Document ID: chunk:federal_register_of_legislation:F2005L02320:body:0:p3
Version: federal_register_of_legislation:F2005L02320
Segment Type: other
Provision Reference: 
Character Range: 5410–8159

superannuation funds.

     Guarantee

    2. The Guarantor unconditionally guarantees all liabilities (up to the agreed amount) of the Trustee in respect of the Trustee's duties as trustee of all superannuation entities of which the Trustee is, or becomes the trustee of during the term of this Guarantee and shall pay upon demand made in accordance with Clause 5 of this Deed.

  No requirement to proceed

   3. Neither the acting trustee nor the Trustee is required to exhaust any remedies it may have (whether under Superannuation Law or otherwise) against any other person in relation to the default of the Trustee, but is entitled to demand and receive payment from the Guarantor immediately any payment is due under this Deed.

    Term of the Guarantee

    4.      Except as provided in Clause 10 of this Deed, this Guarantee shall commence on the date it is signed by the Guarantor and shall terminate, without the need for the Trustee to give notice to the Guarantor, or the Guarantor to give notice to the Trustee:
           (a) at the moment an approved guarantee in the form of the approved guarantee for the purposes of subsection 29DA(3) and subsection 29DA(4) of the Act, which is given for the benefit of the Trustee, comes into effect in accordance with the provisions of that approved guarantee; or
      (b)  at the end of the licensing transition period; or
      (c)  on the 5th anniversary of the date it is signed;

      whichever is earlier.

    Written demand and time for payment

   5. Written demand under this Guarantee may be made during the term of this Guarantee upon default by the Trustee (regardless of when the default occurs) and the Guarantor shall make cash payment under this Deed without set-off, whether legal or equitable, counter claims, conditions, deductions or withholdings, no later than 30 days after such demand is made:

   (a) by the Trustee; or

       (b) by any acting trustee or other trustee appointed in place of the Trustee pursuant to the general law or to the provisions of the Act or the Regulations, or of any law of the Commonwealth or of any State or Territory; or

       (c) by any receiver or receiver and manager or administrator or liquidator or provisional liquidator of the Trustee or of any superannuation entity of which the Trustee was trustee during the term of this Guarantee, appointed pursuant to any law of the Commonwealth or of any State or Territory; and

        (d) such written demand shall contain, or be accompanied by particulars of the default by the Trustee upon which the demand is based, including a quantification of the amount of the liability (provided that neither bona fide errors or omissions in the particulars nor an inaccurate quantification