Document:

WEX 6.30.2015 EX  10.2

    

Southern Cross WEX 2015-1 Trust - Guarantee and Indemnity
Dated                    28 April  2015
WEX Inc. (“Guarantor”)
Perpetual Corporate Trust Limited (ABN 99 000 341 533) (“Trustee”)

King & Wood Mallesons
Level 61
Governor Phillip Tower
1 Farrer Place
Sydney  NSW  2000
Australia
T +61 2 9296 2000
F +61 2 9296 3999
DX 113 Sydney
www.kwm.com

Details    1
General terms    2

		
	1
	Interpretation    2

		
	1.1
	Terms defined in the Receivables Acquisition and Servicing Agreement    2

		
	1.2
	Definitions    2

		
	1.3
	References to certain general terms    5

		
	1.4
	Number    6

		
	1.5
	Headings    6

		
	2
	Guarantee and indemnity    6

		
	2.1
	Consideration    6

		
	2.2
	Guarantee    6

		
	2.3
	Indemnity    6

		
	2.4
	Acknowledgement    7

		
	3
	Interest    7

		
	3.1
	Obligation to pay interest    7

		
	3.2
	Compounding    7

		
	3.3
	Interest following judgment    7

		
	4
	Extent of guarantee and indemnity    8

		
	4.1
	Nature of guarantee    8

		
	4.2
	Variations and replacements    8

		
	5
	Reinstatement of rights    8

		
	6
	Rights of the Trustee are protected    8

		
	7
	No merger    9

		
	8
	Guarantor’s rights    10

		
	8.1
	Guarantor’s rights are suspended    10

		
	8.2
	Guarantor’s right of proof limited    10

		
	9
	Power of attorney    10

		
	9.1
	Appointment of attorneys    10

		
	9.2
	Attorneys’ powers    11

		
	9.3
	Application of insolvency dividends    11

		
	10
	General undertakings    11

		
	11
	Representations and warranties    11

		
	11.1
	Representations and warranties    11

		
	11.2
	Repetition of representations and warranties    12

		
	11.3
	Reliance    12

		
	12
	Payments    12

		
	12.1
	Manner of payment    12

		
	12.2
	Currency of payment    12

		
	13
	Withholding tax    13

		
	14
	Costs and indemnities    13

		
	14.1
	What the Guarantor agrees to pay    13

		
	14.2
	Indemnity    14

		
	14.3
	Items included in loss, liability and Costs    14

		
	14.4
	Currency conversion on judgment debt    14

		
	14.5
	Payment for Guarantor’s obligations    14

		
	15
	Application of payments    14

		
	15.1
	Application of money    14

		
	15.2
	Order of payment    14

		
	15.3
	Suspense account    15

		
	15.4
	Remaining money    15

		
	15.5
	Credit from date of receipt    15

		
	16
	Dealing with interests    15

		
	17
	Notices and other communications    15

		
	17.1
	Form - all communications    15

		
	17.2
	Delivery    15

		
	17.3
	When effective    16

		
	17.4
	Deemed receipt – postal    16

		
	17.5
	Deemed receipt – fax    16

		
	17.6
	Receipt – email    16

		
	17.7
	Deemed receipt – general    16

		
	17.8
	Change in details    16

		
	18
	General    16

		
	18.1
	Prompt performance    16

		
	18.2
	Consents    16

		
	18.3
	Certificates    16

		
	18.4
	Set-off    16

		
	18.5
	Discretion in exercising rights    17

		
	18.6
	Partial exercising of rights    17

		
	18.7
	Trustee’s capacity and limitation of liability    17

		
	18.8
	No liability for loss    17

		
	18.9
	Conflict of interest    17

		
	18.10
	Remedies cumulative    17

		
	18.11
	Indemnities    17

		
	18.12
	Inconsistent law    17

		
	18.13
	Supervening legislation    17

		
	18.14
	Time of the essence    18

		
	18.15
	Variation and waiver    18

		
	18.16
	Confidentiality    18

		
	18.17
	Further steps    18

		
	18.18
	Each signatory bound    18

		
	18.19
	Counterparts    19

		
	18.20
	Governing law    19

		
	18.21
	Serving documents    19

		
	18.22
	Service of Process    19

Signing page    20

Details
	
				
	 
	Parties
	Guarantor and Trustee

	 
	Guarantor
	Name
	WEX Inc., a Delaware Corporation

	 
	 
	Tax ID
	01-0526993

	 
	 
	Address
	225 Gorham Road
South Portland
Maine  United States of America  04106

	 
	 
	Fax
	1 207 523 7107

	 
	 
	Attention
	Chief Financial Officer or Treasurer

	 
	Trustee
	Name
	Perpetual Corporate Trust Limited in its capacity as trustee of the Southern Cross WEX 2015-1 Trust

	 
	 
	ABN
	99 000 341 533

	 
	 
	Address
	Level 12 
Angel Place 
123 Pitt Street 
Sydney   NSW   2000

	 
	 
	Email
	SecuritisationOps@perpetual.com.au 

	 
	 
	Attention
	Manager, Transaction Management, Capital Markets Fiduciary Services

	Date of guarantee and indemnity
	See Signing page

	
			
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General terms

		
	1
	Interpretation

		
	1.1
	Terms defined in the Receivables Acquisition and Servicing Agreement

Except to the extent to which words and phrases are otherwise defined in this document, words and phrases defined in, or defined in another document and incorporated by reference in, the Receivables Acquisition and Servicing Agreement shall bear the same meaning in this document.  In the event of any inconsistency between a definition in this document and a definition in the Receivables Acquisition and Servicing Agreement, the definitions in this document will prevail.
		
	1.2
	Definitions

These meanings apply unless the contrary intention appears:
Accountable Taxes means any Taxes (except if imposed on, or calculated having regard to, the net income of the Trustee) imposed by a Relevant Country other than those which would not be required to be deducted or withheld by the Guarantor if the Trustee provided the Guarantor with any of its name, address, registration number or similar details or any relevant tax exemption or similar details. 
ASIC means the Australian Securities and Investments Commission.
Attorney means each attorney appointed by the Guarantor under clause 9 (“Power of attorney”).
Authorised Officer means:
		
	(a)
	in the case of the Trustee, a director or secretary, or an officer whose title contains the word “director”, “chief”, “head”, “president” or “manager” or a person performing the functions of any of them, or any other person nominated by the Trustee as an Authorised Officer for the purposes of this guarantee and indemnity; and

		
	(b)
	in the case of the Guarantor, a director or secretary or any other person appointed by the Guarantor to act as an Authorised Officer under this guarantee and indemnity.

Code means the United States of America Internal Revenue Code of 1986. 
Controller has the meaning it has in the Corporations Act.
Costs includes charges and expenses, including those incurred in connection with advisers.
Credit Agreement means the document entitled “Second Amended and Restated Credit Agreement” dated 22 August 2014 between, amongst others, the Guarantor and Bank of America, N.A. 

	
			
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Details means the section of this guarantee and indemnity headed “Details”.
Encumbrance means any:
		
	(a)
	security for the payment of money or performance of obligations, including a mortgage, charge, lien, pledge, trust, power or title retention or flawed deposit arrangement and any “security interest” as defined in sections 12(1) or (2) of the Personal Property Securities Act 2009 (Cwlth); or

		
	(b)
	right, interest or arrangement which has the effect of giving another person a preference, priority or advantage over creditors including any right of set-off; or

		
	(c)
	right that a person (other than the owner) has to remove something from land (known as a profit à prendre), easement, public right of way, restrictive or positive covenant, lease, or licence to use or occupy; or

		
	(d)
	third party right or interest or any right arising as a consequence of the enforcement of a judgment,

or any agreement to create any of them or allow them to exist.
FATCA means sections 1471 through to 1474 of the Code or any consolidation, amendment, re-enactment or replacement of those provisions and including any regulations or official interpretations issued, agreements (including, without limitation, intergovernmental agreements) entered into or non-United States laws enacted with respect thereto.
Financial Report means a financial report consisting of:
		
	(a)
	financial statements; and

		
	(b)
	any notes to those financial statements; and

		
	(c)
	any directors’ declaration about the financial statements and notes,

together with any reports (including any directors’ reports) attached to any of those documents or intended to be read with any of them.
Guaranteed Obligations means the obligations of each WEX Entity whether alone or jointly, or jointly and individually, and whether as a principal or as a surety under or in connection the Transaction Documents. 
This definition applies:
		
	(i)
	irrespective of the capacity in which the Trustee became entitled to any amount or obligation concerned;

		
	(ii)
	irrespective of the capacity in which any WEX Entity became liable in respect of any amount or obligation concerned;

		
	(iii)
	whether any WEX Entity is liable as principal debtor, as surety, or otherwise;

		
	(iv)
	whether any WEX Entity is liable alone, or together with another person;

		
	(v)
	even if any WEX Entity owes an amount or obligation to the Trustee because it was assigned to the Trustee, whether or not:

	
			
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	(A)
	the assignment was before, at the same time as, or after the date of this document; or

		
	(B)
	any WEX Entity consented to or was aware of the assignment; or

		
	(C)
	the assigned amount or obligation was secured; and

		
	(vi)
	even if this deed was assigned to the Trustee, whether or not:

		
	(A)
	any WEX Entity consented to or was aware of the assignment; or

		
	(B)
	any of the Guaranteed Obligations were the subject of this guarantee unsecured.

Guarantor means the person or persons so described in the Details.  If there are, at any time, more than one, then Guarantor means each of them individually and every two or more of them jointly.
A body corporate is Insolvent if: 
		
	(a)
	in respect of the Guarantor, any event set out in article 8.01 (f) and (g) (“Events of Default”) (inclusive) of the Credit Agreement occurs in respect of it or its assets; and 

		
	(b)
	in any other case:

		
	(i)
	it is (or states that it is) an insolvent under administration or insolvent (each as defined in the Corporations Act); or

		
	(ii)
	it is in liquidation, in provisional liquidation, under administration or wound up or has had a Controller appointed to its property; or

		
	(iii)
	it is subject to any arrangement, assignment, moratorium or composition, protected from creditors under any statute or dissolved (in each case, other than to carry out a reconstruction or amalgamation while solvent on terms approved by the Buyer); or

		
	(iv)
	an application or order has been made (and, in the case of an application, it is not stayed, withdrawn or dismissed within 30 days), resolution passed, proposal put forward, or any other action taken, in each case in connection with that person, which is preparatory to or could result in any of (a), (b) or (c) above; or

		
	(v)
	it is taken (under section 459F(1) of the Corporations Act) to have failed to comply with a statutory demand; or

		
	(vi)
	it is the subject of an event described in section 459(C)(2)(b) or section 585 of the Corporations Act (or it makes a statement from which the Buyer reasonably deduces it is so subject); or

		
	(vii)
	it is otherwise unable to pay its debts when they fall due; or

		
	(viii)
	something having a substantially similar effect to (a) to (g) happens in connection with that person under the law of any jurisdiction.

	
			
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Material Adverse Effect means a material adverse effect on:
		
	(a)
	the Guarantor’s or any WEX Entity’s ability to comply with its obligations under any Transaction Document; or

		
	(b)
	the Trustee’s rights and remedies under any Transaction Document; or

		
	(c)
	the business or financial condition of the Guarantor or any WEX Entity.

Receivables Acquisition and Servicing Agreement means the document entitled “Southern Cross WEX 2015-1 Trust - Receivables Acquisition and Servicing Agreement” dated after the date of this document, between amongst others, each WEX Entity, The Bank of Tokyo-Mitsubishi UFJ, Ltd., Sydney Branch and the Trustee.
Related Entity has the meaning it has in the Corporations Act.
Relevant Country means any country, or political sub‐division of one or more countries, or any federation or association of countries in which the Guarantor is either incorporated or is resident or domiciled for any tax purpose or in which the Guarantor carries on business or owns or leases property or from which, or through which, any payment under this guarantee and indemnity is made.
Taxes means taxes, levies, imposts, charges and duties imposed by any authority (including stamp and transaction duties) together with any related interest, penalties, fines and expenses in connection with them, except if imposed on, or calculated having regard to, the net income of the Trustee.
Trustee means the person or persons so described in the Details and includes their successors and assigns.
WEX Entity means each of each of WEX Australia Pty Ltd (ABN 68 005 970 570) and WEX Fuel Cards Australia Ltd (ABN 33 008 962 132)
		
	1.3
	References to certain general terms

Unless the contrary intention appears, in this guarantee and indemnity:
		
	(a)
	a reference to a group of persons is a reference to any two or more of them jointly and to each of them individually;

		
	(b)
	an agreement, representation or warranty in favour of two or more persons is for the benefit of them jointly and each of them individually;

		
	(c)
	an agreement, representation or warranty by two or more persons binds them jointly and each of them individually but an agreement, representation or warranty by the Trustee binds the Trustee individually only;

		
	(d)
	a reference to any thing (including an amount) is a reference to the whole and each part of it;

		
	(e)
	a reference to a document (including this guarantee and indemnity) includes any variation or replacement of it;

		
	(f)
	the word “law” includes common law, principles of equity, and laws made by parliament (and laws made by parliament include State, Territory and Commonwealth laws and regulations and other instruments under them, and consolidations, amendments, re-enactments or replacements of any of them);

	
			
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	(g)
	a reference to accounting standards is a reference to the accounting standards as defined in the Corporations Act and a reference to an accounting term is a reference to that term as it is used in those accounting standards, or, if not inconsistent with those standards, in accounting principles and practices generally accepted in Australia;

		
	(h)
	a reference to Australian dollars, Australian Dollars, dollars, A$ or $ is a reference to the lawful currency of the Commonwealth of Australia;

		
	(i)
	the word “person” includes an individual, a firm, a body corporate, an unincorporated association and an authority;

		
	(j)
	a reference to a particular person includes the person’s executors, administrators, successors, substitutes (including persons taking by novation) and assigns;

		
	(k)
	the words “including”, “for example” or “such as” when introducing an example, do not limit the meaning of the words to which the example relates to that example or examples of a similar kind; and 

		
	(l)
	a reference to the Corporations Act is a reference to the Corporations Act 2001 (Cwlth).

		
	1.4
	Number

The singular includes the plural and vice versa.
		
	1.5
	Headings

Headings (including those in brackets at the beginning of paragraphs) are for convenience only and do not affect the interpretation of this guarantee and indemnity.

		
	2
	Guarantee and indemnity

		
	2.1
	Consideration

The Guarantor acknowledges that the Trustee is acting in reliance on the Guarantor incurring obligations and giving rights under this guarantee and indemnity.
		
	2.2
	Guarantee

The Guarantor unconditionally and irrevocably guarantees the performance to the Trustee of the Guaranteed Obligations.  If any WEX Entity does not perform the Guaranteed Obligations on time and in accordance with the Transaction Documents then the Guarantor agrees to procure the performance of the Guaranteed Obligations to the Trustee on demand from the Trustee.  A demand may be made at any time and from time to time and whether or not the Trustee has first made demand on any WEX Entity.
		
	2.3
	Indemnity

The Guarantor indemnifies the Trustee against any liability or loss arising, and any Costs it suffers or incurs:

	
			
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	(a)
	if any WEX Entity does not, or is unable to, perform the Guaranteed Obligations in accordance with the Transaction Documents; or

		
	(b)
	if an obligation any WEX Entity would otherwise have to perform the Guaranteed Obligations is found to be void, voidable or unenforceable,; or

		
	(c)
	if an obligation the Guarantor would otherwise have under clause 2.2 (“Guarantee”) is found to be void, voidable or unenforceable; or

		
	(d)
	if the Trustee is obliged, or agrees, to pay an amount to a trustee in bankruptcy or liquidator (of the Guarantor or any WEX Entity) in connection with a payment by the Guarantor or any WEX Entity (for example, the Trustee may have to, or may agree to, pay interest on the amount); or

		
	(e)
	if the Guarantor defaults under this guarantee and indemnity; or

		
	(f)
	in connection with any person exercising, or not exercising, rights under this guarantee and indemnity.

The Guarantor agrees to pay amounts due under this indemnity on demand from the Trustee.
		
	2.4
	Acknowledgement

The Guarantor acknowledges that it is responsible for making itself aware of the financial position of any WEX Entity and any other person who, at any time, guarantees performance of the Guaranteed Obligations.

		
	3
	Interest

		
	3.1
	Obligation to pay interest

The Guarantor agrees to pay interest on any amount under this guarantee and indemnity (other than under clause 2.2 (“Guarantee”)) which is not paid on the due date for payment.
The interest accrues daily from (and including) the due date to (but excluding) the date of actual payment and is calculated on actual days elapsed and a year of 365 days.  The rate of interest applying to each daily balance is the Default Rate.
The Guarantor agrees to pay interest under this clause on demand from the Trustee. 
		
	3.2
	Compounding

Interest payable under clause 3.1 (“Obligation to pay interest”) which is not paid when due for payment may be added to the overdue amount by the Trustee at intervals which the Trustee determines from time to time or, if no determination is made, every 30 days.  Interest is payable on the increased overdue amount at the Default Rate in the manner set out in clause 3.1 (“Obligation to pay interest”).
		
	3.3
	Interest following judgment

	
			
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If a liability becomes merged in a judgment, the Guarantor agrees to pay interest on the amount of that liability as an independent obligation.  This interest:
		
	(a)
	accrues daily from (and including) the date the liability becomes due for payment both before and after the judgment up to (but excluding) the date the liability is paid; and

		
	(b)
	is calculated at the judgment rate or the Default Rate (whichever is higher).

The Guarantor agrees to pay interest under this clause on demand from the Trustee.

		
	4
	Extent of guarantee and indemnity

		
	4.1
	Nature of guarantee 

Each of the guarantee in clause 2.2 (“Guarantee”) and the indemnity in clause 2.3 (“Indemnity”) is a continuing obligation despite any intervening payment, settlement or other thing and extends to all of the Guaranteed Obligations.  The Guarantor waives any right it has of first requiring the Trustee to commence proceedings or enforce any other right against any WEX Entity or any other person before claiming from the Guarantor under this guarantee and indemnity.
		
	4.2
	Variations and replacements

		
	(c)
	The Guarantor acknowledges that Transaction Documents may be varied or replaced from time to time.  

		
	(d)
	The Guarantor confirms that the Guaranteed Obligations includes any obligations as varied or replaced.  The Guarantor confirms that this applies regardless of:

		
	(i)
	how the Transaction Documents are varied or replaced; and 

		
	(ii)
	the reasons for the variation or replacement; and

		
	(iii)
	whether the Guaranteed Obligations are more onerous as a result of the variation or replacement.

This clause does not limit clause 6 (“Rights of the Trustee are protected”).

		
	5
	Reinstatement of rights

Under law relating to insolvency, a person may claim that a transaction (including a payment) in connection with this guarantee and indemnity or the Guaranteed Obligations is void or voidable.  If a claim is made and upheld, conceded or compromised, then:

	
			
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	(e)
	the Trustee is immediately entitled as against the Guarantor to the rights in respect of the Guaranteed Obligations to which it was entitled immediately before the transaction; and

		
	(f)
	on request from the Trustee, the Guarantor agrees to do anything (including signing any document) to restore to the Trustee any Encumbrance (including this guarantee and indemnity) held by it from the Guarantor immediately before the transaction.

The Guarantor’s obligations under this clause are continuing obligations, independent of the Guarantor’s other obligations under this guarantee and indemnity and continue after this guarantee and indemnity ends.

		
	6
	Rights of the Trustee are protected

Rights given to the Trustee under this guarantee and indemnity, and the Guarantor’s liabilities under it, are not affected by any act or omission or any other thing which might otherwise affect them under law or otherwise.  For example, those rights and liabilities are not affected by:
		
	(a)
	any act or omission:

		
	(i)
	varying or replacing in any way and for any reason any agreement or arrangement under which the Guaranteed Obligations is expressed to be owing (such as by adding, replacing or changing the purpose of a facility, increasing a facility limit or extending the term of a facility including in connection with a restructuring or refinancing of the Guaranteed Obligations); 

		
	(ii)
	releasing any WEX Entity or giving any WEX Entity a concession (such as more time to pay); 

		
	(iii)
	releasing any person who gives a guarantee or indemnity in connection with any of any WEX Entity’s obligations;

		
	(iv)
	releasing, losing the benefit of, or not obtaining any Encumbrance or negotiable instrument;

		
	(v)
	by which a person becomes a Guarantor after the date of this guarantee and indemnity;

		
	(vi)
	by which the obligations of any person who guarantees any of any WEX Entity’s obligations (including under this guarantee and indemnity) may not be enforceable; 

		
	(vii)
	by which any person who was intended to guarantee any of any WEX Entity’s obligations does not do so, or does not do so effectively; 

		
	(viii)
	by which a person who is a co-surety or co-indemnifier for performance of the Guaranteed Obligations is discharged under an agreement or by operation of law; 

		
	(ix)
	by which any Encumbrance which could be registered is not registered; 

	
			
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	(b)
	a person dealing in any way with an Encumbrance, guarantee, indemnity, judgment or negotiable instrument; 

		
	(c)
	the insolvency of any person including the Guarantor or any WEX Entity; 

		
	(d)
	changes in the membership, name or business of any person; 

		
	(e)
	any WEX Entity opening an account with them;

		
	(f)
	acquiescence or delay by the Trustee or any other person; or

		
	(g)
	an assignment of rights in connection with the Guaranteed Obligations.

		
	7
	No merger

This guarantee and indemnity does not merge with or adversely affect, and is not adversely affected by, any of the following:
		
	(a)
	any other guarantee, indemnity, or Encumbrance, or other right or remedy to which the Trustee is entitled; or

		
	(b)
	a judgment which the Trustee obtains against the Guarantor, any WEX Entity or any other person in connection with the Guaranteed Obligations.

The Trustee may still exercise its rights under this guarantee and indemnity as well as under the judgment, Encumbrance or right or remedy.

		
	8
	Guarantor’s rights

		
	8.1
	Guarantor’s rights are suspended

As long as there is any Guaranteed Obligations (or any other amounts secured by any Encumbrance that secures amounts including the Guaranteed Obligations), the Guarantor may not, without the Trustee’s consent:
		
	(a)
	reduce its liability under this guarantee and indemnity by claiming that it or any WEX Entity or any other person has a right of set-off or counterclaim against the Trustee.  For the avoidance of doubt this clause does not affect the Buyer’s and the Class B Facility Provider’s rights to net off amounts pursuant to clause 3.3(d) (“Purchase Price”) of the Receivables Acquisition and Servicing Agreement; or

		
	(b)
	exercise any legal right to claim to be entitled to the benefit of another guarantee, indemnity, or Encumbrance that secures amounts including the Guaranteed Obligations or any other amount payable under this guarantee and indemnity (for example, the Guarantor may not try to enforce or require the enforcement of any Encumbrance the Trustee has taken that secures amounts including the Guaranteed Obligations) other than under the Transaction Documents; or

		
	(c)
	claim an amount from any WEX Entity, or another guarantor of the Guaranteed Obligations (including a person who has signed this 

	
			
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guarantee and indemnity as a “Guarantor”), under a right of indemnity or contribution with respect to the Guaranteed Obligations other than under the Transaction Documents; or
		
	(d)
	claim an amount in the Insolvency of any WEX Entity or of another guarantor of the Guaranteed Obligations (including a person who has signed this guarantee and indemnity as a “Guarantor”) with respect to the Guaranteed Obligations other than under the Transaction Documents.

This clause continues after this guarantee and indemnity ends.
		
	8.2
	Guarantor’s right of proof limited

The Guarantor agrees not to exercise a right of proof against any WEX Entity in respect of its rights under this document after an event occurs relating to the Insolvency of any WEX Entity or another guarantor of the Guaranteed Obligations (including a person who has signed this guarantee and indemnity as a “Guarantor”) independently of any attorney appointed under this guarantee and indemnity. 

		
	9
	Power of attorney

		
	9.1
	Appointment of attorneys

The Guarantor irrevocably appoints the Trustee and each of its Authorised Officers individually as its attorney and agrees to formally approve all action taken by an attorney under clause 9.2 (“Attorneys’ powers”).
		
	9.2
	Attorneys’ powers

Each attorney may:
		
	(a)
	do anything which the Guarantor may lawfully do to exercise its right of proof after an event relating to Insolvency occurs in respect of any WEX Entity or any other guarantor of any WEX Entity’s obligations but only in connection with a matter connected with its rights as “Guarantor” under this guarantee and indemnity.  (These things may be done in the Guarantor’s name or the attorney’s name and they include signing and delivering documents, taking part in legal proceedings and receiving any dividend arising out of the right of proof.); and

		
	(b)
	delegate its powers (including this power) and may revoke a delegation; and

		
	(c)
	exercise its powers even if this involves a conflict of duty and even if it has a personal interest in doing so.

		
	9.3
	Application of insolvency dividends

The attorney need not account to the Guarantor for any dividend received on exercising the right of proof under clause 9.2(a) (“Attorneys’ powers”) except to the extent that any dividend remains after the Trustee has received all of the Guaranteed Obligations and all other amounts payable under this guarantee and indemnity.

	
			
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	10
	General undertakings

The Guarantor agrees to obtain, renew on time and comply with the terms of each authorisation necessary to enter into this guarantee and indemnity, observe obligations under it and allow it to be enforced. 

		
	11
	Representations and warranties

		
	11.1
	Representations and warranties

The Guarantor represents and warrants (except in relation to matters disclosed to the Trustee and accepted by the Trustee in writing) that:
		
	(a)
	(incorporation and existence) it has been incorporated in accordance with the laws of its place of incorporation, is validly existing under those laws and has power and authority to carry on its business as it is now being conducted; and

		
	(b)
	(power) it has power to enter into this guarantee and indemnity and comply with its obligations under it; and

		
	(c)
	(no contravention or exceeding power) this guarantee and indemnity and the transactions under it which involve it do not contravene its constituent documents (if any) or any law or obligation by which it is bound or to which any of its assets are subject or cause a limitation on its powers (or, to the extent applicable, the powers of its directors) to be exceeded; and

		
	(d)
	(authorisations) it has in full force and effect the authorisations necessary for it to enter into this guarantee and indemnity, to comply with its obligations and exercise its rights under it, and allow it to be enforced; and

		
	(e)
	(validity of obligations) its obligations under this guarantee and indemnity are valid and binding and are enforceable against it in accordance with its terms subject to principles of equity, insolvency laws and laws affecting creditors generally; and

		
	(f)
	(benefit) it benefits by entering into this guarantee and indemnity; and

		
	(g)
	(solvency) there are no reasonable grounds to suspect that it is unable to pay its debts as and when they become due and payable; and

		
	(h)
	(not a trustee) it does not enter into any Transaction Document as trustee; and

		
	(i)
	(litigation) to the best of its knowledge and belief, there is no pending or threatened proceeding affecting it or any of its assets before a court, authority, commission or arbitrator in which a decision against it (either alone or together with other decisions) would have a Material Adverse Effect; and 

		
	(j)
	(default under law - Material Adverse Effect) it is not in breach of a law or obligation affecting  its assets in a way which would have, a Material Adverse Effect; and

	
			
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	(k)
	(no immunity)  neither it nor any of its Subsidiaries has immunity from the jurisdiction of a court or from legal process.

		
	11.2
	Repetition of representations and warranties

The representations and warranties in this clause 11 are taken to be made (by reference to the then current circumstances) on each date on which the Trustee provides financial accommodation to any WEX Entity.
		
	11.3
	Reliance

The Guarantor acknowledges that the Trustee has entered into the Transaction Documents to which it is a party in reliance on the representations and warranties in this clause 11.

		
	12
	Payments

		
	12.1
	Manner of payment

The Guarantor agrees to make payments under this guarantee and indemnity:
		
	(a)
	in full without set‐off or counterclaim and without any deduction in respect of Taxes unless prohibited by law; and

		
	(b)
	if the payment relates to the Guaranteed Obligations, in the currency in which the payment is due, and otherwise in Australian dollars in immediately available funds.

		
	12.2
	Currency of payment

The Guarantor waives any right it has in any jurisdiction to pay an amount other than in the currency in which it is due.  However, if the Trustee receives an amount in a currency other than that in which it is due:
		
	(a)
	it may convert the amount received into the due currency (even though it may be necessary to convert through a third currency to do so) on the day and at such rates (including spot rate, same day value rate or value tomorrow rate) as it reasonably considers appropriate.  It may deduct its usual Costs in connection with the conversion; and

		
	(b)
	the Guarantor satisfies its obligation to pay in the due currency only to the extent of the amount of the due currency obtained from the conversion after deducting the Costs of the conversion.

		
	13
	Withholding tax

If a law requires the Guarantor to deduct an amount in respect of Taxes, or for or on account of FATCA, from a payment under any Transaction Document such that the Trustee would not actually receive on the due date the full amount provided for under the Transaction Document, then:
		
	(c)
	the Guarantor agrees to deduct the amount for the Taxes, or for or on account of FATCA, (and any further deduction applicable to any further payment due under clause 13(c) (“Withholding tax”) below); and

	
			
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	(d)
	the Guarantor agrees to pay the amount deducted to the relevant authority in accordance with applicable law and give the original receipts to the Trustee; and

		
	(e)
	if the amount deducted is in respect of Accountable Taxes (excluding, for the avoidance of doubt, any amount deducted or withheld for or on account of FATCA), the Guarantor agrees to pay an additional amount so that, after making the deduction and further deductions applicable to additional amounts payable under this clause, the Trustee is entitled to receive (at the time the payment is due) the amount it would have received if no deductions had been required.

		
	14
	Costs and indemnities

		
	14.1
	What the Guarantor agrees to pay

The Guarantor agrees to pay or reimburse the Trustee on demand for:
		
	(a)
	the Trustee’s reasonable Costs in connection with:

		
	(i)
	the negotiation, preparation, execution, registration of, and payment of Taxes on, this guarantee and indemnity; and

		
	(ii)
	the general on-going administration of this guarantee and indemnity (including giving and considering consents, waivers and releases); and

		
	(b)
	the Trustee’s Costs in otherwise acting in connection with this guarantee and indemnity, such as exercising, enforcing or preserving rights (or considering doing so), or doing anything in connection with any enquiry by any authority involving the Guarantor or any of its Related Entities; and

		
	(c)
	Taxes and fees (including registration fees) and fines and penalties in respect of fees paid, or that the Trustee reasonably believes are payable, in connection with this guarantee and indemnity or a payment or receipt or any other transaction contemplated by this guarantee and indemnity.  However, the Guarantor need not pay a fine or penalty in connection with Taxes or fees to the extent that it has placed the Trustee in sufficient cleared funds for the Trustee to be able to pay the Taxes or fees by the due date.

		
	14.2
	Indemnity

The Guarantor indemnifies the Trustee against any liability or loss arising from, and any reasonable Costs incurred in connection with, the payment, omission to make payment or delay in making payment of an amount referred to in clause 14.1 (“What the Guarantor agrees to pay”).  The Guarantor agrees to pay amounts due under this indemnity on demand from the Trustee.
		
	14.3
	Items included in loss, liability and Costs

The Guarantor agrees that:
		
	(a)
	the Costs referred to in clause 14.1 (“What the Guarantor agrees to pay”) and the liability or loss and any Costs referred to in clause 14.2 (“Indemnity”), include legal Costs in accordance with any written 

	
			
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agreement as to legal costs (whether or not the Guarantor is a party to the agreement) or, if no agreement, on whichever is the higher of a full indemnity basis or solicitor and own client basis;
		
	(b)
	the Costs referred to in clauses 14.1(a) and 14.1(b) (“What the Guarantor agrees to pay”) include those paid, or that the Trustee reasonably believes are payable, to persons engaged by the Trustee in connection with this guarantee and indemnity (such as consultants).

		
	14.4
	Currency conversion on judgment debt

If a judgment, order or proof of debt for an amount in connection with this guarantee and indemnity is expressed in a currency other than the currency in which the amount is due under this guarantee and indemnity, then the Guarantor indemnifies the Trustee against:
		
	(a)
	any difference arising from converting the other currency if the rate of exchange used by the Trustee under clause 12.2 (“Currency of payment”) for converting currency when it receives a payment in the other currency is less favourable to the Trustee than the rate of exchange used for the purpose of the judgment, order or acceptance of proof of debt; and

		
	(b)
	the Costs of conversion.

		
	14.5
	Payment for Guarantor’s obligations

The Guarantor agrees to pay for anything that it agrees to do under this guarantee and indemnity.

		
	15
	Application of payments

		
	15.1
	Application of money

The Trustee may apply money paid by any WEX Entity, or the Guarantor or otherwise towards satisfaction of the Guaranteed Obligations and other money payable under this guarantee and indemnity in the manner it sees fit.
		
	15.2
	Order of payment

The Trustee may use money received under this guarantee and indemnity towards paying any part of the Guaranteed Obligations the Trustee chooses.  This applies even if that part only falls due after the Trustee gives a notice of demand.
		
	15.3
	Suspense account

The Trustee may place in a suspense account any payment it receives from the Guarantor until the termination of the Trust in accordance with the Master Trust Deed and need not apply any such payment towards satisfying the Guaranteed Obligations or other money payable under this guarantee and indemnity. 
		
	15.4
	Remaining money

The Trustee agrees to pay any money remaining after the Guaranteed Obligations is paid either to the Guarantor (which the Trustee may do by 

	
			
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paying it into an account in the Guarantor’s name) or to another person entitled to it.  In doing so, it does not incur any liability to the Guarantor.  The Trustee does not pay the Guarantor interest on any money remaining after the Guaranteed Obligations are satisfied.
		
	15.5
	Credit from date of receipt

The Guarantor is only credited with money from the date the Trustee actually receives it.

		
	16
	Dealing with interests

The Trustee may assign or otherwise deal with its rights under this guarantee and indemnity in any way it considers appropriate.  If the Trustee does this, it must promptly notify the Guarantor and the Guarantor may not claim against any assignee (or any other person who has an interest in this guarantee and indemnity) any right of set-off or other rights the Guarantor has against the Trustee.

		
	17
	Notices and other communications

		
	17.1
	Form - all communications

Unless expressly stated otherwise in this guarantee and indemnity, all notices, certificates, consents, approvals, waivers and other communications in connection with this guarantee and indemnity must be in writing, signed by the sender (if an individual) or an Authorised Officer of the sender (except in the case of email) and marked for the attention of the person identified in the Details or, if the recipient has notified otherwise, then marked for attention in the way last notified.
		
	17.2
	Delivery 

Communications must be:
		
	(a)
	left at the address set out or referred to in the Details; or

		
	(b)
	sent by prepaid ordinary post (airmail, if appropriate) to the address set out or referred to in the Details; or

		
	(c)
	sent by fax to the fax number set out or referred to in the Details; or

		
	(d)
	sent by email to the email address set out or referred to in the Details.

However, if the intended recipient has notified a changed postal or email address or fax number, then communications must be to that address or number.
		
	17.3
	When effective  

Communications take effect from the time they are received or taken to be received under clauses 17.4 (“Deemed receipt - postal”) to 17.6 (“Deemed receipt - general”) (whichever happens first) unless a later time is specified.

	
			
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	17.4
	Deemed receipt – postal  

If sent by post, they are taken to be received three days after posting (or seven days after posting if sent to or from a place outside of the country of the sender of them).
		
	17.5
	Deemed receipt – fax 

If sent by fax and received in legible form, they are taken to be received at the time shown in the transmission report as the time that the whole fax was sent.
		
	17.6
	Receipt – email 

If sent by email, they are taken to be received at the time shown in the email as the time that the email was received, provided they are received in a readable form.
		
	17.7
	Deemed receipt – general

Despite clauses 17.4 (“Deemed receipt – postal”),17.5 (“Deemed receipt – fax”) and 17.6 (“Deemed receipt – email”), if they are received after 5pm in the place of receipt or on a non-Business Day, they are taken to be received at 9am on the next Business Day. 
		
	17.8
	Change in details

Despite any other provision in this clause 17 (“Notices and other communications”), at least 5 Business Days prior notice must be given by a party of any change in any matter specified in the Details section of this agreement.

		
	18
	General

		
	18.1
	Prompt performance

If this guarantee and indemnity specifies when the Guarantor agrees to perform an obligation, the Guarantor agrees to perform it by the time specified.  The Guarantor agrees to perform all other obligations promptly.
		
	18.2
	Consents

The Guarantor agrees to comply with all conditions in any consent the Trustee gives in connection with this guarantee and indemnity.
		
	18.3
	Certificates

The Trustee may give the Guarantor a certificate about an amount payable or other matter in connection with this guarantee and indemnity. The certificate is sufficient evidence of the amount or matter, unless it is proved to be incorrect.
		
	18.4
	Set-off

Following the occurrence of an Amortisation Event, the Trustee may set off any amount owing by the Trustee to the Guarantor (whether or not due 

	
			
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for payment) against any amount due for payment by the Guarantor to the Trustee under this guarantee and indemnity.
The Trustee may do anything necessary to effect any set-off under this clause (including varying the date for payment of any amount owing by the Trustee to the Guarantor and making currency exchanges).  This clause applies despite any other agreement between the Guarantor and the Trustee.
		
	18.5
	Discretion in exercising rights

The Trustee may exercise a right or remedy or give or refuse its consent in any way it considers appropriate (including by imposing conditions), unless this guarantee and indemnity expressly states otherwise.
		
	18.6
	Partial exercising of rights

If the Trustee does not exercise a right or remedy fully or at a given time, the Trustee may still exercise it later.
		
	18.7
	Trustee’s capacity and limitation of liability

Clause 17 (“Indemnity and limitation of liability”) of the Master Trust Deed applies to this document as if it were fully set out in this document with all necessary consequential amendments. 
		
	18.8
	No liability for loss

The Trustee is not liable for loss caused by the exercise or attempted exercise of, failure to exercise, or delay in exercising, a right or remedy.
		
	18.9
	Conflict of interest

The Trustee’s rights and remedies under this guarantee and indemnity may be exercised even if this involves a conflict of duty or the Trustee has a personal interest in their exercise.
		
	18.10
	Remedies cumulative

The Trustee’s rights and remedies under this guarantee and indemnity are in addition to other rights and remedies given by law independently of this guarantee and indemnity.
		
	18.11
	Indemnities

The indemnities in this guarantee and indemnity are continuing obligations, independent of the Guarantor’s other obligations under this guarantee and indemnity.  It is not necessary for the Trustee to incur expense or make payment before enforcing a right of indemnity under this guarantee and indemnity.
		
	18.12
	Inconsistent law

To the extent permitted by law, this guarantee and indemnity prevails to the extent it is inconsistent with any law.
		
	18.13
	Supervening legislation

Any present or future legislation which operates to vary the obligations of the Guarantor in connection with this guarantee and indemnity with the 

	
			
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result that the Trustee’s rights, powers or remedies are adversely affected (including by way of delay or postponement) is excluded except to the extent that its exclusion is prohibited or rendered ineffective by law.
		
	18.14
	Time of the essence

Time is of the essence in this guarantee and indemnity in respect of an obligation of the Guarantor to pay money.
		
	18.15
	Variation and waiver

Unless this guarantee and indemnity expressly states otherwise, a provision of this guarantee and indemnity, or right created under it, may not be waived or varied except in writing signed by the party or parties to be bound.
		
	18.16
	Confidentiality

Each party agrees not to disclose information provided by any other party that is not publicly available except:
		
	(a)
	in connection with any person exercising rights or dealing with rights or obligations under this guarantee and indemnity (including in connection with preparatory steps such as negotiating with any potential assignee of the Trustee’s rights or other person who is considering contracting with the Trustee in connection with this guarantee and indemnity, provided that the potential assignee agrees to keep such information confidential); or

		
	(b)
	to officers, employees, legal and other advisers and auditors of the Trustee or the Guarantor; or

		
	(c)
	to any party to this guarantee and indemnity or any Related Entity of any party to this guarantee and indemnity, provided the recipient agrees to act consistently with this clause; or

		
	(d)
	with the consent of the party who provided the information (such consent not to be unreasonably withheld); or

		
	(e)
	as required by any law or stock exchange.

Each party consents to disclosures made in accordance with this clause.
		
	18.17
	Further steps

The Guarantor agrees to do anything the Trustee asks (such as obtaining consents, signing and producing documents, producing receipts and getting documents completed and signed) to the extent necessary:
		
	(a)
	to bind the Guarantor and any other person intended to be bound under this guarantee and indemnity; or

		
	(b)
	to enable the Trustee to register the power of attorney in clause 9 (“Power of attorney”) or a similar power.

		
	18.18
	Each signatory bound

	
			
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This guarantee and indemnity binds each person who signs as Guarantor even if another person who was intended to sign does not sign it or is not bound by it.
		
	18.19
	Counterparts

This guarantee and indemnity may consist of a number of copies, each signed by one or more parties to the guarantee and indemnity.  If so, the signed copies are treated as making up the one document.
		
	18.20
	Governing law

This guarantee and indemnity is governed by the law in force in the State of New South Wales.  The Guarantor and the Trustee submit to the non-exclusive jurisdiction of the courts of that place.
		
	18.21
	Serving documents

Without preventing any other method of service, any document in a court action may be served on a party being delivered to or left at that party’s address for service of notices under clause 17.2 (“Delivery”).
		
	18.22
	Service of Process

The Guarantor irrevocably appoints WEX Australia Pty Ltd presently of Level 3, 293 Camberwell Road, Camberwell, Victoria 3124 as its agent to receive, for its and on its behalf, service of process in any proceedings in the State of New South Wales.  Such service shall be deemed completed on delivery to such process agent (whether or not it is forwarded to and received by the Guarantor).  If for any reason such process agent ceases to be able to act as such or no longer has an address in the State of New South Wales the Guarantor irrevocably agrees to appoint a substitute process agent acceptable to the Trustee, and to deliver to the Trustee a copy of the new agent’s acceptance or appointment, within 30 days.  

EXECUTED as a deed

	
			
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Signing page
DATED:           28 April  2015

Guarantor
WEX INC., a Delaware corporation

By:     /s/ Steve Elder

Name:     Steve Elder

Title:    SVP & CFO

Trustee

	
			
	SIGNED, SEALED AND DELIVERED by 

and

as attorneys for PERPETUAL CORPORATE TRUST LIMITED under power of attorney dated 16 September 2014

in the presence of: 

/s/ Marion Gowing
   
Signature of witness

MARION GOWING
Name of witness (block letters)
	)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
	

/s/ Manish Sarat
Manish Sarat
Manager
   
By executing this agreement the attorney states that the attorney has received no notice of revocation of the power of attorney

/s/ Hagbarth Strom
Hagbarth Strom
Senior Transaction Manager
   
By executing this agreement the attorney states that the attorney has received no notice of revocation of the power of attorney

	
			
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	21WEX 6.30.2015 EX  10.3

                                        

Southern Cross WEX 2015-1 Trust General Security Agreement 
Dated             28 April  2015
Perpetual Corporate Trust Limited (ABN 99 000 341 533) (“Grantor”)
P.T. Limited (ABN 67 004 454 666) (“Secured Party”)

King & Wood Mallesons
Level 61
Governor Phillip Tower
1 Farrer Place
Sydney  NSW  2000
Australia
T +61 2 9296 2000
F +61 2 9296 3999
DX 113 Sydney
www.kwm.com
Ref: PS/JK/AH

Details1
General terms2

1Interpretation    2
1.1Terms defined in Security Trust Deed    2
1.2Definitions    2
1.3Other interpretation provisions    7
1.4Designation    7
1.5Variations and replacements    7

Part 2 Standard Terms8
2Grantor must pay the Secured Money    8
3Security    8
3.1Security Interest    8
3.2Consideration    8
3.3Secured Money    8
3.4Limited recourse    8
3.5Limitation of liability of Secured Party    8

4Dealings - such as selling or granting other Encumbrances    8
4.1Restricted dealings    8
4.2Permitted dealings    9
4.3Revolving Assets    9
4.4Conversion to Revolving Assets    9
4.5Where the law allows for creation of Encumbrance without consent    9

5Other Encumbrances    10
5.1Priority agreement    10
5.2Amount secured by other Encumbrance    10
5.3Obligations under other Encumbrance    10
5.4Secured Party may rely on third party certificates    10

6Bank Account    10
6.1Opening of Bank Accounts    10
6.2Operation of Bank Accounts    10
6.3Notice to Depositee after an Event of Default    10

7GST    11
8Application of payments    11
8.1Application of money    11
8.2Suspense account    12
8.3Credit from date of receipt    12

9Default    12
9.1Grantor to ensure no Event of Default    12
9.2Secured Party’s powers on default    12
9.3Order of enforcement    12

10Exclusion of time periods    13
10.1No notice required unless mandatory    13
10.2Mandatory notice period    13

11Receivers    13
11.1Terms of appointment of Receiver    13
11.2More than one Receiver    13
11.3Receiver is Grantor’s agent    13
11.4Receiver’s powers    14

12Disposal of the Collateral is final    14
13Power of attorney    14
13.1Appointment    14
13.2Powers    14

14Reinstatement of rights    15
15Statutory powers and notices    15
15.1Exclusion of PPSA provisions    15
15.2Exercise of rights by Secured Party    15
15.3No notice required unless mandatory    16

16General    16
16.1Counterparts    16
16.2Governing law and jurisdiction    16
16.3Serving documents    16
16.4Directions of Manager    16
16.5Confidentiality    17
Signing page18

Details
	
				
	Parties
	Grantor and Secured Party
	 

	Grantor
	Name
	Perpetual Corporate Trust Limited in its capacity as trustee of the Southern Cross WEX 2015-1 Trust

	 
	ABN
	99 000 341 533

	 
	Address
	Level 12 
Angel Place 
123 Pitt Street 
Sydney   NSW   2000

	 
	Telephone
	61 2 9229 9000

	 
	Email
	SecuritisationOps@perpetual.com.au 

	 
	Attention
	Manager, Transaction Management, Capital Markets Fiduciary Services

	Secured Party
	Name
	P.T. Limited in its capacity as trustee of the Southern Cross WEX 2015-1 Security Trust

	ABN
	67 004 454 666

	 
	Address
	Level 12 
Angel Place 
123 Pitt Street 
Sydney   NSW   2000

	 
	Telephone
	61 2 9229 9000

	 
	Email
	SecuritisationOps@perpetual.com.au 

	 
	Attention
	Manager, Transaction Management, Capital Markets Fiduciary Services

	Date of document
	See Signing page
	 

General terms

		
	1
	Interpretation 

		
	1.1
	Terms defined in Security Trust Deed

A term which has a defined meaning in the Security Trust Deed has the same meaning when used in this document unless it is expressly defined in this document, in which case the meaning in this document applies.
		
	1.2
	Definitions

These meanings apply unless the contrary intention appears:
Attorney means each attorney appointed by the Grantor under clause 13 (“Power of attorney”).
Class A Facility Deed means the deed entitled “Southern Cross WEX 2015-1 Trust Class A Facility Deed” dated on or about the date of this document between the Grantor and certain other parties. 
Class A Facility Provider has the meaning given to that term under the Class A Facility Deed and includes the holder of a Class A Note.
Class A Note has the meaning given to that term under the Class A Facility Deed.
Class B Facility Deed means the deed entitled “Southern Cross WEX 2015-1 Trust Class B Facility Deed” dated on or about the date of this document between the Grantor and certain other parties. 
Class B Facility Provider has the meaning given to that term under the Class B Facility Deed and includes the holder of a Class B Note.
Class B Note has the meaning given to that term under the Class B Facility Deed.
Collateral means the Trust Assets.
Collections Account means the account opened with the Depositee in the name of the Grantor and designated by the Grantor as the collections account for the Trust.
Control Event means:
		
	(a)
	in respect of any Collateral that is, or would have been, a Revolving Asset:

		
	(i)
	the Grantor breaches, or attempts to breach, clause 4.1 (“Restricted dealings”) in respect of the Collateral or takes any step which would result in it doing so; or 

		
	(ii)
	a person takes a step (including signing a notice or direction)  which may result in Taxes, or an amount owing to an authority, ranking ahead of this security; or

		
	(iii)
	the Secured Party gives a notice to the Grantor that the Collateral is not a Revolving Asset.  (However, the Secured Party may only give a notice if an Event of Default is continuing); or

		
	(b)
	in respect of all Collateral that is or would have been a Revolving Asset: 

		
	(i)
	a voluntary administrator, liquidator or provisional liquidator is appointed in respect of the Grantor or the winding up of the Grantor begins; or

		
	(ii)
	a Controller is appointed to any of the Grantor’s property; or

		
	(iii)
	something having a substantially similar effect to paragraph (i) or (ii) happens under any law. 

Corporations Act means the Corporations Act 2001 (Cwlth).
Depositee means the financial institution at which the Collections Account is opened.
Details means the section of this document headed “Details”.
Encumbrance means any:
		
	(a)
	security for the payment of money or performance of obligations, including a mortgage, charge, lien, pledge, trust, power or title retention or flawed deposit arrangement and any “security interest” as defined in sections 12(1) or (2) of the PPSA; or

		
	(b)
	right, interest or arrangement which has the effect of giving another person a preference, priority or advantage over creditors including any right of set-off; or

		
	(c)
	right that a person (other than the owner) has to remove something from land (known as a profit à prendre), easement, public right of way, restrictive or positive covenant, lease, or licence to use or occupy; or

		
	(d)
	third party right or interest or any right arising as a consequence of the enforcement of a judgment,

or any agreement to create any of them or allow them to exist.
Grantor means the person so described in the Details.
GST Act means A New Tax System (Goods and Services Tax) Act 1999 (Cwlth).
Guarantee means the deed entitled “Southern Cross WEX 2015-1 Trust - Guarantee and Indemnity” dated on or about the date of this document between the Grantor and the Guarantor.
Guarantor means WEX Inc.
Manager means The Bank of Tokyo-Mitsubishi UFJ, Ltd..
Nominated Signatory means a person nominated by the Secured Party as a signatory to the Collections Account.
Permitted Disposal means any disposal permitted by the Transaction Documents.
PPSA means the Personal Property Securities Act 2009 (Cwlth).
Principal Seller means WEX Australia Pty Ltd (ABN 68 005 970 570).
Purchased Receivable has the meaning given to that term in the Receivables Acquisition and Servicing Agreement.
Purchased Related Securities has the meaning given to that term in the Receivables Acquisition and Servicing Agreement.
Receivables Acquisition and Servicing Agreement means the document entitled “Southern Cross WEX 2015-1 Trust - Receivables Acquisition and Servicing Agreement” dated on or about the date of this document between the Principal Seller, each Seller, the Servicer, the Manager, the Grantor and the Class A Facility Provider.
Receiver includes a receiver or receiver and manager.
Revolving Asset means any Collateral:
		
	(a)
	which is:

		
	(i)
	inventory;

		
	(ii)
	a negotiable instrument;

		
	(iii)
	book debts; or

		
	(iv)
	money (including money withdrawn or transferred to a third party from an account of the Grantor with a bank or other financial institution),

but excluding the Purchased Receivables and Purchased Related Securities; and
		
	(b)
	in relation to which no Control Event has occurred, subject to clause 4.4 (“Conversion to Revolving Assets”).

Secured Creditor means, in respect of the Trust:
		
	(a)
	the Secured Party (for its own account);

		
	(b)
	the Manager;

		
	(c)
	each Noteholder of the Trust;

		
	(d)
	the Class A Facility Provider;

		
	(e)
	the Class B Facility Provider; and

		
	(f)
	any other person so described in the Supplementary Terms Notice.

Secured Money means all amounts that, at any time, for any reason or circumstance in connection with the Transaction Documents (including any transaction in connection with them), whether at law or otherwise, and whether or not of a type within the contemplation of the parties at the date of this document:
		
	(a)
	are payable, are owing but not currently payable, are contingently owing, or remain unpaid, by the Grantor to any Secured Creditor of the Trust; or

		
	(b)
	any Secured Creditor of the Trust has advanced or paid on the Grantor’s behalf or at the Grantor’s express or implied request; or

		
	(c)
	any Secured Creditor of the Trust is liable to pay by reason of any act or omission on the Grantor’s part, or that any Secured Creditor of the Trust has paid or advanced in protecting or maintaining the Collateral or any security interest in this document following an act or omission on the Grantor’s part; or

		
	(d)
	are reasonably foreseeable as likely, after that time, to fall within any of the above paragraphs.

This definition applies:
		
	(i)
	irrespective of the capacity in which the Grantor or the Secured Creditor of the Trust became entitled to, or liable in respect of, the amount concerned;

		
	(ii)
	whether the Grantor or the Secured Creditor of the Trust is liable as principal debtor, as surety, or otherwise;

		
	(iii)
	whether the Grantor is liable alone, or together with another person;

		
	(iv)
	even if the Grantor owes an amount or obligation to the Secured Creditor of the Trust because it was assigned to the Secured Creditor, whether or not:

		
	(A)
	the assignment was before, at the same time as, or after the date of this document; or

		
	(B)
	the Grantor consented to or was aware of the assignment; or

		
	(C)
	the assigned obligation was secured before the assignment;

		
	(v)
	even if this document was assigned to the Secured Creditor of the Trust, whether or not:

		
	(A)
	the Grantor consented to or was aware of the assignment; or

		
	(B)
	any of the Secured Money was previously unsecured; or

		
	(vi)
	whether or not it has a right of indemnity from the Trust Assets of the Trust.

Secured Party means the person so described in the Details.
Security means this document, each other present or future Encumbrance created or entered into as security for the payment of the Secured Money in favour of the Secured Party and each other document which the Grantor and the Secured Party agree is a Security for the purposes of the Security Trust.
Security Trust Deed means the document entitled “Southern Cross Trust Security Trust Deed” dated 14 September 2006 between the Grantor, the Manager and the Secured Party.
Seller means each of WEX Australia Pty Ltd (ABN 68 005 970 570) and WEX Fuel Cards Australia Ltd (ABN 33 008 962 132).
Servicer means WEX Australia Pty Ltd (ABN 68 005 970 570).
Supplementary Terms Notice means the document titled “Southern Cross WEX 2015-1 Trust Supplementary Terms Notice” dated on or about the date of this document between the Class A Facility Provider, the Class B Facility Provider, the Grantor, the Secured Party, the Manager, the Principal Seller, each Seller and the Servicer.
Title Perfection Event has the meaning given to that term in the Receivables Acquisition and Servicing Agreement.
Transaction Documents means, in respect of the Trust:
		
	(a)
	the Notice of Creation of Trust and Security Trust;

		
	(b)
	the Master Trust Deed;

		
	(c)
	the Security Trust Deed;

		
	(d)
	the Management Deed;

		
	(e)
	this document;

		
	(f)
	the Receivables Acquisition and Servicing Agreement and any Sale Notice for the Trust;

		
	(g)
	the Guarantee; 

		
	(h)
	the Class A Facility Deed;

		
	(i)
	the Class B Facility Deed; and

		
	(j)
	the Supplementary Terms Notice.

Trust refers to the Southern Cross WEX 2015-1 Trust.
Voting Secured Creditor means:
		
	(a)
	for so long as the Secured Money owing to the Class A Facility Provider is greater than zero or the Class A Facility Provider has any obligation to make any subscription in respect of the Class A Notes under the Class A Facility Deed, the Class A Facility Provider; and

		
	(b)
	subject to paragraph (c), if the Secured Money owing to the Class A Facility Provider is zero and the Class A Facility Provider does not have any obligation to make any subscriptions in respect of the Class A Notes under the Class A Facility Deed, the Class B Facility Provider; and

		
	(c)
	if the Secured Money owing to the Class A Facility Provider and the Class B Facility Provider is reduced to zero and the Class A Facility Provider and the Class B Facility Provider do not have any obligation to make any subscriptions in respect of the Class A Notes or Class B Notes under the Class A Facility Deed and the Class B Facility Deed, the remaining Secured Creditors.

		
	1.3
	Other interpretation provisions

Clauses 25.2 (“References to certain general terms”) to 25.4 (“Headings”) (inclusive) of the Security Trust Deed apply to this document as if they were fully set out in this document.  Unless the contrary intention appears in this document, a reference to “this security” means the security interests created by this document. 
		
	1.4
	Designation

This document is the “General Security Agreement” for the Trust.
		
	1.5
	Variations and replacements

The Grantor acknowledges that the Transaction Documents for the Trust may be varied or replaced from time to time.
The Grantor confirms that the Secured Money includes any amount payable under any Transaction Document for the Trust as varied or replaced.  The Grantor confirms that this applies regardless of:
		
	(a)
	how the Transaction Document is varied or replaced; and

		
	(b)
	the reasons for the variation or replacement; and

		
	(c)
	whether the Secured Money decreases or increases or the Transaction Document is otherwise more onerous as a result of the variation or replacement.

Part 2 Standard Terms

		
	2
	Grantor must pay the Secured Money

The Grantor agrees to pay the Secured Money in accordance with the terms of the Transaction Documents.

		
	3
	Security

		
	3.1
	Security Interest

The Grantor grants a security interest in the Collateral to the Secured Party for the purpose of securing payment of the Secured Money.  This security interest is a charge.  If for any reason it is necessary to determine the nature of this charge, it is a floating charge over Revolving Assets and a fixed charge over all other Collateral.
The Grantor does this as trustee of the Trust.
		
	3.2
	Consideration

The Grantor acknowledges granting this security interest and incurring obligations and giving rights under this document for valuable consideration.
		
	3.3
	Secured Money

The Grantor agrees to pay the Secured Money in accordance with the terms of the Transaction Documents for the Trust.
		
	3.4
	Limited recourse

Clause 17 (“Indemnity and limitation of liability”) of the Master Trust Deed applies to this document as if it was fully set out in this document except that any reference to the “Trustee” is interpreted as a reference to the “Grantor” and any reference to “a Trust” is a reference to “the Trust”.
		
	3.5
	Limitation of liability of Secured Party

Clause 7 (“Secured Party indemnity and limitation of liability”) of the Security Trust Deed applies to this document as if it was fully set out in this document except that any reference to the “Secured Party” is interpreted as a reference to the “Secured Party”.

		
	4
	Dealings - such as selling or granting other Encumbrances

		
	4.1
	Restricted dealings 

Unless the Grantor is expressly permitted to do so under the Transaction Documents for the Trust or the Secured Party (at the direction, by Extraordinary Resolution, of the Voting Secured Creditors) consents, the Grantor may not, and may not agree, attempt or take any step to, do any of the following: 
		
	(a)
	create or allow another interest in any Collateral other than any Permitted Encumbrance; or

		
	(b)
	dispose, or part with possession, of any Collateral, other than any Permitted Disposal.

		
	4.1
	Permitted dealings

The Grantor may do any of the following in the ordinary course of the Grantor’s ordinary business unless it is prohibited from doing so by another provision in a Transaction Document:
		
	(c)
	create or allow another interest in, or dispose or part with possession of, any Collateral which is a Revolving Asset; or

		
	(d)
	withdraw or transfer money from an account with a bank or other financial institution.

		
	4.2
	Revolving Assets

If a Control Event occurs in respect of any Collateral then automatically:
		
	(a)
	that Collateral is not (and immediately ceases to be) a Revolving Asset; and

		
	(b)
	any floating charge over that Collateral immediately operates as a fixed charge; and

		
	(c)
	the Grantor may no longer deal with the Collateral under clause 4.2 (“Permitted dealings”).

		
	4.3
	Conversion to Revolving Assets

If any Collateral is not, or ceases to be, a Revolving Asset, and becomes subject to a fixed charge or transfer under this clause, the Secured Party may (at the direction of an Extraordinary Resolution of Voting Secured Creditors) give the Grantor a notice stating that, from a date specified in the notice, the Collateral specified in the notice is a Revolving Asset, or becomes subject to a floating charge or is transferred back to the Grantor.  This may occur any number of times.
		
	4.4
	Where the law allows for creation of Encumbrance without consent

If a law entitles the Grantor to create another Encumbrance over the Collateral without the consent of the Secured Party, this clause 4 (“Dealings – such as selling or granting other Encumbrances”) does not operate to require the Grantor to obtain the Secured Party’s consent before creating that other Encumbrance.  However:
		
	(a)
	if the Grantor intends to create another Encumbrance, it agrees to notify the Secured Party at least seven days before it proposes to do so; and

		
	(b)
	if the Secured Party requests an agreement under clause 5.1 (“Priority agreement”) and the Grantor has not complied with that request by the time the Encumbrance is created, financial accommodation need not be made available under any Transaction Document.

This is without prejudice to any other rights the Secured Party may have under the Transaction Documents.

		
	5
	Other Encumbrances

		
	5.1
	Priority agreement

If the Secured Party asks, the Grantor agrees to obtain an agreement acceptable to the Secured Party regulating priority between this security interest and any other Encumbrance over the Collateral.
		
	5.2
	Amount secured by other Encumbrance

The Grantor agrees to ensure that the amount secured under any Encumbrance (other than any Permitted Encumbrance) over the Collateral is not increased without the Secured Party’s consent.
		
	5.3
	Obligations under other Encumbrance

The Grantor agrees to comply with all obligations under any other Encumbrance over the Collateral.
		
	5.4
	Secured Party may rely on third party certificates

The Secured Party may rely on a certificate from any other person with an Encumbrance over the Collateral as to the amount that is owed to that other person.

		
	6
	Bank Account

		
	6.1
	Opening of Bank Accounts

The Grantor agrees: 
		
	(a)
	promptly after execution of this document, and at the direction of the Manager, to open the Collections Account, if it has not already been opened; and

		
	(b)
	the signatories to the Collections Account are to comprise the Nominated Signatories, and the persons nominated by the Grantor (which may include the Grantor).  Subject to clause 6.2 (“Operation of Bank Accounts”) and clause 6.3 (“Notice to Depositee after an Event of Default”), the Collections Account may be operated by two signatories nominated by the Grantor only, without any requirement for signature by a Nominated Signatory.  The Secured Party agrees that each Nominated Signatory will be removed when there is no longer any Secured Money.  

		
	6.2
	Operation of Bank Accounts

The Grantor agrees that, if an Event of Default occurs: 
		
	(c)
	the Collections Account may only be operated by two signatories, being two Nominated Signatories, without any requirement for signature by, or for, the Grantor; and

		
	(d)
	the Secured Party may notify the Grantor that the Grantor is prohibited from making any withdrawals from the Collections Account.

		
	6.3
	Notice to Depositee after an Event of Default

If an Event of Default has occurred, the Secured Party may give notice to the Depositee that the Collections Account may be operated by the signature only of two Nominated Signatories without any requirement for a signature by, or for, the Grantor.  If this notice is given, the Grantor agrees that the Depositee:
		
	(a)
	need not enquire whether the Secured Party is in fact entitled to give such a notice; and

		
	(b)
	is directed by the Grantor to act in accordance with the notice without reference to the Grantor.

The Grantor acknowledges that any direction given under this clause cannot be revoked or varied by the Grantor except with the consent of the Secured Party.

		
	7
	GST

		
	(e)
	Unless expressly stated otherwise in this document, all amounts payable or consideration to be provided under this document are exclusive of GST.

		
	(f)
	If GST is payable on any supply made under this document, for which the consideration is not expressly stated to include GST, the recipient agrees to pay to the supplier an additional amount equal to the GST at the same time that the consideration for the supply, or the first part of the consideration for the supply (as the case may be), is to be provided.  However:

		
	(i)
	the recipient need not pay the additional amount until the supplier gives the recipient a tax invoice or an adjustment note; and

		
	(ii)
	if an adjustment event arises in respect of the supply, the additional amount must be adjusted to reflect the adjustment event and the recipient or the supplier (as the case may be) must make any payments necessary to reflect the adjustment; and

		
	(iii)
	this clause 7 (“GST”) does not apply to the extent that the GST on the supply is payable by the recipient under Division 84 of the GST Act.

		
	(g)
	If a party is required under this document to indemnify another party or pay or reimburse Costs of another party, the party agrees to pay the relevant amount less any input tax credits to which the other party (or to which the representative member for a GST group of which the other party is a member) is entitled.

		
	(h)
	A term which has a defined meaning in the GST Law has the same meaning used in this clause 7 (“GST”).  GST Law has the same meaning it has in the GST Act.

		
	8
	Application of payments

		
	8.1
	Application of money

The Secured Party must apply money it receives under this document towards paying the Secured Money in accordance with the order of priority specified in the Security Trust Deed.
		
	8.2
	Suspense account

The Secured Party may place in a suspense account any payment it receives from the Grantor for as long as it considers prudent and need not apply it towards satisfying the Secured Money.
		
	8.3
	Credit from date of receipt

The Grantor is only credited with money from the date the Secured Party or the person to whom it has directed payment actually receives it (including, where the Secured Party has appointed a Receiver, the date the Receiver pays money to the Secured Party or the person to whom it has directed payment).

		
	9
	Default

		
	9.1
	Grantor to ensure no Event of Default

The Grantor agrees to ensure that there is no Event of Default in respect of the Trust.  The Grantor is not liable in damages for breach of this clause 9.1 (“Grantor to ensure no Event of Default”) (including where the breach is also a breach of another clause and such breach will not of itself constitute fraud, negligence, or wilful default of the Grantor).  However, if the Grantor breaches this clause 9.1 (“Grantor to ensure no Event of Default”), the Secured Party may exercise its rights in relation to the Collateral under this document and at law.  This does not limit the Grantor’s other liabilities to the Secured Party or any of the Secured Party’s other rights against the Grantor or the Collateral. 
		
	9.2
	Secured Party’s powers on default

If an Event of Default in respect of the Trust is continuing, subject to the Security Trust Deed, the Secured Party may (or if directed by the Voting Secured Creditors, must) do one or more of the following in addition to anything else the law allows the Secured Party to do as secured party:
		
	(a)
	sue the Grantor for the Secured Money; and

		
	(b)
	appoint one or more Receivers to all or any part of the Collateral or its income; and

		
	(c)
	do anything that a Receiver could do under clause 11.4 (“Receiver’s powers”).

		
	9.3
	Order of enforcement

The Secured Party may (at the direction of the Voting Secured Creditors) enforce the Security before it enforces other rights or remedies: 
		
	(a)
	against any other person; or

		
	(b)
	under another document, such as another Encumbrance.

If the Secured Party has more than one Encumbrance, it may enforce them in any order it chooses.

		
	10
	Exclusion of time periods

		
	10.1
	No notice required unless mandatory

Neither the Secured Party nor any Receiver need give the Grantor any notice or demand or allow time to elapse before exercising a right under this document or conferred by law (including a right to sell) unless the notice, demand or lapse of time is required by law and cannot be excluded.
		
	10.2
	Mandatory notice period

If the law requires that a period of notice must be given or a lapse of time must occur or be permitted before a right under this document or conferred by law may be exercised, then:
		
	(c)
	when a period of notice or lapse of time is mandatory, that period of notice must be given or that lapse of time must occur or be permitted by the Secured Party; or

		
	(d)
	when the law provides that a period of notice or lapse of time may be stipulated or fixed by this document, then one day is stipulated and fixed as that period of notice or lapse of time including, if applicable, as the period of notice or lapse of time during which:

		
	(i)
	an Event of Default in respect of the Trust must continue before a notice is given or requirement otherwise made for payment of the Secured Money or the observance of other obligations under this document; and

		
	(ii)
	a notice or request for payment of the Secured Money or the observance of other obligations under this document must remain not complied with before the Secured Party or a Receiver may exercise rights.

		
	11
	Receivers

		
	11.1
	Terms of appointment of Receiver

In exercising its power to appoint a Receiver, the Secured Party may:
		
	(e)
	appoint a Receiver to all or any part of the Collateral or its income;

		
	(f)
	set a Receiver’s remuneration at any figure the Secured Party determines appropriate; and 

		
	(g)
	remove a Receiver and appoint a new or additional Receiver.

		
	11.2
	More than one Receiver

If the Secured Party appoints more than one Receiver, the Secured Party may specify whether they may act individually or jointly.
		
	11.3
	Receiver is Grantor’s agent

Any Receiver appointed under this document is the Grantor’s agent unless the Secured Party notifies the Grantor that the Receiver is to act as the Secured Party’s agent.  The Grantor is solely responsible for anything done, or not done, by a Receiver and for the Receiver’s remuneration and Costs.
		
	11.4
	Receiver’s powers

Unless the terms of appointment restrict a Receiver’s powers, the Receiver may do one or more of the following:
		
	(a)
	sell, transfer or otherwise dispose of the Collateral to which it is appointed or any interest in that Collateral; and

		
	(b)
	lease or licence the Collateral to which it is appointed or any interest in that Collateral, or deal with any existing lease or licence (including allowing a surrender or variation); and

		
	(c)
	take or give up possession of the Collateral to which it is appointed as often as it chooses; and

		
	(d)
	sever, remove and sell fixtures attached to the Collateral to which it is appointed; and

		
	(e)
	obtain registration of the Collateral in the Secured Party’s or its nominee’s name; and

		
	(f)
	do anything else the law allows an owner or a Receiver of the Collateral to which it is appointed to do.

		
	12
	Disposal of the Collateral is final

The Grantor agrees that if the Secured Party or a Receiver sells, transfers or otherwise disposes of the Collateral:
		
	(a)
	the Grantor will not challenge the acquirer’s right to acquire the Collateral (including on the ground that the Secured Party or the Receiver was not entitled to dispose of the Collateral or that the Grantor did not receive notice of the intended disposal) and the Grantor will not seek to reclaim that property; and

		
	(b)
	the person who acquires the Collateral need not check whether the Secured Party or the Receiver has the right to dispose of the Collateral or whether the Secured Party or the Receiver exercises that right properly.

		
	13
	Power of attorney

		
	13.1
	Appointment

The Grantor irrevocably appoints the Secured Party, each Authorised Officer of the Secured Party, and each Receiver individually as the Grantor’s attorney and agrees to ratify anything an Attorney does under clause 13.2 (“Powers”).
		
	13.2
	Powers

If an Event of Default in respect of the Trust is continuing, or the Secured Party reasonably believes that such an Event of Default is continuing, an Attorney may:
		
	(g)
	do anything which the Grantor can lawfully authorise an attorney to do in connection with this document or the Collateral, or which the Attorney believes is expedient to give effect to any of the Secured Party’s or a Receiver’s rights (these things may be done in the Grantor’s name or the Attorney’s name, and they include signing and delivering documents, transferring, selling or leasing Collateral, transferring, selling or surrendering any lease, lodging or withdrawing caveats and starting, conducting and defending legal proceedings and sending any instructions, messages or communications by which the Collateral can be transferred or otherwise dealt with); and

		
	(h)
	delegate their powers (including this power) and revoke a delegation; and

		
	(i)
	exercise their powers even if this involves a conflict of duty or they have a personal interest in doing so.

		
	14
	Reinstatement of rights

Under law relating to Insolvency, a person may claim that a transaction (including a payment) in connection with the Secured Money is void or voidable.  If a claim is made and upheld, conceded or compromised, then:
		
	(j)
	the Secured Party is immediately entitled as against the Grantor to the rights in respect of the Secured Money to which it was entitled immediately before the transaction; and

		
	(k)
	on request from the Secured Party, the Grantor agrees to do anything (including signing any document) to restore to the Secured Party any Encumbrance (including the Security) it held from the Grantor immediately before the transaction.

		
	15
	Statutory powers and notices

		
	15.1
	Exclusion of PPSA provisions

To the extent the law permits:
		
	(a)
	for the purposes of sections 115(1) and 115(7) of the PPSA:

		
	(i)
	the Secured Party need not comply with sections 95, 118, 121(4), 125, 130, 132(3)(d) or 132(4); and 

		
	(ii)
	sections 142 and 143 are excluded;

		
	(b)
	for the purposes of section 115(7) of the PPSA, the Secured Party need not comply with sections 132 and 137(3);

		
	(c)
	if the PPSA is amended after the date of this document to permit the Grantor and the Secured Party to agree to not comply with or to exclude other provisions of the PPSA, the Secured Party may notify the Grantor that any of these provisions is excluded, or that the Secured Party need not comply with any of these provisions as notified to the Grantor by the Secured Party; and 

		
	(d)
	the Grantor agrees not to exercise its rights to make any request of the Secured Party under section 275 of the PPSA, to authorise the disclosure of any information under that section or to waive any duty of confidence that would otherwise permit non-disclosure under that section.

		
	15.2
	Exercise of rights by Secured Party

If the Secured Party exercises a right, power or remedy in connection with this document, that exercise is taken not to be an exercise of a right, power or remedy under the PPSA unless the Secured Party states otherwise at the time of exercise.  However, this clause does not apply to a right, power or remedy which can only be exercised under the PPSA.
		
	15.3
	No notice required unless mandatory

To the extent the law permits, the Grantor waives:
		
	(a)
	its rights to receive any notice that is required by:

		
	(i)
	any provision of the PPSA (including a notice of a verification statement); or

		
	(ii)
	any other law before a secured party or Receiver exercises a right, power or remedy; and

		
	(b)
	any time period that must otherwise lapse under any law before a secured party or Receiver exercises a right, power or remedy.

If the law which requires a period of notice or a lapse of time cannot be excluded, but the law provides that the period of notice or lapse of time may be agreed, that period or lapse is one day or the minimum period the law allows to be agreed (whichever is the longer).
However, nothing in this clause prohibits the Secured Party or any Receiver from giving a notice under the PPSA or any other law.

		
	16
	General

		
	16.1
	Counterparts

This document may consist of a number of copies, each signed by one or more parties to it.  If so, the signed copies are treated as making up the one document.
		
	16.2
	Governing law and jurisdiction

This document is governed by the law in force in New South Wales.  Each party submits to the non-exclusive jurisdiction of the courts of that place.  They waive any right to object to an action being brought in those courts including by claiming that the action has been brought in an inconvenient forum or that those courts do not have jurisdiction.
This clause is for the benefit of the Secured Party only.  It does not prevent the Secured Party from bringing an action in any other courts with jurisdiction.  To the extent permitted by law, the Secured Party may take concurrent proceedings in any number of jurisdictions.
		
	16.3
	Serving documents

Without preventing any other method of service, any document in an action in connection with this document may be served on a party by being delivered to or left at that party’s address for service of notices in accordance with clause 23 of the Security Trust Deed (“Notices and other communications”).
		
	16.4
	Directions of Manager

Subject to clause 12.2 (“Trustee must follow Manager’s directions”) of the Master Trust Deed, the Grantor may rely on the directions of the Manager given in accordance with the Management Deed and the Master Trust Deed when exercising rights or complying with obligations under this document.

	
			
	ࣩ King & Wood Mallesons
12164259_8
	Southern Cross WEX 2015-1 Trust General Security Agreement

	ii

		
	16.5
	Confidentiality 

Each party agrees not to disclose information provided by any other party that is not publicly available (including the existence or contents of any Transaction Document) except:
		
	(a)
	to any person in connection with an exercise of rights or a dealing with rights or obligations under this document (including preparatory steps such as negotiating with any potential assignee of the Grantor’s rights or other person who is considering contracting with the Grantor or a Receiver in connection with this document); or

		
	(b)
	to officers, employees, legal and other advisers and auditors of the Grantor, the Secured Party or a Receiver; or

		
	(c)
	to any party to this document or any Related Entity of any party to this document, provided the recipient agrees to act consistently with this clause 17.5 (“Confidentiality”); or

		
	(d)
	with the disclosing party’s consent (not to be unreasonably withheld); or

		
	(e)
	any disclosure the disclosing party reasonably believes is required by any law or stock exchange (except that this paragraph does not permit the Secured Party to disclose any information under section 275(4) of the PPSA unless section 275(7) of the PPSA applies).

Each party consents to disclosures made in accordance with this clause 17.5 (“Confidentiality”).
EXECUTED as a deed

	
			
	ࣩ King & Wood Mallesons
12164259_8
	Southern Cross WEX 2015-1 Trust General Security Agreement

	iii

Signing page
DATED:             28 April  2015

	
			
	SIGNED, SEALED AND DELIVERED by 
and

as attorneys for PERPETUAL CORPORATE TRUST LIMITED under power of attorney dated  16 September 2014

in the presence of: 

/s/ Eugene Tee
   
Signature of witness

Eugene Tee
Name of witness
	)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
	

/s/ Manish Sarat
Manish Sarat
Manager
   
By executing this document the attorney states that the attorney has received no notice of revocation of the power of attorney

/s/ Hagbarth Strom
Hagbarth Strom
Senior Transaction Manager
   
By executing this document the attorney states that the attorney has received no notice of revocation of the power of attorney

	
			
	SIGNED, SEALED AND DELIVERED by 
and

as attorneys for P.T. LIMITED under power of attorney dated 16 September 2014

in the presence of:

/s/ Eugene Tee
   
Signature of witness

Eugene Tee
Name of witness
	)
)
)
)
)
)
)
)
)
)
)
)
)
)
)
	

/s/ Manish Sarat
Manish Sarat
Manager
   
By executing this document the attorney states that the attorney has received no notice of revocation of the power of attorney

/s/ Hagbarth Strom
Hagbarth Strom
Senior Transaction Manager
   
By executing this document the attorney states that the attorney has received no notice of revocation of the power of attorney

	
			
	ࣩ King & Wood Mallesons
12164259_8
	Error! No text of specified style in document.
31 July 2015
	iv

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