Document:

exv10w27

 

Exhibit 10.27

	 	 	 
	

	 	
	Australia and New Zealand Banking Group Limited
	 	 
	ABN 11 005 357 522
	 	 
	Level 13, 20 Martin Place
	 	 
	Sydney NSW 2000
	 	 

10th September 2007

The Directors

Royal Wolf Australia Group

Suite 202 Level 2

22-28 Edgeworth David Ave

Hornsby NSW 2077

Dear Sirs,

We are pleased to enclose for you our offer which details the arrangements we have recently
discussed.

For your information, clause 23 of the General Conditions clarifies the meaning of many of the
words and legal expressions used in the documents. Should you have any questions, please don’t
hesitate to contact me on 9226-4548. We suggest however that you contact your solicitor for any
detailed legal queries.

To accept this offer please sign a copy of the Letter of Offer and return it to me. Please note
that this offer expires on 10th October 2007

We look forward to continuing a strong working relationship with you and your business.

Yours faithfully,

Zaheed Khan

Relationship Manager

 

 

CUSTOMER INFORMATION SHEET

This information sheet is attached to assist you in completing the steps necessary to accept
our indicative offer and satisfy those things required by the Bank before it will make the
facilities available.

If you have any concerns about what is required please discuss these with your ANZ Manager.

			
	NOTE:	 	This Customer Information Sheet is not part of your agreement with the Bank. It is for
convenience only. If there is any inconsistency between this Customer Information Sheet and
any other documents which you have received from the Bank, those other documents prevail.

To accept our offer:

	 	o	 	SIGN the acceptance in the attached duplicate letter where indicated on pages 23-24.
	 
	 	o	 	Ensure Corporate Surety Acknowledgment on pages 25-26 of the letter is signed.
	 
	 	o	 	RETURN the signed letter and all other required documents, as listed below, to the
Bank at our address shown in the letter by 10th October 2007.

Other documents attached which are required to be executed and returned with the accepted Letter of Offer or prior to facilities
being drawn:

	 	o	 	Certificate of Value and Location of Assets
	 
	 	o	 	Commercial Bill Deed of Indemnity, Authority and Power of Attorney
	 
	 	o	 	Drawdown notices, which must be completed in accordance with the Specific
Conditions before the facilities are required to be drawn.

In addition if you wish to nominate a representative to submit financial management accounts to us electronically the following
document will also need to be completed and returned:

	 	o	 	Provision of Electronic Financial Information – Nominated Representative Letter

The following documents will be provided to you after acceptance of our offer:

	o	 	Securities described in the Letter and ancillary documents

þ Tick when completed.

 

 

	LETTER OF OFFER

	to

	Royal Wolf Australia Group

	Dated 10th September 2007

	Australia and New Zealand Banking Group Limited
ABN 11 005 357 522

 

 

CUSTOMER GROUP SCHEDULE

For the purpose of this Letter of Offer the following entities are individually and
collectively known as Royal Wolf Australia Group or simply the Group

	•	 	GFN Australasia Holdings Pty Ltd ACN 121 226 793
	 
	•	 	GFN Australasia Finance Pty Ltd ACN 121 227 790
	 
	•	 	RWA Holdings Pty Ltd ABN 55 106 913 964
	 
	•	 	Royal Wolf Trading Australia Pty Ltd ABN 38 069 244 417
	 
	•	 	Royal Wolf Hi-Tech Pty Ltd ABN 22 079 735 050

“You” is a reference to the Group members individually and collectively.

 

 

LETTER OF OFFER

Issuing Office:

Australia and New Zealand Banking Group Limited

Corporate Banking

Level 13, 20 Martin Place

Sydney NSW 2001

Dear Sirs,

We are pleased to offer to the Group the facilities set out below:

(all amounts in this Letter of Offer are in Australian Dollars)

Summary of facilities available:

A summary of facilities is as follows:

	 	 	 	 	 
	 	 	Facility Limit
	Facility	 	AUD
	Interchangeable Facility
	 	 	 	 
	- Fixed Rate Commercial Bill Facility
	 	 	 	 
	- Variable Rate Commercial Bill Acceptance and Discount
Facility
	 	 	40,000,000	 
	 
	 	 	 	 
	Interchangeable Facility
	 	 	 	 
	- Fixed Rate Commercial Bill Facility
	 	 	 	 
	- Variable Rate Commercial Bill Acceptance and Discount
Facility
	 	 	5,000,000	 
	 
	 	 	 	 
	Interest Rate Swap Facility
	 	 	1,600,000	 
	 
	 	 	 	 
	Foreign Currency Dealing Facility
	 	 	2,000,000	 
	 
	 	 	 	 
	Multi Option Facility
	 	 	 	 
	- Lease Finance (Progressive Draw) Facility
	 	 	 	 
	- Hire Purchase (Progressive Draw) Facility
	 	 	500,000	 
	 
	 	 	 	 
	ANZ Online Facility – Direct Payments
	 	 	2,000,000	 
	 
	 	 	 	 
	ANZ Online Facility – Global Payments
	 	 	1,000,000	 
	 
	 	 	 	 
	Special Finance Line Facility – Uncommitted Facility
	 	 	10,000,000	 
	 
	 	 	 	 
	Indemnity/Guarantee Facility – Financial Guarantees
	 	 	1,500,000	 
	 
	 	 	 	 
	Invoice Finance Facility
	 	 	13,000,000	 
	 
	 	 	 	 
	 
	 	 	 	 
	Total Facility Limits:
	 	 	76,600,000	 
	 
	 	 	 	 

Details of facilities:

Details of the facilities and the borrower are set out in the Facilities Schedule to this Letter of
Offer.

2

 

Security:

Securities for the facilities are set out in the Security Schedule to this Letter of Offer.

Financial Requirements, Other Conditions and Conditions Precedent

Any financial reporting requirements, financial covenants, other conditions and conditions
precedent applicable to facilities are set out in the Financial Requirements and Other Conditions
Schedule to this Letter of Offer.

General and Specific Conditions and Amendments

Details pertaining to General and Specific Conditions and any amendments are attached in the
General and Specific Conditions Schedule to this Letter of Offer.

Annual review:

The facilities are subject to Annual review. The next review date will be on 17 October 2008.

If the Annual review is not carried out on or before the next review date, we may carry out the
Annual review at any time after the next review date.

Other Conditions

Provision of information to our wholly owned subsidiaries:

You consent to our providing information about you and your account(s) to our wholly owned
subsidiaries, especially but not solely for marketing purposes, to inform you about other financial
services that may suit your needs.

Change of control:

If a change of control occurs in any Group company (other than the proposed purchase of shares in
RWA Holdings Pty Ltd by GFN Australasia Finance Pty Limited), it is an event of default unless
waived by us.

For the purposes of this agreement, a change of control occurs if, without our prior written
consent, effective control of you or any surety or any of your or their subsidiaries is, in our
opinion altered to any material extent from that subsisting at the date of our offer.

“Effective control” of a corporation means:

	(i)	 	control of the composition of the board of directors of that corporation;
	 
	(ii)	 	control of more than half the voting rights attaching to shares in that corporation; or
	 
	(iii)	 	control of more than half the issued share capital of that corporation (excluding any part
which carries no right to participate beyond the specified amount in the distribution of
either profit or capital),

and includes the acquisition by any means of a person of a relevant interest (whether actual or
deemed within the meaning of the Corporations Act) in shares in that corporation sufficient to
allow that person either alone or jointly to exercise the control referred to in items (i), (ii) or
(iii) of this definition. For the purpose of this definition, control shall be determined having
regard to the provisions of the Corporations Act.

Engagement of experts and consultants:

You agree that after an Event of Default occurs (and whether or not the Event of Default remains
subsisting) ANZ may engage an Investigating Accountant or other expert or consultant (“ANZ
Appointee”) to review your financial position and value of the business and that you will
co-operate with any ANZ appointee and the costs will be paid by you. Also you agree that neither we
nor any bank employee will be liable to you or any other person for any loss, liability, cost or
expense that is caused (directly or indirectly) by anything that an ANZ appointee does or does not
do arising out of the provision of a service to the Bank.

3

 

Negative pledge:

You agree not to create or permit to exist on the assets of any Group member , a mortgage, pledge,
lien, charge, assignment or any other arrangement with another party (including any set-off
arrangement) having a similar effect as a grant of security other than any security:

	(i)	 	advised to us by notice from you before entering into the agreement; or
	 
	(ii)	 	created subsequently with our prior written consent.

A breach of this clause will constitute default.

Conditions continue:

Until you accept our offer (and have complied with all conditions precedent), the arrangements for
the facilities that we are making available to you, including the conditions on which those
facilities are being made available, continue.

No other variations:

Except as indicated above, it is not proposed to vary any of the other conditions of your
facilities.

Fees

Loan Approval Fee:

A Loan Approval Fee of $250,000 will be debited to your account on receipt of your acceptance of
this letter.

Break Fee

A break fee of $200,000 is applicable, if following settlement, the Group refinances the
facilities provided under the Letter of Offer (as varied or replaced from time to time, including
any additional facilities provided under such Letter of Offer or Variation), or any substantial
part of those facilities, with another Lender within the next 2 years from the date of this Letter
of Offer. The Break Fee will be payable at the time that the refinancing takes place.

Security documents – Preparation, Registration and Stamp Duty costs and fees:

The security documents required by us will be prepared by external legal advisers. The costs for
preparation of documents and any fees incurred for registration of them and costs of any government
stamp duty incurred will be for your account in accordance with clause 7 of the General Conditions.
An indication of the associated costs to be paid by you can be provided upon request.

Stamp Duty — Certificate of Value and Location of Assets

To ensure government stamp duty is paid correctly on any document and transaction would you please
provide us with a certificate signed by each entity providing security which sets out the location
of assets on a State or Territory basis (the form of the certificate required is attached).

Stamp duty and other State and Federal Government charges may be levied/payable on the facilities
provided by the Bank. State charges may apply in a single jurisdiction or multiple jurisdictions.
You are liable for all such duties or charges and we may debit your account for
those charges. If you do not have an account with us we will ask you to pay by cheque. We may, at
our discretion, seek advice from external legal sources to advise on duties and charges payable.
Any costs associated with obtaining this advice will be for your account.

4

 

Offer period:

Our offer is available for acceptance until the close of business on 10th October 2007, unless
otherwise extended by ANZ in writing.

We may withdraw our offer at any time before you accept it if we become aware of anything which, in
our opinion, adversely alters the basis on which we made our offer.

Acceptance:

To accept this offer, please sign the duplicate of this Letter of Offer where indicated and return
it to me at this office.

Yours faithfully

Zaheed Khan

Relationship Manager

5

 

FACILITIES SCHEDULE

FACILITIES SCHEDULE to the Letter of Offer dated 10th September 2007.

The facilities specified below are only available to the customer named before the facility
details.

	 	 	 
	CUSTOMER:

	 	Royal Wolf Trading Australia Pty Limited
	 
	 	 
	Interchangeable Facility
	 	 
	 
	 	 
	Total facility limit:

	 	$40,000,000 
	 
	 	 
	Termination date:

	 	5 years from facility drawdown.
	 
	 	 
	Conditions of use:

	 	–   Funding this facility and the $5,000,000 Interchangeable
Facility will be restricted to an amount no greater than 85% of
the lesser of the orderly liquidation value of the fleet or the
book value of the fleet.

	 
	 	 
	 

	 	–   Should this condition of use be breached, repayment of the
shortfall amount will be due and payable within 5 Sydney business
days.

	 
	 	 
	 

	 	–     Facility limit to be capped at no greater than $40,000,000

	 
	 	 
	Purpose:

	 	To assist with the refinance of existing ANZ facilities, meet
working capital requirements and purchase of containers.
	 
	 	 
	Total facility limit for
Interchangeable Facility and
separate facility limits:

	 	You may only make a drawing under a particular facility included
in the Interchangeable Facility so long as the making of the
drawing would not cause:
	 
	 	 
	 

	 	(i)   the amount of the outstanding
drawings under both the
facilities included in the
Interchangeable Facility to
exceed the total facility
limit for the Interchangeable
Facility; and

	 
	 	 
	 

	 	(ii)   the amount of the outstanding
drawings under the particular
facility under which the
drawing is made to exceed the
facility limit, if any, for
that particular facility.

	 
	 	 
	Detailed Facility Information

	 	The terms associated with the specific facility types listed
within the Interchangeable facility are documented separately.

Fixed Rate Commercial Bill Facility

	 	 	 
	Repayment arrangement:

	 	Bullet repayment on termination date.
	 
	 	 
	Yield rate:

	 	For each drawing of bills, a rate fixed for all rollovers up
until the last day of the term.
	 
	 	 
	Fees:

	 	Line fee:
	 
	 	 
	 

	 	0.50% pa on the facility limit, payable quarterly in advance,
commencing on the date of acceptance of our offer. This fee will
not be rebated.
	 
	 	 
	 

	 	Handling fee:

6

 

	 	 	 
	 

	 	A fee of $150 is payable when each bill is rolled.
	 
	 	 
	 

	 	Acceptance fee:
	 
	 	 
	 

	 	For each bill, an amount equal to 0.85% pa on the face amount of
the bill calculated on the tenor of the bill and payable on the
drawdown date for the bill.
	 
	 	 
	Specific Conditions:

	 	Specific Conditions for the facility are enclosed.

Variable Rate Commercial Bill Acceptance and Discount Facility

	 	 	 
	Repayment arrangement:

	 	Bullet repayment on termination date.
	 
	 	 
	Yield Rate:

	 	For each drawing of bills, a rate quoted by us for the face value
of the bills for the relevant tenor.
	 
	 	 
	 

	 	For tenors of 30, 60, 90, 120, 150 or 180 days, the actual rate
used in the calculation will be the Bank Bill Swap Rate — Average
Bid (rounded to the nearest two decimal places).
	 
	 	 
	 

	 	For any other tenor, the actual rate used in the calculation will
be the rate that we determine is the prevailing rate at which we
can discount bills for the relevant term (rounded to the nearest
two decimal places).
	 
	 	 
	 

	 	In either case, the margin to be applied will depend on the size
of the bill parcel and tenor.
	 
	 	 
	 

	 	The Bank Bill Swap Rate — Average Bid is quoted on the BBSY
screen of Reuters on the day the quote is given and advertised in
the Australian Financial Review the following business day.
	 
	 	 
	 

	 	An additional margin reflecting any movement in the actual rate
since its quotation may be applied if your bills are not ready
for acceptance by us by 12 noon on the day the bills are to be
discounted or rolled.
	 
	 	 
	 

	 	Full details of how the rate has been calculated will be given on
the quotation given.
	 
	 	 
	Fees:

	 	Line fee:
	 
	 	 
	 

	 	0.50% pa on the facility limit, payable quarterly in advance,
commencing on the date of acceptance of our offer. This fee will
not be rebated.
	 
	 	 
	 

	 	Handling fee:
	 
	 	 
	 

	 	A fee of $150 is payable when each bill is rolled.
	 
	 	 
	 

	 	Acceptance fee:
	 
	 	 
	 

	 	For each bill, an amount equal to 0.85% pa on the face amount of
the bill calculated on the tenor of the bill and payable on the
drawdown date for the bill.
	 
	 	 
	Specific Conditions:

	 	Specific Conditions for the facility are enclosed.

7

 

	 	 	 
	Interchangeable Facility
	 	 
	 
	 	 
	Total facility limit:

	 	 $5,000,000
	 
	 	 
	Termination date:

	 	 5 years from facility drawdown.
	 
	 	 
	Conditions of use:

	 	-      Funding of this facility and the $40,000,000 Interchangeable
Facility will be restricted to an amount no greater than 85% of
the lesser of the orderly liquidation value of the fleet or the
book value of the fleet.

	 
	 	 
	 

	 	-      Should this condition of use be breached, repayment of the
shortfall amount will be due and payable within 5 Sydney
business days.

	 
	 	 
	 

	 	-      Facility limit to be capped at no greater than $5,000,000

	 
	 	 
	Purpose:

	 	To assist with meeting additional costs associated with the
acquisition of Royal Wolf Holdings Group.
	 
	 	 
	Total facility limit for
Interchangeable Facility and
separate facility limits:

	 	You may only make a drawing under a particular facility
included in the Interchangeable Facility so long as the making
of the drawing would not cause:
	 
	 	 
	 

	 	(i)   the amount of the
outstanding drawings under
both the facilities included
in the Interchangeable
Facility to exceed the total
facility limit for the
Interchangeable Facility;
and

	 
	 	 
	 

	 	(ii)   the amount of the
outstanding drawings under
the particular facility
under which the drawing is
made to exceed the facility
limit, if any, for that
particular facility.

	 
	 	 
	Detailed Facility Information

	 	The terms associated with the specific facility types listed
within the Interchangeable facility are documented separately.
	 
	 	 
	Fixed Rate Commercial Bill Facility
	 
	 	 
	Repayment arrangement:

	 	 $150,000 per quarter, payable quarterly in arrears with bullet
residual payment.
	 
	 	 
	Yield rate:

	 	For each drawing of bills, a rate fixed for all rollovers up
until the last day of the term.
	 
	 	 
	Fees:

	 	Line fee:
	 
	 	 
	 

	 	 0.50% pa on the facility limit, payable quarterly in advance,
commencing on the date of acceptance of our offer. This fee
will note be rebated.
	 
	 	 
	 

	 	Handling fee:
	 
	 	 
	 

	 	A fee of $150 is payable when each bill is rolled.
Acceptance fee:
	 
	 	 
	 

	 	For each bill, an amount equal to 0.85% pa on the face amount
of the bill calculated on the tenor of the bill and payable on
the drawdown date for the bill.

8

 

	 	 	 
	Specific Conditions:

	 	Specific Conditions for the facility are enclosed.
	 
	 	 
	Variable Rate Commercial Bill Acceptance and Discount Facility
	 
	 	 
	Repayment arrangement:

	 	 $150,000 per quarter, payable quarterly in arrears with bullet
residual payment.
	 
	 	 
	Yield Rate:

	 	For each drawing of bills, a rate quoted by us for the face
value of the bills for the relevant tenor.
	 
	 	 
	 

	 	For tenors of 30, 60, 90, 120, 150 or 180 days, the actual rate
used in the calculation will be the Bank Bill Swap Rate -
Average Bid (rounded to the nearest two decimal places).
	 
	 	 
	 

	 	For any other tenor, the actual rate used in the calculation
will be the rate that we determine is the prevailing rate at
which we can discount bills for the relevant term (rounded to
the nearest two decimal places).
	 
	 	 
	 

	 	In either case, the margin to be applied will depend on the
size of the bill parcel and tenor.
	 
	 	 
	 

	 	The Bank Bill Swap Rate — Average Bid is quoted on the BBSY
screen of Reuters on the day the quote is given and advertised
in the Australian Financial Review the following business day.

	 
	 

	 	An additional margin reflecting any movement in the actual rate
since its quotation may be applied if your bills are not ready
for acceptance by us by 12 noon on the day the bills are to be
discounted or rolled.
	 
	 	 
	 

	 	Full details of how the rate has been calculated will be given
on the quotation given.
	 
	 	 
	Fees:

	 	Line fee:
	 
	 	 
	 

	 	0.50% pa on the facility limit, payable quarterly in advance,
commencing on the date of acceptance of our offer. This fee
will not be rebated.

	 
	 

	 	Handling fee:
	 
	 	 
	 

	 	A fee of $150 is payable when each bill is rolled.

	 
	 

	 	Acceptance fee:
	 
	 	 
	 

	 	For each bill, an amount equal to 0.85% pa on the face amount
of the bill calculated on the tenor of the bill and payable on
the drawdown date for the bill.
	 
	 	 
	Specific Conditions:

	 	Specific Conditions for the facility are enclosed.
	 
	 	 
	Interest Rate Swap Facility

	 	 	 
	 
	 	 
	Facility limit:

	 	 $1,600,000
	 

	 	You should note that the potential credit exposure and limit
can increase or decrease according to interest rate
movements. An

9

 

	 	 	 
	 

	 	actual credit exposure will only arise if the
contract is terminated prior to maturity and interest rates
have moved adversely in relation to the contracted rate.
Details of your current exposure may be obtained by referring
to your Relationship Manager.
	 
	 	 
	Termination date:

	 	 30 March 2012
	 
	 	 
	Purpose:

	 	This facility limit covers potential credit exposure
resulting from interest rate movements.
	 
	 	 
	Condition precedent:

	 	You will only be entitled to use the facility if we agree
with the terms of each transaction and if you execute all
documents required by us.
	 
	 	 
	Fees:

	 	As advised by ANZ Financial Markets.
	 
	 	 
	Interest payments:

	 	Swap payments are generally made at the end of the settlement
period for each transaction established under the facility.
	 
	 	 
	Specific Conditions:

	 	There are no Specific Conditions which apply to this facility.
	 
	 	 
	Foreign Currency Dealing Facility

	 	 	 
	 
	 	 
	Facility limit:

	 	AUD $2,000,000
	 

	 	For this purpose we adjust the face value of the customer’s obligation under each
transaction by a multiplier (determined by us). The process includes conversion of
any foreign currency amount to the equivalent amount in AUD.
	 
	 	 
	Termination date:

	 	Not before the next review date.
	 
	 	 
	Purpose:

	 	Spot and forward exchange dealing (including currency swaps).
	 
	 	 
	No pay away exposure except 

under Foreign Currency 

Settlement Facility limit:

	 	We do not assume any pay away exposure under this facility unless and to the extent
that it links this facility with a Foreign Currency Settlement Facility. Except to
that extent we can have no obligation to deliver currency under a contract until we
are satisfied that counter funds have been lodged by you or on your behalf.
	 
	 	 
	Condition precedent:

	 	You may only enter into a foreign currency contract with us if we agree to the terms
of the contract and if you execute all other documents required by us.
	 
	 	 
	Maximum contract term:

	 	The maximum term for a foreign currency dealing contract is 180 days.
	 
	 	 
	Specific Conditions:

	 	There are no Specific Conditions which apply to this facility.
	 
	 	 
	Multi Option Facility
	 
	 	 
	Total facility limit:

	 	 $500,000
	 
	 	 
	Termination date:

	 	Not before the next review date.
	 
	 	 
	Purpose:

	 	To facilitate the allocation of the approved facility limit amount across the
following facility types to meet business requirements:
	 
	 	 
	 

	 	   -    Lease Finance (Progressive Draw) Facility

10

 

	 	 	 
	 

	 	   -    Hire Purchase (Progressive Draw) Facility

	 
	 	 
	 

	 	To cover lease/ hire purchase requirements, specifically for cars and forklifts.
	 
	 	 
	Total facility limit for
Multi-Option Facility and
separate facility limits:

	 	You may only make a drawing under a particular facility included in the Multi-Option
Facility so long as the making of the drawing would not cause:
	 
	 	 
	 

	 	(i)   the amount of the outstanding drawings
under both the facilities included in
the Multi-Option Facility to exceed the
total facility limit for the
Multi-Option Facility; and

	 
	 	 
	 

	 	(ii)   the amount of the outstanding drawings
under the particular facility under
which the drawing is made to exceed the
facility limit, if any, for that
particular facility.

	 
	 	 
	Detailed Facility Information

	 	The terms associated with the specific facility types listed within the Multi-Option
facility are documented separately.
	 
	 	 
	Lease Finance (Progressive Draw) Facility
	 
	 	 
	Subject to execution and
acceptance of lease request:

	 	The Customer is entitled to an agreement to lease or lease, as the case may be, only
upon acceptance by the Bank of a signed lease request.
	 
	 	 
	Fees:

	 	Documentation fee:
	 
	 	 
	 

	 	A Documentation fee of $385 is payable on each draw. 
	 
	 

	 	Asset Drawdown fee:
	 
	 	 
	 

	 	An Asset Drawdown fee of $165 is payable on each draw.

	 
	 

	 	Other fees may be payable in accordance with the Specific Conditions.
	 
	 	 
	Specific Conditions:

	 	Specific Conditions for the facility are enclosed.
	 
	 	 
	Hire Purchase (Progressive Draw) Facility
	 
	 	 
	Subject to execution and
acceptance of hire purchase
request:

	 	The Customer is entitled to an agreement to hire or hire purchase agreement, as the
case may be, only upon acceptance by the Bank of a signed hire purchase request.
	 
	 	 
	Fees:

	 	Documentation fee:
	 
	 	 
	 

	 	A Documentation fee of $350 is payable on each draw.

	 
	 

	 	
Asset Drawdown fee:
	 
	 	 
	 

	 	An Asset Drawdown fee of $150 is payable on each draw. 
	 
	 

	 	Other fees may be payable in accordance with the Specific Conditions.
	 
	 	 
	Specific Conditions:

	 	Specific Conditions for the facility are enclosed.

11

 

	 	 	 
	ANZ OnLine Facility – Direct Payments / Global Payments
	 
	 	 
	Facility limit:

	 	 $3,000,000
	 
	 	 
	Termination date:

	 	Not before the next review date.
	 
	 	 
	Purpose:

	 	To facilitate direct and global payments using ANZ OnLine.
	 
	 	 
	Condition precedent:

	 	You may only use the facility if:
	 
	 	 
	 

	 	a)   you complete your application for the ANZ OnLine Service
in terms acceptable to us; and

	 
	 	 
	 

	 	b)   you execute all documents required by us, including the
ANZ OnLine Application and Customer Agreement.

	 
	 	 
	Pay – away exposure:

	 	Any pay – away exposure under this facility will be against
funds available in your account or, if the provision of
credit is required, will be debited to your overdraft.
	 
	 	 
	Fees:

	 	As advised by ANZ Cash Management Transaction Services.
	 
	 	 
	Specific Conditions:

	 	There are no Specific Conditions which apply to this facility.
	 
	 	 
	Special Finance Line Facility – Uncommitted Facility
	 
	 	 
	Facility limit:

	 	 $10,000,000
	 
	 	 
	Termination date:

	 	Not before the next review date.
	 
	 	 
	Purpose:

	 	To meet acquisition funding for businesses to be identified.
	 
	 	 
	Uncommitted line:

	 	This is an ‘uncommitted line‘ and there is no commitment to
provide accommodation at the time of need.
	 
	 	 
	 

	 	This facility may be withdrawn by us at any time.
	 
	 	 
	Conditions of use:

	 	Activation is at the bank’s discretion, but in any
event will at least be subject to:
	 
	 	 
	 

	 	  i.     Presentation of a feasibility report prepared
by Royal Wolf Australia Group or external accountants,
supporting the acquisition;

	 
	 	 
	 

	 	  ii.    Completion of a valuation report of the
container fleet being acquired, by a valuer acceptable to
ANZ and revealing a fair market value and an orderly
liquidation value of the fleet

	 
	 	 
	 

	 	  iii.   Funding will be restricted to an amount no
greater than 85% of the orderly liquidation value of the
fleet, with any amount above this level to be funded by
equity injection. Independent verification of debtors may
be required.

	 
	 	 
	 

	 	  iv.  The bank will review the impact of all
acquisitions on the Group’s financial structure and the
need for future capital injection requirements by the
Group.

	 
	 	 
	 

	 	  v.    Provision of funds under this facility is
purely at the discretion of the Bank and subject to prior
Credit Approval.

12

 

	 	 	 
	Specific Conditions:

	 	There are no Specific Conditions which apply to this
facility. However, the bank may impose conditions if it
agrees to activate the facility.
	 
	 	 
	Indemnity/Guarantee Facility –

	 	Financial Guarantees
	 
	 	 

	 	 	 
	Facility limit:

	 	 $1,500,000
	 
	 	 
	Note: A financial guarantee is a guarantee of a financial commitment or obligation.
	 
	 	 
	Termination date:

	 	Not before the next review date.
	 
	 	 
	Purpose:

	 	To assist with the issue of bank guarantees for business purposes
	 
	 	 
	Fee rate for each Bank Guarantee:

	 	 1.50% pa subject to a minimum fee of $100 per half year. The
minimum fee is subject to variation at any time during the term
of the facility.
	 
	 	 
	Fee payment:

	 	For each Bank Guarantee, the fee is payable on the date of
drawdown and afterwards half yearly.
	 
	 	 
	Specific Conditions:

	 	Specific Conditions — Indemnity/Guarantee are enclosed.
	 
	 	 
	Invoice Finance Facility
	 
	 	 

	 	 	 
	Product limit:

	 	 $13,000,000
	 
	 	 
	Termination date:

	 	Not before the next review date.
	 
	 	 
	Purpose:

	 	To enable you to sell debts to us and receive payments
(including prepayments) to provide working capital for your
business.
	 
	 	 
	Administration fee:

	 	$5,500 per month.
	 
	 	 
	Prepayment percentage:

	 	85% of the aggregate Face Value of Approved Debts.
	 
	 	 
	Funding Charge:

	 	The Bank Bill Swap Reference Rate — Average Bid for 30 days
(rounded to the nearest two decimal places) plus a margin
of 1.65% pa.
	 
	 	 
	 

	 	The Bank Bill Swap Reference Rate — Average Bid for 30 days
is quoted on the BBSY screen of Reuters on the day the
quote is given and is advertised in the Australian
Financial Review the following business day.
	 
	 	 
	Condition Precedent

	 	•     Debtors obtained from new business acquisitions
will need to be vetted and approved by ANZ Invoice Finance
prior to the invoices being discounted via the Invoice
Finance facility.

	 
	 	 
	 

	 	•     Any invoices issued involving progress claim
billing will not be funded via the facility and the
customer is to advise ANZ Invoice Finance in advance of any
invoices raised on a progress claim basis.

13

 

	 	 	 
	Field Review

	 	At the Bank’s discretion.

	 
	

	 	Should any aspect of the Field Review in our opinion be
unsatisfactory, we reserve the right to vary terms and
conditions under the Invoice Finance facility or withdraw
the Invoice Finance facility if we deem appropriate.
	 
	 	 
	Ageing of Purchased Debts:

	 	Purchased Debts may be disapproved by us at any time and
unless otherwise agreed, will be automatically disapproved
once they are 3 months past the end of month of invoice.
	 
	 	 
	Specific Conditions:

	 	Specific Conditions – Invoice Finance Facility are enclosed.

14

 

SECURITY SCHEDULE

SECURITY SCHEDULE to Letter of Offer dated 10th September 2007

Existing Securities

	•	 	First Registered Company Charges (Mortgage Debentures) over all the assets and undertaking
of:

	 	—	 	Royal Wolf Trading Australia Pty Ltd ABN 38 069 244 417 ASIC Charge No. 117185
dated 20 May 2005.
	 
	 	—	 	RWA Holdings Pty Ltd ABN 55 106 913 964 ASIC Charge No 1117184 dated 20 May 2005.
	 
	 	—	 	Royal Wolf Hi-Tech Pty Ltd ABN 22 079 735 050 ASIC Charge No 1438843 dated 27
March 2007.

	 	 	(These are fixed and floating charges over all present and future assets, undertaking
(including goodwill) and unpaid/uncalled capital of the companies).
	 
	•	 	Registered Fixed Charge over shares in Royal Wolf Trading Australia Pty Limited ABN 38 069
244 417 granted by RWA Holdings Pty Ltd ABN 55 106 913 964 ASIC Charge no.1117849 dated 31 December
2004.

To be taken

	•	 	First Registered Company Charges (Mortgage Debentures) over all the assets and undertaking
of:

	 	—	 	GFN Australasia Holdings Pty Ltd ACN 121 226 793
	 
	 	—	 	GFN Australasia Finance Pty Ltd ACN 121 227 790

	 	 	(These are to be fixed and floating charges over all present and future assets, undertaking
(including goodwill) and unpaid/uncalled capital of the companies).
	 
	•	 	Corporate Guarantee and Indemnity between:

	 	—	 	Royal Wolf Trading Australia Pty Ltd ABN 38 069 244 417
	 
	 	—	 	RWA Holdings Pty Ltd ABN 55 106 913 964
	 
	 	—	 	GFN Australasia Holdings Pty Ltd ACN 121 226 793
	 
	 	—	 	GFN Australasia Finance Pty Ltd ACN 121 227 790
	 
	 	—	 	Royal Wolf Hi-Tech Pty Ltd ABN 22 079 735 050

	•	 	Deed of Subordination between General Finance Corporation (U.S), GFN U.S. Australasia
Holdings, Inc., Bison Capital Australia, L.P., Royal Wolf Australia Group and Australia and New
Zealand Banking Group Limited ABN 11 005 357 522 (the Bank).

15

 

FINANCIAL REQUIREMENTS AND OTHER CONDITIONS SCHEDULE

FINANCIAL REQUIREMENTS AND OTHER CONDITIONS SCHEDULE to Letter of Offer dated 10th September
2007

Financial reports:

You agree to provide us with:

Annually

	 	•	 	Your Consolidated Audited annual financial statements as soon as
they are available, but not later than 120 days after the end of
each financial year.
	 
	 	•	 	Board approved business plan, consolidated annual projected
Statement of Financial Position, Statement of Financial
Performance, cashflow forecast and consolidated CAPEX (Capital
Expenditure) Budget detailing non-discretionary and discretionary
CAPEX at the start of each financial year for the ensuing 12
months as soon as they are available, but not later than 15 days
prior to the commencement of each financial year.

	 
	 	 	 	Forward projected statements (balance sheet, profit & loss and
cash flow forecast) are to be prepared on a monthly basis covering
at least 12 months and updated as necessary.
	 
	 	•	 	The Annual certificate signed by two Directors certifying
compliance with consolidated financial undertakings as soon as it
is available, but not later than 120 after the end of each
financial year. Calculation details to be provided.

Quarterly

	 	•	 	Consolidated Management accounts (Statement of Financial Position
and Statement of Financial Performance accounts) within 30 days
after the end of each financial quarter. These accounts may be
provided electronically in terms of our requirements for provision
of electronic financials.
	 
	 	•	 	Consolidated Working capital information including a listing of
aged debtors, creditors and stock to be provided within 30 days of
the end of each financial quarter (ie. March, June, September,
December).

Monthly

	 	•	 	A Monthly Borrowing Base certificate within 30 days after the end
of each calendar month verifying the Variable/Fixed Rate
Commercial Bill Facility Limit available for drawdown does not
exceed 85% of the lesser of the orderly liquidation value of the
fleet or the book value of the fleet.

Any financial information provided by you must be signed by a director or secretary as giving
a true and fair view of the financial position of the company on the ‘as at’ date for which
financial statements are issued. This requirement is waived for Management accounts as listed above
when these are provided electronically and in compliance with our requirements for provision of
electronic financials.

Provision of Electronic Financials

Copies of management accounts provided via electronic mail (email) must be sent by, either:

	•	 	One of your directors, or

	•	 	A person nominated by you and acceptable to ANZ (“Nominated Representative”).

In the case of the latter, the attached letter must be signed by both the Nominated Representative
and by you, and returned to ANZ.

16

 

You will ensure that every director of each company (to which the management accounts relate)
reviews the management accounts on or before the date they are sent to ANZ to confirm they are true
and correct and are not misleading in any way. The directors will be taken to have jointly and
severally certified the management accounts in this manner, unless they notify ANZ of any
discrepancy within five business days from the date that your Nominated Representative sends the
management accounts to ANZ.

A director sending management accounts to ANZ in this manner will be taken to have certified the
accounts as true and correct and not misleading in any way on the date that they are received by
ANZ.

A failure to meet any of the above requirements where they apply will constitute an event of
default under this letter.

‡Where the number of such people/officers is greater than two, the management accounts sent
(electronically) to the bank need only be copied to a minimum of two such people/officers.

Financial covenants:

While we are making facilities available to you and while there remains any obligations by you to
us, you undertake that:

	•	 	Consolidated Interest Cover: The interest cover ratio must be
equal to or greater than as listed below at all times, tested half
yearly.
	 
	 	 	FYE 2008  — 1.5 times
	 
	 	 	FYE 2009 – 2.0 times
	 
	 	 	FYE 2010 – 2.5 times
	 
	 	 	FYE 2011 – 3.0 times

unless we have given you our prior written consent to a variation.

Compliance with financial covenants:

If any of the above financial covenants are breached, unless we have given you our prior written
consent to a variation, you will be in breach of your obligations in terms of Default clauses in
the General Conditions.

We will test the financial covenants for each entity that the financial covenants apply to at the
end of each financial half year/ quarter (the compliance date), based on the definitions and
calculations set out below.

You agree that the interpretation and testing of the above financial covenants will be carried out
in accordance with the provisions of the Corporation Act 2001 (Cth) and the accounting concepts,
standards and disclosure requirements of the Australian accounting bodies consistently applied,
unless otherwise agreed in writing.

Definitions:

“Consolidated” means, for the purposes of your financial statements, the following entities

	 	•	 	Royal Wolf Trading Australia Pty Ltd ABN 38 069 244 417
	 
	 	•	 	RWA Holdings Pty Ltd ABN 55 106 913 964
	 
	 	•	 	GFN Australasia Holdings Pty Ltd ACN 121 226 793
	 
	 	•	 	GFN Australasia Finance Pty Ltd ACN 121 227 790
	 
	 	•	 	Royal Wolf Hi-Tech Pty Ltd ABN 22 079 735 050

17

 

“Total Interest Expense” means the aggregate of interest expense, interest expense
– Intra Group loans, subordinated loans, Invoice Finance Administration Fee and Funding Charge and
interest expense of Directors, Owners and Shareholder loans.

“EBITDA” means the consolidated net profit/(loss) before deduction of, interest, tax
depreciation and amortisation (before significant items) and before deduction of Invoice Finance
Administration Fee and Funding Charge.

“Net Profit before Tax” means the consolidated net profit/(loss) before tax after deduction of all
costs charges abnormal expenses, one-off expense items and all loan interest subordinated to ANZ.

“GFN Loan Interest Subordinated” means the aggregate of interest expense on loans from General
Finance Corporation to the Group, which have principal and interest subordinated to the facilities
being provided by the bank.

The above terms are to be interpreted according to the Corporations Act 2001 (Cth), Statement of
Accounting Concepts, Australian Accounting Standards and other mandatory reporting requirements.

Calculation:

Consolidated Interest Cover:

EBITDA

Total Interest Expense less GFN Loan Interest Subordinated

Other conditions to be met:

	•	 	Provision of loans or advances, excluding scheduled overhead charges from parent company in an amount to be agreed
upon, to directors, shareholders, related or associated companies are not to be made without prior written consent
from the Bank.

	•	 	A review of the company’s inventory management systems to be conducted as at 30 June each year as part of the
General Audit. A copy of the report to be provided to the Bank within 120 days.

	•	 	Detailed schedule of containers with the following information as soon as they are available but no later than 30
days after the end of each quarter:

	o	 	Held for hire/lease outlining type, number, acquisition cost and book value.

	o	 	Held for sale outlining type, number, acquisition cost and book value.

	•	 	Invoice Finance Field Reviews to continue as per facility agreement.

	•	 	Royal Wolf Australia Group standard lease / rental / hire documentation / contracts are to be vetted by the Bank’s
legal advisors and confirmed acceptable

	•	 	Fair market value & orderly liquidated value of the container fleet is to be undertaken (at your cost) by a valuer
appointed by and acceptable to the Bank on a quarterly basis.

	•	 	All containers (owned by the borrower and / or security providers) are to be restricted within the shores of
Australia and the company’s Lease/Rental documentation should include this limitation. Any movement of containers
outside the shores of Australia will require the Bank’s prior written consent.

	•	 	Current depreciation and amortisation policy is not to be amended without prior written consent of the bank. Such
consent will not be unreasonably withheld.

18

 

	•	 	You agree to enter into arrangements to hedge your interest rate risks in relation to no less than 50% of the $45
million Variable Rate/Fixed Rate Commercial Bill Acceptance Discount Facility. These hedging arrangements must:

	 	—	 	be entered into on or before settlement date;
	 
	 	—	 	continue for the remainder of the term of the $45 million Variable
Rate/Fixed Rate Commercial Bill Acceptance Discount Facility; and
	 
	 	—	 	be acceptable to us in all respects.

	 	 	You agree to provide us with evidence of the hedging arrangement, which is acceptable to us, on
or before settlement.
	 
	•	 	Any additional off or on balance sheet liabilities greater than
A$500,000.00 p.a are not to be incurred without prior written
consent from the Bank. Such consent will not be unreasonably
withheld.
	 
	•	 	The banks prior written consent for container fleet sale of
A$3,000,000 or greater in any one transaction is to be sought.
Such consent will not be unreasonably withheld.
	 
	•	 	Dividend payment / shareholder loans repayment are not to be paid
without the banks prior consent except for the payment of
dividends by RWA Holdings Pty Ltd to GFN Australasia Holdings Pty
Ltd (GFNAH) to enable GFNAH to pay interest to Bison Capital
Australia, L.P.. Such consent will not be unreasonably withheld.
	 
	•	 	Management Fee payments are to be payable to GFN U.S. Australasia
Holdings Inc. and restricted to A$1,000,000 or less per annum and
are not to be made if the payment of such will cause a breach of
the banks financial covenants or if it will become an Event of
Default or if an Event of Default subsists.

Interest payable on Bison Capital Australia, L.P. Insurance:

All insurable property mortgaged to us must be insured for all usual risks under a policy
acceptable to us. The insurance must be for full replacement value of the property insured.

Before drawdown and thereafter within 14 days of a request by ANZ you must submit to the bank a
Cover Note or a Certificate of Currency for the property mortgaged to us. Such request may be made
by ANZ at any time in writing, verbally, by facsimile transmission, by email or other electronic
means of communication. If a Cover Note is issued, the Bank must receive a Certificate of Currency
to confirm the insurance, within 90 calendar days of the Cover Note expiration.

As a minimum, the Certificate of Currency must include:

	 	•	 	Insurance cover expiry date
	 
	 	•	 	Situation(s)
	 
	 	•	 	Type of cover
	 
	 	•	 	Policy number
	 
	 	•	 	Policy underwriter and /or broker name
	 
	 	•	 	Insured Amount
	 
	 	•	 	The Bank’s interest clearly noted on the insurance policy

You agree to advise the bank in the event that the insurance is cancelled or the nature of the
cover changes and submit an updated Certificate of Currency for our records.

Conditions Precedent:

Our obligation to make any facilities available is subject to our being satisfied that you have
complied with Clause 4 of the General Conditions and with the following:

19

 

	 	•	 	Evidence of Bison Capital Australia, L.P. Note of approximately $20M having been
provided to GFN Australasia Finance Pty Ltd on or before settlement.
	 
	 	•	 	Evidence of General Finance Corporation (U.S.) shareholder equity cash injection of
approximately $30,000,000 having been provided on or before settlement.
	 
	 	•	 	Bison Capital Australia, L.P. loan agreement to be provided before settlement and to be
vetted by Bank’s legal advisors and deemed acceptable.
	 
	 	•	 	Deed of Subordination document/inter-creditor agreement between General Finance
Corporation (U.S.), , GFN U.S. Australasia Holdings, Inc., Bison Capital Australia, L.P.
and Australia and New Zealand Banking Group Limited ABN 11 005 357 522 to be acceptable to
Bank’s legal advisors.
	 
	 	•	 	RWA Holdings Pty Ltd to be a fully owned subsidiary of GFN Australasia Finance Pty Ltd.
GFN Australasia Holdings Pty Ltd and General Finance Corporation.
	 
	 	•	 	ANZ Private Equity Notes and interest accrued is to be repaid.
	 
	 	•	 	Any other requirements as advised by the Banks legal advisors.

Compliance with environmental law:

You agree to:

	 	(i)	 	comply, and ensure each surety complies, with the requirements of all environmental
laws; and
	 
	 	(ii)	 	ensure that each surety complies with the requirements of all environmental laws in
relation to property given or to be given by it to us as security.

An “environmental law” means an act of Parliament which has the purpose of protecting the
environment from pollution, including without limitation, pollution relating to air, water, noise
or chemicals (and any statutory modification of, or legislative provision substituted for, and any
subordinate legislation under an act of Parliament of that kind).

20

 

GENERAL AND SPECIFIC CONDITIONS SCHEDULE

General and Specific Conditions:

Our General Conditions (Fourth Edition 2003) apply to the facilities as well as any applicable
Specific Conditions to the facilities. Both the General Conditions and any applicable Specific
Conditions are enclosed with this letter.

General Conditions Fourth Edition 2003:

Clause 9 (7) International Financial Reporting Standards (IFRS)

This clause is deleted and replaced by the following:

Clause 9 (7) New AASB Standards.

Where you are required to comply with the New AASB Standards, we may, without prejudice to any
other right under Clause 9, review the facilities (and the conditions on which they are made
available) at any time from the date of your acceptance of this clause and further upon receipt by
us of your first set of annual financial statements prepared in accordance with the New AASB
Standards.

We will notify you of any such review in writing (an “AASB Review Notice") and negotiate in good
faith with you in conducting the review. Within 60 days of the date of the AASB Review Notice, we
may give you written notice that we wish to change the terms and conditions on which the facilities
will continue to be made available including, in particular, the pricing of the facilities and the
financial undertakings or financial covenants applicable (the “AASB Amendment Notice").

If you accept the changes set out in the AASB Amendment Notice, the changes will take effect from
the date as specified in the AASB Amendment Notice. However, if you do not accept the changes
within 30 days from the date of the AASB Amendment Notice, the facilities will be terminated and
you must repay the facilities in full (in cleared funds) at the expiration of 60 days from the date
of the AASB Amendment Notice.

New AASB Standards is defined to mean “The new accounting standards, for application by Australian
entities after the 1st January 2005, and issued or to be issued after the date of this
agreement by the Australian Accounting Standards Board, including standards based on the standards
issued by the International Accounting Standards Board, which are expected to apply to Australian
reporting entities”.

Lease Finance and Hire Purchase facilities:

Despite anything in the General Conditions, the Specific Conditions that applied to a Lease Finance
facility or a Hire Purchase facility at the time of transaction draw down or settlement shall
remain in force until the termination of the drawn down portion of that Lease Finance facility or
Hire Purchase facility.

Excess fee:

If drawings are made to your account in excess of the agreed limit and we decide to pay those
drawings, we may charge an excess fee of up to $150. This fee is to compensate us for costs we
incur as a result of an excess. If charged this fee is payable on the date of the excess.

21

 

Interest rate on excesses and overdue amounts:

For the purposes of clause 8 of the General Conditions, the applicable rate of interest is the
interest applicable to the facility on which the excess occurs or the facility on which an overdue
amount occurs plus margin, plus 4% pa.

Accounts reconciliation:

In terms of Clause 24 (8) of the General Conditions and by mutual agreement between us, you must
reconcile your records in respect of each account held with us within 30 days after you should have
received the statement of account. All other conditions of this clause remain unchanged.

Clause 10

Clause 10 (1) and (2) of the General Conditions are amended by adding of the following words in the
second line after the words “if any of the following things happen”:

“and we give RWA Holdings Pty Ltd a notice stating that you are in default”.

22

 

ACCEPTANCE

	 	 	 
	To:

	 	Australia and New Zealand Banking Group Limited
	 

	 	Corporate Banking
	 

	 	Level 13, 20 Martin Place
	 

	 	SYDNEY NSW 2000

Acceptance of Letter of Offer dated 10th September 2007.

We accept your offer to provide the facilities on the conditions detailed in this letter of offer
and acknowledge receipt of the General Conditions (Fourth Edition 2003) and the applicable Specific
Conditions.

Dated September 13, 2007

	 	 	 
	Signed for and on behalf of GFN
Australasia Holdings Pty Ltd ACN 121 226
793 by its attorney Robert Charles Barnes
under power of attorney dated
in the presence of:

	 	
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	Signature of witness
	 	 
	 
	 	 
	 

	 	 
	Name of witness (BLOCK LETTERS)
	 	 
	 
	 	 
	 

	 	 
	Address of witness
	 	 
	 
	 	 
	Signed for and on behalf of GFN
Australasia Finance Pty Ltd ACN 121 227
790 by its attorney Robert Charles Barnes
under power of attorney dated
in the presence of:

	 	 
	 
	 	 
	 

	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	Signature of witness
	 	 
	 
	 	 
	 

	 	 
	Name of witness (BLOCK LETTERS)
	 	 
	 
	 	 
	 

	 	 
	Address of witness
	 	 
	 
	 	 
	GFN Australasia Holdings Pty

Ltd ACN 121 226 793 by its

attorney
	 	
	 
	 	 
	/s/ Robert Charles Barnes 	 

	 
	Robert Charles Barnes	 

	 
	 
	 	 
	GFN Australasia Finance Pty Ltd

ACN 121 227 790 by its attorney
	 	 
	 
	 	 
	/s/ Robert Charles Barnes 	 

	 
	Robert Charles Barnes	 

	 

23

 

	 	 
	Signed for and on behalf of Royal Wolf
Trading Australia Pty Limited ACN 069 244
417 by its attorney Robert Charles Barnes
under power of attorney dated
in the presence of:

	 
	 
	 
	 

	 
	 

	 
	 
	 
	 

	 
	Signature of witness
	 
	 
	 
	 

	 
	Name of witness (BLOCK LETTERS)
	 
	 
	 
	 

	 
	Address of witness
	 
	 
	 
	Signed for and on behalf of RWA Holdings
Pty Limited ACN 106 913 964 by its
attorney Robert Charles Barnes under
power of attorney dated
in the presence of:

	 
	 
	 
	 

	 
	 

	 
	 
	 
	 

	 
	Signature of witness
	 
	 
	 
	 

	 
	Name of witness (BLOCK LETTERS)
	 
	 
	 
	 

	 
	Address of witness
	 
	 
	 
	Signed for and on behalf of Royal Wolf
Hi-Tech Pty Ltd ACN 079 735 050 by its
attorney Robert Charles Barnes under
power of attorney dated
in the presence of:

	 
	 
	 
	 

	 
	 

	 
	 
	 
	 

	 
	Signature of witness
	 
	 
	 
	 

	 
	Name of witness (BLOCK LETTERS)
	 
	 
	 
	 

	 
	Address of witness
	 

	 	 
	Royal Wolf Trading Australia

Pty Limited ACN 069 244 417 by

its attorney	
	 	
	/s/ Robert Charles Barnes 	
	Robert Charles Barnes	
	 	
	RWA Holdings Pty Limited ACN

106 913 964 by its attorney	
	 	
	/s/ Robert Charles Barnes 	
	Robert Charles Barnes	
	 	
	Royal Wolf Hi-Tech Pty Ltd ACN

079 735 050 by its attorney	
	 	
	/s/ Robert Charles Barnes 	
	Robert Charles Barnes	

24

 

CORPORATE SURETY ACKNOWLEDGMENT

	 	 	 
	To:

	 	Australia and New Zealand Banking Group Limited
	 

	 	Corporate Banking
	 

	 	Level 13, 20 Martin Place
	 

	 	SYDNEY NSW 2000

Corporate Surety Acknowledgment to Letter of Offer dated 10th September.

Each of the following sureties acknowledges that the securities given, or to be given by us secure
all present and future obligations of the customers to the Bank, including obligations in respect
of the facilities.

By providing this surety Acknowledgment to the facility, each surety acknowledges that the
provisions contained at Clause 22 “Privacy” of the General Conditions apply to them.

Dated September 13, 2007

	 	 	 
	Signed for and on behalf of GFN
Australasia Holdings Pty Ltd ACN 121 226
793 by its attorney Robert Charles Barnes
under power of attorney dated
in the presence of:

	 	 
	 
	 	 
	 

	 	 
	 
	 	 
	 

	 	 
	Signature of witness
	 	 
	 
	 	 
	 

Name of witness (BLOCK LETTERS)

	 	 
	 
	 	 
	 

	 	 
	Address of witness
	 	 
	 
	GFN Australasia Holdings Pty

Ltd ACN 121 226 793 by its

attorney
	 	 
	 
	 	 
	/s/ Robert Charles Barnes 	 

	 
	Robert Charles Barnes 	 

	 

25

 

	 	 
	Signed for and on behalf of GFN
Australasia Finance Pty Ltd ACN 121 227
790 by its attorney Robert Charles Barnes
under power of attorney dated
in the presence of:

	 
	 
	 
	 

	 
	 
	 
	 

	 
	Signature of witness
	 
	 
	 
	 

	 
	Name of witness (BLOCK LETTERS)
	 
	 
	 
	 

	 
	Address of witness
	 
	 
	 
	Signed for and on behalf of Royal Wolf
Trading Australia Pty Limited ACN 069 244
417 by its attorney Robert Charles Barnes
under power of attorney dated
in the presence of:

	 
	 
	 
	 

	 
	 

	 
	 
	 
	 

	 
	Signature of witness
	 
	 
	 
	 

	 
	Name of witness (BLOCK LETTERS)
	 
	 
	 
	 

	 
	Address of witness
	 
	 
	 
	Signed for and on behalf of RWA Holdings
Pty Limited ACN 106 913 964 by its
attorney Robert Charles Barnes under
power of attorney dated
in the presence of:

	 
	 
	 
	 

	 
	 

	 
	 
	 
	 

	 
	Signature of witness
	 
	 
	 
	 

	 
	Name of witness (BLOCK LETTERS)
	 
	 
	 
	 

	 
	Address of witness
	 

	 	 
	GFN Australasia Finance Pty Ltd

ACN 121 227 790 by its attorney

	
	 	
	/s/ Robert Charles Barnes 	
	Robert Charles Barnes	
	 	
	Royal Wolf Trading Australia

Pty Limited ACN 069 244 417 by

its attorney	
	 	
	/s/ Robert Charles Barnes 	
	Robert Charles Barnes	
	 	
	RWA Holdings Pty Limited ACN

106 913 964 by its attorney	
	 	
	/s/ Robert Charles Barnes 	
	Robert Charles Barnes	

26

 

	 	 	
	Signed for and on behalf of Royal Wolf
Hi-Tech Pty Ltd ACN 079 735 050 by its
attorney Robert Charles Barnes under
power of attorney dated
in the presence of:

	 	
	 
	 	
	 

	 	
	 

	 	
	 
	 	
	 

	 	
	Signature of witness
	 	
	 
	 	
	 

	 	
	Name of witness (BLOCK LETTERS)
	 	
	 
	 	
	 

	 	
	Address of witness
	 	

	 	 	
	Royal Wolf Hi-Tech Pty Ltd ACN

079 735 050 by its attorney	 	
	 	 	
	/s/ Robert Charles Barnes 	 	
	Robert Charles Barnes	 	
	 	 	
	 	 	
	 	 	
	 	 	
	 	 	
	 	 	
	 	 	
	 	 	
	 	 	

27

 

CERTIFICATE OF VALUE AND LOCATION OF ASSETS

Group Name: Royal Wolf Australia

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	NSW	 	VIC	 	QLD	 	WA	 	SA	 	TAS	 	ACT	 	NT	 	Overseas	 	Total
	Customer Representative to complete values (include all assets e.g. debtors, plant, land, inventory, goodwill and loans – excluding intercompany loans to other companies on this list who have given mortgage debentures)	 	 
	Royal Wolf Trading 

Australia Pty Ltd 

ABN 38 069 244 417
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	RWA Holdings Pty 

Ltd ABN 55 106 913

964
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GFN Australasia 

Holdings Pty Ltd 

ACN 121 226 793
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	GFN Australasia 

Finance Pty Ltd ACN 

121 227 790
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Royal Wolf Hi-Tech 

Pty Ltd ABN 22 079

735 050
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Customer Representative to complete values (eg the value of the land or the value of the shares)	 	 	 	 	 	 
	N/a
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	Totals
	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 

CONFIRMATION OF PREVIOUS ADVICE

I hereby certify that location and values of assets listed have not materially changed since our
previous advice dated / /

	 	 	 	 	 
	Customer Representative Signature
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	Customer Representative Name
	 	 	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	Position of Customer Representative
	 	 	 	 
	 

	 	 

	 	 
	 

	 	(Director/Financial Controller etc)	 	 

Date                                        

1exv10w28

 

Exhibit 10.28

CROSS

GUARANTEE

AND

INDEMNITY

This document is important. You have rights and obligations
under it.

Please read this document carefully and make sure that you
understand it before you sign it.

You should realise in particular that ANZ can call on all or any of
you, instead of the customers, or as well as the customers, to pay
the guaranteed money.

ANZ can call on all or any of you to pay the guaranteed money

	 	•	 	if the customers do not pay it; and
	 
	 	•	 	even if ANZ has not asked the customers to pay it.

ANZ recommends that each of you get legal advice
from an independent lawyer before deciding whether to sign the document.

	 	 	 
	Form S2/150A

3043 – 6/97 (SSC)

(For use with item 3042)

	 	  

 

 

THIS CROSS GUARANTEE AND INDEMNITY is given
this 13th day of September, 2007 to Australia and New Zealand Banking Group Limited A.B.N. 11 005 357 522 (“ANZ”)

by GUARANTORS:

     Insert full names and residential/registered office addresses. If a company, add after
its name “A.C.N./A.B.N. ...” (as applicable).

GFN AUSTRALASIA HOLDINGS PTY LTD ACN 121 226 793
of Level 2, 222 Clarence Street, Sydney NSW 2000

GFN AUSTRALASIA FINANCE PTY LTD ACN 121 227 790
of C/- Robert Barnes Solicitors, Level 2, 222 Clarence Street, Sydney NSW 2000

ROYAL WOLF TRADING AUSTRALIA PTY LIMITED ACN 069 244 417
of Level 2, 57 Grosvenor Street, Neutral Bay NSW 2089

RWA HOLDINGS PTY LIMITED ACN 106 913 964
of Suite 201, Level 2, 22-28 Edgeworth David Avenue, Hornsby NSW 2077

ROYAL WOLF HI-TECH PTY LTD ACN 079 735 050
of Level 2, 22-28 Edgeworth David Avenue, Hornsby NSW 2077

for obligations incurred by or at the request

of: CUSTOMERS:

Note: One of the boxes below must be deleted.

	 	 	 
	Delete this
	 	 
	box if all
	 	 
	guarantors
	 	 
	and

	 	Any or all of the persons named above as
	customers

	 	guarantors
	are NOT identical
	 	 

	 	 	 
	Delete this
	 	 
	box if all
	 	 
	guarantors
	 	 
	and customers

	 	See Schedule attached
	are identical
	 	 

 

 

CROSS GUARANTEE

AND INDEMNITY

CONTENTS

	 	 	 	 	 	 	 
	Part 1

	 	How to interpret this cross guarantee
	 	 	3	 
	 
	 	 	 	 	 	 
	Part 2

	 	Background to this cross guarantee
	 	 	6	 
	 
	 	 	 	 	 	 
	Part 3

	 	The guarantee and the indemnity
	 	 	6	 
	 
	 	 	 	 	 	 
	Part 4

	 	Payments
	 	 	7	 
	 
	 	 	 	 	 	 
	Part 5

	 	Interest
	 	 	8	 
	 
	 	 	 	 	 	 
	Part 6

	 	Bringing the guarantee and the indemnity to an end
	 	 	9	 
	 
	 	 	 	 	 	 
	Part 7

	 	ANZ’s protections
	 	 	9	 
	 
	 	 	 	 	 	 
	Part 8

	 	ANZ’s rights
	 	 	11	 
	 
	 	 	 	 	 	 
	Part 9

	 	Notices, demands and certificates
	 	 	13	 
	 
	 	 	 	 	 	 
	Part 10

	 	Miscellaneous provisions
	 	 	14	 
	 
	 	 	 	 	 	 
	Part 11

	 	Trustee provisions
	 	 	15	 
	 
	 	 	 	 	 	 
	Acknowledgments	 	 	16	 

Form S9/150

3042-9/98

 

 

PART 1

HOW TO INTERPRET THIS CROSS GUARANTEE

	1.1	 	The meaning of certain words and expressions

In this cross guarantee, these words and expressions have these special meanings, unless the
context otherwise requires:

ANZ

Australia and New Zealand Banking Group Limited A.B.N. 11 005 357 522 and includes any person
who is its successor or assignee or any person to whom ANZ transfers any of its rights in
connection with this cross guarantee, including its rights to receive the guaranteed money;

ANZ officer

an ANZ employee:

	(a)	 	whose title is or includes the word “manager” or “officer” or who is acting in a position
with such a title; or
	 
	(b)	 	who is authorised by ANZ to act as its attorney.

company

includes a corporation;

Contractual Currency

the currency in which payments are to be made under this cross guarantee;

controller

has the meaning given by section 9 of the Corporation Law;

Credit Law

the Consumer Credit (Victoria) Code and the corresponding Code of each other State and
Territory of Australia; and

any other legislation that ANZ notifies the guarantors is included in this definition (ANZ may
notify the guarantors by a general notice or advertisement published in a daily newspaper
circulating nationally or in a relevant State or Territory);

cross guarantee

the agreement constituted by the guarantee set out in clause 3.1 and the indemnity set out in
clause 3.2 and the other provisions of this contract.

customers

in relation to a particular guarantor, any or all of the persons described (whether on the
“Details Page” of, or a schedule to, this cross guarantee) as customers (other than that particular
guarantor or a partnership of which that particular guarantor is a member);

government agency

a government, any government department, or an authority or person who administers an
applicable law;

guaranteed money

at any time all money which:

	(a)	 	the customers owe to ANZ at that time for any reason; or
	 
	(b)	 	any other person owes to ANZ at that time because of something that ANZ does or does not do
at the request of a customer and for which the customer is or may become liable to pay to ANZ;
or
	 
	(c)	 	when ANZ makes a demand under this cross guarantee or the question of payment arises, it is
reasonably foreseeable that a customer or another person will owe to ANZ arising out of some
earlier transaction:

	 	•	 	with the customer; or
	 
	 	•	 	with that other person at the request of the customer and for which the customer is
or may become liable to pay to ANZ,

in each case whether or not the transaction is also with anyone else; or

	(d)	 	is money that ANZ has received for credit to any account of a customer but that:

	 	•	 	must not be paid out of the account in which it is because of a legal requirement;
or
	 
	 	•	 	ANZ has to pay to someone else because of a legal requirement; or

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	 	•	 	ANZ has in its discretion paid to someone else upon a claim being made by a
liquidator, trustee in bankruptcy or other person; or

	(e)	 	ANZ pays, voluntarily or not, because some payment of, or transaction or arrangement relating
to, money previously paid to it by or on account of a customer is or is claimed to be void,
voidable or a preference;

Money which is described in each of the above paragraphs will be guaranteed money:

	(a)	 	whether or not the money is due for payment at that time; and
	 
	(b)	 	even if the money is only owing on a contingency; and
	 
	(c)	 	whether a customer or other person owes the money;

	 	•	 	alone or jointly, or jointly and severally or in common with any other person; or
	 
	 	•	 	as principal or as surety; and

	(d)	 	whether the money first became owing before or after the guarantors executed this cross
guarantee; and
	 
	(e)	 	whether or not the relevant transactions took place in the course of ANZ’s banking business.

For example, “guaranteed money” includes money which a customer owes or may owe ANZ:

	(a)	 	because ANZ issues a letter of credit, or gives a guarantee or other undertaking, for the
customer or at the customer’s request; or
	 
	(b)	 	because ANZ draws, issues, accepts, endorses, purchases, discounts or pays any bill of
exchange or promissory note for the customer or at the customer’s request; or
	 
	(c)	 	under any bill of exchange or promissory note which the customer issues, accepts or endorses
(including, for example, one issued, accepted or endorsed by a partnership of which the
customer is a member) and which ANZ holds in any capacity; or
	 
	(d)	 	under any leasing arrangement which the customer enters into with ANZ; or
	 
	(e)	 	under any arrangement that ANZ enters into for the customer or at the customer’s request to
manage movements in foreign currency exchange or interest rates or other costs of obtaining
financial accommodation;

guarantors

all or any of the persons named on the “Details Page” of this cross guarantee as the
guarantors;

insolvent

includes:

	(a)	 	an individual:

	 	•	 	who is an undischarged bankrupt under the Bankruptcy Act 1966; or
	 
	 	•	 	who has executed a deed of arrangement under Part X of that Act and has not fully
complied with it; or
	 
	 	•	 	whose creditors have accepted a composition under Part X of that Act where a final
payment has not been made under the composition; and

	(b)	 	a body corporate:

	 	•	 	that is being wound up; or
	 
	 	•	 	in respect of property of which a controller has been appointed and is acting; or
	 
	 	•	 	that is under administration; or
	 
	 	•	 	that has executed a deed of company arrangement that has not yet terminated; or
	 
	 	•	 	that has entered into a compromise or arrangement with another person, the
administration of which has not ended.

	 	 	and “insolvency” has a corresponding meaning;

legislation

a written law of an Australian State or Territory or of the Commonwealth;

4

 

person

an individual, a corporation, a partnership, an association or a government agency;

regulated contract

a contract to which the Credit Law applies;

tax

a tax or duty, however imposed and by whatever name called, and includes goods and services
tax, tax or duty imposed as additional tax or duty or penalty tax or duty.

	1.2	 	Obligations of the guarantors

The obligations of the guarantors in relation to this cross guarantee and the guaranteed money
are joint and several.

	1.3	 	Other references

A reference in this cross guarantee to the guarantors includes:

	(a)	 	if a guarantor is an individual, the personal representatives of that guarantor; and
	 
	(b)	 	if a guarantor is a company, the successors, liquidators or administrators of that guarantor.

A reference in this cross guarantee to ANZ includes a person to whom ANZ transfers this cross
guarantee and the guarantors’ obligations under it.

A reference in this cross guarantee to particular legislation, or to a particular provision of
legislation, is a reference to:

	(a)	 	that legislation or provision, and to regulations and other rules made under it; and
	 
	(b)	 	any legislation, regulation or other rule which replaces any of them,

as in force for the time being.

In this cross guarantee, a word indicating the singular also indicates the plural and vice versa,
and a word indicating any gender also indicates each other gender.

Headings are for convenience only and do not affect the interpretation of this cross guarantee.

A reference in this cross guarantee to something (for example the guaranteed money) is also a
reference to any part of it.

	1.4	 	Effects of legislation

Legislation that imposes an obligation on sureties, or gives rights or protection to a person
entitled to the benefit of a guarantee, is part of this cross guarantee unless it is inconsistent
with something else in this cross guarantee.

However, legislation (and anything done under legislation) to the extent that it might limit ANZ’s
rights under this cross guarantee, will not apply unless a law says that a guarantee or agreement
cannot stop it from applying.

	1.5	 	What happens if a provision of this cross guarantee is invalid

If a provision of this cross guarantee is or becomes invalid or unenforceable, the provision
is to be read down (if possible) so as to be valid and enforceable. If it cannot, this cross
guarantee takes effect as if it did not include that provision.

	1.6	 	What happens if the Credit Law applies

This clause applies only to the extent that this cross guarantee is a regulated guarantee but,
to that extent, this clause is effective despite any other provision of this cross guarantee.

This cross guarantee is not to be read as:

	(a)	 	excluding, modifying or restricting any of the rights, powers or duties conferred or imposed
on ANZ or on the guarantors by or under the Credit Law except to the extent that the law
allows, and then to the full extent that the law allows;

	(b)	 	varying the provisions of a regulated contract or a regulated guarantee to which it relates
in a way not allowed by the Credit Law;

	(c)	 	requiring or securing (or purporting to do so) the payment of an amount or the performance of
an obligation beyond that allowed by the Credit Law; or

	(d)	 	including a provision which is void under the Credit Law.

5

 

This cross guarantee is to be read down (if possible) to the extent needed to prevent it having any
of those effects. If that cannot be done, it takes effect as if it did not include any provision
which causes it to have any of those effects.

PART 2

BACKGROUND TO THIS CROSS GUARANTEE

	2.1	 	What the guarantors agree to do

The guarantors give ANZ the guarantee set out in clause 3.1 and the indemnity set out in
clause 3.2 and agree to observe the other provisions of this cross guarantee in return for:

	(a)	 	ANZ agreeing at the request of the guarantors to consider requests that any of the customers
make for banking accommodation or other banking services, whether for themselves or for
someone else;
	 
	(b)	 	ANZ agreeing at the request of the guarantors not immediately to demand, and not immediately
to sue for, payment of money that the customers owe to ANZ; or
	 
	(c)	 	other valuable consideration moving from ANZ to any of the customers or someone else.
	 
	2.2	 	ANZ does not have to make advances

ANZ does not have to give or continue to give banking accommodation or other banking services
to any of the customers, or to anyone else, just because the guarantors have signed this cross
guarantee.

PART 3

THE GUARANTEE AND THE INDEMNITY

	3.1	 	The guarantee

The guarantors guarantee that ANZ will be paid all the guaranteed money when it should be
paid.

	3.2	 	The indemnity

The guarantors indemnify ANZ against any loss that it suffers because:

	(a)	 	the guaranteed money is not paid to ANZ when it should be; or
	 
	(b)	 	ANZ cannot recover the guaranteed money from any of the customers because:

	 	•	 	the law prevents it; or
	 
	 	•	 	of some legal disability or limitation that a customer is subject to; or
	 
	 	•	 	a customer does not have the legal power to pay it to ANZ; or
	 
	 	•	 	a customer acted without power, or misused or exceeded its power or someone
appearing to act on behalf of the customer acted without authority, or misused or
exceeded that person’s authority; or

	(c)	 	some payment, transaction or arrangement concerning the guaranteed money is or is claimed to
be void or voidable or a preference under the law; or
	 
	(d)	 	a customer is insolvent.
	 
	3.3	 	Continuing guarantee and continuing indemnity

The guarantors agree that:

	(a)	 	the guarantee set out in clause 3.1 is a continuing guarantee; and
	 
	(b)	 	the indemnity set out in clause 3.2 is a continuing indemnity; and
	 
	(c)	 	each covers the full amount of the guaranteed money.
	 
	3.4	 	Each guarantor is principal debtor under the indemnity

ANZ may enforce its rights under the indemnity set out in clause 3.2 against each of the
guarantors as principal debtor.

	3.5	 	The guarantee and the indemnity are separate obligations

6

 

The guarantors’ obligations under the guarantee set out in clause 3.1 are separate from the
guarantors’ obligations under the indemnity set out in clause 3.2.

Each obligation is independent of, and in addition to, the other.

The guarantors’ obligations under the indemnity set out in clause 3.2 bind the guarantors even if
ANZ cannot recover the guaranteed money under the guarantee set out in clause 3.1.

	3.6	 	The guarantors will pay ANZ’s recovery costs

The guarantors will pay ANZ, on a full indemnity basis, for all expenses:

	(a)	 	that are not included in the definition of guaranteed money, but which ANZ incurs as a result
of taking action to recover money owing by the customers; and

	(b)	 	that ANZ incurs in connection with this cross guarantee, including any expenses ANZ incurs in
enforcing it against any of the guarantors; and

	(c)	 	that ANZ incurs as a result of court proceedings in which a claim is made that some payment,
transaction or arrangement concerning the guaranteed money is void, voidable or a preference.

	3.7	 	The guarantors will pay ANZ’s bank charges

The guarantors will pay all ANZ’s bank charges and money that ANZ can charge as bank charges
even if it has not yet done so.

	3.8	 	The guarantors will pay ANZ taxes attributable to a customer

The guarantors will pay to ANZ all money that ANZ has to pay or has paid as tax attributable
to a customer or to a transaction or document entered into by ANZ with or for a customer.

	3.9	 	Currency Indemnity

If, for any reason, an amount payable by the guarantors under or in respect of this cross
guarantee is received by ANZ in a currency which is different from the Contractual Currency then
the guarantors indemnify ANZ against, and shall pay ANZ on demand, the amount of any loss suffered
as a result of any discrepancy between:

	(a)	 	the amount received (after ANZ in accordance with its usual practice converts the payment
from the currency in which it was received); and
	 
	(b)	 	the amount which was payable by the guarantors,

in the Contractual Currency.

To avoid any doubt, it is agreed that this subclause applies, amongst other things, to any loss
that ANZ suffers as a result of exchange rate changes that occur between the date of a court order
and the date of payment.

PART 4

PAYMENTS

	4.1	 	Payment must be made as soon as ANZ demands it

An amount that a guarantor is liable to pay under this cross guarantee becomes payable as soon
as ANZ gives the guarantor a written demand for payment, and the guarantor will pay ANZ the amount
immediately.

	4.2	 	No preconditions to payment

ANZ may, without any preconditions, give a guarantor a written demand for payment of an amount
under this cross guarantee.

This means that ANZ can give such a demand even if, for example:

	(a)	 	it has not demanded payment from a customer, any other guarantor or someone else; or
	 
	(b)	 	a customer is not in default under an agreement with ANZ but a default is reasonably
foreseeable; or
	 
	(c)	 	ANZ has not enforced or tried to enforce its rights to recover the guaranteed money against a
customer, any other guarantor or someone else (say, under a security); or
	 
	(d)	 	some or all of the guaranteed money is represented or secured by or under:

7

 

	 	•	 	a security such as a mortgage, a bond, a covenant, a guarantee, a bill of exchange
or a promissory note; or
	 
	 	•	 	a letter of credit or other engagement issued by ANZ; or

	(e)	 	a customer is not legally liable to pay ANZ; or
	 
	(f)	 	for whatever reason, a customer, any other guarantor or someone else does not have to pay the
guaranteed money.

	4.3	 	No deductions or withholding

A guarantor will pay whatever the guarantor has to pay to ANZ under this cross guarantee
without deductions or withholding for tax and without any set-off or counterclaim.

	4.4	 	The guarantors will make up deductions

If the law says that a guarantor must make a deduction or withhold money from a payment, the
guarantor will increase the amount of the payment so that ANZ actually receives the amount that it
would have received if the guarantor had not had to make a deduction or withholding.

	4.5	 	How ANZ may apply payments

If ANZ receives a payment in reduction of the guaranteed money (no matter who makes the
payment), ANZ can apply the payment to any particular part of the guaranteed money that it chooses.

	4.6	 	How payments count

If ANZ applies a payment that it receives in reduction of the liability of the guarantors, the
amount of the reduction will only be the amount that ANZ actually receives after allowing for the
costs and expenses of obtaining the payment.

If a guarantor (or anyone else) makes a payment to ANZ by cheque, or in any other way that is not
cash, the payment is only taken to be made when ANZ actually receives the payment in cash or
cleared funds.

	4.7	 	Currency of payments

Unless ANZ agrees otherwise, the guarantors will make each payment to be made under this cross
guarantee in the currency in which the customer or any other responsible person is liable to pay
the guaranteed money.

PART 5

INTEREST

	5.1	 	The guarantors will pay interest

A guarantor will pay interest on each amount that the guarantor is liable to pay to ANZ under
this cross guarantee, calculated from the day when ANZ gives the guarantor a demand for payment of
the amount until ANZ is paid the amount in full.

	5.2	 	Interest to be the same as for the customers

Interest will be calculated at the rate or rates agreed and in the same way that interest is
calculated under the agreement or agreements between ANZ and the relevant customer for the
guaranteed money. For these purposes, the relationship of banker and customer between ANZ and the
relevant customer will be regarded as continuing even if it has ended.

	5.3	 	Particular provision about rate of interest

If there is no such agreement:

	(a)	 	ANZ may fix from time to time a rate or rates of interest and the way in which the rate or
rates are calculated; and
	 
	(b)	 	in fixing a rate, ANZ may have regard to matters that it considers appropriate (which may
include the nature, purpose, amount and performance of the facility concerned and the interest
rate or rates charged by it to its other customers in respect of similar facilities).

	5.4	 	Particular provisions about how interest accrues and is payable

Interest accrues daily and is payable on the days fixed by written agreement between ANZ and
the relevant customer for the guaranteed money but if there is no such agreement or more than one
of

8

 

them it will be payable monthly, on the days specified by ANZ in writing.

	5.5	 	Interest may be payable on unpaid interest

If interest under this cross guarantee is not paid when it is due, interest will accrue on the
unpaid interest and the other provisions of this clause apply to that interest on the unpaid
interest.

PART 6

BRINGING THE GUARANTEE AND THE INDEMNITY TO AN END

	6.1	 	Bringing the guarantee and the indemnity to an end

Each of the guarantee set out in clause 3.1 and the indemnity set out in clause 3.2 remains in
force until:

	(a)	 	ANZ discharges both in writing; or
	 
	(b)	 	any of the guarantors bring both to an end by:

	 	•	 	paying ANZ the full amount which the guarantors are liable (whether actually,
contingently or otherwise) to pay the Bank under this cross guarantee; or
	 
	 	•	 	if ANZ cannot calculate what the relevant amount is, making arrangements acceptable
to ANZ to pay it an amount acceptable to it (ANZ agrees to act reasonably).

	6.2	 	ANZ can still rely on the guarantee and the indemnity even if discharged

If a transaction in ANZ’s favour (such as an assurance, security or payment) concerning the
guaranteed money is wholly or partly avoided, set aside, refunded or repaid, then:

	(a)	 	ANZ may exercise all its rights (including its right to recover from any of the guarantors
the full extent of the liability of the guarantors) under this cross guarantee as if the
transaction had never taken place; and

	(b)	 	if ANZ has given a discharge of this cross guarantee on the faith of the transaction, that
discharge will be treated, as between ANZ and the guarantors, as having no effect.

PART 7

ANZ’s PROTECTIONS

	7.1	 	The obligations of the guarantors are not affected

The obligations of a guarantor under this cross guarantee are not affected or discharged by
any act, omission, matter, thing or circumstance which, apart from this clause might otherwise have
affected or discharged the obligations of the guarantor under this cross guarantee, including, but
not limited to, any of the following circumstances:

	(a)	 	whether banking arrangements with any of the customers began before or after this cross
guarantee was signed;

	(b)	 	whether some of the guaranteed money is recoverable from any of the customers, any other
guarantor or from someone else;

	(c)	 	whether a guarantee, indemnity or security now or later given to ANZ, or some existing or
later agreement or transaction with ANZ concerning the guaranteed money, is:

	 	•	 	void; or
	 
	 	•	 	defective; or
	 
	 	•	 	unenforceable; or
	 
	 	•	 	ranks after or is postponed to some other security or obligation; or

	(d)	 	whether ANZ did or did not do some particular thing under this cross guarantee or under some
other agreement, guarantee or security concerning the guaranteed money; or

	(e)	 	whether the relationship of banker and customer between ANZ and a customer has ended; or

	(f)	 	whether ANZ, without first telling, or getting the consent of, any of the guarantors:

9

 

	 	•	 	granted time or some other indulgence to a customer, any other guarantor or to
someone else; or
	 
	 	•	 	compounded, compromised or made an arrangement with a customer, any other guarantor
or someone else; or
	 
	 	•	 	released (wholly or partly) a customer, any other guarantor or someone else from
this cross guarantee or from some other obligation; or
	 
	 	•	 	received dividends out of the estate or assets of a customer, any other guarantor
or someone else; or
	 
	 	•	 	obtained a court judgment against a customer, any other guarantor or someone else,

in relation to the guaranteed money or to a security, guarantee or indemnity for the guaranteed
money; or

	(g)	 	whether ANZ, without first telling, or getting the consent of, all of the guarantors:

	•	 	gave new banking accommodation or other banking services to;
	 
	•	 	varied or allowed a variation to existing banking accommodation or
other banking services given to; or
	 
	•	 	withdrew banking accommodation or other banking services from,

a customer, any other guarantor or someone else;

	(h)	 	whether ANZ, without first telling, or getting the consent of, all of the guarantors assigned
its rights in connection with this cross guarantee or any other security or document; or
	 
	(i)	 	whether the death, incapacity or insolvency of a customer, any other guarantor or someone
else occurs.

	7.2	 	No security

Each guarantor declares that it has not taken any security from any of the customers or any
other guarantor in connection with this cross guarantee.

A guarantor will not take any such security unless ANZ first agrees in writing.

	7.3	 	Effect of breach

If a guarantor has taken or does take security contrary to this clause, the guarantor will do
whichever of the following ANZ directs:

	(a)	 	pay ANZ an amount equal to the amount by which any dividend or payment from the customers to
ANZ is reduced as a result of taking that security; or
	 
	(b)	 	assign the security to ANZ.

The guarantor will comply with such a direction as soon as ANZ gives it.

	7.4	 	The guarantors will not claim ANZ’s securities

The guarantors will not claim the benefit or require the transfer of any security, guarantee
or indemnity that ANZ now or later holds in respect of the guaranteed money unless ANZ first agrees
in writing. This clause stops applying when ANZ has been paid all the guaranteed money and the
guarantors have no other liability under this cross guarantee.

	7.5	 	No merging of balances in accounts

A guarantor cannot require ANZ to merge or consolidate any of the accounts that a customer has
with ANZ.

A guarantor is not entitled to have any money standing to the credit of any account that a customer
has with ANZ applied in reduction of the liability of the guarantor under this cross guarantee.

	7.6	 	This cross guarantee additional to other securities

This cross guarantee is additional to any security, and any other guarantee or indemnity, that
ANZ has or may have in the future concerning the guaranteed money.

10

 

7.7 Other securities do not prejudice this cross guarantee

Unless expressly agreed in writing to the contrary, nothing in any other security, or in any
other guarantee or indemnity, will prejudice ANZ’s rights under this cross guarantee.

7.8 No merger of securities

ANZ’s rights under this cross guarantee are not and will not be merged in any other security,
or in any other guarantee or indemnity.

7.9 ANZ can continue dealing with the customers

ANZ may continue existing accounts or open new accounts, or both, with a customer even if:

	(a)	 	ANZ has given any of the guarantors a written demand to pay some or all of the guaranteed
money; or
	 
	(b)	 	this cross guarantee ceases to be a continuing guarantee and a continuing indemnity.

After either of those events, any payments made to an account of a customer will not reduce the
liability of the guarantors to ANZ under this cross guarantee except to the extent that ANZ is
satisfied that the payment is not liable to be avoided, set aside, refunded or repaid.

PART 8

ANZ’S RIGHTS

8.1 ANZ may continue to hold securities

If at any time ANZ has security over the property of any guarantor to secure the liability of
the guarantor under this cross guarantee, ANZ may keep the original of the security instrument, and
anything else that it has for the purposes of the security, for:

	(a)	 	up to seven months after the amount of the guaranteed money is paid in full or the liability
under this cross guarantee is discharged; or
	 
	(b)	 	as long as ANZ thinks fit, if:

	•	 	any of the customers becomes insolvent; or
	 
	•	 	some step is taken or legal proceeding started that could result in any of the
customers becoming insolvent; or
	 
	•	 	some transaction (such as an assurance, security or payment) concerning the
guaranteed money is claimed to be void or voidable or a preference; or
	 
	•	 	ANZ thinks it appropriate to do so, having regard to insolvency law.

8.2 ANZ can claim money that the customers owe the guarantors

ANZ may, while this cross guarantee is in force, make a claim from a customer, in the name of
a guarantor, for any money that the customer owes that guarantor.

The guarantor authorises ANZ to do in the name of the guarantor whatever is needed to collect the
money.

Each of the guarantors appoint ANZ its attorney for these purposes.

ANZ may keep the money when it collects it.

ANZ will not keep money collected under this clause to the extent that this would mean that the
total amount that ANZ had recovered from the customers and from the guarantors is more than the
amount of the guaranteed money.

8.3 None of the guarantors will compete against ANZ if a customer is insolvent and ANZ may
hold payments in suspense

If a customer is, or ANZ reasonably expects that a customer will soon become, insolvent:

	(a)	 	no guarantor will prove in the insolvency in competition with ANZ unless ANZ agrees in
writing beforehand that the guarantor may; and
	 
	(b)	 	no guarantor will try to deprive ANZ of, or hold it accountable to the guarantor for,
dividends or money that it may receive or be entitled to in a customer’s insolvency; and

11

 

	(c)	 	ANZ may credit any money that a guarantor pays to it, or that is paid to it on the behalf of
a guarantor, under this cross guarantee to a suspense account; and
	 
	(d)	 	ANZ does not have to apply any of that money to reduce the liability of the guarantors under
this cross guarantee until ANZ has received 100 cents in the dollar of the amount of the
guaranteed money.

8.4 ANZ can recover money

Each of the guarantors authorises ANZ to prove against the estate of a customer for any money
that the guarantor has paid to ANZ under this cross guarantee. All dividends that ANZ receives in
respect of money that the guarantor has paid it under this cross guarantee will belong to ANZ. ANZ
will apply them towards satisfaction of the liability of the guarantors under this cross guarantee.

8.5 ANZ may set-off balances in our accounts

ANZ may apply all or any part of any balance standing to the credit of any account of a
guarantor with it at any time, or any amount available to ANZ by way of set-off, lien or
counterclaim towards satisfying the liability of the guarantors under this cross guarantee.

ANZ may do this without telling the guarantor first or getting its consent or demanding payment
under this cross guarantee.

ANZ’s right to do this is in addition to any other right that ANZ has.

If a guarantor is a company, then, to the extent that this clause constitutes a charge that must be
registered under the Corporation Law, both ANZ and the guarantor agree that it is of no effect.

8.6 ANZ has complete discretion in relation to this cross guarantee

ANZ has absolute discretion as to what it does or does not do under or for the purposes of:

	(a)	 	this cross guarantee; and
	 
	(b)	 	any other guarantee, security or indemnity concerning the guaranteed money.

ANZ does not have to give any reasons for doing or not doing something under or for the purposes of
this cross guarantee.

8.7 Exercising and not exercising rights

The fact that ANZ does not exercise, or delays in exercising, a right under this cross
guarantee does not mean that it has given up or waived the right or that it cannot exercise the
right later.

The fact that ANZ exercises a right once or partly does not mean that it cannot exercise that right
again or other rights later.

If ANZ starts to exercise a right, it can stop exercising it at any time.

The only way in which ANZ can waive any of its rights under this cross guarantee is by giving a
guarantor a notice in writing.

ANZ will not be liable to the guarantors or any other person for any loss, liability, cost or
expense that is caused (directly or indirectly) by anything that ANZ does or does not do under or
for the purposes of this cross guarantee.

8.8 Who can exercise ANZ’s rights

Any ANZ officer can exercise ANZ’s rights relating to this cross guarantee on its behalf.

8.9 Dealing with companies

If a guarantor is a company:

	(a)	 	ANZ may assume, without having to check, that each of its officers, and each person
purporting to act on its behalf, does in fact have the authority to act on its behalf; and
	 
	(b)	 	the guarantor will not dispute the validity of anything done, or purported to be done, by it,
any of its officers or anyone purporting to act on its behalf.

8.10 ANZ may assign this cross guarantee

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ANZ may assign this cross guarantee, its rights in connection with this cross guarantee and
the guarantors’ obligations under it without telling the guarantors and without getting the consent
of the guarantors.

ANZ can give information about this cross guarantee and the guarantors’ obligations under it to
anyone who is an assignee from ANZ of this cross guarantee, or to anyone who is considering
becoming one of these.

8.11 ANZ owns the original of this cross guarantee

The original of this document is and always remains ANZ’s property including after the
guarantors have not further liability under this cross guarantee.

PART 9

NOTICES, DEMANDS AND
CERTIFICATES

9.1 Notices to ANZ

If a guarantor wishes to give ANZ a notice regarding this cross guarantee, the notice will
only be effective if the guarantor gives it in writing to ANZ at the office through which it
administers this cross guarantee. It is the responsibility of the guarantor to make sure that ANZ
receives the notice.

9.2 Notices to the guarantors

ANZ may give a guarantor a notice or demand under this cross guarantee:

	(a)	 	by handing it to the guarantor; or
	 
	(b)	 	by leaving it at the address of the guarantor; or
	 
	(c)	 	by posting it in a pre-paid envelope to the guarantor at the address of the guarantor; or
	 
	(d)	 	in any other way that the law allows.

A notice or demand by ANZ will be taken to have been given and received:

	(a)	 	if it is left at the address of the guarantor, when left; or
	 
	(b)	 	if it is posted to the address of the guarantor, when it would be delivered in the ordinary
course of post but in any event not later than six days after it is posted. This applies even
if the letter is returned undelivered.

If ANZ produces a post office receipt showing that the letter has been posted to the address of the
guarantor, that is conclusive evidence that the letter has been posted to the address of the
guarantor.

A notice or demand from ANZ may be signed for ANZ by:

	(a)	 	an ANZ officer;
	 
	(b)	 	a lawyer for ANZ; or
	 
	(c)	 	any other person who either has the authority to do so or whose authority is later confirmed
by ANZ.

In this clause “the address of the guarantor” means any of the following:

	(a)	 	the address shown on the “Details Page” of this cross guarantee as the address of the
guarantor; or
	 
	(b)	 	the address that the person signing the notice or demand believes (from the address that ANZ
has recorded in its books) is the most recent address of the guarantor.

A notice or demand that ANZ gives under this cross guarantee is effectively given to each of the
guarantors if given to one of the guarantors.

9.3 ANZ may give certificates about this cross guarantee

ANZ may give a certificate concerning any of the following matters:

	(a)	 	the amount of the guaranteed money owing as at a specified day; or
	 
	(b)	 	for the purposes of part 5:

	•	 	the applicable interest rates; or
	 
	•	 	the dates for payment of interest; or
	 
	•	 	the periods for the calculation, payment and capitalisation of interest; or

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	(c)	 	the amount of loss referred to in clause 3.9; or
	 
	(d)	 	whether a customer or a guarantor is in default; or
	 
	(e)	 	making a demand or giving a notice.

To the full extent permitted by law, a certificate given by ANZ is conclusive evidence of the
accuracy of its contents. Otherwise, it is sufficient evidence.

PART 10

MISCELLANEOUS PROVISIONS

10.1 Effect of legislation on this cross guarantee

As far as the law allows, legislation or a scheme of arrangement or reconstruction does not
apply to this cross guarantee so as to:

	(a)	 	lessen or otherwise affect in the favour of the guarantors their obligations under this cross
guarantee; or
	 
	(b)	 	delay, prevent or prejudicially affect ANZ exercising its rights under this cross guarantee.

10.2 Those who sign are bound

Each person who signs this cross guarantee as guarantor is bound by it even if another person
described as guarantor:

	(a)	 	does not sign; or
	 
	(b)	 	is not bound by this cross guarantee or a provision of it; or
	 
	(c)	 	has no power to sign this cross guarantee.

10.3 If others intended to be guarantors do not sign

The persons who sign this cross guarantee as guarantors are bound by it even though someone
who has intended to give a cross guarantee or other security for some or all of the guaranteed
money:

	(a)	 	does not sign such a guarantee or security; or
	 
	(b)	 	does not sign it properly; or
	 
	(c)	 	is not bound by it or a provision of it or has no power to sign it.

10.4 Customer changes

	(a)	 	If a customer is a partnership, a change in the membership of the partnership (whatever
the nature of or the reason for the change) does not affect this cross guarantee.

In particular, this cross guarantee:

	 	•	 	continues to bind each of the guarantors whether or not any of the guarantors is a
member of the new partnership; and
	 
	 	•	 	continues as a guarantee and indemnity for the obligations of the partnership both
as it was before the change and as it is after the change.

	(b)	 	if a customer is a company, the amalgamation or absorption of the customer with another
company does not affect this cross guarantee.

10.5 Guarantor changes

If the guarantors are, or some of the persons that comprise the guarantors are, a partnership,
and there is a change in the membership of the partnership (whatever the nature of or the reason
for the change), or the partnership ceases to carry on business:

	(a)	 	the change in membership or ceasing to carry on business does not affect this cross
guarantee; and
	 
	(b)	 	the guarantors will continue to be bound by this cross guarantee whether or not any of the
guarantors is a member of the new partnership.

PART 11

TRUSTEE PROVISIONS

11.1 If a guarantor is a trustee

This part applies if a guarantor is entering into this cross guarantee as trustee of a trust.

11.2 Liability

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The relevant guarantor is liable both in its own right and a trustee of the trust.

11.3 Assurances by the trustee

The relevant guarantor assures ANZ that, at the time of signing this cross guarantee:

	(a)	 	it is the only trustee of the trust, and no step has been taken to remove it or to appoint
another trustee;
	 
	(b)	 	it has told ANZ in writing all of the terms of the trust;
	 
	(c)	 	it is entering into this cross guarantee for a proper purpose of the trust; and
	 
	(d)	 	it has the power and authority under the trust to enter into this cross guarantee; and
	 
	(e)	 	it has the right to be indemnified fully out of the trust property, before the beneficiaries
of the trust, for all liabilities that the guarantor incurs under this cross guarantee.

The relevant guarantor will make sure that none of these things is or becomes untrue in any way.

11.4 Obligations of the trustee

The relevant guarantor will not, unless ANZ agrees first in writing:

	(a)	 	cease to be the sole trustee of the trust;
	 
	(b)	 	allow the trust to be determined in any way;
	 
	(c)	 	allow any part of the capital of the trust to be distributed in any way;
	 
	(d)	 	allow the trust deed to be varied, added to or revoked; or
	 
	(e)	 	if the trust is a unit trust, allow any units to be issued, transferred, charged, redeemed or
otherwise dealt with.

If anyone succeeds the relevant guarantor as trustee of the trust, the relevant guarantor will make
sure that its successor executes whatever documents ANZ requires to ensure that this cross
guarantee is binding on its successor.

11.5 Rights against the trust assets or the beneficiaries

The relevant guarantor will, if ANZ asks it to, exercise any rights that the relevant
guarantor has against the trust assets or the beneficiaries for the purpose of repaying the
guaranteed money to ANZ. ANZ may exercise all the rights that the relevant guarantor may have
against the trust assets or the beneficiaries.

ANZ may exercise the same rights and remedies against the trust assets as it could exercise against
those assets if they were owned by the relevant guarantor personally.

ANZ’s rights will not be modified or reduced because ANZ is aware (or is treated as being aware) of
an interest that anyone else has, or claims, under the trust or against any trust assets.

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ACKNOWLEDGEMENTS

Each guarantor acknowledges that:

	•	 	it was given the opportunity to read this cross guarantee;
	 
	•	 	it had an opportunity to get legal advice from an independent lawyer before agreeing to sign this cross guarantee;
	 
	•	 	in deciding to enter into this cross guarantee it did not rely on any promise, statement or information made or given
by ANZ or ANZ officers or agents except those set out in this cross guarantee and those given to the guarantor in
writing signed by an ANZ officer;
	 
	•	 	it is up to the guarantor to find out about the financial position, creditworthiness and honesty of the customers and
any other person named as a guarantor;
	 
	•	 	this document contains all the provisions of the cross guarantee; and
	 
	•	 	this cross guarantee cannot be changed except in writing signed by an ANZ officer and the guarantors.

Initials of each person signing this cross guarantee:

16

 

Executed as a deed on the 13th day of September, 2007

Signed for and on behalf of GFN Australasia Holdings Pty Ltd ACN
121 226 793 by its attorney Robert Charles Barnes under power of attorney
dated in the presence of:

	 	 	 
	 

Signature of witness

	 	 
	 
	 	 
	 

Name of witness (BLOCK LETTERS)

	 	 
	 
	 	 
	 

Address of witness

	 	 

Signed for and on behalf of GFN Australasia Finance Pty Ltd ACN 121 227 790 by
its attorney Robert Charles Barnes under power of attorney dated in the presence of:

	 	 	 
	 

Signature of witness

	 	 
	 
	 	 
	 

Name of witness (BLOCK LETTERS)

	 	 
	 
	 	 
	 

Address of witness

	 	 

Signed for and on behalf of Royal Wolf Trading Australia Pty Limited ACN 069
244 417 by its attorney Robert Charles Barnes under power of attorney dated
in the presence of:

	 	 	 
	 

Signature of witness

	 	 
	 
	 	 
	 

Name of witness (BLOCK LETTERS)

	 	 
	 
	 	 
	 

Address of witness

	 	 

GFN Australasia Holdings Pty Ltd

ACN 121 226 793 by its attorney

	 	 	 
	/s/ Robert Charles Barnes 

Robert Charles Barnes

	 	 

GFN Australasia Finance Pty Ltd

ACN 121 227 790 by its attorney

	 	 	 
	/s/ Robert Charles Barnes 

Robert Charles Barnes

	 	 

Royal Wolf Trading Australia Pty Limited
ACN 069 244 417 by its attorney

	 	 	 
	/s/ Robert Charles Barnes 

Robert Charles Barnes

	 	 

17

 

Signed for and on behalf of RWA Holdings Pty Limited ACN 106 913 964 by
its attorney Robert Charles Barnes under power of attorney dated in the presence of:

	 	 	 
	 

Signature of witness

	 	 
	 
	 	 
	 

Name of witness (BLOCK LETTERS)

	 	 
	 
	 	 
	 

Address of witness

	 	 

Signed for and on behalf of Royal Wolf
Hi-Tech Pty Ltd ACN 079 735 050 by its
attorney Robert Charles Barnes under
power of attorney dated in the presence of:

	 	 	 
	 

Signature of witness

	 	 
	 
	 	 
	 

Name of witness (BLOCK LETTERS)

	 	 
	 
	 	 
	 

Address of witness

	 	 

RWA Holdings Pty Limited

ACN 106 913 964 by its attorney

	 	 	 
	/s/ Robert Charles Barnes 

Robert Charles Barnes

	 	 

Royal Wolf Hi-Tech Pty Ltd ACN 079 735 050 by its attorney

	 	 	 
	/s/ Robert Charles Barnes 

Robert Charles Barnes

	 	 

18

 

Complete this schedule only if all guarantors and customers are NOT identical

CUSTOMER SCHEDULE

Insert full names. If a company, add after its name “A.C.N./A.B.N. ...” (as applicable).

Form S2/150A

3043-6/97 (SSC)

19

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