guarantor has all requisite power and authority to execute, deliver and perform this Guaranty.

 

(c)           The execution, delivery and performance by Guarantor of this Guaranty have been duly authorized by all necessary corporate action and do not and will not contravene its certificate or articles of incorporation or bylaws.

 

(d)           The execution, delivery and performance by Guarantor of this Guaranty do not and will not contravene any law or governmental regulation or any material contractual restriction binding on or affecting Guarantor or any of its Affiliates or properties, and do not and will not result in or require the creation of any lien, security interest or other charge or encumbrance upon or with respect to any of its properties.

 

(e)           No authorization or approval or other action by, and no notice to or filing with, any governmental authority or other regulatory body or third party is required for the due execution, delivery and performance by Guarantor of this Guaranty, other than reporting requirements to the ASX, with which Guarantor agrees to comply.

 

(f)            This Guaranty is a legal, valid and binding obligation of Guarantor, enforceable against Guarantor in accordance with its terms except as limited by bankruptcy, insolvency or

 

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similar laws of general application relating to the enforcement of creditors’ rights and general principles of equity.

 

(g)           There is no action, suit or proceeding pending or, to the knowledge of Guarantor, threatened against or otherwise affecting Guarantor before any court, arbitrator or governmental department, commission, board, bureau, agency or instrumentality which may materially and adversely affect Guarantor’s financial condition or its ability to perform its obligations hereunder.

 

(h)           The direct or indirect value of the consideration received and to be received by Guarantor in connection herewith is reasonably worth at least as much as the liability and obligations of Guarantor hereunder, and the incurrence of such liability and obligations in return for such consideration may reasonably be expected to benefit Guarantor, directly or indirectly.

 

(i)            Each representation and warranty made by Borrower with respect to Guarantor in any other Loan Document is correct in all material respects (expect that such materiality qualifier shall not be applicable to any representation or warranty that already is qualified or modified by materiality in the text thereof).

 

Section 10.            Covenants.

 

(a)           General. Guarantor will, so long as any Obligation shall remain unpaid, or any Guaranteed Party shall have any Commitment, perform and observe, and cause each of its Subsidiaries to perform and observe, all of the terms, covenants and agreements in the Obligation Documents on its or their part to be performed or observed or that the Borrower has agreed to cause Guarantor or such Subsidiaries to perform.

 

(b)           Indebtedness.  Guarantor will not in any manner owe or be liable for Indebtedness except the Obligations and the guarantee of Indebtedness under the First Lien Credit Agreement in an amount not to exceed $300,000,000 at any one time outstanding.

 

Section 11.            No Oral Change. No amendment of any provision of this Guaranty shall be effective unless it is in writing and signed by Guarantor and Lenders, and no waiver of any provision of this Guaranty, and no consent to any departure by Guarantor therefrom, shall be effective unless it is in writing and signed by Lenders, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for which given.

 

Section 12.            Invalidity of Particular Provisions.     If any term or provision of this Guaranty shall be determined to be illegal or unenforceable all other terms and provisions hereof shall nevertheless remain effective and shall be enforced to the fullest extent permitted by applicable law.

 

Section 13.            Headings and References. The headings used herein are for purposes of convenience only and shall not be used in construing the provisions hereof. The words “this Guaranty,” “this instrument,” “herein,” “hereof,” “hereby” and words of similar import refer to this Guaranty as a whole and not to any particular subdivision unless expressly so limited. The phrases “this section” and “this subsection” and similar phrases refer only to the subdivisions hereof in which such phrases occur.  The word “or” is not exclusive, and the word “including”

 

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(in its various forms) means “including without limitation”. Pronouns in masculine, feminine and neuter genders shall be construed to include any other gender, and words in the singular form shall be construed to include the plural and vice versa, unless the context otherwise requires.

 

Section 14.            Term. This Guaranty shall be irrevocable until the date (the “Termination Date”) on which (a) all of the Obligations (other than contingent indemnification obligations) have been completely and finally paid and performed, no Lender has any obligation to make any loans or other advances to Borrower, and all obligations and undertakings of Borrower under, by reason of, or pursuant to the Obligation Documents have been completely performed; or (b) the Guarantor has been provided with a written release from its obligations under this Guaranty by the Administrative Agent. This Guaranty is thereafter subject to reinstatement as provided in Section 3(d). All extensions of credit and financial accommodations heretofore or hereafter made by Administrative Agent or Lenders to Borrower shall be conclusively presumed to have been made in acceptance hereof and in reliance hereon.

 

Section 15.            Notices. Any notice or communication required or permitted hereunder shall be given in writing, sent by personal delivery, by telecopy, by delivery service with proof of delivery, or by registered or certified United States mail, postage prepaid, addressed to the appropriate party as follows:

 

To Guarantor:

 

Sundance Energy Australia Limited 
 c/o Sundance Energy, Inc.

633 17th Street, Suite 1950

Denver, Colorado 80202 
 Attention: Eric P. McCrady 
 Facsimile: 303/543-5701

 

Sundance Energy Australia Limited 
 32 Beulah Road

Norwood, SA, Australia 5067 
 Attention: Craig Gooden 
 Facsimile: 08 8132 0766

 

To Administrative Agent:

 

Wells Fargo Energy Capital, Inc. 
 1000 Louisiana, 9th Floor 
 Houston, TX 77002

Attention: Ryan Sauer 
 Facsimile: 713/652-5874

 

or to such other address or to the attention of such other individual as hereafter shall be designated in writing by the applicable party sent in accordance herewith. Any such notice or communication shall be deemed to have been given (a) in the case of personal delivery or

 

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delivery service, as of the date of first attempted delivery at the address or in the manner provided herein, (b) in the case of telecopy, upon receipt, or (c) in the case of registered or certified United States mail, three days after deposit in the mail.

 

Section 16.            Limitation on Interest.     Administrative Agent, Lenders and Guarantor intend to contract in strict compliance with applicable usury law from time to time in effect, and the provisions of the Credit Agreement limiting the interest for which Guarantor is obligated are expressly incorporated herein by reference.

 

Section 17.            Loan Document. This Guaranty is a Loan Document, as defined in the Credit Agreement, and is subject to the provisions of the Credit Agreement governing Loan Documents. Guarantor hereby agrees to comply with all of the terms and conditions of the Credit Agreement which are applicable to Guarantor.

 

Section 18.            Counterparts; Fax.      This Guaranty may be executed in any number of counterparts, each of which when so executed shall be deemed to constitute one and the same Guaranty. This Guaranty may be validly executed and delivered by facsimile or other electronic transmission.

 

Section 19.            Governing Law; Submission to Process.

 

(a)           GOVERNING LAW. THIS GUARANTY SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF COLORADO.

 

(b)           SUBMISSION TO JURISDICTION.      GUARANTOR IRREVOCABLY AND UNCONDITIONALLY SUBMITS, FOR ITSELF AND ITS PROPERTY, TO THE NONEXCLUSIVE JURISDICTION OF THE COURTS OF THE STATE OF COLORADO SITTING IN DENVER COUNTY, COLORADO AND OF THE UNITED STATES DISTRICT COURT SITTING IN DENVER, COLORADO, AND ANY APPELLATE COURT FROM ANY THEREOF, IN ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER OBLIGATION DOCUMENT, OR RECOGNITION OR ENFORCEMENT OF ANY JUDGMENT, AND GUARANTOR IRREVOCABLY AND UNCONDITIONALLY AGREES THAT ALL CLAIMS IN RESPECT OF ANY SUCH ACTION OR PROCEEDING MAY BE HEARD AND DETERMINED IN SUCH STATE COURTS OR, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, IN SUCH FEDERAL COURT. EACH OF THE PARTIES HERETO AGREES THAT A FINAL JUDGMENT IN ANY SUCH ACTION OR PROCEEDING SHALL BE CONCLUSIVE AND MAY BE ENFORCED IN OTHER JURISDICTIONS BY SUIT ON THE JUDGMENT OR IN ANY OTHER MANNER PROVIDED BY LAW. NOTHING IN THIS GUARANTY OR IN ANY OTHER OBLIGATION DOCUMENT SHALL AFFECT ANY RIGHT THAT ADMINISTRATIVE AGENT OR ANY LENDER MAY OTHERWISE HAVE TO BRING ANY ACTION OR PROCEEDING RELATING TO THIS GUARANTY OR ANY OTHER OBLIGATION DOCUMENT AGAINST BORROWER OR ANY OTHER RESTRICTED PERSON OR ITS PROPERTIES IN THE COURTS OF ANY JURISDICTION.

 

(c)            WAIVER OF VENUE.      GUARANTOR IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY

 

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APPLICABLE LAW, ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER OBLIGATION DOCUMENT IN ANY COURT REFERRED TO IN PARAGRAPH (B) OF THIS SECTION. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, THE DEFENSE OF AN INCONVENIENT FORUM TO THE MAINTENANCE OF SUCH ACTION OR PROCEEDING IN ANY SUCH COURT.

 

(d)           SERVICE OF PROCESS.      EACH PARTY HERETO IRREVOCABLY CONSENTS TO SERVICE OF PROCESS IN THE MANNER PROVIDED FOR NOTICES IN SECTION 15. GUARANTOR HEREBY APPOINTS SUNDANCE ENERGY, INC. AS ITS AGENT FOR SERVICE OF PROCESS AT ITS ADDRESS OF 633 17th STREET, SUITE 1950, DENVER, COLORADO 80202, AND AGREES AND CONSENTS TO SERVICE OF PROCESS ON GUARANTOR BY NOTICE TO SUNDANCE ENERGY, INC. NOTHING IN THIS GUARANTY WILL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY APPLICABLE LAW.

 

Section 20.            Waiver of Jury Trial, Punitive Damages, etc. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, (A) ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS GUARANTY OR ANY OTHER OBLIGATION DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY), AND (B) ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LEGAL PROCEEDING ANY “SPECIAL DAMAGES,” AS DEFINED BELOW. EACH PARTY HERETO (X) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (Y) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS GUARANTY AND THE OTHER OBLIGATION DOCUMENTS BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION. AS USED IN THIS SECTION, “SPECIAL DAMAGES” INCLUDES ALL SPECIAL, CONSEQUENTIAL, EXEMPLARY, OR PUNITIVE DAMAGES (REGARDLESS OF HOW NAMED), BUT DOES NOT INCLUDE ANY PAYMENTS OR FUNDS WHICH ANY PARTY HERETO HAS EXPRESSLY PROMISED TO PAY OR DELIVER TO ANY OTHER PARTY HERETO.

 

Section 21.            Payments Free of Taxes. Any and all payments by or on account of any obligation of Guarantor under this Guaranty shall be made free and clear of and without reduction or withholding for any taxes or other charges, provided that if Guarantor shall be required by applicable law to deduct any such taxes or other charges from such payments, then (i) the sum payable shall be increased as necessary so that after making all required deductions (including deductions applicable to additional sums payable under this Section) the applicable Guaranteed Party receives an amount equal to the sum it would have received had no such deductions been made, (ii) Guarantor shall make such deductions; and (iii) Guarantor shall

 

12

 

timely pay the full amount deducted to the relevant Governmental Authority in accordance with applicable law.

 

Section 22.            Currency Equivalents Generally. Any amount specified in this Guaranty to be in Dollars shall also include the equivalent of such amount in any currency other than Dollars, such equivalent amount thereof in the applicable currency to be determined by the Administrative Agent at such time on the basis of the Spot Rate (as defined below) for the purchase of such currency with Dollars. For purposes of this Section 22, the “Spot Rate” for a currency means the rate determined by the Administrative Agent to be the rate quoted by the Person acting in such capacity as the spot rate for the purchase by such Person of such currency with another currency through its or its Affiliate’s principal foreign exchange trading office at approximately 11:00 a.m. on the date two Business Days prior to the date of such determination; provided that the Administrative Agent may obtain such spot rate from another financial institution designated by the Administrative Agent if the Person acting in such capacity does not have as of the date of determination a spot buying rate for any such currency.

 

Section 23.            Amendments and Waivers.     No amendment of this Guaranty shall be effective unless it is in writing and signed by Guarantor and the Administrative Agent, and no waiver of this Guaranty or consent to any departure by Guarantor herefrom shall be effective unless it is in writing and signed by the Administrative Agent, and then such waiver or consent shall be effective only in the specific instance and for the specific purpose for that given and to the extent specified in such writing. In addition, all such amendments and waivers shall be effective only if given with the necessary approvals required in the Credit Agreement. No such amendment shall bind any Guarantor not a party thereto, but no such amendment with respect to any Guarantor shall require the consent of any other Guarantor.

 

Section 24.            Acceptance by the Guaranteed Parties. By their acceptance of the benefits hereof, the Guaranteed Parties shall be deemed to have agreed to be bound hereby and to perform any obligation on their part set forth herein.

 

Section 25.            Survival of Agreements. All representations, warranties, covenants and agreements of Guarantor herein and in each other Guaranteed Document to which Guarantor is a party shall survive the execution and delivery of this Guaranty, the execution and delivery of any other Guaranteed Document and the creation of the Obligations.

 

Section 26.            FINAL AGREEMENT. THIS WRITTEN AGREEMENT AND THE OTHER OBLIGATION DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES HERETO AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES HERETO. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES HERETO.

 

Section 27.            INTERCREDITOR AGREEMENT.       Reference is made to the Intercreditor Agreement dated as of even date herewith (as amended, restated, supplemented or otherwise modified from time to time, the “Intercreditor Agreement”), among the Borrower, Wells Fargo Bank, N.A., as First Lien Administrative Agent (as defined therein), and Wells Fargo Energy Capital, Inc., as Second Lien Administrative Agent (as defined therein).  Notwithstanding

 

13

 

anything herein to the contrary, the lien and security interest granted to the Administrative Agent, for the benefit of the Secured Parties, pursuant to this Guaranty and the exercise of any right or remedy by the Administrative Agent and the other Secured Parties hereunder are subject to the provisions of the Intercreditor Agreement. In the event of any conflict or inconsistency between the provisions of the Intercreditor Agreement and this Guaranty, the provisions of the Intercreditor Agreement shall control.

 

(The remainder of this page is intentionally left blank.)

 

14

 

IN WITNESS WHEREOF, Guarantor has executed and delivered this Guaranty as of the date first written above.

 

	
 
    	
Executed   by SUNDANCE ENERGY
    
	
 
    	
AUSTRALIA   LIMITED ACN 112 202 883 in
    
	
 
    	
accordance   with Section 127 of the Corporations
    
	
 
    	
Act   2001 (Australia) by:
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
Michael   Hannell
    
	
 
    	
 
    	
Title:
    	
Chairman   of the Board
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
 
    
	
 
    	
 
    	
Name:
    	
Damien   Connor
    
	
 
    	
 
    	
Title:
    	
Secretary
    

 

S-1

 

	
ACCEPTED   AS OF THE DATE FIRST
    
	
WRITTEN   ABOVE BY:
    
	
 
    
	
WELLS   FARGO ENERGY CAPITAL INC.,
    
	
as   Administrative Agent
    

 

 

	
By:
    	
 
    	
 
    
	
Name:
    	
Ryan   Sauer 
    	
 
    
	
Title:
    	
Vice   President   
    	
 
    

 

S-2Exhibit 10.9

 

Deed of access, insurance and indemnity

 

Sundance Energy Australia Limited (Company)

(Director)

 

Indemnity Nelson

 

 

Deed of access, insurance and indemnity

 

	
Details
    	
 
    	
 
    	
 
    	
4
    
	
 
    	
 
    	
 
    
	
Agreed terms
    	
 
    	
5
    
	
 
    	
 
    	
 
    
	
1.
    	
 
    	
Defined   terms & interpretation
    	
 
    	
5
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
1.1
    	
 
    	
Defined terms
    	
 
    	
5
    
	
1.2
    	
 
    	
Interpretation
    	
 
    	
6
    
	
1.3
    	
 
    	
Headings
    	
 
    	
7
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
2.
    	
 
    	
Indemnity
    	
 
    	
7
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
2.1
    	
 
    	
Indemnities
    	
 
    	
7
    
	
2.2
    	
 
    	
Limitation on indemnity
    	
 
    	
7
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
3.
    	
 
    	
Claim by   Director
    	
 
    	
8
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
3.1
    	
 
    	
Notification by Director
    	
 
    	
8
    
	
3.2
    	
 
    	
Defence of legal action
    	
 
    	
8
    
	
3.3
    	
 
    	
Obligations of Director
    	
 
    	
8
    
	
3.4
    	
 
    	
Reimbursement
    	
 
    	
8
    
	
3.5
    	
 
    	
Settlement of a Claim
    	
 
    	
8
    
	
3.6
    	
 
    	
Failure to comply
    	
 
    	
9
    
	
3.7
    	
 
    	
Legal representation
    	
 
    	
9
    
	
3.8
    	
 
    	
Effect of clauses 3.2 and   3.3
    	
 
    	
9
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
4.
    	
 
    	
Advances and   payments
    	
 
    	
10
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
4.1
    	
 
    	
Indemnity before expense incurred
    	
 
    	
10
    
	
4.2
    	
 
    	
Payment when Director   becomes liable
    	
 
    	
10
    
	
4.3
    	
 
    	
Advances to Director
    	
 
    	
10
    
	
4.4
    	
 
    	
Repayment by Director
    	
 
    	
10
    
	
4.5
    	
 
    	
Reimbursement of Director
    	
 
    	
10
    
	
4.6
    	
 
    	
Interest
    	
 
    	
11
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
5.
    	
 
    	
Insurance
    	
 
    	
11
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
5.1
    	
 
    	
Obligation to insure
    	
 
    	
11
    
	
5.2
    	
 
    	
Terms and conditions of   D&O Policy
    	
 
    	
11
    
	
5.3
    	
 
    	
Notice to Director
    	
 
    	
11
    
	
5.4
    	
 
    	
Extension of insurance
    	
 
    	
12
    
	
5.5
    	
 
    	
Copies of insurance policies
    	
 
    	
12
    
	
5.6
    	
 
    	
Certificate of Currency
    	
 
    	
12
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
6.
    	
 
    	
Access to   Board Documents
    	
 
    	
12
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
6.1
    	
 
    	
Right to inspect Board   Documents
    	
 
    	
12
    
	
6.2
    	
 
    	
Request for access to Board   Documents
    	
 
    	
13
    
	
6.3
    	
 
    	
Access to Director
    	
 
    	
13
    
	
6.4
    	
 
    	
Obligations of Company
    	
 
    	
13
    
	
6.5
    	
 
    	
Right to copy Board   Documents
    	
 
    	
13
    
	
6.6
    	
 
    	
Return of documents
    	
 
    	
13
    
	
6.7
    	
 
    	
Privileged Documents
    	
 
    	
13
    
	
6.8
    	
 
    	
Waiver of privilege
    	
 
    	
14
    
	
6.9
    	
 
    	
Limitation on access to   Privileged Documents
    	
 
    	
14
    
	
6.10
    	
 
    	
Director’s obligations
    	
 
    	
14
    
							

 

	
Minter Ellison | Ref: AMH 55770/1
    	
 
    	
Deed of access,   insurance and indemnity
    

 

2

 

	
6.11
    	
 
    	
Access permitted under   Corporations Act
    	
 
    	
14
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
7.
    	
 
    	
Confidentiality
    	
 
    	
15
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
7.1
    	
 
    	
Obligation of   confidentiality
    	
 
    	
15
    
	
7.2
    	
 
    	
Relief
    	
 
    	
15
    
	
7.3
    	
 
    	
Limitation
    	
 
    	
15
    
	
7.4
    	
 
    	
Survival of Confidentiality   Obligations
    	
 
    	
15
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
8.
    	
 
    	
Taxation
    	
 
    	
15
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
8.1
    	
 
    	
Taxation
    	
 
    	
15
    
	
8.2
    	
 
    	
GST
    	
 
    	
16
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
9.
    	
 
    	
Notices and   other communications
    	
 
    	
16
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
9.1
    	
 
    	
Service of notices
    	
 
    	
16
    
	
9.2
    	
 
    	
Effective on receipt
    	
 
    	
16
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
10.
    	
 
    	
Document   priority
    	
 
    	
16
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
11.
    	
 
    	
Miscellaneous
    	
 
    	
16
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
11.1
    	
 
    	
Alterations
    	
 
    	
16
    
	
11.2
    	
 
    	
Approvals and consents
    	
 
    	
16
    
	
11.3
    	
 
    	
Assignment
    	
 
    	
17
    
	
11.4
    	
 
    	
Costs
    	
 
    	
17
    
	
11.5
    	
 
    	
Stamp duty
    	
 
    	
17
    
	
11.6
    	
 
    	
Survival
    	
 
    	
17
    
	
11.7
    	
 
    	
Counterparts
    	
 
    	
17
    
	
11.8
    	
 
    	
No merger
    	
 
    	
17
    
	
11.9
    	
 
    	
Entire agreement
    	
 
    	
17
    
	
11.10
    	
 
    	
Further action
    	
 
    	
17
    
	
11.11
    	
 
    	
Severability
    	
 
    	
17
    
	
11.12
    	
 
    	
Waiver
    	
 
    	
17
    
	
11.13
    	
 
    	
Relationship
    	
 
    	
17
    
	
11.14
    	
 
    	
Announcements
    	
 
    	
17
    
	
11.15
    	
 
    	
Governing law and   jurisdiction
    	
 
    	
18
    
	
 
    	
 
    	
 
    	
 
    	
 
    
	
Signing page
    	
 
    	
19
    

 

3

 

Details

 

Date

 

Parties

 

	
Name
    	
 
    	
Sundance Energy Australia   Limited
    
	
ACN
    	
 
    	
112 202 883
    
	
Short form name
    	
 
    	
Company
    
	
Notice details
    	
 
    	
32 Beulah Road  
    Norwood SA 5067
    
	
 
    	
 
    	
Facsimile: 
   Attention: 
    	
(08) 8363 0388  
    Company Secretary
    

 

	
Name
    	
 
    	
 
    
	
Short form name
    	
 
    	
Director
    
	
Notice details
    	
 
    	
 
    

 

Background

 

A                                    The Company Constitution contains certain indemnities for Officers of the Company.

 

B                                    The Company has agreed to:

 

(i)                                   indemnify the Director to the extent permitted by law against certain liabilities and legal costs incurred by the Director as an Officer of the Company;

 

(ii)                                maintain, and pay the premium on, a D&O Policy in respect of the Director; and

 

(iii)                             provide the Director with access to the board papers and other documents provided or available to the Director as an officer of the Company,

 

both during the time that the Director holds office and for a fifteen year period after the Director ceases to be an officer of the Company, on the terms and conditions contained in this Deed.

 

4

 

Agreed terms

 

1.                                   Defined terms & interpretation

 

1.1                            Defined terms

 

In this Deed:

 

Authorised Person means any person authorised in writing by the Director and approved by the Company, such approval not to be unreasonably withheld.

 

Board means, as the context requires:

 

(a)                                    the board of directors of the Company or any of its Subsidiaries; or

 

(b)                                    any committee of the board of directors of the Company.

 

Board Documents means the Documents recording, providing or disseminating information for the Board.

 

Books has the meaning given in section 9 of the Corporations Act.

 

Business Day means:

 

(a)                               for receiving a notice under clause 9, a day that is not a Saturday, Sunday, public holiday or bank holiday in the place where the notice is sent; and

 

(b)                               for all other purposes, a day that is not a Saturday, Sunday, bank holiday or public holiday in Adelaide, South Australia.

 

Business Hours means the hours between 9.00am and 5.00pm on a Business Day.

 

Claim means any:

 

(a)                                legal proceeding (whether civil or criminal), administrative proceeding, arbitral proceeding, mediation or other form of alternative dispute resolution (whether or not held in conjunction with any legal, administrative or arbitral proceeding); or

 

(b)                                investigation or inquiry by any regulatory authority or external administrator relating to or connected with any actual or alleged act or omission of the Director as an Officer of the Company; or

 

(c)                                 any written or oral threat, complaint, demand or other circumstance that might reasonably cause the Director to believe that any proceedings, investigation or inquiry referred to in paragraph (a) above will be initiated.

 

Company Constitution means the constitution of the Company as defined in section 9 of the Corporations Act.

 

Corporations Act means the Corporations Act 2001 (Cth).

 

D&O Policy means a contract or contracts:

 

(a)                               insuring against liability incurred by a person in the person’s capacity as director or Officer of a body corporate; and

 

(b)                               allowing the body corporate to obtain reimbursement for any claims paid by it to a director or Officer of the body corporate under an indemnity.

 

Document has the meaning set out in Chapter 9 of the Corporations Act.

 

5

 

Indemnities means the indemnities granted to the Director by the Company under clause 2.

 

Information means all or any part of information contained in or related to a transaction of the Company, a Board Document or a discussion at a meeting of the Company.

 

Interest means interest charged by the Company in accordance with clause 4.6 on moneys advanced to the Director under clause 4.3.

 

Liabilities means all liabilities, losses, damages, outgoings, costs and expenses of whatever description.

 

Notified Claim has the meaning given in clause 3.1.

 

Officer has the meaning given in section 9 of the Corporations Act.

 

Permitted Purpose has the meaning given in clause 6.1.

 

Privileged Document means any document in respect of which any form of privilege applies:

 

(a)                                    solely in favour of the Company;

 

(b)                                    jointly in favour of the Company and the Director; or

 

(c)                                     jointly in favour of the Director and one or more other directors of the Company.

 

Related Body Corporate has the meaning given to it by section 9 of the Corporations Act.

 

Relevant Costs has the meaning given in clause 4.4.

 

Relevant Period means the period:

 

(a)                                    beginning on the date of this Deed; and

 

(b)                                    ending on the twelfth anniversary of the date on which both of the following conditions are first satisfied:

 

(i)                                           the Director has ceased to be an officer of the Company; and

 

(ii)                                        the Director has ceased to be an officer of all Related Bodies Corporate.

 

Requested Documents has the meaning given in clause 6.2(b).

 

Subsidiary has the meaning set out in Division 6, Part 1.2 of the Corporations Act.

 

1.2                            Interpretation

 

In this Deed, except where the context otherwise requires:

 

(a)                               the singular includes the plural and vice versa, and a gender includes other genders;

 

(b)                               another grammatical form of a defined word or expression has a corresponding meaning;

 

(c)                                a reference to a clause, paragraph, schedule or annexure is to a clause or paragraph of, or schedule or annexure to, this Deed, and a reference to this Deed includes any schedule or annexure;

 

(d)                               a reference to a document or instrument includes the document or instrument as novated, altered, supplemented or replaced from time to time;

 

(e)                                a reference to A$, $A, dollar or $ is to Australian currency;

 

(f)                                 a reference to time is to Adelaide, South Australia time;

 

(g)                                a reference to a party is to a party to this Deed, and a reference to a party to a document includes the party’s executors, administrators, successors and permitted assigns and substitutes;

 

6

 

(h)                               a reference to a person includes a natural person, partnership, body corporate, association, governmental or local authority or agency or other entity;

 

(i)                                   a reference to a statute, ordinance, code or other law includes regulations and other instruments under it and consolidations, amendments, re-enactments or replacements of any of them;

 

(j)                                  a word or expression defined in the Corporations Act has the meaning given to it in the Corporations Act;

 

(k)                               the meaning of general words is not limited by specific examples introduced by including, for example or similar expressions;

 

(l)                                   any agreement, representation, warranty or indemnity by two or more parties (including where two or more persons are included in the same defined term) binds them jointly and severally;

 

(m)                           any agreement, representation, warranty or indemnity in favour of two or more parties (including where two or more persons are included in the same defined term) is for the benefit of them jointly and severally;

 

(n)                               a rule of construction does not apply to the disadvantage of a party because the party was responsible for the preparation of this Deed or any part of it; and

 

(o)                               if a day on or by which an obligation must be performed or an event must occur is not a Business Day, the obligation must be performed or the event must occur on or by the next Business Day.

 

1.3                            Headings

 

Headings are for ease of reference only and do not affect interpretation.

 

2.                                   Indemnity

 

2.1                            Indemnities

 

To the extent permitted by law and subject to clause 2.2, the Company indemnifies the Director against:

 

(a)                               any and all Liabilities (other than for legal costs of a kind referred to in clause 2.1(b)); and

 

(b)                               any reasonable legal costs and expenses incurred by the Director in defending an action for a Liability,

 

incurred by the Director as an Officer or former Officer of the Company.

 

2.2                            Limitation on indemnity

 

The Indemnities:

 

(a)                               have effect from the date that the Director became a director of the Company;

 

(b)                               continue to have full force and effect even if the Director ceases to be an Officer of the Company before a claim is made by the Director under this Deed; and

 

(c)                                apply to any Liability or legal costs incurred by the Director as an Officer of the Company only if and to the extent that the Director is not indemnified against that Liability or those legal costs:

 

(i)                                  by the Company; or

 

(ii)                               under an insurance policy, other than the D&O Policy maintained in accordance with clause 5.1.

 

7

 

3.                                   Claim by Director

 

3.1                            Notification by Director

 

The Director must, as soon as reasonably practicable, advise the Company in writing on the Director becoming aware of any Claim that may give rise to a right under this Deed (‘Notified Claim’).

 

3.2                            Defence of legal action

 

Subject to clauses 3.7 and 3.8, where there is a Notified Claim, the Company may:

 

(a)                               assume conduct of the defence of the Notified Claim;

 

(b)                               institute a cross claim or counter claim to the Notified Claim;

 

(c)                                subject to clause 3.5, settle the Notified Claim;

 

(d)                               agree to any form of alternative dispute resolution in relation to the Notified Claim; and

 

(e)                                retain lawyers to act on behalf of both the Director and the Company in relation to the Notified Claim.

 

3.3                            Obligations of Director

 

Subject to clauses 3.7 and 3.8, where there is a Notified Claim, the Director must:

 

(a)                               allow the Company, in the Company’s discretion, to take control of the conduct of the Notified Claim;

 

(b)                               allow the Company, in the Company’s discretion, to retain lawyers on behalf of both the Director and the Company;

 

(c)                                take such action or provide such information as the Company may reasonably require;

 

(d)                               assist the Company to the best of the Director’s abilities in any action the Company takes to avoid, dispute, defend or appeal any legal action connected with a Notified Claim;

 

(e)                                not admit any liability for or settle any action connected to a Notified Claim without the prior consent of the Company (such consent not to be unreasonably withheld); and

 

(f)                                 keep the Company fully informed in relation to the conduct of any Notified Claim.

 

3.4                            Reimbursement

 

(a)                               Except to the extent prohibited by law from so doing, the Company must reimburse the Director for actual costs and expenses reasonably incurred by the Director in taking action or providing assistance or information at the request, or under the direction, of the Company under clause 3.3.

 

(b)                               Despite any other provision of this Deed, the Company is under no obligation to reimburse the Director for any costs and expenses incurred by the Director in relation to a Claim that is not a Notified Claim.

 

3.5                            Settlement of a Claim

 

(a)                               Before the Company or its insurers settle or compromise a Notified Claim, the Company must (or must ensure that its insurers):

 

(i)                                  give the Director notice of its intention to do so;

 

(ii)                               provide to the Director the proposed terms of settlement or compromise; and

 

8

 

(iii)                            allow the Director a reasonable period (to be specified in the notice) in which the Director may object to the proposed terms of settlement or compromise and declare the Director’s intention to assume conduct of the Claim.

 

(b)                               If, within the period allowed under clause 3.5(a)(iii) in respect of a Notified Claim, the Director gives notice that the Director intends to assume conduct of a Notified Claim, the:

 

(i)                                  Company must (or must ensure that its insurers) relinquish to the Director the control of the conduct of the Notified Claim (to the extent that it relates to the Director);and

 

(ii)                               liability of the Company under this Deed in respect of that Notified Claim will not exceed the amount for which the Notified Claim could have been compromised or settled at the time notice was given to the Director under clause 3.5(a) in respect of that Notified Claim together with costs and expenses reasonably incurred by the Director up to that time.

 

3.6                            Failure to comply

 

Despite the Indemnities, if the Director fails to perform an obligation required under clause 3.3 to the material prejudice of the Company in respect of a Notified Claim, the Company will be under no obligation to indemnify the Director in respect of the Notified Claim.

 

3.7                            Legal representation

 

Nothing in this clause 3 prevents the Director from obtaining independent legal advice or engaging separate legal or other representation in connection with the conduct of a Notified Claim but any costs or expenses incurred by the Director in so doing will be paid or reimbursed by the Company only to the extent that those expenses are otherwise payable by the Company under this Deed and were:

 

(a)                               incurred prior to the Company (or its insurers) assuming conduct of the Notified Claim;

 

(b)                               incurred with the prior written authority of the Company (which must not be unreasonably withheld); or

 

(c)                                reasonable and incurred in circumstances where there is a reasonable likelihood that the interests of the Director and the Company would conflict were the same lawyers to act on behalf of both the Company and the Director.

 

3.8                            Effect of clauses 3.2 and 3.3

 

(a)                               Nothing in clauses 3.2 or 3.3 permits the Company, or requires the Director, to take any action or do anything (including giving any consent) in respect of a Notified Claim that would be likely to cause significant harm to the reputation of the Director, except where the Company determines in good faith and on reasonable grounds that the interests of the Company or the conduct of that Claim would be materially prejudiced unless the Company or the Director (as the case may be) takes that action or does that thing.

 

(b)                               Clauses 3.2 or 3.3 do not apply where:

 

(i)                                  the Notified Claim arises from a Claim by the Company against the Director; or

 

(ii)                               where each of the Director and the Company are defendants or respondents to a Claim and in the reasonable opinion of the Director’s lawyers there is an actual or potential conflict of interest between the Director and the Company in respect of the conduct of the Notified Claim.

 

9

 

4.                                   Advances and payments

 

4.1                            Indemnity before expense incurred

 

Despite any other provision of this Deed, it is not necessary for the Director to make any payment before enforcing the Director’s rights under the Indemnities.

 

4.2                            Payment when Director becomes liable

 

If the Director becomes liable to pay any amount for which the Director is or is entitled to be indemnified under this Deed, the Company must pay that amount to the person to whom the amount is due within 10 Business Days after the date on which the Director provides evidence satisfactory to the Company that the Director is liable to pay that amount and is entitled to be indemnified under this Deed.

 

4.3                            Advances to Director

 

Subject to clause 4.4, the Company must, within 10 Business Days after receiving a request from the Director to do so, and on such terms (including Interest) as the Company thinks reasonable in the circumstances, advance moneys to the Director to enable the Director to pay, or to reimburse the Director for, any legal costs reasonably incurred by the Director (before the outcome of the action is known) in defending an action for a Liability incurred or allegedly incurred by the Director as an officer of the Company (including any such legal costs incurred after the Director ceases to be an officer of the Company).

 

4.4                            Repayment by Director

 

If the Company advances moneys to the Director under clause 4.3 or otherwise pays or reimburses the Director (or any other person) in accordance with this Deed in respect of a Liability, costs or expenses (‘Relevant Costs’) incurred by the Director in relation to a Claim, then if, upon the final determination of the Claim (whether as a result of the settlement, withdrawal or final adjudication of the Claim or otherwise), the Relevant Costs become costs in respect of which the Director is not entitled to be indemnified under the Indemnities, the Director must, within 10 Business Days after the outcome of the Claim is finally determined:

 

(a)                               repay to the Company the amount advanced or paid by the Company in respect of the Relevant Costs;

 

(b)                               repay to the Company any payments received by the Director under the D&O Policy maintained under clause 5.1 or any other insurance policy;

 

(c)                                where the Relevant Costs were advanced to the Director under clause 4.3, pay to the Company the Interest (if any) accrued on any advance in accordance with the terms of the advance determined by the Company under clause 4.3; and

 

(d)                               the Company will be under no obligation to pay or reimburse the Director for any further liability or legal costs incurred by the Director in respect of, or arising out of, that Claim.

 

4.5                           Reimbursement of Director

 

If the Company advances moneys to the Director under clause 4.3 or otherwise pays or reimburses the Director (or any other person) in accordance with this Deed in respect of Relevant Costs incurred by the Director in relation to a Claim, then if, upon the final determination of the Claim (whether as a result of the settlement, withdrawal or final adjudication of the Claim or otherwise):

 

(a)                               the Relevant Costs become costs in respect of which the Director is entitled to be indemnified under the Indemnities, the Director will not be required to pay to the Company the Relevant Costs;

 

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(b)                               no Interest will have been accrued in respect of the Relevant Costs; and

 

(c)                                if the Director also receives payment in respect of some or all of those Relevant Costs under any of the following:

 

(i)                                  the D&O Policy maintained under clause 5.1 or any other insurance policy; or

 

(ii)                               an indemnity given by the Company,

 

then the Director must, within 10 Business Days after receiving payment under the relevant insurance policy or indemnity, pay to the Company an amount equal to the amount recovered by the Director under the insurance policy or indemnity in respect of the Relevant Costs. .

 

4.6                            Interest

 

(a)                               The Company may charge Interest on any money advanced to the Director under clause 4.3, only in the event that any amount advanced in respect of any Liability or legal costs becomes an amount in respect of which the Director is not entitled to be indemnified under the Indemnities.

 

(b)                               Any Interest charged by the Company, shall:

 

(i)                                  be calculated daily from the date the money was advanced until the date of repayment; and

 

(ii)                               be equal to the rate (on the day payment is due), quoted by the Commonwealth Bank of Australia on unsecured overdraft accommodation over $100,000.

 

5.                                   Insurance

 

5.1                            Obligation to insure

 

To the extent permitted by law, the Company must at all times during the Relevant Period, maintain and pay the premium on a D&O Policy that complies with clause 5.2.

 

5.2                            Terms and conditions of D&O Policy

 

The D&O Policy must:

 

(a)                               cover (but only to the extent required by clause 5.2(b)) Liabilities incurred by the Director (or the Company under the Indemnities) in respect of, or arising out of, actual or alleged acts or omissions of the Director that occurred while the Director was an Officer of the Company;

 

(b)                               be for an amount and on terms and conditions (including premium, insuring clauses, exclusions and excess amounts) as are appropriate and available in the market for a reasonably prudent company in the Company’s circumstances acting fairly; and

 

(c)                                without limiting clause 5.1(b) and at any given time from time to time, be on terms and conditions that, taken as a whole, are not materially less favourable to the Director than:

 

(i)                                  the Company had in place for the Director immediately prior to the Director ceasing to be a Director of the Company; or

 

(ii)                               the Company has in place in respect of any other director or former director of the Company.

 

5.3                            Notice to Director

 

The Company must notify the Director immediately on the Company becoming aware that:

 

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(a)                               the D&O Policy required to be maintained under clause 5.1 has been cancelled or not renewed; or

 

(b)                               there is a material diminution in the terms of the D&O Policy maintained under clause 5.1 for the Director.

 

5.4                            Extension of insurance

 

Prior to the expiry of the Relevant Period, the Director may, by written notice to the Company, request that the Company continues to maintain and pay the premium on the D&O Policy required under clause 5.1 for a longer period provided that the Director agrees to:

 

(a)                               reimburse the Company for such premiums as are payable in respect of the period after the expiry of the Relevant Period; and

 

(b)                               indemnify the Company against any reasonable costs associated with maintaining the D&O Policy for that Director in respect of the period after the expiry of the Relevant Period.

 

5.5                            Copies of insurance policies

 

At the request of the Director, the Company must provide the Director with a copy of:

 

(a)                               the policy of insurance; and

 

(b)                               the certificate of insurance,

 

in respect of the D&O Policy maintained in accordance with clause 5.1 at the time of the request, except where such disclosure would involve a breach of the terms and conditions of the policy.

 

5.6                            Certificate of Currency

 

The Company must produce to the Director, a copy of the certificate of currency with respect to the D&O Policy described in clause 5.1:

 

(a)                               each time that D&O Policy is renewed; and

 

(b)                               within 21 days of receipt of a written request from the Director for a copy of that certificate.

 

6.                                   Access to Board Documents

 

6.1                            Right to inspect Board Documents

 

The Company must permit the Director to inspect and copy, during Business Hours, those Board Documents of the Company as are then in the possession or control of the Company for any of the following purposes (‘Permitted Purpose’):

 

(a)                               to discharge the Director’s duties as an Officer of the Company; or

 

(b)                               in connection with a Notified Claim commenced or arising during the Relevant Period:

 

(i)                                  to which the Director is subject or is a party;

 

(ii)                               that the Director is directly involved in;

 

(iii)                            that the Director proposes in good faith to bring; or

 

(iv)                           that the Director believes on reasonable grounds will be brought against the Director; or

 

(c)                                any other purpose in respect of which the Company gives its written consent.

 

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6.2                            Request for access to Board Documents

 

A request for access to Board Documents of the Company must:

 

(a)                               be in writing addressed and given to the Company;

 

(b)                               include particulars of the Board Documents required by the Director (‘Requested Documents’); and

 

(c)                                state the purpose for which the Requested Documents are required, which must be for a Permitted Purpose.

 

6.3                            Access to Director

 

On receiving a request for access under clause 6.2, the Company must give the Director (or any Authorised Person) access to the Requested Documents so that they are available for inspection and copying as soon as reasonably practicable after receipt of the request but no later than 10 Business Days after receipt of the request.

 

6.4                            Obligations of Company

 

The Company must use its reasonable efforts to keep:

 

(a)                               all Board Documents of the Company safe and secure from damage; and

 

(b)                               at least one copy of the Board Documents of the Company,

 

for the Relevant Period and for a longer period if any of the Board Documents are relevant to any Claim notified to the Company by the Director that has not been concluded during the Relevant Period.

 

6.5                            Right to copy Board Documents

 

Where the Director obtains access to Board Documents under this clause 6, the Director will be entitled to make copies (at the Director’s cost) of those Board Documents (but only for a Permitted Purpose).

 

6.6                            Return of documents

 

The Director:

 

(a)                               subject to clause 6.6(b), on ceasing to be a director of the Company, must deliver to the company secretary of the Company any Board Documents of the Company that the Director holds;

 

(b)                               may retain any specific Board Document necessary for use in connection with any Notified Claim referred to in clause 6.1(b); and

 

(c)                                must return any Board Document and copies retained under clause 6.6(b) or obtained under clause 6.1 to the company secretary for destruction as soon as possible after they are no longer required for use in connection with any Notified Claim referred to in clause 6.1(b).

 

6.7                           Privileged Documents

 

If a Director requests access to any Board Documents which is or refers to a Privileged Document, the Company must notify the Director:

 

(a)                               that privilege exists; and

 

(b)                               of the general nature of acts and omissions that could cause that privilege to be waived or lost.

 

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6.8                            Waiver of privilege

 

(a)                               Subject to clause 6.8(b), if a Director requests access to a Board Document that is or refers to a Privileged Document, the Company must waive its claim to such privilege but only if the loss of the right to claim privilege in respect of that Privileged Document would not, in the reasonable opinion of the Company, result in material prejudice to the Company.

 

(b)                               Where clause 6.8(a) requires a waiver to be given or procured by the Company, that waiver is required to be given or procured only to the extent necessary to enable the Director to:

 

(i)                                  have access to the Privileged Document;

 

(ii)                               disclose the Information in the Privileged Document in circumstances permitted under clause 7.2; and

 

(iii)                            use the Privileged Document for the Permitted Purpose specified in the notice given by the Director under clause 6.2(c).

 

6.9                            Limitation on access to Privileged Documents

 

Despite any other provision of this clause 6 other than clause 6.11, if the giving of access to a Board Document under this clause 6 to a Director:

 

(a)                               would, in the reasonable opinion of the Company, jeopardise the ability of the Company to claim legal privilege in respect of a Privileged Document; and

 

(b)                               the loss by the Company of the ability to claim such privilege would, in the reasonable opinion of the Company, result in material prejudice to the Company,

 

then the Company may:

 

(c)                                impose such conditions on the Director’s access to that Board Document as it determines, in good faith, are appropriate to ensure that the ability of the Company to claim privilege in respect of that Board Document is not jeopardised by such access; or

 

(d)                               if the Company determines in good faith and acting reasonably that it is not possible to ensure, by the imposition of conditions, that the ability of the Company to claim privilege in respect of that Board Document would not be jeopardised by such access, refuse to permit the Director to have access to that Board Document.

 

6.10                     Director’s obligations

 

(a)                               Without limiting the Director’s right to obtain access to Privileged Documents under clause 6 or to disclose Information under clause 7, the Director must not waive any privilege of the Company nor do or omit to do anything that will cause that privilege to be waived or lost, without the prior consent of the Company.

 

(b)                               Where the Director obtains access to Board Documents subject to conditions imposed by the Company under clause 6.9, the Director must comply with those conditions.

 

6.11                     Access permitted under Corporations Act

 

Despite any other provision of this Deed, if and to the extent that the Corporations Act gives the Director the right to inspect a Board Document that is, or refers to, a Privileged Document, the Company must allow the Director to inspect that Board Document in accordance with the Corporations Act.

 

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7.                                   Confidentiality

 

7.1                            Obligation of confidentiality

 

Without limiting the Director’s duties to the Company, the Director must keep all Information confidential.

 

7.2                            Relief

 

The obligation of confidentiality set out in clause 7.1 will cease to apply to:

 

(a)                               Information which is or comes into the public domain (otherwise than as a result of a breach of this Deed);

 

(b)                               Information in respect of which disclosure is required by law;

 

(c)                                disclosure of Information where disclosure is reasonably necessary for the purposes of bone fide court proceedings that arise out of the Director’s involvement with the Company if one of the following conditions has been met:

 

(i)                                  the Company has waived any claim to privilege in respect of all or some of that Information;

 

(ii)                               disclosure will not cause the Company’s right to claim privilege in regard to any other Information to be waived;

 

(iii)                            the Company is not entitled to claim privilege in respect of some or all of that Information; or

 

(iv)                           the proposed disclosure (whether subject to conditions or not) would not jeopardise the Company’s right to claim privilege;

 

(d)                               disclosure in confidence to legal, financial or accounting advisers to the Director for the purposes of obtaining advice; or

 

(e)                                disclosure for the purposes of the discharge of the duties of the Director as an Officer of the Company.

 

7.3                            Limitation

 

If the Director is permitted to disclose Information under clause 7.2, the Director must:

 

(a)                               disclose only the minimum Information reasonably necessary in the circumstances;

 

(b)                               disclose the Information only to persons who have a need to know and only to the extent that they have a need to know; and

 

(c)                                comply with any conditions imposed by the Company under clause 6.9(c).

 

7.4                            Survival of Confidentiality Obligations

 

The obligation of confidentiality set out in this clause 7 will continue to apply after the termination of this Deed.

 

8.                                   Taxation

 

8.1                            Taxation

 

If for any reason any governmental authority imposes any tax on any sum paid to the Director under the Indemnities, then the Company must pay to the Director such additional amount as is required to ensure that the total amount paid, less any tax imposed on such amount, is equal to the amount that would otherwise be payable under the Indemnities.

 

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8.2                            GST

 

(a)                               In addition to any payment by the Company to the Director under the Indemnities, the Company must pay the Director an amount equal to any GST that is or becomes payable by the Director on the supply for which the indemnity payment is made, provided that no additional amount is payable on account of GST under this clause until the Director has issued a tax invoice to the Company for that supply.

 

(b)                               Any payment by the Company to the Director for a loss, cost or expense incurred by the Director must be reduced by the amount of any input tax credit to which the Director is entitled for that loss, cost or expense.

 

(c)                                Words or expressions used in the A New Tax System (Goods and Services Tax) Act 1999 have the same meaning in this clause 8.2.

 

9.                                   Notices and other communications

 

9.1                            Service of notices

 

A notice, demand, consent, approval or communication under this Deed (Notice) must be:

 

(a)                               in writing and in English directed to the recipient’s address for notices specified in the Details, as varied by any notice; and

 

(b)                               hand delivered or sent by prepaid post or facsimile to that address.

 

9.2                            Effective on receipt

 

A Notice given in accordance with clause 9.1 takes effect when received (or at a later time specified in it), and is taken to be received:

 

(a)                               if hand delivered, on delivery;

 

(b)                               if sent by prepaid post, two Business Days after the date of posting (or seven Business Days after the date of posting if posted to or from outside Australia);

 

(c)                                if sent by facsimile, when the sender’s facsimile system generates a message confirming successful transmission of the entire Notice unless, within eight Business Hours after the transmission, the recipient informs the sender that it has not received the entire Notice,

 

but if the delivery, receipt or transmission is not on a Business Day or is after 5.00pm on a Business Day, the Notice is taken to be received at 9.00am on the Business Day after that delivery, receipt or transmission.

 

10.                            Document priority

 

If there is an inconsistency between this Deed and the Company Constitution, to the extent permitted by law, the provisions of this Deed will prevail.

 

11.                            Miscellaneous

 

11.1                     Alterations

 

This Deed may be altered only in writing signed by each party.

 

11.2                     Approvals and consents

 

Except where this Deed expressly states otherwise, a party may, in its discretion, give conditionally or unconditionally or withhold any approval or consent under this Deed.

 

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11.3                     Assignment

 

A party may only assign this Deed or a right under this Deed with the prior written consent of each other party.

 

11.4                     Costs

 

Each party must pay its own costs of negotiating, preparing and executing this Deed.

 

11.5                     Stamp duty

 

Any stamp duty, duties or other taxes of a similar nature (including fines, penalties and interest) in connection with this Deed or a transaction contemplated by this Deed, must be paid by the Company.

 

11.6                     Survival

 

Each indemnity in this Deed is independent and survives termination of this Deed.  Any other provision by its nature intended to survive termination of this Deed survives termination of this Deed.

 

11.7                     Counterparts

 

This Deed may be executed in counterparts.  All executed counterparts constitute one document.

 

11.8                     No merger

 

The rights and obligations of the parties under this Deed do not merge on completion of any transaction contemplated by this Deed.

 

11.9                     Entire agreement

 

This Deed constitutes the entire agreement between the parties in connection with its subject matter and supersedes all previous agreements or understandings between the parties in connection with its subject matter.

 

11.10              Further action

 

Each party must do, at its own expense, everything reasonably necessary (including executing documents) to give full effect to this Deed and the transactions contemplated by it.

 

11.11              Severability

 

A provision or part of a provision of this Deed that is illegal or unenforceable may be severed from this Deed and the remaining provisions or parts of the provision of this Deed continue in force.

 

11.12              Waiver

 

A party does not waive a right, power or remedy if it fails to exercise or delays in exercising the right, power or remedy.  A single or partial exercise of a right, power or remedy does not prevent another or further exercise of that or another right, power or remedy.  A waiver of a right, power or remedy must be in writing and signed by the party giving the waiver.

 

11.13              Relationship

 

Except where this Deed expressly states otherwise, it does not create a relationship of employment, trust, agency or partnership between the parties.

 

11.14              Announcements

 

A public announcement in connection with this Deed or a transaction contemplated by it must be agreed by the parties before it is made, except if required by law or a regulatory body (including a relevant stock exchange).

 

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11.15              Governing law and jurisdiction

 

This Deed is governed by the law of South Australia and each party irrevocably and unconditionally submits to the non-exclusive jurisdiction of the courts of South Australia.

 

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Signing page

 

EXECUTED as a Deed

 

 

	
Executed by Sundance   Energy Australia
    	
 
    	
 
    
	
Limited ACN 112 202 883
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
!
    	
 
    	
!
    
	
Signature of director
    	
 
    	
Signature of director/company secretary
    
	
 
    	
 
    	
(Please delete as applicable)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Name of director (print)
    	
 
    	
Name of director/company secretary (print)
    

 

 

	
Signed by         in   the presence of
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
!
    	
 
    	
!
    
	
Signature of witness
    	
 
    	
H W Holcombe
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Name of witness (print)
    	
 
    	
 
    

 

19

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