Application for Credit Account

PERSONAL GUARANTEE AND INDEMNITY TO: PORT STEPHENS PACKAGING PTY LTD (A.C.N. 127 352 185 A.B.N. 39 127 352 185) 3 Shearwater Drive, Taylors Beach NSW 2316 IN CONSIDERATION of Port Stephens Packaging Pty Ltd having at my request agreed to supply goods on credit to the customer, I agree as follows: 1. That I shall be answerable and responsible to the supplier for the due and punctual payment by the debtor company of all amounts outstanding in connection with the supply of goods by the supplier to the debtor company notwithstanding that I shall not have notice of any neglect or omission on the part of the debtor company to pay an amount outstanding in connection with the supply of goods according to the terms agreed upon between the supplier and the debtor company. 2. This guarantee shall be a continuing guarantee to the supplier for the whole of the indebtedness that shall be contracted or incurred by the debtor company in connection with the supply of goods by the supplier to the debtor company in respect of goods already supplied to the debtor company or hereafter to be supplied to the debtor company, irrespective of the value thereof. 3. My liability to the supplier pursuant to this guarantee shall not be discharged, impaired or affected by the supplier granting time or any indulgence or concession to the debtor company or any other person or by the supplier doing any other thing which under the law relating to sureties would but for this provision have the effect of discharging or affecting any of the rights of the supplier against me pursuant to this guarantee. 4. This guarantee shall be construed as a principal obligation and shall not be treated as ancillary or collateral to the obligations of the debtor company and the supplier shall be at liberty to act as though I was the principal debtor and to the extent required, I hereby waive all and any rights as surety which may at any time be inconsistent with the provisions of this guarantee. 5. This guarantee shall not prejudicially affect or be prejudicially affected by any other security or guarantee now or hereafter held or taken by the supplier in relation to the present or future indebtedness to it of the debtor company or by the failure or neglect by the supplier to realize or recover any other security or guarantee. 6. All dividends, compositions and payments received by the supplier from the debtor company whether in consequence of its liquidation or otherwise may be taken or received by the supplier as payments in gross and my right to be subrogated to the supplier in respect thereof shall not arise until the supplier has received the full amount of all its claims against the debtor company. The supplier may at any time in its absolute discretion and without giving any notice whatsoever to me refuse further credit or supplies of goods to the debtor company without discharging or impairing my liability under this guarantee for such monies as may then be due and unpaid by the debtor company. 7. A statement or certificate signed by a duly authorized officer of the supplier as to the goods supplied to and the indebtedness of the debtor company shall be prima facie evidence thereof. 8. This guarantee shall be revocable at any time in relation to the future indebtedness of the debtor company on the provision to the supplier of one months’ notice in writing. 9. The provisions of this guarantee are and shall be construed as divisible and severable to the effect that if any provisions contained in this guarantee shall at any time be found and declared void or avoidable by any party or invalid, unenforceable or illegal, the remaining provisions of this guarantee shall not be affected and shall remain valid, binding and enforceable. 10. This guarantee shall at all times be governed by and be construed and interpreted according to the law of the State of New South Wales and I hereby irrevocably submit to the jurisdiction of the courts of that Sate that all courts of appeal therefrom. 11. Any demand or notice to be made upon me shall be deemed to be duly made if same be in writing and signed by a duly authorized officer of the supplier and same may be left at or sent through the post in a prepaid letter addressed to me at my address specified herein or such other address as last known to the supplier. Any demand so sent by post shall be deemed to have been duly served at the expiration of forty-eight hours from the time of posting and notwithstanding that it may subsequently be returned through the post office unclaimed. 12. I hereby authorise the supplier to:- a. Obtain credit reports from credit reporting agencies and other credit providers concerning my credit worthiness, credit standing, credit history and credit capacity for the purpose of assessing the debtor company’s application for credit and its credit worthiness. b. To disclose reports and information to other credit providers about my consumer credit worthiness, credit standing, credit history and credit capacity for the purposes of assessing an application by the debtor company for credit and its credit worthiness.