Changes to ANZ Terms and Conditions

Section 2: Instructions

Subsection: 2.2

Page: 6

Replace the existing section with the following:

An instruction to accept the quote for the relevant Bill Series is irrevocable once the instruction to accept the quote is given.

Section 6: Amount payable by ANZ and by you on purchase by ANZ at face value of Bills

Subsection: 6.2

Page: 8

Replace the existing section with the following:

On each Drawdown Date or Rollover Date (as applicable), you shall pay to ANZ, or ANZ may debit your ANZ account with:

(a)   the Financing Cost in Advance Payment;

(b)   the Usage Line Fee for the Bill specified in your Letter of Offer (if any);

(c)   the Handling Fee specified in your Letter of Offer (if any); and

(d)   any stamp duty and other taxes payable in respect of the Bill.

Section 9: ANZ may prepare Bills

Section: 9

Page: 13

Replace the existing section with the following:

You request ANZ to draw, sign and present on your behalf the Bills which you have requested ANZ to accept and purchase, so that each Bill:

(a)    is dated with the relevant Drawdown Date or Rollover Date;

(b)   is drawn by you or on your behalf with the name of the payee to be completed by ANZ;

(c)   names ANZ as drawee and acceptor; and

(d)   is for a face value amount and Rollover Period determined by you and agreed by ANZ.

Section 8: Changes to the terms of your Agreement

Section: 8 

Page: 15

Replace the existing title of this section with the following:

Changes we can make to the terms of your Agreement

Replace the second sentence of the existing first paragraph in this section with the following: 

The tables in sections 8.1 and 8.2 below set out the changes that we can make from time to time without your agreement. 

Replace the existing last paragraph in this section with the following:

In a table, a reference to notice ‘in writing’ includes any of the electronic methods allowed by your Agreement (see clause 10 below) and a reference to 'by advertising in the local or national media' is notice by advertisement in a national newspaper or in two or more major metropolitan newspapers that in combination circulate generally in each State and Territory of Australia.

Section 8: Changes to the terms of your Agreement

Subsection: 8.1

Page: 15

Replace the existing title of this section with the following:

Changes we can make to fees, interest and payments

Section 8: Changes to the terms of your Agreement

Subsection: 8.2

Page: 20

Replace the existing title of this section with the following:

Changes we can make to other terms

Throughout booklet

Additional minor administrative updates and amendments, including updating section numbers and references to account for the changes set out above. Unless specified, references to section numbers throughout this notification are to the existing section numbers (some of which may be updated as part of these changes).

Section 2:  Instructions

Subsection: 2.2

Page: 6

Replace the existing section with the following:

An instruction:

(a)    to accept and discount any Variable Rate Bills is irrevocable once the Variable Rate Bill is drawn down (in the case of Variable Rate Bills);

(b)    to exercise the Optional Fixed Rate Bill Arrangement is irrevocable once the instruction to exercise is given (in the case of Fixed Rate Bills under Optional Fixed Rate Bill Arrangements); and

(c)     to accept the quote for the relevant Bill Series is irrevocable once the instruction to accept the quote is given (in the case of other Fixed Rate Bills, Capped Rate Bills and Range Rate Bills). 

Section 3: What is the process for requesting a Variable Rate Bill Series?

Subsection: 3.5

Page: 7

At the end of the first sentence in this section, include the following:

You must check the details in the Confirmation and contact us as soon as reasonably practicable if you have any concerns.

Section 5: What is the process for requesting an Optional Fixed Rate Bill Arrangement?

Subsection: 5.2

Page: 9

Replace the existing fifth dot point in this section with the following:

• The Maturity Date for the final Fixed Rate Bill in the Bill Series, which must comply with section 5.4 (although you may, subject to section 10.3, propose a Maturity Date after the last day of the term of the Facility).

At the end of the fifth dot point in this section, insert a new paragraph with the following:

Warning: We have not agreed to provide you with a Fixed Rate Bill Series under an Optional Fixed Rate Bill Arrangement if the Bill Series Term would go beyond the term of the Facility. See section 10.3.

Section 5: What is the process for requesting an Optional Fixed Rate Bill Arrangement?

Subsection: 5.4

Page: 10

Replace the existing section with the following:

A Bill Series Term must be no shorter than six months, and no longer than five years, unless ANZ otherwise agrees. The Maturity Date must be within the term of your Facility (including any extension as agreed by us). 

Section 10: What is the process for exercising an Optional Fixed Rate Bill Arrangement and requesting a Fixed Rate Bill Series?

Subsection: 10.3

Page: 14 

Replace the existing first paragraph in this section with the following:

What happens if the Bill Series Term of the Fixed Rate Bill Series under an Optional Fixed Rate Bill Arrangement would go beyond the term of your Facility?

Replace the existing third paragraph in this section with the following:

If the proposed Maturity Date for the final Fixed Rate Bill in the Bill Series under an Optional Fixed Rate Bill Arrangement would be beyond the term of your Facility you will need to request an extension to the term of your Facility. You must contact us at least 30 days before the Exercise Date to request the extension.

Replace the existing last paragraph in this section with the following:

If you do not agree to our conditions then you may Cancel your Optional Fixed Rate Bill Arrangement (which will be treated as Cancelling your Optional Fixed Rate Bill Arrangement before electing whether to draw a Fixed Rate Loan under that arrangement) by calling us, or contacting us by another reasonable method specified by us, and telling us that you wish to Cancel it. If we do not approve your extension request then we may cancel your Optional Fixed Rate Bill Arrangement. Early repayment costs are not payable if your Optional Fixed Rate Bill Arrangement is cancelled in these ways, either by you or us.

Section 13: Early cancellation or prepayment of a Bill

Subsection: 13.3

Page: 18 

Replace the existing section with the following:

In addition to the events described in section 13.2, early repayment costs may also be payable if any of the following events (together with the events in section 13.2, referred to as the Bill Early Repayment Events) occur:

• ANZ requires you to make a Prepayment of all or part of a Fixed Rate Bill, a Capped Rate Bill or a Range Rate Bill during its Bill Series Term or cancels your Facility (for example, in exercise of our Default Rights); or
• ANZ agrees to make certain other changes to a Fixed Rate Bill Series, a Capped Rate Bill Series or a Range Rate Bill Series before the end of its Bill Series Term.

Section 14: ANZ may prepare Bills

Subsection: 14

Page: 22

Replace the existing section with the following:

You request ANZ to draw, sign and present on your behalf the Bills which you have requested ANZ to accept and discount, so that each Bill:

• is dated with the relevant Drawdown Date or Rollover Date;
• is drawn by you or on your behalf with the name of the payee to be completed by ANZ;
• names ANZ as drawee and acceptor; and
• is for a face value amount and Rollover Period determined by you and agreed by ANZ.

Throughout booklet

Additional minor administrative updates and amendments, including updating section numbers and references to account for the changes set out above. Unless specified, references to section numbers throughout this notification are to the existing section numbers (some of which may be updated as part of these changes).

Section 1: Using your Commercial Bill Facility

Section: 1

Page: 6

Replace the existing last paragraph in this section with the following:

An instruction:

(a) to request a variable rate bill series is irrevocable once the variable rate bill is drawn down (in the case of variable rate bills); and

(b) to accept the quote for the relevant Bill Series is irrevocable once the instruction to accept the quote is given (in the case of fixed rate bills). 

Section 7: ANZ may prepare Bills

Section: 7

Page: 12

Replace the existing section with the following:

You request ANZ to draw, sign and present on your behalf the bills which you have requested ANZ to accept and discount, so that each bill:

• is dated with the relevant Drawdown Date or Rollover Date;
• is drawn by you or on your behalf with the name of the payee to be completed by ANZ;
• names ANZ as drawee and acceptor; and
• is for a face value amount and Rollover Period determined by you and agreed by ANZ.

Throughout booklet

Additional minor administrative updates and amendments, including updating section numbers and references to account for the changes set out above. Unless specified, references to section numbers throughout this notification are to the existing section numbers (some of which may be updated as part of these changes).

Section 3: Variable interest rate changes

Section: Variable interest rate changes

Page: 3

Replace the existing first paragraph in this section with the following:

After any increase or decrease in the applicable variable interest rate made in accordance with the terms of the Finance Conditions of Use, we can adjust your repayments accordingly so they are sufficient to pay out your loan within the agreed term.  

Section 7: Repaying your loan early or making other changes to your loan

Subsection: 7.2

Page: 4

Replace the existing paragraph (a) in this section with the following:

(a) you make an early repayment of the whole or any part of the unpaid balance of your loan account (or you are required to make such a payment, where we exercise our default rights in accordance with your agreement);

Section 7: Repaying your loan early or making other changes to your loan

Subsection: 7.3

Page: 4

Replace the existing section with the following:

As a consequence of an early repayment event, such as an early repayment by you, we may incur additional costs or loss. These costs or losses arise due to changes between the cost of funds when you started the fixed term rate of your loan and the costs of funds at the time of an early repayment event. Generally if the costs of funds are lower at the time of early repayment, we incur a cost or loss.

In calculating the amount of any early repayment cost that is payable by you, we will use the calculation methodology described in clause 8. The early repayment cost is intended to reflect a reasonable estimate of this additional cost or loss. Although the early repayment event which occurs under your agreement is used in the calculations, the early repayment cost may not necessarily represent the actual cost or loss that is in fact incurred by us in relation to your particular loan. This is because we manage our risk associated with various loans and transactions on a portfolio basis.

Section 10: Lenders Mortgage Insurance

Section: Lenders Mortgage Insurance

Page: 6

Replace the existing first paragraph in this section with the following:

Lenders Mortgage Insurance is obtained by ANZ to protect it against possible loss arising from a default under your loan. Your Letter of Offer will state whether Lenders Mortgage Insurance is required. If required, ANZ will purchase the insurance and you must reimburse ANZ for its cost. The reimbursement must occur at the commencement date of this loan. The cost of this insurance will be deducted from your loan proceeds on the date of advance or ANZ will debit your nominated account.

Throughout booklet

Additional minor administrative updates and amendments, including updating section numbers and references to account for the changes set out above. Unless specified, references to section numbers throughout this notification are to the existing section numbers (some of which may be updated as part of these changes).

Section: Fees

Subsection: Commitment Fee (if applicable)

A Commitment Fee of [percentage as stated in your Letter of Offer] %p.a. on the Facility Limit is payable [frequency as stated in your Letter of Offer] in arrears accruing from the date on which we open your Facility in our systems after we are reasonably satisfied that all of the conditions precedent referred to in this Letter of Offer and the Specific Conditions of Use have been satisfied.

Section 3: What you agree to pay

Subsection: 3.4

Page: 4

Replace the second existing dot point in this section with the following:

• ANZ requires you to make an early repayment of all or part of a Facility during its Fixed Rate Term in accordance with our Agreement;

Section 3: What you agree to pay

Subsection: 3.6

Page: 5

Replace the existing section with the following:

You agree to pay or reimburse ANZ, on demand, for all Costs or losses that we reasonably incur or pay:

• relating to the preparation of your Letter of Offer and any Security; 

• relating to giving consents, waivers, variations, discharges and releases, and providing information in relation to your Letter of Offer and any Security;  

• when we seek to protect or enforce our rights in connection with this Agreement and any Security; 

• when you or a Security Provider breach your obligations or an Event of Default occurs; 

• when you have agreed to a valuation of any (real or personal) property subject to a Security; or 

• when you have agreed to us appointing an independent accountant, business valuer or other expert.  

You do not need to pay or reimburse us under this section to the extent that the Cost or loss arises from negligence, fraud, wilful misconduct or mistake by ANZ or its officers, employees, contractors or agents or any receiver appointed by ANZ.

Section 4: Making payments

Subsection: 4.8

Page: 7

At the end of the first paragraph in this section, insert a new paragraph with the following:

We will only do these things:

• if there is an Event of Default; or

• if we reasonably consider it is necessary to manage our repayment risk or security risk.

Section 6: Review events

Subsection: 6.1

Page: 9

Replace the existing paragraph (c) in this section with the following:

(c) Failure to pay someone other than ANZ

You fail to pay on time an amount that is due and payable to someone other than us and ANZ is not aware of any genuine dispute you have raised in relation to that failure to pay, and in ANZ’s reasonable opinion, the failure to pay materially increases the risk to ANZ that you will not repay us.

Replace the existing paragraph (e) in this section with the following:

(e) Breaches of obligations

A Customer or a Security Provider breaches an obligation under a Finance Document where the breach is not an Event of Default but materially increased the risk to ANZ, and either:

• the breach cannot be fixed; or

• the breach can be fixed, and we give you a written notice requiring you to fix it, and 30 days later it is still not fixed.

Section 6: Review events

Subsection: 6.2

Page: 9

Replace the last sentence of the existing paragraph (c) in this section with the following:

We will only request that you do something under this clause 6.2(c) if we reasonably consider that the action is proportionate to the circumstances giving rise to the relevant Review Event.

Section 6: Review events

Subsection: 6.3

Page: 10

Replace the last existing paragraph in this section with the following:

We will only exercise our Review Rights if we reasonably consider that the action is proportionate to the circumstances giving rise to the relevant Review Event.

Section 7: Events of Default

SSubsection: 7.1

Page: 11

Replace the last sentence of the existing paragraph (g) in this section with the following:

And, where applicable, ANZ has not given its prior written consent.

Replace the existing paragraph (k) in this section with the following:

(k) Misuse of funds

Funds provided under a Facility are used for a purpose not approved by ANZ.

Section 7: Events of Default

Subsection: 7.3

Page: 14

Replace the existing paragraph (b) in this section with the following:

(b) cancel any Facility or your Agreement;

Insert a new paragraph (c) in this section with the following:

(c) acting reasonably, change any term of your Agreement; 

Replace the existing paragraph (c) in this section with the following:

(d) acting reasonably, suspend or not perform any of our obligations under your Agreement;

Section 8: Changes to the terms of your Agreement

Section: 8 

Page: 15

Replace the existing title of this section with the following:

Changes we can make to the terms of your Agreement

Replace the second sentence of the existing first paragraph in this section with the following: 

The tables in sections 8.1 and 8.2 below set out the changes that we can make from time to time without your agreement. 

Replace the existing last paragraph in this section with the following:

In a table, a reference to notice ‘in writing’ includes any of the electronic methods allowed by your Agreement (see clause 10 below) and a reference to 'by advertising in the local or national media' is notice by advertisement in a national newspaper or in two or more major metropolitan newspapers that in combination circulate generally in each State and Territory of Australia.

Section 8: Changes to the terms of your Agreement

Subsection: 8.1

Page: 15

Replace the existing title of this section with the following:

Changes we can make to fees, interest and payments

Section 8: Changes to the terms of your Agreement

Subsection: 8.2

Page: 20

Replace the existing title of this section with the following:

Changes we can make to other terms

Section 9: Anti-Money Laundering and Sanctions

Section: 9 

Page: 22

Replace the existing section with the following:

You agree that we may, without providing you with any notice and without incurring any liability delay, block or refuse to process any transaction, or close your account, if we reasonably consider or suspect that processing the transaction or keeping your account open:

• may break any law or regulation in Australia or any other country; 

• involves any person (natural, corporate or governmental) that is itself sanctioned or is connected, directly or indirectly, to any person that is sanctioned under economic and trade sanctions imposed by the United Nations, the European Union or any country;  

• may directly or indirectly involve the proceeds of, or be applied for the purposes of, unlawful conduct; or

• may be inconsistent with or prohibited by our anti-money laundering and counter-terrorism financing or sanctions policies.  Such policies, which can change from time to time, are designed to help ANZ comply with legal obligations and to identify, manage and mitigate money laundering, terrorism financing and sanctions risks.  These policies cover matters such as ANZ’s approach to: 

- customer due diligence; 

- monitoring transactions for indicators of unusual behaviour and reporting suspicious activities to appropriate authorities; and

- transactions that may be connected, directly or indirectly, with sanctioned parties, jurisdictions, products or sectors of economies in certain jurisdictions. 

A summary of our anti-money laundering and counter-terrorism financing policy and our sanctions policy is available on anz.com and includes, for example, a current list of relevant jurisdictions.

You must give us all the information we reasonably need to manage anti-money laundering, counter-terrorism financing and/or economic and trade sanctions risk or to comply with any law in Australia or any other country. You agree that we may give any information about you to:

• any law enforcement, regulatory agency or court if we must do this under any law or regulation in Australia or elsewhere; and 

• any correspondent (or agent) bank we use to make the payment for the purpose of compliance with any law or regulation. 

Unless you have told us that you are a trustee of the account or are acting on behalf of someone else, you warrant that you are acting on your own behalf in entering into this agreement. 

You declare and undertake to us that the processing of any transaction by us in accordance with your instructions will not breach any law or regulation in Australia or any other country.

Section 11: Legal rules

Subsection: 11.7

Page: 25

Replace the existing section with the following:

You may not assign or transfer all or any part of your rights or obligations under your Agreement or any Finance Document without our written consent, which we will not unreasonably withhold.

Section 11: Legal rules

Subsection: 11.8

Page: 25

Replace the existing section with the following:

We may, without telling you or obtaining your consent:

(a) assign or transfer any of our rights under your Agreement or any Finance Document to give effect to:

• a sale of debt (for example, to third party debt collectors);

• a sale of business, assets or portfolios;

• business restructuring; or

• securitisation or another finance structure; and

(b) give information about your Agreement or any Finance Document and your obligations under it to any assignee or transferee of our rights under your Agreement or any Finance Document, or anyone who is considering becoming an assignee or transferee.

Section 11: Legal rules

New section: 11.12

Page: 26

At the end of section 11.11, insert a new section 11.12 with the following:

11.12 Acting as Trustee

If you enter, or a guarantor enters, into a Finance Document as a trustee of a trust (known as a Trustee), the Trustee will be liable under the Finance Document both personally and as trustee of the trust. The Trustee assures ANZ that: 

(a) entering into the Finance Document is for a proper purpose under the trust;  

(b) the Trustee has the power and authority under the trust to enter into the Finance Document; and 

(c) the Trustee has the right to be indemnified fully out of the trust property, before the beneficiaries of the trust, for all liabilities the Trustee incurs under the Finance Document.

Throughout booklet

Additional minor administrative updates and amendments, including updating section numbers and references to account for the changes set out above. Unless specified, references to section numbers throughout this notification are to the existing section numbers (some of which may be updated as part of these changes).

Section 3: Using your term loan facility

Section: 3

Page: 1

Replace the second sentence of the existing first paragraph in this section with the following:

You must give us at least two Business Days’ notice, in a form reasonably acceptable to us, before each drawing.

Section 4: Your interest and fees

Subsection: 4.3

Page: 2

Replace the existing second paragraph in this section with the following:

There may be times when we require early payment of a loan administration charge, for example in the following circumstances:

• If you repay your Facility in full during a payment period.
• If the payment frequency of the loan administration charge is changed.
• If we agree to change other terms of your Facility.

Section 4: Your interest and fees

Subsection: 4.4

Page: 2

Replace the existing first paragraph in this section with the following:

A late payment fee is payable if any payment due to us remains unpaid for 30 days or more. An additional late payment fee is payable for each month (from when the first late payment fee is payable) that any payments due to us continue to be unpaid. The amount of the monthly late payment fee is set out in the ANZ Business Banking Finance Fees and Charges booklet.

Throughout booklet

Additional minor administrative updates and amendments, including updating section numbers and references to account for the changes set out above. Unless specified, references to section numbers throughout this notification are to the existing section numbers (some of which may be updated as part of these changes).

Section 4: Your interest and fees

Subsection: 4.3

Page: 2

Replace the last sentence of the existing first paragraph in this section with the following:

It is payable in arrears quarterly, unless otherwise agreed.

Section 5: Repaying your overdraft

Section: 5

Page: 2

At the end of the first paragraph in this section, insert new paragraphs with the following:

If you do not repay the balance of your Facility at the end of the term in your Letter of Offer, you will be in default under your Agreement. In these circumstances, without limiting its other rights, ANZ may provide you with an informal overdraft facility on the transaction account attached to your Facility. 

For more information about the informal overdraft facility that would apply in those circumstances, including the applicable interest rate, refer to the Business Transaction Accounts Terms and Conditions booklet and the Transaction Accounts Fees and Charges booklet, both of which are available from www.anz.com.au/help-support/terms-conditions.

Throughout booklet

Additional minor administrative updates and amendments, including updating section numbers and references to account for the changes set out above. Unless specified, references to section numbers throughout this notification are to the existing section numbers (some of which may be updated as part of these changes).

How do you cancel a bank guarantee or your Indemnity Guarantee Facility?

Page: 2

Replace the existing subparagraph (c) with:

(c) completing any cancellation documents reasonably required by ANZ.

Replace the final paragraph in the section with:

If you request that ANZ cancels a bank guarantee or your Facility, you must also pay all fees and other charges owing in relation to the relevant bank guarantee or your Facility.

Section: What happens if a favouree makes a demand on a bank guarantee issued by ANZ?

Page: 2

Replace the existing section with:

If a named favouree makes a demand on a bank guarantee, ANZ will pay the favouree without notifying you beforehand. When this happens, the amount demanded by the favouree and all fees and other charges owing in relation to the bank guarantee become immediately due and payable by you.  The details on what you must pay and how you must pay are set out in clause 9.  A demand by a favouree is also a Review Event under the Finance Conditions of Use.

Section: What happens if ANZ terminates a bank guarantee that it has issued?

Page: 2

Replace the existing section with:

When you complete an “Indemnity and Application for Undertaking” form you agree that ANZ may terminate a bank guarantee at its reasonable discretion. If ANZ chooses to do this, the amount claimable and all fees and other charges owing in relation to the bank guarantee become immediately due and payable by you. The details on what you must pay and how you must pay are set out in clause 9. ANZ may pay the named favouree an amount equal to the amount claimable from ANZ under the bank guarantee.

Section: You must maintain an ANZ transaction account

Page: 2

Replace the existing section with:

You must hold and maintain an ANZ transaction account held in your name only (unless otherwise agreed) for the full term of your Facility.  You must also ensure your account holds enough funds to cover payment of any amount due and payable by you under your Facility.

Section: What happens at the end of your term?

Page: 2

Replace the first sentence with:

If the term of your Facility expires you must immediately make reasonable arrangements to return all original outstanding bank guarantees.

Section 8: You must maintain an ANZ transaction account

Section: 8

Page: 4

Delete existing section 8 and insert new section 4 as follows:

You must hold and maintain an ANZ transaction account held in your name only (unless otherwise agreed) for the full term of your Facility (Transaction Account). You must also deposit into your account enough funds to cover payment of any amount due and payable by you under your Facility. Examples of such amounts are:

• fees and other charges payable by you; or
• an amount equal to the amount claimable under a bank guarantee.

The Business Transaction Accounts Terms and Conditions apply to this account.

Section 4: Indemnity guarantee fees

Section: 4

Page: 3

Replace existing section with:

You must pay the fees in sections 5.1 and 5.2 in advance at the frequency (for example, quarterly) specified in your Letter of Offer.

Section 4: Indemnity guarantee fees

Subsection: 4.1

Page: 3

Replace the first two sentences with:

The first payment of your Indemnity Guarantee Facility Fee is payable when you sign and accept your Letter of Offer.  You will then pay the Indemnity Guarantee Facility Fee periodically at the frequency specified in your Letter of Offer.

Section 4: Indemnity guarantee fees

Subsection: 4.2

Page: 3

Replace the first two sentences with:

The first payment of your Indemnity Guarantee Fee for each bank guarantee is payable when you accept the bank guarantee. You will then pay the Indemnity Guarantee Fee periodically at the frequency stated in your Letter of Offer.

Section 5: How do you cancel a bank guarantee or your indemnity guarantee facility?

Section: 5

Page: 4

Replace existing section with:

You may cancel a bank guarantee at any time by returning the original bank guarantee to us. You may also cancel your Facility in full at any time by:

(a) requesting that ANZ cancel the Facility in full; and

(b) returning all original bank guarantees issued under it to us; and

(c) completing any cancellation documents reasonably required by ANZ.

If you request that ANZ cancels a bank guarantee or your Facility, ANZ will debit your ANZ Transaction Account with all fees and other charges owing in relation to the relevant bank guarantee or your Facility (as applicable).

Section 6: What happens if a favouree makes a demand on a bank guarantee issued by ANZ?

Section: 6

Page: 4

Replace existing section with:

If a named favouree makes a demand on a bank guarantee:

(a) the amount demanded, as well all fees and other charges owing in relation to the bank guarantee, become immediately due and payable by you; and

(b) ANZ may pay the named favouree an amount equal to the amount demanded.

A demand made on a bank guarantee will also constitute a Review Event and the consequences of a Review Event will apply. Please refer to the Finance Conditions of Use for more information.

Section 7: What happens if ANZ terminates a bank guarantee that it has issued?

Section: 7

Page: 4

Replace existing section with:

When you complete an ‘Indemnity and Application for Undertaking’ form you agree that ANZ may terminate a bank guarantee at its reasonable discretion. If ANZ chooses to terminate the bank guarantee:

(a) the amount claimable and all fees and other charges owing in relation to the bank guarantee become immediately due and payable by you; and

(b) ANZ may pay the named favouree an amount equal to the amount claimable under the bank guarantee.

New section: Section 9: How do you pay the amounts demanded or claimable under a bank guarantee?

Section: New section 9

Page: 4

Insert new section 9 as follows:

When the named favouree makes a demand on the bank guarantee or ANZ chooses to terminate the bank guarantee at its reasonable discretion, the amount demanded or claimable and all fees and other charges owing in relation to the bank guarantee become immediately due and payable by you. ANZ may debit these amounts from any secured accounts set out in your Letter of Offer. If there are insufficient funds in those secured accounts, ANZ may then debit your Transaction Account with any remaining amounts due and payable under this Facility. 

Section 9: What happens at the end of your term?

Section: Existing section 9

Page: 4

Replace existing section with:

If the term of your Facility expires you must immediately make reasonable arrangements to return all original outstanding bank guarantees.

If the term of your Facility has ended because of an Event of Default, then the other consequences of an Event of Default will also apply. Please refer to the Finance Conditions of Use for more information.

Section 10: What happens if you need to provide cash to cover all outstanding bank guarantees?

Section: 10

Page: 5

Delete entire section.

Section 11: Definitions

Section: 11

Page: 5

Replace reference to ‘a default event’ with ‘an event of default’

Throughout booklet

Replace references to ‘Indemnity and Application for Guarantee’ with ‘Indemnity and Application for Undertaking’

Throughout booklet

Additional minor administrative updates and amendments, including updating section numbers and references to account for the changes set out above. Unless specified, references to section numbers throughout this notification are to the existing section numbers (some of which may be updated as part of these changes).

Section: What happens if a favouree makes a demand on a bank guarantee issued by ANZ?

Replace existing section with:

If a named favouree makes a demand on a Bank Guarantee, ANZ will pay the favouree without notifying you beforehand and debit from the IG Facility Account an amount equal to the total value of the Bank Guarantee so paid out. 

Section: What happens if ANZ terminates a bank guarantee that it has issued?

Replace existing section with:

When you complete an “Indemnity and Application for Undertaking” form you agree that ANZ may terminate a Bank Guarantee at its reasonable discretion. ANZ may do this by paying the named favouree an amount equal to the amount that they could claim from ANZ and debiting from the IG Facility Account an amount equal to the total value of the Bank Guarantee so paid out. 

Section 1: Indemnity Guarantee Facility

Subsection: 1.2

Page: 6

Replace the first sentence in section with:

ANZ’s obligation to make the Indemnity Guarantee Facility (the “IG Facility” or "Facility") available to you is conditional upon ANZ being satisfied that:

• ANZ receives an Indemnity and Application for Undertaking properly executed to ANZ’s reasonable satisfaction. This must be given to ANZ no later than three clear business days before the day on which you want ANZ to issue the bank guarantee under the IG Facility (“Bank Guarantee”). If you do not want ANZ to issue the bank guarantee in its standard form, you also need to provide ANZ with a form of Bank Guarantee which is acceptable to ANZ, acting reasonably, with details completed and signed by you to confirm content; and
• all the other conditions precedent (if any) have been fulfilled.

Section 1: Indemnity Guarantee Facility

Subsection: 1.4

Page: 7

Replace the second sentence in section with:

ANZ agrees that:

• it will only ask you for information which it considers relevant, acting reasonably; and
• it will specify, having regard to the kind of information sought, a reasonable time within which you are to provide the information.

Section 1: Indemnity Guarantee Facility

Subsection: 1.5

Page: 7

Replace entire section with the following:

You agree to pay or reimburse ANZ, on demand, for all costs or losses that we reasonably incur or pay:

• relating to the preparation of any IG Facility Transaction Document;
• relating to giving consents, waivers, variations, discharges and releases, and providing information in relation to any IG Facility Transaction Document;
• when we seek to protect or enforce our rights in connection with any IG Facility Transaction Document;
• when you materially breach your obligations under an IG Facility Transaction Document; or
• when you have agreed to us appointing an independent accountant, business valuer or other expert.

You do not need to pay or reimburse us under this section to the extent that the cost or loss arises from negligence, fraud, wilful misconduct or mistake by ANZ or its officers, employees, contractors or agents or any receiver appointed by ANZ.

Section 1: Indemnity Guarantee Facility

Subsection: 1.7

Page: 8

Replace the last sentence in section with:

ANZ may at its reasonable discretion cancel a Bank Guarantee and/or the IG Facility by paying out the Bank Guarantee(s) and debiting from the IG Facility Account (as defined in clause 2) an amount equal to the total value of the Bank Guarantee(s) so paid out.

Section 1: Indemnity Guarantee Facility

Subsection: 1.9

Page: 9

Delete entire section.

Section 2: IG Facility Account

Subsection: 2.3

Page: 10

Replace first three paragraphs in section with:

In the event that:

(a) demand is made on ANZ for payment under any Bank Guarantee issued under the IG Facility or ANZ reasonably apprehends that such demand will be made; or

(b) ANZ cancels the IG Facility in accordance with clause 1.7; or

(c) you go into administration, liquidation, receivership or commit an act of bankruptcy,

you irrevocably authorise ANZ at any time to apply all or any part of any credit balance in your IG Facility Account (“IG Facility Account Balance”) up to the total value of the Bank Guarantee issued under the IG Facility:

(a) by way of set-off against; or

(b) in towards payment of,

the liability ANZ has or may have under the Bank Guarantee.

ANZ may do this without telling you first or getting your consent, however we will tell you in writing if we do this.  ANZ’s right to do this is in addition to any other right that it has.

If the event is that described in clause 2.3 (c) above, ANZ’s rights to take action may in some cases be restricted by law.

Delete the fifth paragraph in this section.

Section 2: IG Facility Account

Subsection: 2.4

Page: 11

Replace subtitle and entire section with the following:

2.4 Security interest and registration

The security granted under this IG Facility is a security interest for the purposes of the PPSA. ANZ may, at your expense, apply for any registration or give any notification, in connection with a security interest created under this IG Facility and for whatever class or classes of collateral ANZ reasonably thinks fit. You consent to any registration or notification by ANZ.

Section 2: IG Facility Account

Subsection: 2.5

Page: 11

Replace the entire section with:

You agree to do anything (such as obtaining consents, signing and producing documents, producing receipts and getting documents completed and signed) which ANZ, acting reasonably, asks and considers necessary for:

(a) providing more effective security over the IG Facility Account for payment of any liability (whether due now or later and whether actual or contingent) which you may have to ANZ; or

(b) enabling ANZ to apply for any registration, or give any notification, in connection with a security interest created under the IG Facility Transaction Documents so that the security interest has the priority required by ANZ; or

(c) enabling ANZ to exercise ANZ’s rights in connection with the IG Facility Account.

Section 2: IG Facility Account

Subsection: 2.7

Page: 12

Replace the second paragraph in section with:

You do not need to pay or reimburse ANZ’s costs under this section to the extent that they arise from the negligence, fraud or wilful misconduct or mistake of ANZ or its officers, employees, contractors or agents or any receiver appointed by ANZ.

Section 3: General

Subsection: 3.1

Page: 12

Insert the following words at the end of the section paragraph:

In the demand, ANZ will give you a reasonable period to pay those fees.

Section 3: General

Subsection: 3.2

Page: 12

Replace the existing title of this section with the following:

Changes we can make to the Terms and Conditions

Replace the second sentence of the existing first paragraph in this section with the following:

The tables in sections (a), (b) and (c) below set out the changes that we can make from time to time without your agreement.

Insert the following words after the second dot point in the introductory part of the section:

In a table, a reference to 'by advertising in the local or national media' is notice by advertisement in a national newspaper or in two or more major metropolitan newspapers that in combination circulate generally in each State and Territory of Australia.

Replace the existing subtitle above item (a) with the following:

(i) Changes we can make to fees, interest and payments

Replace the existing subtitle above item (c) with the following:

(ii) Changes we can make to other terms

Replace the first two sentences of item (d) with the following:

(What are your rights if we change the terms and conditions?) If we notify you of a change to the terms and conditions under this clause 3.2, you may end the agreed term of your IG Facility:

(i) within the applicable notice period;

(ii) at any other time permitted under your IG Facility; or

(iii) as otherwise agreed between you and ANZ in writing.

Section 3: General

Subsection: 3.6

Page: 20

Replace the existing section with the following:

You agree that we may, without providing you with any notice and without incurring any liability delay, block or refuse to process any transaction, or close your account, if we reasonably consider or suspect that processing the transaction or keeping your account open:

• may break any law or regulation in Australia or any other country;
• involves any person (natural, corporate or governmental) that is itself sanctioned or is connected, directly or indirectly, to any person that is sanctioned under economic and trade sanctions imposed by the United Nations, the European Union or any country;
• may directly or indirectly involve the proceeds of, or be applied for the purposes of, unlawful conduct; or
• may be inconsistent with or prohibited by our anti-money laundering and counter-terrorism financing or sanctions policies.  Such policies, which can change from time to time, are designed to help ANZ comply with legal obligations and to identify, manage and mitigate money laundering, terrorism financing and sanctions risks.  These policies cover matters such as ANZ’s approach to:

- customer due diligence;

- monitoring transactions for indicators of unusual behaviour and reporting suspicious activities to appropriate authorities; and

- transactions that may be connected, directly or indirectly, with sanctioned parties, jurisdictions, products or sectors of economies in certain jurisdictions.

A summary of our anti-money laundering and counter-terrorism financing policy and our sanctions policy is available on anz.com and includes, for example, a current list of relevant jurisdictions.

You must give us all the information we reasonably need to manage anti-money laundering, counter-terrorism financing and/or economic and trade sanctions risk or to comply with any law in Australia or any other country. You agree that we may give any information about you to:

• any law enforcement, regulatory agency or court if we must do this under any law or regulation in Australia or elsewhere; and
• any correspondent (or agent) bank we use to make the payment for the purpose of compliance with any law or regulation.

Unless you have told us that you are a trustee of the account or are acting on behalf of someone else, you warrant that you are acting on your own behalf in entering into this agreement.

You declare and undertake to us that the processing of any transaction by us in accordance with your instructions will not breach any law or regulation in Australia or any other country.

Section 3: General

Subsection: 3.8

Page: 20

Replace the existing section with the following:

To the extent permitted by law, we will not be liable to you for any loss or damage (whether direct or consequential), nor be in default under these terms and conditions, if we fail to observe or perform any of our obligations under these terms and conditions because of anything which we could not, with reasonable diligence, control or prevent. This includes acts of God, acts of nature, acts of government or their agencies, strikes or other industrial action, fire, flood, storm, riots, power or network shortages or failures, unexpected system or equipment failure by ANZ or third party, epidemics or pandemics, or disruption by war or sabotage.

Section 3: General

Subsection: 3.9

Page: 21

Replace the fifth paragraph with the following:

A notice that you give to ANZ in connection with the Confirmation Letter or the IG Facility must be signed by you or by your authorised representative. You may give such notice by leaving it or by posting it in a prepaid envelope addressed to ANZ. ANZ’s address is that shown in the Confirmation Letter. The notice will be deemed to have been received by ANZ:

(i) if you leave it at ANZ’s address, when left;

(ii) if you post it, on the date it would have been delivered in the ordinary course of post.

Section 4: PayID Conditions

Section: 4

Page: 22

Delete entire section

Throughout booklet

Replace references to ‘Indemnity and Application for Guarantee’ with ‘Indemnity and Application for Undertaking’

Throughout booklet

Additional minor administrative updates and amendments, including updating section numbers and references to account for the changes set out above. Unless specified, references to section numbers throughout this notification are to the existing section numbers (some of which may be updated as part of these changes).

Section: Deposits

Page: 3

Replace the existing section with the following:

You can make deposits to your account:

• by arranging an automatic deposit of income to be paid directly into your account;
• in person at any ANZ branch;
• over the counter at another bank. Please note that the other bank may charge a fee for this service; and
• in any other way ANZ agrees with you.

Section: Withdrawals

Page: 5

Replace the existing section with the following:

Withdrawals can be made in accordance with the Cash Cover Indemnity Guarantee Facility Terms and Conditions.

Section: Crediting of deposits

Page: 7

Replace the second paragraph in this section with the following:

ANZ reserves the right to pay transactions presented for payment in any order that we reasonably choose.

Section: Your obligations

Page: 8

Delete the final paragraph in this section.

Section: Authority for Account Operation

Page: 8

Replace the existing section with the following:

At the time of opening your account, you nominate the persons who are authorised to operate the account. ANZ can act at all times on the basis that the authorised operator(s) can act fully and effectively in all dealings, matters and transactions in respect of the account. You are responsible to ANZ for all liability which is incurred as a result of operations on the account, except to the extent that this liability arises from negligence, fraud or wilful misconduct by ANZ or its officers, employees, contractors or agents or any receiver appointed by ANZ. If you hold your account jointly or in partnership with one or more other persons, then each of you is jointly and severally responsible to ANZ for any liability. If you wish to alter the account authorisation instructions, then you must notify ANZ in writing.

Section: Notices and joint accounts

Page: 9

Replace the existing section with the following:

ANZ can give any notice, statement or other document (including a statement of account, a notice about your account or notice of a change to the terms and conditions of your account) to the holders of a joint account by giving the document to any one of the joint account holders in any manner allowed under these terms (in which case ANZ will be deemed to have given the document to all joint account holders).

If an account holder dies, ANZ may in its discretion treat the balance of the account as owned by any surviving account holder(s).

Section: Change of name and address

Page: 9

Replace the last sentence in this section with the following:

ANZ will not be responsible for any errors or losses associated with account changes where ANZ has not received prior notice, except to the extent that those errors or losses arise from negligence, fraud or wilful misconduct by ANZ or its officers, employees, contractors or agents or any receiver appointed by ANZ.

Section: ANZ’s right to combine accounts

Page: 10

Replace the first sentence in the section with the following:

In addition to any other rights of combination or set off you may from time to time agree with ANZ, subject to compliance with the Banking Code of Practice, ANZ can combine the balances of two or more of your accounts.

Replace the fifth sentence in the section with the following:

ANZ will promptly inform you in writing if it has combined any of your accounts.

Section: Closing your ANZ account

Page: 13

Replace the final paragraph in the section with the following:

ANZ may exercise its reasonable discretion to close an account due to unsatisfactory conduct or for any other reason it reasonably considers appropriate. In this event, where there are outstanding bank guarantees, ANZ will pay the favouree and apply the credit balance in your account towards payment of that liability. Where there are no outstanding bank guarantees, ANZ will forward a bank cheque for the net credit balance of the account. ANZ will notify you in writing at the address shown on our records when it does this.

Section: Changes to Fees and Charges, Interest Rates and Terms and Conditions

Page: 14

Replace the existing title of this section with the following:

Changes we can make to the terms of your Agreement

Replace the first two paragraphs of subparagraph (a) with the following:

(a) (Changes we can make to fees, charges and interest). Sometimes we may need to make changes to your account without your agreement. The table below sets out how and when ANZ will notify you of changes to your account.

ANZ may make the following changes without your agreement:

Insert the following words before subparagraph (b):

We may give you notice of the change by any notification method allowed by these terms and conditions or by advertisement in a national newspaper or in two or more major metropolitan newspapers that in combination circulate generally in each State and Territory of Australia.

Despite this clause, we will always give you notice in accordance with any applicable laws or industry codes (such as the Banking Code of Practice), or any other terms and conditions applicable to your account, which require any minimum notice periods or specific methods of notification.

If you are unhappy with a proposed change to the terms and conditions, you have the right to exit your agreement by closing your account in accordance with the applicable terms and conditions in this booklet.

Replace subparagraph (b) with the following:

(b) (Changes we can make to other terms and conditions). We may make the following changes to the terms and conditions of your account without your agreement:

• changes that ensure that the product is, or the terms of the account are consistent with our business, communication, technological or operational systems or processes
• changes to comply with, or reduce the risk of non-compliance with any law, or decision, recommendation, regulatory guidance or standard of any court, tribunal, ombudsman service, regulator or any other similar body
• changes that are in our reasonable opinion, required or appropriate to protect any person (including ANZ) from the risk of fraud or illegal activity
• changes that enhance the security of our products or services
• changes that are administrative
• changes to simplify the terms of your account
• changes to correct a mistake, inconsistency or omission
• changes to reflect changes or improvements to the features of the product or how it works
• to changes to, or as part of a process to, discontinue or replace a product or migrate a product to a new system, and for this purpose we may change your product to a different product with similar features to the discontinued or replaced product, or change your existing product
• changes that are beneficial to you
• changes that reflect current industry or market practice or conditions or that we reasonably consider are appropriate in light of changes to community standards or expectations in respect of bank or environmental, social and governance practices
• changes that in our reasonable opinion are reasonably required to prudently manage a material credit, operational or compliance risk
• any other changes that are reasonably necessary to protect our legitimate business interests.

We will give you reasonable notice of these changes. If we reasonably consider a change is unfavourable to you, we will give you prior notice of at least 30 days. We may give you a shorter notice period, which may include notice on the day the change takes effect if we reasonably consider:

• the change has a positive or neutral effect on your obligations; or
• providing a shorter notice period is necessary for us to:
• avoid or reduce a material increase in our credit risk or loss; or
• comply with legal or regulatory requirements.

We may give you notice of the change by any notification method allowed by these terms and conditions or by advertisement in a national newspaper or in two or more major metropolitan newspapers that in combination circulate generally in each State and Territory of Australia.

Despite this clause, we will always give you notice in accordance with any applicable laws or industry codes (such as the Banking Code of Practice), or any other terms and conditions applicable to your account, which require any minimum notice periods or specific methods of notification.

If you are unhappy with a proposed change to the terms and conditions, you have the right to exit your agreement by closing your account in accordance with the applicable terms and conditions in this booklet.

Delete subparagraph (c) in its entirety.

Section: Anti-money laundering and sanctions

Page 17

Replace the existing section with the following:

You agree that we may, without providing you with any notice and without incurring any liability delay, block or refuse to process any transaction, or close your account, if we reasonably consider or suspect that processing the transaction or keeping your account open:

• may break any law or regulation in Australia or any other country;
• involves any person (natural, corporate or governmental) that is itself sanctioned or is connected, directly or indirectly, to any person that is sanctioned under economic and trade sanctions imposed by the United Nations, the European Union or any country;
• may directly or indirectly involve the proceeds of, or be applied for the purposes of, unlawful conduct; or
• may be inconsistent with or prohibited by our anti-money laundering and counter-terrorism financing or sanctions policies.  Such policies, which can change from time to time, are designed to help ANZ comply with legal obligations and to identify, manage and mitigate money laundering, terrorism financing and sanctions risks.  These policies cover matters such as ANZ’s approach to:

- customer due diligence;

- monitoring transactions for indicators of unusual behaviour and reporting suspicious activities to appropriate authorities; and

- transactions that may be connected, directly or indirectly, with sanctioned parties, jurisdictions, products or sectors of economies in certain jurisdictions.

A summary of our anti-money laundering and counter-terrorism financing policy and our sanctions policy is available on anz.com and includes, for example, a current list of relevant jurisdictions.

You must give us all the information we reasonably need to manage anti-money laundering, counter-terrorism financing and/or economic and trade sanctions risk or to comply with any law in Australia or any other country. You agree that we may give any information about you to:

• any law enforcement, regulatory agency or court if we must do this under any law or regulation in Australia or elsewhere; and
• any correspondent (or agent) bank we use to make the payment for the purpose of compliance with any law or regulation.

Unless you have told us that you are a trustee of the account or are acting on behalf of someone else, you warrant that you are acting on your own behalf in entering into this agreement.

You declare and undertake to us that the processing of any transaction by us in accordance with your instructions will not breach any law or regulation in Australia or any other country.

Throughout booklet

Additional minor administrative updates and amendments, including updating section numbers and references to account for the changes set out above. Unless specified, references to section numbers throughout this notification are to the existing section numbers (some of which may be updated as part of these changes).

Section 2: Interpretation

Subsection: Base Rate

Page: 3

Replace the existing paragraph (b)(ii) of the meaning of 'Base Rate' in this section with the following:

(ii) the basis on which that rate is displayed is changed and in our reasonable opinion it ceases to reflect our cost of funding to the same extent as at the date that you signed your Letter of Offer,

at our election, acting reasonably, the average bid rate displayed at or about 10.30am Sydney time, or such other time as determined by ANZ,  on the Business Day immediately prior to the first day of that period on the Reuters screen BBSY page (or any page that replaces that page) for a term equivalent to the period, or the rate determined by us (acting in good faith) to be our cost of funds; or

Section 2: Interpretation

Subsection: Cancel

Page: 3

Replace the existing paragraph (c) of the meaning of 'Cancel' in this section with the following:

(c) in the case of an Optional Fixed Rate Arrangement, cancelling the Optional Fixed Rate Arrangement at any time before electing whether to draw a Fixed Rate Loan under that arrangement or if the Facility Term is not extended in accordance with clause 4.8.

Section 3: Using your Facility

Section: Using your Facility

Page: 5

Replace the existing first dot point in this section with the following:

For any existing Loans that you have under the Facility, all drawn amounts.

Section 4: Drawdown of Loans and entry into Optional Fixed Rate Arrangements

Subsection: 4.1

Page: 5

Delete the third paragraph in this section.

Section 4: Drawdown of Loans and entry into Optional Fixed Rate Arrangements

Subsection: 4.3

Page: 6

Replace the existing section with the following:

To enter into an Optional Fixed Rate Arrangement, you must request that we quote, for a particular Loan Amount, Interest Payment Dates, Drawdown Date and proposed Maturity Date (for this purpose, subject to clause 4.8, you may propose a Maturity Date which is beyond the Facility Term), the Fixed Interest Rate (excluding the Customer Margin and Funding Margin) which will apply to the Fixed Rate Loan during the Loan Term if you elect to draw down the Fixed Rate Loan and any IRRM Premium payable in respect of that Optional Fixed Rate Arrangement. If relevant, your request should also provide the information contemplated by clause 8.2.

Warning: We have not agreed to provide you with a Fixed Rate Loan under an Optional Fixed Rate Arrangement if the proposed Maturity Date of that Loan is after the end of the Facility Term. See clause 4.8.

Section 4: Drawdown of Loans and entry into Optional Fixed Rate Arrangements

Subsection: 4.8

Page: 7

Replace the existing section with the following:

What happens if the proposed Maturity Date of the Fixed Rate Loan under an Optional Fixed Rate Arrangement is after the end of the Facility Term?

Warning: We have not agreed to provide you with a Fixed Rate Loan under an Optional Fixed Rate Arrangement if the proposed Maturity Date of that Loan is after the end of the Facility Term. This section describes how we may agree to extend the Facility Term, but it is our decision.

If the proposed Maturity Date for the Fixed Rate Loan under an Optional Fixed Rate Arrangement is after the end of the Facility Term you will need to request an extension to the term of your Facility. You must contact us at least 30 days before the proposed Drawdown Date of the Fixed Rate Loan to request the extension.

We will consider any such request but we are not obliged to extend the Facility Term if you do not meet our usual credit criteria and other reasonable requirements applicable at that time. If we consent to the extension of the Facility Term, such consent may be conditional on you agreeing to terms and conditions reasonably required by us.

If you do not agree to our conditions then you may Cancel your Optional Fixed Rate Arrangement (which will be treated as Cancelling your Optional Fixed Rate Arrangement before electing whether to draw a Fixed Rate Loan under that arrangement) by calling us, or contacting us by another reasonable method specified by us, and telling us that you wish to Cancel it. If we do not approve your extension request then we may cancel your Optional Fixed Rate Arrangement. Early repayment costs are not payable if your Optional Fixed Rate Arrangement is cancelled in these ways, either by you or us.

Section 9: Early cancellation or repayment of a Loan

Subsection: 9.1

Page: 9

Replace the existing paragraph (c) in this section with the following:

(c) Cancellation of a Drawdown Request Notice

You may cancel a Drawdown Request Notice for a Variable Rate Loan before the proposed Drawdown Date for that Variable Rate Loan by contacting us before that date.

Section 9: Early cancellation or repayment of a Loan

Subsection: 9.3

Page: 10

Replace the existing section with the following:

In addition to the events described in clauses 9.1 and 9.2, early repayment costs may also be payable if any of the following events (together with the events in clauses 9.1 and 9.2 referred to as the TCF Early Repayment Events) occur:

• ANZ requires you to make an early repayment of all or part of a Variable Rate Loan on a non Interest Payment Date, early repayment of all or part of a Fixed Rate Loan, a Capped Rate Loan or a Range Rate Loan before its Maturity Date, or cancels all or part of your Facility (for example, in exercise of our Default Rights); or
• ANZ agrees to make certain changes to the terms of your Fixed Rate Loan, Capped Rate Loan or Range Rate Loan (including to switch your Loan to another fixed, maximum or minimum interest rate or to a variable interest rate).

Clause 9.4 explains how we calculate that amount.

Section 11: ANZ Business Overdraft

Subsection: 11.7

Page: 13

At the end of the first sentence of the existing paragraph (c) in this section, insert new paragraphs with the following:

If you do not repay the balance of your ANZ Business Overdraft in full on the later of the following dates set out above, you will be in default under your Agreement. In these circumstances, without limiting its other rights, ANZ may provide you with an informal overdraft facility on your Mandatory Account. The interest rate that would apply to that informal overdraft is the ANZ Retail Index Rate plus a margin.

For more information about the informal overdraft facility that would apply in those circumstances and the applicable interest rate, refer to the Business Transaction Accounts Terms and Conditions booklet and the Business Banking Transaction Accounts Fees and Charges booklet, both of which are available from www.anz.com.au/help-support/terms-conditions.

Section: Schedule 1

Subsection: TCF Drawdown Request Notice for Variable Rate Loan Tailored Commercial Facility

Page: 15

Delete paragraph (b) in this subsection.

Section: Schedule 2

Subsection: Overdraft Request Form Tailored Commercial Facility

Page: 16

Replace the first sentence of the existing numbered paragraph 1 in this section with the following:

1. We request ANZ to provide us with the following ANZ Business Overdraft under our Tailored Commercial Facility portfolio number

Throughout booklet

Additional minor administrative updates and amendments, including updating section numbers and references to account for the changes set out above. Unless specified, references to section numbers throughout this notification are to the existing section numbers (some of which may be updated as part of these changes).

Section 7: Processing Instructions – General 

Subsection: (b)

Page: 4

Replace the existing sub-section with the following:

(b) ANZ may delay acting on or may ask you for further information before acting on an instruction. Where ANZ has instructions for more than one payment from your Account, ANZ will, acting reasonably, determine the order of priority in which payments are made.

Section 11: Short Message Service (SMS)

Page: 6

Insert additional wording at the end of the final sentence in this section with the following:

…except where such loss or damage results from our fraud, wilful misconduct or negligence.

Section 15: Cancellation of cards, Security devices or electronic access

Pages: 7- 8

Delete section and replace with the following:

If ANZ cancels or suspends your card, Security Device, Security device application or CRN in accordance with the terms of your contract, ANZ may, without notice, cancel   any associated CRN or electronic access.

(a) The Account Holder may cancel a card at any time by sending ANZ a written request or by calling ANZ on the relevant number listed at the back of this booklet. ANZ may require written confirmation. The card must be cut diagonally in half (including an embedded microchip on the card) and returned to ANZ.

(b) The Account Holder or Account Signatories may cancel a Security Device or Security Device application access at any time by advising ANZ on the number at the back of this booklet. The physical Security Device must then be immediately returned to ANZ by posting it to the address indicated on www.anz.com. Any Security Device application should be immediately deleted from electronic equipment. ANZ may limit your access to certain functions (eg, Pay Anyone) if you do not have a Security Device.

1.    ANZ may also at any time suspend or terminate your ability to make BPAY® Payments in the following circumstances:

We, or BPAY, suspect on reasonable grounds that you, or a person acting on your behalf is:

• being fraudulent;
• in breach, or will cause you to be in breach, of these Electronic Banking Conditions of Use;
• using BPAY Payments in a manner that will, or is likely to, adversely affect the integrity, stability or reputation of BPAY Payments, the BPAY Scheme, or the quality of services offered to you or to other customers; or
• using BPAY Payments in connection with any activities which are unlawful
• BPAY or any regulatory authority requires or requests us to do so; or
• Our membership to the BPAY Scheme or our subscription to BPAY Payments is suspended, ceases or is cancelled for any reason.

You can request ANZ to deregister you from ANZ Internet Banking or ANZ Internet Banking for Business at any time by Secure mail or by calling the relevant number listed at the back of this booklet.

Section 23: Indemnity

Page: 11

Replace the first paragraph in this section with the following:

To the extent permitted by law, you indemnify ANZ against any loss or damage ANZ may suffer (acting reasonably) due to any claim, demand or action of any kind brought against ANZ arising directly because you:

Replace the third paragraph in this section with the following:

You are not required to discharge or indemnify us under this clause in relation to any loss or damage to the extent it arises from  to the negligence, fraud or wilful misconduct or mistake of ANZ, its employees, officers, contractors, agents or any receiver appointed by ANZ over the security that secures any obligation under your Account terms and conditions.

Section 26: PayTo Payment Agreements

Subsection: Amending a PayTo Agreement

Pages: 12-13

Replace the first sentence in this subsection with the following:

Your PayTo Payment Agreement may be amended by you, or by the Payee.

Replace the final sentence in this section with the following:

ANZ will not ordinarily amend a PayTo Payment Agreement on your behalf but we may do so in limited circumstances (e.g. if you are temporarily unable to access your account). If you instruct us to amend your PayTo Payment Agreement, we may, acting reasonably, decide not to act on your instructions, for example, where it is not possible for us to do so, or where we reasonably consider or suspect those instructions either:

• have not been authorised by the account holder(s) or are otherwise fraudulent;
• have been provided by mistake; or
• contain material omissions or errors.

Section 26: PayTo Payment Agreements

Subsection: Pausing a PayTo Payment Agreement

Pages: 13 - 14

Replace dot-point three in this subsection with the following:

• By ANZ

ANZ may pause and resume your PayTo Payment Agreement where we reasonably consider or suspect fraud, unlawful activity, misconduct, or any suspicious activity.

We may also pause your PayTo Payment Agreement if your account is no longer eligible to be used to process a payment initiation request. See clause titled Availability of PayTo for details of the eligibility criteria.

ANZ will notify the Mandate Management Service to update your record and the Mandate Management Service will notify the Payee’s financial institution of this update. ANZ will notify you of this.

Section 26: PayTo Payment Agreements

Subsection: Cancelling a PayTo Payment Agreement

Page: 14

Replace dot-point three in this subsection with the following:

• By ANZ

ANZ may cancel your PayTo Payment Agreement  where we reasonably consider or suspect fraud, unlawful activity, misconduct, or any other suspicious activity. We may also cancel your agreement if your account is no longer eligible for PayTo. See clause titled Availability of PayTo for details of eligibility criteria. You may also request ANZ to cancel a PayTo Payment Agreement on your behalf if you do not have access to do so yourself via ANZ Internet Banking (or in any other way we make available). ANZ will notify the Mandate Management Service to update your record. The Mandate Management Service will notify the Payee’s financial institution of this update. ANZ will notify you of this cancellation.

Section 26: PayTo Payment Agreements

Subsection: ANZ’s Rights and Responsibilities

Page: 15

Replace dot-point two in this subsection with the following:

• We may, in our discretion, delay acting on or decline to act on any of your instructions in relation to your PayTo Payment Agreement where we reasonably consider this necessary to protect us or you from suffering financial loss (e.g., as a result of suspected fraudulent activity on the account).

Subsection: ANZ’s Liability Under PayTo

Page: 16

Replace the final paragraph in this subsection with the following:

ANZ is not liable for any consequential loss or damage you suffer as a result of using PayTo, other than due to any loss or damage you suffer due to ANZ’s negligence, fraud or wilful misconduct, or in relation to any breach of a condition or warranty implied by law in contracts for the supply of goods and services and which may not be excluded, restricted or modified at all or only to a limited extent.

Throughout booklet

Additional minor administrative updates and amendments, including updating section numbers and references to account for the changes set out above. Unless specified, references to section numbers throughout this notification are to the existing section numbers (some of which may be updated as part of these changes).

Section: Credit Facility Fee

Applies to: ANZ Business Overdraft; ANZ Business Advantage Overdraft; ANZ Revolving Agri Line and ANZ Business Credit Facility

Page: 5

Replace the existing first paragraph, inclusive of the first dot-point in the “Fee Type” sections with the following:

The Credit Facility Fee on the [ANZ Business Loan] is calculated daily on the facility limit and is as detailed below.

This fee is debited to your account:

• quarterly in arrears, by reference to your account opening date, unless otherwise agreed; and…

Section: Credit Facility Fee

Applies to: ANZ Equity Manager in a Company Name

Page: 7

Replace the first sentence within the second paragraph in the “Fee Type” section with the following:

The Credit Facility Fee on your ANZ Equity Manager in a Company Name is calculated on a daily basis by reference to the applicable annual fee divided by 366.

Replace the existing description in the “Amount” section with the following:

$150 p.a., where the Credit Facility is payable on or before 30 November 2024; and

Effective on 1 December 2023: $350 p.a., where the Credit Facility Fee is payable on or after 1 December 2024.  

Section: ANZ Commercial Bills

Applies to: Handling Fee

Page: 8

Replace the existing paragraph in the “Fee Type” section and replace with the following:

The Handling Fee is payable on each rollover date.

The Handling Fee includes the establishment of the bill and any new bill series, facilitating rollover of the bill and administration of your bill facility.

Section: ANZ Commercial Bills

Applies to: Commitment Fee

Page: 8

Replace the existing paragraph in the “Fee Type” section with the following:

A percentage of the facility limit payable periodically in arrears accruing from the date on which we open your facility in our systems after we are satisfied that all of the conditions precedent referred to in your Letter of Offer and the applicable ‘Specific Conditions of Use’ booklet have been satisfied.

Section: Other Fees, Margins, Interest Rates

Applies to: Early Repayment Administration Fee

Page: 10

Delete this section.

Section: Asset Finance  

Applies to: Early Termination Fee

Page: 18

Insert two additional paragraphs after the existing paragraph in this section with the following:

You can find information about how we calculate Early Termination Fees in your Letter of Offer and/or your Finance Agreement.

Before you make an early payment we suggest you contact ANZ to discuss early termination fees applicable to your loan.

Throughout booklet

Additional minor administrative updates and amendments, including updating section numbers and references to account for the changes set out above. Unless specified, references to section numbers throughout this notification are to the existing section numbers (some of which may be updated as part of these changes).

Section 1: Interpretation

Subsection: 1.1.5 

Page: 1

Replace the existing section with the following:

"Credit Provider", "we" means Australia and New Zealand Banking Group Limited ABN 11 005 357 522, and includes any person who is its successor or assignee or any person to whom it transfers any of its rights in connection with this Mortgage, including its rights to receive the payments and the Recoverable Amount, and "our" has a corresponding meaning.

Section 1: Interpretation

Subsection: 1.1.11

Page: 1

Replace the existing section with the following:

1.1.11 "I", "me" and "you" means the Mortgagor(s) named in this Mortgage and includes:

1.1.11.1 if I am an individual, my personal representatives; or

1.1.11.2 if I am a company, my successors.

1.1.11.3 If there is more than one Mortgagor, "I", "me" and "you" mean each of them separately and every two or more of them jointly and they are jointly and severally liable to the Credit Provider.

Section 1: Interpretation

Subsection: 1.1.12 

Page: 2

Delete this section.

Section 1: Interpretation

Subsection: 1.1.18 

Page: 2

Replace the existing section with the following:

1.1.17 "Principal Sum" is the amount stated as the Principal Sum in the Table and any other amounts that form the Principal Sum in accordance with this Mortgage.

Section 1: Interpretation

Subsection: 1.1.19.2

Page: 2

Replace the existing section with the following:

1.1.18.2 a rebate based on the amount of interest still to pay under this Mortgage; and

Section 2: Acceptance

Subsection: 2.2

Page: 2

At the end of the last sentence in this section, include the following:

If my Chattel Mortgage was arranged by an Intermediary and a commission was paid to that Intermediary, the Contract Rate will include an amount for any commission, fee or other remuneration paid by the Credit Provider to that Intermediary.

Section 3: Principal Sum and its disbursement

Subsection: 3.1

Page: 2

Replace the existing section with the following:

I authorise the Credit Provider to disburse the Principal Sum by payment to respective payees as directed by me. I agree that the Credit Provider may, in its discretion (acting reasonably), deduct and retain or pay (as the case may be) from the Principal Sum, amounts reasonably incurred in satisfaction or reduction of any stamp duty, registration fees, Establishment Fee, government charges, and any reasonable amounts required to obtain title to the Goods or to protect the Credit Provider’s interests as Mortgagee of the Goods.

Section 4: Payment

Subsection: 4.1.2

Page: 3

Replace the existing section with the following:

if I fail to make an instalment payment or other payment on time, I will be charged additional interest on the amount due but unpaid by me calculated on a daily basis and based on the actual number of days in the month and a 365 day year, using the Contract Rate. I must pay this additional interest. Any unpaid additional interest may be added to the overdue amount and the Credit Provider will notify me if this occurs. If unpaid additional interest is added, I must pay additional interest on it as well;

Section 4: Payment

Subsection: 4.1.3

Page: 3

Replace the existing last sentence in this section with the following:

Enforcement expenses will include the amount of expenses reasonably incurred by the Credit Provider in collecting any payment in arrears;

Section 4: Payment

Subsection: 4.1.4

Page: 3

Replace the existing section with the following:

(a) subject to clause 4.1.4 (b), if I owe the Credit Provider money under any other contract and I make a payment to the Credit Provider which is insufficient to satisfy the repayment requirements of each contract, unless I specify to which contracts and in which proportions the payment is to be applied, the Credit Provider may appropriate such payment to my contracts in proportions that the Credit Provider reasonably thinks fit;

(b) if I am in default under this Mortgage, the Credit Provider may apply payments received by the Credit Provider in any manner it reasonably thinks fit. This includes allocating payments between different amounts I owe the Credit Provider under different contracts or other facilities I have with the Credit Provider;

Section 4: Payment

Subsection: 4.1.7

Page: 3

Replace the existing section with the following:

if I elect to pay to the Credit Provider the total amount repayable and fulfill my other obligations to the Credit Provider before the expiration of the full period of this Mortgage, I will be entitled to a rebate of interest but I will be liable to pay the Credit Provider any Early Payment Loss and prepayment costs and losses calculated in accordance with clause 7.5 and 7.6. I may contact the Credit Provider to obtain an estimate of any costs relating to such early repayment prior to making the repayment and terminating this Mortgage.

Section 5: Anti-money laundering and sanctions

Subsection: 5.2

Page: 4

Replace the existing section with the following:

If the Credit Provider terminates this Mortgage in accordance with this clause 5, or notifies me that it intends to terminate this Mortgage in accordance with this clause 5, because it reasonably considers or suspects any of the above apply then I must pay the Recoverable Amount to the Credit Provider within 120 days, or any shorter period the Credit Provider tells me so as to comply with anti-money laundering and counter-terrorism financing or sanctions laws or the Credit Provider’s policies that govern the same.

Section 6: Insurance

Subsection: 6.1

Page: 4

Replace the existing third sentence in this section with the following:

It will be subject to such terms, conditions and exceptions as the Credit Provider would reasonably require, as if the Credit Provider was arranging the insurance.

Section 6: Insurance

Subsection: 6.2

Page: 4

Replace the existing first sentence in this section with the following:

I will pay all insurance premiums payable and produce proof of payment to the Credit Provider when reasonably requested.

Section 6: Insurance

Subsection: 6.3

Page: 4

Replace the existing paragraph (b) in this section with the following:

(b) The Credit Provider may, at its reasonable discretion, apply some or all insurance or other moneys received by the Credit Provider in respect of this clause towards reinstating or replacing the Goods or towards satisfaction of any amount secured by the Mortgage.

Section 7: Fees and government charges

Subsection: 7.1

Page: 5

Delete this section.

Section 7: Fees and government charges

Subsection: 7.2

Page: 5

Replace the existing section with the following:

I agree to pay the Credit Provider the Establishment Fee stated in the Table by the Disbursement Date.

Section 7: Fees and government charges

Subsection: 7.4

Page: 5

Delete paragraph 7.4.2 from this section.

At the end of paragraph 7.4.3 in this section, insert the following word:

and

Replace the existing paragraph 7.4.4 in this section with the following:

7.3.3 an administration default fee of $104 will be charged if the Credit Provider elects to instruct agents to retake possession of the Goods when exercising its powers under this Mortgage.

Delete paragraph 7.4.5 from this section.

Section 8: Mortgage covenants

Subsection: 8.1.2

Page: 6

Replace the existing section with the following:

I must satisfy myself as to the quality, suitability, safety and fitness for purpose of the Goods.

Section 8: Mortgage covenants

Subsection: 8.1.3.2

Page: 6

Replace the existing section with the following:

notify the Credit Provider in writing promptly upon the loss of or any damage to the Goods, however caused;

Section 8: Mortgage covenants

Subsection: 8.1.3.10

Page: 6

Replace the existing section with the following:

authorise the Credit Provider, in its discretion, acting reasonably, to use my name and act for me in exercising any of the Credit Provider’s or my rights or in starting, carrying on or enforcing any legal proceedings which the Credit Provider may think reasonably desirable to protect its rights in the Goods; and

Section 8: Mortgage covenants

Subsection: 8.1.3.11

Page: 6

Replace the existing section with the following:

authorise the Credit Provider, if it reasonably thinks fit, to remedy any material default by me under this Mortgage, including any payment necessary to effect servicing repair or refurbishing of the Goods which I ought to have done under this clause.

Section 8: Mortgage covenants

Subsection: 8.1.4.1

Page: 6

Replace the existing section with the following:

the Credit Provider, its servants and its agents may, as my agent, at any reasonable time, enter any premises where the Credit Provider reasonably believes the Goods or any of them may be located, to test, inspect or take possession of them, pursuant to the powers contained or implied in this Mortgage. The Credit Provider must give a reasonable period of prior written or verbal notice, unless it is reasonable not to do so in the circumstances for reasons including the management of a material and immediate risk;

Section 8: Mortgage covenants

Subsection: 8.1.4.2

Page: 7

Replace the existing section with the following:

where any amount is payable by the Credit Provider to me under this Mortgage or in relation to the Goods, the Credit Provider may set-off partially or fully this amount in reduction of any other amount that I may owe to the Credit Provider under any contract or facility. The Credit Provider will only exercise this right if there is a default event or if the Credit Provider reasonably considers it is necessary to manage the Credit Provider's repayment risk or security risk. The Credit Provider will promptly notify me in writing if it exercises this right; and

Section 9: Personal Property Securities Act

Subsection: 9.1

Page: 7

Replace the existing section with the following:

9.1 I agree to do anything (such as obtaining consents, signing and producing documents, producing receipts and getting documents completed and signed) that the Credit Provider, acting reasonably, asks and considers necessary for the purposes of:

9.1.1 providing more effective security over the Goods or the security amount, or any other personal property which the Credit Provider has a Security Interest, for payment of money owing to the Credit Provider under or in connection with this Mortgage;

9.1.2 ensuring that a Security Interest created under this Mortgage is enforceable, perfected (including, where possible, by control in addition to registration) and otherwise effective;

9.1.3 enabling the Credit Provider to apply for any registration, or give any notification, in connection with a Security Interest created under this Mortgage so that the Security Interest has the priority the Credit Provider requires;

9.1.4 enabling the Credit Provider to exercise its rights in connection with the Goods;

9.1.5 binding me and any other person intended to be bound under this  Mortgage;

9.1.6 enabling the Credit Provider to obtain the consent to any Security Interest of any other person;

9.1.7 enabling the Credit Provider to register the power of attorney in clause 12 or a similar power; or

9.1.8 showing whether I am complying with this Mortgage.

Section 9: Personal Property Securities Act

Subsection: 9.2

Page: 7

Replace the existing section with the following:

9.2 If:

9.2.1 I hold any Security Interest for the purposes of the PPSA and if my failure to perfect such Security Interest  would materially adversely affect my business or the Credit Provider’s Security Interest over the Goods; or

9.2.2 a Security Interest in my favour arises over the Goods (whether or not as a result of a breach by me under this Mortgage),

I agree to implement, maintain and comply in all material respects with, procedures for the perfection of those Security Interests. These procedures must include procedures designed to ensure that I take all reasonable steps under the PPSA to continuously perfect any such Security Interest including all steps reasonably necessary:

(a) for me to obtain, the highest ranking priority possible in respect of the Security Interest (such as perfecting  a purchase money Security Interest or perfecting a Security Interest by control); and

(b) to reduce as far as possible the risk of a third party acquiring an interest free of the Credit Provider’s Security Interest (such as including the serial number in a financing statement for personal property that may or must  be described by a serial number).

9.2.3 If the Credit Provider asks, I agree to arrange at my expense an audit of the PPSA procedures. The Credit Provider may ask me to do this if it reasonably suspects that I am not complying with this clause.

Section 9: Personal Property Securities Act

Subsection: 9.4

Page: 7

Replace the existing section with the following:

The Credit Provider may at my expense apply for any registration, or give any notification, in connection with a Security Interest created under this Mortgage, and for whatever class or classes of collateral the Credit Provider reasonably thinks fit. I consent to any registration or notification by the Credit Provider.

Section 9: Personal Property Securities Act

Subsection: 9.5

Page: 8

Replace the existing section with the following:

Everything I am required to do under this clause is at my expense. Where the Credit Provider incurs cost or expense in connection with anything I am required to do under this clause, I will pay or reimburse the Credit Provider for those reasonable costs or expenses in accordance with clause 17.

Section 9: Personal Property Securities Act

Subsection: 9.8

Page: 8

Replace the existing section with the following:

I agree that the Credit Provider may, where it is reasonable in the circumstances, complete and fill any blanks in this Mortgage or a document connected with it for the purposes of this clause 9 (such as Corporations Act forms, financing statements, financing change statements or transfers for the Goods).

Section 12: Rebate of interest

Subsection: Rebate of interest

Page: 10

Delete this section.

Section 13: Power of attorney

Subsection: 13.1

Page: 10

Replace the existing section with the following:

12.1 For valuable consideration and to secure each and every proprietary interest of the Credit Provider and the performance of each and every obligation owed to the Credit Provider under this Mortgage, I grant and give power to and appoint the Credit Provider as my true and lawful attorney (with the power from time to time to appoint and remove a substitute or substitutes) while any money remains secured or agreed to be secured under this Mortgage. Possession of this Mortgage or a duplicate hereof will be conclusive evidence of the powers granted to the Credit Provider under this clause. The Credit Provider may, in my name or jointly in my and the Credit Provider’s names, acting reasonably, do any one or more of the following acts, matters or things, namely:

12.1.1 do any act or execute any deed or other document relating to the exercise of any of the express or implied  powers contained in this Mortgage, including to perfect the Credit Provider’s title to the Goods or to further assure the Goods to the Credit Provider;

12.1.2 do any matter, act or thing which I should do or should have done under this Mortgage;

12.1.3 conduct any legal proceedings or disputes with any person claiming any interest in some or all of the Goods, or in connection with any insurance or other money which the Credit Provider is authorised to receive, including the giving of effectual receipts and releases relating to or affecting the Goods; and

12.1.4 apply for and obtain any data or information of any kind relating to the Goods, their registration or location from  any body authority or corporation (whether the same be public or private or State or Federal) to the same extent as if I were applying for or obtaining the information personally.

Section 14: Additional conditions

Subsection: 14.1

Page: 10

Replace the existing section with the following:

13.1 The Credit Provider can exercise all other rights and powers it has under law, even if they overlap with any in this Mortgage.

Section 16: Variations and changes

Subsection: Variations and changes

Page: 11

Replace the existing title of this section with the following:

15. Variations and changes the Credit Provider can make

Section 16: Variations and changes

Subsection: Variations and changes

Page: 11

Replace the existing title of this section with the following:

15. Variations and changes the Credit Provider can make

Section 16: Variations and changes

Subsection: 16.2

Page: 12

Replace the existing title of this section with the following:

15.2 Changes the Credit Provider can make to other terms

Replace the existing first sentence in this section with the following:

The Credit Provider may also from time to time, without my agreement, make any of the following changes to the terms and conditions applicable to this Mortgage set out in the table below.

Section 16: Variations and changes

Subsection: 16.4

Page: 12

At the end of the existing paragraph 16.4.2, insert a new paragraph 15.4.3 in this section with the following:

A reference to notice ‘in writing’ includes any of the electronic methods allowed by clause 20.2.4 below and a reference to 'by advertising in the local or national media' is notice by advertisement in a national newspaper or in two or more major metropolitan newspapers that in combination circulate generally in each State and Territory of Australia.

New section 17: Costs or losses

New subsection: Costs or losses

Page: 13

At the end of the existing section 17, insert a new section 17 with the following:

17.  Costs or losses       

17.1 I agree to pay or reimburse the Credit Provider for all reasonable costs or losses that the Credit Provider incurs or pays:

17.1.1 relating to the Goods or their use;

17.1.2 relating to stamp duty, duty on receipts, or any other State or Federal Government fees and charges in respect of this Mortgage or this transaction;

17.1.3 when the Credit Provider seeks to protect or enforce the Credit Provider's rights in connection with this Mortgage and any Security Interest, including:

17.1.3.1 costs or losses the Credit Provider incurs or pays to make good any material failure by me to comply with any obligation contained in this Mortgage;

17.1.3.2 in connection with my obligations under clause 9; or

17.1.4 when I  breach my obligations under this Mortgage or if a default event occurs.

17.2 I do not need to pay or reimburse the Credit Provider under this clause to the extent that the cost or loss arises from negligence, fraud, wilful misconduct or mistake by the Credit Provider or its officers, employees, contractors or agents or any receiver appointed by the Credit Provider over the Goods mortgaged under this Mortgage.

Section 18: Privacy and confidentiality

Subsection: 18.6

Page: 13

Replace the existing title of this section with the following:

18.6 Failure to provide requested information may lead to loss of service

Section 20: Notices

Subsection: Notices

Page: 15

Replace the existing section with the following:

20.1 If I wish to give the Credit Provider a notice regarding this Mortgage, I can do so in writing to the Credit Provider at its office shown in this Mortgage or at its registered office, or by electronic methods to any email address specified by the Credit Provider.

20.2 The Credit Provider may give me a notice or demand regarding this Mortgage:

20.2.1 by handing it to me;

20.2.2 by leaving it at my address as shown in this Mortgage or as recorded by the Credit Provider as my most recent address, in which case it will be taken to have been given and received when left;

20.2.3 by posting it in a pre-paid envelope to me at that address, in which case it will be taken to have been given and received seven days after posting it;

20.2.4 by sending it to me by electronic methods. Electronic methods may mean the Credit Provider sending a notice to my electronic address which includes my email address or mobile telephone number as shown on the Credit Provider’s records, SecureMail in ANZ Internet Banking or ANZ Internet Banking for Business, or a notification in ANZ Mobile Banking. If sent by electronic methods it will be taken to have been received the day after it reaches the service provider or the host of my electronic address;

20.2.5 where expressly permitted by this Mortgage, by press advertisement, in which case it will be taken to have been given and received on the date the press advertisement is first published; or

20.2.6 in any other way that the law allows.

20.3 If there is more than one person who is a party to this Mortgage as the Mortgagor, any notice or demand will be given to each of us.

20.4 Despite anything in this clause, if the Credit Provider sends me a notice or demand relating to clauses 5, 8.1.4.1 or 10, it must do so using any of the methods in clauses 20.2.1, 20.2.2 or 20.2.3, or by electronic methods to my email address.

20.5 A notice or demand from the Credit Provider may be signed for the Credit Provider by a Credit Provider officer or by a lawyer acting for the Credit Provider or by any agent authorised by the Credit Provider.

20.6 If a law provides that the Credit Provider has to give me notice before it may do something under or for the purposes of this Mortgage, the Credit Provider will comply with the notice period required by law.

Section 21: Transfer of the Credit Provider's rights

Subsection: 21.1

Page: 15

Replace the existing section with the following:

The Credit Provider may, without telling me or obtaining my consent:

21.1.1 assign any of its rights under this Mortgage to give effect to:

21.1.1.1 a sale of debt (for example, to third party debt collectors);

21.1.1.2 a sale of business, assets or portfolios;

21.1.1.3 business restructuring; or

21.1.1.4 securitisation or another finance structure; and

21.1.2 give information about this Mortgage and my obligations under this Mortgage to any assignee of the Credit  Provider’s rights under this Mortgage, or anyone who is considering becoming an assignee.

Throughout booklet

Additional minor administrative updates and amendments, including updating section numbers and references to account for the changes set out above. Unless specified, references to section numbers throughout this notification are to the existing section numbers (some of which may be updated as part of these changes).

Section 1: Understanding this Agreement

Subsection: 1.1.2

Page: 1

Delete this section.

Section 1: Understanding this Agreement

Subsection: 1.1.6

Page: 1

Replace the existing section with the following:

"Credit Provider", "we" means Australia and New Zealand Banking Group Limited ABN 11 005 357 522, and includes any person who is its successor or assignee or any person to whom it transfers any of its rights in connection with this Agreement, including its rights to receive the rent and the Recoverable Amount, and "our" has a corresponding meaning.

Section 1: Understanding this Agreement

Subsection: 1.1.10

Page: 1

Delete this section.

Section 1: Understanding this Agreement

Subsection: 1.1.17.2.5

Page: 2

Replace the existing section with the following:

a rebate based on the amount of Terms Charges still to pay under this Agreement.

Section 2: Acceptance

Subsection: 2.2

Page: 2

Replace the existing section with the following:

No prior act of the Credit Provider’s nor the delivery of all or any part of the Goods to me or the receipt of any moneys will be deemed an acceptance of my offer.

Section 2: Acceptance

Subsection: 2.3

Page: 3

Replace the existing section with the following:

If I obtain possession of the Goods prior to the Credit Provider’s acceptance of this offer, I will be bound by my obligations contained in this offer in respect of the care, use and insurance of the Goods.

Section 4: Goods

Subsection: 4.1

Page: 3

Replace the existing section with the following:

4.1 I:

4.1.1 will only use the Goods wholly or predominantly for business purposes;

4.1.2 will maintain the Goods in good order, condition and repair (but I am prohibited from creating any lien or pledging the Credit Provider’s credit and I will notify any potential repairer of this prohibition);

4.1.3 will not part with personal possession or control of the Goods;

4.1.4 will notify the Credit Provider promptly in writing of any change in my address or any change in the place where the Goods are to be ordinarily kept and will not remove the Goods from the jurisdiction of this Agreement without first informing the Credit Provider;

4.1.5 will not alter the Goods or any identifying number or mark without the Credit Provider’s consent in writing;

4.1.6 agree that the Credit Provider may at any time fix identifying plates or marks on or to the Goods for any purpose (including advising of its Security Interest in the Goods and prohibiting any dealing in the Goods) and I agree to provide the Credit Provider with access to the Goods to enable it to do this;

4.1.7 will promptly notify the Credit Provider if the Goods are lost, damaged or destroyed;

4.1.8 will produce the Goods for inspection or test on request by the Credit Provider, subject to the Credit Provider giving a reasonable period of prior written or verbal notice, unless it is reasonable not to do so in the circumstances for reasons including the management of a material and immediate risk;

4.1.9 will comply with all legal obligations incurred by me in relation to the Goods, their possession or their use;

4.1.10 authorise the Credit Provider (acting reasonably) to use my name and act on my behalf in exercising any rights or instituting, carrying on and enforcing any legal proceedings which the Credit Provider thinks reasonably desirable to protect the Credit Provider’s rights in the Goods;

4.1.11 authorise the Credit Provider to obtain data or information of any kind relating to the Goods, their registration or location from any body (whether a Commonwealth or State public or private body or authority or corporation) to the same extent as if I were obtaining the data or information personally;

4.1.12 will not sell, dispose of or encumber the Goods or agree or attempt to do so, except with the Credit Provider’s prior consent in writing;

4.1.13 agree that the Credit Provider will not be responsible for any property or articles alleged by me to have been left in repossessed or returned Goods. Any articles found in such repossessed or returned Goods, unless collected by me within one month of the Credit Provider giving me written notice of the Credit Provider’s intention to sell, may be sold by the Credit Provider and the net proceeds credited to my account; and

4.1.14 agree that the Credit Provider may enter at any reasonable time any premises where it reasonably believes that the Goods are located to test, inspect or take possession of them. The Credit Provider must give a reasonable period of prior written or verbal notice, unless it is reasonable not to do so in the circumstances for reasons including the management of a material and immediate risk.

Section 5: Insurance

Subsection: 5.1

Page: 4

Replace the existing first sentence in this section with the following:

5.1 I will at my own cost insure, and maintain insurance, against:

5.1.1 loss or damage or destruction of the Goods for their full insurable value; and

5.1.2 liability to third parties for bodily injury, death or damage to property arising from the Goods and such other risks as the Credit Provider may reasonably require from time to time.

Section 5: Insurance

Subsection: 5.2

Page: 4

Replace the existing section with the following:

5.2 I will:

5.2.1 ensure that the Credit Provider’s interest as owner of the Goods is noted on all insurance policies for the Goods;

5.2.2 provide to the Credit Provider, promptly upon its request, proof of the currency of all insurance policies for the Goods;

5.2.3 ensure that nothing is done or occurs which might prejudice or invalidate any insurance policies for the Goods.

Section 5: Insurance

Subsection: 5.3

Page: 4

Replace the existing paragraph 5.3.1 in this section with the following:

Subject to clause 5.3.2 the Credit Provider may, in its reasonable discretion, at any time effect any insurance for the Goods in the Credit Provider’s own name and on its own behalf, or pay any premium which I fail to pay.

Replace the existing paragraph 5.3.3 in this section with the following:

I will reimburse the Credit Provider for the reasonable cost of it taking out insurance which it affects in accordance with clause 5.3.1 or for it making payment of a premium which I fail to pay. I also agree to pay any GST which the Credit Provider may be obliged to pay or pays on receiving these amounts from me.

Section 5: Insurance

Subsection: 5.5

Page: 4

Replace the existing section with the following:

5.5 I appoint the Credit Provider as my attorney to do the following things (acting reasonably) either in the Credit Provider’s name or in my name:

5.5.1 recover or compromise in my name any claim for loss or damage to or destruction of the Goods under any insurances for the Goods; and

5.5.2 give effective releases and receipts for money.

Section 5: Insurance

Subsection: 5.6

Page: 4

Replace the existing section with the following:

I authorise the Credit Provider to appropriate any insurance or other money received by the Credit Provider for any loss of, or damage to, the Goods towards any debt or liability owed by me under this Agreement or, in the Credit Provider’s reasonable discretion, to repair the damage to the Goods or replace the Goods.

Section 6: Payment

Subsection: 6.1

Page: 4

Replace the existing section with the following:

6.1 I agree:

6.1.1 to pay the periodic instalments of rental (inclusive of the Taxes and the GST charges, if any) set out in the Table to the Credit Provider as and when stated in the Table and all payments will be made free of exchange and of any duty on receipts that may be applicable;

6.1.2 to pay interest calculated at the Relevant Rate (based on the actual number of days in the month and a 365 day year) on the daily balance of all moneys from time to time due but not yet paid. Any unpaid interest may be added to the daily balance and the Credit Provider will notify me if this occurs. If unpaid interest is added, I must pay interest on it as well; and

6.1.3 that no cheque or promissory note received by the Credit Provider will be regarded as payment until the funds have been cleared.

Section 7: Anti-money laundering and sanctions

Subsection: 7.2

Page: 5

Replace the existing section with the following:

If the Credit Provider terminates this Agreement in accordance with this clause 7, or notifies me that it intends to terminate this Agreement in accordance with this clause 7, because it reasonably considers or suspects any of the above apply then I must pay the Recoverable Amount to the Credit Provider within 120 days, or any shorter period the Credit Provider tells me so as to comply with anti-money laundering and counter-terrorism financing or sanctions laws or the Credit Provider’s policies that govern the same, and also must comply with my obligations under clauses 10.4 to 10.7.

Section 8: Fees and charges

Subsection: 8.2

Page: 5

Replace the existing paragraph 8.2.1 in this section with the following:

an establishment fee detailed in the Table. I authorise the Credit Provider to retain from the total amount to be financed amounts in satisfaction of those fees (if any);

Delete paragraph 8.2.2 in this section.

Delete paragraph 8.2.3 in this section.

Replace the existing paragraph 8.2.5 in this section with the following:

8.2.3 an administration default fee of $104 will be charged if the Credit Provider elects to instruct agents to retake possession of the Goods when exercising its powers under this Agreement;

Delete paragraph 8.2.6 in this section.

Replace the existing paragraph 8.2.9.2 in this section with the following:

8.2.6.2  the unrecouped portion of any other reasonable fees, costs, expenses, losses, payments or amounts of any nature paid or incurred by the Credit Provider, using a reasonable formula determined by the Credit Provider for apportioning these amounts (if they are not directly attributable to this Agreement) that would otherwise have been recovered by the Credit Provider if this Agreement continued for its full contracted term.

Section 10: Default

Subsection: 10.7

Page: 7

At the end of paragraph 10.7.3 in this section, insert a new paragraph with the following:

In some cases the Credit Provider's exercise of its Default Rights may be restricted by law. In addition, where the Credit Provider exercises its Default Rights, a law or industry code (such as the Banking Code of Practice) may require a minimum notice period or a particular delivery method to be given. If they do, then the Credit Provider will use the method and give me at least the notice they require.

Section 11: Additional conditions

Subsection: 11.1.1

Page: 7

Delete this section.

Section 11: Additional conditions

Subsection: 11.1.3

Page: 8

Delete this section.

Section 11: Additional conditions

Subsection: 11.1.4

Page: 8

Replace the existing section with the following:

11.1.2 without limiting the generality of clause 11.1.2, I am solely responsible for selecting, obtaining delivery of, examining and accepting the Goods. In selecting, examining and accepting the Goods, I must satisfy myself as to the quality, suitability, safety and fitness for purpose of the Goods;

Section 11: Additional conditions

Subsection: 11.1.8

Page: 8

Replace the existing section with the following:

11.1.6 where any amount is payable by the Credit Provider to me under this Agreement or in relation to the Goods, the Credit Provider may set-off partially or fully this amount in reduction of any other amount that I may owe to the Credit Provider under any contract or facility. The Credit Provider will only exercise this right if there is a default event or if the Credit Provider reasonably considers it necessary to manage the Credit Provider's repayment risk or security risk. The Credit Provider will promptly notify me in writing if it exercises this right;

Section 11: Additional conditions

Subsection: 11.1.10

Page: 8

Delete this section.

Section 11: Additional conditions

Subsection: 11.2.1

Page: 8

Replace the existing section with the following:

11.2.1. I agree to do anything (such as obtaining consents, signing and producing documents, producing receipts and getting documents completed and signed) that the Credit Provider, acting reasonably, asks and considers necessary for the purposes of:

(a) providing more effective security over the Goods, or any other personal property over which the Credit Provider has a Security Interest for payment of money owing to the Credit Provider under or in connection with this Agreement;

(b) ensuring that a Security Interest created under this Agreement is enforceable, perfected (including, where possible, by control in addition to registration) and otherwise effective;

(c) enabling the Credit Provider to apply for any registration, or give any notification, in connection with a Security Interest created under this Agreement so that the Security Interest has the priority the Credit Provider requires;

(d) enabling the Credit Provider to exercise its rights in connection with the Goods;

(e) binding me and any other person intended to be bound under this Agreement;

(f) enabling the Credit Provider to obtain the consent to any Security Interest of any other person;

(g) enabling the Credit Provider to register the power of attorney in clause 12.1 or a similar power; 

(h) showing whether I am complying with this Agreement.

Section 11: Additional conditions

Subsection: 11.2.2

Page: 8

Replace the existing last paragraph in this section with the following:

If the Credit Provider asks, I agree to arrange at my expense an audit of the PPSA procedures. The Credit Provider may ask me to do this if the Credit Provider reasonably suspects that I am not complying with this clause.

Section 11: Additional conditions

Subsection: 11.2.4

Page: 9

Replace the existing section with the following:

The Credit Provider may at my expense apply for any registration, or give any notification, in connection with a Security Interest created under this Agreement, and for whatever class or classes of collateral the Credit Provider reasonably thinks fit. I consent to any registration or notification by the Credit Provider.

Section 11: Additional conditions

Subsection: 11.2.5

Page: 9

Replace the existing section with the following:

Everything I am required to do under this clause is at my expense. Where the Credit Provider incurs cost or expense in connection with anything I am required to do under this clause, I will pay or reimburse the Credit Provider for those reasonable costs or expenses in accordance with clause 20.

Section 12: Appointment of an attorney

Subsection: 12.1

Page: 10

Replace the existing section with the following:

12.1 During the continuation of this Agreement and until all moneys that are owed are paid to the Credit Provider in accordance with the terms of the Agreement, I appoint the Credit Provider as my true and lawful attorney (with power from time to time to appoint and/or remove a substitute or substitutes), acting reasonably:

12.1.1 to do any act or execute any deed or other document relating to the exercise of all or any of the expressed or implied powers contained in this Agreement, including to perfect the title of the Credit Provider to the Goods or to further assure the Goods to the Credit Provider;

12.1.2 to do any matter, act or thing which I should do or have done under this Agreement;

12.1.3 to conduct any legal proceedings or disputes against or by any person claiming any interest in some or all of the Goods or in connection with any insurance or in respect of any money which the Credit Provider is authorised to receive including the giving of effectual receipts and releases relating to or affecting the Goods;

12.1.4 to apply for and obtain any data or information of any kind relating to the Goods, their registration, location or any other matter relating to the Goods held by any body, authority or corporation (whether the same be public, private, State or Federal) to the same extent as if I applied for or obtained such information personally;

12.1.5 where it is reasonable in the circumstances, to complete and fill any blanks or omissions in this Agreement, financing statements, financing change statements, amendment demands or transfers of Goods, including insertion of serial numbers and other identification data of the Goods.

Section 13: Ownership of the Goods

Subsection: 13.1

Page: 10

Replace the existing section with the following:

I may elect to become the owner of the Goods by paying the Total Rent and fulfilling my other obligations to the Credit Provider. I understand that, when I pay these moneys to the Credit Provider before the expiration of the full period of hire, I will be entitled to a rebate of Terms Charges, but I will be liable to pay the Credit Provider any Early Payment Loss calculated in accordance with clause 1.1.4. I may contact the Credit Provider to obtain an estimate of any costs relating to such prepayment prior to making the prepayment and terminating this Agreement.  Until I become the owner, I will have no property in the Goods and will be only a bailee. Any right or option of mine to elect to become the owner of the Goods will cease upon termination of the hiring under any of clauses 7, 9 or 10.

Section 15: Rebate of Terms Charges

Subsection: Rebate of Terms Charges

Page: 10

Delete this section.

Section 16: Commission

Subsection: 16.1

Page: 10

Replace the existing section with the following:

15.1 I acknowledge that the Credit Provider may pay on account of the rental of the Goods, commission, fees or other remuneration to any Intermediary who introduces me to the Credit Provider or the Credit Provider to me. I acknowledge that any such Intermediary is not the Credit Provider’s agent. If my Agreement was arranged by an Intermediary and a commission was paid to that Intermediary, the Relevant Rate will include an amount for any commission, fee or other remuneration paid by the Credit Provider to that Intermediary.

Section 19: Changes to terms and conditions

Subsection: Changes to terms and conditions

Page: 11

Replace the existing title of this section with the following:

18. Changes to terms and conditions the Credit Provider can make

Section 19: Changes to terms and conditions

Subsection: 19.1

Page: 11

Replace the existing title of this section with the following:

18.1 Changes the Credit Provider can make to fees, interest and payments

Replace the existing first sentence in this section with the following:

The Credit Provider may, from time to time, without my agreement, make any of the changes to the terms and conditions applicable to this Agreement set out in the table below.

Section 19: Changes to terms and conditions

Subsection: 19.2

Page: 11

Replace the existing title of this section with the following:

18.2 Changes the Credit Provider can make to other terms

Replace the existing first sentence in this section with the following:

The Credit Provider may from time to time, without my agreement, make any of the changes to the terms and conditions applicable to this Agreement set out in the table below.

Section 19: Changes to terms and conditions

Subsection: 19.4

Page: 12

At the end of the existing paragraph 19.4.2, insert a new paragraph 18.4.3 in this section with the following:

18.4.3 A reference to notice ‘in writing’ includes any of the electronic methods allowed by clause 25.2.4 below and a reference to 'by advertising in the local or national media' is notice by advertisement in a national newspaper or in two or more major metropolitan newspapers that in combination circulate generally in each State and Territory of Australia.

New section 20: Costs or losses

New subsection: Costs or losses

Page: 12

At the end of the existing section 20, insert a new section 20 with the following:

20. Costs or losses

20.1 I agree to pay or reimburse the Credit Provider for all reasonable costs or losses that the Credit Provider incurs or pays:

20.1.1 relating to the Goods or their use, repair or maintenance;

20.1.2 relating to any State or Federal Government charges to record the Credit Provider's interest in the Goods;

20.1.3 due to any Taxes payable by the Credit Provider in connection with any taxable supply made by the Credit Provider under or in connection with this Agreement (in addition to those otherwise payable as part of the rent payable under this Agreement);

20.1.4 when the Credit Provider seeks to protect or enforce the Credit Provider’s rights in connection with this Agreement and any Security Interest, including:

20.1.4.1 costs or losses the Credit Provider incurs or pays to make good any material failure by me to comply with any obligation contained in this Agreement;

20.1.4.2 in connection with my obligations under clause 11.2; or

20.1.5 when I breach my obligations under this Agreement or if a default event occurs.

20.2 If the Credit Provider's loss arises from the total or substantial destruction, loss or forfeiture of the Goods, then the measure of the Credit Provider's loss will be an amount equal to the Recoverable Amount calculated at the date of such destruction, loss or forfeiture, less the value of any insurance or salvage proceeds received by the Credit Provider.

20.3 I do not need to pay or reimburse the Credit Provider under this clause to the extent that the cost or loss arises from negligence, fraud, wilful misconduct or mistake by the Credit Provider or its officers, employees, contractors or agents or any receiver appointed by the Credit Provider in respect of any of my property.

Section 21: Privacy and confidentiality

Subsection: 21.6

Page: 12

Replace the existing title of this section with the following:

21.6 Failure to provide requested information may lead to loss of service

Section 22: Assignment

Subsection: 22.1

Page: 14

Replace the existing section with the following:

22.1 The Credit Provider may, without telling me or obtaining my consent:

22.1.1  assign any of its rights under this Agreement to give effect to:

22.1.1.1 a sale of debt (for example, to third party debt collectors);

22.1.1.2 a sale of business, assets or portfolios;

22.1.1.3 business restructuring; or

22.1.1.4 securitisation or another finance structure; and

22.1.2 give information about this Agreement and my obligations under it to any assignee of the Credit Provider’s rights under this Agreement, or anyone who is considering becoming an assignee.

Section 25: Notices

Subsection: Notices

Page: 14

Replace the existing section with the following:

25.1 If I wish to give the Credit Provider a notice regarding this Agreement, I can do so in writing to the Credit Provider at its office shown in this Agreement or at its registered office, or by electronic methods to any email address specified by the Credit Provider.

25.2 The Credit Provider may give me a notice or demand regarding this Agreement:

25.2.1 by handing it to me;

25.2.2 by leaving it at my address as shown in this Agreement or as recorded by the Credit Provider as my most recent address, in which case it will be taken to have been given and received when left;

25.2.3 by posting it in a pre-paid envelope to me at that address, in which case it will be taken to have been given and received seven days after posting it;

25.2.4 by sending it to me by electronic methods. Electronic methods may mean the Credit Provider sending a notice to my electronic address which includes my email address or mobile telephone number as shown on the Credit Provider’s records, SecureMail in ANZ Internet Banking or ANZ Internet Banking for Business, or a notification in ANZ Mobile Banking. If sent by electronic methods it will be taken to have been received the day after it reaches the service provider or the host of my electronic address;

25.2.5 where expressly permitted by this Agreement, by press advertisement, in which case it will be taken to have been given and received on the date the press advertisement is first published; or

25.2.6 in any other way that the law allows.

25.3 If there is more than one person who is a party to this Agreement as the Hirer, any notice or demand will be given to each of us.

25.4 Despite anything in this clause, if the Credit Provider sends me a notice or demand relating to clauses 4.1.14, 7 or 10, it must do so using any of the methods in clauses 25.2.1, 25.2.2 or 25.2.3, or by electronic methods to my email address.

25.5 A notice or demand from the Credit Provider may be signed for the Credit Provider by a Credit Provider officer or by a lawyer acting for the Credit Provider or by any agent authorised by the Credit Provider.

25.6 If a law provides that the Credit Provider has to give me notice before it may do something under or for the purposes of this Agreement, the Credit Provider will comply with the notice period required by law.

Throughout booklet

Additional minor administrative updates and amendments, including updating section numbers and references to account for the changes set out above. Unless specified, references to section numbers throughout this notification are to the existing section numbers (some of which may be updated as part of these changes).

Section 1: Understanding this Lease

Subsection: 1.1.2

Page: 1

Delete this section.

Section 1: Understanding this Lease

Subsection: 1.1.5

Page: 1

Replace the existing section with the following:

1.1.4   "Credit Provider", "we" means Australia and New Zealand Banking Group Limited ABN 11 005 357 522, and includes any person who is its successor or assignee or any person to whom it transfers any of its rights in connection with this Lease, including its rights to receive the rent and the Termination Amount.

Section 1: Understanding this Lease

Subsection: 1.4.2

Page: 2

Delete this section.

Section 2: Selection and delivery of the Goods

Subsection: 2.2.1

Page: 3

Replace the existing section with the following:

2.2.1 If I accept the Goods, I must comply with this Lease, including making payments to the Credit Provider, even if the Goods are not fit for the purpose for which I want to use them.

Section 3: What I must pay and how I must pay it

Subsection: 3.2

Page: 3

Replace the existing section with the following:

3.2.1 The Table sets out the amount of certain taxes (including duties and Goods and Services Tax) that the Credit Provider and I expect will be payable in respect of each instalment of rent. I must pay each of these amounts as part of each instalment. However, in the event that one or more of these taxes are repealed, I will no longer have an obligation to pay the amount of the tax as part of the instalment after the relevant tax has been repealed and is no longer payable by the Credit Provider. The Credit Provider will notify me if I no longer have to pay any such relevant tax.

3.2.2 Where an amount of any tax (including duties and Goods and Services Tax) is paid or payable by the Credit Provider on or in respect of the matters described above, but is not included in the Table as an amount payable as part of each instalment, I will pay the amount of that tax (including any additional or increased tax) to the Credit Provider in accordance with clause 3.3, or as otherwise provided for in this Lease.

Section 3: What I must pay and how I must pay it

Subsection: 3.3

Page: 3

Replace the existing section with the following:

3.3.1 I agree to pay or reimburse the Credit Provider for all reasonable costs or losses that the Credit Provider incurs or pays:

3.3.1.1 relating to the Goods or their delivery, installation, use, operation, repair or maintenance;

3.3.1.2 relating to any damage to property, or death of, or injury to, any person, suffered or sustained in connection with the Goods (including any circumstance which breaches, or could breach, any Environmental Law);

3.3.1.3 relating to taxes (including duties and Goods and Services Tax) in respect of this Lease, the Goods, and any payment, receipt or other transaction or supply arising out of or in connection with those things;

3.3.1.4 when the Credit Provider seeks to protect or enforce the Credit Provider's rights in connection with this Lease and any Security Interest, including:

3.3.1.4.1 costs or losses the Credit Provider incurs or pays to make good any material failure by me to comply with any obligation contained in this Lease;

3.3.1.4.2 in connection with my obligations under clause 5; or

3.3.1.5 when I breach my obligations under this Lease or if a default event occurs.

3.3.2 I do not need to pay or reimburse the Credit Provider under this clause to the extent that the cost or loss arises from negligence, fraud, wilful misconduct or mistake by the Credit Provider or its officers, employees, contractors or agents or any receiver appointed by the Credit Provider in respect of any of my property.    

Section 3: What I must pay and how I must pay it

Subsection: 3.4.2

Page: 4

Replace the existing paragraph 3.4.2.1 in this section with the following:

an Establishment Fee detailed in the Table;

Delete paragraph 3.4.2.3 in this section.

Replace the existing paragraph 3.4.2.5 in this section with the following:

3.4.2.4 an administration default fee of $104 will be charged if the Credit Provider elects to instruct agents to retake possession of the Goods when exercising its powers under this Lease;

Delete paragraph 3.4.2.6 in this section.

Section 3: What I must pay and how I must pay it

Subsection: 3.5.1

Page: 4

Replace the existing section with the following:

3.5.1 If:

3.5.1.1 the Goods have been used other than for the purpose shown in the Table;

3.5.1.2 any information provided to the Credit Provider about the use of the Goods is incorrect; or

3.5.1.3  tax deductions at the depreciation rates and methods shown in the Table are not allowed at the times or in the amounts that the Credit Provider calculated they would be allowed in determining its after- tax yield under this Lease,

I must pay the Credit Provider the amount that the Credit Provider reasonably determines is required to maintain its after-tax yield under this Lease because the Credit Provider’s tax liability is or will be increased or tax is or will be payable by the Credit Provider earlier than it otherwise would have been. The Credit Provider will provide not less than 30 days’ notice of the payment required.

Any amount payable by me to the Credit Provider will not include any amounts incurred by the Credit Provider due to the negligence, fraud, wilful misconduct or mistake of the Credit Provider, its employees, officers, contractors, agents or any receiver appointed by the Credit Provider in respect of any of my property.

Section 3: What I must pay and how I must pay it

Subsection: 3.6.1

Page: 5

Replace the existing section with the following:

I must pay interest on the daily balance of all money due under this Lease but unpaid from time to time. The interest rate will be calculated on a daily basis based on the actual number of days in the month and a 365 day year, using the Contract Rate. Any unpaid interest may be added to the overdue amount and the Credit Provider will notify me if this occurs. If unpaid interest is added, I must pay interest on it as well.

Section 3: What I must pay and how I must pay it

Subsection: 3.7

Page: 5

Replace the existing section with the following:

3.7.1 All payments under this Lease by cash, cheque or money order must be paid to the Credit Provider at its office shown in this Lease or as the Credit Provider otherwise reasonably tells me. Payments will not be taken as made until the funds have been cleared.

Section 3: What I must pay and how I must pay it

Subsection: 3.9.5

Page: 5

Replace the existing section with the following:

If the Credit Provider terminates this lease in accordance with this clause 3.9, or notifies me that it intends to terminate this Lease in accordance with this clause 3.9, because it reasonably considers or suspects any of the above apply then I must pay the Termination Amount to the Credit Provider within 120 days, or any shorter period the Credit Provider tells me so as to comply with anti-money laundering and counter-terrorism financing or sanctions laws or the Credit Provider’s policies that govern the same.

Section 3: What I must pay and how I must pay it

Subsection: 3.10.1

Page: 6

Replace the existing section with the following:

I acknowledge that the Credit Provider may pay on account of this Lease or the Goods, commission, fees or other remuneration to any Intermediary who introduces me to the Credit Provider or the Credit Provider to me. I acknowledge that any such Intermediary is not the Credit Provider’s agent. If my Lease was arranged by an Intermediary and a commission was paid to that Intermediary, the Contract Rate will include an amount for any commission, fees or other remuneration paid by the Credit Provider to that Intermediary.

Section 3: What I must pay and how I must pay it

Subsection: 3.11.1

Page: 6

Replace the existing section with the following:

3.11.1  If after the date of this Lease:

3.11.1.1  a change in, or a new, Government Requirement;

3.11.1.2  a change in a tax, or a new tax; or

3.11.1.3  a change in the interpretation of a Government Requirement or a tax,

affects this Lease and, in the Credit Provider’s reasonable opinion:

(a) increases the cost to the Credit Provider of providing or maintaining this Lease or any funding arrangement in relation to the Goods; or

(b) reduces the Credit Provider’s effective rate of return (whether on capital, assets, deposits or otherwise) under this Lease,

I  must pay the Credit Provider, after being provided at least 30 days’ notice, the reasonable amount which is necessary to compensate the Credit Provider for the increase in cost or reduction in rate. The Credit Provider will calculate the amount from the day when the Credit Provider first incurred the cost or suffered the reduction. The Credit Provider cannot claim for a cost incurred or a reduction suffered more than 90 days before the Credit Provider gave me notice, except to the extent that the change in government requirements is retrospective.

If I do not accept the amount payable to the Credit Provider, I may terminate this Lease by giving written notice to the Credit Provider and complying with my obligation on termination under clause 9. Termination of this Lease will not affect any notice given to me under this clause to the extent it relates to any increased cost or reduced return incurred by the Credit Provider prior to the Termination Date.

Warning: If you prepay part or all of the Termination Amount on this Lease, the amount of costs or losses may be significant. If you wish to prepay part or all of the Termination Amount, you should discuss it with the Credit Provider first and the Credit Provider can calculate the costs or losses that you would have to pay if you made the prepayment. This will help you to decide whether you want to go ahead with the prepayment.

Section 4: My obligations regarding the Goods

Subsection: 4.5.1

Page: 7

Replace the existing section with the following:

4.5.1 I must:

4.5.1.1 tell the Credit Provider in writing promptly each time the place where the Goods are used or kept is changed from the place set out in the Table, and each time my address changes from the address shown in this Lease; and

4.5.1.2 prepare annual financial statements for myself and provide these, other financial information and information about the Goods that the Credit Provider reasonably asks for, within a reasonable period of time.

Section 4: My obligations regarding the Goods

Subsection: 4.7.2

Page: 7

Replace the existing last sentence in this section with the following:

This acknowledgement must be provided to the Credit Provider’s reasonable satisfaction before the Goods are delivered or moved to that place or before the person obtains an interest in or over that place, as applicable.

Section 4: My obligations regarding the Goods

Subsection: 4.8.1.2

Page: 7

Replace the existing last sentence in this section with the following:

I must remove all signs and advertising from the Goods and repair any resulting damage, to the Credit Provider’s reasonable satisfaction, before the Termination Date.

Section 5: Personal Property Securities Act

Subsection: 5.1

Page: 7

Replace the existing section with the following:

I agree to do anything (such as obtaining consents, signing and producing documents, producing receipts and getting documents completed and signed) that the Credit Provider, acting reasonably, asks and considers necessary for the purposes of:

(a) providing more effective security over the Goods, or any other personal property over which the Credit Provider has a Security Interest for payment of money owing to the Credit Provider under or in connection with this Lease;

(b) ensuring that a Security Interest created under this Lease is enforceable, perfected (including, where possible, by control in addition to registration) and otherwise effective;

(c) enabling the Credit Provider to apply for any registration, or give any notification, in connection with a Security Interest created under this Lease so that the Security Interest has the priority the Credit Provider requires;

(d) enabling the Credit Provider to exercise its rights in connection with the Goods;

(e) binding me and any other person intended to be bound under this Lease;

(f) enabling the Credit Provider to obtain the consent to any Security Interest of any other person;

(g) enabling the Credit Provider to register the power of attorney in clause 11.1 or a similar power; or            

(h) showing whether I am complying with this Lease.

Section 5: Personal Property Securities Act

Subsection: 5.2

Page: 8

Replace the existing last sentence in this section with the following:

The Credit Provider may ask me to do this if the Credit Provider reasonably suspects that I am not complying with this clause.

Section 5: Personal Property Securities Act

Subsection: 5.4

Page: 8

Replace the existing section with the following:

The Credit Provider may at my expense apply for any registration, or give any notification, in connection with a Security Interest created under this Lease, and for whatever class or classes of collateral the Credit Provider reasonably thinks fit. I consent to any registration or notification by the Credit Provider.

Section 5: Personal Property Securities Act

Subsection: 5.5

Page: 8

Replace the existing section with the following:

Everything I am required to do under this clause is at my expense. Where the Credit Provider incurs cost or expense in connection with anything I am required to do under this clause, I will pay or reimburse the Credit Provider for those reasonable costs or expenses in accordance with clause 3.3.

Section 6: Insurance

Subsection: 6.1.2

Page: 9

Replace the existing section with the following:

The insurance must be with an insurance company reasonably acceptable to the Credit Provider and note the Credit Provider’s interest as owner of the Goods. I must make sure that the amount and other terms of the insurance are reasonably acceptable to the Credit Provider.

Section 6: Insurance

Subsection: 6.2.1

Page: 9

Replace the existing section with the following:

I must provide evidence to the Credit Provider’s reasonable satisfaction that there is insurance in place as required by this Lease whenever the Credit Provider reasonably asks.

Section 6: Insurance

Subsection: 6.4.1

Page: 9

Replace the existing section with the following:

6.4.1 In respect of any insurance I arrange to comply with my obligations under this Lease, the Credit Provider may in its own name or in my name, acting reasonably,:

6.4.1.1 conduct legal proceedings in respect of any claim; and

6.4.1.2 compromise or settle any claim.

I must not do these things unless the Credit Provider agrees first in writing.

Section 7: If the Goods are damaged or lost

Subsection: 7.1.1

Page: 9

Replace the existing section with the following:

7.1.1 I must promptly inform the Credit Provider in writing if the Goods are:

7.1.1.1 stolen and considered lost or destroyed; or

7.1.1.2 damaged to such an extent that it is, or the insurer decides that it is, impractical or uneconomic to repair them.

Section 7: If the Goods are damaged or lost

Subsection: 7.2.1.3

Page: 10

Replace the existing section with the following:

Within seven (7) days after the damage or loss, I must pay the Credit Provider, in addition to any other amount which I must pay under this Lease, the Termination Amount calculated for the Goods as at that date, which includes any Early Payment Loss.

Section 7: If the Goods are damaged or lost

Subsection: 7.4

Page: 10

Replace the existing section with the following:

7.4.1 If after I make payment in full under clause 7.2.1.3, the Credit Provider receives money as a result of the Goods having been totally damaged or lost, then the Credit Provider must pay me the lesser of:

7.4.1.1 the amount of the payment made under clause 7.2.1.3; and

7.4.1.2 the amount the Credit Provider received less:

7.4.1.2.1 the amount of any debt or liability that I then owe the Credit Provider under this Lease; and

7.4.1.2.2 the amount owing under any other contract or facility with the Credit Provider.

7.4.2 The Credit Provider will only apply the amount the Credit Provider received towards any other contract or facility under clause 7.4.1.2.2 if, under that other contract or facility, there is a default event or if the Credit Provider reasonably considers it is necessary to manage the Credit Provider's repayment or security risk. The Credit Provider will promptly notify me in writing if it applies the amount received in this manner.

Section 7: If the Goods are damaged or lost

Subsection: 7.5.2

Page: 10

Replace the existing section with the following:

If the Credit Provider receives money because the Goods are damaged, the Credit Provider may (acting reasonably) use the money towards repairing the Goods.

Section 8: What can happen if I default

Subsection: 8.4

Page: 11

Delete this section.

Section 9: What happens when this Lease terminates

Subsection: 9.3.2.4

Page: 12

Replace the existing section with the following:

the amount of any other debt or liability that I then owe the Credit Provider under this Lease, I must pay to the Credit Provider the amount of the difference.

Section 9: What happens when this Lease terminates

Subsection: 9.3.3

Page: 12

Replace the existing section with the following:

9.3.3 If the Credit Provider is unable to sell the Goods within two months after the Goods have first been offered for sale, I agree that the Goods have no market value, and I must pay to the Credit Provider the following amounts:

9.3.3.1 its reasonable costs and expenses incurred in attempting to sell the Goods;

9.3.3.2 the Termination Amount calculated for the Goods as at the Termination Date; and

9.3.3.3 the amount of any other debt or liability that I then owe the Credit Provider under this Lease.

Section 9: What happens when this Lease terminates

Subsection: 9.3.4

Page: 12

Replace the existing section with the following:

9.3.4 If this Lease terminates before the expiry of the Agreed Term in circumstances where I remain liable to return the Goods to the Credit Provider, and the Credit Provider does not receive the Goods back into its possession (whether upon my failure to return or the Credit Provider being unable to repossess) and it is reasonably likely that the Credit Provider will not receive the Goods back within a reasonable period of time, I agree that the Goods will be deemed to have no market value and I must pay to the Credit Provider the following amounts:

9.3.4.1 its reasonable costs and expenses incurred in attempting to retake possession of the  Goods;

9.3.4.2 the Termination Amount calculated for the Goods as at the Termination Date; and

9.3.4.3 the amount of any other debt or liability that I then owe the Credit Provider under this Lease.

Section 9: What happens when this Lease terminates

Subsection: 9.3.6

Page: 12

Replace the existing section with the following:

For the purposes of this clause 9.3, any amount payable by me to the Credit Provider will not include any amounts incurred by the Credit Provider due to the negligence, fraud, wilful misconduct or mistake of the Credit Provider, its employees, officers, contractors, agents or any receiver appointed by the Credit Provider in respect of any of my property.

Section 9: What happens when this Lease terminates

Subsection: 9.4.2

Page: 12

Replace the existing section with the following:

9.4.2 If the Credit Provider’s proceeds of sale, after deducting:

9.4.2.1 the amount of any Goods and Services Tax paid or payable by the Credit Provider on the supply arising from the sale; and

9.4.2.2 its other reasonable costs and expenses of selling the Goods;

(the “net proceeds”) are less than 10/11ths of the residual value for the Goods set out in the Table, I must pay the Credit Provider the amount of the difference between the net proceeds and 10/11ths of the residual value.

Section 9: What happens when this Lease terminates

Subsection: 9.4.4

Page: 13

Replace the existing section with the following:

If the Credit Provider is unable to sell the Goods within two months after the Goods have first been offered for sale, I agree that the Goods have no market value, and I must pay the Credit Provider the residual value for the Goods as set out in the Table.

Section 9: What happens when this Lease terminates

Subsection: 9.4.5

Page: 13

Replace the existing section with the following:

If the Agreed Term has expired and I fail to return the Goods to the Credit Provider, I must pay the Credit Provider the residual value for the Goods as set out in the Table.

Section 9: What happens when this Lease terminates

New subsection: 9.4.6

Page: 13

At the end of the existing paragraph 9.4.5, insert a new paragraph 9.4.6 in this section with the following:

9.4.6 For the purposes of this clause 9.4, any amount payable by me to the Credit Provider will not include any amounts incurred by the Credit Provider due to the negligence, fraud, wilful misconduct or mistake of the Credit Provider, its employees, officers, contractors, agents or any receiver appointed by the Credit Provider in respect of any of my property.

Section 9: What happens when this Lease terminates

Subsection: 9.5.1

Page: 13

Replace the existing section with the following:

9.5.1 If I fail to return the Goods on the Termination Date, I must pay the Credit Provider for each day that I retain the Goods an amount equal to the average daily rent for the Agreed Term, which I agree will be calculated as:

9.5.1.1 the average monthly rent for the Agreed Term; and

9.5.1.2 divided by 30.

Section 10: Acknowledgements about this Lease and the Goods

Subsection: 10.1.1

Page: 13

Replace the existing section with the following:

10.1.1 I acknowledge that:

10.1.1.1 the Credit Provider is not the manufacturer of the Goods; and

10.1.1.2 the Credit Provider is not qualified to provide me with taxation, legal or accounting advice and accordingly the Credit Provider recommends that I seek independent advice in regard to the financial, taxation or other consequences of the Lease.

Section 10: Acknowledgements about this Lease and the Goods

Subsection: 10.2

Page: 13

Replace the existing section with the following:

So far as any warranty, representation or assurance implied by law can be excluded, the Credit Provider does not give any warranty, representation or assurance as to the quality, suitability, fitness for purpose or safety of the Goods, because the Credit Provider is not the manufacturer of the Goods.

Section 10: Acknowledgements about this Lease and the Goods

Subsection: 10.3

Page: 13

Delete this section.

Section 10: Acknowledgements about this Lease and the Goods

Subsection: 10.4

Page: 13

Delete this section.

Section 11: Additional rights and protections for the Credit Provider

Subsection: 11.1.1

Page: 14

Replace the existing section with the following:

11.1.1 For valuable consideration and to secure to the Credit Provider the performance of my obligations under this Lease, I appoint the Credit Provider and each Credit Provider officer jointly and each of them severally as my attorney to sign any document and do any other thing that the attorney, acting reasonably, thinks is necessary or desirable:

11.1.1.1 to make sure that this Lease is as effective as possible;

11.1.1.2 to apply for and obtain any data or any information of any kind relating to the Goods, their registration, location or any other matter relating to the Goods held by any body, authority or corporation (whether it be public, private or State or Federal) to the same extent as if I applied for or obtained such information personally;

11.1.1.3 to do anything that the Credit Provider could do under this Lease or by law; or

11.1.1.4 to do anything that I could do or ought to have done under this Lease or in respect of the Goods.

Section 11: Additional rights and protections for the Credit Provider

Subsection: 11.1.3

Page: 14

Replace the existing section with the following:

I also acknowledge that the Credit Provider is authorised by me, where it is reasonable in the circumstances, to complete and fill any blanks or omissions in this Lease, financing statements, financing change statements or transfers for the Goods, including insertion of serial numbers and other identification data of the Goods.

Section 11: Additional rights and protections for the Credit Provider

Subsection: 11.2.1

Page: 14

Replace the existing section with the following:

The Credit Provider may do at my expense anything material that I have not done that I should have done under this Lease or have not done properly.

Section 11: Additional rights and protections for the Credit Provider

Subsection: 11.3.3

Page: 14

Delete this section.

Section 11: Additional rights and protections for the Credit Provider

Subsection: 11.3.4

Page: 14

Replace the existing section with the following:

11.3.3 Any termination of this Lease does not affect any of the Credit Provider’s rights before such termination in respect of any default or other breach or to receive any payment (including after making a demand or the expiry of any period).

Section 11: Additional rights and protections for the Credit Provider

Subsection: 11.4

Page: 14

Delete this section.

Section 11: Additional rights and protections for the Credit Provider

Subsection: 11.5

Page: 14

Delete this section.

Section 11: Additional rights and protections for the Credit Provider

Subsection: 11.7

Page: 15

Replace the existing section with the following:

11.7.1 The Credit Provider may give a certificate about the amount of any money that I owe to the Credit Provider.     

11.7.2 This certificate can be used as evidence of the amount of money I owe the Credit Provider, unless I dispute the correctness of the certificate including in any court or tribunal proceeding.

11.7.3 I must check the details in any certificate provided under this clause and, if I believe there are any errors or I have any other concerns, I must contact the Credit Provider as soon as possible.

Section 11: Additional rights and protections for the Credit Provider

Subsection: 11.8.1

Page: 15

Replace the existing section with the following:

I agree that the Credit Provider may act in accordance with any instructions in relation to anything under or in connection with this Lease given, or purporting to be given to the Credit Provider, by telephone or facsimile, or other electronic means, orally or in writing, by me or my authorised representative. I agree that, if the Credit Provider acts in accordance with an instruction given in any of these ways, that act is done with my authority.

Section 13: How to give a notice under this Lease

Subsection: 13.1.1

Page: 15

Replace the existing section with the following:

If I wish to give the Credit Provider a notice regarding this Lease, I can do so in writing to the Credit Provider at its office shown in this Lease or at its registered office, or by electronic methods to any email address specified by the Credit Provider.

Section 13: How to give a notice under this Lease

Subsection: 13.2

Page: 15

At the end of the existing paragraph 13.2.1.6, insert new paragraphs 13.2.2 and 13.2.3 in this section with the following:

13.2.2 If there is more than one person who is a party to this Lease as the Lessee, any notice, demand or certificate will be given to each of us.

13.2.3 Despite anything in this clause, if the Credit Provider sends me a notice, demand or certificate relating to clauses 3.9, 4.4.1, 8 or 11.7, it must do so using any of the methods in clauses 13.2.1.1, 13.2.1.2, or 13.2.1.3, or by electronic methods to my email address.

Section 13: How to give a notice under this Lease

Subsection: 13.3.1

Page: 16

Replace the existing section with the following:

If a law provides that the Credit Provider has to give me notice before it may do something under or for the purposes of this Lease, the Credit Provider will comply with the notice period required by law.

Section 17: Variations and changes

Subsection: Variations and changes

Page: 16

Replace the existing title of this section with the following:

17. Variations and changes the Credit Provider can make

Section 17: Variations and changes

Subsection: 17.1

Page: 16

Replace the existing first sentence in this section with the following:

The Credit Provider may, from time to time, without my agreement, make any of the following changes to the terms and conditions applicable to this Lease.

Section 17: Variations and changes

Subsection: 17.2

Page: 17

Replace the existing title of this section with the following:

17.2 Changes the Credit Provider can make to other terms

Replace the existing first sentence in this section with the following:

The Credit Provider may also from time to time, without my agreement, make any of the changes to the terms and conditions applicable to this Lease set out in the table below.

Section 17: Variations and changes

Subsection: 17.4

Page: 17

At the end of the existing paragraph 17.4.2, insert new paragraph 17.4.3 in this section with the following:

17.4.3 A reference to notice ‘in writing’ includes any of the electronic methods allowed by clause 13.2.1.4 and a reference to 'by advertising in the local or national media' is notice by advertisement in a national newspaper or in two or more major metropolitan newspapers that in combination circulate generally in each State and Territory of Australia.

Section 19: Privacy and confidentiality

Subsection: 19.6

Page: 18

Replace the existing title of this section with the following:

19.6 Failure to provide requested information may lead to loss of service

Section 20: Assignment

Subsection: 20.1

Page: 20

Replace the existing section with the following:

20.1 The Credit Provider may, without telling me or obtaining my consent:

20.1.1 assign any of its rights under this Lease to give effect to:

20.1.1.1 a sale of debt (for example, to third party debt collectors);

20.1.1.2 a sale of business, assets or portfolios;

20.1.1.3 business restructuring; or

20.1.1.4 securitisation or another finance structure; and

20.1.2 give information about this Lease and my obligations under this Lease to any assignee of the Credit Provider’s rights under this Lease, or anyone who is considering becoming an assignee.

Throughout booklet

Additional minor administrative updates and amendments, including updating section numbers and references to account for the changes set out above. Unless specified, references to section numbers throughout this notification are to the existing section numbers (some of which may be updated as part of these changes).