Last updated: 17 May 2023

 

From time to time, we make changes to your Business Loan Agreement (BLA) in accordance with our rights under the BLA.  We have set out the complete list of updated terms to your BLA below.

Capitalised terms not otherwise defined in this Addendum have the meaning given to them in the BLA.

 

1. Returned Payment Fee Charge Frequency

We have deleted the wording “(maximum $50 within any 20 day period)” in the Other Fees section under the Loan Schedule, in respect to the Returned Payment Fee.

This change will be effective on 18 July 2023.

 

2. Proactive Debit

We have inserted the following clauses to the BLA:

1. If a payment request is refused because your Nominated Account has insufficient funds, we may seek payment of any outstanding amount you owe under this Loan Agreement at any time and in any number of requests at our discretion. For example, we may seek repayment of an outstanding Payment Amount in two or more payments from your Nominated Account, and those payments may be attempted on the same day or over multiple days. Also, if there are multiple outstanding Payment Amounts, we may seek repayment in one payment from your Nominated Account.
2. Where we seek payment in the manner set out in 2(a) above, we will not charge you a Returned Payment Fee where a payment request is refused because there are insufficient funds in your Nominated Account.

This change will be effective on 18 June 2023.

 

3. Term Extension

We have inserted the following clauses to the BLA:

1. We may change or vary the terms of this Loan Agreement without your consent to allow you more time to repay your Loan (i.e. extend the Loan Term) in circumstances where we reasonably consider the extension of the Loan Term will not be materially adverse to you (for example, because it gives you further time to comply with a requirement).
2. We will give you at least seven days’ advance notice of a change made under the above clause 3(a).

This change will be effective on 18 June 2023.

 

4. Payment Date Flexibility

We have inserted the following clause to the BLA:

1. We may make a change to the date that a Payment Amount is due and payable without your consent, where the change is to defer the date and it will not be an earlier date.

This change will be effective on 18 June 2023.

 

Things you should know

The terms set out in your Business Loan Agreement remain in full force and effect. The changes to your Business Loan Agreement set out in this webpage is to be read in conjunction with the terms of your Business Loan Agreement.

On Deck Capital Australia Pty Ltd cannot provide you with legal, financial or tax advice.  You are responsible to seek your own independent legal, financial and tax advice in relation to the BLA, including changes to your BLA.

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