GBA Asset Management Pty Ltd (ABN 67 680 458 851)
SCHEDULE 3 – Legal Terms and Conditions
The following binding terms are acknowledged and agreed by the Borrower(s) and Guarantor(s).
1. The Borrower and or Guarantor unconditionally and irrevocably agree to pay the fees and charges specified in Schedule 2.
2. Borrower and or Guarantor hereby irrevocably authorise and direct the Lender and its Solicitor to deduct from the Loan Amount, at settlement or first draw down of the loan, fees and charges specified in Schedule 2 and any part of thereof not paid or waived.
3. Pending execution of the loan transaction documents, we irrevocably and unconditionally provide a fixed charge in favour of the GBA, of all our interests, actual or contingent, in any of the Borrower and or Guarantor real and personal property both present and future acquired. For the avoidance Borrower(s) and Guarantor(s) consent to a caveat over Borrower(s) and Guarantor(s) real property, and PPSR charge over Borrower(s) and Guarantor(s) personal property (waiving our right to receive notice under section 157 of the Personal Property Securities Act 2009 (Cth)) in order to protect the security interest created in favour of GBA as chargee. In the event of a default of this agreement, including the failure to pay any money payable under this agreement, you agree that the Lender may take action to enforce the charge granted by this clause and that the Lender will be entitled to recover all costs related to any enforcement action under this clause (including legal costs on a full indemnity basis).
4. Borrower(s) and Guarantor(s) instruct GBA and the Lender to undertake all due diligence enquires, and deal with our personal information, to such extent that the Lender considers necessary, in its sole and absolute discretion and engage at our expense any valuers, accountants, solicitors, or other agents that the Lender considers, in its sole and absolute discretion, necessary to complete its due diligence enquires and facilitate the loan.
5. Borrower and or Guarantor have been provided the opportunity to obtain independent legal advice, and negotiate the terms of this Indicative Term Sheet, before accepting it, and have either done so or have waived their ability to do so.
6. Every Guarantor must obtain independent legal advice on the general nature and effect of the transaction documents. Each Guarantor must provide the GBA and the Lender with the contact details of our independent legal adviser that provides the Australian Legal Practitioner’s Certificate of such advice.
7. Borrower(s) and Guarantor(s) undertake to provide only true, accurate and complete information to the GBA and the Lender, when responding to due diligence enquiries.
8. The GBA and the Lender may assign their interest in this offer to a third party without your consent, upon which your obligations will enure for the benefit of the assignee.
9. This Mandate Letter is exclusive, and the Borrower(s) and Guarantor(s) must not do, procure or attempt, to personally or through another, engage in a relationship of similar form, substance, and effect to this document, or circumvent it. For the avoidance doubt, that includes, but is not limited to any similar mandate, facilitation agreement or brokerage agreement (or contract, agreement, understanding of that kind) or direct application for finance, for the provision of funds for the Purpose. By accepting this Mandate Letter, the Borrower(s) and Guarantor(s) must immediately cease any prior competing mandate, facilitation agreement or brokerage agreement (or contract, agreement, understanding of that kind).
10. This Indicative Term Sheet may be terminated by the GBA, upon their notification to us, that they have exhausted, in their estimation of best efforts, attempts to procure the facility for you with reputable and realistic lenders.
11. This document contains the entire terms of the subject matter.
12. This Indicative Term Sheet can be accepted by sending a scan of a signed and dated copy of it to GBA at admin@GBAcapital.com.au.
Privacy Act & Consent Deceleration to the Credit Provider or its Agent
Important Notice to the Borrower and Guarantor/s For Credit (Section 18(E)(l) Privacy Act 1988)
Notice of disclosure of your credit information to a credit reporting agency (Privacy Act 1988)
1. GBA Asset Management Pty Ltd or its agent may give information about you to a credit reporting agency, for the following purposes:
(a) To obtain a consumer credit report about you, and/or
(b) To allow the credit reporting agency to create or maintain a credit information file containing information about you.
The information is limited to:
(c) Identity particulars – your name, sex, address (and the previous two addresses) date of birth, name of employer, and drivers licence number.
(d) Your application for credit or commercial credit – the fact that you have applied for credit and the amount.
(e) The fact that GBA Asset Management Pty Ltd is a current credit provider to you.
(f) Loan repayments which are overdue by more than 60 days, and for which debt collection action has started.
(g) Advice that your loan repayments are no longer overdue in respect of any default that has been listed.
(h) Information that, in the opinion of GBA Asset Management Pty Ltd you have committed a serious credit infringement (that is, fraudulently or shown an intention not to comply
with your credit obligations).
(i) Dishonoured cheques – cheques drawn by you for $100 or more which have been dishonoured more than once.
(j) That credit provided to you by GBA Asset Management Pty Ltd has been paid or otherwise discharged.
2. Period to which this understanding applies
(a) This information may be given before, during or after the provision of credit to you.
3. Statement by Borrower and Guarantor/s for Credit PLEASE READ CAREFULLY BEFORE SIGNING. Where there is more than one applicant, each applicant must sign.
(a) Giving information to a Credit Reporting Agency (Section 18E(8)(c) Privacy Act 1988). GBA Asset Management Pty Ltd or its agent has informed me that it may give certain personal information about me to a credit reporting agency.
(b) Access to Commercial Credit Information (Section 18L(4) Privacy Act 1988). I/we agree that GBA Asset Management Pty Ltd or its agent may obtain information about me/us from a business which provides information about the commercial credit worthiness of persons for the purpose of assessing my/our application for consumer credit.
(c) Access to Consumer Credit Information (Section 18K(l)(b) Privacy Act 1988). I/we agree that GBA Asset Management Pty Ltd or its agent may obtain a consumer credit report containing information about me from a credit reporting agency for the purpose of assessing my/our application for commercial credit.
(d) Exchange of Credit Worthiness Information (Section 18N Privacy Act 1988). I/we agree that GBA Asset Management Pty Ltd or its agent may exchange information with those credit providers named in this application or named in a consumer credit report issued by a credit reporting agency for the following purposes:
(i) to assess an application by me/us for credit;
(ii) to notify other credit providers of a default by me/us;
(iii) to exchange information with other credit providers as to the status of this loan where I am in default with other credit providers;
(iv) to assess my/our credit worthiness.
(e) I/We understand that the information exchanged can include anything about my/our credit worthiness, credit standing, credit history or credit capacity that credit providers are allowed to exchange under the Privacy Act 1988.
(f) Agreement to a credit provider being given a consumer credit report by a credit reporting agency to assess a guarantor (Section 18K l(c) Privacy Act 1988). I/we agree that GBA Asset Management Pty Ltd or its agent may obtain from the credit reporting agency a consumer credit report containing information about me/us for the purpose of assessing whether to accept me/us as a guarantor for credit applied for by, or provided to, the borrower(s). I/we agree that this agreement commences from the date of this agreement and continues until the credit covered by the borrower(s) application ceases.
(g) Agreement to a credit provider disclosing a report including a consumer credit report to potential or existing guarantor (Section 18K (1) Privacy Act 1988). I/we agree that GBA Asset Management Pty Ltd or its agent may give to a person who is currently a guarantor, or whom I/We indicated is considering becoming a guarantor, a credit report containing information about me/us for the purpose of any prospective guarantor deciding whether to act as a guarantor, or to keep the named guarantor informed about the guarantee. I/We understand that the information disclosed can include anything about my/our credit worthiness, credit standing, credit history or credit capacity that credit providers are allowed to disclose under the Privacy Act 1988 and includes a credit report.