Document:

exv10w4

Exhibit
10.4

Execution Copy

 

PLEDGE AGREEMENT

dated as of May 23, 2011

by and among

WRIGHT EXPRESS CORPORATION

and

CERTAIN DOMESTIC SUBSIDIARIES

as Pledgors

and

BANK OF AMERICA, N.A.,

as Administrative Agent

 

Pledge Agreement

 

 

Execution Copy

PLEDGE AGREEMENT

     This PLEDGE AGREEMENT, dated as of May 23, 2011 (as in effect from time to time, this
“Agreement”), made by WRIGHT EXPRESS CORPORATION, a Delaware corporation (the
“Company”), each of the Domestic Subsidiary Guarantors now or hereafter a party hereto
(collectively, together with the Company, the “Pledgors” and each individually, a
“Pledgor”) in favor of BANK OF AMERICA, N.A., as administrative agent for the Lenders (as
defined in the Credit Agreement referred to below) (in such capacity, the “Administrative
Agent”):

     This Agreement is made pursuant to that certain Credit Agreement, dated as of the date hereof
(as in effect from time to time, the “Credit Agreement”; capitalized terms used herein and
not defined herein shall have the meaning specified in the Credit Agreement), among the Company,
the Designated Borrowers from time to time party thereto, each Lender from time to time party
thereto, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and
Merrill Lynch, Pierce, Fenner & Smith Incorporated, Wells Fargo Securities, LLC, SunTrust Robinson
Humphrey, Inc. and RBS Citizens, National Association as joint lead arrangers and joint book
managers, providing, among other things, for Loans, Letters of Credit and other extensions of
credit to or for the benefit of the Borrowers.

     It is a condition precedent to the making of Loans and the issuance of, and participation in,
Letters of Credit under the Credit Agreement that each Pledgor shall have executed and delivered to
the Administrative Agent this Agreement.

     In consideration of the benefits accruing to each Pledgor, the receipt and sufficiency of
which are hereby acknowledged, each Pledgor hereby makes the following representations and
warranties to the Administrative Agent and hereby covenants and agrees with the Administrative
Agent as follows:

	 	1.	 	CERTAIN DEFINITIONS; INITIAL REPRESENTATIONS, ETC.
	 
	 	1.1.	 	(a) Definitions. As used herein:

     “Administrative Agent” has the meaning specified in the introductory paragraph
of this Agreement.

     “Collateral” has the meaning provided in Section 2.1.

     “Credit Agreement” has the meaning provided in the preliminary statements
hereto.

     “Permitted Liens” means those Liens permitted to be in existence pursuant to
Section 7.01 of the Credit Agreement.

     “Pledged Entity” means the issuer of any Pledged Equity Interests.

     “Pledged Equity Interests” means all Equity Interests issued by any Foreign
Subsidiary (other than an Excluded Pledge Subsidiary) and owned by such Pledgor.

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     “Pledgor” has the meaning specified in the introductory paragraph to this
Agreement.

     “Secured Parties” means the Administrative Agent, the Lenders, any Hedge Bank,
any Cash Management Bank, any Indemnitee and any other holders from time to time of the
Obligations.

     “Termination Date” means the date upon which all of the Obligations (other than
contingent indemnity obligations) have been paid in full and extinguished and the
Commitments under the Credit Agreement have been terminated.

     (b) Certain Matters of Construction. With reference to this Agreement, unless
otherwise specified herein:

     (i) The definitions of terms herein shall apply equally to the singular and plural
forms of the terms defined. Whenever the context may require, any pronoun shall include the
corresponding masculine, feminine and neuter forms. The words “include,” “includes” and
“including” shall be deemed to be followed by the phrase “without limitation.” The word
“will” shall be construed to have the same meaning and effect as the word “shall.” Unless
the context requires otherwise, (i) any definition of or reference to any agreement,
instrument or other document (including any Organization Document) shall be construed as
referring to such agreement, instrument or other document as from time to time amended,
supplemented or otherwise modified (subject to any restrictions on such amendments,
supplements or modifications set forth herein or in any other Loan Document), (ii) any
reference herein to any Person shall be construed to include such Person’s successors and
assigns, (iii) the words “herein,” “hereof” and “hereunder,” and words of similar import
when used in this Agreement, shall be construed to refer to this Agreement in its entirety
and not to any particular provision thereof, (iv) all references in this Agreement to
Sections, Exhibits and Schedules shall be construed to refer to Sections of, and Exhibits
and Schedules to, this Agreement, (v) any reference to any law shall include all statutory
and regulatory provisions consolidating, amending, replacing or interpreting such law and
any reference to any law or regulation shall, unless otherwise specified, refer to such law
or regulation as amended, modified or supplemented from time to time, and (v) the words
“asset” and “property” shall be construed to have the same meaning and effect and to refer
to any and all tangible and intangible assets and properties, including cash, securities,
accounts and contract rights.

     (ii) In the computation of periods of time from a specified date to a later specified
date, the word “from” means “from and including;” the words “to” and “until” each mean “to
but excluding;” and the word “through” means “to and including.”

     (iii) Section headings herein are included for convenience of reference only and shall
not affect the interpretation of this Agreement.

     1.2. Representations and Warranties as to Collateral Initially Pledged Hereunder. Each
Pledgor represents and warrants that on the date hereof:

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     (a) Schedule 1 hereto describes the number, type and percentage amount of all
Equity Interests of any Foreign Subsidiary (other than any Excluded Pledge Subsidiary) owned
by it;

     (b) such Pledgor is the holder of record and sole beneficial owner of the Equity
Interests indicated opposite its name on Schedule 1 hereto.

	 	2.	 	PLEDGE OF SECURITIES, GRANT OF SECURITY INTERESTS, ETC.

     2.1. Pledge. (a) To secure the Obligations, each Pledgor hereby pledges and grants to the
Administrative Agent a first priority continuing security interest in all of its right, title and
interest in, to and under such Pledgor’s Pledged Equity Interests, whether now owned or hereafter
acquired (collectively, the “Collateral”), and including, without limitation, the
following:

     (i) all its interest in all profits, losses and other distributions to which
such Pledgor shall at any time be entitled in respect of such Pledged Equity
Interests;

     (ii) all other payments due or to become due to such Pledgor in respect of such
Pledged Equity Interests, whether under any Organization Document or otherwise, and
whether as contractual obligations, damages, insurance proceeds or otherwise;

     (iii) all of its claims, rights and entitlements, if any, under any
Organization Document or at law or otherwise in respect of such Pledged Equity
Interests;

     (iv) all other property hereafter delivered in substitution for or in addition
to any of the foregoing, all certificates and instruments representing or evidencing
such other property and all cash, securities, interest, distributions, dividends,
rights and other property at any time and from time to time received, receivable or
otherwise distributed in respect of or in exchange for any or all thereof; and

     (v) to the extent not otherwise included, all proceeds of any or all of the
foregoing.

     (b) Each Pledgor hereby pledges and deposits as security with the Administrative Agent
and delivers to the Administrative Agent certificates or instruments therefor accompanied by
undated transfer powers duly executed in blank by such Pledgor, or such other instruments of
transfer as are reasonably acceptable to the Administrative Agent.

     2.2. Subsequently Acquired Securities. If a Pledgor shall acquire (by purchase, stock
dividend or otherwise) any additional Pledged Equity Interests at any time or from time to time
after the date hereof which are represented by certificates or instruments, such Pledgor will,

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concurrently with the next occurring delivery of the financial statements required by
Section 6.01 of the Credit Agreement, but subject in each case to Section 2.4 hereof,
pledge and deposit such Pledged Equity Interests as security with the Administrative Agent and
deliver to the Administrative Agent certificates or instruments thereof, accompanied by undated
transfer powers duly executed in blank by such Pledgor, or such other instruments of transfer as
are reasonably acceptable to the Administrative Agent.

     2.3. Uncertificated Securities. If any Pledged Equity Interests (whether or not now owned or
hereafter acquired) are uncertificated, each applicable Pledgor shall promptly notify the
Administrative Agent thereof, and shall promptly take all actions required or requested by the
Administrative Agent to perfect the security interest of the Administrative Agent under applicable
Laws (including, in any event, under Section 8-103 of the Uniform Commercial Code if applicable).
Each Pledgor further agrees to take such actions as the Administrative Agent deems reasonably
necessary or desirable to effect the foregoing and to permit the Administrative Agent to exercise
any of its rights and remedies hereunder.

     2.4. Limitations. Notwithstanding Sections 2.1 and 2.2, no Pledgor shall be
required to pledge hereunder any Equity Interests of any Excluded Pledge Subsidiary or any Equity
Interest in excess 65% of the total combined voting power of all classes of Equity Interests of any
Foreign Subsidiary.

	 	3.	 	APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC.

     The Administrative Agent shall have the right to appoint one or more sub-agents for the
purpose of retaining physical possession of the Pledged Equity Interests, which may be held (in the
discretion of the Administrative Agent) in the name of the relevant Pledgor, endorsed or assigned
in blank or in favor of the Administrative Agent or any nominee or nominees of the Administrative
Agent or a sub-agent appointed by the Administrative Agent.

	 	4.	 	VOTING, ETC. WHILE NO EVENT OF DEFAULT.

     Unless and until an Event of Default shall have occurred and be continuing, each Pledgor shall
be entitled to exercise all voting rights attaching to any and all Collateral owned by it, and to
give consents, waivers or ratifications in respect thereof. All such rights of such Pledgor to
vote and to give consents waivers and ratifications shall cease in case an Event of Default shall
occur and be continuing and Section 6 hereof shall become applicable.

	 	5.	 	DIVIDENDS AND OTHER DISTRIBUTIONS.

     Unless and until an Event of Default shall have occurred and be continuing, all cash dividends
or other amounts payable in respect of the Collateral shall be paid to the relevant Pledgor.

     All dividends, distributions or other payments which are received by any Pledgor contrary to
the provisions of this Agreement shall be received in trust for the benefit of the Administrative
Agent, and shall be forthwith paid over to the Administrative Agent as Collateral in the same form
as so received (with any necessary endorsement).

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	 	6.	 	REMEDIES IN CASE OF AN EVENT OF DEFAULT.

     In case an Event of Default shall have occurred and be continuing, the Administrative Agent
shall be entitled to exercise all of the rights, powers and remedies (whether vested in it by this
Agreement, any other Loan Document, or by applicable Law) for the protection and enforcement of its
rights in respect of the Collateral, including, without limitation all the rights and remedies of a
secured party upon default under the Uniform Commercial Code of the State of New York, and the
Administrative Agent shall be entitled, without limitation to exercise any or all of the following
rights which each Pledgor hereby agrees to be commercially reasonable:

     (i) to receive all amounts payable in respect of the Collateral otherwise payable under
Section 5 to a Pledgor;

     (ii) to transfer all or any part of the Collateral into the Administrative Agent’s name
or the name of its nominee or nominees;

     (iii) to vote all or any part of the Collateral (whether or not transferred into the
name of the Administrative Agent) and give all consents, waivers and ratifications in
respect of the Collateral and otherwise act with respect thereto as though it were the
outright owner thereof (each Pledgor hereby irrevocably constituting and appointing the
Administrative Agent the proxy and attorney-in-fact of such Pledgor, with full power of
substitution to do so); and

     (iv) at any time or from time to time to sell, assign and deliver, or grant options to
purchase, all or any part of the Collateral, or any interest therein, at any public or
private sale, without demand of performance, advertisement or notice of intention to sell or
of the time or place of sale or adjournment thereof or to redeem or otherwise (all of which
are hereby waived by each Pledgor), for cash, on credit or for other property, for immediate
or future delivery without any assumption of credit risk, and for such price or prices and
on such terms as the Administrative Agent in its absolute discretion may determine,
provided that 10 days’ notice (or such longer period as may be required by law) of
the time and place of any such sale shall be given to the relevant Pledgor; each purchaser
at any such sale shall hold the property so sold absolutely free from any claim or right on
the part of any Pledgor, and each Pledgor hereby waives and releases to the fullest extent
permitted by applicable law any right or equity of redemption with respect to the
Collateral, whether before or after sale hereunder, all rights, if any, of marshalling the
Collateral and any other security for the Obligations or otherwise, and all rights, if any,
of stay and/or appraisal which it now has or may at any time in the future have under rule
of law or statute now existing or hereafter enacted; at any such sale, unless prohibited by
applicable law, the Administrative Agent on behalf of all Secured Parties (or certain of
them) may bid for and purchase (by credit bid of the Obligations or otherwise) all or any
part of the Collateral so sold free from any such right or equity of redemption; and neither
the Administrative Agent nor any Secured Party shall be liable for failure to collect or
realize upon any or all of the Collateral or for any delay in so doing nor shall it be under
any obligation to take any action whatsoever with regard thereto.

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	 	7.	 	REMEDIES CUMULATIVE.

     Each right, power and remedy of the Administrative Agent provided for in this Agreement or any
other Loan Document now or hereafter existing at law or in equity or by statute shall be cumulative
and concurrent and shall be in addition to every other such right, power or remedy. The exercise or
beginning of the exercise by the Administrative Agent of any one or more of the rights, powers or
remedies provided for in this Agreement and any other Loan Document now or hereafter existing at
law or in equity or by statute or otherwise shall not preclude the simultaneous or later exercise
by the Administrative Agent or any other Secured Party of all such other rights, powers or
remedies, and no failure or delay on the part of the Administrative Agent or any Secured Party to
exercise any such right, power or remedy shall operate as a waiver thereof. Unless otherwise
required by the Loan Documents or applicable law, no notice to or demand upon any Pledgor in any
case shall entitle it to any other or further notice or demand in similar other circumstances or
constitute a waiver of any of the rights of the Administrative Agent or any other Secured Party to
any other further action in any circumstances without demand or notice.

	 	8.	 	APPLICATION OF PROCEEDS.

     (a) All monies collected by the Administrative Agent upon any sale or other disposition
of the Collateral pursuant to the terms of this Agreement shall be applied as set forth in
Section 8.03 of the Credit Agreement (or any successor provision).

     (b) All payments required to be made to the Lenders hereunder shall be made in the
manner required by the Credit Agreement.

     (c) It is understood and agreed that each Pledgor shall remain liable to the extent of
any deficiency between (x) the amount of the proceeds of the Collateral applied pursuant to
Section 8(a) and (y) the aggregate outstanding amount of the Obligations.

	 	9.	 	PURCHASERS OF COLLATERAL.

     Upon any sale of the Collateral by the Administrative Agent hereunder (whether by virtue of
the power of sale herein granted, pursuant to judicial process or otherwise), the receipt of the
Administrative Agent or the officer making the sale shall be a sufficient discharge to the
purchaser or purchasers of the Collateral so sold, and such purchaser or purchasers shall not be
obligated to see to the application of any part of the purchase money paid over to the
Administrative Agent or such officer or be answerable in any way for the misapplication or
nonapplication thereof.

	 	10.	 	FURTHER ASSURANCES.

     Each Pledgor authorizes the Administrative Agent to, at such Pledgor’s expense, to file under
the Uniform Commercial Code such financing statements, continuation statements and such other
documents (and, to the extent necessary, will join with the Administrative Agent at such Pledgor’s
own expense in filing such other documents) in such offices as the Administrative Agent may deem
reasonably necessary or reasonably desirable and wherever required or

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permitted by law in order to perfect and preserve the Administrative Agent’s security interest
in the Collateral hereunder and hereby authorizes the Administrative Agent to file financing
statements and amendments thereto relative to all or any part of the Collateral without the
signature of such Pledgor where permitted by law, and agrees to do such further acts and things and
to execute and deliver to the Administrative Agent such additional conveyances, assignments,
agreements and instruments as the Administrative Agent may reasonably require or deem reasonably
advisable to carry into effect the purposes of this Agreement or to further assure and confirm unto
the Administrative Agent its rights, powers and remedies hereunder or thereunder.

	 	11.	 	THE ADMINISTRATIVE AGENT.

     The Administrative Agent will hold in accordance with this Agreement all items of the
Collateral at any time received under this Agreement. It is expressly understood and agreed that
the obligations of the Administrative Agent as holder of the Collateral and interests therein and
with respect to the disposition thereof, and otherwise under this Agreement, are only those
expressly set forth in this Agreement.

	 	12.	 	TRANSFER BY THE PLEDGORS.

     No Pledgor will sell or otherwise dispose of, grant any option with respect to, or mortgage,
pledge or otherwise encumber any of the Collateral or any interest therein (except as permitted
under the Credit Agreement or in accordance with the terms of this Agreement and the other Loan
Documents).

	 	13.	 	REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLEDGORS.

     (a) Each Pledgor represents, warrants and covenants that:

     (i) it is the legal, beneficial and record owner of, and has good title to, all
Pledged Equity Interests and all other Collateral pledged by it hereunder, subject
to no Lien whatsoever other than Permitted Liens;

     (ii) it has full organizational power, authority and legal right to pledge all
the Pledged Equity Interests and all other Collateral pledged by it pursuant to this
Agreement;

     (iii) all Equity Interests constituting part of the Collateral have been duly
authorized and validly issued and, if applicable, are fully paid and nonassessable;

     (iv) it is not in default in the payment of any portion of any mandatory
capital contribution, if any, required to be made under any Organization Document of
any Pledged Entity, and such Pledgor is not in violation of any other material
provisions of any Organization Document of any Pledged Entity, or otherwise in
default or violation thereunder, and no Pledged

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Equity Interests are subject to any defense, offset or counterclaim, nor have
any of the foregoing been asserted or alleged against such Pledgor by any Person
with respect thereto. Other than with respect to Equity Interests of any Pledged
Entity that are not required to pledged hereunder, there are no certificates,
instruments, documents or other writings (other than the Organization Documents and
certificates and instruments, if any, delivered to the Administrative Agent) which
evidence any Pledged Equity Interests of any Pledged Entity).

     (v) the pledge and assignment of the Pledged Equity Interests pursuant to this
Agreement, together with the relevant filings, consents or recordings (which filings
and recordings have been made or obtained), creates a valid, perfected and
continuing security interest in such Pledged Equity Interests and the proceeds
thereof, subject to no prior Lien or encumbrance or to any agreement purporting to
grant to any third party a Lien or encumbrance on the property or assets of such
Pledgor which would include the Collateral other than Permitted Liens;

     (vi) there are no currently effective financing statements under the UCC
covering any Collateral and such Pledgor will not, without the prior written consent
of the Administrative Agent, until the Termination Date, file or cause to be filed
in any public office any enforceable financing statements covering all or any
portion of the Collateral, except financing statements filed or to be filed in favor
of the Administrative Agent as secured party or otherwise filed or to be filed in
connection with Permitted Liens;

     (vii) such Pledgor has not granted and shall not grant “control” (within the
meaning of such term under Section 9-106 of the Uniform Commercial Code) over any
Pledged Equity Interests or other Collateral to any Person other than the
Administrative Agent; and

     (viii) it shall give the Administrative Agent prompt notice of any written
claim relating to the Collateral received by Administrative Agent and shall deliver
to the Administrative Agent a copy of each other demand, notice, document received
by it which may adversely affect the Administrative Agent’s interest in the
Collateral simultaneously with the next occurring delivery of the financial
statements required to be delivered under Section 6.01 of the Credit
Agreement.

     (b) Each Pledgor covenants and agrees that it will defend the Administrative Agent’s
right, title and security interest in and to the Collateral (including the proceeds thereof)
against the claims and demands of all Persons whomsoever other than Persons holding Liens
permitted under the Loan Documents.

	 	14.	 	PLEDGORS’ OBLIGATIONS ABSOLUTE, ETC.

     The obligations of each Pledgor under this Agreement shall be absolute and unconditional and
shall remain in full force and effect without regard to, and to the extent

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permitted by applicable law, shall not be released, suspended, discharged, terminated or
otherwise affected by, any circumstance or occurrence whatsoever (other than payment in full of the
Obligations), including, without limitation:

     (a) any renewal, extension, amendment or modification of, or addition or supplement to
or deletion from this Agreement and any other Loan Documents, or any other instrument or
agreement referred to therein, or any assignment or transfer of any thereof;

     (b) any waiver, consent, extension, indulgence or other action or inaction under or in
respect of any such agreement or instrument or this Agreement except as expressly provided
in such renewal, extension, amendment, modification, addition, supplement, assignment or
transfer;

     (c) any furnishing of any additional security to the Administrative Agent or its
assignee or any acceptance thereof or any release of any security by the Administrative
Agent or its assignee;

     (d) any limitation on any Person’s liability or obligations under any such instrument
or agreement or any invalidity or unenforceability, in whole or in part, of any such
instrument or agreement or any term thereof; or

     (e) any bankruptcy, insolvency, reorganization, composition, adjustment, dissolution,
liquidation or other like proceeding relating to a Pledgor or any Subsidiary of a Pledgor,
or any action taken with respect to this Agreement by any trustee or receiver, or by any
court, in any such proceeding, whether or not a Pledgor shall have notice or knowledge of
any of the foregoing.

	 	15.	 	REGISTRATION, ETC.

     (a) [Reserved.]

     (b) If at any time when the Administrative Agent shall determine to exercise its right
to sell all or any part of the Pledged Equity Interests pursuant to Section 6, such
Pledged Equity Interests or the part thereof to be sold shall not, for any reason
whatsoever, be effectively registered under the Securities Act or other applicable legal
requirements, the Administrative Agent may, in its sole and absolute discretion, sell such
Pledged Equity Interests or part thereof by private sale in such manner and under such
circumstances as Administrative Agent may deem necessary or advisable in order that such
sale may legally be effected without such registration, provided that 10 days’ (or
such longer period required by applicable Law) notice of the time and place of any such sale
shall be given to the relevant Pledgor. Without limiting the generality of the foregoing,
in any such event the Administrative Agent, in its sole and absolute discretion, (i) may
proceed to make such private sale notwithstanding that a registration statement for the
purpose of registering such Pledged Equity Interests or part thereof shall have been filed
under the Securities Act or other applicable legal requirements, (ii) may approach and
negotiate with a single possible purchaser to effect such sale and (iii) may

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restrict such sale to a purchaser who will represent and agree that such purchaser is
purchasing for its own account, for investment, and not with a view to the distribution or
sale of such Pledged Equity Interests or part thereof. In the event of any such sale, the
Administrative Agent shall incur no responsibility or liability to any Pledgor for selling
all or any part of the Pledged Equity Interests at a price which the Administrative Agent
may in good faith deem reasonable under the circumstances, notwithstanding the possibility
that a substantially higher price might be realized if the sale were deferred until the
registration as aforesaid.

	 	16.	 	TERMINATION; RELEASE.

     (a) After the Termination Date, this Agreement shall terminate (provided that all
indemnities set forth herein including, without limitation, in Section 10 hereof
shall survive any such termination) and the Administrative Agent, at the request and expense
of the relevant Pledgor, will execute and deliver to the relevant Pledgor a proper
instrument or instruments acknowledging the satisfaction and termination of this Agreement
as provided above, and will duly assign, transfer and deliver, or have delivered, to the
relevant Pledgor (or its designee) (without recourse and without any representation or
warranty) such of the Collateral as may be in the possession of the Administrative Agent and
as has not theretofore been sold or otherwise applied or released pursuant to this
Agreement, together with any moneys at the time held by the Administrative Agent hereunder.

     (b) In the event that any part of the Collateral is sold in connection with a sale
permitted by the Credit Agreement or is otherwise subject to release in accordance with the
terms of the Credit Agreement, the Administrative Agent, at the request and expense of such
Pledgor will release such Collateral from this Agreement, and will duly assign, transfer and
deliver, or have delivered, to such Pledgor (without recourse and without any representation
or warranty) such of the Collateral as is then being (or has been) so sold or released and
as may be in possession of the Administrative Agent and has not theretofore been released
pursuant to this Agreement, or if such Collateral cannot be located, an affidavit of loss
with appropriate indemnification language.

     (c) At any time that a Pledgor desires that Collateral be released as provided in the
foregoing Section 16(b), it shall deliver to the Administrative Agent a certificate
signed by an authorized officer stating that the release of the respective Collateral is
permitted pursuant to Section 16(b) or the Credit Agreement. The Administrative
Agent shall have no liability whatsoever to any Secured Party as the result of any release
of Collateral by it as permitted by this Section 16 or the Credit Agreement.

	 	17.	 	NOTICES, ETC.

     All notices and other communications hereunder shall be in writing and shall be given in the
form, manner and delivered to the addresses determined under Section 10.02 of the Credit
Agreement.

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	 	18.	 	WAIVER; AMENDMENT.

     None of the terms and conditions of this Agreement may be changed, waived, modified or varied
in any manner whatsoever unless in writing duly signed by each Pledgor and the Administrative Agent
with the consent of the Required Lenders or, to the extent required by Section 10.01 of the
Credit Agreement, all of the Lenders.

	 	19.	 	ADMINISTRATIVE AGENT NOT BOUND.

     (a) Unless the Administrative Agent shall become the absolute owner of any Pledged
Equity Interest pursuant hereto, nothing herein shall be construed to make the
Administrative Agent liable as a member, stockholder or partner of any Pledged Entity, and
the Administrative Agent by virtue of this Agreement or otherwise shall not have any of the
duties, obligations or liabilities of a member, stockholder or partner of any Pledged
Entity. The parties hereto expressly agree that, unless the Administrative Agent shall
become the absolute owner of any Capital Stock or Equity Interest pursuant hereto, this
Agreement shall not be construed as creating a partnership or joint venture among the
Administrative Agent and/or a Pledgor.

     (b) Except as provided in Section 19(a) above, the Administrative Agent, by
accepting this Agreement, does not intend to become a stockholder, partner or member of any
Pledged Entity or otherwise be deemed to be a co-venturer with respect to any Pledgor or any
Pledged Entity either before or after an Event of Default shall have occurred. The
Administrative Agent shall have only those powers set forth herein and except as provided in
Section 19(a) shall assume none of the duties, obligations or liabilities of a
general partner or limited partner of any Pledged Entity or of a Pledgor.

     (c) The Administrative Agent shall not be obligated to perform or discharge any
obligation of a Pledgor as a result of the Collateral pledge hereby effected.

     (d) The acceptance by the Administrative Agent of this Agreement, with all the rights,
powers, privileges and authority so created, shall not at any time or in any event obligate
the Administrative Agent to appear in or defend any action or proceeding relating to the
Collateral to which it is not a party, or to take any action hereunder or thereunder, or to
expend any money or incur any expenses or perform or discharge any obligation, duty or
liability under the Collateral.

	 	20.	 	ACKNOWLEDGMENT AND CONSENT.

     Each Pledgor shall promptly cause each Pledged Entity to execute and deliver to the
Administrative Agent an acknowledgment and consent with respect to this Agreement substantially in
the form of Exhibit B hereto, with such changes to reflect any Foreign Subsidiary Pledge
Documents as may be acceptable to, or required by, the Administrative Agent.

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	 	21.	 	ADDITIONAL PLEDGORS.

     Pursuant to Section 6.13 of the Credit Agreement, certain Loan Parties more fully
described in such Section 6.13 shall, upon the occurrence of certain events or conditions
specified in such Section 6.13 , be required to enter into this Agreement as a Pledgor.
Upon the execution and delivery to the Administrative Agent of a supplement in the form of
Exhibit A hereto, such Loan Party shall become a Pledgor hereunder with the same force and
effect as if originally named a Pledgor herein. The rights and obligations of each other Pledgor
hereunder shall remain in full force and effect notwithstanding the addition of any new Pledgor as
a party to this Agreement.

	 	22.	 	MISCELLANEOUS.

     (a) This Agreement shall create a continuing security interest in the Collateral and shall (i)
remain in full force and effect, subject to release and/or termination as set forth in Section
16, (ii) be binding upon each Pledgor, its successors and permitted assigns in accordance with
the Credit Agreement; provided, however, that no Pledgor shall assign any of its rights or
obligations hereunder without the prior written consent of the Administrative Agent (with the prior
written consent of the Required Lenders (or all of the Lenders) to the extent required by
Section 10.01 of the Credit Agreement), and (iii) inure, together with the rights and
remedies of the Administrative Agent hereunder, to the benefit of the Administrative Agent, the
Secured Parties and their respective successors and permitted assigns.

     (b) THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK.

     (c) This Agreement may be executed in counterparts (and by different parties hereto in
different counterparts), each of which shall constitute an original, but all of which when taken
together shall constitute a single contract. Delivery of an executed counterpart of a signature
page of this Agreement by telecopy or other electronic imaging means shall be effective as delivery
of a manually executed counterpart of this Agreement.

     (d) If any provision of this Agreement is held to be illegal, invalid or unenforceable, (i)
the legality, validity and enforceability of the remaining provisions of this Agreement shall not
be affected or impaired thereby and (ii) the parties shall endeavor in good faith negotiations to
replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect
of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.

	 	23.	 	WAIVER OF JURY TRIAL.

     EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED
ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE,
AGENT OR

Pledge Agreement

12

 

ATTORNEY OF ANY OTHER PERSON HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PERSON WOULD
NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT
AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

[Signatures on Following Page]

Pledge Agreement

13

 

     IN WITNESS WHEREOF, each Pledgor and the Administrative Agent have caused this Agreement to be
executed by their duly elected officers duly authorized as of the date first above written.

	 	 	 	 	 
	 	Pledgors:

WRIGHT EXPRESS CORPORATION

 	 
	 	By:  	/s/
Steven Elder 	 
	 	 	Name:  	Steven Elder 	 
	 	 	Title:  	Senior Vice President and Chief Financial Officer 	 
	 
	 	By:  	/s/
Maurice Washington 	 
	 	 	Name:  	Maurice Washington 	 
	 	 	Title:  	Vice President 	 
	 

Pledge Agreement

 

 

Administrative Agent:

	 	 	 	 	 
	 	BANK OF AMERICA, N.A., as Administrative Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Pledge Agreement

 

 

SCHEDULE 1

To

Pledge Agreement

LIST OF PLEDGED EQUITY INTERESTS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Type of	 	Number of Shares	 	Certificate	 	 
	Pledgor	 	Name of Issuing Entity	 	Equity	 	or Equity Interest	 	No.	 	Percentage Owned
	Wright Express 

Corporation

	 	Wright Express

Australia Holdings

Pty Ltd
	 	Ordinary

Shares
	 	58,500,001
[This represents
65% of the ordinary
shares of Wright
Express Australia
Holdings Pty Ltd]
	 	 	2	 	 	 	100	%
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 	 	 

Pledge Agreement

 

 

EXHIBIT A

          This SUPPLEMENT NO. [•] dated as of [•], (this “Supplement”) to the Pledge Agreement,
dated as of [________], 2011 (the “Pledge Agreement”), among WRIGHT EXPRESS CORPORATION, a
Delaware corporation (the “Company”), each of the Domestic Subsidiary Guarantors party
thereto (together with the Company, the “Pledgors” and each individually, a
“Pledgor”) in favor of BANK OF AMERICA, N.A., as administrative agent for itself and the
other Secured Parties (as defined therein) (herein, together with its successors and assigns in
such capacity, the “Administrative Agent”):

     A. Reference is made to the Credit Agreement, dated as of [__________], 2011 (as in effect
from time to time, the “Credit Agreement”), among the Company, the Designated Borrowers
from time to time party thereto, each Lender from time to time party thereto, Bank of America,
N.A., as Administrative Agent, Swing Line Lender and L/C Issuer, and Merrill Lynch, Pierce, Fenner
& Smith Incorporated, Wells Fargo Securities, LLC, SunTrust Robinson Humphrey, Inc. and RBS
Citizens, National Association as joint lead arrangers and joint book managers.

     B. Capitalized terms used herein and not otherwise defined herein shall have the meanings
assigned to such terms in the Credit Agreement and the Pledge Agreement, as applicable.

     C. The Pledgors have entered into the Pledge Agreement in order to induce the Lenders to make
Loans and issue Letters of Credit. Section 21 of the Pledge Agreement provides that
additional Loan Parties may become Pledgors under the Pledge Agreement by execution and delivery of
an instrument in the form of this Supplement. The undersigned Loan Party (the “New
Pledgor”) is executing this Supplement in accordance with the requirements of the Credit
Agreement to become a Pledgor under the Pledge Agreement.

     Accordingly, the Administrative Agent and the New Pledgor agree as follows:

     1. In accordance with Section 21 of the Pledge Agreement, the New Pledgor by its
signature below becomes a Pledgor under the Pledge Agreement with the same force and effect as if
originally named therein as a Pledgor and the New Pledgor hereby (a) agrees to all the terms and
provisions of the Pledge Agreement applicable to it as a Pledgor thereunder and (b) represents and
warrants that the representations and warranties made by it as a Pledgor thereunder are true and
correct on and as of the date hereof. In furtherance of the foregoing, the New Pledgor, to secure
the Obligations, does hereby pledge and grant to the Administrative Agent a first priority security
interest in all of the New Pledgor’s right, title and interest in and to the Collateral of the New
Pledgor. Each reference to a “Pledgor” in the Pledge Agreement shall be deemed to include the New
Pledgor. The Pledge Agreement is hereby incorporated herein by reference.

     2. The New Pledgor represents and warrants to the Administrative Agent and the other Secured
Parties that this Supplement has been duly authorized, executed and delivered by it

Pledge Agreement

 

 

and constitutes its legal, valid and binding obligation, enforceable against it in accordance
with its terms.

     3. This Supplement may be executed in counterparts (and by different parties hereto on
different counterparts), each of which shall constitute an original, but all of which when taken
together shall constitute a single contract. This Supplement shall become effective when the
Administrative Agent shall have received a counterpart of this Supplement that bears the signature
of the New Pledgor and the Administrative Agent has executed a counterpart hereof. Delivery of an
executed signature page to this Supplement by facsimile or other electronic transmission shall be
as effective as delivery of a manually signed counterpart of this Supplement.

     4. The New Pledgor hereby represents and warrants that (a) Schedule 1 hereto describes
the number, type and percentage amount of all Equity Interests of any Foreign Subsidiary (other
than any Excluded Pledge Subsidiary) owned by it, and (b) such New Pledgor is the holder of record
and sole beneficial owner of the Equity Interests indicated opposite its name on Schedule 1
hereto.

     6. Except as expressly supplemented hereby, the Pledge Agreement shall remain in full force
and effect.

     7. THIS SUPPLEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAW OF THE
STATE OF NEW YORK.

     8. If any provision of this Supplement is held to be illegal, invalid or unenforceable, (i)
the legality, validity and enforceability of the remaining provisions of this Supplement shall not
be affected or impaired thereby and (ii) the parties shall endeavor in good faith negotiations to
replace the illegal, invalid or unenforceable provisions with valid provisions the economic effect
of which comes as close as possible to that of the illegal, invalid or unenforceable provisions.

     9. The New Pledgor agrees to reimburse the Administrative Agent for its reasonable
out-of-pocket expenses in connection with this Supplement, including the reasonable fees, other
charges and disbursements of counsel for the Administrative Agent.

[Remainder of page intentionally left blank.]

Pledge Agreement

 

 

     IN WITNESS WHEREOF, the New Pledgor and the Administrative Agent have duly executed this
Supplement to the Pledge Agreement as of the day and year first above written.

	 	 	 	 	 
	 	WRIGHT EXPRESS CORPORATION

 	 
	 	By 	  	 
	 	 	Title: 	 
	 	 	 
	 
	 	BANK OF AMERICA, N.A.

as Administrative Agent

 	 
	 	By 	
 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Pledge Agreement

 

 

SCHEDULE 1

To

Supplement to Pledge Agreement

LIST OF CAPITAL STOCK AND

EQUITY INTERESTS

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Type of	 	Number of Shares	 	Certificate	 	 
	Pledgor	 	Name of Issuing Entity	 	Equity	 	or Equity Interest	 	No.	 	Percentage Owned

Pledge Agreement

 

 

EXHIBIT B

[Form of] Acknowledgment and Consent

     The undersigned hereby acknowledges receipt of a copy of the Pledge Agreement, dated as of
[_________], 2011 (the “Agreement”), made by the Pledgors party thereto for the benefit of
Bank of America, N.A., as Administrative Agent. The undersigned agrees for the benefit of the
Administrative Agent and the other Secured Parties (as defined in the Agreement) as follows:

     1. The undersigned will be bound by the terms of the Agreement and will comply with such terms
insofar as such terms are applicable to the undersigned.

     2. The undersigned confirms the registration of its equity interests pledged under the
Agreement to the Administrative Agent, on behalf of the Secured Parties, on such Person’s books.

	 	 	 	 	 
	 	[NAME OF ISSUER]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Pledge Agreement (Wright Express Corporation)exv10w5

Exhibit
10.5

Share Mortgage

Wright Express Corporation

Bank of America, N.A., as Administrative Agent

Allens Arthur Robinson

Level 28

Deutsche Bank Place

Corner Hunter and Phillip Streets

Sydney NSW 2000 Australia

Tel +61 2 9230 4000

Fax +61 2 9230 5333

www.aar.com.au

© Copyright Allens Arthur Robinson, Australia 2011

 

 

			
	Share Mortgage
	 	

	 	 	 	 	 

	Table of Contents
	 	 	 	 
	 
	 	 	 	 
	1. Definitions and Interpretation
	 	 	1	 
	1.1 Definitions
	 	 	1	 
	1.2 Credit Agreement definitions
	 	 	3	 
	1.3 Interpretation
	 	 	3	 
	1.4 Document or agreement
	 	 	4	 
	1.5 Benefit of mortgage
	 	 	4	 
	2. Mortgage
	 	 	4	 
	2.1 Mortgage
	 	 	4	 
	3. Nature of Mortgage
	 	 	5	 
	3.1 Priority
	 	 	5	 
	3.2 Dealing with Mortgaged Property
	 	 	5	 
	4. Covenant to Pay and Perform
	 	 	5	 
	5. Representations and warranties
	 	 	5	 
	6. Undertakings
	 	 	6	 
	7. Further Assurances
	 	 	7	 
	8. Appointment of Controller
	 	 	7	 
	8.1 Appointment
	 	 	7	 
	8.2 Agent of Mortgagor
	 	 	8	 
	8.3 Receiver’s powers
	 	 	8	 
	8.4 Receiver appointed after commencement of Liquidation
	 	 	9	 
	8.5 Powers exercisable by the Mortgagee
	 	 	9	 
	8.6 Withdrawal
	 	 	9	 
	9. Power of Attorney
	 	 	9	 
	10. Completion of Blank Securities
	 	 	10	 
	11. Performance of Mortgagor’s Obligations
	 	 	10	 
	12. Inspection
	 	 	10	 
	13. Statutory Powers
	 	 	10	 
	13.1 Powers in augmentation
	 	 	10	 
	13.2 Notice not required
	 	 	10	 
	14. Application of Money Received
	 	 	11	 
	14.1 Order
	 	 	11	 
	14.2 Money actually received
	 	 	11	 
	14.3 Amounts contingently due
	 	 	11	 
	14.4 Notice of subsequent Security Interests
	 	 	11	 
	14.5 Conversion of currencies on application
	 	 	12	 
	15. Other Security Interests Over Mortgaged Property
	 	 	12	 
	16. Protection of Secured Parties, Controllers and Attorneys
	 	 	12	 

Page (i)

 

 

			
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	17. Protection of Third Parties
	 	 	13	 
	17.1 No enquiry
	 	 	13	 
	17.2 Receipt
	 	 	13	 
	18. Expenses, Indemnity
	 	 	13	 
	18.1 Expenses
	 	 	13	 
	18.2 Indemnity
	 	 	13	 
	19. Currency Indemnity
	 	 	14	 
	19.1 General
	 	 	14	 
	20. Certificate as to Amount of Secured Money
	 	 	14	 
	21. Survival of Obligations
	 	 	14	 
	22. Continuing Security
	 	 	14	 
	23. Other Securities
	 	 	15	 
	24. Discharge of mortgage
	 	 	15	 
	25. Waivers, Remedies Cumulative
	 	 	15	 
	26. Severability of Provisions
	 	 	15	 
	27. Moratorium Legislation
	 	 	15	 
	28. Assignments
	 	 	16	 
	29. Notices
	 	 	16	 
	30. Authorised Officers
	 	 	16	 
	31. Governing Law and Jurisdiction
	 	 	16	 
	31.1 Governing Law
	 	 	16	 
	31.2 Jurisdiction
	 	 	16	 
	31.3 Process agent
	 	 	17	 
	32. Counterparts
	 	 	17	 

Page (ii)

 

 

			
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	Date

	 	                    May 2011
	Parties
	 	 
	1.

	 	Wright Express Corporation a Delaware corporation with its principal place of
business at 97 Darling Avenue, South Portland, Maine 04106-2301, United States of
America (the Mortgagor); and
	 
	2.

	 	Bank of America, N.A. of one Bryant Park, New York, New York 10036, United States of
America in its capacity as Administrative Agent under the Credit Agreement, as
defined below (the Mortgagee).
	Recitals
	 	 
	A

	 	From time to time the Mortgagor may wish one or more Secured Parties to provide
financial accommodation to or for the account of the Mortgagor or another person.
	 
	B

	 	This Deed is given to secure repayment of that accommodation, among other things.

It is agreed as follows.

1. Definitions and Interpretation

1.1 Definitions

	 	 	The following definitions apply unless the context requires otherwise.

	 	 	Ancillary Property means:

	 	(a)	 	all of the Mortgagor’s interest in all profits, losses and other
distributions to which it shall at any time be entitled in respect of the Equity
Interests;

	 	(b)	 	all other payments due or to become due to the Mortgagor in respect of the
Equity Interests, whether under any Organization Document or otherwise, and whether as
contractual obligations, damages, insurance proceeds or otherwise;

	 	(c)	 	all of the Mortgagor’s claims, rights and entitlements, if any, under any
Organization Document or at law or otherwise in respect of the Equity Interests;

	 	(d)	 	all other property delivered in substitution for or in addition to any of the
foregoing, all certificates and instruments representing or evidencing such other
property and all cash, securities, interest, distributions, dividends, rights and
other property at any time and from time to time received, receivable or otherwise
distributed in respect of or in exchange for any or all thereof; and

	 	(e)	 	to the extent not otherwise included, all proceeds of any or all of the items
listed in (a) to (e).

	 	 	Attorney means any attorney appointed under this Deed.

Page 1

 

 

			
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	 	 	Australian Subsidiary means Wright Express Australia Holdings Pty Ltd (ABN 86 145 445 361).

	 	 	Authorisation includes:

	 	(a)	 	any consent, authorisation, registration, filing, lodgement, agreement,
notarisation, certificate, permission, licence, approval, authority or exemption from,
by or with a Governmental Authority; or

	 	(b)	 	in relation to anything which will be fully or partly prohibited or
restricted by law if a Governmental Authority intervenes or acts in any way within a
specified period after lodgement, filing, registration or notification, the expiry of
that period without intervention or action.

	 	 	Authorised Officer means:

	 	(a)	 	in respect of the Mortgagor, any Responsible Person; and

	 	(b)	 	in respect of the Mortgagee or a Secured Party, any authorised signatory,
including any person whose title or acting title includes the word Chief, Counsel,
Executive, Head, Manager, Director or President or cognate expressions, or any
secretary or director.

	 	 	Controller means a Receiver or a person appointed as the Mortgagee’s agent under this Deed.

	 	 	Credit Agreement means the credit agreement dated on or about the date of this Deed
between, among others, the Mortgagor, each Designated Borrower from time to time party
thereto, the Mortgagee and each Lender a party thereto.

	 	 	Lease means an agreement under which an asset may be used, exploited, operated or managed
by a person other than the owner. It includes a lease, licence, charter, hire purchase or
hiring arrangement.

	 	 	Liquidation includes receivership or other appointment of a controller, deregistration,
compromise, deed of arrangement, amalgamation, administration, reconstruction, winding up,
dissolution, assignment for the benefit of creditors, arrangement or compromise with
creditors or bankruptcy.

Mortgaged Property means the property mortgaged or charged under this Deed.

Permitted Liens means those Liens permitted to be in existence pursuant to clause 7.01 of
the Credit Agreement.

Power means a power, right, authority, discretion or remedy which is conferred on the
Mortgagee, or any Secured Party, Controller or Attorney by this Deed or any law in relation
to it.

Receiver means a receiver or receiver and manager appointed under this Deed.

Secured Money means the Obligations.

It includes money by way of principal, interest, fees, costs, indemnity, Guarantee,
charges, duties or expenses, or payment of liquidated or unliquidated damages under or in
connection with a Loan Document, Specified Hedge Agreement or Specified Cash Management
Agreement or as a result of a breach of or default under or in connection with, a Loan
Document, Specified Hedge Agreement or Specified Cash Management Agreement.

It also includes money that the Mortgagor or a Borrower would have been liable to pay but
for its Liquidation, or some other reason.

Secured Party means:

Page 2

 

 

			
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	 	(a)	 	the Mortgagee;

	 	(b)	 	a Lender as defined in the Credit Agreement;

	 	(c)	 	any other person for which the Mortgagee is acting as agent or trustee under
any Loan Document;

	 	(d)	 	any other person which the Mortgagor and the Mortgagee agree is to be a
Secured Party for the purposes of this Deed, including in the Foreign Subsidiary
Pledge Agreement; or

	 	(e)	 	any successor, substitute or assign of any of the above.

Security Interest includes any mortgage, pledge, lien or charge or any security or
preferential interest or arrangement of any kind. It includes:

	 	(f)	 	anything which gives a creditor priority to other creditors with respect to
any asset; and

	 	(g)	 	retention of title other than in the ordinary course of day-to-day trading
and a deposit of money by way of security.

1.2 Credit Agreement definitions

	 	 	Definitions in the Credit Agreement apply in this Deed unless the context requires
otherwise or the relevant term is defined in this Deed.

1.3 Interpretation

	 	 	Headings are for convenience only and do not affect interpretation. The following rules
apply unless the context requires otherwise.

	 	(a)	 	The singular includes the plural and the converse.

	 	(b)	 	A gender includes all genders.

	 	(c)	 	Where a word or phrase is defined, its other grammatical forms have a
corresponding meaning.

	 	(d)	 	A reference to a person, corporation, trust, partnership, unincorporated body
or other entity includes any of them.

	 	(e)	 	A reference to a clause, annexure or schedule is a reference to a clause of,
or annexure or schedule to, this Deed.

	 	(f)	 	A reference to a party to this Deed or another agreement or document includes
the party’s successors and permitted substitutes or assigns.

	 	(g)	 	A reference to legislation or to a provision of legislation includes a
modification or re-enactment of it, a legislative provision substituted for it and a
regulation or statutory instrument issued under it.

	 	(h)	 	A reference to writing includes a facsimile transmission and any means of
reproducing words in a tangible and permanently visible form.

	 	(i)	 	A reference to conduct includes an omission, statement or undertaking,
whether or not in writing.

	 	(j)	 	The meaning of terms is not limited by specific examples introduced by
including or for example, or similar expressions.

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	 	(k)	 	A reference to an asset includes any real or personal, present or future,
tangible or intangible property or asset (including intellectual property) and any
right, interest, revenue or benefit in, under or derived from the property or asset.

	 	(l)	 	An Event of Default subsists until it has been waived in writing by the
Mortgagee acting on the instructions required under the relevant Loan Documents or
remedied to the absolute satisfaction of the Mortgagee acting on the instructions
required under the relevant Loan Documents.

	 	(m)	 	A reference to an amount for which a person is contingently liable includes
an amount which that person may become actually or contingently liable to pay if a
contingency occurs, whether or not that liability will actually arise.

	 	(n)	 	Nothing in this Deed is to be interpreted against a party on the ground that
the party put it forward.

1.4 Document or agreement

	 	 	A reference to:

	 	(a)	 	an agreement includes a Security Interest, Guarantee, undertaking, deed,
agreement or legally enforceable arrangement whether or not in writing; and

	 	(b)	 	a document includes an agreement (as so defined) in writing or a certificate,
notice, instrument or document.

	 	 	A reference to a specific agreement or document includes it as amended, novated,
supplemented or replaced from time to time, except to the extent prohibited by this Deed.

1.5 Benefit of mortgage

	 	 	The mortgage under this Deed is held by the Mortgagee as Administrative Agent for itself
and each other Secured Party.

2. Mortgage

2.1 Mortgage

	 	(a)	 	The Mortgagor mortgages to the Mortgagee (for itself and as Administrative
Agent for the Secured Parties):

	 	(i)	 	58,500,001 Equity Interests which the Mortgagor holds in the
Australian Subsidiary, as represented by share certificate number 2;

	 	(ii)	 	any Equity Interests which may at any time attach to, or
arise out of, the Mortgagor’s holding in those shares; and

	 	(iii)	 	the Ancillary Property.

	 	(b)	 	The mortgage secures the due and punctual payment of the Secured Money.

	 	(c)	 	The mortgage is given in consideration of the Secured Parties entering the
Loan Documents, providing or continuing advances or financial accommodation from time
to time, or both, and for other valuable consideration received.

Page 4

 

 

			
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3. Nature of Mortgage

3.1 Priority

	 	 	The mortgage created under clause 2.1(a) (Mortgage) is a first equitable mortgage and takes
priority over all other Security Interests.

3.2 Dealing with Mortgaged Property

	 	(a)	 	Except with the prior written consent of the Mortgagee or as permitted in any
Loan Document, the Mortgagor shall not:

	 	(i)	 	create or allow to exist any Security Interest over any
Mortgaged Property; or

	 	(ii)	 	in any other way:

	 	(A)	 	dispose of;

	 	(B)	 	create or allow any interest in; or

	 	(C)	 	part with possession of,

	 	 	 	any Mortgaged Property.

	 	(b)	 	Where by law a mortgagee may not restrict the creation of any Security
Interest over an asset ranking after the mortgage created by this Deed, paragraph (a)
will not restrict that creation, but the Mortgagor shall ensure that before that
Security Interest is created the holder of that Security Interest enters into a deed
of priority in form and substance specified by the Mortgagee.

4. Covenant to Pay and Perform

	 	(a)	 	The Mortgagor shall duly and punctually pay the Secured Money. After an Event of
Default (whether or not it is subsisting) it shall pay all Secured Money on demand.

	 	(b)	 	The Mortgagor shall ensure that no Event of Default occurs. Without
affecting the liability of the Mortgagor or the Powers of the Mortgagee in any other
respect (including where a breach of this paragraph is also a breach of another
provision), the Mortgagor is not liable in damages for a breach of this paragraph but
the Mortgagee may exercise its Powers following the breach.

5. Representations and warranties

	 	 	The Mortgagor represents and warrants that:

	 	(a)	 	it is the sole beneficial owner of, and has good title to, all Mortgaged
Property, subject to no Security Interest whatsoever other than Permitted Liens;

	 	(b)	 	it has full organisational power, authority and legal right to mortgage all
the Mortgaged Property mortgaged by it pursuant to this Deed;

	 	(c)	 	all Equity Interests have been duly authorised and validly issued and, if
applicable, are fully paid;

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	 	(d)	 	the Equity Interests mortgaged under this Deed constitute not less than 65%
of the total issued share capital of the Australian Subsidiary;

	 	(e)	 	it is not in default in the payment of any portion of any mandatory capital
contribution, if any, required to be made under any Organization Document of the
Australian Subsidiary, and it is not in violation of any other material provisions of
any Organization Document of the Australian Subsidiary, or otherwise in default or
violation thereunder, no Mortgaged Property is subject to any defence, offset or
counterclaim, nor have any of the foregoing been asserted or alleged against the
Mortgagor by any Person with respect thereto and as of the Closing Date, other than
with respect to Equity Interests of the Mortgagor that are not required to be
mortgaged hereunder, there are no certificates, instruments, documents or other
writings (other than the Organization Documents, if any, delivered to the Mortgagee)
which evidence any Equity Interests of the Mortgagor (other than management shares);

	 	(f)	 	the mortgage of the Mortgaged Property pursuant to this Deed, subject to any
necessary stamping or registration, creates a valid and continuing Security Interest
in the Mortgaged Property and the proceeds thereof and is not subject to any prior
Security Interest or to any agreement purporting to grant to any third party a
Security Interest on the property or assets of the Mortgagor which would include the
Mortgaged Property other than Permitted Liens ; and

	 	(g)	 	it shall give the Mortgagee prompt notice of any written claim relating to
the Mortgaged Property received by it and shall deliver to the Mortgagee a copy of
each other demand, notice or other document received by it which may adversely affect
the Mortgagee’s interest in the Mortgaged Property simultaneously with the next
occurring delivery of the financial statements required to be delivered under section
6.01 of the Credit Agreement.

6. Undertakings

	 	(a)	 	The Mortgagor covenants and agrees that it will defend the Mortgagee’s right,
title and security interest in and to the Mortgaged Property (including the proceeds
thereof) against the claims and demands of all Persons whomsoever other than Persons
holding Permitted Liens.

	 	(b)	 	Subject to paragraph (c), if the Mortgagor shall acquire (by purchase, stock
dividend or otherwise) any additional Equity Interests at any time or from time to
time after the date of this Deed which are represented by certificates or instruments,
the Mortgagor will, concurrently with the next occurring delivery of the financial
statements required by Section 6.01 of the Credit Agreement, mortgage to the Mortgagee
and deliver to the Mortgagee certificates or instruments thereof, accompanied by
undated transfer powers duly executed in blank by the Mortgagor, or such other
instruments of transfer as are reasonably acceptable to the Mortgagee.

	 	(c)	 	Notwithstanding paragraph (b), the Mortgagor shall not be required to
mortgage any Equity Interests it holds in the Australian Subsidiary in excess of 65%
of the total combined voting power of all classes of shares capital of the Australian
Subsidiary.

	 	(d)	 	If any Equity Interests (whether or not now owned or hereafter acquired) are
uncertificated, the Mortgagor shall promptly notify the Mortgagee thereof, and shall
promptly take all

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	 	 	 	actions required or requested by the Mortgagee to perfect the security interest of
the Mortgagee under applicable Laws. The Mortgagor further agrees to take such
actions as the Mortgagee deems reasonably necessary or desirable to effect the
foregoing and to permit the Mortgagee to exercise any of its rights and remedies
hereunder.

	 	(e)	 	Unless an Event of Default has occurred and is continuing, the Mortgagor
shall be entitled to exercise all voting rights attaching to any and all Equity
Interests owned by it, and to give consents, waivers or ratifications in respect
thereof. All such rights of the Mortgagor to vote and to give consents waivers and
ratifications shall cease if an Event of Default is subsisting.

	 	(f)	 	Unless an Event of Default has occurred and is continuing, all cash dividends
or other amounts payable in respect of the Mortgaged Property shall be paid to the
Mortgagor. All dividends, distributions or other payments which are received by the
Mortgagor contrary to the provisions of this Deed shall be held by the Mortgagor on
account for the benefit of the Mortgagee, and shall be promptly paid over to the
Mortgagee as Mortgaged Property in the same form as so received (with any necessary
endorsement).

	7.	 	Further Assurances

	 	 	Whenever the Mortgagee requests the Mortgagor to do anything it may reasonably require
or deem reasonably advisable:

	 	(a)	 	to ensure each of this Deed and each Security Interest created under it is
fully effective, enforceable and perfected with the stated priority;

	 	(b)	 	for more satisfactorily assuring or securing the Mortgaged Property to the
Secured Parties in a manner not inconsistent with this Deed; or

	 	(c)	 	for aiding the exercise of any Power,

	 	 	the Mortgagor shall do it promptly at its own cost. That may include, for that
purpose:

	 	(d)	 	doing anything to make, procure or obtain any Authorisation (including
registration) in respect of anything, or to facilitate it;

	 	(e)	 	creating, procuring or executing any document, including any notice, consent
or agreement, or legal or statutory mortgage or transfer; and

	 	(f)	 	delivering documents or evidence of title and executed blank transfers, or
otherwise giving possession or control with respect to any Mortgaged Property.

8. Appointment of Controller

8.1 Appointment

	 	(a)	 	To the extent permitted by law, at any time while an Event of Default
subsists the Mortgagee or any Authorised Officer of the Mortgagee may:

	 	(i)	 	appoint any person or any two or more persons jointly and/or
severally to be a receiver or receiver and manager of all or any of the
Mortgaged Property or to act as agent of the Mortgagee to exercise any of the
Mortgagee’s Powers;

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	 	(ii)	 	remove any Controller;
	 
	 	(iii)	 	appoint another Controller in addition to or in place of any Controller; and
	 
	 	(iv)	 	fix or vary the remuneration of any Controller.

	 	(b)	 	An appointment may be made under paragraph (a) on any terms the Mortgagee
thinks fit and whether or not any Secured Party at any time has taken, or entered into
possession of, any of the Mortgaged Property. Without limiting any other method of
appointment permitted by law, an appointment may be made by an instrument signed by an
Authorised Officer of the Mortgagee or by, or on behalf of, the Mortgagee.

8.2 Agent of Mortgagor

	 	 	Subject to clause 8.4 (Receiver appointed after commencement of Liquidation), every
Receiver is the agent of the Mortgagor. The Mortgagor alone is responsible for a
Receiver’s acts and defaults.

8.3 Receiver’s powers

	 	 	In addition to any powers granted by law, and except to the extent specifically excluded by
the terms of appointment, at any time while an Event of Default subsists, every Receiver
has power to do anything in respect of the Mortgaged Property that an absolute beneficial
legal owner of the property could do. That includes power to do any of the following, in
each case on such terms as the Receiver thinks fit.

	 	(a)	 	(Take possession and manage) Take possession of, get in and manage the
Mortgaged Property.

	 	(b)	 	(Sell)

	 	(i)	 	Sell any of the Mortgaged Property (whether or not the
Receiver has taken possession).

	 	(ii)	 	Without limitation any sale may be made:

	 	(A)	 	by public auction, private treaty or tender;

	 	(B)	 	for cash or on credit;

	 	(C)	 	in one lot or in parcels;

	 	(D)	 	either with or without special conditions or
stipulations as to title or time or mode of payment of purchase money
or otherwise;

	 	(E)	 	with power to allow the whole or any part of
the purchase money to be deferred (whether with or without any
security); and

	 	(F)	 	whether or not in conjunction with the sale
of any property by any person.

	 	(c)	 	(Delegate) Delegate to any person approved by the Mortgagee any Powers
conferred on the Receiver (including delegation).

	 	(d)	 	(Vote) Exercise any voting or other rights or powers in respect of any of
the Mortgaged Property and do anything in relation to Marketable Securities.

	 	(e)	 	(Security Interests) Redeem any Security Interest or acquire it and any debt
secured by it.

	 	(f)	 	(Incidental power) Do anything incidental to the exercise of any other
Power.

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	 	 	All of the above paragraphs are to be construed independently. None limits the generality
of any other.

8.4 Receiver appointed after commencement of Liquidation

	 	 	The power to appoint a Receiver may be exercised even if:

	 	(a)	 	an order is made or a resolution is passed for the Liquidation of the
Mortgagor; and

	 	(b)	 	a receiver or receiver and manager appointed in those circumstances may not,
or may not in some respects, act as the agent of the Mortgagor.

8.5 Powers exercisable by the Mortgagee

	 	 	Whether or not a Receiver has been appointed, to the extent permitted by law the Mortgagee
may exercise any Power of a Receiver at any time while an Event of Default subsists, in
addition to any Power of the Mortgagee and without giving notice. It may exercise those
Powers and its Powers without taking possession or being liable as mortgagee in possession.
Without limitation it may exercise those Powers and its Powers directly or through one or
more agents. In the latter event anything done or incurred by an agent will be taken to be
done or incurred by the Mortgagee.

8.6 Withdrawal

	 	 	The Mortgagee may give up possession of any Mortgaged Property and withdraw any
receivership at any time.

9. Power of Attorney

	 	(a)	 	For valuable consideration and by way of security the Mortgagor irrevocably
appoints each Authorised Officer of the Mortgagee severally its attorney to do
anything which:

	 	(i)	 	the Mortgagor is obliged, but has failed, to do under or in
relation to any Loan Document; or

	 	(ii)	 	any Secured Party or Receiver is authorised or empowered to
do under any Loan Document or any law, but only at the times that that Secured
Party or Receiver (if a Receiver had been appointed) would have been able to
do it.

	 	(b)	 	Without limitation, the Attorney may at any time while an Event of Default
subsists:

	 	(i)	 	do anything which in the opinion of the Mortgagee or the
Attorney is necessary or expedient to secure, preserve, perfect or give effect
to the security contained in this Deed (including anything under clause 10
(Completion of blank securities) or 11 (Performance of Mortgagor’s
obligations)) and for this purpose, without limitation, the Attorney may
execute a legal mortgage, transfer, assignment and other assurance in favour
of any Secured Party of any of the Mortgaged Property; and

	 	(ii)	 	delegate the Attorney’s powers (including delegation).

	 	(c)	 	No Attorney appointed under this Deed may act, nor has power to act,
inconsistently with this Deed or any other Loan Document.

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10. Completion of Blank Securities

	 	 	At any time while an Event of Default subsists, the Mortgagee, any Authorised Officer
of the Mortgagee, any Receiver or any Attorney may complete any document executed by or on
behalf of the Mortgagor and deposited with any Secured Party. It may complete it in favour
of any Secured Party, any appointee of any Secured Party or any purchaser.

11. Performance of Mortgagor’s Obligations

	 	 	If at any time the Mortgagor fails duly to perform any obligation in this Deed, the
Mortgagee or any person it authorises may do anything which in its opinion is necessary or
expedient to make good or to attempt to make good that failure to its satisfaction.

12. Inspection

	 	 	The Mortgagor shall permit representatives and independent contractors of the
Mortgagee to visit and inspect any of its properties, to examine its corporate, financial
and operating records, and make copies thereof or abstracts therefrom, and to discuss its
affairs, finances and accounts with its directors, officers, and independent public
accountants, all at the expense of the Mortgagor and at such reasonable times during normal
business hours and as often as may be reasonably desired, upon reasonable advance notice to
the Mortgagor, provided, that the Mortgagee may not exercise such rights of inspection
under this clause 12 more often than two times during any calendar year absent the
existence of an Event of Default; provided, further, that when an Event of Default exists
the Mortgagee (or any of its respective representatives or independent contractors) may do
any of the foregoing at the expense of the Mortgagor at any time during normal business
hours and without advance notice.

13. Statutory Powers

13.1 Powers in augmentation

	 	 	The powers conferred on a mortgagee by law:

	 	(a)	 	are in addition to the Powers conferred by this Deed;

	 	(b)	 	(to the extent permitted by law) may be exercised by the Mortgagee
immediately after an Event of Default occurs and at any time subsequently; and

	 	(c)	 	are excluded or varied only so far as they are inconsistent with the express
terms of this Deed.

13.2 Notice not required

	 	 	To the extent permitted by law (but without prejudice to any express requirement in a Loan
Document):

	 	(a)	 	the Mortgagor dispenses with any notice or lapse of time required by law
before enforcing this Deed or exercising any Power; and

	 	(b)	 	without limitation the Mortgagor agrees that:

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	 	(i)	 	no Secured Party is required to give notice to any person
before enforcement or exercise;
	 
	 	(ii)	 	any law requiring the giving of notice or the compliance with
a procedure or the lapse of time before enforcement or exercise is excluded;
and
	 
	 	(iii)	 	where a law which cannot be excluded requires a period of
notice to be given but allows the period to be specified or changed, that
period is one day.

14. Application of Money Received

14.1 Order

	 	(a)	 	To the extent permitted by law, all moneys received by a Controller, an
Attorney or any Secured Party under or by virtue of this Deed will be applied in the
manner and order set forth in section 8.03 of the Credit Agreement.
	 
	 	(b)	 	The surplus will not carry interest. If it pays the surplus to the credit of
an account in the name of the Mortgagor with any bank carrying on business in
Australia, the Controller, Secured Party or Attorney (as the case may be) will be
under no further liability in respect of it.

14.2 Money actually received

	 	(a)	 	In applying any moneys towards satisfaction of the Secured Money the
Mortgagor will be credited only with the moneys available for that purpose which is
actually received by the relevant Secured Party. The credit will date from the time of
receipt.
	 
	 	(b)	 	That money will be appropriated as between principal, interest and other
amounts as the relevant Secured Party determines. Any such appropriation by the
relevant Secured Party will override any appropriation made by the Mortgagor.

14.3 Amounts contingently due

If any of the Secured Money is contingently owing to any Secured Party at the time of a
distribution of an amount under clause 14.1 (Order), the Mortgagee may retain any of that
amount. If it does, it shall place the amount retained on short term interest bearing
deposit until the relevant Secured Money becomes actually due or ceases to be contingently
owing, and the Mortgagee shall then:

	 	(a)	 	pay to that Secured Party the amount which becomes actually due to it; and
	 
	 	(b)	 	apply the balance of the amount retained (together with interest earned on
the deposit) in accordance with clause 14.1 (Order).

14.4 Notice of subsequent Security Interests

	 	(a)	 	If any Secured Party receives actual or constructive notice of a subsequent
Security Interest affecting any Mortgaged Property it may open a separate account in
the name of the Mortgagor or a Borrower in the books of that Secured Party.
	 
	 	(b)	 	If that Secured Party does not open a new account it will be treated as if it
had done so at the time it received actual or constructive notice of the Security
Interest.

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	 	(c)	 	From the time the new account is opened or is taken to be opened:

	 	(i)	 	all advances and accommodation made available by that Secured
Party to the Mortgagor or a Borrower;
	 
	 	(ii)	 	all payments and repayments made by the Mortgagor or a
Borrower to that Secured Party; and
	 
	 	(iii)	 	moneys to be applied towards the Secured Money under clause
14.1(e) (Order),

will be or will be taken to be debited or credited, as appropriate, to the new account.
Payments, repayments and other moneys will only be applied in reduction of other Secured
Money to the extent that there is no debit balance in that account.

14.5 Conversion of currencies on application

For the purpose of making an application under clause 14.1 (Order) any Secured Party,
Controller or Attorney may purchase one currency with another, whether or not through an
intermediate currency, whether spot or forward, in the manner and at the time it thinks
fit.

15. Other Security Interests Over Mortgaged Property

	 	(a)	 	Any Secured Party, Controller or Attorney may rely on the certificate of a holder
of another Security Interest affecting or purporting to affect the Mortgaged Property
as to the amount and property secured by the Security Interest, other than in cases of
manifest or obvious error.
	 
	 	(b)	 	The Mortgagee or any Controller may pay or agree to pay at any time the
amount certified by the holder of a Security Interest or purported Security Interest
to be necessary to discharge it or some of the indebtedness secured by it or to
acquire it. From the date of payment that amount will be part of the Secured Money and
the Mortgagor will indemnify the Mortgagee (or if other Secured Parties indemnify the
Mortgagee those other Secured Parties) and the Controller against that amount. This
applies whether or not that Security Interest or purported Security Interest was valid
or prior, equal or subsequent ranking or the property or moneys stated in the
certificate was secured by it.

16. Protection of Secured Parties, Controllers and Attorneys

To the extent permitted by law, no Secured Party, Controller or Attorney will be
liable:

	 	(a)	 	in respect of any conduct, delay, negligence or breach of duty in the
exercise or non-exercise of a Power; nor
	 
	 	(b)	 	for any loss (including consequential loss) which results,

except where it arises from fraud, gross negligence or wilful misconduct on the part of any
Secured Party, Controller or Attorney, provided that in no event shall any Secured Party,
Controller or Attorney be liable for indirect, special, incidental, consequential or
punitive damages.

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17. Protection of Third Parties

17.1 No enquiry

No party to any Dealing (as defined below) and no person asked to register a Dealing:

	 	(a)	 	is bound to enquire:

	 	(i)	 	whether an Event of Default has occurred or whether this Deed
has become enforceable;
	 
	 	(ii)	 	whether a person who is, or, purports or is purported to be,
a Controller or Attorney is duly appointed;
	 
	 	(iii)	 	as to the amount of Secured Money and whether Secured Money
is due and payable; or
	 
	 	(iv)	 	in any other way as to the propriety or regularity of the
Dealing; or

	 	(b)	 	is affected by notice that the Dealing is unnecessary or improper.

For the protection of any party to a Dealing or a person registering a Dealing, the Dealing
will be taken to be authorised by this Deed and will be valid accordingly, even if there is
any irregularity or impropriety in the Dealing.

In this clause a Dealing is:

	 	(a)	 	any payment, or any delivery or handing over of an asset, to; or
	 
	 	(b)	 	any acquisition, incurring of Finance Debt, receipt, sale, Lease, disposal or
other dealing, by,

any Secured Party, Controller or Attorney, or any person who purports or is purported to be
a Controller or Attorney.

17.2 Receipt

The receipt of any Authorised Officer of any Secured Party, Controller or Attorney (or
person who purports, or is purported, to be a Controller or Attorney) for any moneys or
assets payable to or receivable or received by it exonerates the person paying those moneys
or handing over that asset from being concerned as to their application, or from being
liable or accountable for their loss or misapplication.

18. Expenses, Indemnity

18.1 Expenses

The Mortgagor shall reimburse each Secured Party, Controller and Attorney in accordance
with, and to the extent provided under, section 10.04 of the Credit Agreement.

18.2 Indemnity

The Mortgagor shall indemnify each Secured Party, Controller and Attorney in accordance
with, and to the extent provided under, section 10.04 of the Credit Agreement.

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19. Currency Indemnity

19.1 General

The Mortgagor shall indemnify each Secured Party against any deficiency which arises
whenever for any reason (including as a result of a judgment or order or Liquidation):

	 	(a)	 	that Secured Party receives or recovers an amount in one currency (the
Payment Currency) in respect of an amount denominated under a Loan Document in another
currency (the Due Currency); and
	 
	 	(b)	 	the amount actually received or recovered by that Secured Party under its
normal practice when it converts the Payment Currency into the Due Currency is less
than the relevant amount of the Due Currency.

20. Certificate as to Amount of Secured Money

A certificate signed by an Authorised Officer of a Secured Party will be conclusive
evidence against the Mortgagor, in the absence of manifest error:

	 	(a)	 	as to the amount of Secured Money stated in that certificate;
	 
	 	(b)	 	that a document specified in that certificate is a Loan Document; and
	 
	 	(c)	 	that the relevant Secured Party is of the opinion stated in the certificate.

21. Survival of Obligations

	 	(a)	 	(Representations and warranties) Each representation or warranty in a Loan
Document survives the execution and delivery of the Loan Documents and the provision
of financial accommodation.
	 
	 	(b)	 	(Indemnity) Each indemnity, reimbursement or similar obligation in a Loan
Document (to the extent provided therein):

	 	(i)	 	is a continuing, separate and independent obligation;
	 
	 	(ii)	 	is payable on demand; and
	 
	 	(iii)	 	survives termination or discharge of the relevant Loan
Document and repayment of financial accommodation.

Where a party is obliged to indemnify another party against any loss, cost, charge,
liability, expense, deficiency or other amount, it shall pay on demand from time to
time the amount stated by the other party to be the amount indemnified against.

22. Continuing Security

This Deed is a continuing security despite any settlement of account, intervening
payment or anything else until a final discharge of this Deed has been given to the
Mortgagor.

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23. Other Securities

No Power and nothing in this Deed merges in, or in any other way prejudicially affects
or is prejudicially affected by:

	 	(a)	 	any other Guarantee or Security Interest; or
	 
	 	(b)	 	any judgment, right or remedy against any person,

which any Secured Party or any person claiming through any Secured Party may have at any
time.

24. Discharge of mortgage

	 	If: 	 	
	 
	 	(a)	 	the Secured Money has been paid in full;
	 
	 	(b)	 	all Commitments and other obligations of the Lenders to provide financial
accommodation to or for the account of the Mortgagor under the Loan Documents have
been cancelled or reduced to zero; and
	 
	 	(c)	 	the Mortgagor has fully observed and performed its respective obligations
under this deed and each other Loan Document,

then, at the written request of the Mortgagor (with no less than 3 Business Days prior
notice), the Mortgagee will discharge the mortgage granted under this deed and will duly
assign, transfer and deliver, or have delivered, to the Mortgagee (without recourse and
without any representation or warranty) such of the Mortgaged Property as may be in the
possession of the Mortgagee.

25. Waivers, Remedies Cumulative

	 	(a)	 	No failure to exercise and no delay in exercising a Power operates as a waiver.
Nor does any single or partial exercise of a Power preclude any other or further
exercise of that or any other Power.
	 
	 	(b)	 	Powers in the Loan Documents are in addition to, and do not exclude or limit,
any right, power or remedy provided by law.

26. Severability of Provisions

Any provision of any Loan Document which is prohibited or unenforceable in any
jurisdiction is ineffective as to that jurisdiction to the extent of the prohibition or
unenforceability. That does not invalidate the remaining provisions of that Loan Document
nor affect the validity or enforceability of that provision in any other jurisdiction.

27. Moratorium Legislation

To the full extent permitted by law all legislation which at any time directly or
indirectly:

	 	(a)	 	lessens, varies or affects in favour of the Mortgagor any obligation under a
Loan Document; or

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	 	(b)	 	delays, prevents or prejudicially affects the exercise by any Secured Party,
Controller or Attorney of any Power,

is excluded from the Loan Document.

28. Assignments

	 	(a)	 	Subject to the other Loan Documents, a Secured Party may assign all or any of its
rights or transfer all or any of its obligations under this Deed. If a Secured
Party’s rights under this Deed are assigned, the Secured Money will include all actual
and contingent liability of the Mortgagor and each Borrower to the assignee, whether
or not it was incurred before the assignment or in contemplation of it.
	 
	 	(b)	 	The Mortgagor may only assign or transfer any of its rights or obligations
under this Deed with the prior written consent of the Mortgagee acting on the
instructions of the Required Lenders or all Lenders to the extent required under the
terms of the Credit Agreement.

29. Notices

All notices, requests, demands, consents, approvals, agreements or other
communications to or by a party to this Deed shall be in writing and shall be in the form
and manner, and delivered to the addresses, detailed in section 10.02 of the Credit
Agreement.

30. Authorised Officers

The Mortgagor irrevocably authorises each Secured Party to rely on a certificate by a
person purporting to be its director or secretary as to the identity and signatures of its
Authorised Officers. The Mortgagor warrants that those persons have been authorised to
give notices and communications under or in connection with the Loan Documents.

31. Governing Law and Jurisdiction

31.1 Governing Law

This Deed is governed by the laws of New South Wales and the laws of the Commonwealth of
Australia as they apply there.

31.2 Jurisdiction

With respect to any legal action or proceedings relating to any Loan Document or any
transaction contemplated in any Loan Document (each, a Relevant Action), the Mortgagor
irrevocably:

	 	(a)	 	submits to and accepts, for itself and in respect of its assets, generally
and unconditionally the non-exclusive jurisdiction of any of the courts of Australia
or any of its states or territories, or New York (State and Federal) selected by the
Mortgagee; and
	 
	 	(b)	 	waives any objection to the venue and any claim that the Relevant Action has
been brought in an inconvenient forum; and

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	 	(c)	 	consents to the service of process out of any of those courts by the mailing
of copies of process by registered or certified airmail postage prepaid to it at its
address for service of notices set out in section 10.02 of the Credit Agreement or to
its process agent at its address provided in the following sub-clause, in which case
such service will be taken to have been effected on receipt.

Nothing in this Agreement affects the right to serve process in any other manner permitted
by law.

31.3 Process agent

	 	(a)	 	The Mortgagor irrevocably:

	 	(i)	 	nominates Wright Express Card Holdings Australia Pty Ltd (ACN
123 181 635) as its agent to receive service of process or other documents in
any Relevant Action in the courts of New South Wales; and
	 
	 	(ii)	 	agrees that service on that agent or any other person
appointed under paragraph (b) will be sufficient service on it.

	 	(b)	 	The Mortgagor shall ensure each process agent remains authorised to accept
service on its behalf. If any process agent ceases to have an office in the place
specified, the Mortgagor shall ensure that there is another person in that place
acceptable to the Mortgagee to receive process on its behalf. It shall promptly notify
the Mortgagee of the appointment of that other person.

32. Counterparts

This Deed may be executed in any number of counterparts. All counterparts together
will be taken to constitute one instrument.

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Executed and delivered as a Deed

Each authorised signatory executing this Deed states that he or she has no notice of revocation or
suspension of his or her authority.

Mortgagor

	 	 	 

	Signed Sealed and Delivered for Wright
	 	 
	Express Corporation by its authorised signatory
	 	 
	in the presence of:
	 	 
	 
	 	 
	/s/ Gregory A. Wiessner

	 	/s/ Steven Elder
	 

	 	 
	Witness signature

	 	Authorised signatory signature
	Gregory A. Wiessner

	 	Steven Elder, Chief Financial Officer
	Print name

	 	Print name
	 
	Mortgagee
	 	 
	 
	 	 
	Signed Sealed and Delivered for Bank of
	 	 
	America, N.A as Administrative Agent for each
	 	 
	Secured Party by its authorised signatory in the
	 	 
	presence of:
	 	 
	 
	 	 
	/s/ Michelle D. Diggs
	 	/s/ Maurice Washington
	 	 	 
	Witness signature

	 	Authorised signatory signature
	Michelle D. Diggs

	 	Maurice Washington
	Print name

	 	Print name

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