Contract
Exhibit 10.23
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A division of Westpac Banking Corporation
ABM 33 007 457 141
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Xxxxx 0, Xxxxxxx Xxxxx
000 Xxxx Xxxxxx
Xxxxxx, XXX 0000
T; x00 0 0000 0000
F: x00 0 0000 0000
E: xxxxxxxx@xxxxxxx.xxx.xx
xxxx.xxxxxxx.xxx.xx
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13 March 2014
Xxxx Xxxxx
Moneytech Limited
Xxxxx 0, 00 Xxxxxxx Xxxxxxx
Xxxxx Xxxxxx XXX 0000
Dear Xxxx
Moneytech DealerCard Program
Extension of Scheduled Commitment Termination Date to 31 December 2014
We refer to the Receivables Purchase Agreement dated 5 October 2005 between Moneytech Limited, Moneytech Finance Pty Ltd, Moneytech Services Pty Ltd and Westpac Banking Corporation as amended from time to time (the "RPA"). Unless defined herein, defined terms used in this letter have the same meaning as given to them in the RPA. The parties agree that this letter is a Transaction Document for the purposes of the RPA.
On and from the date of this letter, the parties to the RPA agree to:
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(A)
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amend the definition of Scheduled Commitment Termination Date contained in clause 1.1, by deleting the date "28 February 2014" and inserting "31 December 2014"; | |
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(B)
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amend the definition of Purchase Limit contained in clause 1.1, by deleting the amount "$30,000,000" and inserting 140,000,000"; | |
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(C)
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amend the definition of Cash Reserve Requirement contained in clause 1.1, by deleting (a) in its entirety and inserting: | |
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"(a)
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three times the maximum Concentration Limit applicable at that time; and";
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(D)
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amend the definition of Eligible Receivable contained in clause 1.1, by inserting a new point (u) to read as follows: | |
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"(u)
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which is not classified or could be considered as work in progress under therelevant Credit and Collection Policy."
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(E)
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amend clause 8.1(gg)(iii) by deleting the percentage "2%" and inserting "5%"; | |
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(F)
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delete the Schedule of Moneytech Australian Approved Originators in Annexure J and replacing it with the new Schedule of Moneytech Australian Approved Originators as set out in Schedule 1 of this Letter; and | |
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(G)
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delete the Schedule of Concentration Obligors in Annexure K and replacing it with the new Schedule of Concentration Obligors as set out in Schedule 2 of this Letter. | |
Page 1 of 8
All other terms of the RPA remain unchanged.
Each attorney executing this deed states that he or she has no notice of revocation or suspension of his or her power of attorney.
This letter may be executed in any number of counterparts, each signed by one or more parties to the letter. All of such counterparts taken together shall be deemed to constitute one document.
This letter is governed by and construed in accordance with the laws in force in New South Wales and each party submits to the non-exclusive jurisdiction of the courts of New South Wales.
Executed for and on behalf of
Signed for Moneytech Limited in the presence of:
| /s/ Scnja Sandral |
/s/ Xxxxxxxxxxx Xxxxxx
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| Witness Signature | Director Signature | |
| Scnja Sandral | Xxxxxxxxxxx Xxxxxx | |
| Print Name | Print Name | |
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/s/ Xxxxx Xxxxxx
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/s/ Xxxx Xxxxx
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| Witness Signature | Director/Secretary Signature | |
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Xxxxx Xxxxxx
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Xxxx Xxxxx
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| Print Name | Print Name |
Signed for Moneytech Finance Pty Limited in the presence of:
| /s/ Scnja Sandral |
/s/ Xxxxxxxxxxx Xxxxxx
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| Witness Signature | Director Signature | |
| Scnja Sandral | Xxxxxxxxxxx Xxxxxx | |
| Print Name | Print Name | |
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/s/ Xxxxx Xxxxxx
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/s/ Xxxx Xxxxx
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| Witness Signature | Director/Secretary Signature | |
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Xxxxx Xxxxxx
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Xxxx Xxxxx
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| Print Name | Print Name |
Page 2 of 8
Signed for Moneytech Services Pty Limited in the presence of:
| /s/ Scnja Sandral |
/s/ Xxxxxxxxxxx Xxxxxx
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| Witness Signature | Director Signature | |
| Scnja Sandral | Xxxxxxxxxxx Xxxxxx | |
| Print Name | Print Name | |
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/s/ Xxxxx Xxxxxx
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/s/ Xxxx Xxxxx
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| Witness Signature | Director/Secretary Signature | |
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Xxxxx Xxxxxx
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Xxxx Xxxxx
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| Print Name | Print Name |
Westpac Banking Corporation by its attorney under power of attorney in the presence of:
| Witness Signature | Tier 1 Attorney Signature | |
| Print Name | Print Name | |
| Tier 1 Attorney Signature | ||
| Print Name |
Page 3 of 8
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Signed for Moneytech Services Pty Limited in the presence of:
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| Witness Signature | Director Signature | |
| Print Name | Print Name | |
| Witness Signature | Director/Secretary Signature | |
| Print Name | Print Name |
Westpac Banking Corporation by Its attorney under power of attorney In the presence of:
| /s/ Xxxxx Xxxxxxx | /s/ Xxx Xxxxxxx | |
| Witness Signature | Tier 1 Attorney Signature | |
| Xxxxx Xxxxxxx |
XXX XXXXXXX
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| Print Name | TIER ONE ATTORNEY | |
| /s/ Xxxxxxx Xxxxxx | ||
| Tier 1 Attorney Signature | ||
| Xxxxxxx Xxxxxx | ||
| Tier One Attorney |
Page 4 of 8
Schedule 1
Annexure J
Schedule of other Moneytech Australian Approved Originators
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Australian Approved Originator
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Concentration
Limit
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Date of Charge in
favour of Westpac
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DSO Maximum
(days)
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OBCrest AR Pty Ltd ABN 34 149 196 707
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The lesser of the Cash Reserve and A$4,000,000
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2012
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59
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Progility Invoicing Pty Ltd ABN 11 000 000 000
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The lesser of the Cash Reserve and $4,800,000.
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2013
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59
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Shelde Pty Limited ACN:147 342 621
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A$2,000,000
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2014
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59
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Page 5 of 8
Schedule 2
Annexure K
Schedule of Concentration Obligors
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Concentration Obligor
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Concentration Limit
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Date Approved by Eligible Insurer
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Collection Date of Amount Due
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Alphawest Services Pty Ltd ABN 49 009 196 347
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A$1,500,000
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7 September 2011
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30 days from End of Month of Invoice
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ASG Group Limited ABN 57 070 045 117
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A$1,000,000
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7 September 2011
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30 days from End of Month of Invoice
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AAPT Limited ABN 22 052 082 416
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A$750,000
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18 January 2013
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30 days from End of Month of Invoice
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Alcatel-Lucent Australia Limited ABN 97 000 005 363
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A$500,000
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11 June 2013
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30 days from End of Month of Invoice
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Australia and New Zealand Banking Group Limited ABN 11 005 357 522
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$1,000,000
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28 November 2013
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60 Days from Date of Invoice
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Australian Geographic Retail Pty Ltd ABN:96 126 162 972
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A$500,000
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09 October 2012
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30 days from End of Month of Invoice
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BHP Billiton Iron Ore Pty Ltd ABN 46 000 000 000
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A$1,000,000
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23 September 2013
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30 days from End of Month of Invoice
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Bridge Point Communications ABN 29 083 424 668
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A$1,000,000
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18 January 2013
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30 days from End of Month of Invoice
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BT Australasia Pty Ltd ABN 93 003 050 146
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$1,000,000
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18 October 2013
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30 days from End of Month of Invoice
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Commonwealth Bank of Australia ABN 61 814 236 264
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$1,000000,
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28 November 2013
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60 days from Invoice
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Cisco Systems Australia Pty Ltd ABN 52 050 332 940
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A$400,000
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5 July 2011
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30 days from Date of Invoice
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Citi Pacific Mining Management Pty Ltd ABN 64 119 578 371
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A$500,000
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26 September 2013
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30 days from End of Month of Invoice
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Coles Group Limited ABN 11 004 089 936
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A$1,000,000
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11 March 2014
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60 days from End of Month of Invoice
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Commonwealth Bank of Australia ABN 48 123 123 124
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A$750,000
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27 June 2012
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30 days from Date of Invoice
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Communications Design and Management Pty Ltd ABN 46 003 855 561
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A$1,000,000
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12 September 2011 30 days from End
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of Month of Invoice
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Currumbin Surf Factory Outlet Pty LimitedABN 88 054 038 916
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A$250,000
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26 July 2012
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60 days from End of Month of Invoice
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Xxxxx Xxxxx Limited ABN: 75 000 074 573
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A$1,000,000
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7 December 2011
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60 days from End of Month of Invoice
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Dell Australia Pty Ltd ABN 46 003 855 561
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A$1,000,000
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18 February 2011
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30 days from End of Month of Invoice
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DeaIHQ Online Pty Ltd ACN 139 973 372
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A$500,000
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29 January 2014
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30 days from End of Month of Invoice
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Department of Broadband Communications ABN 51 491 646 726
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A$500,000
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14 January 2013
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30 days from End of Month of Invoice
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Dimension Data Australia Pty Ltd ABN 65 003 371 239
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A$1,500,000
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7 September 2011
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30 days from Date of Invoice
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Distribution Central Pty Limited ABN:70 006 687 056
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A$250,000
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27 June 2012
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30 days from D of Invoice
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Page 6 of 8
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Concentration Obligor
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Concentration Limit
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Date Approved by Eligible Insurer
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Collection Date of Amount Due
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Dungeon Crawl Pty Ltd ACN 139 823 377
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$500,000
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19 September 2012
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30 days from End of Month of Invoice
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Fashion Factory Outlets (Trade Secret) Pty Limited ABN 73 000 171 764
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A$300,000
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27 June 2012
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60 days from End of Month of Invoice
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Flight Centre Technology Pty Ltd ABN 99 000 000 000
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A$600,000
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27 June 2012
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30 days from Date of Invoice
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Fortescue Metals Group Limited ABN 57 002 594 872
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A$1,000,000
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18 November 2013
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60 days from End of Month of Invoice
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Frontline Systems Australia Pty Ltd ABN 61 059 040 998
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A$500,000
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7 September 2011
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30 days from End of Month of Invoice
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Fujitsu Australia Limited ABN 19 001 011 427
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A$1,000,000
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18 January 2013
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30 days from End of Month of Invoice
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GE Healthcare Australia Pty Ltd ABN 32 001 408 402
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A$500,000
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12 November 2013
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30 days from End of Month of Invoice
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General Pants Co Pty Limited ABN 81 071 213 682
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A$1,000,000
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26 July 2012
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60 days from End of Month of Invoice
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Globalize Pty Ltd ABN 86 075 512 828
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A$250,000
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26 July 2012
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60 days from End of Month of Invoice
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Grays (NSW) Pty Limited ABN:35 003 688 284
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A$750,000
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27 June 2012
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30 days from Date of Invoice
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Healthscope Limited ABN 85 006 405 152
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A$500 000
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23 September 2013
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30 days from End of Month of Invoice
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Hewlett-Packard Australia Pty Ltd ABN 74 004 394 763
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A$1,500,000
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7 September 2011
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30 days from Date of Invoice
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IBM Australia Ltd ABN 79 000 024 733
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A$1,000,000
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7 September 2011
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30 days from End of Month of Invoice
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Infoplex Pty Ltd ABN 39 000 000 000
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A$500,000
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24 April 2012
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30 days from End of Month of Invoice
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Kmart Australia Limited ABN 73 004 700 485
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A$750,000
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7 June 2013
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30 days from End of Month of Invoice
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Xxxxx X'Xxxxxx Australia Construction Pty Ltd ABN 39 112 099 000
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A$500,000
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23 September 2013
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30 days from End of Month of Invoice
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Leighton Holdings Limited ABN 57 000 000 000
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A$1,000,000
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6 November 2013
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30 days from End of Month of Invoice
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Lexmark International Australia Pty Ltd ABN 86 050 148 466
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A$1,500,000
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5 July 2011
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30 days from Date of Invoice
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Lenovo (Australia & New Zealand) Pty Ltd ABN 70 112 394 411
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A$1,000,000
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23 September 2012
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30 days from End of Month of Invoice
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Macquarie Group Limited ABN 94 122 169 279 including: Macquarie Equipment Finance Pty Ltd ABN 93 124 335 593 Macquarie Group Services Pty Ltd ABN 53 116 467 031
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A$1,750,000.00
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5 September 2011
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30 days from End of Month of Invoice
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Macquarie Telecom Pty Limited ABN 21 082 930 916
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A$1,000,000
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22 January 2013
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30 days from End of Month of Invoice
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Metcash Limited ABN 32 112 073 480
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A$500,000
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23 September 2013
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30 days from End of Month of Invoice
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Myer Pty Limited ABN 83 004 143 239
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A$1,000,000
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7 December 2011
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60 days from End of Month of Invoice
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MTC Group ABN 74 118 612 874
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A$500,000
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7 September 2011
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30 days from Enii of Month of Invoice
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Page 7 of 8
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Concentration Obligor
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Concentration Limit
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Date Approved by Eligible Insurer
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Collection Date of Amount Due
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NEC Australia Pty Ltd ABN 86 001 217 527
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A$1,000,000
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27 June 2012
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30 days from Date of Invoice
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Netsolutions Australia Pty Limited ABN 83 094 265 951
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A$500,000
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27 June 2012
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30 days from Date of Invoice
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Next Athleisure Pty Limited ABN 47 083 404 424
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A$500,000
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8 December 2011
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60 days from End of Month of Invoice
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Newcrest Mining Limited ABN 20 005 683 625
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A$500,000
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11 September 2013
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30 days from End of Month of Invoice
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02 Networks Pty Ltd ABN 55 100 551 317
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A$300,000
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12 September 2011
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30 days from End of Month of Invoice
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Panasonic Australia Pty Ltd ABN 83 001 592 187
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A$500,000
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27 June 2012
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30 days from Date of Invoice
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Roads and Maritime Services ABN 76 236 371 088
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A$1000,000
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12 August 2013
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30 days from End of Month of Invoice
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Planit Test Management Solutions Pty Limited ABN 61 079 209 135
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A$500,000
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21 January 2013
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30 days from End of Month of Invoice
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Rheem Australia Pty Ltd ABN 21 098 823 511
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A$1,000,000
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30 January 2011
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21 days from Date of Invoice
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Reserve Bank of Australia ABN 50 008 559 486
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A$1,000,000
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11 March 2014
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60 days from Date of Invoice
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Rio Tinto Limited ABN 96 004 458 404
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A$500,000
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4 November 2013
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30 days from End of Month of invoice
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Rogues Jeanery Pty Limited ABN 61 006 349 613
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A$300,000
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27 June 2012
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60 days from End of Month of Invoice
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Sanyo (Oceania) Pty Ltd ABN:38 000 000 000
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A$500,000
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27 June 2012
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30 days from Date of Invoice
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SGS Australia Pty Ltd ABN 44 000 964 278
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A$500,000
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11 November 2013
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30 days from End of Month of Invoice
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Sunshades Eyeware Pty Limited ABN 70102 239 430
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A$750,000
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16 July 2012
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30 days from Date of Invoice
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Teac Australia Pty Ltd ABN 11 113 998 048
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A$500,000
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22 June 2011
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30 days from End of Month of Invoice
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Telstra Corporation Limited ABN 33 051 775 556
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A$1,500,000
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14 March 2011
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30 days from End of Month of Invoice
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Universal Store Pty Limited ABN 89 085 003 158
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A$250,000
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26 July 2012
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60 days from End of Month of Invoice
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University of Western Sydney ABN 53 014 069 881
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A$1,000,000
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4 January 2011
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30 days from End of Month of Invoice
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UXC Limited ABN 65 067 682 928
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A$1,000,000
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12 September 2011
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30 days from End of Month of Invoice
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Verizon Australia Pty Limited ABN 62 081 001 194
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$750,000
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18 January 2013
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30 days from End of Month of Invoice
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Virgin Australia Airlines Pty Ltd ABN 36 090 670 965
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A$500,000
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23 September 2013
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30 days from End of Month of Invoice
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Vodafone Xxxxxxxxx Australia Pty Limited ABN 76 096 304 620
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A$1,000,000
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18 January 2013
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30 days from End of Month of Invoice
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Westpac Banking Corporation ABN 33 007 457 141
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A$1,000000
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60 days from Date of Invoice
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Woolworths Limited ABN 88 000 014 675
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A$1,000,000
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8 November 2011
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60 days from End of Month of Invoice
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Page 8 of 8
