Redraw Facility Agreement
PERPETUAL TRUSTEES CONSOLIDATED LIMITED
(Trustee)
XX.XXXXXX BANK LIMITED
(Redraw Facility Provider)
CRUSADE MANAGEMENT LIMITED
(Manager)
Crusade Global Trust No. [*] of [*]
ALLENS XXXXXX XXXXXXXX
The Chifley Tower
0 Xxxxxxx Xxxxxx
Xxxxxx XXX 0000
Xxxxxxxxx
Tel 00 0 0000 0000
Fax 00 0 0000 0000
(C) Copyright Allens Xxxxxx Xxxxxxxx 2005
Redraw Facility Agreement [Allens Xxxxxx Xxxxxxxx LOGO]
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TABLE OF CONTENTS
1. DEFINITIONS AND INTERPRETATION 1
1.1 Definitions 1
1.2 Master Trust Deed definitions 4
1.3 Interpretation 4
1.4 Determination, statement and certificate sufficient evidence 4
1.5 Transaction Document 4
1.6 Limited to Trust 4
1.7 Trustee as trustee 5
1.8 Knowledge of Trustee 5
2. PURPOSE 5
3. DRAWINGS 5
3.1 Redraw Advance 5
3.2 Making of Redraw Advances 6
4. FEES 6
4.1 Availability fee 6
4.2 Draw Margin 6
4.3 Capitalisation 7
4.4 GST 7
5. CANCELLATION OF REDRAW LIMIT 7
5.1 During Term 7
5.2 At end of Term 7
5.3 Cancellation by Redraw Facility Provider 8
5.4 Rollover Term renewal 8
6. REPAYMENT 8
6.1 Repayment of Redraw Advances 8
6.2 Final repayment 8
7. PREPAYMENTS 9
7.1 Voluntary prepayments 9
7.2 Draw Margin 9
7.3 Limitation on prepayments 9
8. PAYMENTS 9
8.1 Manner 9
8.2 Payment to be made on Business Day 9
8.3 Appropriation where insufficient moneys available 9
9. CHANGES IN LAW 10
9.1 Additional payments 10
9.2 Minimisation 11
9.3 Survival 11
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10. CONDITIONS PRECEDENT 11
10.1 Conditions precedent to initial Drawdown Notice 11
10.2 Conditions precedent to each Redraw Advance 11
11. REPRESENTATIONS AND WARRANTIES 12
11.1 Representations and warranties 12
11.2 Reliance on representations and warranties 12
12. UNDERTAKINGS 12
12.1 General undertakings 12
12.2 Undertakings relating to Trust 13
12.3 Term of undertakings 14
13. EVENTS OF DEFAULT 14
13.1 Events of Default 14
13.2 Consequences 14
14. CONTROL ACCOUNTS 14
15. WAIVERS, REMEDIES CUMULATIVE 15
16. SEVERABILITY OF PROVISIONS 15
17. SURVIVAL OF REPRESENTATIONS 15
18. INDEMNITY AND REIMBURSEMENT OBLIGATION 15
19. MORATORIUM LEGISLATION 15
20. CONSENTS AND OPINIONS 15
21. ASSIGNMENTS 16
22. NOTICES 16
23. AUTHORISED SIGNATORIES 16
24. GOVERNING LAW AND JURISDICTION 16
25. COUNTERPARTS 16
26. ACKNOWLEDGEMENT BY TRUSTEE 17
27. LIMITED RECOURSE 17
27.1 General 17
27.2 Liability of Trustee limited to its right to indemnity 17
27.3 Unrestricted remedies 18
27.4 Restricted remedies 18
28. REDRAW FACILITY PROVIDER'S OBLIGATIONS 19
29. SUCCESSOR TRUSTEE 19
30. CODE OF BANKING PRACTICE (2003) 19
31. COMPLIANCE WITH REGULATION AB 19
ANNEXURE A 3
Drawdown Notice 3
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DATE [*]
PARTIES
1. PERPETUAL TRUSTEES CONSOLIDATED LIMITED (ABN 81 004 029 841) of Xxxxx 0, 0
Xxxxxxxxxxx Xxxxxx, Xxxxxx, Xxx Xxxxx Xxxxx 0000 in its capacity as trustee
of the Crusade Global Trust No. [*] of [*] (the TRUSTEE);
2. XX.XXXXXX BANK LIMITED (ABN 92 055 513 070) incorporated in New South Wales
of 0-00 Xxxxxxxxxx Xxxxxx, Xxxxxxx, Xxx Xxxxx Xxxxx 0000 (the REDRAW
FACILITY PROVIDER); and
3. CRUSADE MANAGEMENT LIMITED (ABN 90 072 715 916) incorporated in the
Australian Capital Territory of 0-00 Xxxxxxxxxx Xxxxxx, Xxxxxxx, Xxx Xxxxx
Xxxxx 0000 (the MANAGER).
RECITALS
A The Trustee is the trustee of the Crusade Global Trust No. [*] of [*] and
proposes to issue Notes pursuant to the Master Trust Deed and Supplementary
Terms Notice.
B The Manager has arranged for the Redraw Facility Provider to provide the
Trustee with the Redraw Facility under which loans of up to [0.5]% of the
sum of the aggregate of the Stated Amounts of the Notes may be made
available to the Trustee.
C The Redraw Facility Provider has agreed to provide the Redraw Facility to
the Trustee on the terms and conditions contained in this agreement.
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IT IS AGREED as follows.
1. DEFINITIONS AND INTERPRETATION
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1.1 DEFINITIONS
In this agreement the following definitions apply unless the context
requires otherwise, or unless otherwise defined.
AVAILABLE REDRAW AMOUNT means at any time the greater of:
(a) the Redraw Limit at that time less the Redraw Principal Outstanding at
that time; and
(b) zero.
DRAWDOWN DATE means, in relation to a Redraw Advance, the date on which the
Redraw Advance is or is to be made under this agreement in accordance with
the Drawdown Notice.
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DRAWDOWN NOTICE means a notice under clause 3.1.
EVENT OF DEFAULT means any of the events specified in clause 13.
FINAL REPAYMENT DATE means the Final Maturity Date.
MASTER TRUST DEED means the deed entitled "Master Trust Deed" between,
among others, the Trustee and the Manager dated 14 March 1998.
NOTICE OF CREATION OF TRUST means the Notice of Creation of Trust dated [*]
issued under the Master Trust Deed in relation to the Trust.
ONE MONTH BANK XXXX RATE on any date means the rate quoted on the Reuters
Screen BBSW Page at approximately 10.00am, Sydney time, on that date (a
CALCULATION DAY) for each Reference Bank so quoting (but not fewer than
five) as being the mean buying and selling rate for a xxxx (which for the
purpose of this definition means a xxxx of exchange of the type specified
for the purpose of quoting on the Reuters Screen BBSW Page) having a tenor
of 30 days eliminating the highest and lowest mean rates and taking the
average of the remaining mean rates and then (if necessary) rounding the
resultant figure upwards to four decimal places. If on the Calculation Day
fewer than five Reference Banks have quoted rates on the Reuters Screen
BBSW Page, the rate for the Calculation Day shall be calculated as above by
taking the rates otherwise quoted by five of the Reference Banks on
application by the parties for such a xxxx of the same tenor. If on the
Calculation Day the rate cannot be determined in accordance with the
foregoing procedures then the rate for the Calculation Day shall mean such
rate as is agreed between the Manager and the Trustee having regard to
comparable indices then available, PROVIDED THAT on the first Reset Date of
any Redraw Advance the ONE MONTH BANK XXXX RATE shall be an interpolated
rate calculated with reference to the tenor of the period from (and
including) that Reset Date to (but not including) the next Reset Date.
REDRAW ADVANCE means any advance made or to be made under this agreement.
REDRAW FACILITY means the redraw facility provided by the Redraw Facility
Provider under this agreement.
REDRAW LIMIT means [*]% of the sum of the aggregate of the A$ equivalent of
the Stated Amounts of the [Class A Notes, Class B Notes and Class C] Notes
(as determined by the Manager and as adjusted by the Manager on each
anniversary of this agreement and notified to the Trustee and the Redraw
Facility Provider) or any other amount as agreed in writing between the
Redraw Facility Provider, the Trustee and the Manager, as reduced or
cancelled under this agreement, provided that the Redraw Limit may not be
increased unless each Designated Rating Agency has confirmed in writing
that the increase would not result in a downgrading of the rating given to
any Note or the withdrawal of the rating of any Note.
REDRAW PRINCIPAL OUTSTANDING means, at any time, the total principal amount
of all outstanding Redraw Advances at that time.
REDRAW STATED AMOUNT means, at any time, the Redraw Principal Outstanding
at that time less the Carryover Redraw Charge Offs at that time.
REFERENCE BANK has the meaning given in the ISDA Definitions.
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RESET DATE means in relation to a Redraw Advance:
(a) the Drawdown Date for that Redraw Advance; and
(b) each Payment Date while that Redraw Advance is outstanding.
ROLLOVER TERM means:
(a) the period from the date of this agreement to the date which is 364
days after the date of this agreement; but
(b) if the Redraw Facility Provider has agreed to extend the term of this
agreement in accordance with clause 5.4, the period from the
commencement of that extended term to the date which is 364 days after
the date of that commencement, in each case subject to clause 5.4.
SUPPLEMENTARY TERMS NOTICE means the Supplementary Terms Notice issued by
the Manager on or about the date of this agreement under the Master Trust
Deed.
TERM means the period commencing on the date of this agreement and expiring
on the earlier of:
(a) the date on which the Notes are redeemed in full in accordance with
the Master Trust Deed and the Supplementary Terms Notice;
(b) the date declared by the Redraw Facility Provider under clause 13.2;
(c) the date on which the Trustee enters into a redraw facility, to
replace this agreement with any person to enable it to fund Redraw
Shortfalls;
(d) the date on which Crusade Management Limited retires or is removed as
Manager under the Master Trust Deed;
(e) the date on which the Redraw Limit is cancelled in full by the Trustee
under clause 5.1;
(f) the date which is one year after the Final Maturity Date;
(g) the date on which the Redraw Limit is cancelled in full by the Redraw
Facility Provider under clause 5.3; and
(h) the expiry of the Rollover Term.
TRUST means the Crusade Global Trust No. [*] of [*] constituted under the
Master Trust Deed on the terms of the Supplementary Terms Notice.
TRUST DOCUMENT means:
(a) this agreement;
(b) the Master Trust Deed;
(c) the Notice of Creation of Trust;
(d) the Supplementary Terms Notice;
(e) the Custodian Agreement;
(f) the Security Trust Deed;
(g) the Servicing Agreement;
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(h) the Note Trust Deed;
(i) the Agency Agreement;
(j) each Note; or
(k) a Support Facility.
TRUSTEE means the trustee of the Trust at the date of this agreement or any
person which becomes a successor trustee under clause 20 of the Master
Trust Deed.
1.2 MASTER TRUST DEED DEFINITIONS
Words and expressions which are defined in the Master Trust Deed (as
amended by the Supplementary Terms Notice) and the Supplementary Terms
Notice (including in each case by reference to another agreement) have the
same meanings when used in this agreement, unless the context otherwise
requires or unless otherwise defined in this agreement.
1.3 INTERPRETATION
Clause 1.2 of the Master Trust Deed applies to this agreement as if set out
in full, except that references to THIS DEED are references to THIS
AGREEMENT and:
(a) a reference to an ASSET includes any real or personal, present or
future, tangible or intangible property or asset and any right,
interest, revenue or benefit in, under or derived from the property or
asset;
(b) an Event of Default SUBSISTS until it has been waived in writing by
the Redraw Facility Provider; and
(c) a reference to an amount for which a person is CONTINGENTLY LIABLE
includes an amount which that person may become actually or
contingently liable to pay if a contingency occurs, whether or not
that liability will actually arise.
1.4 DETERMINATION, STATEMENT AND CERTIFICATE SUFFICIENT EVIDENCE
Except where otherwise provided in this agreement any determination,
statement or certificate by the Redraw Facility Provider or an Authorised
Signatory of the Redraw Facility Provider provided for in this agreement is
sufficient evidence unless proven wrong.
1.5 TRANSACTION DOCUMENT
This agreement is a TRANSACTION DOCUMENT for the purposes of the Master
Trust Deed.
1.6 LIMITED TO TRUST
The rights and obligations of the parties under this agreement relate only
to the Trust, and do not relate to any other Trust (as defined in the
Master Trust Deed). Without limitation, the Redraw Facility Provider has no
obligation under this agreement to provide financial accommodation to the
Trustee as trustee of any other such Trust.
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1.7 TRUSTEE AS TRUSTEE
In this agreement, except where provided to the contrary;
(a) a reference to the Trustee is a reference to the Trustee in its
capacity as trustee of the Trust and in no other capacity; and
(b) a reference to the undertaking, property, assets, business or money of
the Trustee is a reference to the undertaking, property, assets,
business or money of the Trustee in its capacity referred to in
paragraph (a).
1.8 KNOWLEDGE OF TRUSTEE
In relation to the Trust, the Trustee will be considered to have knowledge
or notice of or be aware of any matter or thing if the Trustee has
knowledge, notice or awareness of that matter or thing by virtue of the
actual notice or awareness of the officers or employees of the Trustee who
have day to day responsibility for the administration of the Trust.
2. PURPOSE
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The Manager directs the Trustee to, and the Trustee shall, apply the
proceeds of each Redraw Advance to fund Redraw Shortfalls in relation to
the Trust by paying it to the Approved Seller or to repay a previous Redraw
Advance in accordance with clause 3.2(a) of this agreement and clause 5.8
of the Supplementary Terms Notice, and for no other purpose.
3. DRAWINGS
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3.1 REDRAW ADVANCE
(a) Subject to this agreement, if at any time during the Term the Manager
determines that there is a Redraw Shortfall, the Manager may direct
the Trustee to request a Redraw Advance by giving to the Trustee a
duly completed but unsigned Drawdown Notice by no later than 10.00 am
on the Business Day following the Determination Date on which the
Redraw Shortfall is determined.
(b) A Drawdown Notice must be:
(i) in writing;
(ii) in or substantially in the form of Annexure A; and
(iii) signed by the Trustee.
The Trustee must, at the direction of the Manager, sign and return the
Drawdown Notice to the Manager by no later than 2.00 pm on the
Business Day following the Determination Date on which the Redraw
Shortfall is determined for delivery to the Redraw Facility Provider.
(c) The amount requested in a Drawdown Notice must be the lesser of:
(i) the relevant Redraw Shortfall; and
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(ii) the Available Redraw Amount at that time (but assuming the
repayment of all Redraw Advances due to be repaid on or before
the relevant Drawdown Date).
(d) A Drawdown Notice may specify that the Drawdown Date is to be the same
date as the Drawdown Notice only if:
(i) the Drawdown Notice is given to the Redraw Facility Provider in
accordance with this agreement before 10.00 am on that date; and
(ii) the Redraw Advance is payable no earlier than 2.00 pm on that
date.
3.2 MAKING OF REDRAW ADVANCES
(a) Subject to the terms of this agreement, a Redraw Advance requested in
a Drawdown Notice shall be made available by the Redraw Facility
Provider paying the proceeds of that Redraw Advance to the Approved
Seller.
(b) The Redraw Facility Provider is not obliged to provide a Redraw
Advance if as a result the Redraw Principal Outstanding would exceed
the Redraw Limit.
4. FEES
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4.1 AVAILABILITY FEE
(a) An availability fee accrues at [0.10]% per annum on the daily amount
of the Available Redraw Amount (if any) due from day to day from the
date of this agreement.
(b) The availability fee is calculated on the actual number of days
elapsed and a year of 365 days.
(c) The Manager must direct the Trustee to, and the Trustee shall, pay to
the Redraw Facility Provider any accrued availability fee in arrears
on:
(i) each Quarterly Payment Date; and
(ii) at the end of the Term.
4.2 DRAW MARGIN
(a) A draw margin accrues due from day to day on the daily amount of each
Redraw Advance at the following rates:
(i) the sum of [0.30]% per annum and the One Month Bank Xxxx Rate
calculated as of that date (if that date is a Reset Date) or
(otherwise) the Reset Date immediately before that date, if the
Redraw Advance has been outstanding for less than 12 months; and
(ii) the sum of [0.40]% per annum and the One Month Bank Xxxx Rate
calculated as of that date (if that date is a Reset Date) or
(otherwise) the Reset Date immediately before that date, if the
Redraw Advance has been outstanding for 12 months or more.
(b) Each draw margin is calculated on the actual number of days elapsed
and a year of 365 days.
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(c) The Manager must direct the Trustee to, and the Trustee shall, pay to
the Redraw Facility Provider any accrued draw margin in arrears on:
(i) each Payment Date; and
(ii) at the end of the Term.
(d) The One Month Bank Xxxx Rate as at any date will be the One Month Bank
Xxxx Rate determined:
(i) if that date is a Payment Date, on that Payment Date; and
(ii) on any other date, on the Payment Date immediately preceding that
date.
4.3 CAPITALISATION
Any draw margin payable under this clause 4 which is not paid when due will
immediately be capitalised. The draw margin is payable on any capitalised
amount at the rate and in the manner referred to in this clause 4.
4.4 GST
Neither the availability fee nor the draw margin specified in this clause 4
are to be increased by reference to any goods and services tax unless:
(a) the Trustee, the Manager and the Redraw Facility Provider otherwise
agree (that agreement not to be unreasonably withheld); and
(b) the increase will not result in a downgrading or withdrawal of the
rating of any Notes.
5. CANCELLATION OF REDRAW LIMIT
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5.1 DURING TERM
(a) On giving not less than 5 Business Days irrevocable notice to the
Redraw Facility Provider the Trustee:
(i) may, in its absolute discretion and with no obligation to do so;
or
(ii) must, at the direction of the Manager,
cancel all or part of the Redraw Limit during the Term.
(b) A partial cancellation must be in a minimum of [A$250,000] and a whole
multiple of [A$50,000] unless the Redraw Facility Provider agrees
otherwise.
5.2 AT END OF TERM
At the close of business (Sydney time) on the last day of the Term the
Redraw Limit will be cancelled.
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5.3 CANCELLATION BY REDRAW FACILITY PROVIDER
(a) The Redraw Facility Provider may cancel all or part of the Redraw
Limit during the Term immediately on giving notice to the Trustee and
the Manager. The Redraw Limit shall be reduced by the amount of that
cancellation on that notice.
(b) On each Payment Date following that cancellation, the Trustee shall
pay to the Redraw Facility Provider the lesser of:
(i) an amount equal to the Redraw Principal Outstanding at that
Payment Date less the Redraw Limit at that Payment Date (if
positive); and
(ii) any amount available for distribution to the Redraw Facility
Provider under clauses 5.1(c)(iv) and 5.4(c)(iv) of the
Supplementary Terms Notice.
(c) Repayments under paragraph (b) will be applied against Redraw Advances
in chronological order of their Drawdown Dates.
(d) This clause does not affect the Redraw Facility Provider's rights
under clause 13 of this agreement or under clause 5.2(a)(iv)(D) of the
Supplementary Terms Notice.
5.4 ROLLOVER TERM RENEWAL
If the Rollover Term will expire before the Final Repayment Date, then not
later than 90 days before the expiry of the Rollover Term, the Redraw
Facility Provider will notify the Trustee as to whether it will or will not
renew the Redraw Facility for 364 days (unless the Final Repayment Date
falls before the end of those 364 days, in which case the renewal will
apply up until the Final Repayment Date) commencing on the date the notice
of renewal is given. If the Redraw Facility Provider fails to provide such
notice, it will be deemed NOT to have renewed the Redraw Facility.
6. REPAYMENT
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6.1 REPAYMENT OF REDRAW ADVANCES
The Trustee shall, at the direction of the Manager, repay the Redraw
Principal Outstanding on each Payment Date and at the end of the Term, to
the extent that amounts are available for that purpose under clause
5.4(c)(iv) of the Supplementary Terms Notice. Those repayments will be
applied against Redraw Advances in chronological order of their Drawdown
Dates.
6.2 FINAL REPAYMENT
If following the Final Repayment Date, any Redraw Principal Outstanding or
interest thereon has not been repaid after the distribution of all Assets
of the Trust in accordance with the Supplementary Terms Notice, that Redraw
Principal Outstanding or interest and any other amounts due hereunder will
be cancelled and the Trustee will have no further obligation to pay that
amount under this agreement.
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7. PREPAYMENTS
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7.1 VOLUNTARY PREPAYMENTS
Subject to clause 7.3, if directed by the Manager, the Trustee must prepay
all or part of the Redraw Principal Outstanding with the consent of the
Redraw Facility Provider and on at least 5 Business Days' notice. The
Trustee shall prepay in accordance with that notice.
7.2 DRAW MARGIN
When the Trustee prepays any amount of the Redraw Principal Outstanding, it
shall also pay any draw margin accrued on that amount.
7.3 LIMITATION ON PREPAYMENTS
The Trustee may not, and the Manager must not direct the Trustee to, prepay
all or any part of the Redraw Principal Outstanding except as set out in
this agreement and in accordance with the Supplementary Terms Notice and
the Security Trust Deed.
8. PAYMENTS
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8.1 MANNER
The Trustee shall make all payments under this agreement:
(a) by cheque, electronic funds transfer or other agreed methods, provided
to the Redraw Facility Provider at its address for service of notices
or by transfer of immediately available funds to the account specified
by the Redraw Facility Provider and, in either case, by 4.00 pm (local
time) on the due date; and
(b) without set-off, counterclaim or other deduction, except any
compulsory deduction for Tax; and
(c) in accordance with, and only at the directions of the Manager, Master
Trust Deed, the Security Trust Deed and the Supplementary Terms
Notice.
8.2 PAYMENT TO BE MADE ON BUSINESS DAY
If any payment is due on a day which is not a Business Day, the due date
will be adjusted in accordance with the Modified Following Business Day
Convention.
8.3 APPROPRIATION WHERE INSUFFICIENT MONEYS AVAILABLE
The Redraw Facility Provider may appropriate amounts it receives as between
principal, interest and other amounts then payable as it sees fit. This
will override any appropriation made by the Trustee.
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9. CHANGES IN LAW
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9.1 ADDITIONAL PAYMENTS
Whenever the Redraw Facility Provider determines that:
(a) the effective cost to the Redraw Facility Provider of making, funding
or maintaining any Redraw Advance or the Redraw Limit is increased in
any way;
(b) any amount paid or payable to the Redraw Facility Provider or received
or receivable by the Redraw Facility Provider, or the effective return
to the Redraw Facility Provider, under or in respect of this agreement
is reduced in any way;
(c) the return of the Redraw Facility Provider on the capital which is or
becomes directly or indirectly allocated by the Redraw Facility
Provider to any Redraw Advance or the Redraw Limit is reduced in any
way; or
(d) to the extent any relevant law, official directive or request relates
to or affects the Redraw Limit, any Redraw Advance or this agreement,
the overall return on capital of the Redraw Facility Provider or any
of its holding companies is reduced in any way,
as a result of any change in, any making of or any change in the
interpretation or application by any Government Agency of, any law,
official directive or request in each case, after the date of this
agreement, then:
(e) (when it has calculated the effect of the above and the amount to be
charged to the Trustee under this clause) the Redraw Facility Provider
shall promptly notify the Manager and the Trustee; and
(f) on the following Payment Date from time to time the Trustee shall,
subject to the Supplementary Terms Notice, pay for the account of the
Redraw Facility Provider the amount, absent manifest error, certified
by an Authorised Signatory of the Redraw Facility Provider to be
necessary to compensate the Redraw Facility Provider for the increased
cost or the reduction (from the date of the notice).
Without limiting the above in any way, this clause applies:
(g) to any law, official directive or request with respect to Tax (other
than any Tax on the net income of any person) or reserve, redraw,
capital adequacy, special deposit or similar requirements;
(h) to official directives or requests which do not have the force of law
where it is the practice of responsible bankers or financial
institutions in the country concerned to comply with them; and
(i) where the increased cost or the reduction arises because the Redraw
Facility Provider is restricted in its capacity to enter other
transactions, is required to make a payment, or forgoes or earns
reduced interest or other return on any capital or on any sum
calculated by reference in any way to the amount of any Redraw
Advance, the Redraw Limit or to any other amount paid or payable or
received or receivable under this agreement or allocates capital to
any such sum.
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9.2 MINIMISATION
(a) (NO DEFENCE) If the Redraw Facility Provider has acted in good faith
it will not be a defence that any cost, reduction or payment referred
to in this clause could have been avoided.
(b) (MINIMISATION) The Redraw Facility Provider shall use reasonable
endeavours to minimise any cost, reduction or payment referred to in
this clause.
9.3 SURVIVAL
This clause survives the repayment of any relevant Redraw Advance and the
termination of this agreement.
10. CONDITIONS PRECEDENT
10.1 CONDITIONS PRECEDENT TO INITIAL DRAWDOWN NOTICE
The right of the Trustee to give the initial Drawdown Notice and the
obligations of the Redraw Facility Provider under this agreement are
subject to the condition precedent that the Redraw Facility Provider
receives all of the following in form and substance satisfactory to the
Redraw Facility Provider:
(a) (TRUST DOCUMENTS) from the Manager a certified copy of each duly
executed and (where relevant) stamped Trust Document;
(b) (MASTER TRUST DEED CONDITIONS PRECEDENT) from the Manager evidence
that the conditions precedent referred to in clause 6 of the Master
Trust Deed have been satisfied;
(c) (SECURITY TRUST DEED) from the Manager evidence that the Security
Trust Deed has been or will be registered with each relevant
Government Agency free from all prior Security Interests and third
party rights and interests; and
(d) (NOTES) evidence that the Notes have been issued.
10.2 CONDITIONS PRECEDENT TO EACH REDRAW ADVANCE
The obligations of the Redraw Facility Provider to make available each
Redraw Advance are subject to the further conditions precedent that:
(a) (NO DEFAULT) no Event of Default subsists at the date of the relevant
Drawdown Notice and the relevant Drawdown Date or will result from the
provision of the Redraw Advance; and
(b) (REPRESENTATIONS TRUE) the representations and warranties by the
Trustee in this agreement are true as at the date of the relevant
Drawdown Notice and the relevant Drawdown Date as though they had been
made at that date in respect of the facts and circumstances then
subsisting.
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11. REPRESENTATIONS AND WARRANTIES
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11.1 REPRESENTATIONS AND WARRANTIES
The Trustee (in its capacity as trustee of the Trust) makes the following
representations and warranties (so far as they relate to the Trust).
(a) (DOCUMENTS BINDING) This agreement constitutes (or will, when executed
and delivered, constitute) its legal, valid and binding obligations
(subject to laws generally affecting creditors' rights and to general
principles of equity).
(b) (TRANSACTIONS PERMITTED) The execution of this agreement did not and
will not contravene any applicable law or authorisation which affects
the Trustee in its capacity as trustee of the Trust.
(c) (EVENT OF DEFAULT) It has no actual knowledge of any Event of Default
having occurred which has not been remedied or waived in writing.
(d) (OTHER DEFAULT) It has no actual knowledge of any default by it or the
Manager under either:
(i) the Master Trust Deed; or
(ii) any law, authorisation, agreement or obligation applicable to the
Assets of the Trust,
which has not been remedied or waived in writing.
(e) (TRUST) The Trust has been validly created and is in existence at the
date of this agreement.
(f) (SOLE TRUSTEE) It is the sole trustee of the Trust at the date of this
agreement.
(g) (REMOVAL) No notice has been given to it and to its knowledge no
resolution has been passed or direction or notice has been given,
removing it as trustee of the Trust.
11.2 RELIANCE ON REPRESENTATIONS AND WARRANTIES
The Trustee acknowledges that the Redraw Facility Provider has entered into
the Trust Documents in reliance on the representations and warranties in
this clause.
12. UNDERTAKINGS
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12.1 GENERAL UNDERTAKINGS
Each of the Trustee and the Manager severally undertake to the Redraw
Facility Provider as follows in relation to the Trust, except to the extent
that the Redraw Facility Provider consents.
(a) (AUTHORISATIONS) It will ensure that each Authorisation (which, in the
case of the Trustee, is limited to any Authorisation relating to the
Trustee in its capacity as trustee of the Trust and not to the Trust
generally) required for:
(i) the execution, delivery and performance by it of the Trust
Documents to which it is expressed to be a party and the
transactions contemplated by those documents;
(ii) the validity and enforceability of those documents; and
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(iii) the carrying on by it of its business as now conducted or
contemplated,
is obtained and promptly renewed and maintained in full force and
effect. It will pay all applicable fees for them. It will provide
copies promptly to the Redraw Facility Provider when they are obtained
or renewed.
(b) (NEGATIVE PLEDGE) It will not create or allow to exist a Security
Interest over the Assets of the Trust other than:
(i) under the Trust Documents; or
(ii) a lien arising by operation of law in the ordinary course of
day-to-day trading and not securing indebtedness in respect of
financial accommodation where it duly pays the indebtedness
secured by that lien other than indebtedness contested in good
faith.
(c) (COMPLY WITH OBLIGATIONS) It will duly and punctually comply with its
obligations under the Trust Documents.
(d) (NOTICE TO REDRAW FACILITY PROVIDER) It will notify the Redraw
Facility Provider as soon as it becomes actually aware of:
(i) any Event of Default; and
(ii) any proposal by a Government Agency to acquire compulsorily any
Assets of the Trust.
12.2 UNDERTAKINGS RELATING TO TRUST
Each of the Trustee, as trustee of the Trust, and the Manager severally
undertakes to the Redraw Facility Provider as follows, except to the extent
that the Redraw Facility Provider consents.
(a) (AMENDMENT TO MASTER TRUST DEED) It will not consent to any amendment
to the Master Trust Deed, the Supplementary Terms Notice or any other
Trust Document which would change:
(i) the basis upon which the amount of any Redraw Advance to be made
is calculated;
(ii) clause 5.8 of the Supplementary Terms Notice; or
(iii) the basis of calculation or order of application of any amount
to be paid or applied under clause 5 of the Supplementary Terms
Notice unless the change would not be adverse to the Redraw
Facility Provider.
(b) (RESETTLEMENT) It will not take any action that will result in a
resettlement, setting aside or transfer of any asset of the Trust
other than a transfer which complies with the Master Trust Deed, the
Supplementary Terms Notice and the other Trust Documents.
(c) (NO ADDITIONAL TRUSTEE) It will act continuously as trustee or manager
(as the case may be) of the Trust in accordance with the Master Trust
Deed until the Trust has been terminated or until it has retired or
been removed in accordance with the Master Trust Deed.
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12.3 TERM OF UNDERTAKINGS
Each undertaking in this clause continues from the date of this agreement
until all moneys actually or contingently owing under this agreement are
fully and finally repaid or cease to be outstanding.
13. EVENTS OF DEFAULT
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13.1 EVENTS OF DEFAULT
Each of the following is an Event of Default (whether or not it is in the
control of the Trustee).
(a) (PAYMENTS) An amount is available for payment under clause 6 and the
Trustee does not pay that amount within 10 Business Days of its due
date.
(b) (INSOLVENCY EVENT) An Insolvency Event occurs:
(i) in relation to the Trust (as if it was a RELEVANT CORPORATION for
the purposes of the definition of INSOLVENCY EVENT); or
(ii) in relation to the Trustee, and a successor trustee of the Trust
is not appointed within 30 days of that Insolvency Event.
(c) (TERMINATION DATE) The Termination Date occurs in relation to the
Trust.
(d) (ENFORCEMENT OF SECURITY TRUST DEED) An Event of Default (as defined
in the Security Trust Deed) occurs and any action is taken to enforce
the Security Interest under the Security Trust Deed over the Assets of
the Trust (including appointing a receiver or receiver and manager or
selling any of those Assets).
13.2 CONSEQUENCES
At any time after an Event of Default (whether or not it is continuing) the
Redraw Facility Provider may do all or any of the following:
(a) subject to the Trust Documents, by notice to the Trustee and the
Manager declare all moneys actually or contingently owing under this
agreement immediately due and payable, and the Trustee will
immediately pay the Redraw Principal Outstanding together with accrued
interest and fees and all such other moneys; and
(b) by notice to the Trustee and the Manager cancel the Redraw Limit with
effect from any date specified in that notice.
14. CONTROL ACCOUNTS
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The accounts kept by the Redraw Facility Provider constitute sufficient
evidence, unless proven wrong, of the amount at any time due from the
Trustee under this agreement.
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15. WAIVERS, REMEDIES CUMULATIVE
--------------------------------------------------------------------------------
(a) No failure to exercise and no delay in exercising any right, power or
remedy under this agreement operates as a waiver. Nor does any single
or partial exercise of any right, power or remedy preclude any other
or further exercise of that or any other right, power or remedy.
(b) The rights, powers and remedies provided to the Redraw Facility
Provider in this agreement are in addition to, and do not exclude or
limit, any right, power or remedy provided by law.
16. SEVERABILITY OF PROVISIONS
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Any provision of this agreement which is prohibited or unenforceable in any
jurisdiction is ineffective as to that jurisdiction to the extent of the
prohibition or unenforceability. That does not invalidate the remaining
provisions of this agreement nor affect the validity or enforceability of
that provision in any other jurisdiction.
17. SURVIVAL OF REPRESENTATIONS
--------------------------------------------------------------------------------
All representations and warranties in this agreement survive the execution
and delivery of this agreement and the provision of advances and
accommodation.
18. INDEMNITY AND REIMBURSEMENT OBLIGATION
--------------------------------------------------------------------------------
Unless stated otherwise, each indemnity, reimbursement or similar
obligation in this agreement:
(a) is a continuing obligation;
(b) is a separate and independent obligation;
(c) is payable on demand; and
(d) survives termination or discharge of this agreement.
19. MORATORIUM LEGISLATION
--------------------------------------------------------------------------------
To the full extent permitted by law all legislation which at any time
directly or indirectly:
(a) lessens, varies or affects in favour of the Trustee any obligation
under a Trust Document; or
(b) delays, prevents or prejudicially affects the exercise by the Redraw
Facility Provider of any right, power or remedy conferred by this
agreement,
is excluded from this agreement.
20. CONSENTS AND OPINIONS
--------------------------------------------------------------------------------
Except where expressly stated the Redraw Facility Provider may give or
withhold, or give conditionally, approvals and consents, may be satisfied
or unsatisfied, may form opinions, and may exercise its rights, powers and
remedies, at its absolute discretion.
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21. ASSIGNMENTS
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Neither party may assign or transfer any of its rights or obligations under
this agreement without the prior written consent of the other party or if
the rating of the Notes would be withdrawn or reduced as a result of the
assignment, except for the creation of a charge by the Trustee under the
Security Trust Deed.
22. NOTICES
--------------------------------------------------------------------------------
All notices, requests, demands, consents, approvals, agreements or other
communications to or by a party to this agreement:
(a) must be in writing;
(b) must be signed by an Authorised Signatory of the sender; and
(c) will be taken to be duly given or made:
(i) (in the case of delivery in person or by post) when delivered,
received or left at the address of the recipient shown in this
agreement or to any other address which it may have notified the
sender;
(ii) (in the case of facsimile transmission) on receipt of a
transmission report confirming successful transmission; and
(iii) (in the case of a telex) on receipt by the sender of the
answerback code of the recipient at the end of transmission,
but if delivery or receipt is on a day on which business is not
generally carried on in the place to which the communication is sent
or is later than 4.00 pm (local time), it will be taken to have been
duly given or made at the commencement of business on the next day on
which business is generally carried on in that place.
23. AUTHORISED SIGNATORIES
--------------------------------------------------------------------------------
The Trustee irrevocably authorises the Redraw Facility Provider to rely on
a certificate by persons purporting to be its directors and/or secretaries
as to the identity and signatures of its Authorised Signatories. The
Trustee warrants that those persons have been authorised to give notices
and communications under or in connection with this agreement.
24. GOVERNING LAW AND JURISDICTION
--------------------------------------------------------------------------------
This agreement is governed by the laws of New South Wales. The Trustee
submits to the non-exclusive jurisdiction of courts exercising jurisdiction
there.
25. COUNTERPARTS
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This agreement may be executed in any number of counterparts. All
counterparts together will be taken to constitute one instrument.
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26. ACKNOWLEDGEMENT BY TRUSTEE
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The Trustee confirms that:
(a) it has not entered into this agreement in reliance on, or as a result
of, any statement or conduct of any kind of or on behalf of the Redraw
Facility Provider (including any advice, warranty, representation or
undertaking); and
(b) the Redraw Facility Provider is not obliged to do anything (including
disclose anything or give advice),
except as expressly set out in this agreement.
27. LIMITED RECOURSE
--------------------------------------------------------------------------------
27.1 GENERAL
Clause 30 of the Master Trust Deed applies to the obligations and
liabilities of the Trustee and the Manager under this agreement.
27.2 LIABILITY OF TRUSTEE LIMITED TO ITS RIGHT TO INDEMNITY
(a) This agreement applies to the Trustee only in its capacity as trustee
of the Trust and in no other capacity (except where the Transaction
Documents provide otherwise). Subject to paragraph (c) below, a
liability arising under or in connection with this agreement or the
Trust can be enforced against the Trustee only to the extent to which
it can be satisfied out of the assets and property of the Trust which
are available to satisfy the right of the Trustee to be exonerated or
indemnified for the liability. This limitation of the Trustee's
liability applies despite any other provision of this agreement and
extends to all liabilities and obligations of the Trustee in any way
connected with any representation, warranty, conduct, omission,
agreement or transaction related to this agreement or the Trust.
(b) Subject to paragraph (c) below, no person (including any Relevant
Party) may take action against the Trustee in any capacity other than
as trustee of the Trust or seek the appointment of a receiver (except
under the Security Trust Deed), or a liquidator, an administrator or
any similar person to the Trustee or prove in any liquidation,
administration or arrangement of or affecting the Trustee.
(c) The provisions of this clause 27.2 shall not apply to any obligation
or liability of the Trustee to the extent that it is not satisfied
because under a Transaction Document or by operation of law there is a
reduction in the extent of the Trustee's indemnification or
exoneration out of the Assets of the Trust as a result of the
Trustee's fraud, negligence, or Default.
(d) It is acknowledged that the Relevant Parties are responsible under
this agreement or the other Transaction Documents for performing a
variety of obligations relating to the Trust. No act or omission of
the Trustee (including any related failure to satisfy its obligations
under this agreement) will be considered fraud, negligence or Default
of the Trustee for the purpose of paragraph (c) above to the extent to
which the act or omission was caused or contributed to by
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any failure by any Relevant Party or any person who has been delegated
or appointed by the Trustee in accordance with the Transaction
Documents to fulfil its obligations relating to the Trust or by any
other act or omission of a Relevant Party or any such person.
(e) In exercising their powers under the Transaction Documents, each of
the Trustee, the Security Trustee and the Noteholders must ensure that
no attorney, agent, delegate, receiver or receiver and manager
appointed by it in accordance with this agreement or any other
Transaction Documents has authority to act on behalf of the Trustee in
a way which exposes the Trustee to any personal liability and no act
or omission of any such person will be considered fraud, negligence,
or Default of the Trustee for the purpose of paragraph (c) above.
(f) In this clause, RELEVANT PARTY means each of the Manager, the
Servicer, the Redraw Facility Provider, the Custodian, the Calculation
Agent, each Paying Agent, the Note Registrar, the Note Trustee and any
Support Facility Provider.
(g) Nothing in this clause limits the obligations expressly imposed on the
Trustee under the Transaction Documents.
27.3 UNRESTRICTED REMEDIES
Nothing in clause 27.2 or 27.4 limits the Redraw Facility Provider in:
(a) obtaining an injunction or other order to restrain any breach of this
agreement by any party;
(b) obtaining declaratory relief; or
(c) in relation to its rights under the Security Trust Deed.
27.4 RESTRICTED REMEDIES
Except as provided in clause 27.3, the Redraw Facility Provider shall not:
(a) (JUDGMENT) obtain a judgment for the payment of money or damages by
the Trustee;
(b) (STATUTORY DEMAND) issue any demand under section 459E(1) of the
Corporations Xxx 0000 (Cth) (or any analogous provision under any
other law) against the Trustee;
(c) (WINDING UP) apply for the winding up or dissolution of the Trustee;
(d) (EXECUTION) levy or enforce any distress or other execution to, on, or
against any assets of the Trustee;
(e) (COURT APPOINTED RECEIVER) apply for the appointment by a court of a
receiver to any of the assets of the Trustee;
(f) (SET-OFF OR COUNTERCLAIM) exercise or seek to exercise any set-off or
counterclaim against the Trustee; or
(g) (ADMINISTRATOR) appoint, or agree to the appointment, of any
administrator to the Trustee,
or take proceedings for any of the above and the Redraw Facility Provider
waives its rights to make those applications and take those proceedings.
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28. REDRAW FACILITY PROVIDER'S OBLIGATIONS
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The Trustee shall have no recourse to the Redraw Facility Provider in
relation to this agreement beyond its terms, and the Redraw Facility
Provider's obligations under this agreement are separate from, and
independent to, any obligations the Redraw Facility Provider may have to
the Trustee for any other reason (including under any other Trust
Document).
29. SUCCESSOR TRUSTEE
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The Redraw Facility Provider shall do all things reasonably necessary to
enable any successor Trustee appointed under clause 20 of the Master Trust
Deed to become the Trustee under this agreement.
30. CODE OF BANKING PRACTICE (2003)
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The Code of Banking Practice (2003) does not apply to this agreement or any
banking service provided under it.
31. COMPLIANCE WITH REGULATION AB
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The Redraw Facility Provider acknowledges and agrees that to the extent it
agrees with the Manager that the Redraw Facility Provider is "participating
in the servicing function" in relation to the Trust within the meaning of
Item 1122 of Regulation AB, clauses [___] [(b) and (d)] of the
Supplementary Terms Notice will apply to this agreement as if references to
"the Servicer" in those clauses were references to the Redraw Facility
Provider and the definition of "Subcontractor" in clause 2.1 of the
Supplementary Terms Notice will be construed accordingly.
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EXECUTED in Sydney.
Each attorney executing this agreement states that he or she has no notice of,
alteration to, or revocation or suspension of, his or her power of attorney.
SIGNED by )
PERPETUAL TRUSTEES CONSOLIDATED LIMITED )
by its attorney under Power of Attorney dated )
)
in the presence of: )
------------------------------------
Signature
--------------------------------------- ------------------------------------
Witness Print name
---------------------------------------
Print name
SIGNED on behalf of )
XX.XXXXXX BANK LIMITED )
by its attorney under Power of )
Attorney dated )
in the presence of: )
------------------------------------
Signature
--------------------------------------- ------------------------------------
Witness Print name
---------------------------------------
Print name
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REDRAW FACILITY AGREEMENT [Allens Xxxxxx Xxxxxxxx LOGO]
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SIGNED on behalf of )
CRUSADE MANAGEMENT LIMITED )
by its attorney under Power of )
Attorney dated )
in the presence of: )
------------------------------------
Signature
--------------------------------------- ------------------------------------
Witness Print name
---------------------------------------
Print name
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REDRAW FACILITY AGREEMENT [Allens Xxxxxx Xxxxxxxx LOGO]
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ANNEXURE A
DRAWDOWN NOTICE
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To: Xx.Xxxxxx Bank Limited
REDRAW FACILITY AGREEMENT - DRAWDOWN NOTICE NO. [*]
We refer to the Redraw Facility Agreement dated [*] (the FACILITY AGREEMENT).
Under clause 3.1 of the Facility Agreement we give you irrevocable notice as
follows:
(1) we wish to draw on [*] (the DRAWDOWN DATE); [NOTE: DATE IS TO BE A BUSINESS
DAY.]
(2) the principal amount of the Redraw Advance is A$[*]; [NOTE: AMOUNT TO
COMPLY WITH THE LIMITS IN CLAUSE 3.]
(3) we request that the proceeds be remitted to account number [*] at [*];
[NOTE: THE ACCOUNT(S) TO BE COMPLETED ONLY IF FUNDS NOT REQUIRED IN REPAYMENT OF
ANY PREVIOUS REDRAW ADVANCE(S).]
(4) to the best of our knowledge and, relying on the information provided by
the Manager, the proceeds of the advance will be used for the purposes
contemplated in the Facility Agreement;
(5) to the best of our knowledge and relying on the information provided by the
Manager, no Event of Default under the Facility Agreement, and no Event of
Default as defined in the Security Trust Deed, remains unremedied or has
not been waived in writing or will result from the drawing; and
(6) all representations and warranties under clause 11 of the Facility
Agreement are true as though they had been made at the date of this
Drawdown Notice and the Drawdown Date specified above in respect of the
facts and circumstances then subsisting.
Definitions in the Facility Agreement apply in this Drawdown Notice.
PERPETUAL TRUSTEES CONSOLIDATED LIMITED
By: Authorised Signatory
DATED
Verified by Crusade Management Limited
By: Authorised Signatory
Dated
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