If a law requires that something must be done before a Grantor may validly grant a Security Interest over any of the Collateral, to the extent required, the Security only takes effect in relation to that Collateral when the thing required is done
The Grantor acknowledges that:
Any dealing with any Collateral on the terms permitted in this Agreement will not release or extinguish the Security unless the dealing is the absolute transfer of all of the Grantor’s right, title and interest in the relevant Collateral.
If the Grantor disposes of or otherwise deals or agrees to deal with the Collateral in breach of this Agreement or the Security, the Grantor acknowledges that we have not:
The Grantor consents to us taking such Security as we deem reasonably appropriate, in the form of property and assets of the Grantor including the Security at any time during the Facility Term and until the Secured Money is paid in full, to guarantee payment of the Secured Money, any default charges, and any other amount payable under this Agreement.
The Guarantor acknowledges that:
If the Borrower is Insolvent:
If any of the obligations of the Borrower under this Agreement are unenforceable or invalid, then this clause 5.4 and clauses 5.1 to 5.3 inclusive are to operate as a separate indemnity, with the result that:
Unless otherwise stated in this Agreement, and without limiting the generality of the foregoing, each Guarantor that is a Grantor hereby agrees and consent to us registering a caveat over any real property owned by the Guarantor to recognise our interest in such property including following the occurrence of an Event of Default.
If there is more than one Guarantor, then this Guarantee binds each of them jointly and severally and they are liable jointly and severally for all obligations.
and shall be deemed to have been sent:
Acting reasonably, and to the extent reasonably necessary to protect our legitimate business interests, we may vary any of the terms of this Agreement in accordance with any of paragraphs 13.2(a) to (d) below, including as separately provided for in this Agreement;
Notwithstanding any provision contained in this Agreement or any rule of law or equity to the contrary, the granting of any time or any other indulgence by us to you and/or any Guarantor in relation to any existing or future default under this Agreement or any Security will not be deemed a sanction or waiver of any continuing or recurring breach nor will our right to exercise our rights under this Agreement or the Security at any subsequent time be effected or diminished by the grant of time or any other indulgence.
Except to the extent that a Party has a right of set-off granted by an applicable law and which cannot be excluded by agreement, the Party (including any Guarantor) must pay all amounts owing under this Loan Agreement without set-off, deduction or counterclaim.
If any provision or paragraph of this Agreement is found or determined to be void, invalid, illegal or unenforceable for any reason, it shall be excluded or (where it is permissible to do so) read down in a manner that will avoid the provision being void, invalid, illegal or otherwise unenforceable.
You acknowledge that we may pay a commission, fee or other remuneration to any adviser, broker, agent or other person in relation to this Agreement.
The special conditions (if any) contained in Item Special Conditions of the Schedule form part of this Agreement.
By executing this Agreement, you acknowledge that you have previously agreed to our website Terms and Conditions set out on our website, www.shift.com.au. These terms and conditions include a specific consent for us to use the www.bankstatements.com.au secure token to refresh bank statement reports for the purposes of monitoring your business performance.
This Agreement is executed by each Director in their capacity as your Director and Guarantor of the obligations by the use of electronic acknowledgement. In agreeing to this electronic execution, then:
In this Agreement, unless the context otherwise requires: