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This is the general loan agreement for all loans after 18/03/2019.
|Complete Name of Merchant (“Merchant” or “you”)||Loan Amount||Loan Fee||Repayment Percentage||Total Amount to be Repaid||Minimum Payment (Required Every 90 Days)|
This Agreement is made between you and PayPal Credit Pty Limited (ABN 66 600 629 258) (“PayPal Credit” or “us”).
In this Agreement:
Agreement means this agreement between you and PayPal Credit.
Authorisation means a consent, registration, filing, agreement, notice of non-objection, notarisation, certificate, licence, approval, permit, authority or exemption.
Loan Amount means the amount specified in the Schedule and is the amount of credit which PayPal Credit agrees to provide you.
Combined FSG and PDS means the Combined Financial Services Guide and Product Disclosure Statement prepared by PayPal.
Direct Debit Request and Service Agreement means the Direct Debit Request and Service Agreement entered into between you and PayPal.
Future Receivable means the amount of a payment to be made after the date of this Agreement by your customer to you for goods or services supplied by you which is made through a service provided by PayPal and is processed by PayPal. For the avoidance of doubt, a Future Receivable does not include a transaction made between accounts linked to your PayPal Account, a transfer to your PayPal Account that is not a payment for goods or services supplied by you nor does it include any fee charged by PayPal in relation to the payment (for example, transaction fee or currency conversion fee).
Outstanding Amount means the value of the Repayment Amount that is outstanding at any point in time calculated in accordance with clause 6.1.
PayPal means PayPal Australia Pty Limited (ABN 93 111 195 389).
PayPal Account means your account with PayPal.
Prove your Identity means our process for verifying your identity in connection with our obligations under the anti-money laundering and counter-terrorism financing (“AML/CTF”) laws and ‘know your customer’ requirements. This process may require us to obtain information and documentation from you.
Repayment Amount means the "Total Amount to be Repaid" specified in the Schedule and is the amount that you will need to repay.
Repayment Percentage means the percentage selected by you specified in the Schedule.
User Agreement means the User Agreement entered into between you and PayPal.
PayPal Credit agrees to provide you with the Loan Amount as a loan, and you agree to repay PayPal Credit the Repayment Amount in accordance with the terms and conditions of this Agreement.
an amount calculated in accordance with clause 3.2 until such time that PayPal Credit receives the Outstanding Amount. You agree that all amounts PayPal deducts or debits in this way will be paid to PayPal Credit and you authorise and require PayPal to pay these amounts to PayPal Credit.
Amount that may be deducted = Future Receivable x Repayment Percentage
the (Minimum Payment Requirement).
The minimum repayment is due in each 90 day period, irrespective of the amount paid in any previous 90 day period. It is your responsibility to ensure you conduct your business to meet the Minimum Payment Requirement. Your failure to meet the Minimum Payment Requirement is an event of default under clause 12.
You must do anything (such as obtaining consents, giving authorities, signing and producing documents, producing receipts, getting documents completed and signed and providing information) which PayPal Credit asks and reasonably considers necessary to ensure that amounts can be debited from your PayPal Account or deducted from Future Receivables by the Payment Processor in accordance with this Agreement.
Unless PayPal Credit agrees otherwise, you undertake:
You undertake to maintain PayPal's payment service as a payment method in respect of your business activities in no less favourable terms than as provided on the date of this Agreement and not to take any action to discourage the use of PayPal's payment service, including by:
Unless PayPal Credit agrees otherwise otherwise (such agreement not to be unreasonably withheld), you undertake:
If you are the trustee of a trust, you undertake not to:
You undertake to notify the PayPal Credit as soon as you become aware:
You warrant to PayPal Credit and for the benefit of PayPal Credit that:
If you are the trustee of a trust, you also warrant to PayPal Credit and for the benefit of PayPal Credit that:
Each representation and warranty made by you in clause 9.1 and 9.2 shall be deemed to be repeated by you on each day until such time that PayPal Credit receives the Outstanding Amount.
You must supply PayPal Credit or any agent of PayPal Credit with any information reasonably requested by PayPal regarding the financial condition or business operations of your business (including any financial report relating to your business and any agreement you have entered into with any other person in respect of your business) within a reasonable time if PayPal Credit asks for this information.
You agree that a certificate which has been signed by a representative of PayPal Credit or PayPal is admissible evidence of any fact or matter stated in the certificate (including, for example, the amount of repayments that have been received by PayPal Credit and the Outstanding Amount at the relevant point in time).
Each of these events or circumstances is a default in respect of this Agreement, whether or not the event or circumstance is within your control:
If you are in default of this Agreement, you agree that:
PayPal Credit can do, or ask PayPal to do, any or all of the things specified in this clause 12.2. The rights provided in this clause 12 are in addition to any rights PayPal Credit may have at law or in equity.
You agree that this loan will be used only for investment or business purposes, and not for personal, domestic or household purposes.
To the extent permitted by law, PayPal Credit may appoint agents to do anything that PayPal Credit can do under the Agreement.
If the Agreement allows PayPal Credit to do something on a day then PayPal Credit may do that thing on that day or any later day unless PayPal Credit is required by law to do it on that day.
The rights of PayPal Credit under this Agreement will not be prejudiced by any indulgence granted to you. The rights of PayPal Credit under this Agreement may only be waived in writing, and a waiver of your breach will not affect PayPal Credit's rights and remedies in relation to any continuing, recurring or subsequent breach of this Agreement.
If PayPal Credit decides not to exercise a right, remedy or power, this does not mean it may not exercise it later. In addition PayPal Credit is not liable for any loss caused by exercising or attempting to exercise a right, remedy or power or by not exercising it.
The Agreement is governed by the laws of New South Wales. You submit to the non-exclusive jurisdiction of the courts of that place.
If any part or provision of this Agreement is or becomes void or unenforceable in any State or Territory the Agreement is to be read as if that provision were varied to the extent necessary to comply with the relevant law or, if necessary, as if it were omitted.
This Agreement and any other agreements, notices or other communications regarding this Agreement or to be provided under this Agreement may be provided to you electronically. You agree to receive all communications from us in electronic form. Communications in respect of this Agreement will be sent to your primary email address.
Notices are deemed as given when the email enters the server of your email address. Alternatively, we may give you notice by mail to the address you have provided to us. In such case, notice shall be deemed given 3 days after the date of mailing.
Except as explicitly stated otherwise, any notices to us should be given by mail to:
PayPal Credit Pty Limited
Locked Bag 10
Australia Square PO
Sydney NSW 1215
Call us on 1800 286 793 and we’ll be happy to help.
9am to 5:30pm AEST, Monday to Friday