The Stripe Treasury (formerly Financial Accounts) Terms are modified with the addition of the following to Section 11 (Regional Terms):

Australia.

The following Regional Terms apply for Users in Australia.

1. Payment Services Provider.

Each reference to “RSP” in these Stripe Treasury (formerly Financial Accounts) Terms means Stripe Payments Australia Pty Ltd.

2. Bank Guarantee. 

When funds are credited to the Financial Account User acquires an interest in (or an increased interest in) a non-cash payment product. Those funds are not subject to the client money protections in the Corporations Act 2001 (Cth). The funds in User’s Financial Account will be supported by a bank guarantee (“Bank Guarantee”) as Law requires. The Bank Guarantee will be issued by an Australian authorised deposit-taking institution (“Issuer”) in favour of Global Loan Agency Services Australia Nominees Pty Ltd (“Trustee” or “GLAS”) who holds the benefit of the Bank Guarantee on trust for RSP’s customers, including User.  RSP is required to ensure that, at any point in time, the amount of the Bank Guarantee is greater than the aggregate balances of all non-cash payment products of Users of the Services.  If an insolvency event occurs to RSP or RSP is found by any court or tribunal in Australia or the Australian Financial Complaints Authority (“AFCA”) to be in breach of any obligation owed to User in connection with the Financial Account which breach is not remedied within 10 business days following receipt by RSP of the final non-appealable judgement or determination of the court, tribunal or AFCA, the Trustee must make a demand on the Bank Guarantee.  User acknowledges that if a demand is made on the Bank Guarantee, the Trustee will apply the proceeds of the Bank Guarantee to satisfy Financial Account balances of affected customers held (i) in Australian Dollars, in Australian Dollars and (ii) in any other currency, in Australian Dollars using an exchange rate determined by the Trustee (acting reasonably).  In these circumstances User can contact the Trustee at: GLAS, Level 26, 1 Bligh Street, Sydney NSW 2000 Australia (Re: Stripe); Phone: +61 2 82268728; Website: https://glas.agency/aus/ and Email: apac@glas.agency (Re: Stripe).  The Bank Guarantee referenced in this clause has been issued with the intention of satisfying an exemption published by the Reserve Bank of Australia under section 25 of the Payment System (Regulations) Act 1998 (Cth) on 4 March 2004 (“Exemption”).  User acknowledges and agrees that (i) if RSP no longer relies on the Exemption in respect of the Available Balance, such as where RSP is granted an authorised deposit taking institution licence, neither RSP nor the Trustee need maintain the Bank Guarantee; and (ii) for the purposes of establishing the Bank Guarantee arrangements, RSP is authorised to transfer free and clear title to all relevant balances held in the Custodial Account (or otherwise received to be credited to the Available Balance) to the Issuer as collateral for performance of the Bank Guarantee.

3. Definitions.

“User Territory” means Australia or such other jurisdictions Stripe permits in writing.