Document:

Exhibit 10.46

 

DOCUMENT COMPLETION CERTIFICATE

 

	
  To

  	
   

  	
  NSW
  Metro Norwest - Sukhi Singh 

  (DN100560046) 

  	
   

  	
  BSB

  	
   

  	
  032407

  	
   

  	
  Mgr
  No.  —

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Customer

  	
   

  	
  Channell
  Pty Ltd ACN 002 735 622

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Z No.

  	
   

  	
  65675780

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total
  Facility Approved

  	
   

  	
  $896,925.75

  	
   

  	
  Date of Approval

  	
   

  	
  22/01/2008

  	
   

  	
  Amount
  of increase (+) or decrease (-)

  	
   

  	
  (+)
  $896,925.75

  

 

BEFORE THIS MATTER CAN PROCEED TO SETTLEMENT /
DRAWDOWN

 

	
  1.

  	
   

  	
  The
  security documentation relevant to the above matter, listed on the reverse of
  this certificate, is in order for signing by customers and other relevant
  parties.

  
	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  If customer is a Company, documents are to be executed
  without seal. If the customer advises that the company seal must be used, the
  documents will need to be reissued with the correct execution clause for
  signing under seal.

  
	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  The
  outstanding matters detailed on the reverse of this certificate require your
  attention BEFORE this matter can proceed to settlement/drawdown.
  Alternatively, Credit approval must be obtained to waive these requirements,
  OR, defer follow-up until after drawdown.

  

 

	
  Securities Officer (signature):

  	
  /s/
  William Widjaja

  
	
   

  	
   

  	
   

  
	
  Name: William Widjaja

  	
   

  	
  Date: 23 January 2008

  
	
   

  	
   

  	
   

  
	
  Phone number: 02 8767 3234

  	
   

  	
  Desk location number:

  
				

 

SALES
MANAGER / RESPONSIBLE OFFICER SIGN OFF

 

The security documents have been executed by the customer;
AND,

 

all conditions of approval (including hindsight review where
applicable) and outstanding matters listed on the REVERSE are EITHER satisfied
(and attached where appropriate), OR Credit Approval is held to waive or defer
follow-up.

 

PLEASE RETURN EXECUTED DOCUMENTATION AND THIS
FORM COMPLETED AND SIGNED OFF.

 

	
  Sales Manager/Responsible Officer (signature):

  	
  /s/
  Sukhi Singh

  

 

	
  Name:

  	
  Sukhi
  Singh

  	
   

  	
  Date:
  

  	
  13.02.08

  
	
   

  	
   

  	
   

  
	
  XTN:

  	
  0409221537

  	
   

  	
   

  
						

 

	
  DRAWDOWN DATE REQUIRED:

  	
           /       /   /s/
  Sukhi Singh

  

 

GENERAL/SPECIAL
INSTRUCTIONS

 

Please seek Refinance from NAB.

 

CREDIT
APPROVAL (if applicable)

 

The
outstanding matters indicated on the reverse of this form (by initial), are
EITHER waived for the purpose of

drawdown OR, Credit Approval is given to defer follow-up. The SALES MANAGER
must clear outstanding

items as indicated by                                                       (date).

 

	
  Credit Officer (signature):

  	
   

  
	
   

  
	
  Name:

  	
   

  	
   

  	
  Date:

  	
   

  
	
   

  
	
  XTN:

  	
   

  	
   

  	
   

  
								

 

A COPY OF THE COMPLETED FORM (ALL PAGES) MUST BE KEPT ON
THE MANAGERIAL FILE

 

 

DOCUMENT COMPLETION CERTIFICATE

 

LIST OF DOCUMENTS ATTACHED:

 

PLEASE HAVE THE DOCUMENTS BELOW EXECUTED.

 

	
  BFA
  x2

  	
   

  	
  MCP

  
	
  FFC

  	
   

  	
  Asset
  Value Declaration Form

  
	
  LE213
  - GX

  	
   

  	
   

  

 

OUTSTANDING MATTERS:

 

THESE ITEMS MUST BE ACTIONED BEFORE SETTLEMENT & DRAWDOWN CAN
GO AHEAD.

 

	
  Loan Centre Use

  	
   

  	
  Manager Use

  	
   

  	
  Credit Centre Use

  	
   

  
	
  Outstanding Matters

  	
   

  	
  Satisfied/

  Attached

  (initials)

  	
   

  	
  APPROVED

  Follow-up

  Waived

  (initials)

  	
   

  	
  APPROVED

  Follow-up

  Post drawdown

  **

  (initials)

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Banker’s Undertaking
  signed by attorney in escrow - subject to manager obtaining customer’s
  execution of all security documents and Customer Indemnity, and all other
  outstanding matters being attended to before the Banker’s Undertaking is
  issued.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pls ensure all docs are signed and return

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Many Thanks

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Recommendation To Credit 

  (Manager Use Only)

  	
   

  

 

 

**       THE SALES MANAGER IS
RESPONSIBLE FOR COMPLETING OUTSTANDING MATTERS AFTER DRAWDOWN AS INDICATED
ABOVE.

 

 

	
  

  	
   

  	
  Westpac
  Banking Corporation ABN 33 007 457 141

  
	
   

  	
   

  

 

	
   

  	
   

  	
   

  	
   

  	
  BFS
  Sales Support NSW

  1 King Street

  Concord West NSW 2138

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  The
  Secretary

  Channell Pty Ltd

  	
   

  	
   

  	
   

  	
  Telephone
  0409 221 537 

  Facsimile (02)9836 1292

  Our Ref: 100553695 

  Your Ref: 65675780

  
	
  27/50
  Bridge Street

  	
   

  	
  BANK COPY

  	
   

  	
   

  
	
  Sydney
  NSW 2000

  	
   

  	
  Please Sign & Return

  	
   

  	
  23
  January 2008

  

 

Dear
Sir/ Madam,

 

Thank
you for the opportunity to discuss your finance requirements. I am pleased to
advise that your request for finance has been approved. Full details regarding
your Facilities are detailed in the attached Business Finance Agreement.

 

Would
you kindly sign and return the duplicate Business Finance Agreement to accept
this finance offer.

 

We
appreciate the opportunity to provide your finance on this occasion and look
forward to being of assistance to you in the future.

 

If
you have any questions about any aspect of your finance or the attached
documentation, please do not hesitate to contact me.

 

 

Yours
sincerely,

 

 

	
  /s/
  Sukhi Singh

  	
   

  

Sukhi
Singh

Senior
Relationship Manager

0409
221 537

 

	
   

  	
   

  	
  www.westpac.com.au

  

 

 

	
  Westpac Banking Corporation

  	
   

  	
  ABN 33 007 457 141

  
	
   

  
	
  Business Finance Agreement

  

23 January 2008

 

To:
Channell Pty Ltd ACN: 002 735 622

 

We
are pleased to offer finance as detailed in the following sections and
attachments to this letter:

 

	
  ·

  	
   

  	
  FINANCE DETAILS

  	
   

  	
  Page 2

  
	
   

  	
   

  	
  This
  schedule details the Facilities, including the finance amount, term,
  repayment arrangements, interest rate and fees payable.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ·

  	
   

  	
  DETAILS OF FEES & CHARGES

  	
   

  	
  Page 4

  
	
   

  	
   

  	
  This
  schedule displays details of the fees and charges payable, and how they are
  calculated.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ·

  	
   

  	
  TERMS OF FINANCE OFFER

  	
   

  	
  Page 6

  
	
   

  	
   

  	
  These
  are terms specific to your finance arrangements.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ·

  	
   

  	
  ACKNOWLEDGEMENT & ACCEPTANCE

  	
   

  	
  Page 10

  
	
   

  	
   

  	
  This
  section must be signed and returned to accept this finance offer.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ·

  	
   

  	
  ADDITIONAL ATTACHMENTS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Product Schedules

  	
   

  	
   

  
	
   

  	
   

  	
  These
  contain information specific to certain types of Facilities. If all of the
  details you need to know about a Facility are contained in the Finance
  Details, that Facility will not have a separate Product Schedule. The
  attached Product Schedules relevant to your Facilities are:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  ·    Banker’s Undertaking

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  General Conditions Booklet version 3, dated 03/2003 (the
  “booklet”)

  	
   

  	
   

  
	
   

  	
   

  	
  This
  booklet contains terms and conditions that apply to all borrowers.

  	
   

  	
   

  

 

For
definitions of terms used in this letter please refer to your booklet.

 

This
Agreement only applies to the Facilities listed in the attached Finance
Details.

 

1

 

Finance Details

 

	
  Borrower’s Name

  	
   

  	
  Channell Pty Ltd ACN: 002 735 622

  
	
   

  	
   

  	
   

  
	
  Facility A

  	
   

  	
  Banker’s Undertaking -
  Individual Limit

  	
   

  	
   

  
	
  Purpose

  	
   

  	
  To assist with working
  capital

  	
   

  	
   

  
	
  Existing Limit

  	
   

  	
  $

  	
  Nil

  	
   

  	
   

  	
   

  	
   

  
	
  Change in Limit

  	
   

  	
  $

  	
  +296,925.75

  	
   

  	
   

  	
   

  	
   

  
	
  Resultant Limit

  	
   

  	
  $

  	
  296,925.75

  	
   

  	
   

  	
   

  	
   

  
	
  Payment Details

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Payment Type

  	
   

  	
  On Demand

  	
   

  	
   

  	
   

  	
   

  
	
  Facility Fee(s)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Facility Fee Type

  	
   

  	
  Service Fee

  	
   

  	
  Amount &

  Accrual Cycle

  	
   

  	
  (1.25%) per half year in
  advance. The minimum fee is $100 (which is subject to change). The Service
  Fee is charged six monthly in advance and is non-refundable.

  
	
   

  	
   

  	
   

  
	
  Facility B

  	
   

  	
  Westpac Equipment Finance -
  Revolving Limit

  
	
  Existing Limit

  	
   

  	
  $

  	
  Nil

  	
   

  	
  The terms and conditions
  including any security details for this facility have been 

  
	
  Change in Limit

  	
   

  	
  $

  	
  +250,000.00

  	
   

  	
  provided to you
  separately. 

  
	
  Resultant Limit

  	
   

  	
  $

  	
  250,000.00

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Facility C

  	
   

  	
  Transaction Negotiation
  Authority

  
	
  Existing Limit

  	
   

  	
  $

  	
  Nil

  	
   

  	
  Terms and conditions for
  this product have been provided to you separately.

  
	
  Change in Limit

  	
   

  	
  $

  	
  +400,000.00

  	
   

  	
   

  
	
  Resultant Limit

  	
   

  	
  $

  	
  400,000.00

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Facility D

  	
   

  	
  Westpac Business Card

  
	
  Existing Limit

  	
   

  	
  $

  	
  Nil

  	
   

  	
  Terms and conditions for
  this product have been provided to you separately.

  
	
  Change in Limit

  	
   

  	
  $

  	
  +350,000.00

  	
   

  	
   

  
	
  Resultant Limit

  	
   

  	
  $

  	
  350,000.00

  	
   

  	
   

  
											

 

The following specific conditions apply to this Borrower’s
Facilities:-

 

The
Bank will require release of National Australia Bank Limited fixed and floating
charge No 44525 over Channell Pty Ltd prior to any drawdown of approved
facilities.

 

2

 

The following specific conditions apply to this Borrower’s
Facilities:-

 

You
must provide the following reports to us, certified by the director /
principal, on a half yearly basis commencing 15/8/2008. These reports are to be
provided within 45 days of the corresponding balance date 30/6 and 31/12 and
are to include:

 

	
  1)

  	
   

  	
  Balance Sheet /Trading
  profit & loss statements (including year to date figures).

  
	
  2)

  	
   

  	
  Aged debtor &
  creditor listing.

  
	
  3)

  	
   

  	
  Cash
  flow budget (including historical results vs budget year to date and forward
  projections for at least the next 12 months).

  
	
  4)

  	
   

  	
  Comments on any material
  variation to plan and steps taken to correct these.

  
	
  5)

  	
   

  	
  Our “Working Asset
  Statement” (your manager will provide you with the standard form for
  completion).

  

 

	
  The Facilities for this Borrower will be secured by the
  following:-

  

 

	
  Status

  	
   

  	
  Details

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Offered

  	
   

  	
  Fixed and Floating Charge
  by Channell Pty Ltd ACN 002 735 622 over all assets and uncalled capital

  	
   

  

 

3

 

Details of Fees &
Charges

 

What are the set up costs for this finance?

 

	
  Lender

  	
   

  	
   

  	
   

  
	
  Establishment Fee

  	
   

  	
  $

  	
  500.00

  	
   

  
	
  Total (excludes ongoing fees)

  	
   

  	
  $

  	
  500.00

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Government

  	
   

  	
   

  	
   

  
	
  Loan Security Duty (estimate)

  	
   

  	
  $

  	
  1,341.00

  	
   

  
	
  Registration Fee – Mortgage Debenture (estimate)

  	
   

  	
  $

  	
  135.00

  	
   

  
	
  Total estimate

  	
   

  	
  $

  	
  1,476.00

  	
   

  

 

Do property valuation fees apply?

 

We
may, at any time, obtain a valuation of any new security property or an updated
valuation of any existing security property from a Licensed Valuer. If we do,
you will have to pay for the valuation. We will advise you before we do so. The
cost may be debited to one of your accounts.

 

Is the amount of these fees and charges likely to vary?

 

The
fees and charges quoted above are indicative of what is payable to us and/or to
the Government.

 

Should
we be required to pay additional Government charges in relation to the security
documentation and they are not quoted above, then you will be required to cover
these costs. Any fees or charges not paid by you (or authorised for payment)
after acceptance of this offer may be debited to any of your accounts.

 

If
the Facilities or Securities are complicated in nature, we may instruct our
solicitors to prepare the Securities. If so, you will have to pay their costs
and disbursements. An estimate of the amount payable will be provided to you on
request.

 

If
you increase, extend or vary a Facility, additional fees and charges may apply.

 

What happens if the Agreement does not proceed?

 

	
  ·

  	
   

  	
  You will be responsible
  for payment of any legal fees and disbursements incurred up to that time; and

  
	
   

  	
   

  	
   

  
	
  ·

  	
   

  	
  You may be required to
  pay, or we may keep (or debit any of your accounts with) any other fees and
  charges incurred, which would have been payable under the Agreement.

  

 

If,
after accepting this offer, you decide not to proceed, we are entitled to
retain the Establishment Fee, but part of the Establishment Fee may be refunded
to you. As you will appreciate, the funds retained will be used to compensate
us for work completed up to the point of you notifying us that the Facilities
are no longer required.

 

How are the ongoing fees and charges on my facilities
calculated?

 

The
Finance Details set out each fee applicable to your Facilities, and the amounts
or rates of those fees. The method of calculation and charging for these fees
is detailed below.

 

4

 

Banker’s Undertaking

 

Service Fee is calculated as a
percentage of the value of each Banker’s Undertaking issued, with a minimum fee
of currently $100.00, but subject to change. The Service Fee is charged six
monthly in advance and is non-refundable.

 

Establishment fee is payable for each
additional Banker’s Undertaking issued under a Banker’s Undertaking Revolving
Limit. This fee is currently $100.00, but subject to change. The fee is charged
on issue of the additional Banker’s Undertaking.

 

Banker’s Undertaking Demand Processing Fee of $250 is
payable each time the Bank is required to make payment (either full or in part)
in response to a demand received from a Favouree under a Banker’s Undertaking.

 

5

 

Terms of Finance Offer

 

What do I need to do before the finance will be available to
me?

 

This
offer of finance is subject to the following conditions. You need to:

 

·        accept this offer (See “How can I accept this
finance offer?”)

 

·        pay the Establishment Fee

 

·        complete and sign any new security documentation to
our satisfaction

 

Do I have to provide Security?

 

This
is not an agreement to give Security. However, unless a Facility is stated as
unsecured in the Finance Details, we will not provide any Facility until you do
so.

 

When will my finance arrangements be reviewed?

 

We
may review each Facility:

 

·        annually and

·        at any other time after giving notice to you.

 

Refer
to your booklet for further information.

 

What should I know about interest rates and margins?

 

Where
an interest rate applies to a Facility:

 

·        interest will be calculated on the daily balance owing
in the loan account from the first day of drawing to the date of repayment

·        if no period is specified in the Finance Details,
interest is payable on the last business day of each calendar month

·        quarterly interest (where applicable) will be
payable on the last business day of March, June, September and December

·        half yearly interest (where applicable) will be
payable on the last business day of March and September

·        interest may be debited to the loan account without
notice to you.

 

You
agree to pay:

 

·   interest on
each Facility at the interest rate and margin stated in the Finance Details

·   interest on
overdue amounts including excesses above Facility Limits at the Unarranged Lending Rate, which will be
determined by the Bank from time to time.

 

We
can vary the margin at any review and we will notify you of any change to the
margin. The Unarranged Lending Rate will
be published in a tombstone with our other Business Finance lending rates.

 

Advertisements
of our current variable base rates and the Unarranged
Lending Rate will appear in the Australian
Financial Review and The
Australian every second Monday. If Monday is a public holiday, the
advertisement will appear on the next business day. We will also give you
information on current interest rates, on request.

 

6

 

Can the amount of my fees and charges change?

 

Fees
and charges quoted in the Finance Details are based on the finance product
selected. Any changes to amount outstanding, or to terms and conditions, may
result in a change to the amount of those fees. See “How are the ongoing Fees
and Charges on my Facilities calculated?” for more details.

 

We
may vary the fees and charges payable, or introduce new fees and charges, as
explained in the booklet.

 

Goods
and services tax (GST) is a tax payable in respect of taxable supplies (as
defined in the GST law) made on or after 1 July 2000.

 

Some
fees and charges may be varied as a result of the introduction of GST in the
manner outlined above.

 

Where,
as provided in the booklet you have to :

 

·        indemnify us against an amount; or

·        pay or reimburse us for an amount we will pay or
have paid to someone else (a Supplier) and the cost to us includes GST payable
to the Australian Tax Office by the Supplier,

 

the
amount you will pay us, or that we may charge to any of your accounts, will
include any GST or other tax paid or payable by us or the Supplier.

 

However,
to the extent that we are entitled to claim an input tax credit or a reduced
input tax credit in respect of any supply which is paid or reimbursed by you,
and the benefit of that credit is not reflected in the amount you have paid, it
will be passed on to you later.

 

Where are the ongoing fees charged?

 

Those
fees may be charged to any of your accounts. Generally this will be the
facility account or the principal transaction account of the borrower.

 

Are my Facilities repayable on demand?

 

Yes,
unless otherwise stated in the Finance Details.

 

How often will I receive statements of account?

 

We
will send you a statement of your loan account every six months or more
frequently as agreed between us.

 

Does the code of Banking Practice apply?

 

If any one borrower is a small business as defined by the
Code:

 

Each
relevant provision of the Code of Banking Practice will apply to your finance
from the date we adopt that provision.

 

The
relevant descriptive information referred to in sections 13.1 and 13.2 of the
Code of Banking Practice is set out in our Terms and Conditions booklets:

 

·        Deposit Accounts for Personal
Customers Product Disclosure Statement - incorporating Terms and Conditions for
using your account

·        Deposit
Accounts for Business Customers Product Disclosure Statement - incorporating
Terms and Conditions for using your account

 

7

 

These
booklets include the following information:

 

·        our account opening procedures;

·        our obligations regarding the confidentiality of
your information;

·        complaint handling procedures;

·        general descriptive information regarding bank
cheques;

·        a recommendation that you inform us promptly if you
are in financial difficulty; and

·        a recommendation that you carefully read the terms
and conditions applying to the relevant banking service (which in relation to
your business finance means you should carefully read your Business Finance
Agreement before signing it).

 

Copies
of these booklets are available on request.

 

If none of the borrowers are a small business as defined by
the Code: 

No.

 

If I am borrowing with someone else, can I determine my
liability?

 

If
there is more than one borrower, each of you is individually liable for the
full amount of the facilities, unless this Agreement provides otherwise. We
will allow a borrower to terminate their liability in respect of future
advances or financial accommodation on giving us written notice. This right
only applies where we can terminate any obligation we have to provide further
credit to any other borrower under the same facility.

 

How can I make my payments?

 

You
can make your payments:

 

·        by periodical payment from an account in your name
you conduct with us. You can choose this option by completing the details in
the Acknowledgement and Acceptance section. Current periodical payment fees are
quoted in our Banking Services brochure, which you can obtain from any branch,
or by calling Business Telephone Banking on 132 142; or

·        by periodical payment from an account with another
financial institution – you will need to organise this with that financial
institution; or

·        at any of our branches in Australia. Please let your
Business Banking Manager know if you require a deposit book; or

·        by use of Business Internet Banking or Business
Telephone Banking.

 

Some
of the options listed above may not be available to you, depending on your
Facility. Your Business Banking Manager can assist you in selecting the right
payment option for your Facility.

 

Can I stop my obligations in respect of further advances?

 

If
you are jointly and severally liable under a credit facility, we will allow you
to terminate your liability in respect of future advances or financial
accommodation on giving us written notice. This right only applies where we can
terminate any obligation we have to provide further credit to any other debtor
under the same credit facility, for example any obligation we may have to pay
unpresented cheques under an overdraft facility.

 

How can I accept this finance offer?

 

You
have 30 days from the date of this offer to accept it, unless we extend the
date.

 

8

 

You
will need to complete, sign, date and return the second copy of this Finance
Agreement to this office. When we receive your acceptance, the Agreement will
commence and will replace all previous agreements between us in relation to the
Facilities.

 

We
may withdraw this offer at any time before you accept it, if we become aware of
anything we consider changes the basis on which the offer was made.

 

If
you do not draw any Facility (except for Overdraft or Line of Credit
Facilities) within 3 months after you accept the offer, we may cancel that
Facility unless we have agreed otherwise.

 

Signed
for and on behalf of Westpac Banking Corporation by:

 

 

Sukhi
Singh

Senior
Relationship Manager 

BFS Sales Support NSW 

0409 221 537

 

9

 

Acknowledgement &
Acceptance

 

Acknowledgements And Acceptance
of Business Finance Terms and Conditions

 

Each
Borrower:

 

	
  1.

  	
   

  	
  accepts the offer dated 23
  January 2008

  
	
   

  	
   

  	
   

  
	
  2.

  	
   

  	
  acknowledges receipt of,
  has read and understood the booklet and any Product Schedules

  
	
   

  	
   

  	
   

  
	
  3.

  	
   

  	
  requests that you prepare
  any Securities

  
	
   

  	
   

  	
   

  
	
  4.

  	
   

  	
  *encloses a cheque for the
  total amount of fees payable (I/We will forward a cheque for any valuation
  fees applicable, once advised of the amount.)

  
	
   

  	
   

  	
  *authorises you to debit
  the following account(s) for the fees payable (including any valuation
  fees applicable):

  

 

	
  Account
  Number  

  	
  032071
  – 393493

  	
   

  	
  Account
  Number  

  	
  032071
  – 393493

  	
   

  
	
  Branch

  	
   

  	
   

  	
  Branch

  	
   

  	
   

  
	
  Amount
  $ 

  	
   

  	
   

  	
  Amount
  $

  	
   

  	
   

  

 

	
  5.
  

  	
   

  	
  *requests
  that you debit my/our account number                               at                                   branch for the
  balance of the purchase moneys payable at settlement. *(up to the sum of $                          ),
  and pay this amount as my/our solicitor/agent/conveyancer directs. 

  
	
   

  	
   

  	
   

  
	
  6.

  	
   

  	
  *authorises you to debit
  my/our account and pay my/our solicitor’s/agent’s/conveyancer’s account, as
  instructed at settlement.

  
	
   

  	
   

  	
   

  
	
  7. 

  	
   

  	
  *authorises
  you to debit my/our account number                                  at                               
  branch
  for any fees relating to the Banker’s Undertaking. 

  
	
   

  	
   

  	
  (*delete & initial whichever is not required)

  
	
   

  	
   

  	
   

  
	
  8.

  	
   

  	
  confirms that they do not
  hold any assets as the trustee of a trust unless the Agreement states that it
  is a trustee;

  
	
   

  	
   

  	
   

  
	
  9.

  	
   

  	
  acknowledges that each
  Borrower is liable for the whole amount of the facility. This means that you
  can require any borrower to pay all the principal, all the
  interest and all other amounts. If the other Borrower or Borrowers do
  not pay any amount, each Borrower acknowledges that it will have to pay the
  full amount itself.

  

 

	
  DATED:

  	
  31/1/’08

  	
   

  

 

10

 

SIGNED
for and on behalf of Channell Pty Ltd ACN: 002 735 622

 

 

	
  /s/
  Brett Becroft

  	
   

  
	
  Director

  	
   

  
	
  Print
  Name 

  	
  Brett
  Becroft

  	
   

  
			

 

	
  /s/
  Amar Kulkarni

  	
   

  
	
  Secretary

  	
   

  
	
  Print
  Name 

  	
  Amar
  Kulkarni

  	
   

  
			

 

 

The
Solicitor, Settlement Agent or Land Broker acting for me/us is:-

 

	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Phone/Fax:

  	
   

  	
   

  
						

 

11

 

BANKER’S
UNDERTAKING

 

This Schedule sets out additional terms and conditions of your Banker’s
Undertaking facility which are not included in the Finance Details.

 

Revolving Facility

 

If the Finance Details states that you have a Revolving Facility, you
may request the Lender to issue more than one Banker’s Undertaking up to the
unused portion of the Limit Amount quoted in the Finance Details. The Lender
may state additional pre-conditions to the issue of each Banker’s Undertaking.
The following terms and conditions also apply to each Banker’s Undertaking
issued under the Revolving Facility.

 

Payment

 

The Lender may at any time, without being required to do so, pay to the
favouree any amount required by the favouree to discharge the Lender’s
obligations under the Banker’s Undertaking.

 

The Lender may pay any amount that it is called upon
to pay or which the Lender, in its discretion, decides to pay under the Banker’s
Undertaking without reference to you or any surety, and without enquiring
whether the conditions or obligations under any agreement between you and the
favouree have or have not been complied with. The Lender is not required to
investigate the correctness of any information, statement or document or verify
any signature or title on any document given to the Lender in relation to the
Banker’s Undertaking.

 

Where a Banker’s Undertaking is issued in Western Australia, if the
Lender pays an amount under a Banker’s Undertaking, the Lender will debit any
of your accounts or open an account and debit that account for the amount paid
by the Lender.

 

Where a Banker’s Undertaking is not issued in
Western Australia, if the Lender pays an amount under a Banker’s Undertaking
you will pay that amount to the Lender immediately on demand. The Lender may
also debit any of your accounts for that amount, or open an account and debit
that amount to that account.

 

Account for Charging of Fees

 

If you do not already conduct an account with the Lender you will be
required to open one, to enable the Lender to automatically deduct all ongoing
fees. You must continue to conduct an account with the Lender until you notify
the Lender that the Banker’s Undertaking facility is no longer required.

 

Bill Of  Lading

 

If a Banker’s Undertaking is to be in the form of a guarantee signed by
you and endorsed by the Lender to enable you to obtain the delivery of goods
without production of the Bill of Lading in relation to those goods, then you
will return the Banker’s Undertaking to the Lender as soon as the Bill of
Lading has been delivered to the shipping agents. Your obligations under the
Banker’s Undertaking and this Agreement will continue whether or not drafts or
documents presented to the Lender are in accordance the terms and conditions of
the documentary credit or collection transaction of which they are a part. You
undertake that the goods referred to in the Bill of Lading are not included in
the list of prohibited goods specified by the Customs Department.

 

Cancellation Of Banker’s Undertakings

 

The Lender’s obligations under a Banker’s Undertaking cease on the
earliest of the following:

 

 

	
  a)

  	
  notification is received
  by the Lender from the favouree that the Undertaking is no longer required;

  
	
  b)

  	
  the Undertaking is
  returned to the Lender;

  
	
  c)

  	
  all payments by the Lender
  to the favouree under the Undertaking total the amount payable under it;

  
	
  d)

  	
  the favouree notifies the
  Lender that the payments made by the Lender constitute the total amount
  required to be paid;

  
	
  e)

  	
  on the expiry date, if
  any, of the Undertaking.

  

 

Consent

 

The Lender may give to any surety copies of:

 

·      the Business Facility Agreement including all Schedules and the
booklet;

·      the Banker’s Undertaking;

·      any formal demand that is sent to you.

 

 

DECLARATION OF ASSET VALUES

 

To: Westpac Banking Corporation ABN 33 007 457 141

 

Re: Fixed and Floating Charge (the “Charge”) given by
Channell Pty Ltd ACN 002 735 622 on 31/01/08 in its own right (the “Company”)
in favour of Westpac Banking Corporation (the “Bank”).

 

	
  I,

  	
   

  	
  BRETT
  BECROFT, being an officer of the company.

  
	
   

  	
   

  	
   

  
	
  1.

  	
   

  	
  confirm
  that the charge relates to assets with the following respective values in the
  following states and territories of Australia;

  

 

	
  Queensland

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  New
  South Wales

  	
   

  	
  $

  	
  2,000,000

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Victoria

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  South
  Australia

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Western
  Australia

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Tasmania

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Northern
  Territory

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Australian
  Capital Territory

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Off
  shore Assets

  	
   

  	
  $

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  TOTAL

  	
   

  	
  $

  	
   

  
					

 

	
  2

  	
   

  	
  authorise
  and direct the bank to attend to stamping of the charge,

  
	
   

  	
   

  	
   

  
	
  In
  consideration of the bank accepting this authority and direction the company
  agrees to the following;

  
	
   

  	
   

  	
   

  
	
  ·

  	
   

  	
  The company RELEASES the
  bank from any claim for loss, damage or liability sustained by the company as
  a consequence of the bank’s reliance on the company’s authority and direction
  to stamp the charge and the company agrees to hold the bank INDEMNIFIED
  against all actions, suits, loss, costs, charges, taxes (including any goods
  and services tax) and expenses which the bank may incur or become liable for
  by reason of the bank having acted in accordance with the company’s authority
  and direction to stamp the charge.

  
	
   

  	
   

  	
   

  
	
  ·

  	
   

  	
  The above provisions shall
  not apply in the event that it is conclusively proved that the bank or its
  employees have acted negligently in consequence of the company’s authority
  and direction to stamp the charge.

  

 

	
  Signed  by

  	
  Brett Becroft

  	
   

  	
  /s/
  Brett Becroft

  
	
  in
  the presence of

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  /s/
  Sukhi Singh

  	
   

  	
   

  
	
  Signature
  of witness

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Sukhi
  Singh

  	
   

  	
   

  
	
  Name
  of witness (print).

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date

  	
  31/01/08

  	
   

  	
   

  
					

 

 

	
   

  	
  BANK COPY

  
	
   

  	
  Please Sign & Return

  
	
   

  	
   

  
	
   

  	
  Fixed and Floating Charge

  
	
   

  	
   

  
	
   

  	
  Channell Pty Ltd ACN 002 735 622

  
	
   

  	
  Westpac Banking Corporation

  
	
   

  	
   

  
	
   

  	
  © Copyright Allens Arthur
  Robinson 2001

  

 

 

	
  Fixed
  and Floating Charge

  	
   

  
	
   

  	
   

  
	
  TABLE OF CONTENTS

  	
   

  
	
   

  	
   

  
	
  1. INTERPRETATION

  	
  1

  
	
   

  	
   

  	
   

  	
   

  
	
  1.1

  	
  Memorandum of Common
  Provisions

  	
  1

  
	
   

  	
   

  	
   

  	
   

  
	
  1.2

  	
  Definitions

  	
  1

  
	
   

  	
   

  	
   

  	
   

  
	
  2. CHARGE

  	
  2

  
	
   

  	
   

  	
   

  	
   

  
	
  2.1

  	
  Charge

  	
  2

  
	
   

  	
   

  	
   

  	
   

  
	
  2.2

  	
  Priority

  	
  2

  
	
   

  	
   

  	
   

  	
   

  
	
  2.3

  	
  Nature of charge

  	
  2

  
	
   

  	
   

  	
   

  	
   

  
	
  2.4

  	
  Crystallisation

  	
  3

  
	
   

  	
   

  	
   

  	
   

  
	
  2.5

  	
  De-crystallisation

  	
  4

  
	
   

  	
   

  
	
  3. ACKNOWLEDGMENT OF INDEBTEDNESS

  	
  4

  
	
   

  	
   

  	
   

  	
   

  
	
  SCHEDULE

  	
  5

  
	
   

  	
   

  	
   

  	
   

  
	
  Prior Ranking Security
  Interests 

  	
  5

  
							

 

i

 

	
  Date

  	
   

  	
  31/JAN/2008

  	 

	
   

  	
   

  	
   

  	 

	
  Parties

  	
   

  	
   

  	 

	
   

  	
   

  	
   

  	 

	
  l.

  	
   

  	
  Channell Pty  Ltd ACN  002 735 622 of C/- Baker &
  McKenzie ‘AMP centre’ Level 27 50 Bridge Street Street, Sydney NSW 2000 (the Mortgagor);

  	 

	
   

  	
   

  	
   

  	 

	
  2.

  	
   

  	
  Westpac Banking Corporation (ABN 33 007 457 141) of 1 King Street, Concord West 2138 New South Wales (the Lender).

  	 

	
   

  	
   

  	
   

  	 

	
  It is
  agreed as follows.

  	 

	
   

  	 

	
  1.

  	
   

  	
  Interpretation

  	 

	
   

  	
   

  	
   

  	 

	
  1.1

  	
   

  	
  Memorandum
  of Common Provisions

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  The
  Memorandum of Common Provisions referred to below applies to this Deed. It
  forms part of this Deed. Terms defined in it have the same meaning.

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  The
  Memorandum is retained by: the New South Wales Land Titles Office, Sydney, as
  number 9488920.

  	 

	
   

  	
   

  	
   

  	 

	
  1.2

  	
   

  	
  Definitions

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  The
  following definitions apply unless the context requires otherwise.

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  Government Agency  means any
  government or any governmental, semi-governmental or judicial entity or
  authority, including local government and statutory organisations. It also
  includes any self-regulatory organisation established under statute, and any
  stock exchange.

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  Intellectual Property  means any intellectual or
  industrial property. It includes without limitation:

  	 

	
   

  	
   

  	
   

  	 

	
   

  	
   

  	
  (a)

  	
  a
  patent, trade mark or service mark, copyright, registered design, trade
  secret or confidential information; or

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)

  	
  a
  licence or other right to use or to grant the use of any of the foregoing or
  to be the registered proprietor or used of any of the foregoing.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Security Interest includes:

  	 

	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a)

  	
  any
  mortgage, pledge, lien or charge; or

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (b)

  	
  any
  security or preferential interest or arrangement of any kind; or

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (c)

  	
  any
  other right of or arrangement with any creditor to have its claim satisfied
  in priority to other creditors with, or from the  proceeds, of, any asset.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Without
  limitation it includes retention of title other than in the ordinary course
  of day-to-day trading and a deposit of money by way of security. It excludes
  a charge or lien arising in favour of a Government Agency by operation of
  statute unless there is default in payment of money secured by that charge or
  lien.

  	 

					

 

1

 

	
  2.

  	
   

  	
  Charge

  
	
   

  	
   

  	
   

  
	
  2.1

  	
   

  	
  Charge

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  For
  value, including the Lender giving or continuing credit or agreeing to do so
  (even conditionally), the Mortgagor charges to the Lender all the Mortgagor’s
  present and future assets and undertaking as set out in this Deed and the
  Memorandum of Common Provisions referred to in clause 1.1. This includes,
  without limitation, its uncalled or unpaid share capital.

  
	
   

  	
   

  	
   

  
	
  2.2

  	
   

  	
  Priority

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The
  charge created by this Deed is a first charge except where the Lender agrees
  otherwise. It takes priority over all Security Interests except those described
  in the Schedule.

  
	
   

  	
   

  	
   

  
	
  2.3

  	
   

  	
  Nature
  of charge

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  The
  charge created by this Deed operates as follows.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  (a)

  	
  It
  is a fixed charge as regards all present and future:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (i)

  	
  interests
  in land, including freehold and leasehold;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (ii)

  	
  uncalled
  or unpaid share capital or premiums;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (iii)

  	
  machinery
  (other than stock-in-trade) and plant;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (iv)

  	
  insurance
  policies, and all proceeds of those policies;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (v)

  	
  books
  of account, registers, minute books, statements, invoices, accounting and other
  records (including, without limitation, those recorded electronically) and
  all software;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (vi)

  	
  Intellectual
  Property and goodwill;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (vii)

  	
  documents
  or agreements, including:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (A)

  	
  if
  the Mortgagor enters this Deed as trustee of a trust, the relevant trust
  document;

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (B)

  	
  any
  lease or other right to use property of any type (including, a right to use
  intellectual property or any franchise); or

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  except
  any document or agreement which is not material to the business of the
  Mortgagor, the Property or the security of the Lender, and which would be
  regularly disposed of in the normal day to day business of the Mortgagor;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (viii)

  	
  Marketable
  Securities as defined in the Corporations Act 2001; and

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (A)

  	
  anything
  referred to in the exceptions to the definition of “debenture” in the
  Corporations Act 2001;

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (B)

  	
  units
  or other interests in a trust or partnership;

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (C)

  	
  negotiable
  instruments; and

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (D)

  	
  rights
  or options in respect of a Marketable Security (including, without
  limitation, any of the above), whether issued or unissued.,

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  other
  than those which are acquired and disposed of regularly in the normal course

  

 

2

 

	
   

  	
   

  	
   

  	
   

  	
  of
  the normal day to day business of the Mortgagor;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (ix)

  	
  Authorisations;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (x)

  	
  documents
  of any kind deposited with the Lender and property which those documents
  represent or to which they relate;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (xi)

  	
  accounts
  and deposits with the Lender where there is some restriction on the right of
  the Mortgagor to withdraw or use the funds in those accounts or deposits;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (xii)

  	
  other
  assets that are not acquired for disposal in the ordinary course of the
  Mortgagor’s business;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (xiii)

  	
  book
  debts owed to the Mortgagor not included in the above which arise in the ordinary
  course of trading, but this does not include proceeds of those debts which
  are received before the first occur of:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (A)

  	
  the
  Lender requiring such proceeds to be paid into an account or deposit of the
  type mentioned in sub-paragraph (xi); and

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (B)

  	
  the
  charge created by this Deed being enforced (the Lender may require proceeds
  to be paid into such an account at any time); and

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (xiv)

  	
  all
  other debts owed to the Mortgagor including the proceeds of those debts.

  
	
   

  	
   

  
	
   

  	
  (b)

  	
   

  	
  Subject
  to clause 2.4, it is a floating charge as regards all other assets charged. 

  
	
   

  	
   

  
	
   

  	
  All
  sub-paragraphs of paragraph (a) are to be construed independently. None
  limits the generality of any other.

  
	
   

  	
   

  
	
  2.4

  	
  Crystallisation

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  The
  floating charge created by this Deed will automatically and immediately
  crystallise and operate as a fixed charge:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (a)

  	
   

  	
  in
  respect of any assets:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (i)

  	
  on
  notice to the Mortgagor from the Lender;

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (ii)

  	
  if
  the Mortgagor:

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (A)

  	
  creates
  or allows any Security Interest over;

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (B)

  	
  sells,
  leases, parts with possession or otherwise disposes of;

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (C)

  	
  creates
  or allows any interest in; or

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (D)

  	
  parts
  with possession of,

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  that
  asset in breach of a Lender Arrangement, or agrees or attempts to do so or
  takes any step towards doing so;

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (iii)

  	
  on
  any step being taken with a view to levying or enforcing any distress, attachment
  or other execution on that asset or to enforcing any Security Interest in
  respect of that asset;

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (iv)

  	
  on
  the Commissioner of Taxation or his delegate or successor signing a notice
  under:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  (A)

  	
  s218
  or s255 of the Income Tax Assessment Act 1936;

  
							

 

3

 

(B)           s260-5 of Schedule 1 to the Taxation Administration Act
1953;

 

(C)           s34 of the Taxation Administration Act 1953;

 

(D)          any similar legislation,

 

which will affect that asset; or

 

(v)                               on a Government
Agency taking any step which may result in an amount of Tax or an amount owing
to a Government Agency ranking ahead of the floating charge with respect to
that asset; or

 

(b)           in respect of
all the Property:

 

(i)                                  if an order is
made or a resolution is passed for the winding up of the Mortgagor; or

 

(ii)                              on the security
constituted by this Deed being enforced in any way.

 

Except where expressly stated, no notice or action by the Lender is
necessary for the charge to crystallise.

 

2.5          De-crystallisation

 

By notice to the Mortgagor, the Lender may at any
time release from the fixed charge any asset which has become subject to a
fixed charge under clause 2.4.

 

That asset will then again be subject to the floating
charge and to the further operation of that Clause.

 

3.           Acknowledgment of Indebtedness

 

The Mortgagor acknowledges that it owes the Lender
at least $1.

 

4

 

Schedule

 

Prior Ranking Security Interests

 

5

 

Executed as a Deed.

 

SIGNED
SEALED AND DELIVERED by

Channell Pty Ltd ACN 002 735 622

by authority of its directors

 

	
  /s/ Amar Kulkarni

  	
   

  	
  /s/ Brett Becroft

  
	
  Secretary

  	
   

  	
  Director

  
	
   

  	
   

  	
   

  
	
  AMAR KULKARNI

  	
   

  	
  BRETT BECROFT

  
	
  Name
  in full (BLOCK LETTERS)

  	
   

  	
  Name
  in full (BLOCK LETTERS)

  

 

 

6

 

	
  

  	
   

  	
  Westpac
  Banking Corporation ABN 33 007 457 141

  
	
   

  
	
   

  	
  Business Loan Centre NSW

  
	
   

  	
  1  King Street

  
	
   

  	
  Concord
  West NSW 2138

  
	
   

  	
  Telephone:
  02 8767 3234

  
	
   

  	
  Facsimile:
  02 9767 1170

  
				

 

BANKER’S UNDERTAKING

 

To:     ING Management Limited ACN
006 065 032 of 3 Healy Circuit Huntingwood NSW 2148 (the “Favouree”)

 

At the request of:       Channell
Pty Ltd ACN 002 735 622 (the “Customer”)

 

and in consideration of the Favouree accepting this Undertaking for
rental bond for the premises at Huntingwood, WESTPAC BANKING CORPORATION (the “Bank”)
unconditionally undertakes to pay on demand any amount or amounts which may
from time to time be demanded in writing purporting to be signed by or on
behalf of the Favouree, up to a maximum aggregate sum of $296,925.75 (the “Amount”).

 

Payment
of the Amount or any part thereof will be made by the Bank to the Favouree
without reference to the Customer and regardless of any notice from the Customer
to the Bank not to pay any amount.

 

The
Bank’s obligations under this Undertaking cease on the earliest of the
following:

 

·         written
notification is received by the Bank from the Favouree that the Undertaking is
no longer required

 

·         the Undertaking is returned to the Bank

 

·         all payments by the Bank to the Favouree under the
Undertaking total the Amount

 

·         the Favouree notifies the Bank that the payments made by the
Bank constitute the total amount required to be paid

 

Notwithstanding
any other obligations of the Bank under this Undertaking the Bank may at any
time, without being required to do so, extinguish any liability it has under
the Undertaking by paying to the Favouree the Amount less any amount or amounts
it has previously paid under this Undertaking, or any lesser amount the
Favouree notifies the Bank as being acceptable to it.

 

The
benefit of this Undertaking is personal to the named Favouree and is not
capable of assignment.

 

1

 

BANKER’S UNDERTAKING

 

By:           WESTPAC BANKING
CORPORATION ABN 33 007 457 141 (the “Bank”)

 

To:           ING Management
Limited ACN 006 065 032 of 3 Healy Circuit Huntingwood NSW 2148 (the “Favouree”)

 

At the request of:         Channell Pty Ltd ACN 002 735 622 (the “Customer”)

 

Amount:      $296,925.75

 

Dated at Concord West, this 23rd day of January 2008.

 

	
  I
  certify that the Attorney for the Bank, with whom I am personally acquainted
  or as to whose identity I am otherwise satisfied, signed this instrument in
  my presence.

  	
   

  	
  SIGNED
  by 

  	
  CERISE UDEN

  
	
   

  	
  as
  attorney for Westpac Banking

  Corporation ABN 33 007 457 141 under

  power of attorney registered Book 4299 No 332.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Signature
  of Witness:

  	
  /s/ William Widjaja

  	
   

  	
  /s/
  Cerise Uden

  
	
   

  	
   

  	
   

  	
  Signature TIER
  THREE ATTORNEY

  
	
  Name
  of Witness:

  	
  WILLIAM WIDJAJA

  	
   

  	
  By
  executing this instrument the attorney states that the 

  
	
   

  	
   

  	
   

  	
  attorney
  has received no notice of the revocation of the power of attorney.

  
	
  Address
  of Witness:

  	
  BANK
  OFFICER 

  NSW SERVICE CENTRE

  1 KING ST. CONCORD WEST

  	
   

  
								

 

Please
forward all notices and correspondence to The Manager, Westpac Banking Corporation
at Business Loan Centre NSW 1 King Street Concord West NSW 2138 (ref: NSW Metro
Norwest branch).

 

This is the duplicate copy of the Banker’s Undertaking.

 

2Exhibit 10.47

 

DOCUMENT COMPLETION CERTIFICATE

 

	
  To

  	
   

  	
  BB Norwest - Sukhi Singh (DN100560046)

  	
  BSB

  	
   

  	
  032047

  	
   

  	
  Mgr—No.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Customer

  	
   

  	
  Bushmans Group Pty Ltd ACN 090 744 022

  	
   

  	
   

  	
   

  	
  Z No.

  	
   

  	
  91991558

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total

  Facility

  Approved

  	
   

  	
  $836,745.00

  	
   

  	
  Date of

  Approval

  	
  31/01/2008

  	
  Amount of increase (+)

  or decrease (-)

  	
  (+) $836,745.00

  
													

 

BEFORE THIS MATTER CAN PROCEED TO SETTLEMENT
/ DRAWDOWN

 

1.    The security documentation relevant to the above matter, listed on the
reverse of this certificate, is in order for signing by customers and other
relevant parties.

 

2.     If customer is a Company,
documents are to be executed without seal. If the customer advises that the
company seal must be used, the documents will need to be reissued with the
correct execution clause for signing under seal.

 

3.    The outstanding matters detailed on the
reverse of this certificate require your attention BEFORE this matter can
proceed to settlement/drawdown. Alternatively, Credit approval must be obtained
to waive these requirements, OR, defer follow-up until after drawdown.

 

	
  Securities
  Officer (signature):

  	
   

  
	
   

  
	
  Name:
  William Widjaja

  	
  Date:
  27 January 2008

  
	
   

  
	
  Phone
  number: 02 87673234

  	
  Desk
  location number:

  
			

 

SALES
MANAGER / RESPONSIBLE OFFICER SIGN OFF

 

The security documents have been executed by the customer; AND,

 

all conditions of approval (including hindsight review where
applicable) and outstanding matters listed on the REVERSE are EITHER satisfied
(and attached where appropriate), OR Credit Approval is held to waive or defer
follow-up.

 

PLEASE RETURN EXECUTED DOCUMENTATION AND THIS FORM COMPLETED AND
SIGNED OFF.

 

	
  Sales
  Manager/Responsible Officer (signature):

  	
  /s/
  Sukhi Singh

  

 

	
  Name:
  

  	
  Sukhi Singh

  	
   

  	
  Date:
  

  	
  12-02-08

  
	
   

  	
   

  	
   

  
	
  XTN:

  	
   

  	
   

  	
   

  
						

 

DRAWDOWN DATE REQUIRED: /s/  Sukhi
Singh

 

GENERAL/SPECIAL INSTRUCTIONS

 

Please contact NAB for discharge of FFC.

 

CREDIT
APPROVAL (if applicable)

 

The outstanding matters indicated
on the reverse of this form (by initial), are EITHER waived for the purpose of drawdown
OR, Credit Approval is given to defer follow-up. The SALES MANAGER must clear
outstanding items as indicated by                               (date).

 

	
  Credit
  Officer (signature):

  	
   

  
	
   

  
	
  Name:

  	
   

  	
   

  	
  Date:

  	
   

  
	
   

  
	
  XTN:

  	
   

  	
   

  
								

 

A COPY OF THE COMPLETED FORM (ALL PAGES) MUST BE KEPT ON
THE MANAGERIAL FILE

 

 

DOCUMENT
COMPLETION CERTIFICATE

 

LIST OF DOCUMENTS ATTACHED:

 

PLEASE HAVE THE DOCUMENTS BELOW EXECUTED.

 

	
  BFA x3

  	
   

  	
  MCP

  
	
  LD175 - Channell Pty Ltd

  	
   

  	
  LE171 & LE174 - Channell Pty Ltd

  
	
  LE213

  	
   

  	
   

  

 

OUTSTANDING MATTERS:

 

THESE ITEMS MUST BE ACTIONED BEFORE SETTLEMENT & DRAWDOWN CAN
GO AHEAD.

 

	
  Loan Centre Use

  	
   

  	
  Manager Use

  	
   

  	
  Credit Centre Use

  
	
  Outstanding Matters

  	
   

  	
  Satisfied/

  Attached

  (initials)

  	
   

  	
  APPROVED

  Follow-up

  Waived

  (initials)

  	
   

  	
  APPROVED

  Follow-up

  Post drawdown

  **

  (initials)

  
	
  Banker’s Undertaking signed by attorney in escrow - subject to manager
  obtaining customer’s execution of all security documents and Customer
  Indemnity, and all other outstanding matters being attended to before the
  Banker’s Undertaking is issued.

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pls ensure all docs are signed and return

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Pls ensure to return to us the GX copy for loading

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Many Thanks

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

Recommendation To Credit

(Manager Use Only)

 

 

**          THE SALES MANAGER IS RESPONSIBLE FOR COMPLETING OUTSTANDING MATTERS
AFTER DRAWDOWN AS INDICATED ABOVE.

 

 

	
  

  	
   

  	
  Westpac Banking Corporation ABN 33 007 457 141

  

 

BANK COPY

Please Sign and Return

 

	
   

  	
   

  	
  BFS
  Sales Support NSW

  
	
   

  	
   

  	
  1
  King Street

  
	
   

  	
   

  	
  Concord
  West NSW 2138

  
	
   

  	
   

  
	
   

  	
   

  	
  Telephone
  0409 221 537

  
	
   

  	
   

  	
  Facsimile
  (02)9836 1292

  
	
  The
  Secretary

  	
   

  	
  Our
  Ref: 100553695

  
	
  Bushmans
  Group Pty Ltd

  	
   

  	
  Your
  Ref: 91991558

  
	
  1/171
  Brisbane Road

  	
   

  
	
  Mooloolaba
  QLD 4557

  	
   

  	
  31
  January 2008

  

 

Dear
Sir/ Madam,

 

Thank
you for the opportunity to discuss your finance requirements. I am pleased to
advise that your request for finance has been approved. Full details regarding
your Facilities are detailed in the attached Business Finance Agreement.

 

Would
you kindly sign and return the duplicate Business Finance Agreement to accept
this finance offer.

 

We
appreciate the opportunity to provide your finance on this occasion and look
forward to being of assistance to you in the future.

 

If
you have any questions about any aspect of your finance or the attached
documentation, please do not hesitate to contact me.

 

 

	
  Yours
  sincerely,

  
	
   

  
	
   

  
	
  /s/ Sukhi
  Singh

  	
   

  
	
  Sukhi
  Singh

  
	
  Senior
  Relationship Manager

  
	
  0409
  221 537

  

 

	
   

  	
  www. westpac.com.au

  

 

 

	
  Westpac Banking Corporation

  	
  ABN 33 007 457 141

  
	
   

  	
   

  
	
  Business Finance Agreement

  	
   

  

 

31 January 2008

 

To:
Bushmans Group Pty Ltd ACN: 090 744 022

 

We
are pleased to offer finance as detailed in the following sections and attachments
to this letter:

 

	
  ·

  	
  FINANCE DETAILS

  	
   

  	
  Page 2

  
	
   

  	
  This
  schedule details the Facilities, including the finance amount, term,
  repayment arrangements, interest rate and fees payable. 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ·

  	
  DETAILS OF FEES & CHARGES

  	
   

  	
  Page 4

  
	
   

  	
  This
  schedule displays details of the fees and charges payable, and how they are
  calculated.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ·

  	
  TERMS OF FINANCE OFFER

  	
   

  	
  Page 6

  
	
   

  	
  These
  are terms specific to your finance arrangements.

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ·

  	
  ACKNOWLEDGEMENT & ACCEPTANCE

  	
   

  	
  Page 10

  
	
   

  	
  This
  section must be signed and returned to accept this finance offer. 

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  ·

  	
  ADDITIONAL ATTACHMENTS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Product Schedules

  	
   

  	
   

  
	
   

  	
  These
  contain information specific to certain types of Facilities. If all of the
  details you need to know about a Facility are contained in the Finance Details,
  that Facility will not have a separate Product Schedule. The attached Product
  Schedules relevant to your Facilities are: 

  	
   

  	
   

  
	
   

  	
  ·     Banker’s Undertaking

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  General Conditions Booklet version 3, dated 03/2003 (the
  “booklet”)

  	
   

  	
   

  
	
   

  	
  This
  booklet contains terms and conditions that apply to all borrowers.

  	
   

  	
   

  

 

For
definitions of terms used in this letter please refer to your booklet.

 

This
Agreement only applies to the Facilities listed in the attached Finance
Details.

 

1

 

Finance Details

 

	
  Borrower’s Name

  	
   

  	
  Bushmans Group Pty Ltd ACN: 090 744 022

  
	
   

  	
   

  	
   

  
	
  Facility A

  	
   

  	
  Banker’s Undertaking - Individual Limit

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Purpose

  	
   

  	
  For
  Rental Bond

  	
   

  	
   

  	
   

  	
   

  
							

 

	
  Existing
  Limit

  	
   

  	
  $

  	
  Nil

  	
   

  	
   

  
	
  Change
  in Limit

  	
   

  	
  $

  	
  +86,744.89

  	
   

  	
   

  
	
  Resultant
  Limit

  	
   

  	
  $

  	
  86,744.89

  	
   

  	
   

  

 

	
  Payment
  Details

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Payment
  Type

  	
   

  	
  On
  Demand

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Facility
  Fee(s)

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Facility
  Fee Type

  	
   

  	
  Service
  Fee

  	
   

  	
  Amount &

  Accrual Cycle

  	
   

  	
  (1.25%)
  per half year in advance. The minimum fee is $100 (which is subject to change).
  The Service Fee is charged six monthly in advance and is non-refundable.

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Facility B

  	
   

  	
  Westpac Equipment Finance - Revolving Limit

  

 

	
  Existing
  Limit

  	
   

  	
  $

  	
  Nil

  	
   

  	
  The
  terms and conditions including any security details for this facility have
  been provided to you separately.

  
	
  Change
  in Limit

  	
   

  	
  $

  	
  +750,000.00

  	
   

  	
   

  
	
  Resultant
  Limit

  	
   

  	
  $

  	
  750,000.00

  	
   

  	
   

  

 

The following specific conditions apply to this Borrower’s
Facilities:-

 

The Bank will require execution of ASIC form 312 by Australian Executor
Trustees Limited to release assets purchased by Bushmans Group Pty Ltd under
Westpac Equipment finance.

 

You must provide the following reports to us, certified by the director
/ principal, on a half yearly basis commencing 15/8/2008. These reports are to
be provided within 45 days of the corresponding balance date 30/6 and 31/12 and
are to include:

 

1)     Balance Sheet/Trading profit & loss
statements (including year to date figures).

2)     Aged debtor & creditor listing.

3)     Cash flow budget (including historical results vs
budget year to date and forward projections for at least the next 12 months).

4)     Comments on any material variation to plan and
steps taken to correct these.

5)     Our “Working Asset Statement” (your manager will
provide you with the standard form for completion).

 

2

 

The Facilities
for this Borrower will be secured by the following:-

 

	
  Status

  	
   

  	
  Details

  
	
   

  	
   

  	
   

  
	
  Offered

  	
   

  	
  $836,745.00
  Limited Guarantee by Channell Pty Ltd ACN 002 735 622 supported by

  
	
   

  	
   

  	
   

  
	
  Offered

  	
   

  	
  Fixed
  and Floating Charge by Channell Pty Ltd ACN 002 735 622 over all assets and
  uncalled capital

  

 

3

 

Details of Fees &  Charges

 

What are the set up costs for this finance?

 

	
  Lender

  	
   

  	
   

  	
   

  
	
  Establishment Fee

  	
   

  	
  $

  	
  500.00

  	
   

  
	
  Total (excludes ongoing fees)

  	
   

  	
  $

  	
  500.00

  	
   

  

 

Do property valuation fees apply?

 

We may, at any time, obtain a valuation of any new security property or
an updated valuation of any existing security property from a Licensed Valuer.
If we do, you will have to pay for the valuation. We will advise you before we
do so. The cost may be debited to one of your accounts.

 

Is the amount of these fees and charges
likely to vary?

 

The fees and charges quoted above are indicative of what is payable to
us and/or to the Government.

 

Should we be required to pay additional Government charges in relation
to the security documentation and they are not quoted above, then you will be
required to cover these costs. Any fees or charges not paid by you (or
authorised for payment) after acceptance of this offer may be debited to any of
your accounts.

 

If the Facilities or Securities are complicated in nature, we may
instruct our solicitors to prepare the Securities. If so, you will have to pay
their costs and disbursements. An estimate of the amount payable will be
provided to you on request.

 

If you increase, extend or vary a Facility, additional fees and charges
may apply.

 

What happens if the Agreement does not
proceed?

 

·      You will be responsible for payment of any legal
fees and disbursements incurred up to that time; and

 

·      You may be required to pay,
or we may keep (or debit any of your accounts with) any other fees and charges
incurred, which would have been payable under the Agreement.

 

If, after accepting this offer, you decide not to proceed, we are
entitled to retain the Establishment Fee, but part of the Establishment Fee may
be refunded to you. As you will appreciate, the funds retained will be used to
compensate us for work completed up to the point of you notifying us that the
Facilities are no longer required.

 

How are the ongoing fees and charges on my
facilities calculated?

 

The Finance Details set out each fee applicable to your Facilities, and
the amounts or rates of those fees. The method of calculation and charging for
these fees is detailed below.

 

Banker’s Undertaking

 

Service Fee is
calculated as a percentage of the value of each Banker’s Undertaking issued,
with a minimum fee of currently $100.00, but subject to change. The Service Fee
is charged six monthly in advance and is non-refundable.

 

4

 

Establishment fee is
payable for each additional Banker’s Undertaking issued under a Banker’s
Undertaking Revolving Limit. This fee is currently $100.00, but subject to change.
The fee is charged on issue of the additional Banker’s Undertaking.

 

Banker’s Undertaking Demand Processing Fee of
$250 is payable each time the Bank is required to make payment (either full or
in part) in response to a demand received from a Favouree under a Banker’s
Undertaking.

 

5

 

Terms of Finance Offer

 

What do I need to do before the finance will
be available to me?

 

This offer of finance is subject to the following conditions. You need
to:

 

·      accept
this offer (See “How can I accept this finance offer?”)

 

·      pay
the Establishment Fee

 

·      supply
a statement signed by each corporate Guarantor, satisfactory to us, as to the
commercial benefit it will receive as a result of giving any Collateral Security

 

·      complete
and sign any new security documentation to our satisfaction

 

·      in
order for us to accept a guarantee as security, the Guarantor will need to meet
with one of our representatives without you being present. The Guarantor will
also need to obtain independent legal advice from an independent lawyer
(neither yours nor ours) who will provide us with a certificate to the effect
that the Guarantor fully understands and agrees to the terms of the new
guarantee. (please note that we will not be responsible for the cost of that
advice - the lawyer’s costs are the responsibility of you or the guarantor). A
Guarantee Document Preparation Fee also applies.

 

Do I have to provide Security?

 

This is not an agreement to give Security. However, unless a Facility
is stated as unsecured in the Finance Details, we will not provide any Facility
until you do so.

 

When will my finance arrangements be
reviewed?

 

We may review each Facility:

 

·      annually and

·      at any other time after
giving notice to you.

 

Refer to your booklet for further information.

 

What should I know about interest rates and
margins?

 

Where an interest rate applies to a Facility:

 

·      interest
will be calculated on the daily balance owing in the loan account from the
first day of drawing to the date of repayment

·      if
no period is specified in the Finance Details, interest is payable on the last
business day of each calendar month

·      quarterly
interest (where applicable) will be payable on the last business day of March,
June, September and December

·      half
yearly interest (where applicable) will be payable on the last business day of March and
September

·      interest
may be debited to the loan account without notice to you.

 

You agree to pay:

 

·      interest
on each Facility at the interest rate and margin stated in the Finance Details

 

6

 

·      interest
on overdue amounts including excesses above Facility Limits at the Unarranged Lending Rate, which will be
determined by the Bank from time to time.

 

We
can vary the margin at any review and we will notify you of any change to the
margin. The Unarranged Lending Rate will
be published in a tombstone with our other Business Finance lending rates.

 

Advertisements
of our current variable base rates and the Unarranged
Lending Rate will appear in the Australian
Financial Review and The
Australian every second Monday. If Monday is a public holiday, the
advertisement will appear on the next business day. We will also give you
information on current interest rates, on request.

 

Can the amount of my fees and charges change?

 

Fees
and charges quoted in the Finance Details are based on the finance product
selected. Any changes to amount outstanding, or to terms and conditions, may
result in a change to the amount of those fees. See “How are the ongoing Fees
and Charges on my Facilities calculated?” for more details.

 

We
may vary the fees and charges payable, or introduce new fees and charges, as
explained in the booklet.

 

Goods
and services tax (GST) is a tax payable in respect of taxable supplies (as
defined in the GST law) made on or after 1 July 2000.

 

Some
fees and charges may be varied as a result of the introduction of GST in the
manner outlined above.

 

Where,
as provided in the booklet you have to:

 

·      indemnify us against an amount; or

·      pay or reimburse us for an amount we will pay
or have paid to someone else (a Supplier) and the cost to us includes GST
payable to the Australian Tax Office by the Supplier,

 

the
amount you will pay us, or that we may charge to any of your accounts, will
include any GST or other tax paid or payable by us or the Supplier.

 

However,
to the extent that we are entitled to claim an input tax credit or a reduced
input tax credit in respect of any supply which is paid or reimbursed by you,
and the benefit of that credit is not reflected in the amount you have paid, it
will be passed on to you later.

 

Where are the ongoing fees charged?

 

Those
fees may be charged to any of your accounts. Generally this will be the
facility account or the principal transaction account of the borrower.

 

Are my Facilities repayable on demand?

 

Yes,
unless otherwise stated in the Finance Details.

 

How often will I receive statements of account?

 

We
will send you a statement of your loan account every six months or more
frequently as agreed between us.

 

7

 

Does the code of Banking Practice apply?

 

If any one borrower is a small business as defined by the Code:

Each relevant provision of the Code of Banking Practice will apply to
your finance from the date we adopt that provision.

 

The relevant descriptive information referred to in sections 13.1 and
13.2 of the Code of Banking Practice is set out in our Terms and Conditions
booklets:

 

·                  Deposit Accounts for Personal Customers Product
Disclosure Statement - incorporating Terms and Conditions for using your
account

·                  Deposit Accounts for Business Customers Product
Disclosure Statement - incorporating Terms and Conditions for using your
account

 

These booklets include the following information:

 

·      our
account opening procedures;

·      our
obligations regarding the confidentiality of your information;

·      complaint
handling procedures;

·      general
descriptive information regarding bank cheques;

·      a
recommendation that you inform us promptly if you are in financial difficulty;
and

·      a
recommendation that you carefully read the terms and conditions applying to the
relevant banking service (which in relation to your business finance means you
should carefully read your Business Finance Agreement before signing it).

 

Copies of these booklets are available on request.

 

If none of the borrowers are a small business
as defined by the Code:

No.

 

If I am borrowing with someone else, can I
determine my liability?

 

If there is more than one borrower, each of you is individually liable
for the full amount of the facilities, unless this Agreement provides
otherwise. We will allow a borrower to terminate their liability in respect of
future advances or financial accommodation on giving us written notice. This right
only applies where we can terminate any obligation we have to provide further
credit to any other borrower under the same facility.

 

How can I make my payments?

 

You can make your payments:

 

·      by periodical payment from
an account in your name you conduct with us. You can choose this option by
completing the details in the Acknowledgement and Acceptance section. Current
periodical payment fees are quoted in our Banking Services brochure, which you
can obtain from any branch, or by calling Business Telephone Banking on 132
142; or

·      by periodical payment from
an account with another financial institution – you will need to organise this
with that financial institution; or

·      at any of our branches in
Australia. Please let your Business Banking Manager know if you require a
deposit book; or

·      by use of Business Internet
Banking or Business Telephone Banking.

 

Some of the options listed above may not be available to you, depending
on your Facility. Your Business Banking Manager can assist you in selecting the
right payment option for your Facility.

 

8

 

Can I stop my obligations in respect of
further advances?

 

If you are jointly and severally liable under a credit facility, we
will allow you to terminate your liability in respect of future advances or
financial accommodation on giving us written notice. This right only applies
where we can terminate any obligation we have to provide further credit to any
other debtor under the same credit facility, for example any obligation we may
have to pay unpresented cheques under an overdraft facility.

 

How can I accept this finance offer?

 

You have 30 days from the date of this offer to accept it, unless we
extend the date.

 

You will need to complete, sign, date and return the second copy of
this Finance Agreement to this office. When we receive your acceptance, the
Agreement will commence and will replace all previous agreements between us in
relation to the Facilities.

 

We may withdraw this offer at any time before you accept it, if we
become aware of anything we consider changes the basis on which the offer was
made.

 

If you do not draw any Facility (except for Overdraft or Line of Credit
Facilities) within 3 months after you accept the offer, we may cancel that
Facility unless we have agreed otherwise.

 

Signed for and on behalf of Westpac Banking Corporation by:

 

 

	
  /s/ Sukhi Singh

  	
   

  
	
  Sukhi Singh

  
	
  Senior Relationship Manager

  
	
  0409 221 537

  

 

9

 

Acknowledgement &
Acceptance

 

Acknowledgements
And Acceptance of Business Finance Terms and Conditions

 

Each
Borrower:

 

1.     accepts the offer dated 31 January 2008

 

2.     acknowledges receipt of, has read and
understood the booklet and any Product Schedules

 

3.     requests that you prepare any Securities

 

4.     *encloses a cheque for the total amount of fees payable (I/We will
forward a cheque for any valuation fees applicable, once advised of the
amount.)

*authorises you to debit the following account(s) for the fees
payable (including any valuation fees applicable):

 

	
  Account
  Number

  	
  032071
  - 393522

  	
   

  	
  Account
  Number

  	
  032071
  - 393522

  
	
  Branch

  	
   

  	
   

  	
  Branch

  	
   

  
	
  Amount
  $

  	
   

  	
   

  	
  Amount
  $

  	
   

  

 

5.     *requests that you debit my/our account number               at               branch
for the balance of the purchase moneys payable at settlement. *(up to the sum
of $               ),
and pay this amount as my/our solicitor/agent/conveyancer directs.

 

6.     *authorises you to debit my/our account and pay my/our solicitor’s/agent’s/conveyancer’s
account, as instructed at settlement.

 

7.     *authorises you to debit my/our account number               at               branch
for any fees relating to the Banker’s Undertaking. (*delete & initial whichever is not required)

 

8.     confirms that they do not hold any assets as the trustee of a trust
unless the Agreement states that it is a trustee;

 

9.     acknowledges that each Borrower is liable for the whole amount of the
facility. This means that you can require any borrower to pay all the
principal, all the interest and all other amounts. If the other
Borrower or Borrowers do not pay any amount, each Borrower acknowledges that it
will have to pay the full amount itself.

 

	
  DATED:

  	
  31 / 01 / ’08

  	
   

  

 

10

 

SIGNED
for and on behalf of Bushmans Group Pty Ltd ACN: 090 744 022

 

	
  /s/ George Apostoliais

  	
   

  
	
  Director

  	
   

  
	
  Print
  Name 

  	
  George
  Apostoliais

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Amar Kulkarni

  	
   

  
	
  Secretary

  	
   

  
	
  Print Name

  	
  Amar Kulkarni

  	
   

  

 

 

	
  The
  Solicitor, Settlement Agent or Land Broker acting for me/us is:-

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Phone/Fax:

  	
   

  	
   

  	
   

  
						

 

11

 

BANKER’S
UNDERTAKING

 

This Schedule sets out additional terms and conditions of your Banker’s
Undertaking facility which are not included in the Finance Details.

 

Revolving Facility

 

If the Finance Details states that you have a
Revolving Facility, you may request the Lender to issue more than one Banker’s
Undertaking up to the unused portion of the Limit Amount quoted in the Finance
Details. The Lender may state additional pre-conditions to the issue of each
Banker’s Undertaking. The following terms and conditions also apply to each
Banker’s Undertaking issued under the Revolving Facility.

 

Payment

 

The Lender may at any time, without being required to do so, pay to the
favouree any amount required by the favouree to discharge the Lender’s
obligations under the Banker’s Undertaking.

 

The Lender may pay any amount that it is called upon to pay or which
the Lender, in its discretion, decides to pay under the Banker’s Undertaking
without reference to you or any surety, and without enquiring whether the
conditions or obligations under any agreement between you and the favouree have
or have not been complied with. The Lender is not required to investigate the
correctness of any information, statement or document or verify any signature
or title on any document given to the Lender in relation to the Banker’s
Undertaking.

 

Where a Banker’s Undertaking is issued in Western Australia, if the
Lender pays an amount under a Banker’s Undertaking, the Lender will debit any
of your accounts or open an account and debit that account for the amount paid
by the Lender.

 

Where a Banker’s Undertaking is not issued in Western Australia, if the
Lender pays an amount under a Banker’s Undertaking you will pay that amount to
the Lender immediately on demand. The Lender may also debit any of your
accounts for that amount, or open an account and debit that amount to that
account.

 

Account for Charging of Fees

 

If you do not already conduct an account with the Lender you will be
required to open one, to enable the Lender to automatically deduct all ongoing
fees. You must continue to conduct an account with the Lender until you notify
the Lender that the Banker’s Undertaking facility is no longer required.

 

Bill Of Lading

 

If
a Banker’s Undertaking is to be in the form of a guarantee signed by you and
endorsed by the Lender to enable you to obtain the delivery of goods without
production of the Bill of Lading in relation to those goods, then you will
return the Banker’s Undertaking to the Lender as soon as the Bill of Lading has
been delivered to the shipping agents. Your obligations under the Banker’s
Undertaking and this Agreement will continue whether or not drafts or documents
presented to the Lender are in accordance the terms and conditions of the
documentary credit or collection transaction of which they are a part. You
undertake that the goods referred to in the Bill of Lading are not included in
the list of prohibited goods specified by the Customs Department.

 

Cancellation Of Banker’s Undertakings

 

The Lender’s obligations under a Banker’s Undertaking cease on the
earliest of the following:

 

 

	
  a)

  	
  notification
  is received by the Lender from the favouree that the Undertaking is no longer
  required;

  
	
  b)

  	
  the
  Undertaking is returned to the Lender;

  
	
  c)

  	
  all
  payments by the Lender to the favouree under the Undertaking total the amount
  payable under it;

  
	
  d)

  	
  the
  favouree notifies the Lender that the payments made by the Lender constitute
  the total amount required to be paid;

  
	
  e)

  	
  on
  the expiry date, if any, of the Undertaking.

  

 

Consent

 

The Lender may give to any surety copies of:

 

·      the Business Facility Agreement including all Schedules and the
booklet;

·      the Banker’s Undertaking;

·      any formal demand that is sent to you.

 

 

	
   

  	
  BANK COPY

  	
  BUSINESS VERSION

  
	
   

  	
   

  	
  Specific facility

  
	
   

  	
  Please Sign and Return

  	
   

  

 

WARNING: THIS
IS A VERY IMPORTANT DOCUMENT

You may have to
pay money owed by the Customer referred to below as well as or

instead of the
Customer.

 

BEFORE YOU SIGN
IT:

 

·      you
should read carefully both it and the Memorandum of Common Provisions referred
to below;

 

·      you
should check for yourself whether the Customer can and will pay its debts; and

 

·      you
should see your own lawyer and financial adviser.

 

GUARANTEE AND INDEMNITY

 

by

 

you,  the Guarantor

Channell Pty Ltd ACN 002 735 622 of C/-  Baker &
Mckenzie ‘AMP Centre’ Level 27 50 Bridge Street, Sydney NSW 2000 and any other
person listed as a Guarantor on the back cover

 

to

 

the Lender

WESTPAC BANKING CORPORATION ABN 33 007 457 141 of 275 Kent Street, Sydney, NSW

 

in respect of money now or in the future owed
by

 

the Customer

Bushmans Group Pty Ltd ACN 090 744 022 of C/-  Baker &
Mckenzie ‘AMP Centre’ Level 27 50 Bridge Street, Sydney NSW 2000 and any other
person listed as a Customer on the back cover (and if there is more than one
any more of them)

 

in relation to

 

the Guaranteed Obligations

all liabilities and obligations of the Customer (alone or with others)
now or in the future under or in respect of any of the following or any
amendment or replacement for them.

 

Business Finance Agreement dated 31/01/2008;
or any other arrangement or obligation you agree is covered by this Guarantee

 

 

on the terms set out in the Memorandum of Common Provisions referred to
below.

 

There is a limit on the amount to be paid under this
Guarantee and Indemnity. It is $836,745.00 (or any other amount agreed in
writing) plus a further amount of 20% of that figure (to cover Excesses) **
plus amounts like government duties and charges, fees, costs, expenses and
interest.

 

**“Excesses”
means any unarranged drawing by the Customer or an authorised
representative of the Customer where the resultant debt exceeds the formally
agreed limit described in the Business Finance Agreement.

 

Security for this Guarantee & Indemnity includes the
following:

 

New Fixed and Floating Charge by Channell Pty Ltd ACN 002 735 622 over
all assets and uncalled capital.

 

You sign this Guarantee or
Indemnity for value including the Lender, at your request, giving or continuing
credit for the Customer or agreeing to do so even conditionally.

 

You confirm that you have read and understood the
Memorandum of Common Provisions registered in the New South Wales Land Titles
Office as number 9488920. It forms part of this Guarantee and Indemnity.

 

This Guarantee and Indemnity may consist of a number
of counterparts and if so the counterparts taken together constitute one and
the same instrument.

 

	
  DATED:

  	
  31
  / JAN / 2008

  	
   

  

 

SIGNED by

Channell Pty Ltd ACN 002 735 622

by authority of its directors

 

	
  /s/
  Amar Kulkarni

  	
   

  	
  /s/ Brett Becroft

  
	
  Secretary

  	
   

  	
  Director

  
	
   

  	
   

  	
   

  
	
  Amar
  Kulkarni

  	
   

  	
  Brett Becroft

  
	
  Name
  in full (BLOCK LETTERS) 

  	
   

  	
  Name
  in full (BLOCK LETTERS)

  

 

Each individual signing on behalf of a Guarantor which
is a corporation should complete the following:

 

I Amar Kulkarni  am secretary of the Guarantor.

 

I
confirm that each of the statements in the Schedule of the Memorandum of Common
Provisions under the heading “for Corporations” is true in relation to the
Guarantor.

 

The Guarantor is able to pay its debts as they fall due.

 

	
  /s/
  Amar Kulkarni

  	
   

  
	
  Signed

  	
   

  
	
  Channell
  Pty Ltd ACN 002 735 622 [Secretary]

  	
   

  

 

Statutory Warning

 

If the Customer is a minor (that is under 18) you may not be
able to recover from the Customer amounts you pay under this document.

 

2

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