Document:

EX-10.3

 Exhibit 10.3 
 EXECUTION VERSION 
 SMART ABS SERIES 2015-3US TRUST 

CURRENCY SWAP AGREEMENT 
 PERPETUAL TRUSTEE COMPANY LIMITED 
 ABN 42 000 001 007 

AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED 
 ABN 11 005 357 522 
 MACQUARIE SECURITIES MANAGEMENT PTY LIMITED

 ABN 26 003 435 443 
  

 
  
  

 

 (Multicurrency — Cross Border) 

ISDA® 

International Swap Dealers Association, Inc. 
  

MASTER AGREEMENT 
 dated as of 
 ...... 15 October 2015............. 

			
	Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (“Party A”)	 	Perpetual Trustee Company Limited ABN 42 000 001 007 in its capacity as trustee of the SMART ABS Series 2015-1US Trust (“Party B”)
	Macquarie Securities Management Pty Limited ABN 26 003 435 443 (the “Manager”)	 	

 have entered and/or anticipate entering into one or more transactions (each a “Transaction”)
that are or will be governed by this Master Agreement, which includes the schedule (the “Schedule”), and the documents and other confirming evidence (each a “Confirmation”) exchanged between the parties confirming those
Transactions. 
 Accordingly, the parties agree as follows: — 

 

	1.	 Interpretation 

 (a)       Definitions. The terms defined in Section 14 and in the Schedule will have the meanings therein specified for the purpose of this Master
Agreement. 
 (b)       Inconsistency.  In the event of any
inconsistency between the provisions of the Schedule and the other provisions of this Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement (including the
Schedule), such Confirmation will prevail for the purpose of the relevant Transaction. 

(c)       Single Agreement.  All Transactions are entered into in reliance on
the fact that this Master Agreement and all Confirmations form a single agreement between the parties (collectively referred to as this “Agreement”), and the parties would not otherwise enter into any Transactions. 

 

	2.	 Obligations 

 (a)       General Conditions. 
 (i)      Each party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement. 

(ii)     Payments under this Agreement will be made on the due date for value on that date in
the place of the account specified in the relevant Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for payments in the required currency. Where settlement is by delivery (that is, other
than by payment), such delivery will be made for receipt on the due date in the manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement. 

(iii)    Each obligation of each party under Section 2(a)(i) is subject to (1) the
condition precedent that no Event of Default or Potential Event of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant Transaction has
occurred or been effectively designated and (3) each other applicable condition precedent specified in this Agreement. 

Copyright © 1992 by International Swap Dealers Association, Inc. 

 (b)       Change of Account. Either party
may change its account for receiving a payment or delivery by giving notice to the other party at least five Local Business Days prior to the scheduled date for the payment or delivery to which such change applies unless such other party gives
timely notice of a reasonable objection to such change. 
 (c)       Netting.
If on any date amounts would otherwise be payable:— 
 (i)     in the same
currency; and 
 (ii)    in respect of the same Transaction, 

by each party to the other, then, on such date, each party’s obligation to make payment of any such amount will be automatically
satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by whom the
larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. 
 The parties may elect in respect of two or more Transactions that a net amount will be determined in respect of all amounts payable on the same date in the same currency in respect of such Transactions,
regardless of whether such amounts are payable in respect of the same Transaction. The election may be made in the Schedule or a Confirmation by specifying that subparagraph (ii) above will not apply to the Transactions identified as being
subject to the election, together with the starting date (in which case subparagraph (ii) above will not, or will cease to, apply to such Transactions from such date). This election may be made separately for different groups of Transactions
and will apply separately to each pairing of Offices through which the parties make and receive payments or deliveries. 

(d)      Deduction or Withholding for Tax. 

(i)     Gross-Up. All payments under this
Agreement will be made without any deduction or withholding for or on account of any Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, then in
effect. If a party is so required to deduct or withhold, then that party (“X”) will:— 

(1)    promptly notify the other party (“Y”) of such requirement; 

(2)    pay to the relevant authorities the full amount required to be deducted or withheld (including
the full amount required to be deducted or withheld from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is required or receiving notice that such amount
has been assessed against Y; 
 (3)    promptly forward to Y an official receipt (or a
certified copy), or other documentation reasonably acceptable to Y, evidencing such payment to such authorities; and 
 (4)    if such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to which Y is otherwise entitled under this Agreement, such additional amount as is necessary to ensure
that the net amount actually received by Y (free and clear of Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount Y would have received had no such deduction or withholding been required. However, X will not be required
to pay any additional amount to Y to the extent that it would not be required to be paid but for:— 

(A)   the failure by Y to comply with or perform any agreement contained in Section 4(a)(i),
4(a)(iii) or 4(d); or 
 (B)   the failure of a representation made by Y pursuant to
Section 3(f) to be accurate and true unless such failure would not have occurred but for (I) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered
into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (II) a Change in Tax Law. 

  

					
		  	2	  	ISDA®  1992

 (ii)    Liability. If: — 

(1)    X is required by any applicable law, as modified by the practice of any relevant governmental
revenue authority, to make any deduction or withholding in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4); 

(2)    X does not so deduct or withhold; and 

(3)    a liability resulting from such Tax is assessed directly against X, 

then, except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay
to X the amount of such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

 (e)       Default Interest; Other Amounts. Prior to the occurrence or
effective designation of an Early Termination Date in respect of the relevant Transaction, a party that defaults in the performance of any payment obligation will, to the extent permitted by law and subject to Section 6(c), be required to pay
interest (before as well as after judgment) on the overdue amount to the other party on demand in the same currency as such overdue amount, for the period from (and including) the original due date for payment to (but excluding) the date of actual
payment, at the Default Rate. Such interest will be calculated on the basis of daily compounding and the actual number of days elapsed. If, prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant
Transaction, a party defaults in the performance of any obligation required to be settled by delivery, it will compensate the other party on demand if and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement.

  

	3.       Representations	 

Each party represents to the other party (which representations will be deemed to be repeated by each party on each date on which a
Transaction is entered into and, in the case of the representations in Section 3(f), at all times until the termination of this Agreement) that:— 
 (a)       Basic Representations. 
 (i)     Status. It is duly organised and validly existing under the laws of the jurisdiction of its organisation or incorporation and, if relevant under such laws,
in good standing; 
 (ii)    Powers.  It has the power to execute
this Agreement and any other documentation relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its
obligations under this Agreement and any obligations it has under any Credit Support Document to which it is a party and has taken all necessary action to authorise such execution, delivery and performance; 

(iii)   No Violation or Conflict. Such execution, delivery and performance do not violate or
conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or affecting it
or any of its assets; 
 (iv)   Consents. All governmental and other consents that
are required to have been obtained by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been complied with; and

 (v)    Obligations Binding. Its obligations under this Agreement and any
Credit Support Document to which it is a party constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation, insolvency, moratorium or similar laws
affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 

  

					
		  	3	  	ISDA®  1992

 (b)       Absence of Certain Events. No
Event of Default or Potential Event of Default or, to its knowledge, Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations
under this Agreement or any Credit Support Document to which it is a party. 

(c)       Absence of Litigation. There is not pending or, to its knowledge, threatened
against it or any of its Affiliates any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator that is likely to affect the legality, validity or enforceability against
it of this Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations under this Agreement or such Credit Support Document. 
 (d)       Accuracy of Specified Information. All applicable information that is furnished in writing by or on behalf of it to the other party and is
identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate and complete in every material respect. 
 (e)       Payer Tax Representation. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(e) is accurate
and true. 
 (f)       Payee Tax Representations. Each representation specified
in the Schedule as being made by it for the purpose of this Section 3(f) is accurate and true. 
  

	4.	 Agreements 

 Each party agrees with the other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is a party:— 

(a)       Furnish Specified Information. It will deliver to the other party or, in
certain cases under subparagraph (iii) below, to such government or taxing authority as the other party reasonably directs:— 
 (i)      any forms, documents or certificates relating to taxation specified in the Schedule or any Confirmation; 

(ii)     any other documents specified in the Schedule or any Confirmation; and 

(iii)    upon reasonable demand by such other party, any form or document that may be required or
reasonably requested in writing in order to allow such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding for or on account of any Tax or
with such deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt of such demand), with any such
form or document to be accurate and completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required certification, 

in each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable.

 (b)       Maintain Authorisations. It will use all reasonable efforts to
maintain in full force and effect all consents of any governmental or other authority that are required to be obtained by it with respect to this Agreement or any Credit Support Document to which it is a party and will use all reasonable efforts to
obtain any that may become necessary in the future. 
 (c)       Comply with
Laws. It will comply in all material respects with all applicable laws and orders to which it may be subject if failure so to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support
Document to which it is a party. 
 (d)       Tax Agreement. It will give
notice of any failure of a representation made by it under Section 3(f) to be accurate and true promptly upon learning of such failure. 
 (e)       Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or imposed upon it or in respect of its execution or
performance of this Agreement by a jurisdiction in which it is incorporated, 

  

					
		  	4	  	ISDA®  1992

 
organised, managed and controlled, or considered to have its seat, or in which a branch or office through which it is acting for the purpose of this Agreement is located (“Stamp Tax
Jurisdiction”) and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect of the other party’s execution or performance of this Agreement by any such Stamp Tax Jurisdiction which is not
also a Stamp Tax Jurisdiction with respect to the other party. 
  

	5.	 Events of Default and Termination Events 

 (a)       Events of Default. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or any
Specified Entity of such party of any of the following events constitutes an event of default (an “Event of Default”) with respect to such party:— 

(i)     Failure to Pay or Deliver. Failure by the party to make, when due, any
payment under this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by it if such failure is not remedied on or before the third Local Business Day after notice of such failure is given to the party; 

(ii)    Breach of Agreement. Failure by the party to comply with or perform any
agreement or obligation (other than an obligation to make any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give notice of a Termination Event or any agreement or obligation under Section 4(a)(i), 4(a)(iii)
or 4(d)) to be complied with or performed by the party in accordance with this Agreement if such failure is not remedied on or before the thirtieth day after notice of such failure is given to the party; 

(iii)   Credit Support Default. 

(1)    Failure by the party or any Credit Support Provider of such party to comply with or perform
any agreement or obligation to be complied with or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed; 

(2)    the expiration or termination of such Credit Support Document or the failing or ceasing of
such Credit Support Document to be in full force and effect for the purpose of this Agreement (in either case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to which such
Credit Support Document relates without the written consent of the other party; or 

(3)    the party or such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in
whole or in part, or challenges the validity of, such Credit Support Document; 

(iv)    Misrepresentation. A representation (other than a representation under
Section 3(e) or (f)) made or repeated or deemed to have been made or repeated by the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect or misleading in any material
respect when made or repeated or deemed to have been made or repeated; 

(v)    Default under Specified Transaction. The party, any Credit Support Provider of
such party or any applicable Specified Entity of such party (1) defaults under a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, there occurs a liquidation of, an acceleration of obligations
under, or an early termination of, that Specified Transaction, (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment or delivery due on the last payment, delivery or exchange date of, or
any payment on early termination of, a Specified Transaction (or such default continues for at least three Local Business Days if there is no applicable notice requirement or grace period) or (3) disaffirms, disclaims, repudiates or rejects, in
whole or in part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 
 (vi)    Cross Default. If “Cross Default” is specified in the Schedule as applying to the party, the occurrence or existence of (1) a default, event of
default or other similar condition or event (however 

  

					
		  	5	  	ISDA®  1992

 
described) in respect of such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified
Indebtedness of any of them (individually or collectively) in an aggregate amount of not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such
time of being declared, due and payable under such agreements or instruments, before it would otherwise have been due and payable or (2) a default by such party, such Credit Support Provider or such Specified Entity (individually or
collectively) in making one or more payments on the due date thereof in an aggregate amount of not less than the applicable Threshold Amount under such agreements or instruments (after giving effect to any applicable notice requirement or grace
period); 
 (vii)  Bankruptcy. The party, any Credit Support Provider of such party or
any applicable Specified Entity of such party: — 
 (1) is dissolved (other than pursuant to a
consolidation, amalgamation or merger); (2) becomes insolvent or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or
composition with or for the benefit of its creditors; (4) institutes or has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law
affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or
petition (A) results in a judgment of insolvency or bankruptcy or the entry of an order for relief or the making of an order for its winding-up or liquidation or (B) is not dismissed, discharged,
stayed or restrained in each case within 30 days of the institution or presentation thereof; (5) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a
consolidation, amalgamation or merger); (6) seeks or becomes subject to the appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its
assets; (7) has a secured party take possession of all or substantially all its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and
such secured party maintains possession, or any such process is not dismissed, discharged, stayed or restrained, in each case within 30 days thereafter; (8) causes or is subject to any event with respect to it which, under the applicable laws
of any jurisdiction, has an analogous effect to any of the events specified in clauses (1) to (7) (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the
foregoing acts; or 
 (viii)  Merger Without Assumption. The party or any Credit Support
Provider of such party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another entity and, at the time of such consolidation, amalgamation, merger or transfer: — 

(1)  the resulting, surviving or transferee entity fails to assume all the obligations of such party or such
Credit Support Provider under this Agreement or any Credit Support Document to which it or its predecessor was a party by operation of law or pursuant to an agreement reasonably satisfactory to the other party to this Agreement; or 

(2)  the benefits of any Credit Support Document fail to extend (without the consent of the other party) to the
performance by such resulting, surviving or transferee entity of its obligations under this Agreement. 

(b)       Termination Events. The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes an Illegality if the event is specified in (i) below, a Tax Event if the event is specified in (ii) below
or a Tax Event Upon Merger if the event is specified in (iii) below, and, if specified to be applicable, a Credit Event 

  

					
		  	6	  	ISDA®  1992

 
Upon Merger if the event is specified pursuant to (iv) below or an Additional Termination Event if the event is specified pursuant to (v) below:— 

(i)     Illegality. Due to the adoption of, or any change in, any applicable law
after the date on which a Transaction is entered into, or due to the promulgation of, or any change in, the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law after such date, it becomes
unlawful (other than as a result of a breach by the party of Section 4(b)) for such party (which will be the Affected Party): — 
 (1)    to perform any absolute or contingent obligation to make a payment or delivery or to receive a payment or delivery in respect of such Transaction or to comply with any other
material provision of this Agreement relating to such Transaction; or 
 (2)    to perform,
or for any Credit Support Provider of such party to perform, any contingent or other obligation which the party (or such Credit Support Provider) has under any Credit Support Document relating to such Transaction; 

(ii)    Tax Event. Due to (x) any action taken by a taxing authority, or brought
in a court of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (y) a Change in Tax Law, the party (which
will be the Affected Party) will, or there is a substantial likelihood that it will, on the next succeeding Scheduled Payment Date (1) be required to pay to the other party an additional amount in respect of an Indemnifiable Tax under
Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of interest
under Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is required to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B)); 

(iii)   Tax Event Upon Merger. The party (the “Burdened Party”) on the next
succeeding Scheduled Payment Date will either (1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or
(2) receive a payment from which an amount has been deducted or withheld for or on account of any Indemnifiable Tax in respect of which the other party is not required to pay an additional amount (other than by reason of
Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating with, or merging with or into, or transferring all or substantially all its assets to, another entity (which will be the Affected Party) where
such action does not constitute an event described in Section 5(a)(viii); 

(iv)   Credit Event Upon Merger. If “Credit Event Upon Merger” is specified in the
Schedule as applying to the party, such party (“X”), any Credit Support Provider of X or any applicable Specified Entity of X consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to,
another entity and such action does not constitute an event described in Section 5(a)(viii) but the creditworthiness of the resulting, surviving or transferee entity is materially weaker than that of X, such Credit Support Provider or such
Specified Entity, as the case may be, immediately prior to such action (and, in such event, X or its successor or transferee, as appropriate, will be the Affected Party); or 

(v)    Additional Termination Event. If any “Additional Termination Event” is
specified in the Schedule or any Confirmation as applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties shall be as specified for such Additional Termination Event in the Schedule or such Confirmation).

 (c)       Event of Default and Illegality. If an event or circumstance which
would otherwise constitute or give rise to an Event of Default also constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default. 

  

					
		  	7	  	ISDA®  1992

	6.	 Early Termination 

 (a)       Right to Terminate Following Event of Default. If at any time an Event of Default with respect to a party (the “Defaulting Party”) has
occurred and is then continuing, the other party (the “Non-defaulting Party”) may, by not more than 20 days notice to the Defaulting Party specifying the relevant Event of Default, designate a day not earlier than the day such notice is
effective as an Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic Early Termination” is specified in the Schedule as applying to a party, then an Early Termination Date in respect of all outstanding
Transactions will occur immediately upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent analogous thereto, (8), and as of the time immediately preceding
the institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

 (b)       Right to Terminate Following Termination Event. 

(i)     Notice. If a Termination Event occurs, an Affected Party will, promptly
upon becoming aware of it, notify the other party, specifying the nature of that Termination Event and each Affected Transaction and will also give such other information about that Termination Event as the other party may reasonably require.

 (ii)    Transfer to Avoid Termination Event. If either an Illegality under
Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early
Termination Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, excluding immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all
its rights and obligations under this Agreement in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist. 

If the Affected Party is not able to make such a transfer it will give notice to the other party to that effect within
such 20 day period, whereupon the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i). 
 Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which consent will not be withheld if such other
party’s policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed. 
 (iii)   Two Affected Parties. If an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there are two Affected Parties, each party will use all reasonable
efforts to reach agreement within 30 days after notice thereof is given under Section 6(b)(i) on action to avoid that Termination Event. 
 (iv)    Right to Terminate. If: — 
 (1)    a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with respect to all Affected Transactions within
30 days after an Affected Party gives notice under Section 6(b)(i); or 
 (2)    an
Illegality under Section 5(b)(i)(2), a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not the Affected Party, 

either party in the case of an Illegality, the Burdened Party in the case of a Tax Event Upon Merger, any Affected Party
in the case of a Tax Event or an Additional Termination Event if there is more than one Affected Party, or the party which is not the Affected Party in the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one
Affected Party may, by not more than 20 days notice to the other party and provided that the relevant Termination Event is then 

  

					
		  	8	  	ISDA®  1992

 
continuing, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all Affected Transactions. 

(c)       Effect of Designation. 

(i)    If notice designating an Early Termination Date is given under Section 6(a) or (b), the
Early Termination Date will occur on the date so designated, whether or not the relevant Event of Default or Termination Event is then continuing. 
 (ii)   Upon the occurrence or effective designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in respect of the Terminated
Transactions will be required to be made, but without prejudice to the other provisions of this Agreement. The amount, if any, payable in respect of an Early Termination Date shall be determined pursuant to Section 6(e). 

(d)       Calculations. 

(i)    Statement. On or as soon as reasonably practicable following the occurrence of
an Early Termination Date, each party will make the calculations on its part, if any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in reasonable detail, such calculations (including all relevant
quotations and specifying any amount payable under Section 6(e)) and (2) giving details of the relevant account to which any amount payable to it is to be paid. In the absence of written confirmation from the source of a quotation obtained
in determining a Market Quotation, the records of the party obtaining such quotation will be conclusive evidence of the existence and accuracy of such quotation. 

(ii)    Payment Date. An amount calculated as being due in respect of any Early
Termination Date under Section 6(e) will be payable on the day that notice of the amount payable is effective (in the case of an Early Termination Date which is designated or occurs as a result of an Event of Default) and on the day which is
two Local Business Days after the day on which notice of the amount payable is effective (in the case of an Early Termination Date which is designated as a result of a Termination Event). Such amount will be paid together with (to the extent
permitted under applicable law) interest thereon (before as well as after judgment) in the Termination Currency, from (and including) the relevant Early Termination Date to (but excluding) the date such amount is paid, at the Applicable Rate. Such
interest will be calculated on the basis of daily compounding and the actual number of days elapsed. 

(e)       Payments on Early Termination. If an Early Termination Date occurs, the
following provisions shall apply based on the parties’ election in the Schedule of a payment measure, either “Market Quotation” or “Loss”, and a payment method, either the “First Method” or the “Second
Method”. If the parties fail to designate a payment measure or payment method in the Schedule, it will be deemed that “Market Quotation” or the “Second Method”, as the case may be, shall apply. The amount, if any, payable in
respect of an Early Termination Date and determined pursuant to this Section will be subject to any Set-off. 
 (i)    Events of Default. If the Early Termination Date results from an Event of Default: — 

(1)    First Method and Market Quotation. If the First Method and Market Quotation apply, the
Defaulting Party will pay to the Non-defaulting Party the excess, if a positive number, of (A) the sum of the Settlement Amount (determined by the Non-defaulting
Party) in respect of the Terminated Transactions and the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party over (B) the Termination Currency Equivalent of the Unpaid
Amounts owing to the Defaulting Party. 
 (2)    First Method and Loss. If the First
Method and Loss apply, the Defaulting Party will pay to the Non-defaulting Party, if a positive number, the Non-defaulting Party’s Loss in respect of this
Agreement. 
 (3)    Second Method and Market Quotation. If the Second Method and
Market Quotation apply, an amount will be payable equal to (A) the sum of the Settlement Amount (determined by the 

  

					
		  	9	  	ISDA®  1992

 
Non-defaulting Party) in respect of the Terminated Transactions and the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the Defaulting Party. If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party. 

(4)    Second Method and Loss. If the Second Method and Loss apply, an amount will be payable
equal to the Non-defaulting Party’s Loss in respect of this Agreement. If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting
Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party. 

(ii)    Termination Events.  If the Early Termination Date results from a
Termination Event: — 
 (1)    One Affected Party. If there is one Affected
Party, the amount payable will be determined in accordance with Section 6(e)(i)(3), if Market Quotation applies, or Section 6(e)(i)(4), if Loss applies, except that, in either case, references to the Defaulting Party and to the Non-defaulting Party will be deemed to be references to the Affected Party and the party which is not the Affected Party, respectively, and, if Loss applies and fewer than all the Transactions are being terminated,
Loss shall be calculated in respect of all Terminated Transactions. 
 (2)    Two
Affected Parties. If there are two Affected Parties: — 
 (A)  if Market
Quotation applies, each party will determine a Settlement Amount in respect of the Terminated Transactions, and an amount will be payable equal to (I) the sum of (a) one-half of the difference
between the Settlement Amount of the party with the higher Settlement Amount (“X”) and the Settlement Amount of the party with the lower Settlement Amount (“Y”) and (b) the Termination Currency Equivalent of the Unpaid
Amounts owing to X less (II) the Termination Currency Equivalent of the Unpaid Amounts owing to Y; and 

(B)  if Loss applies, each party will determine its Loss in respect of this Agreement (or, if fewer than all
the Transactions are being terminated, in respect of all Terminated Transactions) and an amount will be payable equal to one-half of the difference between the Loss of the party with the higher Loss
(“X”) and the Loss of the party with the lower Loss (“Y”). 
 If the amount payable is a
positive number, Y will pay it to X; if it is a negative number, X will pay the absolute value of that amount to Y. 
 (iii)    Adjustment for Bankruptcy. In circumstances where an Early Termination Date occurs because “Automatic Early Termination” applies in respect of a party,
the amount determined under this Section 6(e) will be subject to such adjustments as are appropriate and permitted by law to reflect any payments or deliveries made by one party to the other under this Agreement (and retained by such other
party) during the period from the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii). 
 (iv)    Pre-Estimate. The parties agree that if Market Quotation applies an amount recoverable under this Section 6(e) is a reasonable
pre-estimate of loss and not a penalty. Such amount is payable for the loss of bargain and the loss of protection against future risks and except as otherwise provided in this Agreement neither party will be
entitled to recover any additional damages as a consequence of such losses. 

  

					
		  	10	  	ISDA®  1992

	7.	 Transfer 

 Subject to Section 6(b)(ii), neither this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of security or otherwise) by either party without the
prior written consent of the other party, except that: — 
 (a)       a party may make
such a transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all its assets to, another entity (but without prejudice to any other right or remedy under this
Agreement); and 
 (b)       a party may make such a transfer of all or any part of its
interest in any amount payable to it from a Defaulting Party under Section 6(e). 
 Any purported transfer that is not in
compliance with this Section will be void. 
  

	8.	 Contractual Currency 

 (a)       Payment in the Contractual Currency. Each payment under this Agreement will be made in the relevant currency specified in this Agreement for that
payment (the “Contractual Currency”). To the extent permitted by applicable law, any obligation to make payments under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency other than
the Contractual Currency, except to the extent such tender results in the actual receipt by the party to which payment is owed, acting in a reasonable manner and in good faith in converting the currency so tendered into the Contractual Currency, of
the full amount in the Contractual Currency of all amounts payable in respect of this Agreement. If for any reason the amount in the Contractual Currency so received falls short of the amount in the Contractual Currency payable in respect of this
Agreement, the party required to make the payment will, to the extent permitted by applicable law, immediately pay such additional amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any reason the amount
in the Contractual Currency so received exceeds the amount in the Contractual Currency payable in respect of this Agreement, the party receiving the payment will refund promptly the amount of such excess. 

(b)       Judgments. To the extent permitted by applicable law, if any judgment or order
expressed in a currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any early termination in respect of this Agreement
or (iii) in respect of a judgment or order of another court for the payment of any amount described in (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which such party is entitled
pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will refund
promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at
which the Contractual Currency is converted into the currency of the judgment or order for the purposes of such judgment or order and the rate of exchange at which such party is able, acting in a reasonable manner and in good faith in converting the
currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order actually received by such party. The term “rate of exchange” includes, without limitation, any
premiums and costs of exchange payable in connection with the purchase of or conversion into the Contractual Currency. 

(c)       Separate Indemnities. To the extent permitted by applicable law, these
indemnities constitute separate and independent obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the party to which any
payment is owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement. 
 (d)       Evidence of Loss. For the purpose of this Section 8, it will be sufficient for a party to demonstrate that it would have suffered a loss had
an actual exchange or purchase been made. 

  

					
		  	11	  	ISDA®  1992

	9.	 Miscellaneous 

 (a)       Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter and
supersedes all oral communication and prior writings with respect thereto. 

(b)       Amendments. No amendment, modification or waiver in respect of this Agreement
will be effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an exchange of telexes or electronic messages on an electronic messaging system. 

(c)       Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii),
the obligations of the parties under this Agreement will survive the termination of any Transaction. 

(d)       Remedies Cumulative. Except as provided in this Agreement, the rights, powers,
remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law. 
 (e)       Counterparts and Confirmations. 
 (i)  This Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in counterparts (including by facsimile transmission), each of which will be
deemed an original. 
 (ii) The parties intend that they are legally bound by the terms of each Transaction from
the moment they agree to those terms (whether orally or otherwise). A Confirmation shall be entered into as soon as practicable and may be executed and delivered in counterparts (including by facsimile transmission) or be created by an exchange of
telexes or by an exchange of electronic messages on an electronic messaging system, which in each case will be sufficient for all purposes to evidence a binding supplement to this Agreement. The parties will specify therein or through another
effective means that any such counterpart, telex or electronic message constitutes a Confirmation. 

(f)       No Waiver of Rights. A failure or delay in exercising any right, power or
privilege in respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise, of that right, power or
privilege or the exercise of any other right, power or privilege. 

(g)       Headings. The headings used in this Agreement are for convenience of reference
only and are not to affect the construction of or to be taken into consideration in interpreting this Agreement. 
  

	10.	 Offices; Multibranch Parties 

 (a)       If Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office or jurisdiction of incorporation or organisation of such party, the obligations of such party are the same as if it had entered into the Transaction through its head or
home office. This representation will be deemed to be repeated by such party on each date on which a Transaction is entered into. 
 (b)       Neither party may change the Office through which it makes and receives payments or deliveries for the purpose of a Transaction without the prior written
consent of the other party. 
 (c)       If a party is specified as a Multibranch Party in
the Schedule, such Multibranch Party may make and receive payments or deliveries under any Transaction through any Office listed in the Schedule, and the Office through which it makes and receives payments or deliveries with respect to a Transaction
will be specified in the relevant Confirmation. 
  

	11.	 Expenses 

 A Defaulting Party will, on demand, indemnify and hold harmless the other party for and against all reasonable out-of-pocket
expenses, including legal fees and Stamp Tax, incurred by such other party by reason of the enforcement and protection of its rights under this Agreement or any Credit Support Document 

  

					
		  	12	  	ISDA®  1992

 
to which the Defaulting Party is a party or by reason of the early termination of any Transaction, including, but not limited to, costs of collection. 

 

	12.	 Notices 

 (a)      Effectiveness. Any notice or other communication in respect of this Agreement may be given in any manner set forth below (except that a notice or other
communication under Section 5 or 6 may not be given by facsimile transmission or electronic messaging system) to the address or number or in accordance with the electronic messaging system details provided (see the Schedule) and will be deemed
effective as indicated:— 
 (i)    if in writing and delivered in person or by courier,
on the date it is delivered; 
 (ii)   if sent by telex, on the date the recipient’s
answerback is received; 
 (iii)   if sent by facsimile transmission, on the date that
transmission is received by a responsible employee of the recipient in legible form (it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the sender’s facsimile
machine); 
 (iv)  if sent by certified or registered mail (airmail, if overseas) or the equivalent
(return receipt requested), on the date that mail is delivered or its delivery is attempted; or 

(v)   if sent by electronic messaging system, on the date that electronic message is received, 

unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that
communication is delivered (or attempted) or received, as applicable, after the close of business on a Local Business Day, in which case that communication shall be deemed given and effective on the first following day that is a Local Business Day.

 (b)      Change of Addresses. Either party may by notice to the other change the
address, telex or facsimile number or electronic messaging system details at which notices or other communications are to be given to it. 
  

	13.	 Governing Law and Jurisdiction 

 (a)      Governing Law. This Agreement will be governed by and construed in accordance with the law specified in the Schedule. 

(b)      Jurisdiction. With respect to any suit, action or proceedings relating to this
Agreement (“Proceedings”), each party irrevocably:— 
 (i)    submits to the
jurisdiction of the English courts, if this Agreement is expressed to be governed by English law, or to the non-exclusive jurisdiction of the courts of the State of New York and the United States District
Court located in the Borough of Manhattan in New York City, if this Agreement is expressed to be governed by the laws of the State of New York; and 
 (ii)   waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been brought in an
inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. 
 Nothing in this Agreement precludes either party from bringing Proceedings in any other jurisdiction (outside, if this Agreement is expressed to be governed by English law, the Contracting States, as
defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or any modification, extension or re-enactment thereof for the time being in force) nor will the bringing of Proceedings in any one
or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 

(c)      Service of Process. Each party irrevocably appoints the Process Agent (if any)
specified opposite its name in the Schedule to receive, for it and on its behalf, service of process in any Proceedings. If for any 

  

					
		  	13	  	ISDA®  1992

 
reason any party’s Process Agent is unable to act as such, such party will promptly notify the other party and within 30 days appoint a substitute process agent acceptable to the other
party. The parties irrevocably consent to service of process given in the manner provided for notices in Section 12. Nothing in this Agreement will affect the right of either party to serve process in any other manner permitted by law.

 (d)      Waiver of Immunities. Each party irrevocably waives, to the fullest
extent permitted by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction, order for specific performance or for recovery of property, (iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any Proceedings. 

 

	14.	 Definitions 

 As used in this Agreement:— 
 “Additional Termination
Event” has the meaning specified in Section 5(b).  
 “Affected Party”
has the meaning specified in Section 5(b). 
 “Affected Transactions” means (a) with respect
to any Termination Event consisting of an Illegality, Tax Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event and (b) with respect to any other Termination Event, all Transactions. 

“Affiliate” means, subject to the Schedule, in relation to any person, any entity controlled, directly or
indirectly, by the person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, “control” of any entity or person means ownership of a
majority of the voting power of the entity or person. 
 “Applicable Rate” means:— 

(a)     in respect of obligations payable or deliverable (or which would have been but for
Section 2(a)(iii)) by a Defaulting Party, the Default Rate; 
 (b)     in respect of an obligation
to pay an amount under Section 6(e) of either party from and after the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable, the Default Rate; 

(c)     in respect of all other obligations payable or deliverable (or which would have been but for
Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate; and 
 (d)     in all other cases, the Termination Rate. 

“Burdened Party” has the meaning specified in Section 5(b). 

“Change in Tax Law” means the enactment, promulgation, execution or ratification of, or any change in or
amendment to, any law (or in the application or official interpretation of any law) that occurs on or after the date on which the relevant Transaction is entered into. 
 “consent” includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control consent. 

“Credit Event Upon Merger” has the meaning specified in Section 5(b). 

“Credit Support Document” means any agreement or instrument that is specified as such in this Agreement. 

 “Credit Support Provider” has the meaning specified in the Schedule. 

“Default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the
relevant payee (as certified by it) if it were to fund or of funding the relevant amount plus 1% per annum. 

  

					
		  	14	  	ISDA®  1992

 “Defaulting Party” has the meaning specified in Section 6(a).

 “Early Termination Date” means the date determined in accordance with Section 6(a) or 6(b)(iv).
 
 “Event of Default” has the meaning specified in Section 5(a) and, if applicable,
in the Schedule.  
 “Illegality” has the meaning specified in Section 5(b).

 “Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in respect of a payment
under this Agreement but for a present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including, without limitation, a
connection arising from such recipient or related person being or having been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business in such jurisdiction, or having or having had a
permanent establishment or fixed place of business in such jurisdiction, but excluding a connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received a payment under, or enforced,
this Agreement or a Credit Support Document). 
 “law” includes any treaty, law, rule or regulation (as
modified, in the case of tax matters, by the practice of any relevant governmental revenue authority) and “lawful” and “unlawful” will be construed accordingly. 

“Local Business Day” means, subject to the Schedule, a day on which commercial banks are open for business
(including dealings in foreign exchange and foreign currency deposits) (a) in relation to any obligation under Section 2(a)(i), in the place(s) specified in the relevant Confirmation or, if not so specified, as otherwise agreed by the
parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) in relation to any other payment, in the place where the relevant account is located and, if different, in the principal
financial centre, if any, of the currency of such payment, (c) in relation to any notice or other communication, including notice contemplated under Section 5(a)(i), in the city specified in the address for notice provided by the recipient
and, in the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (d) in relation to Section 5(a)(v)(2), in the relevant locations for performance with respect to such
Specified Transaction. 
 “Loss” means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency Equivalent of an amount that party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection
with this Agreement or that Terminated Transaction or group of Terminated Transactions, as the case may be, including any loss of bargain, cost of funding or, at the election of such party but without duplication, loss or cost incurred as a result
of its terminating, liquidating, obtaining or reestablishing any hedge or related trading position (or any gain resulting from any of them). Loss includes losses and costs (or gains) in respect of any payment or delivery required to have been made
(assuming satisfaction of each applicable condition precedent) on or before the relevant Early Termination Date and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does not include
a party’s legal fees and out-of-pocket expenses referred to under Section 11. A party will determine its Loss as of the relevant Early Termination Date, or, if
that is not reasonably practicable, as of the earliest date thereafter as is reasonably practicable. A party may (but need not) determine its Loss by reference to quotations of relevant rates or prices from one or more leading dealers in the
relevant markets. 
 “Market Quotation” means, with respect to one or more Terminated Transactions and a
party making the determination, an amount determined on the basis of quotations from Reference Market-makers. Each quotation will be for an amount, if any, that would be paid to such party (expressed as a negative number) or by such party (expressed
as a positive number) in consideration of an agreement between such party (taking into account any existing Credit Support Document with respect to the obligations of such party) and the quoting Reference Market-maker to enter into a transaction
(the “Replacement Transaction”) that would have the effect of preserving for such party the economic equivalent of any payment or delivery (whether the underlying obligation was absolute or contingent and assuming the satisfaction of each
applicable condition precedent) by the parties under Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have

  

					
		  	15	  	ISDA®  1992

 
been required after that date. For this purpose, Unpaid Amounts in respect of the Terminated Transaction or group of Terminated Transactions are to be excluded but, without limitation, any
payment or delivery that would, but for the relevant Early Termination Date, have been required (assuming satisfaction of each applicable condition precedent) after that Early Termination Date is to be included. The Replacement Transaction would be
subject to such documentation as such party and the Reference Market-maker may, in good faith, agree. The party making the determination (or its agent) will request each Reference Market-maker to provide its quotation to the extent reasonably
practicable as of the same day and time (without regard to different time zones) on or as soon as reasonably practicable after the relevant Early Termination Date. The day and time as of which those quotations are to be obtained will be selected in
good faith by the party obliged to make a determination under Section 6(e), and, if each party is so obliged, after consultation with the other. If more than three quotations are provided, the Market Quotation will be the arithmetic mean of the
quotations, without regard to the quotations having the highest and lowest values. If exactly three such quotations are provided, the Market Quotation will be the quotation remaining after disregarding the highest and lowest quotations. For this
purpose, if more than one quotation has the same highest value or lowest value, then one of such quotations shall be disregarded. If fewer than three quotations are provided, it will be deemed that the Market Quotation in respect of such Terminated
Transaction or group of Terminated Transactions cannot be determined. 
 “Non-default Rate” means a rate
per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant amount. 

“Non-defaulting Party” has the meaning specified in Section 6(a). 

“Office” means a branch or office of a party, which may be such party’s head or home office. 

“Potential Event of Default” means any event which, with the giving of notice or the lapse of time or both, would
constitute an Event of Default. 
 “Reference Market-makers” means four leading dealers in the relevant
market selected by the party determining a Market Quotation in good faith (a) from among dealers of the highest credit standing which satisfy all the criteria that such party applies generally at the time in deciding whether to offer or to make
an extension of credit and (b) to the extent practicable, from among such dealers having an office in the same city. 

“Relevant Jurisdiction” means, with respect to a party, the jurisdictions (a) in which the party is
incorporated, organised, managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this Agreement is located, (c) in which the party executes this Agreement and (d) in
relation to any payment, from or through which such payment is made. 
 “Scheduled Payment Date” means a
date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a Transaction. 

“Set-off” means set-off, offset, combination of accounts, right of
retention or withholding or similar right or requirement to which the payer of an amount under Section 6 is entitled or subject (whether arising under this Agreement, another contract, applicable law or otherwise) that is exercised by, or
imposed on, such payer. 
 “Settlement Amount” means, with respect to a party and any Early Termination
Date, the sum of: — 
 (a)     the Termination Currency Equivalent of the Market Quotations
(whether positive or negative) for each Terminated Transaction or group of Terminated Transactions for which a Market Quotation is determined; and 
 (b)     such party’s Loss (whether positive or negative and without reference to any Unpaid Amounts) for each Terminated Transaction or group of Terminated Transactions for
which a Market Quotation cannot be determined or would not (in the reasonable belief of the party making the determination) produce a commercially reasonable result. 
 “Specified Entity” has the meanings specified in the Schedule. 

  

					
		  	16	  	ISDA®  1992

 “Specified Indebtedness” means, subject to the Schedule, any
obligation (whether present or future, contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money. 
 “Specified Transaction” means, subject to the Schedule, (a) any transaction (including an agreement with respect thereto) now existing or hereafter entered into between one
party to this Agreement (or any Credit Support Provider of such party or any applicable Specified Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of
such other party) which is a rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction,
cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions), (b) any
combination of these transactions and (c) any other transaction identified as a Specified Transaction in this Agreement or the relevant confirmation. 
 “Stamp Tax” means any stamp, registration, documentation or similar tax. 
 “Tax” means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and additions thereto) that is imposed by any
government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax.  
 “Tax Event” has the meaning specified in Section 5(b). 
 “Tax Event Upon Merger” has the meaning specified in Section 5(b). 
 “Terminated Transactions” means with respect to any Early Termination Date (a) if resulting from a Termination Event, all Affected Transactions and (b) if resulting from
an Event of Default, all Transactions (in either case) in effect immediately before the effectiveness of the notice designating that Early Termination Date (or, if “Automatic Early Termination” applies, immediately before that Early
Termination Date). 
 “Termination Currency” has the meaning specified in the Schedule. 

“Termination Currency Equivalent” means, in respect of any amount denominated in the Termination Currency, such
Termination Currency amount and, in respect of any amount denominated in a currency other than the Termination Currency (the “Other Currency”), the amount in the Termination Currency determined by the party making the relevant
determination as being required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Market Quotation or Loss (as the case may be), is determined as of a later date, that later date, with the
Termination Currency at the rate equal to the spot exchange rate of the foreign exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination Currency at or about 11:00 a.m. (in the city in which such
foreign exchange agent is located) on such date as would be customary for the determination of such a rate for the purchase of such Other Currency for value on the relevant Early Termination Date or that later date. The foreign exchange agent will,
if only one party is obliged to make a determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties. 
 “Termination Event” means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be applicable, a Credit Event Upon Merger or an Additional Termination Event.

 “Termination Rate” means a rate per annum equal to the arithmetic mean of the cost (without proof or
evidence of any actual cost) to each party (as certified by such party) if it were to fund or of funding such amounts. 

“Unpaid Amounts” owing to any party means, with respect to an Early Termination Date, the aggregate of
(a) in respect of all Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early Termination Date and which
remain unpaid as at such Early Termination Date and (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be settled by delivery
to such party on or prior to such Early Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the fair market 

  

					
		  	17	  	ISDA®  1992

 
value of that which was (or would have been) required to be delivered as of the originally scheduled date for delivery, in each case together with (to the extent permitted under applicable law)
interest, in the currency of such amounts, from (and including) the date such amounts or obligations were or would have been required to have been paid or performed to (but excluding) such Early Termination Date, at the Applicable Rate. Such amounts
of interest will be calculated on the basis of daily compounding and the actual number of days elapsed. The fair market value of any obligation referred to in clause (b) above shall be reasonably determined by the party obliged to make the
determination under Section 6(e) or, if each party is so obliged, it shall be the average of the Termination Currency Equivalents of the fair market values reasonably determined by both parties. 

IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below with effect from the date specified on
the first page of this document. 
  
  

 

									
	 Macquarie Securities Management Pty Limited
 ABN 26 003 435 443
	  	 	  	 Perpetual Trustee Company Limited
 ABN 42 000 001 007

					
	 By:
	 	 /s/ Kevin Lee
	  		  	By:	  	/s/ Hagbarth Strom
	 Name: 
	 	 Kevin Lee
	  		  	Name:	  	Hagbarth Strom
	 Title:
	 	 Division Director
	  		  	Title:	  	Senior Transaction Manager
		 		  		  		  	
		 		  		  		  	
	 By:
	 	 /s/ Kristen Adler
	  		  	By:	  	/s/ Eugene Tee
	 Name:
	 	 Kristen Adler
	  		  	Name: 	  	Eugene Tee
	 Title:
	 	 Associate Director
	  		  	Title:	  	Manager
	 Date:
	 	 16/10/15
	  		  	Date:	  	15/10/15
		 		  		  		  	
		 		  		  		  	
		 		  		  		  	
		 		  		  		  	
		 		  		  		  	
		 		  		  		  	
		 		  		  		  	

  

			
	 Australia and New Zealand Banking Group Limited

ABN 11 005 357 522 

		
	 By:
	 	 /s/ Sabina Campbell

	 Name: 
	 	 Sabina Campbell

	 Title:
	 	 Authorised Signator

	 Date:
	 	 15/10/15

  

					
		  	18	  	ISDA®  1992

 SCHEDULE 
 to the 
 ISDA MASTER AGREEMENT 

dated as of 15 October 2015 between 
 Macquarie Securities Management Pty Limited 
 ABN 26 003 435 443

 (“Manager”) 
 and 
  

Australia and New Zealand Banking Group Limited 
 ABN 11 005 357 522 
 (“Party A”) 

and 

Perpetual Trustee Company Limited 
 ABN 42 000 001 007 
 as trustee of the SMART ABS Series 2015-3US Trust

 (“Party B”) 
  

	Part 1.	Termination Provisions. 

 In this
Agreement: 
  

	(a)	“Specified Entity” does not apply in relation to Party A or Party B. 

 

	(b)	The definition of “Specified Transaction” is not applicable. 

 

					
	(c)	 	(i)	 	The following provisions of Section 5 will not apply to Party A:

 Section 5(a)(v) 
 Section 5(a)(vi) 
 Section 5(b)(iii) 

Section 5(b)(iv) 
  

	 	(ii)	The following provisions of Section 5 will not apply to Party B: 

 Section 5(a)(ii) 
 Section 5(a)(iii), except that
Section 5(a)(iii)(1) will apply in respect of Party B’s obligations under paragraph 2(b) of each Credit Support Annex as though each Credit Support Annex is a Credit Support Document. 

Section 5(a)(iv) 
 Section 5(a)(v) 
 Section 5(a)(vi) 

Section 5(a)(vii) 
 Section 5(a)(viii) 
 Section 5(b)(iii) 

Section 5(b)(iv) 
  

	(d)	The “Automatic Early Termination” provisions in Section 6(a) will not apply to Party A or Party B. 

  
 19 

	(e)	 Payments on Early Termination. For the purposes of Section 6(e) of this Agreement: 

 

	 	(i)	 Market Quotation will apply; and 

  

	 	(ii)	 the Second Method will apply. 

  

	(f)	 “Termination Currency” means, unless otherwise specified in the Confirmation in relation to the Transaction, US Dollars. However,
if an amount in respect of an Early Termination Date is payable by Party B (the “Party B Termination Amount”) pursuant to Section 6(e), Party B will pay that amount (together with interest calculated in accordance with
Section 6(d)(ii)) in Australian dollars. For this purpose, the Party B Termination Amount will be converted into Australian dollars by applying the definition of “Termination Currency Equivalent” in the Agreement as if the amount
payable by Party B (in Australian dollars) is the “amount in the Termination Currency”, the “Termination Currency” is Australian dollars, the “Other Currency” is US Dollars and the Party B Termination Amount is an
“amount denominated in a currency other than the Termination Currency”. 

  

	(g)	 “Additional Termination Event” applies. Each of the following constitutes an Additional Termination Event:

  

	 	(i)	 (Downgrade): Each event described as such in Sections 16(c) and 17(e) of this Agreement. 

 

	 	(ii)	 (Enforcement): if the Security Trust Deed is enforced pursuant to clause 9 of the Security Trust Deed in relation to a Transaction in
relation to a Series Trust. For the purposes of this Additional Termination Event, Party B is the only Affected Party and all Transactions will be Affected Transactions. However, the parties agree that Party B will also have the right to designate
an Early Termination Date pursuant to Section 6(b)(iv) in respect of this Additional Termination Event as if Party A were the Affected Party. 

  

	Part 2.	 Tax Representations 

  

	(a)	 Payer Tax Representations. For the purpose of Section 3(e) of this Agreement, Party A and Party B each make the following
representation: 

 It is not required by any applicable law, as modified by the practice of
any relevant government revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 2(e), 6(d)(ii) or 6(e) of this Agreement) to be made
by it to any other party under this Agreement. In making this representation, it may rely on: 
  

	 	(i)	 the accuracy of any representation made by the other party pursuant to Section 3(f) of this Agreement; 

 

	 	(ii)	 the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any
document provided by that other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement; and 

  

	 	(iii)	 the satisfaction of the agreement of that other party contained in Section 4(d) of this Agreement, 

provided that it shall not be a breach of this representation where reliance is placed on clause (ii) and the other
party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position. 

  
 20 

	(b)	Payee Tax Representations. 

 For the purpose of Section 3(f) of this Agreement, each of Party A and Party B makes the following representation: 

It is an Australian resident and does not derive payments under this Agreement in part or whole in carrying on a business
in a country outside Australia or through a permanent establishment of itself in that country. 
  

	Part 3.	 Agreement to Deliver Documents 

 For the purpose of Sections 4(a)(i) and (ii) of this Agreement, each party agrees to deliver to each other party the following documents, as applicable: 

 

	(a)	Tax forms, documents or certificates to be delivered are: 

  

					
	Party required to
deliver document	 	Form/Document/Certificate	 	Date by which to be
delivered in respect of the
Series Trust
			
	Party A and Party B	 	Any document or certificate reasonably required or reasonably requested by a party in connection with its obligations to make a payment under this Agreement which would enable that
party to make the payment free from any deduction or withholding for or on account of Tax or which would reduce the rate at which deduction or withholding for or on account of Tax is applied to that payment.	 	As soon as reasonably practicable following a request by a party or as soon as possible after becoming aware of such document.

  

	(b)	Other documents to be delivered are: 

  

					
	Party required to
deliver document	 	Form/Document/Certificate	 	Date by which to be
delivered in respect of the
Series Trust
			
	Party A, Party B and the Manager	 	A certificate specifying the names, title and specimen signatures of the persons authorised to execute this Agreement and each Confirmation or other communication in writing made
pursuant to this Agreement on its behalf or, if this Agreement or any Confirmation is to be executed by way of power of attorney, a copy of that power of attorney.	 	On the execution of this Agreement and each Confirmation, unless (a) in the case of any certificate, that certificate has already been supplied and remains true and in effect or (b)
in the case of any power of attorney, that power of attorney remains valid, and when any such certificate is updated.
			
	Party A, Party B and the Manager	 	Any certificate or other document that is required to be provided by the relevant party under any Transaction Document, including without limitation any such certificate or other
document relating to the financial condition of the Series Trust.	 	As soon as reasonably practicable following the provision of the relevant certificate or other document under the Transaction Documents
			
	Party A	 	The Swap Financial Disclosure and, to the extent applicable, cause its independent outside accountants (the “Auditor”) to issue their consent (the	 	Prior to printing the Preliminary Prospectus, and thereafter, in accordance with

  
 21 

					
	Party required to
deliver document	 	Form/Document/Certificate	 	Date by which to be
delivered in respect of the
Series Trust
			
		 	“Auditor’s Consent”) to the filing of or the incorporation by reference of such Swap Financial Disclosure in the registration statement of Macquarie Leasing
Pty Limited; provided however, that Macquarie Leasing Pty Limited and the Manager shall cooperate with the Auditor in the preparation of the Auditor’s Consent and provide the Auditor with any information it may reasonably request in
connection with the Auditor’s Consent.	 	Part 5(29).
			
	Manager	 	An electronic copy (which may be in electronic format), executed by each person expressed to be a party thereto, to Party A of the Master Trust Deed, the Series Supplement, the
Relevant Note Trust Deed, the Relevant Agency Agreement, each Credit Support Document specified in respect of Party B and (without limiting any obligation Party B may have under the terms of that Credit Support Document to notify Party A of
amendments thereto) any document that amends in any way the terms of that Credit Support Document.	 	Prior to the Effective Date of the first occurring Transaction and in the case of any amending documents entered into subsequent to that date, promptly after each amending document
(if any) has been entered into.
			
	Party B and the Manager	 	A legal opinion as to the validity and enforceability of its obligations under this Agreement and each other Transaction Document in form and substance (and issued by legal counsel)
reasonably acceptable to each other party.	 	Prior to the Effective Date of the first occurring Transaction.
			
	Party B and the Manager	 	A legal opinion as to taxation matters in connection with each Transaction in form and substance (and issued by legal counsel) reasonably acceptable to each other party	 	Prior to the Effective Date of the first occurring Transaction.
			
	Party B and the Manager	 	A copy of each report or notice to Noteholders in connection with the Series Trust	 	As soon as reasonably practicable following a request by a party or as soon as possible after becoming aware of such document having been issued.

 Other than the legal opinions, any Credit Support Document or any document amending a Credit Support
Document, all documents delivered under this Part 3(b) are covered by the Section 3(d) representation. 
  

	Part 4.	 Miscellaneous 

  

	(a)	 Addresses for Notices. For the purpose of Section 12(a) of this Agreement: 

Address for notices or communications to Party A: 

For notices regarding operation, payment and confirmation matters only, notices should be sent to the address of the
relevant branch set out in the relevant Confirmation (as may be amended from time to time), with a copy in the case of notices or communications in relation to Sections 5, 6, 7, 11 or 13 to: 

  
 22 

					
		 	Address:	  	ANZ Markets Operations
		 		  	Level 15, 100 Queen Street
		 		  	Melbourne VIC 3000
		 		  	AUSTRALIA
			
		 	Attention:	  	Manager, Derivative Operations
			
		 	Telex No.:	  	AA151018
			
		 	Answerback:	  	ANZAT
			
		 	SWIFT Code	  	ANZBAU3M
			
		 	Facsimile No.:	  	+613 9273 3444
			
		 	Telephone No.:	  	+613 8655 3254
			
		 	Email:	  	globalconfirmations@anz.com
		
		 	Address for notices or communications to Party B:
			
		 	Address:	  	Perpetual Trustee Company Limited
		 		  	Level 12, 123 Pitt Street
		 		  	Sydney NSW 2000
		 		  	AUSTRALIA
			
		 	Attention:	  	Manager, Transaction Management, Capital Markets Fiduciary Services
			
		 	Email:	  	SecuritisationOps@perpetual.com.au
		
		 	Address for notices or communications to the Manager:
			
		 	Address:	  	Macquarie Securities Management Pty Limited
		 		  	Level 1, 50 Martin Place
		 		  	Sydney NSW 2000
		 		  	AUSTRALIA
			
		 	Attention:	  	Manager, Securitisation
			
		 	Facsimile No.:	  	+612 8232 8344

  

	(b)	Process Agent. For the purpose of Section 13(c) of this Agreement: 

 Party A appoints as its Process Agent:            Not Applicable. 
 Party B appoints as its Process Agent:            Not Applicable. 

 

	(c)	Offices. The provisions of Section 10(a) will not apply to this Agreement. 

 

	(d)	Multibranch Party. For the purpose of Section 10(c) of this Agreement: 

Party A is a Multibranch Party and may enter into a Transaction only through its Melbourne or Sydney Office. 

Party B is not a Multibranch Party. 

 

  
 23 

	(e)	Calculation Agent. 

 The Calculation Agent is Party A unless an Event of Default or Termination Event has occurred in relation to which Party A is the Defaulting Party or the sole Affected Party, respectively, in which case
the Calculation Agent is the Manager. 
  

	(f)	 Credit Support Document. Details of any Credit Support Document: 

 

	 	(i)	 In relation to Party A: Any Eligible Guarantee. 

  

	 	(ii)	 In relation to Party B: the Security Trust Deed and the General Security Deed. 

 

	(g)	 Credit Support Provider. 

  

	 	(i)	 In relation to Party A: The guarantor under any Eligible Guarantee. 

 

	 	(ii)	 In relation to Party B: Not Applicable. 

  

	(h)	 Governing Law. This Agreement will be governed by and construed in accordance with the laws in force in New South Wales and
Section 13(b)(i) is deleted and replaced by the following: 

  

	 	“(i)	 submits to the non-exclusive jurisdiction of the courts of the State of New South Wales and courts of appeal
from them; and” 

  

	(i)	 Netting of Payments. Subparagraph (ii) of Section 2(c) of this Agreement will apply in respect of all Transactions of the same type
(entered into by the Party B as trustee of the same Series Trust). 

  

	(j)	 “Affiliate” will have the meaning specified in Section 14 of this Agreement. However, for the purposes of Section 3(c)
each of Party A, Party B and the Manager is deemed not to have any Affiliates. 

  

	Part 5.	 Other Provisions 

  

	(1)	 Payments:  

  

	 	(a)	 Insert a new paragraph (iv) in Section 2(a) immediately after Section 2(a)(iii) as follows: 

 

	 	“(iv)	 The condition precedent in Section 2(a)(iii)(1) does not apply to a payment due to be made to a party if it has satisfied all its payment and
delivery obligations under Section 2(a)(i) and has no future payment or delivery obligations, whether absolute or contingent under Section 2(a)(i).”. 

 

	 	(b)	 Insert a new paragraph (v) in Section 2(a) immediately after Section 2(a)(iv) as follows: 

 

	 	“(v)	 Where payments are due pursuant to Section 2(a)(i) by Party A to Party B (the “Party A Payment”) and by Party B to Party A
(the “Party B Payment”) on the same day, then Party A’s obligation to make the Party A Payment will be subject to the condition precedent (which will be an “applicable condition precedent” for the purpose of
Section 2(a)(iii)(3)) that Party A first receives either: 

  

	 	(1)	the Party B Payment; or 

  
 24 

	 	(2)	 confirmation from Party B’s bank that it holds irrevocable instructions to effect payment of the Party B Payment and that funds are available
to make that payment.” 

  

	 	(c)	 Add the following new sentence to Section 2(b): 

“Each new account so designated shall be in the same tax jurisdiction as the original account or if not in the same
tax jurisdiction, the relevant party will provide to each other party a legal opinion, in a form satisfactory to those parties, confirming that the jurisdiction of the account so designated shall not give rise to any adverse tax consequences.”.

  

	 	(d)	 Amend Section 2(d) as follows: 

  

	 	(i)	 Section 2(d)(i)(4) is deleted in its entirety; and 

 

	 	(ii)	 the following words are deleted where they appear in Section 2(d)(ii)(1): 

“in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4)”,

 provided that, notwithstanding the foregoing, Section 2(d)(i)(4) and Section 2(d)(ii) will apply
without any amendment with respect to any payment by Party B to Party A of interest on any amount calculated as being due by Party B in respect of any Early Termination Date in respect of the Transaction under Section 6(e) to the extent that
payment of such amount is delayed by the operation of Part 5(6)(d). 
  

	(2)	 Party B’s Payment Instructions: Party B irrevocably authorises and instructs Party A to make payment of: 

 

	 	(a)	 The Party A Initial Exchange Amount (as defined in the Confirmation) due from Party A to Party B in respect of the Initial Exchange Date (as defined
in the Confirmation) by paying that amount direct to the account notified in writing by Party B to Party A for that purpose; and 

  

	 	(b)	 any other amount due from Party A to Party B under this Agreement by paying that amount direct to the Principal Paying Agent to the account notified
in writing by Party B to Party A for that purpose. 

  

	(3)	 Party A’s Payment Instructions: Party A irrevocably authorises and instructs Party B to make payment of: 

 

	 	(a)	 any amount denominated in A$ due from Party B to the account in Australia notified in writing by Party A to Party B from time to time; and

  

	 	(b)	 any amount denominated in US Dollars due from Party B to the account notified in writing by Party A to Party B from time to time.

 Party A shall, on the second Business Day prior to each Distribution Date, confirm to the
Principal Paying Agent that it has given the bank through which Party A is to make payment on the Distribution Date irrevocable instructions for such payment to the Principal Paying Agent and Party A shall procure that the bank confirm to the
Principal Paying Agent that such payment will be made. 
  

	(4)	 Representations: In Section 3: 

  

	 	(a)	 after “Section 3(f)” in line 2 of Section 3 insert “3(g), 3(h), 3(i), 3(j), 3(k) and 3(l)”; 

  
 25 

	 	(b)	 insert the following new paragraphs (g), (h), (i), (j), (k) and (l) in Section 3 immediately after Section 3(f):

  

	 	“(g)	 Relationship Between Parties. Each party will be deemed to represent to the other parties on the date on which it enters into a Transaction
that (absent a written agreement between the parties that expressly imposes affirmative obligations to the contrary for that Transaction): 

  

	 	(i)	 Non-Reliance. It is acting for its own account (or, in the case of Party B, as trustee of the Series
Trust), and it has made its own independent decisions to enter into that Transaction and as to whether that Transaction is appropriate or proper for it based upon its own judgment (and in the case of Party B, also on the judgment of the Manager) and
upon advice from such advisers as it has deemed necessary. It is not relying on any communication (written or oral) of any other party as investment advice or as a recommendation to enter into that Transaction; it being understood that information
and explanations related to the terms and conditions of a Transaction will not be considered investment advice or a recommendation to enter into that Transaction. No communication (written or oral) received from any other party will be deemed to be
an assurance or guarantee as to the expected results of that Transaction. 

  

	 	(ii)	 Evaluation and Understanding. It is capable of evaluating and understanding (on its own behalf or through independent professional advice),
and understands and accepts, the terms, conditions and risks of that Transaction. It is also capable of assuming, and assumes, the risks of that Transaction. 

 

	 	(iii)	 Status of Parties. No other party is acting as a fiduciary or an adviser to it in respect of that Transaction.

  

	 	(h)	 Series Trust. By Party B, in respect of Party B only, in its capacity as trustee of the Series Trust in respect of each Transaction:

  

	 	(i)	 Trust Validly Created. The Series Trust has been validly created and is in existence at the date of this Agreement.

  

	 	(ii)	 Sole Trustee. It has been validly appointed as trustee of the Series Trust and is presently the sole trustee of the Series Trust.

  

	 	(iii)	 No Proceedings to Remove. No notice has been given to it and to its knowledge no resolution has been passed, or direction or notice has been
given, removing it as trustee of the Series Trust. 

  

	 	(iv)	 Power. It has power under the Master Trust Deed to enter into this Agreement and the Credit Support Documents in relation to Party B in its
capacity as trustee of the Series Trust. 

  

	 	(v)	 Good Title. Subject only to the Credit Support Documents in relation to Party B and any Security Interest permitted under the Credit Support
Documents in relation to Party B, and to  

  
 26 

	 	 
the best of its knowledge without due enquiry, it has not taken any steps to create any Security Interests over the assets of the Series Trust (except for Party B’s right of indemnity out of
the Assets of the Series Trust). 

  

	 	(vi)	 No breach. To the best of its knowledge, it is not in breach of any material provisions of the Master Trust Deed or the Transaction Documents
of the Series Trust. 

  

	 	(vii)	 No Restriction. Except as expressly provided in the Transaction Documents for the Series Trust, there is no restriction on its right of
recourse or indemnity to or out of the Assets of the Series Trust and nothing has happened which could impair its right of indemnity out of the Assets of the Series Trust. 

 

	 	(viii)	 Benefit. Party B’s entry into this Agreement and each Transaction is for the benefit of and is in the interests of the beneficiaries of
the Series Trust. 

  

	 	(i)	 Non-assignment. It has not assigned (whether absolutely, in equity, by way of security or otherwise),
declared any trust over or granted any Security Interest over any of its rights under this Agreement or any Transaction except, in the case of Party B, for the Security Interests created under the Credit Support Documents specified in relation
to Party B. 

  

	 	(j)	 Contracting as principal. Each Transaction is entered into by that party as principal and not otherwise. 

 

	 	(k)	 Legal proceedings. By Party A, in respect of Party A only, (i) it is not as at the date of the Preliminary Prospectus or the Final
Prospectus (each a “Relevant Date”), and has not been in the twelve months preceding each Relevant Date, involved in any legal or arbitration proceedings that Party A reasonably expects would be likely to have, or that have had, a
significant effect on its financial position that in the opinion of Party A require disclosure by it under a disclosure obligation of any securities exchange on which its securities are listed (“Significant Proceedings” and
“Relevant Securities Exchange”, respectively) and (ii) nor, so far as Party A is aware as at the Relevant Date, are any Significant Proceedings pending or threatened, except, in the case of each of (i) and (ii), any legal
or arbitration proceedings as it may have previously disclosed to Party B. 

  

	 	(l)	 Financial Data. By Party A, in respect of Party A only, each Swap Financial Disclosure provided by Party A under Part 3(b) of the Schedule
and the information contained in the first, second, third and fourth paragraphs under the heading “The Currency Swaps and the Fixed Rate Swap—The Currency Swaps—The Currency Swap Provider” in the Preliminary Prospectus and the
Final Prospectus:  

  

	 	(i)	 are true and accurate in all material respects; 

  

	 	(ii)	 do not contain any untrue statement of a material fact; and 

 

	 	(iii)	 do not omit to state a material fact required to be stated therein or necessary in order to make the statements therein,

  
 27 

	 	 
in the light of the circumstances under which they were made, not misleading, 

 in each case, as of the date of the Preliminary Prospectus, the date of the Final Prospectus or the date such Swap Financial Disclosure is provided, as applicable; provided, however, that for the
avoidance of doubt, with respect to any information included in any Swap Financial Disclosure that indicates that such information in any Swap Financial Disclosure is as of an earlier specified date, or any similar earlier date notation or
restriction, the representation contained in this Section 3(l) with respect to such information included in any Swap Financial Disclosure shall be as of the earlier specified date of such information in any Swap Financial Disclosure and not as
of the date of the Preliminary Prospectus, the date of the Final Prospectus or the date such Swap Financial Disclosure is provided, as applicable; provided further that Party A acknowledges that if Party A subsequently revises, amends
or restates any Swap Financial Disclosure previously provided to Party B or the Manager, Party A shall provide such revised, amended or restated Swap Financial Disclosure to Party B and the Manager within four (4) Local Business Days.”.

  

	(5)	 Event of Default: In Section 5(a): delete paragraph (i) and replace it with the following: 

 

	 	“(i)	 Failure to Pay or Deliver. Failure by the party to make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or
2(e) required to be made by it if such failure is not remedied within 10 days of when due.”.  

  

	(6)	 Termination: 

  

	 	(a)	 Termination by Party B: Party B must not (and the Manager must not direct it to) designate an Early Termination Date without the prior
written consent of the Relevant Note Trustee.  

  

	 	(b)	 Consultation on Early Termination Date: Each party must use reasonable endeavours (which will not require such party to incur a loss or
result in a reduction in the amounts that would be payable by one party to another as a consequence of the designation of the Early Termination Date) to consult with the other parties to this Agreement as to the timing of the Early Termination Date
prior to the designation of an Early Termination Date, provided that this provision will not affect a party’s right to designate an Early Termination Date under any other provision of this Agreement. 

 

	 	(c)	 Transfers to avoid Termination: 

 Section 6(b)(ii) is amended as follows: 
  

	 	(i)	 The following sentences are added at the end of the second paragraph: 

“However, if Party A is that other party it must use reasonable efforts to make such a transfer to an Affiliate
provided the Rating Agencies have been notified by the Manager or by Party A (with a copy to the Manager) in writing in relation to the Relevant Notes in respect of such a transfer. Party A will not be required to incur a loss, excluding immaterial
incidental expenses, in connection with any such transfer.” 
  

	 	(ii)	 The third paragraph is deleted and replaced with the following: 

  
 28 

 “Any such transfer by a party under this Section 6(b)(ii) will be
subject to and conditional upon the prior written consent of the other party, which consent will not be withheld: 
  

	 	(1)	 where the other party is Party A, if Party A’s policies in effect at such time would permit it to enter into transactions with the transferee
on the terms proposed; or 

  

	 	(2)	 where the other party is Party B, if the Rating Agencies have been notified by the Manager or by Party A (with a copy to the Manager) in writing in
respect of such transfer.” 

  

	 	(d)	 Termination Payments by Party B: Notwithstanding Section 6(d)(ii), prior to the occurrence of an Event of Default (as defined under the
Security Trust Deed) and the enforcement of the Security (as defined in the General Security Deed) under the Security Trust Deed and the General Security Deed, any amount calculated as being due by Party B in respect of any Early Termination Date
under Section 6(e) will be payable (along with interest on the outstanding amount from that Early Termination Date to the date of payment in accordance with Section 6(d)) on the Distribution Date (as specified in the relevant Confirmation)
immediately following the date that such amount would otherwise be payable under Section 6(d)(ii) (or will be payable on that date if that date is a Distribution Date) except to the extent that such amount is fully satisfied from the payment of
an upfront premium by the provider in respect of a Replacement Currency Swap in accordance with Part 5(16)(b). 

  

	(7)	 Set-Off: Section 6(e) is amended by deleting the last sentence of the first paragraph.

  

	(8)	 Transfer: 

 Section 7 of this Agreement is amended as follows: 
  

	 	(i)	 Replace “.” at the end of Section 7(b) with “;”. 

 

	 	(ii)	 Insert new paragraphs (c), (d) and (e): 

  

	 	“(c)	 a party may make such a transfer in accordance with one or more of the Security Trust Deed, the General Security Deed for the Series Trust, the
Series Supplement for the Series Trust and the Master Trust Deed; 

  

	 	(d)	 subject to giving prior written notification to Party B, if the Moody’s First Trigger Rating Requirements apply, Party A may (at its own cost)
transfer all or substantially all its rights and obligations with respect to this Agreement to any other entity (a “Transferee”) that is a Moody’s Eligible Replacement such that the Transferee contracts with Party B on terms
that: 

  

	 	(i)	 have the effect of preserving for Party B the economic equivalent of all payment and delivery obligations (whether absolute or contingent and
assuming the satisfaction of each applicable condition precedent) under this Agreement immediately before such transfer; and 

  

	 	(ii)	 are, in all material respects, no less beneficial for Party B than the terms of this Agreement immediately before such transfer, as determined by
Party B (acting on the direction of the Manager). 

  
 29 

 In determining whether or not a transfer satisfies the conditions in
paragraph (d)(ii), Party B (acting on the direction of the Manager) shall act in a commercially reasonable manner. 
 If an entity has made a Firm Offer (which remains capable of becoming legally binding upon acceptance) to be the transferee of a transfer to be made in accordance with paragraph (d), Party B shall, at
Party A’s written request and cost, take any reasonable steps required to be taken by it to effect such transfer; and 
  

	 	(e)	 subject to giving prior written notification to Party B, if an Initial Fitch Rating Event, a Subsequent Fitch Rating Event or a Second Subsequent
Fitch Rating Event has occurred, Party A may (at its own cost) transfer all or substantially all its rights and obligations with respect to this Agreement to any other entity that is a Fitch Eligible Replacement.”. 

 

	(9)	 Facsimile Transmission: In Section 12: 

 

	 	(a)	 replace Section 12(a)(iii) with: 

  

	 	“(iii)	 if sent by facsimile transmission, on the date a transmission report is produced by the machine from which the facsimile was sent which indicates
that the facsimile was sent in its entirety to the facsimile number of the recipient notified for the purpose of this Section unless the recipient notifies the sender within one Business Day of the facsimile being sent that the facsimile was not
received in its entirety in legible form;”; and 

  

	 	(b)	 insert a new paragraph (vi) in Section 12(a) immediately after Section 12(a)(v) as follows: 

 

	 	“(vi)	 if sent by ordinary mail, on the third (or the seventh, if posted by airmail) day after posting.”. 

 

	(10)	 Definitions 

 In this Agreement, unless the contrary intention appears: 
  

	 	(a)	 Master Trust Deed and Series Supplement: subject to Part 5(10)(h), unless defined in this Agreement words and phrases defined (including by
incorporation from, or by reference to, another document) in the Master Trust Deed and the Series Supplement have the same meaning in this Agreement. Subject to Part 5(10)(f), where there is any inconsistency in a definition between this Agreement
(on the one hand) and the Master Trust Deed or the Series Supplement (on the other hand), this Agreement prevails. Where there is any inconsistency in a definition between the Master Trust Deed, (on the one hand) and the Series Supplement (on the
other hand), the Series Supplement prevails over the Master Trust Deed in respect of the Series Trust. Where words or phrases used but not defined in this Agreement are defined in the Master Trust Deed in relation to the Series Trust (as defined in
the Master Trust Deed) such words or phrases are to be construed in this Agreement, where necessary, as being used only in relation to the Series Trust (as defined in the Series Supplement); 

  
 30 

	 	(b)	Trustee Capacity: 

  

	 	(i)	 a reference to Party B is a reference to Party B in its capacity as trustee of the Series Trust only, and in no other capacity; and

  

	 	(ii)	 a reference to the undertaking, assets, business or money of Party B is a reference to the undertaking, assets, business or money of Party B in the
capacity referred to in Part 5(10)(b)(i) only. 

  

	 	(c)	 Definitions: in Section 14: 

  

	 	(i)	 replace the definitions of “Affected Transactions” and “Local Business Day” with the following:

 ““Affected Transactions” means, with respect to a Termination Event,
all Transactions.” 
 ““Local Business Day” has the same meaning as “Business
Day”.”; and 
  

	 	(ii)	 insert the following new definitions: 

 “Adverse Rating Effect” means, in respect of the Notes of the Series Trust, an effect which results in downgrading, withdrawal or qualification of the rating of any of those Notes by a
Rating Agency (as defined in the Security Trust Deed) in respect of the Series Trust. 
 “Cash
Collateral Account” has the meaning given to it in Section 18 of this Agreement. 

“Collateral Account” means each of the Cash Collateral Account and the Securities Collateral Account.

 “Commission” means the United States Securities and Exchange Commission. 

“Credit Support Annex” means the Fitch Credit Support Annex or the Moody’s Credit Support Annex
(as applicable). 
 “Currency Swap” means a Transaction entered into between Party A, Party B
and the Manager on substantially the terms specified in the Confirmation set out in Annexure 1 or Annexure 2 (or as otherwise agreed between Party A, Party B and the Manager). 

“Deed of Assumption” means the Deed of Assumption dated 27 February 2007 between Macquarie
Securities Management Pty Limited ABN 26 003 435 443 and Perpetual Trustee Company Limited ACN 000 001 007. 

“Determination Time” in relation to an Interim Exchange Date, the Final Exchange Date or a Distribution
Date means on or about 4.00 pm Sydney time 3 Business Days prior to the relevant Interim Exchange Date, Final Exchange Date or Distribution Date, as applicable. 

“EDGAR” means the Commission’s Electronic Data Gathering, Analysis and Retrieval system.

 “Eligible Bank” means an internationally recognised bank: 

  
 31 

	 	(a)	 whose credit rating assigned by Fitch Ratings is no lower than the Fitch Prescribed Ratings (or such lower rating so that the then current rating of
the Notes of the Series Trust is maintained by Fitch Ratings); and 

  

	 	(b)	 whose long term deposit rating assigned by Moody’s is “A3” or above. 

“Eligible Guarantee” means an unconditional and irrevocable guarantee in respect of all of Party
A’s (or, as the case may be, the Eligible Replacement’s) present and future obligations under this Agreement that is provided by a guarantor as principal debtor rather than surety and is directly enforceable by Party B, where: 

 

	 	(a)	 a law firm has given a legal opinion confirming that none of the guarantor’s payments to Party B under such guarantee will be subject to
deduction or withholding for Tax and such opinion has been delivered to Moody’s and Fitch Ratings; 

  

	 	(b)	 such guarantee provides that, in the event that any of such guarantor’s payments to Party B are subject to deduction or withholding for Tax,
such guarantor is required to pay such additional amount as is necessary to ensure that the net amount actually received by Party B (free and clear of any tax) will equal the full amount Party B would have received had no such deduction or
withholding been required; or 

  

	 	(c)	 in the event that any payment under such guarantee is made net of deduction or withholding for Tax, Party A is required under Section 2(a)(i)
to make such additional payment as is necessary to ensure that the net amount actually received by Party B from the guarantor will equal the full amount Party B would have received had no such deduction or withholding been required.

 “Eligible Replacement” means: 

 

	 	(a)	 a Fitch Eligible Replacement; or 

  

	 	(b)	 a Moody’s Eligible Replacement, 

 as applicable. 
 “Exchange Act” means the United
States Securities Exchange Act of 1934, as amended. 
 “Exchange Act Reports” means all
Distribution Reports on Form 10-D, Current Reports on Form 8-K and Annual Reports on Form 10-K that are to be filed by Macquarie Leasing Pty Limited with respect to the Series Trust pursuant to the Exchange Act. 

“Final Prospectus” means the Prospectus Supplement dated on or about 22 October 2015 (the
“Prospectus Supplement”) together with the Prospectus dated on or about 14 October 2015 (the “Prospectus”). 
 “Firm Offer” means an offer which, when made, was capable of becoming legally binding upon acceptance. 

  
 32 

 “Fitch Credit Support Annex” means the credit support
annex annexed to this Agreement which is expressed to be the Fitch Credit Support Annex for the purposes of this Agreement. 
 “Fitch Eligible Replacement” means an entity which holds a credit rating of at least the Fitch Prescribed Ratings during a Fitch Ratings Period. 

“Fitch Prescribed Ratings” means, during a Fitch Ratings Period, a short-term credit rating from Fitch
Ratings of at least F1 and a long-term credit rating from Fitch Ratings of at least A. 
 “Fitch
Ratings” means Fitch Ratings Australia Pty Limited and its respective successors and assigns. 

“Fitch Ratings Period” means any period when any Notes of the Series Trust are outstanding and those
Notes are the subject of a rating from Fitch Ratings of AA (long-term) or higher. 
 “Initial Fitch
Rating Event” means Party A (or, if applicable, the highest rated of Party A and any guarantor or co-obligor of Party A) does not have a long-term credit rating from Fitch Ratings higher than A- and a short-term credit rating from Fitch
Ratings higher than F2. 
 “Master Trust Deed” means the Master Trust Deed dated
11 March 2002 between the Manager and Permanent Custodians Limited ACN 001 426 384, the rights and obligations of which were assumed by Perpetual Trustee Company Limited ACN 000 001 007 pursuant to the Deed of Assumption, as amended and
supplemented from time to time. 
 “Moody’s” means Moody’s Investor Services Limited
and its respective successors and assigns. 
 “Moody’s Credit Support Annex” means the
credit support annex annexed to this Agreement which is expressed to be the Moody’s Credit Support Annex for the purposes of this Agreement. 
 “Moody’s Eligible Replacement” means an entity with credit ratings or counterparty risk assessments, as applicable, higher than or equal to the: 

 

	 	(a)	 Moody’s First Trigger Required Ratings in respect of Section 17(a)(iii)(B); or 

 

	 	(b)	 Moody’s Second Trigger Required Ratings in respect of Section 17(a)(iii)(A) and Section 17(b)(iii)(A) and (B) of this Agreement.

 The “Moody’s First Rating Trigger Requirements” shall apply so long
as no Relevant Entity has the Moody’s First Trigger Required Ratings. 
 An entity shall have the
“Moody’s First Trigger Required Ratings”: 
  

	 	(a)	 if that entity is subject to a counterparty risk assessment from Moody’s, where its short-term counterparty risk assessment from Moody’s
is at least as high as “P-2(cr)” and its long-term 

  
 33 

	 	 
counterparty risk assessment from Moody’s is at least as high as “A3(cr)”; or 

  

	 	(b)	 if a counterparty risk assessment is not available from Moody’s for that entity and the entity: 

 

	 	(a)	 is the subject of a Moody’s Short-term Rating, if such rating is “Prime-2” and its long-term, unsecured and unsubordinated debt or
counterparty obligations are rated “A3” or above by Moody’s; and 

  

	 	(b)	 is not the subject of a Moody’s Short-term Rating, if its long-term, unsecured and unsubordinated debt or counterparty obligations are rated
“A3” or above by Moody’s. 

 The “Moody’s Second Rating Trigger
Requirements” shall apply so long as no Relevant Entity has the Moody’s Second Trigger Required Ratings. 
 An entity shall have the “Moody’s Second Trigger Required Ratings”: 
  

	 	(a)	 if a counterparty risk assessment is available from Moody’s in respect of that entity, where that entity’s short-term counterparty risk
assessment from Moody’s is at least as high as “P-2(cr)” and its long-term counterparty risk assessment from Moody’s is at least as high as “Baa1(cr)”; or 

 

	 	(b)	 if a counterparty risk assessment is not available from Moody’s in respect of that entity and that entity: 

 

	 	(i)	 is the subject of a Moody’s Short-term Rating, where such rating is “Prime-2” or above and its long-term, unsecured and
unsubordinated debt or counterparty obligations are rated “Baa1” or above by Moody’s; and 

  

	 	(ii)	 is not the subject of a Moody’s Short-term Rating, where its long-term, unsecured and unsubordinated debt or counterparty obligations are rated
“Baa1” or above by Moody’s. 

 “Moody’s Short-term
Rating” means a rating assigned by Moody’s under its short-term rating scale in respect of an entity’s short-term, unsecured and unsubordinated debt obligations. 

“Preliminary Prospectus” means the Preliminary Prospectus Supplement dated on or about 14 October
2015 (the “Preliminary Prospectus Supplement”) together with the Prospectus. 

“Rating Notification” in relation to an event or circumstance means that the Manager has confirmed in
writing to Party B that it has notified each Rating Agency in respect of the Series Trust of the event or a circumstance and that the Manager is satisfied that the event or circumstance is unlikely to result in an Adverse Rating Effect. 

  
 34 

 “Regulation AB” means Subpart 229.1100 - Asset Backed
Securities (Regulation AB), 17 C.F.R. §§ 229.1100-229.1124 as such regulation may be amended from time to time and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset
Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506 (Jan. 7, 2005)), or in the amending release (Asset-Backed Securities Disclosure and Regulation, Securities Act Release No. 33-9638, 79 Fed. Reg. 57,184 (Sept. 24,
2014)) or by the staff of the Commission or as may be provided by the Commission or its staff from time to time. 
 “Replacement Currency Swap” has the meaning given to it in Part 5(16). 
 “Relevant Agency Agreement” has the meaning given to that term in the Confirmation. 
 “Relevant Entities” means Party A and any guarantor under an Eligible Guarantee in respect of all of Party A’s present and future obligations under this Agreement. 

“Relevant Noteholders” has the meaning given to that term in the Confirmation. 

“Relevant Notes” has the meaning given to that term in the Confirmation. 

“Relevant Note Trustee” has the meaning given to that term in the Confirmation. 

“Relevant Note Trust Deed” has the meaning given to that term in the Confirmation. 

“Second Subsequent Fitch Rating Event” means Party A (or, if applicable, the highest rated of Party A
and any guarantor or co-obligor of Party A) does not have a long-term credit rating from Fitch Ratings higher than BBB- and a short-term rating from Fitch Ratings higher than F3. 

“Securities Collateral Account” has the meaning given to it in Section 18 of this Agreement.

 “Security Trust Deed” means the Master Security Trust Deed dated 27 February 2007
between the Manager, P.T. Limited ABN 67 004 454 666 and Perpetual Trustee Company Limited ACN 000 001 007, as amended and supplemented from time to time. 
 “Series Supplement” means the SMART ABS Series 2015-3US Trust Series Supplement relating to the Series Trust dated after the date of this Agreement between, among others, Party B and the
Manager. 
 “Series Trust” means the SMART ABS Series 2015-3US Trust constituted by the Master
Trust Deed and the Trust Creation Deed. 
 “significance percentage” has the meaning given to
it in Item 1115 of Regulation AB. 

  
 35 

 “Subsequent Fitch Rating Event” means Party A (or, if
applicable, the highest rated of Party A and any guarantor or co-obligor of Party A) does not have a long-term credit rating from Fitch Ratings higher than BBB+ and a short-term credit rating from Fitch Ratings higher than F2. 

“Swap Financial Disclosure” means, the financial information required by Item 1115 (b)(2) or
Item 1115(b)(1) of Regulation AB (as indicated by the Manager to Party A) in EDGAR-compatible format (it being understood that Microsoft Word and PDF are EDGAR-compatible formats), it being understood that the Manager shall be solely
responsible for determining whether Party A is required to provide financial data required by Item 1115(b)(2), and if not required by Item 1115(b)(2), whether such financial information is required to be provided pursuant to Item
1115(b)(1). 
 “Swap Financial Disclosure Request” means a request by the Manager for Party A
to provide the Swap Financial Disclosure pursuant to Part 5(29)(c) of the Schedule to this Agreement. 

“Trust Creation Deed” means the SMART ABS Series 2015-3US Trust Creation Deed dated 8 October 2015
executed by Party B in accordance with the Master Trust Deed. 
  

	 	(d)	 Interpretation: 

  

	 	(i)	 unless specified otherwise, references to time are references to Sydney time; 

 

	 	(ii)	 a reference to “wilful default” in relation to Party B means, subject to Part 5(10)(d)(iii) of this Schedule, any wilful failure by
Party B to comply with, or wilful breach by Party B of, any of its obligations under any Transaction Document, other than a failure or breach which: 

 

					
	A.	 	(1)	 	arises as a result of a breach of a Transaction Document by a person other than:

  

	 	(a)	 Party B; or 

  

	 	(b)	 any other person referred to in Part 5(11)(d)(iii) of this Schedule; and 

 

	 	(2)	 the performance of the action (the non-performance of which gave rise to such breach) is a precondition to
Party B performing the said obligation; 

  

	 	B.	 is in accordance with a lawful court order or direction or required by law; or 

 

	 	C.	 is in accordance with any proper instruction or direction of (x) the Secured Creditors given at a meeting of the Secured Creditors convened
pursuant to the Security Trust Deed; or (y) the Investors given at a meeting convened under the Master Trust Deed; 

  

	 	(iii)	 a reference to the “fraud”, “negligence” or “wilful default” of Party B means the fraud,
negligence or wilful default of Party B and of its 

  
 36 

	 	 
officers, employees, agents and any other person where Party B is liable for the acts or omissions of such other person under the terms of any Transaction Document; 

 

	 	(iv)	 a reference to “neither party” will be construed as a reference to “no party”; and 

 

	 	(v)	 a reference to “other party” will be construed as a reference to “other parties”. 

 

	 	(e)	 ISDA Definitions: the 2006 ISDA Definitions (as published by the International Swaps and Derivatives Association, Inc)
(“ISDA”) (the “2006 ISDA Definitions”) as at the date of this Agreement are incorporated into this Agreement and each Confirmation. 

 

	 	(f)	 Inconsistency: Subject to Part 5(10)(a), unless specified otherwise, in the event of any inconsistency between any two or more of the
following documents in respect of a Transaction they will take precedence over each other in the following order in respect of that Transaction: 

  

	 	(i)	 any Confirmation; 

  

	 	(ii)	 this Schedule; 

  

	 	(iii)	 the 2006 ISDA Definitions; and 

  

	 	(iv)	 the printed form of the 1992 ISDA Master Agreement which forms part of this Agreement. 

 

	 	(g)	 Swap Transaction: Any reference to a: 

 

	 	(i)	 “Swap Transaction” in the 2006 ISDA Definitions is deemed to be a reference to a “Transaction” for the purpose of
interpreting this Agreement or any Confirmation; and 

  

	 	(ii)	 “Transaction” in this Agreement or any Confirmation is deemed to be a reference to a “Swap Transaction” for the
purpose of interpreting the 2006 ISDA Definitions. 

  

	 	(h)	 Incorporated Definitions and other Transaction Documents and provisions: Where in this Agreement a word or expression is defined by reference
to its meaning in another Transaction Document or there is a reference to another Transaction Document or to a provision of another Transaction Document, any amendment to the meaning of that word or expression or to that other Transaction Document
or provision (as the case may be) will be of no effect for the purposes of this Agreement unless and until the amendment is consented to by the parties to this Agreement. 

 

	(11)	 Limitation of Liability: Insert the following Section 15 after Section 14: 

 

	 	“15.	 Party B’s Limitation of Liability 

  

	 	(a)	 (Limitation on Party B’s liability): Party B enters into this Agreement only in its capacity as trustee of the Series Trust and
in no other capacity and Party A can assume that all actions taken under this Agreement and in respect of each Transaction are taken in that capacity. A liability incurred by Party B acting in its capacity as trustee of the Series Trust arising
under or in connection with this 

  
 37 

	 	 
Agreement is limited to and can be enforced against Party B only to the extent to which it can be satisfied out of the Assets of the Series Trust out of which Party B is actually indemnified for
the liability. This limitation of Party B liability applies despite any other provision of this Agreement (other than Section 15(c)) and extends to all liabilities and obligations of Party B in any way connected with any representation,
warranty, conduct, omission, agreement or transaction related to this Agreement. 

  

	 	(b)	 (Claims against Party B): The parties other than Party B may not sue Party B in respect of liabilities incurred by Party B acting in its
capacity as trustee of the Series Trust in any capacity other than as trustee of the Series Trust, including seeking the appointment of a receiver (except in relation to the Assets of the Series Trust), a liquidator, an administrator, or any similar
person to Party B or prove in any liquidation, administration or arrangements of or affecting Party B (except in relation to the Assets of the Series Trust). 

 

	 	(c)	 (Fraud, negligence or wilful default): The provisions of this Section 15 will not apply to any obligation or liability of Party B to the
extent that it is not satisfied because under the Master Trust Deed, the Series Supplement or any other Transaction Document or by operation of law there is a reduction in the extent of Party B’s indemnification out of the Assets of the Series
Trust, as a result of Party B’s fraud, negligence or wilful default. 

  

	 	(d)	 (Acts or omissions): It is acknowledged that the Relevant Parties are responsible under the Transaction Documents for performing a variety of
obligations relating to the Series Trust. No act or omission of Party B (including any related failure to satisfy its obligations or any breach of representation or warranty under this Agreement) will be considered fraudulent, negligent or a wilful
default of Party B for the purpose of paragraph (c) of this Section 15 to the extent to which the act or omission was caused or contributed to by any failure by any such Relevant Party or any other person appointed by Party B under such a
Transaction Document (other than a person whose acts or omissions Party B is liable for in accordance with any such Transaction Document) to fulfil its obligations relating to the Series Trust or by any other act or omission of such Relevant Party
or any other such person. 

  

	 	(e)	 (No Authority): No attorney, agent, receiver or receiver and manager appointed in accordance with the Transaction Documents has authority to
act on behalf of Party B in a way which exposes Party B to any personal liability and no act or omission of any such person will be considered fraud, negligence or wilful default of the Party B for the purposes of Section 15(c).

  

	 	(f)	 (No obligation): Party B is not obliged to enter into any further commitment or obligation under this Agreement or any Transaction Document
(including incur further liability) unless Party B’s liability is limited in a manner which is consistent with this Section 15 or otherwise in a manner satisfactory to Party B in its absolute discretion.” 

 

	(12)	 Further Assurances: Each party will, upon request by the other party (the “requesting party”) at the expense of the
requesting party, perform all such acts and execute all such agreements, assurances and other documents and instruments as the requesting party reasonably requires (and, in the case of Party B, are within the powers granted to Party B under the
Master Trust Deed) to assure and confirm the rights and powers afforded, created or intended to be afforded or created, under or in relation to this Agreement and each Transaction or other dealing which occurs under or is contemplated by it.

  
 38 

	(13)	Procedures for Entering into Transactions 

  

	 	(a)	 Each Transaction will be evidenced by confirmation in writing in accordance with Section 9(e)(ii), substantially in the form set out in
Annexure 1 or Annexure 2 (or in such other form as may be agreed between Party A, Party B and the Manager). 

  

	 	(b)	 Party B will enter into each Transaction in its capacity as trustee of the Series Trust. 

 

	(14)	 Authorised Officer: Each party will be entitled to assume, in the absence of any knowledge to the contrary, that any person signing any
Confirmation, notice or other written communication issued in respect of this Agreement on behalf of a party is authorised by that party to do so. 

  

	(15)	 Recorded Conversations: Each party: 

  

	 	(a)	 consents to the electronic recording of its telephone conversations with another party (or any of its associated persons) with or without the use of
an automatic tone warning device; 

  

	 	(b)	 will provide transcripts of such recordings (if any) upon reasonable request by the other party (at the reasonable cost of the party requesting);

  

	 	(c)	 acknowledges that such recordings and transcripts can be used as evidence by either party in any dispute between them; and

  

	 	(d)	 acknowledges that no party is obligated to maintain copies of such recordings and transcripts for the benefit of another party.

  

	(16)	 Replacement Currency Swap Agreement: 

  

	 	(a)	 If any Transaction under this Agreement is terminated prior to the day upon which the Relevant Notes are redeemed in full, Party B may, at the
direction of the Manager, and must, if so directed by the Manager, enter into one or more currency swaps which replace that Transaction (collectively a “Replacement Currency Swap”) provided that: 

 

	 	(i)	 the Manager has issued a Rating Notification with respect to the terms of the Replacement Currency Swap and the provider of the Replacement Currency
Swap; and 

  

	 	(ii)	 the liability of Party B under the Replacement Currency Swap is limited to at least the same extent that its liability is limited under that
Transaction. 

  

	 	(b)	 If Party B enters into a Replacement Currency Swap pursuant to paragraph (a) and an amount payable pursuant to Section 6(e) (the
“Amount”) (or any interest on that Amount in accordance with Section 6(d)(ii)) is payable by Party B to Party A upon termination of the Transaction referred to in Part 5(16)(a), Party B must (unless otherwise agreed between
Party A, Party B and the Manager) direct the Replacement Currency Swap provider to pay any upfront premium to enter into the Replacement Currency Swap due to Party B directly to Party A in satisfaction of and to the extent of Party B’s
obligation to pay the Amount (and any interest on that Amount in accordance with Section 6(d)(ii)) to Party A, provided that to the extent such premium is less than the Amount, the balance will be satisfied by Party B as the Series Trust
Expense. 

  
 39 

	 	(c)	 If Party B enters into a Replacement Currency Swap pursuant to paragraph (a) and an Amount (and any interest on that Amount in accordance with
Section 6(d)(ii)) is payable by Party A to Party B upon termination of the Transaction referred to in Part 5(16)(a), Party B must (unless otherwise agreed between Party A, Party B and the Manager) direct Party A to pay that amount to the
Replacement Currency Swap provider in satisfaction of or towards and to the extent of Party B’s obligation (if any) to pay an upfront premium to the Replacement Currency Swap provider to enter into the Replacement Currency Swap and if Party
A’s policies in effect at such time permit it to make payments directly to the Replacement Currency Swap provider, Party A will comply with such direction and thereby satisfy its obligations under Section 6. 

 

	 	(d)	 The rights and obligations of the parties under this Part 5(16) will survive the termination of this Agreement. 

 

	(17)	 Knowledge or Awareness: Subject to Section 12(a), each party will only be considered to have knowledge or awareness of, or notice of, a
thing or grounds to believe anything by virtue of the officers of that party or any Related Body Corporate of that party which have the day to day responsibility for the administration or management of that party’s (or a Related Body Corporate
of that party’s) obligations in relation to the Series Trust or the Transactions entered into under this Agreement having actual knowledge, actual awareness or actual notice of that thing, or grounds or reason to believe that thing (and similar
references will be interpreted in this way). 

  

	(18)	 Disclosure to Related Bodies Corporate 

In relation to information Party B in its capacity as trustee of the Series Trust (the “Recipient”)
receives from the Manager or Party A (the “Discloser”) in relation to this Agreement (the “Information”), each Discloser hereby severally authorises and consents to the Recipient making available such Information:

  

	 	(a)	 (Related Body Corporate): except to the extent that the making available of such Information is prohibited by law (including, without
limitation, the Privacy Act), to: 

  

	 	(i)	 any Related Body Corporate of the Recipient which acts as custodian or Security Trustee of the Assets of the Series Trust or which otherwise has
responsibility for the management or administration of the Series Trust, including the Assets of the Series Trust; and 

  

	 	(ii)	 the Recipient acting in its capacity as Manager or custodian (as applicable) of the Series Trust; 

 

	 	(b)	 (Requirement at law): to the extent required by law or a direction of a court of competent jurisdiction; 

 

	 	(c)	 (Public Information): if the information is generally and publicly available; 

 

	 	(d)	 (Advisers): to its auditors, legal advisers and other professional consultants; or 

 

	 	(e)	 (Performance of obligations): if required to perform any obligation under a Transaction Document. 

Notwithstanding any other provision of this Agreement, the Recipient will not have any liability to the Discloser or any
other person for the use, non-use, communication or non-communication of the Information in the above manner, except to the extent to which the Recipient has an express
contractual obligation to disclose or not to disclose or to use or not to use certain information received by it and fails to do so. The Recipient must ensure that each 

  
 40 

 
person referred to in paragraphs (a)(i) and (ii) and (d) above is bound by the same duties of confidentiality in relation to any Information received by that person pursuant to this
Part 5(18) as apply to the Recipient. 
  

	(19)	 Restrictions on Party B’s Rights: Party B must at all times act in accordance with the instructions of the Manager in relation to this
Agreement. 

  

	(20)	 Fitch Ratings Downgrade of Party A: Insert a new Section 16 of this Agreement immediately after Section 15 as follows:

  

	 	“16	 Downgrade of Party A by Fitch Ratings 

  

	 	(a)	 (Initial Fitch Ratings Downgrade of Party A): During any Fitch Ratings Period, if an Initial Fitch Rating Event or a Subsequent Fitch Rating
Event occurs, then Party A, at its cost, will: 

  

	 	(i)	 notify Fitch Ratings, the Manager and Party B; and 

 

	 	(ii)	 within 14 calendar days of the occurrence of such Initial Fitch Rating Event or Subsequent Fitch Rating Event deliver collateral to Party B in
accordance with the Fitch Credit Support Annex. 

 Additionally, during any Fitch Ratings
Period, if an Initial Fitch Rating Event or a Subsequent Fitch Rating Event occurs Party A may (but is not obliged to), at its cost: 
  

	 	(iii)	 take one of the following actions: 

  

	 	(A)	 novate all its rights and obligations under this Agreement to a Fitch Eligible Replacement; 

 

	 	(B)	 procure a Fitch Eligible Replacement to become a co-obligor or, pursuant to an Eligible Guarantee, guarantor in respect of the obligations of Party
A under this Agreement; or 

  

	 	(C)	 take such other action as Party A may agree with Fitch Ratings. 

If (1) any of Section 16(a)(iii)(A), Section 16(a)(iii)(B) or Section 16(a)(iii)(C) are satisfied;
or (2) Party A holds the Fitch Prescribed Ratings; or (3) there are no outstanding Notes of the Series Trust which are the subject of a rating from Fitch; or (4) the Notes of the Series Trust have a rating from Fitch that is below AA
(long-term), and Party A has previously delivered collateral to Party B in accordance with the Fitch Credit Support Annex, the Credit Support Amount under the Fitch Credit Support Annex will (despite any inconsistency with the Fitch Credit Support
Annex) be taken to be zero. 
  

	 	(b)	 (Second Subsequent Fitch Ratings Downgrade of Party A): During any Fitch Ratings Period, if a Second Subsequent Fitch Rating Event occurs,
then Party A, at its cost, will: 

  

	 	(i)	 notify Fitch Ratings, the Manager and Party B; and 

 

	 	(ii)	 within 30 calendar days of the occurrence of such Second Subsequent Fitch Rating Event, on a reasonable efforts basis, take one of the following
actions: 

  
 41 

	 	(A)	 novate all its rights and obligations under this Agreement to a Fitch Eligible Replacement; 

 

	 	(B)	 procure a Fitch Eligible Replacement to become a co-obligor or, pursuant to an Eligible Guarantee, guarantor in respect of the obligations of Party
A under this Agreement; or 

  

	 	(C)	 take such other action as Party A may agree with Fitch Ratings. 

If (1) any of Section 16(b)(ii)(A), Section 16(b)(ii)(B) or Section 16(b)(ii)(C) of this Agreement
are satisfied; or (2) Party A holds the Fitch Prescribed Ratings; or (3) there are no outstanding Notes of the Series Trust which are the subject of a rating from Fitch; or (4) the Notes of the Series Trust have a rating from Fitch
that is below AA (long-term), and Party A has previously delivered collateral to Party B in accordance with the Fitch Credit Support Annex, the Credit Support Amount under the Fitch Credit Support Annex will (despite any inconsistency with the Fitch
Credit Support Annex) be taken to be zero. 
  

	 	(c)	 (Fitch Ratings Additional Termination Events): During any Fitch Ratings Period: 

 

	 	(i)	 if, after the occurrence of an Initial Fitch Rating Event or a Subsequent Fitch Rating Event, Party A fails to comply with Section 16(a)(ii) or
section 16(a)(iii), as applicable, such failure will not be or give rise to an Event of Default but will constitute an Additional Termination Event with respect to Party A which will be deemed to have occurred: 

 

	 	(A)	 in respect of Section 16(a)(ii), on the fourteenth calendar day following the occurrence of such Initial Fitch Rating Event or Subsequent Fitch
Rating Event; and 

  

	 	(B)	 in respect of Section 16(a)(iii), on the thirtieth calendar day following the occurrence of such Initial Fitch Rating Event or a Subsequent
Fitch Rating Event, 

 in each case with Party A as the sole Affected Party and all
Transactions will be Affected Transactions; or 
  

	 	(ii)	 if, after the occurrence of a Second Subsequent Fitch Rating Event, Party A fails to comply with Section 16(b)(ii), such failure will not be or
give rise to an Event of Default but will constitute an Additional Termination Event with respect to Party A which will be deemed to have occurred on the thirtieth calendar day following the occurrence of such Second Subsequent Fitch Rating Event,
with Party A as the sole Affected Party and all Transactions will be Affected Transactions.”. 

  

	(21)	 Moody’s Downgrade of Party A: Insert a new Section 17 of this Agreement immediately after Section 16 as follow:

  
 42 

	 	“17	Downgrade of Party A by Moody’s 

  

	 	(a)	 (Initial Downgrade of Party A): If Party A does not have counterparty risk assessments or credit ratings, as applicable, equal to or higher
than the Moody’s First Trigger Required Ratings (“Initial Moody’s Rating Event”), Party A will, at its cost and sole election within 30 Local Business Days of the occurrence of such Initial Moody’s Rating Event:

  

	 	(i)	 notify Moody’s, the Manager and Party B; and 

 

	 	(ii)	 deliver collateral to Party B in accordance with the Moody’s Credit Support Annex in favour of Party B based on the Moody’s Approach to
Assessing Swap Counterparties in Structured Finance Cash Flow Transactions published on 16 March 2015 (as amended from time to time) (“Moody’s Framework”); or 

 

	 	(iii)	 take one of the following actions: 

  

	 	(A)	 novate all its rights and obligations under this Agreement to a Moody’s Eligible Replacement; or 

 

	 	(B)	 procure a Moody’s Eligible Replacement to become a co-obligor or, pursuant to an Eligible Guarantee, guarantor in respect of the obligations of
Party A under this Agreement. 

 If (1) any of Section 17(a)(iii)(A) or
Section 17(a)(iii)(B) are satisfied; or (2) Party A obtains the Moody’s First Trigger Required Ratings, the obligation of Party A to deliver collateral to Party B in accordance with the Moody’s Credit Support Annex in compliance
with Section 17(a)(ii) in respect of such Initial Moody’s Rating Event will cease and the Credit Support Amount under the Moody’s Credit Support Annex will (despite any inconsistency with the Moody’s Credit Support Annex) be
taken to be zero. 
  

	 	(b)	 (Subsequent Downgrade of Party A): If Party A does not have counterparty risk assessments or credit ratings, as applicable, equal to or
higher than the Moody’s Second Trigger Required Ratings (“Subsequent Moody’s Rating Event”), Party A will, at its cost and sole election within 30 Local Business Days of the occurrence of such Subsequent Moody’s
Rating Event: 

  

	 	(i)	 notify Moody’s, the Manager and Party B; and 

 

	 	(ii)	 deliver collateral to Party B in accordance with the Moody’s Credit Support Annex in favour of Party B based on the Moody’s Framework; or

  

	 	(iii)	 on a reasonable efforts basis take one of the following actions: 

 

	 	(A)	 novate all its rights and obligations under this Agreement to a Moody’s Eligible Replacement; or 

 

	 	(B)	 procure a Moody’s Eligible Replacement to become a co-obligor or, pursuant to an Eligible Guarantee, guarantor in respect of the obligations of
Party A under this Agreement. 

 If (1) any of Section 17(b)(iii)(A) or
Section 17(b)(iii)(B) are satisfied; or (2) Party A obtains the Moody’s Second Trigger Required Ratings, the obligation 

  
 43 

 
of Party A to deliver collateral to Party B in accordance with the Moody’s Credit Support Annex in compliance with Section 17(b)(ii) in respect of such Subsequent Moody’s Rating
Event will cease and the Credit Support Amount under the Moody’s Credit Support Annex will (despite any inconsistency with the Moody’s Credit Support Annex) be taken to be zero. 

 

	 	(c)	 (Additional Action): Where the Moody’s Second Rating Trigger Requirements apply and Party A elects to take the action referred to in
Section 17(b)(ii), Party A must also take one of the actions referred to in Section 17(b)(iii) as soon as is reasonably practicable using commercially reasonable efforts to do so following the occurrence of the Subsequent Moody’s
Rating Event. 

  

	 	(d)	 (Close-Out Calculations): If an Early Termination Date is designated at a time when Party A is the Affected Party in respect of an Additional
Termination Event or the Defaulting Party in respect of any Event of Default, paragraphs (i) to (v) below shall apply: 

  

	 	(i)	 The following definition of “Market Quotation” shall apply: 

“”Market Quotation” means, with respect to one or more Terminated Transactions, a Firm Offer which
is: 
  

	 	(A)	 made by a Reference Market-maker that is a Moody’s Eligible Replacement; 

 

	 	(B)	 for an amount that would be paid to Party B (expressed as a negative number) or by Party B (expressed as a positive number) in consideration of an
agreement between Party B and such Reference Market-maker that is a Moody’s Eligible Replacement to enter into a transaction (the “Replacement Transaction”) that would have the effect of preserving for Party B the economic
equivalent of any payment or delivery (whether the underlying obligation was absolute or contingent and assuming the satisfaction of each applicable condition precedent) by the parties under this Agreement in respect of such Terminated Transactions
or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have been required after that Early Termination Date; 

 

	 	(C)	 made on the basis that Unpaid Amounts in respect of the Terminated Transaction or group of Terminated Transactions are to be excluded but, without
limitation, any payment or delivery that would, but for the relevant Early Termination Date, have been required (assuming satisfaction of each applicable condition precedent) after that Early Termination Date is to be included; and

  

	 	(D)	 made in respect of a Replacement Transaction with terms that are, in all material respects, no less beneficial for Party B than those of this
Agreement (save for the exclusion of provisions relating to Transactions that are not Terminated Transactions), as determined by Party B (at the direction of the Manager).” 

  
 44 

	 	(ii)	 In determining whether or not a Firm Offer satisfies the condition in sub-paragraph (D) of Market Quotation, the Manager (in directing Party B)
and Party B (acting at the direction of the Manager) shall act in a commercially reasonable manner. 

  

	 	(iii)	 The definition of “Settlement Amount” shall be replaced with the following: 

“”Settlement Amount” means, with respect to any Early Termination Date: 

 

	 	(A)	 if, on or prior to such Early Termination Date, a Market Quotation for the relevant Terminated Transaction or group of Terminated Transactions is
accepted by Party B (at the direction of the Manager) so as to become legally binding, the Termination Currency Equivalent of the amount (whether positive or negative) of such Market Quotation; 

 

	 	(B)	 if, on such Early Termination Date, the Manager has not directed Party B to accept a Market Quotation for the relevant Terminated Transaction or
group of Terminated Transactions so as to become legally binding and one or more Market Quotations have been communicated to the Manager and Party B and remain capable of becoming legally binding upon acceptance by Party B, the Termination Currency
Equivalent of the amount (whether positive or negative) of the lowest of such Market Quotations, and for the avoidance of doubt: 

  

	 	(i)	 a Market Quotation expressed as a negative number is lower than a Market Quotation expressed as a positive number; and 

 

	 	(ii)	 the lower of two Market Quotations expressed as negative numbers is the one with the largest absolute value; or 

 

	 	(C)	 if, on such Early Termination Date, the Manager has not directed Party B to accept a Market Quotation for the relevant Terminated Transaction or
group of Terminated Transactions so as to become legally binding and no Market Quotations have been communicated to the Manager and Party B and remain capable of becoming legally binding upon acceptance by Party B, Party B’s Loss (whether
positive or negative and without reference to any Unpaid Amounts) for the relevant Terminated Transaction or group of Terminated Transactions.” 

  

	 	(iv)	 At any time on or before the Early Termination Date at which two or more Market Quotations have been communicated to Party B and remain capable of
becoming legally binding upon acceptance by Party B, Party B shall be entitled (at the direction of the Manager) to accept only the lowest of such Market Quotations, and for the avoidance of doubt: 

  
 45 

	 	(A)	 a Market Quotation expressed as a negative number is lower than a Market Quotation expressed as a positive number; and 

 

	 	(B)	 the lower of two Market Quotations expressed as negative numbers is the one with the largest absolute value. 

 

	 	(v)	 If the Manager requests Party A in writing to obtain Market Quotations, Party A shall use reasonable efforts to do so before the Early Termination
Date. 

  

	 	(e)	 (Moody’s Additional Termination Event): An Additional Termination Event will occur if, at any time, all of the following are satisfied:

  

	 	(i)	 the counterparty risk assessments or credit ratings, as applicable, of Party A or any Credit Support Provider of Party A were less than the
Moody’s Second Trigger Required Ratings for a continuous period of 30 Local Business Days or more; and 

  

	 	(ii)	 Party A has not procured an Eligible Guarantee by a guarantor with counterparty risk assessments or credit ratings, as applicable, higher than or
equal to Moody’s Second Trigger Required Ratings or a transfer in accordance with Section 17(b)(iii)(A) above; and 

  

	 	(iii)	 at least one Moody’s Eligible Replacement has made a Firm Offer that would, assuming the occurrence of an Additional Termination Event, qualify
as a Market Quotation (on the basis that Section 17(d)(i) and Section 17(d)(ii) of the Schedule apply) and which remains capable of becoming legally binding upon acceptance. 

For the purposes of any Additional Termination Event occurring under this Section 17(e), Party A is the sole
Affected Party and all Transactions are Affected Transactions.”. 
  

	(22)	 Provisions common to a downgrade by a Rating Agency: Insert a new Section 18 of this Agreement immediately after Section 17 as
follows: 

  

	 	“18	 Common downgrade provisions 

  

	 	(a)	 (Establishment and maintenance of Collateral Account): Where Party B has not established the Collateral Account for the Series Trust and
Party A elects or is required to deliver collateral to Party B in accordance with the Credit Support Annex, the Manager must direct Party B to establish, as soon as is practicable, and maintain, in the name of Party B, an interest bearing account
with an Eligible Bank which must be an account separate from the Collections Account for the Series Trust (“Collateral Account”). If Party B becomes aware that the Collateral Account for the Series Trust is held with an entity
which is not an Eligible Bank, Party B must promptly establish a new interest bearing account with an Eligible Bank and transfer the balance of the former Collateral Account for the Series Trust to the new Collateral Account for the Series
Trust within 30 days. 

  

	 	(b)	 (Collateral transferred into Collateral Account): Any cash collateral delivered by Party A to Party B in accordance with the Credit Support
Annex in compliance with its obligations under Section 16 or Section 17 and any cash proceeds (from disposal or otherwise) from any securities delivered by 

  
 46 

	 	 
Party A to Party B in accordance with the Credit Support Annex in compliance with its obligations under Section 16 or Section 17 (such cash, “Cash Collateral”) must be
deposited into the Collateral Account and such Cash Collateral will not be subject to or applied according to the Series Supplement in respect of the Series Trust. No money must be paid into the Collateral Account other than Cash Collateral and
interest payable on the money credited to the Collateral Account. 

  

	 	(c)	 (Application of Collateral): Party B may only make withdrawals from any Collateral Account if directed to do so by the Manager and then only
for the purpose of: 

  

	 	(i)	 delivering to Party A Return Amounts, Interest Amounts or Equivalent Distributions in accordance with a Credit Support Annex;

  

	 	(ii)	 withdrawing any amount which has been incorrectly deposited into the Collateral Account (and the Manager agrees to direct Party B to refund or pay
to Party A, and Party B agrees promptly to refund or pay to Party A, any such incorrectly deposited amount); 

  

	 	(iii)	 paying bank accounts debit tax or any other similar Tax payable in respect of the Cash Collateral; or 

 

	 	(iv)	 paying any amount due to be paid by Party A under this Agreement if Party A has not paid such amount when required (after taking into account any
applicable grace period). 

 The parties acknowledge and agree that clause 5 of the General
Security Deed applies to the Collateral Account. 
 Any amount withdrawn from the Collateral Account and
applied in accordance with Section 18(c)(iii) or Section 18(c)(iv) above will (despite any inconsistency with the Credit Support Annex) be taken to reduce (by an amount equal to that amount withdrawn and applied) the Credit Support Balance
under the Credit Support Annex. Any such reduction shall be allocated pro-rata between the Credit Support Balance under each of the Fitch Credit Support Annex and the Moody’s Credit Support Annex (as applicable). 

 

	 	(d)	 (Novation): If Party A arranges for the novation of all of its rights and obligations under this Agreement: 

 

	 	(i)	 to a Fitch Eligible Replacement pursuant to Section 16(a)(iii)(A) or Section 16(b)(ii)(A) above; or 

 

	 	(ii)	 to a Moody’s Eligible Replacement pursuant to Section 17(a)(iii)(A) or Section 17(b)(iii)(A) above, 

Party B (at the direction of the Manager) and the Manager will do all things necessary, at the cost of Party A, to
effect such novation. 
  

	 	(e)	 Multiple Credit Support Annexes 

  

	 	(i)	 The parties agree that each Credit Support Annex: 

 

	 	(A)	 forms part of this Schedule, the Master Agreement and this Agreement; and 

  
 47 

	 	(B)	 constitutes a separate Transaction under this Agreement. 

 

	 	(ii)	 Accordingly, separate calculations, payments and deliveries are to be made in respect of each Credit Support Annex. However, in order to avoid
possible duplication of obligations to deliver credit support, the parties agree that any Delivery Amount or any Return Amount in respect of a Valuation Date calculated under a Credit Support Annex will take into account the following:

  

	 	(A)	 the Value of the Transferor’s Credit Support Balance is to include the Value of Other Eligible Credit Support as of that Valuation Date
provided that the maximum Return Amount which may be calculated under that Credit Support Annex on that Valuation Date is equal to the Value as of that Valuation Date of the Transferor’s Credit Support Balance (without including
the Value of any Other Eligible Credit Support); and 

  

	 	(B)	 the Value of the Transferor’s Credit Support Balance is to be adjusted to include any Delivery Amount and to deduct any Return Amount:

  

	 	(1)	 which has been calculated under any other Credit Support Annex or which is to be calculated under any other Credit Support Annex on such Valuation
Date; and 

  

	 	(2)	 the transfer of which, in either case, has not yet been completed and for which the relevant Settlement Day falls on or after such Valuation Date,

 but only to the extent of the Value (if any) which would be calculated under
that Credit Support Annex for the Eligible Credit Support or Equivalent Credit Support constituting that Delivery Amount or Return Amount. 
  

	 	(iii)	 Party A will not be required to transfer more Eligible Credit Support than the greatest amount calculated in accordance each Credit Support Annex.

  

	 	(iv)	 “Other Eligible Credit Support” means, in respect of a Credit Support Annex, any credit support which would satisfy the description
of Eligible Credit Support under that Credit Support Annex and which is comprised in the Credit Support Balance under any other Credit Support Annex. 

  

	 	(v)	 The “Value” of any Other Eligible Credit Support in respect of a Credit Support Annex will be calculated in accordance with the
provisions of that Credit Support Annex (subject to paragraph (vi) below), and not the Credit Support Annex under which the Other Eligible Credit Support has been provided. 

 

	 	(vi)	 The parties agree that if a date is a Valuation Date under more than one Credit Support Annex then the calculations of Delivery Amounts and Return
Amounts under each such Credit Support Annex are to be made consecutively with Party A selecting under which Credit 

  
 48 

	 	 
Support Annex the calculations are to be made first (so that the calculations under the second Credit Support Annex will take into account the result of the calculations made under the first
Credit Support Annex). However, the calculations of Delivery Amounts and Return Amounts under a Credit Support Annex having a zero Credit Support Amount must be made before calculations under any other Credit Support Annex.”.

  

	(23)	 Amendment to this Agreement:  

  

	 	(a)	 The Manager must give 5 Business Days’ notice in writing to each Rating Agency of any amendments to this Agreement.

  

	 	(b)	 This Agreement may be amended only by written agreement between all parties to this Agreement, provided that the Manager and Party B may only agree
to such amendment in accordance with the provisions of clause 25 of the Master Trust Deed and for this purpose references in that clause to a Series Supplement will be taken to be references to this Agreement. 

 

	(24)	 Appointment of Manager: Party B hereby exclusively appoints the Manager as its attorney to act on Party B’s behalf and exercise all
rights and powers of Party B with respect to this Agreement. Without limiting the generality of the foregoing, the Manager may issue and receive on behalf of Party B all notices, certificates and other communications to or by Party A under this
Agreement until such time as Party B serves written notice on Party A of the revocation of the Manager’s authority to act on behalf of Party B in accordance with this Part 5(24). The Manager hereby accepts such appointment. Party A is not
obliged to enquire into the authority of the Manager to exercise or satisfy any of Party B’s rights or obligations on Party B’s behalf. 

 

	(25)	 Hedge Agreement and Prepayment: The parties acknowledge and agree for the purposes of: 

 

	 	(a)	 the Transaction Documents, this Agreement is a Currency Swap Agreement and a Support Facility and Party A is a Currency Swap Provider for the
purposes of the Security Trust Deed and the General Security Deed; and 

  

	 	(b)	 the Master Trust Deed, this Agreement is a Hedge Agreement. 

 

	(26)	 No Amendment: Each of Party B and the Manager agrees that it will not consent to any amendment to any provision in any Transaction Document
dealing with the ranking, priority or entitlement of Party A in respect of any security or moneys relating to the Series Trust without the prior written consent of Party A. 

 

	(27)	 Manager as Party: For the purposes of Sections 2, 5, 6 and 10 the Manager is not a “party”. 

 

	(28)	 Anti-money laundering: Each party (the “Information Provider”) agrees to provide any information and documents reasonably
required by any other party (the “Information Recipient”) to comply with any applicable anti-money laundering or counter-terrorism financing laws including, without limitation, any applicable laws imposing “know your
customer” or other identification checks or procedures that the Information Recipient is required to comply with in respect of this Agreement (“AML/CTF Laws”), but the foregoing obligation applies only to the extent that such
information and such documents are in the possession of the Information Provider or may be obtained by it after having undertaken reasonable steps and subject to any confidentiality, privacy or general law obligations owed by the Information
Provider to any person in relation to whom the information or documents requested relate (except, in all cases, to the extent that the foregoing may be overridden by the relevant AML/CTF Laws). Each party must comply with any AML/CTF Laws applicable
to it, to the extent required to comply with its obligations under the Transaction Documents. Any  

  
 49 

	 	 
party may decline to perform any obligation under the Transaction Documents to the extent it forms the view, in its reasonable opinion, that notwithstanding that it has taken all action to comply
with any applicable AML/CTF Laws, it is required to decline to perform those obligations under any such AML/CTF Laws. To the maximum extent permitted by law, each party and the Noteholders and Unitholders releases each other party (a
“Released Party”) from any confidentiality, privacy or general law obligations that a Released Party would otherwise owe to it in respect of this Agreement and to the extent to which it is able, any applicable confidentiality and
privacy laws, but only to the extent that the existence of these obligations or laws would otherwise prevent a Released Party from providing any information or documents requested in accordance with this clause or any similar clause in any other
Transaction Document. 

  

	(29)	 Regulation AB Financial Disclosure 

  

	 	(a)	 Party A acknowledges that for so long as Macquarie Leasing Pty Limited is required to file Exchange Act Reports, Macquarie Leasing Pty Limited is
required under Regulation AB to disclose certain information set forth in Regulation AB regarding Party A or its group of affiliated entities, if applicable, depending on the aggregate significance percentage of this Agreement and any other
derivative contracts between Party A or its group of affiliated entities, if applicable, and Party B, as calculated from time to time in accordance with Item 1115 of Regulation AB. 

 

	 	(b)	 If at any time during which Macquarie Leasing Pty Limited is required to file Exchange Act Reports, the Manager determines, reasonably and in good
faith, that the significance percentage of this Agreement calculated in accordance with Item 1115 of Regulation AB has become less than 20% or less than 10%, the Manager shall notify Party A of that fact no later than ten (10) New York
business days after such determination has been made. If the Manager determines on any date of determination at any time during which Macquarie Leasing Pty Limited is required to file Exchange Act Reports, reasonably and in good faith, that the
significance percentage of this Agreement calculated in accordance with Item 1115 of Regulation AB is or has become: (A) 10% or more, but less than 20%, or (B) 20% or more, then on any Local Business Day after the date of such
determination, the Manager may request Party A to provide the relevant Swap Financial Disclosure by making a Swap Financial Disclosure Request. Thereafter, the Manager shall inform Party A no later than ten (10) Local Business Days following
such time as (i) the Manager has determined that Exchange Act Reports are no longer required to be filed in respect of the Relevant Notes pursuant to Section 15(d) of the Securities Act or (ii) Swap Financial Disclosure is no longer
required to be included or incorporated by reference in such Exchange Act Reports. 

  

	 	(c)	 So long as the Exchange Act Reports are required to be filed by Macquarie Leasing Pty Limited under the Exchange Act and Swap Financial Disclosure
is required to be included or incorporated by reference in the Exchange Act Reports pursuant to Item 1115(b)(2) or Item 1115(b)(1), as applicable, of Regulation AB, Party A, at its own expense, shall within four (4) Local Business
Days after receipt of a Swap Financial Disclosure Request, provide Party B and the Manager with the relevant Swap Financial Disclosure described in Part 5(29)(b) of this Schedule. 

 

	 	(d)	 If Party A is not able to provide the relevant Swap Financial Disclosure in accordance with Part 5(29)(c) of this Schedule, then Party A, at its own
expense, shall secure another entity to replace Party A as party to this Agreement on terms substantially similar to this Agreement which entity is able to and will provide the Swap Financial Disclosure for such entity within the time period
specified in Part 5(29)(c) of this Schedule (subject to the issuance of a Rating Notification by the Manager). 

  
 50 

	 	(e)	 The parties agree that, if permitted by Regulation AB, any required Swap Financial Disclosure may be provided by Party A by incorporation by
reference from reports filed by Party A pursuant to the Exchange Act. The parties agree that, if Swap Financial Disclosure is provided by Party A as set forth in the first sentence of this Part 5(29)(e), each relevant person (including without
limitation any affiliate of the Manager) is authorised to incorporate by reference into the Preliminary Prospectus or Final Prospectus any such reports filed by Party A with the Commission pursuant to section 13(a) or 15(d) of the Exchange Act which
contain any required Swap Financial Disclosure. The parties also agree that, if Swap Financial Disclosure is provided by Party A as set forth in the first sentence of this Part 5(29)(e), each relevant person (including without limitation any
affiliate of the Manager) is authorised to incorporate by reference into the Preliminary Prospectus or Final Prospectus any documents filed by Party A with the Commission pursuant to section 13(a) or 15(d) of the Exchange Act after the date of this
Agreement and prior to the termination of the offering described in the prospectus of the Series Trust relating to the offer and sale of the Relevant Notes. 

 

	 	(f)	 Party A shall indemnify Party B, the Manager and Macquarie Leasing Pty Limited, the respective present and former directors, officers, employees and
agents of each of the foregoing and each person, if any, who controls Party B, the Manager or Macquarie Leasing Pty Limited within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the
“Party A Indemnified Persons”) and shall hold each of them harmless from and against any and all losses, claims, damages or liabilities (including legal fees and reasonable expenses) to which any of them may become subject,
under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon: 

 

	 	(i)	 any untrue statement or alleged untrue statement of any material fact contained in the Swap Financial Disclosure provided by Party A;

  

	 	(ii)	 any omission or alleged omission to state in the Swap Financial Disclosure provided by Party A a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; or 

  

	 	(iii)	 any failure by Party A to provide Party B or the Manager with the relevant Swap Financial Disclosure when and as required under this Part 5(29);
provided, however, that, if Party A secures another entity to replace Party A as party to this Agreement pursuant to Part 5(29)(d) of this Schedule, Party A shall not be liable for any losses, claims, damages or liabilities (including reasonable
legal fees and expenses) to which any of the Party A Indemnified Persons may become subject arising out of or based upon a failure by Party A to provide Party B or the Manager with the relevant Swap Financial Disclosure following the provision of
the relevant Swap Financial Disclosure by the other entity to Party B or the Manager. 

 The
provisions of this Part 5(29)(f) shall not limit whatever rights Party B or the Manager may have under other provisions of this Agreement, the other Transaction Documents or otherwise, whether in equity or at law, such as an action for damages,
specific performance or injunctive relief. 
  

	 	(g)	 Party B and Macquarie Leasing Pty Limited shall, jointly and severally, indemnify Party A, the present and former directors, officers, employees and
agents of Party A and each person, if any, who controls Party A within the meaning of Section 15 of 

  
 51 

	 	 
the Securities Act or Section 20 of the Exchange Act and shall hold each of them harmless from and against any and all losses, claims, damages or liabilities (including legal fees and
reasonable expenses) to which any of them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon:

  

	 	(i)	 any untrue statement or alleged untrue statement of any material fact contained in the Preliminary Prospectus or Final Prospectus, other than any
Swap Financial Disclosure provided by Party A; or 

  

	 	(ii)	 any omission or alleged omission to state in the Preliminary Prospectus or Final Prospectus, other than the Swap Financial Disclosure provided by
Party A, a material fact required to be stated in the Preliminary Prospectus or Final Prospectus, other than the Swap Financial Disclosure provided by Party A, or necessary to make the statements in the Preliminary Prospectus or Final Prospectus,
other than the Swap Financial Disclosure provided by Party A, in the light of the circumstances under which they were made, not misleading. 

 The provisions of this Part 5(29)(g) shall not limit whatever rights Party A may have under other provisions of this Agreement, the other Transaction Documents or otherwise, whether in equity or at law,
such as an action for damages, specific performance or injunctive relief. 
  

	 	(h)	 Each of Party B, the Manager and Macquarie Leasing Pty Limited shall indemnify Party A, the present and former directors, officers, employees and
agents of Party A and each person, if any, who controls Party A within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and shall hold each of them harmless from and against any and all losses, claims,
damages or liabilities (including legal fees and reasonable expenses) to which any of them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any failure by such party to deliver or otherwise distribute any Swap Financial Disclosure in the substantively identical form provided to any of them by Party A or as modified with Party A’s written
consent. 

 The provisions of this Part 5(29)(h) shall not limit whatever rights Party A may
have under other provisions of this Agreement, the other Transaction Documents or otherwise, whether in equity or at law, such as an action for damages, specific performance or injunctive relief. 

 

	 	(i)	 The parties agree that under no circumstances shall any untrue statement or alleged untrue statement referred to in Part 5(29)(g)(i), any omission
or alleged omission referred to in Part 5(29)(g)(ii) or any failure to deliver or distribute referred to in Part 5(29)(h) constitute the fraud, negligence or wilful default of Party B for the purposes of this Agreement, including without limitation
Section 15(c) of this Agreement. 

  

	(30)	 Reporting 

 If not the reporting party with respect to the Transactions hereunder pursuant to the United States Commodity Exchange Act and the rules and regulations thereunder, Party A agrees that it shall cooperate
with Party B in providing such documents, valuations and other information as are reasonably requested by Party B (acting on the direction of the Manager) in order to file or cause to be filed all reports required pursuant to Section 2(h)(5) of
the United States Commodity Exchange Act and any rules and regulations thereunder on a timely basis, and as 

  
 52 

 
otherwise are required to be made with respect to the Transactions hereunder under such Act and any rules and regulations thereunder on a timely basis. 

 

	(31)	 Withholding Tax imposed on payments to non-US counterparties under the United States Foreign Account Tax Compliance Act: The parties agree
that “Tax” as used in Part 2(a) of this Schedule (Payer Tax Representation) and “Indemnifiable Tax” as defined in Section 14 of this Agreement shall not include any U.S. federal withholding tax imposed or collected pursuant
to Sections 1471 through 1474 of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), any current or future regulations or official interpretations thereof, any agreement entered into pursuant to Section 1471(b) of
the Code, or any fiscal or regulatory legislation, rules or practices adopted pursuant to any intergovernmental agreement entered into in connection with the implementation of such Sections of the Code (a “FATCA Withholding Tax”).
For the avoidance of doubt, a FATCA Withholding Tax is a Tax the deduction or withholding of which is required by applicable law for the purposes of Section 2(d) of this Agreement. 

 

	(32)	 Consent to Disclosure: Each party acknowledges that the other may be managed, or may operate businesses or process customer information
internationally and across corporate entities. Accordingly, to the extent applicable to a party (or its Credit Support Provider, if any) (the “Disclosing Party”), if information about or relating to it is provided to the other party
(the “Recipient”), the Recipient may (i) disclose the information to its Affiliates or its service providers, or (ii) transmit such information within the Recipient between its branches, or where required by law,
regulation or convention, to governmental and regulatory authorities of the Recipient, or to any trade repository (including, without limitation, a Swap Data Repository as defined in Section 1a(48) of the Commodity Exchange Act (US)), both in
the country where the relationship with the Disclosing Party is primarily situated, and in other countries where the Recipient may operate; and each party irrevocably consents to that occurring. 

 

	(33)	 Party A may act as market maker: Party B acknowledges and agrees that Party A and/or its affiliates may from time to time take proprietary
positions, make a market or undertake proprietary activities (including hedging transactions) related to the initiation or termination of a Transaction. This may affect the market price, rate or other market factor(s) underlying a Transaction and
consequently the value of a Transaction. 

  
 53 

 ANNEXURE 1 
 FORM OF CONFIRMATION FOR CURRENCY SWAP IN RELATION TO THE US$ FIXED RATE NOTES—CLASS A-1 NOTES, CLASS A-2a NOTES AND CLASS A-3a NOTES 

[PARTY A LETTERHEAD] 
 [DATE]

  

					
	 To:
	  	 Perpetual Trustee Company Limited
 as trustee of the Series Trust
 Level 12, 123 Pitt Street

Sydney NSW 2000
	  	 Macquarie Securities Management Pty
 Limited
 Level 1, 50 Martin Place
 Sydney NSW 2000

			
		  	Attention: Manager, Securitisation Services	  	Attention: Manager, Securitisation

 CONFIRMATION - CURRENCY SWAP IN RELATION TO CLASS A-[   ] NOTES
SMART ABS Series 2015-3US Trust 
 The purpose of this letter is to confirm the terms and conditions of the Transaction entered into between
us on the Trade Date specified below (the “Transaction”). This letter constitutes a “Confirmation” as referred to in the Master Agreement specified below. 
 This Confirmation is entered into by Perpetual Trustee Company Limited ABN 42 000 001 007 as trustee of the SMART ABS Series 2015-3US Trust (the “Series Trust”). This Confirmation
supersedes any previous Confirmation or other communication with respect to the Transaction and evidences a complete and binding agreement between us as to the terms of the Transaction. 
 This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA Master Agreement dated as of [l] 2015, as amended, novated or supplemented from time to time (the “Agreement”), between Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (“Party A”),
Perpetual Trustee Company Limited ABN 42 000 001 007 as trustee of the Series Trust (“Party B”) and Macquarie Securities Management Pty Limited ABN 26 003 435 443 (the “Manager”). All provisions contained in
the Agreement govern this Confirmation except as expressly modified below. 
 This Confirmation incorporates: 

 

	(a)	the attached Definitions Schedule; and 

  

	(b)	the definitions and provisions contained in the 2006 ISDA Definitions, as published by the International Swaps and Derivatives Association, Inc.,

 which form part of, and are subject to this Confirmation. In the event of any inconsistency between the definitions and the
provisions in the attached Definitions Schedule and those contained in the 2006 ISDA Definitions, those contained in the attached Definitions Schedule will govern. 
 The terms of the particular Transaction to which this Confirmation relates are as follows: 
  

					
	1.	 	Our Reference:	  	[                    ]
			
	2.	 	Trade Date:	  	[                    ] 2015
			
	3.	 	Effective Date:	  	Closing Date in respect of the Relevant Notes

  
 54 

					
	4.	 	Termination Date:	  	 The earlier of:
  

(a)             the date that the Relevant Notes
are redeemed in full in accordance with the Note Conditions; and
  
 (b)             the Maturity Date in relation to the Relevant Notes,

 
 subject to adjustment in accordance with the Following Business Day
Convention.

			
	5.	 	 Fixed and Floating Amounts
	  	
			
	5.1	 	Monthly Fixed Amounts Payable by Party A:	  	
		
	 (A)   Monthly Fixed Rate Payer:
	  	Party A
		
	 Calculation Amount:
	  	For each Monthly Fixed Rate Payer Payment Date, the aggregate Invested Amount of the Relevant Notes on the Distribution Date immediately before that Monthly Fixed Rate Payer Payment
Date (after taking into account any reductions in the Invested Amount of the Relevant Notes on that day).
		
	 Monthly Fixed Rate Payer Payment Dates:
	  	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
		
	 Fixed Rate:
	  	[    ]% per annum.
		
	 Fixed Rate Day Count Fraction:
	  	 [Class A-1: Actual/360]
  

[Class A-2a and Class A-3a: 30/360 (as a numerical fraction, not as a Day Count Fraction defined in the 2006 ISDA Definitions), except in relation to the
first Calculation Period and the last Calculation Period, if the last Calculation Period does not end on (but exclude) a Distribution Date, the Fixed Rate Day Count Fraction applicable will be 30/360 (as a Day Count Fraction defined in the 2006 ISDA
Definitions)]

		
	 (B)   Monthly Fixed Rate Payer:
	  	Party A
		
	 Calculation Amount
	  	An amount equal to the Unpaid Fixed Amount in relation to that Monthly Fixed Rate Payer Payment Date
		
	 Monthly Fixed Rate Payer Payment Dates:
	  	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
		
	 Rate:
	  	[    ]% per annum
		
	 Fixed Rate Day Count Fraction:
	  	 [Class A-1: Actual/360]
  

[Class A-2a and Class A-3a: 30/360 (as a numerical fraction, not as a Day Count Fraction defined in the 2006 ISDA Definitions), except in relation to the
first Calculation Period and the last

  
 55 

					
		 		  	Calculation Period, if the last Calculation Period does not end on (but exclude) a Distribution Date, the Fixed Rate Day Count Fraction applicable will be 30/360 (as a Day Count
Fraction defined in the 2006 ISDA Definitions)]
		
	 (C)   Unpaid Fixed Amount
	  	On each Monthly Fixed Rate Payer Payment Date Party A will pay to Party B an amount equal to the Unpaid Fixed Amount, if any, in relation to that Monthly Fixed Rate Payer Payment
Date.
			
	5.2	 	Monthly Floating Amounts Payable by Party B:	  	
		
	 (A)    Monthly Floating Rate Payer:
	  	Party B
		
	 Calculation Amount:
	  	For each Monthly Floating Rate Payer Payment Date, the A$ Equivalent of the aggregate Invested Amount of the Relevant Notes on the Distribution Date immediately before that Monthly
Floating Rate Payer Payment Date (after taking into account any reductions in the Invested Amount of the Relevant Notes on that day).
		
	 Monthly Floating Rate Payer Payment Dates:
	  	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
		
	 Floating Rate Option:
	  	AUD-BBR-BBSW
		
	 Designated Maturity:
	  	One month.
		
	 Spread:
	  	Plus [    ]% per annum for each Calculation Period.
		
	 Floating Rate Day Count Fraction:
	  	Actual/365 (Fixed)
		
	 Reset Dates
	  	The first day of each Calculation Period
		
	 Compounding:
	  	Inapplicable
		
	 (B)    Monthly Floating Rate Payer:
	  	Party B
		
	 Calculation Amount
	  	An amount equal to the A$ Unpaid Floating Amount in relation to that Monthly Floating Rate Payer Payment Date
		
	 Monthly Floating Rate Payer Payment Dates:
	  	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
		
	 Floating Rate Option:
	  	AUD-BBR-BBSW
		
	 Designated Maturity:
	  	One month.
		
	 Spread:
	  	Plus [    ]% per annum for each Calculation Period.
		
	 Floating Rate Day Count Fraction:
	  	Actual/365 (Fixed)

  
 56 

					
		
	 Reset Dates
	  	The first day of each Calculation Period
		
	 Compounding:
	  	Inapplicable
		
	 (C)    A$ Unpaid Floating Amount
	  	On each Monthly Floating Rate Payer Payment Date Party B will pay to Party A an amount equal to the A$ Unpaid Floating Amount, if any, in relation to that Monthly Floating Rate
Payer Payment Date.
			
	5.3	 	Limit to Rights	  	 If the A$ Floating Payment in relation to a Distribution Date will be less than the Monthly Floating Amount payable by Party B to Party
A on that Distribution Date (including, in each case, any A$ Unpaid Floating Amount), Party A may, in its absolute discretion, elect, by notice in writing to Party B and the Manager (such notice to be received by both such parties prior to that
Distribution Date), to pay to Party B on that Distribution Date (in return for payment by Party B of the A$ Floating Payment in relation to that Distribution Date and in lieu of the Monthly Floating Amounts that would otherwise be payable by Party B
to Party A on that Distribution Date) a proportion of the Monthly Fixed Amounts that would otherwise be payable by Party A to Party B on that Distribution Date (including any Unpaid Fixed Amounts) being the same proportion as the A$ Floating
Payment in relation to that Distribution Date bears to the Monthly Floating Amounts payable by Party B to Party A on that Distribution Date.
  

Notwithstanding any election by Party A pursuant to this paragraph 5.3, a failure by Party B to pay or deliver to Party A the full amount of the Monthly
Floating Amounts payable by Party B on a Distribution Date constitutes a failure to pay for the purposes of Section 5(a)(i) of the Agreement.

			
	6.	 	Exchanges	  	
			
	6.1	 	Initial Exchange:	  	
			
		 	Initial Exchange Date:	  	Effective Date
			
		 	Party A Initial Exchange Amount:	  	The A$ Equivalent of the Party B Initial Exchange Amount, being A$[    ]. To be paid by Party A to Party B.
			
		 	Party B Initial Exchange Amount:	  	 The total Invested Amount of the Relevant Notes on the Issue Date, being US$[     ]. To be paid by Party B to Party
A.
  
 Notwithstanding Section 2(a)(ii) of the Agreement, Party A must pay
the Party A Initial Exchange Amount to Party B by 4.00 pm (Sydney time) on the Initial Exchange Date and Party B must pay Party A the Party B Initial Exchange Amount by 4.00 pm (New York time) on the Initial Exchange Date. Section 2(a)(v) does not
apply to the payment of the Party A Initial Exchange Amount.

			
	6.2	 	Interim Exchange:	  	
			
		 	Interim Exchange Date:	  	In respect of Party A and Party B means each Distribution Date

  
 57 

					
		 		  	(other than the Final Exchange Date).
			
		 	Party A Interim Exchange Amount:	  	In respect of an Interim Exchange Date means the US$ Equivalent of the A$ Principal Entitlement in relation to that Interim Exchange Date. To be paid by Party A to Party
B.
			
		 	Party B Interim Exchange Amount:	  	In respect of an Interim Exchange Date means the A$ Principal Entitlement in relation to that Interim Exchange Date. To be paid by Party B to Party A.
			
	6.3	 	Final Exchange:	  	
			
		 	Final Exchange Date:	  	In respect of Party A and Party B means the date which is the Termination Date.
			
		 	Party A Final Exchange Amount:	  	In respect of the Final Exchange Date means the US$ Equivalent of the A$ Principal Entitlement in relation to that Final Exchange Date. To be paid by Party A to Party
B.
			
		 	Party B Final Exchange Amount:	  	In respect of the Final Exchange Date means the A$ Principal Entitlement in relation to that Final Exchange Date. To be paid by Party B to Party A.
			
	7.	 	 Exchange Rates
  

For the purpose of the definitions of “A$ Equivalent”, and “US$ Equivalent”:
	  	
			
		 	US$ Exchange Rate:	  	Means, with respect to each A$1.00, US$[    ]
			
		 	A$ Exchange Rate:	  	1/ US$ Exchange Rate
			
	8.	 	Account Details	  	
			
	8.1	 	Payments to Party A	  	
			
		 	Account for payments in US$	  	The account notified in writing by Party A to Party B in accordance with Part 5(3)(b) of the Schedule to the Agreement.
			
		 	Account for payments in A$	  	The account notified in writing by Party A to Party B in accordance with Part 5(3)(a) of the Schedule to the Agreement.
			
	8.2	 	Payments to Party B	  	
			
		 	Account for payments in US$	  	The account notified in writing by the Principal Paying Agent to Party A as contemplated by Part 5(2) of the Schedule to the Agreement.
			
		 	Account for payments in A$	  	The account notified in writing by Party B to Party A in accordance with Part 5(2)(i) of the Schedule to the Agreement.
			
	9.	 	Offices	  	 For the purpose of this Transaction:
  

(a)      Party A will be acting through its [Melbourne/Sydney] Office;
and

  
 58 

					
		 		  	 (b)      Party B will be acting through its Sydney Office.

			
	10.	 	Notification of Invested Amount	  	 On or before the Determination Date in respect of each Distribution Date the Manager must notify Party A in writing of:

 
 (a)      the
A$ Principal Entitlement in relation to that Distribution Date;
  
 (b)      the A$ Class A-[1 / A2a / A3a] Floating Amount (as defined in the Series Supplement) in relation to that Distribution Date;

 
 (c)      the
Unpaid Fixed Amount (if any) in relation to that Distribution Date; and
  
 (d)      the A$ Floating Payment in relation to that Distribution Date.

			
	11.	 	Time for payment	  	 For the purposes of this Transaction, in Section 2(a)(ii) of the Agreement the first sentence is deleted and replaced with the following
sentence:
  
 “Payments under this Agreement
by:
  

(i)                  
 Party A, will be made, by 5.00 p.m. (Sydney time); and
  
 (ii)                 Party B, will be made by 10.00 a.m. (Sydney time),

 
 on the due date for value on that date in the
place of the account specified in or pursuant to this Confirmation, in freely transferable funds, free of any set off, counterclaim, deduction or withholding (except as expressly provided in this Agreement) and in the manner customary for payment in
the required currency. Notwithstanding the foregoing, Party A must pay the Party A Initial Exchange Amount to Party B by 4.00 p.m. (Sydney time) on the Initial Exchange Date and Party B must pay Party A the Party B Initial Exchange Amount by 4.00
p.m. (New York time) on the Initial Exchange Date.”.

 Please confirm that the above correctly sets out the terms of our agreement in respect of each Transaction to which this
Confirmation relates by signing and returning this Confirmation to us by facsimile today. 
 Executed documents will follow by mail. 

Yours sincerely 
 SIGNED for and on
behalf of Australia and New 
 Zealand Banking Group Limited ABN 11 005 
 357 522 

  
 59 

					
	 By:
	  		  	
		
	  
	  	
	   (Authorised Officer)
	  	
			
	   Name
	  		  	
		  	  
	  	
			
	   Title
	  		  	
		  	  
	  	

  

									
	 Confirmed as at the date first written above:
	  		  	 Confirmed as at the date first written above:

			
	 SIGNED for and on behalf of PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007 as trustee of the SMART ABS Series 2015-3US
Trust
	  		  	 SIGNED for and on behalf of MACQUARIE SECURITIES MANAGEMENT PTY LIMITED ABN 26 003 435 443

					
	 By:
	  		  		  	 By:
	  	
	  
	  		  	  

	 (Authorised Officer)
	  		  	 (Authorised Officer)

					
	 Name
	  		  		  	 Name
	  	
		  	  
	  		  		  	  

	 Title
	  		  		  	 Title
	  	
		  	  
	  		  		  	  

  
 60 

 Definitions Schedule for Confirmation in relation to Class A-[1 /2a /3a] Notes

 In this Confirmation and in the Agreement unless the context otherwise requires, 

“A$ Equivalent” has the meaning given to that term in the Series Supplement. 
 “A$ Floating Payment” in relation to a Distribution Date means the amounts paid or available to be paid on that Distribution Date with respect to the A$ Class A-[1 / 2a / 3a]
Floating Amount (as defined in the Series Supplement) and any A$ Unpaid Floating Amount in relation to the Class A-[1 / 2a / 3a] Notes from Available Income (as defined in the Series Supplement) under clause [10.1(d)(i)(A) / 10.1(d)(ii)(A) /
10.1(d)(iv)(A)] of the Series Supplement. 
 “A$ Principal Entitlement” in relation to an Interim Exchange Date or the Final
Exchange Date means the amounts to be distributed to Party A in accordance with clauses [9.4(a) / 9.4(b) / 9.4(d)] and 9.4(f) of the Series Supplement on that Interim Exchange Date or the Final Exchange Date, as applicable. 

“A$ Unpaid Floating Amount” in relation to a Monthly Floating Rate Payer Payment Date means the aggregate amount of the Monthly
Floating Amounts calculated under paragraph 5.2(A) and (B) with respect to each preceding Monthly Floating Rate Payer Payment Date which have not been paid by Party B on any Monthly Floating Rate Payer Payment Date preceding that Monthly
Floating Rate Payer Payment Date in reliance on paragraph 5.3. 
 “Business Day” means (except where expressly provided
otherwise) any day on which the banks are open for business in Melbourne, Sydney, London and New York, other than a Saturday, a Sunday or a public holiday in Melbourne, Sydney, London or New York. 

“Distribution Date” has the meaning given in the Series Supplement. 
 “Invested Amount” has the meaning given to that term in the Series Supplement. 

“Monthly Fixed Amount” means the amount or amounts, as applicable, calculated in accordance with paragraph 5.1. 

“Monthly Floating Amount” means the amount or amounts, as applicable, calculated in accordance with paragraph 5.2. 

“Note Conditions” means the terms and conditions of the Relevant Notes annexed to the Relevant Notes. 

“Relevant Agency Agreement” means the Agency Agreement dated on or about [l] 2015 between the Relevant Note Trustee, Party B, the Manager and The Bank of New York Mellon. 

“Relevant Noteholders” means the Class A-[1 / 2a / 3a] Noteholders as that term is defined in the Relevant Note Trust Deed.

 “Relevant Notes” means the Class A-[1 / 2a / 3a] Notes issued by Party B under the Relevant Note Trust Deed and the
Series Supplement. 
 “Relevant Note Trustee” means The Bank of New York Mellon, in its capacity as US$ Note Trustee under the
Relevant Note Trust Deed or, if The Bank of New York Mellon is removed or retires as the trustee for the Relevant Noteholders, any person appointed from time to time in its place in accordance with the Relevant Note Trust Deed. 

“Relevant Note Trust Deed” means the SMART ABS Series 2015-3US Trust US$ Note Trust Deed dated [l] 2015 between Party B, Macquarie Leasing Pty Limited, the Manager and the Relevant Note Trustee. 

  
 61 

 “Security Trust Deed” means the Master Security Trust Deed dated 27 February 2007
between Party B, the Manager, the Security Trustee and the Relevant Note Trustee, as amended. 
 “Series Supplement” means the
SMART ABS Series 2015-3US Trust Series Supplement dated [l] 2015 between Party B, the Manager, Macquarie Leasing Pty
Limited and Macquarie Bank Limited. 
 “Unpaid Fixed Amount” in relation to a Monthly Fixed Rate Payer Payment Date means the
aggregate amount of the Monthly Fixed Amounts calculated under paragraphs 5.1(A) and (B) with respect to each preceding Monthly Fixed Rate Payer Payment Date which have not been paid by Party A on any Monthly Fixed Rate Payer Payment Date
preceding that Monthly Fixed Rate Payer Payment Date in reliance on paragraph 5.3. 
 “US$ Equivalent” has the meaning given to
that term in the Series Supplement. 
 Terms defined in the Note Conditions have the same meaning in this Confirmation unless otherwise defined
in this Confirmation. 

  
 62 

 ANNEXURE 2 
 FORM OF CONFIRMATION FOR CURRENCY SWAP IN RELATION TO THE US$ FLOATING RATE 
 NOTES -
CLASS A-2b NOTES AND CLASS A-3b NOTES 
 [PARTY A LETTERHEAD] 
 [DATE] 
  

					
	 To:
	 	 Perpetual Trustee Company Limited
 as trustee of the Series Trust
 Level 12, 123 Pitt Street

Sydney NSW 2000
	  	 Macquarie Securities Management Pty
 Limited
 Level 1, 50 Martin Place
 Sydney NSW 2000

			
		 	Attention: Manager, Securitisation Services	  	Attention: Manager, Securitisation

 CONFIRMATION - CURRENCY SWAP IN RELATION TO CLASS
A-[            ] NOTES 
 SMART ABS Series 2015-3US Trust 

The purpose of this letter is to confirm the terms and conditions of the Transaction entered into between us on the Trade Date specified below (the
“Transaction”). This letter constitutes a “Confirmation” as referred to in the Master Agreement specified below. 
 This Confirmation is entered into by Perpetual Trustee Company Limited ABN 42 000 001 007 as trustee of the SMART ABS Series 2015-3US Trust (the “Series Trust”). This Confirmation
supersedes any previous Confirmation or other communication with respect to the Transaction and evidences a complete and binding agreement between us as to the terms of the Transaction. 
 This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA Master Agreement dated as of [l] 2015, as amended, novated or supplemented from time to time (the “Agreement”), between Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (“Party A”),
Perpetual Trustee Company Limited ABN 42 000 001 007 as trustee of the Series Trust (“Party B”) and Macquarie Securities Management Pty Limited ABN 26 003 435 443 (the “Manager”). All provisions contained in
the Agreement govern this Confirmation except as expressly modified below. 
 This Confirmation incorporates: 

 

	(a)	the attached Definitions Schedule; and 

  

	(b)	the definitions and provisions contained in the 2006 ISDA Definitions, as published by the International Swaps and Derivatives Association, Inc.,

 which form part of, and are subject to this Confirmation. In the event of any inconsistency between the definitions and the
provisions in the attached Definitions Schedule and those contained in the 2006 ISDA Definitions, those contained in the attached Definitions Schedule will govern. 
 The terms of the particular Transaction to which this Confirmation relates are as follows: 
  

					
	1.	 	Our Reference:	 	[                    ]
			
	2.	 	Trade Date:	 	[                    ] 2015
			
	3.	 	Effective Date:	 	Closing Date in respect of the Relevant Notes
			
	4.	 	Termination Date:	 	 The earlier of:
  

(a)             the date that the Relevant Notes
are redeemed in full in

  
 63 

					
		 		 	
                  
accordance with the Note Conditions; and
  
 (b)             the Maturity Date in relation to the Relevant Notes,

 
 subject to adjustment in accordance with the Following Business Day
Convention.

			
	 5.
	 	 Floating Amounts
	 	
			
	 5.1
	 	 Monthly Floating Amounts Payable by Party A:
	 	
		
	 (A)    Monthly Floating Rate Payer:
	 	Party A
		
	 Calculation Amount:
	 	For each Monthly Floating Rate Payer Payment Date, the aggregate Invested Amount of the Relevant Notes on the Distribution Date immediately before that Monthly Floating Rate Payer
Payment Date (after taking into account any reductions in the Invested Amount of the Relevant Notes on that day).
		
	 Monthly Floating Rate Payer Payment Dates:
	 	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
		
	 Floating Rate Option:
	 	USD-LIBOR-ICE (as defined in this Confirmation)
		
	 Designated Maturity:
	 	One month.
		
	 Spread:
	 	Plus [    ]% per annum for each Calculation Period.
		
	 Floating Rate Day Count Fraction:
	 	[Actual/360]
		
	 Reset Dates:
	 	The first day of each Calculation Period
		
	 Compounding:
	 	Inapplicable
		
	 (B)    Monthly Floating Rate Payer:
	 	Party A
		
	 Calculation Amount
	 	An amount equal to the Unpaid Floating Amount in relation to that Monthly Floating Rate Payer Payment Date
		
	 Monthly Floating Rate Payer Payment Dates:
	 	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
		
	 Floating Rate Option:
	 	USD-LIBOR-ICE (as defined in this Confirmation)
		
	 Designated Maturity:
	 	One month
		
	 Spread:
	 	Plus [    ]% per annum for each Calculation Period
		
	 Floating Rate Day Count Fraction:
	 	[Actual/360]

  
 64 

					
	 Reset Dates:
	 	The first day of each Calculation Period
		
	 Compounding:
	 	Inapplicable
		
	 (C)    Unpaid Floating Amount
	 	On each Monthly Floating Rate Payer Payment Date Party A will pay to Party B an amount equal to the Unpaid Floating Amount, if any, in relation to that Monthly Floating Rate Payer
Payment Date.
			
	5.2	 	Monthly Floating Amounts Payable by Party B:	 	
		
	 (A)    Monthly Floating Rate Payer:
	 	Party B
		
	 Calculation Amount:
	 	For each Monthly Floating Rate Payer Payment Date, the A$ Equivalent of the aggregate Invested Amount of the Relevant Notes on the Distribution Date immediately before that Monthly
Floating Rate Payer Payment Date (after taking into account any reductions in the Invested Amount of the Relevant Notes on that day).
		
	 Monthly Floating Rate Payer Payment Dates:
	 	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
		
	 Floating Rate Option:
	 	AUD-BBR-BBSW
		
	 Designated Maturity:
	 	One month.
		
	 Spread:
	 	Plus [    ]% per annum for each Calculation Period.
		
	 Floating Rate Day Count Fraction:
	 	Actual/365 (Fixed)
		
	 Reset Dates
	 	The first day of each Calculation Period
		
	 Compounding:
	 	Inapplicable
		
	 (B)    Monthly Floating Rate Payer:
	 	Party B
		
	 Calculation Amount
	 	An amount equal to the A$ Unpaid Floating Amount in relation to that Monthly Floating Rate Payer Payment Date
		
	 Monthly Floating Rate Payer Payment Dates:
	 	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
		
	 Floating Rate Option:
	 	AUD-BBR-BBSW
		
	 Designated Maturity:
	 	One month.
		
	 Spread:
	 	Plus [    ]% per annum for each Calculation Period.
		
	 Floating Rate Day Count Fraction:
	 	Actual/365 (Fixed)

  
 65 

					
	 Reset Dates
	 	The first day of each Calculation Period
		
	 Compounding:
	 	Inapplicable
		
	 (C)    A$ Unpaid Floating Amount
	 	On each Monthly Floating Rate Payer Payment Date Party B will pay to Party A an amount equal to the A$ Unpaid Floating Amount, if any, in relation to that Monthly Floating Rate
Payer Payment Date.
			
	5.3	 	Limit to Rights	 	 If the A$ Floating Payment in relation to a Distribution Date will be less than the Monthly Floating Amount payable by Party B to Party
A on that Distribution Date (including, in each case, any A$ Unpaid Floating Amount), Party A may, in its absolute discretion, elect, by notice in writing to Party B and the Manager (such notice to be received by both such parties prior to that
Distribution Date), to pay to Party B on that Distribution Date (in return for payment by Party B of the A$ Floating Payment in relation to that Distribution Date and in lieu of the Monthly Floating Amounts that would otherwise be payable by Party B
to Party A on that Distribution Date) a proportion of the Monthly Floating Amounts that would otherwise be payable by Party A to Party B on that Distribution Date (including any Unpaid Floating Amounts) being the same proportion as the
A$ Floating Payment in relation to that Distribution Date bears to the Monthly Floating Amounts payable by Party B to Party A on that Distribution Date.
  

Notwithstanding any election by Party A pursuant to this paragraph 5.3, a failure by Party B to pay or deliver to Party A the full amount of the Monthly
Floating Amounts payable by Party B on a Distribution Date constitutes a failure to pay for the purposes of Section 5(a)(i) of the Agreement.

			
	6.	 	Exchanges	 	
			
	6.1	 	Initial Exchange:	 	
			
		 	Initial Exchange Date:	 	Effective Date
			
		 	Party A Initial Exchange Amount:	 	The A$ Equivalent of the Party B Initial Exchange Amount, being A$[    ]. To be paid by Party A to Party B.
			
		 	Party B Initial Exchange Amount:	 	 The total Invested Amount of the Relevant Notes on the Issue Date, being US$[    ]. To be paid by Party B to Party
A.
  
 Notwithstanding Section 2(a)(ii) of the Agreement, Party A must pay
the Party A Initial Exchange Amount to Party B by 4.00 pm (Sydney time) on the Initial Exchange Date and Party B must pay Party A the Party B Initial Exchange Amount by 4.00 pm (New York time) on the Initial Exchange Date. Section 2(a)(v) does not
apply to the payment of the Party A Initial Exchange Amount.

			
	6.2	 	Interim Exchange:	 	
			
		 	Interim Exchange Date:	 	In respect of Party A and Party B means each Distribution Date (other than the Final Exchange Date).
			
		 	Party A Interim Exchange	 	In respect of an Interim Exchange Date means the US$ Equivalent

  
 66 

					
		 	Amount:	 	of the A$ Principal Entitlement in relation to that Interim Exchange Date. To be paid by Party A to Party B.
			
		 	Party B Interim Exchange Amount:	 	In respect of an Interim Exchange Date means the A$ Principal Entitlement in relation to that Interim Exchange Date. To be paid by Party B to Party A.
			
	6.3	 	Final Exchange:	 	
			
		 	Final Exchange Date:	 	In respect of Party A and Party B means the Termination Date.
			
		 	Party A Final Exchange Amount:	 	In respect of the Final Exchange Date means the US$ Equivalent of the A$ Principal Entitlement in relation to that Final Exchange Date. To be paid by Party A to Party
B.
			
		 	Party B Final Exchange Amount:	 	In respect of the Final Exchange Date means the A$ Principal Entitlement in relation to that Final Exchange Date. To be paid by Party B to Party A.
			
	7.	 	Exchange Rates	 	
			
		 	For the purpose of the definitions of “A$ Equivalent”, and “US$ Equivalent”:	 	
			
		 	US$ Exchange Rate:	 	Means, with respect to each A$1.00, US$[    ]
			
		 	A$ Exchange Rate:	 	1/US$ Exchange Rate
			
	8.	 	Account Details	 	
			
	8.1	 	Payments to Party A	 	
			
		 	Account for payments in US$	 	The account notified in writing by Party A to Party B in accordance with Part 5(3)(b) of the Schedule to the Agreement.
			
		 	Account for payments in A$	 	The account notified in writing by Party A to Party B in accordance with Part 5(3)(a) of the Schedule to the Agreement.
			
	8.2	 	Payments to Party B	 	
			
		 	Account for payments in US$	 	The account notified in writing by the Principal Paying Agent to Party A as contemplated by Part 5(2) of the Schedule to the Agreement.
			
		 	Account for payments in A$	 	The account notified in writing by Party B to Party A in accordance with Part 5(2)(i) of the Schedule to the Agreement.
			
	9.	 	Offices	 	 For the purpose of this Transaction:
  

(a) Party A will be acting through its [Melbourne/Sydney] Office; and
  

(b) Party B will be acting through its Sydney Office.

			
	10.	 	Notification of Invested Amount	 	On or before the Determination Date in respect of each Distribution Date the Manager must notify Party A in writing of:

  
 67 

					
		 		 	 (a)      the A$ Principal Entitlement in relation to that
Distribution Date;
  

(b)      the A$ Class A-[2b / 3b] Floating Amount (as defined in the Series
Supplement) in relation to that Distribution Date;
  
 (c)      the Unpaid Floating Amount (if any) in relation to that Distribution Date; and
  

(d)      the A$ Floating Payment in relation to that Distribution
Date.

			
	11.	 	Time for payment	 	 For the purposes of this Transaction, in Section 2(a)(ii) of the Agreement the first sentence is deleted and replaced
with the following sentence:
  
 “Payments under this Agreement by:
  

(i)               
    Party A, will be made, by 5.00 p.m. (Sydney time); and
  

(ii)               
  Party B, will be made by 10.00 a.m. (Sydney time),
  
 on the due date for value on that date in the place of the account specified in or pursuant to this Confirmation, in freely transferable funds, free of any set off, counterclaim, deduction or withholding
(except as expressly provided in this Agreement) and in the manner customary for payment in the required currency. Notwithstanding the foregoing, Party A must pay the Party A Initial Exchange Amount to Party B by 4.00 p.m. (Sydney time) on the
Initial Exchange Date and Party B must pay Party A the Party B Initial Exchange Amount by 4.00 p.m. (New York time) on the Initial Exchange Date.”.

 Please confirm that the above correctly sets out the terms of our agreement in respect of each Transaction to which this
Confirmation relates by signing and returning this Confirmation to us by facsimile today. 
 Executed documents will follow by mail. 

Yours sincerely 
 SIGNED for and on behalf
of Australia and New 
 Zealand Banking Group Limited ABN 11 005 
 357 522 
  

					
	 By:
	 		 	
	  
	 	
	 (Authorised Officer)
	 	
			
	 Name
	 		 	
		 	  
	 	

  
 68 

					
	 Title
	 		 	
		 	  
	 	

  

									
	 Confirmed as at the date first written above:
	 		 	 Confirmed as at the date first written above:

			
	 SIGNED for and on behalf of PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007 as trustee of the SMART ABS Series 2015-3US
Trust
	 		 	 SIGNED for and on behalf of MACQUARIE SECURITIES MANAGEMENT PTY LIMITED ABN 26 003 435 443

					
	 By:
	 		 		 	 By:
	 	
	  
	 		 	  

	 (Authorised Officer)
	 		 	 (Authorised Officer)

					
	 Name
	 		 		 	 Name
	 	
		 	  
	 		 		 	  

	 Title
	 		 		 	 Title
	 	
		 	  
	 		 		 	  

  
 69 

 Definitions Schedule for Confirmation in relation to Class A-[2b / 3b] Notes

 In this Confirmation and in the Agreement unless the context otherwise requires, 

“A$ Equivalent” has the meaning given to that term in the Series Supplement. 
 “A$ Floating Payment” in relation to a Distribution Date means the amounts paid or available to be paid on that Distribution Date with respect to the A$ Class A-[2b / 3b] Floating
Amount (as defined in the Series Supplement) and any A$ Unpaid Floating Amount in relation to the Class A-[2b / 3b] Notes from Available Income (as defined in the Series Supplement) under clause [10.1(d)(iii)(A) / 10.1(d)(v)(A)] of the Series
Supplement. 
 “A$ Principal Entitlement” in relation to an Interim Exchange Date or the Final Exchange Date means the amounts
to be distributed to Party A in accordance with clauses [9.4(c) / (e)] and 9.4(f) of the Series Supplement on that Interim Exchange Date or the Final Exchange Date, as applicable. 
 “A$ Unpaid Floating Amount” in relation to a Monthly Floating Rate Payer Payment Date means the aggregate amount of the Monthly Floating Amounts calculated under paragraphs 5.2(A)
and (B) with respect to each preceding Monthly Floating Rate Payer Payment Date which have not been paid by Party B on any Monthly Floating Rate Payer Payment Date preceding that Monthly Floating Rate Payer Payment Date in reliance on paragraph
5.3. 
 “Business Day” means (except where expressly provided otherwise) any day on which the banks are open for business in
Sydney, Melbourne, London and New York, other than a Saturday, a Sunday or a public holiday in Sydney, Melbourne, London or New York. 

“Distribution Date” has the meaning given in the Series Supplement. 
 “Invested Amount” has the meaning given to that term in the Series Supplement. 

“London/New York Business Day” means any day on which banks are open for business in London and New York City, other than a Saturday, a
Sunday or a public holiday in London or New York City. 
 “Monthly Floating Amount” means (i) in respect of Party A, the
amount or amounts (as applicable) calculated in accordance with paragraph 5.1 , and (ii) in respect of Party B, the amount or amounts (as applicable) calculated in accordance with paragraph 5.2. 

“Note Conditions” means the terms and conditions of the Relevant Notes annexed to the Relevant Notes. 

“Rate Page” means the Reuters Screen LIBOR01 Page or, if the Reuters Screen LIBOR01 Page ceases to quote the relevant rate, such other
screen, page, section or part of Reuters or Bloomberg as quotes the relevant rate and is selected by the Agent Bank. 
 “Relevant Agency
Agreement” means the Agency Agreement dated on or about [l] 2015 between the Relevant Note Trustee, Party B,
the Manager and The Bank of New York Mellon. 
 “Relevant Noteholders” means the Class A-[2b / 3b] Noteholders as that
term is defined in the Relevant Note Trust Deed. 
 “Relevant Notes” means the Class A-[2b / 3b] Notes issued by Party B
under the Relevant Note Trust Deed and the Series Supplement. 
 “Relevant Note Trustee” means The Bank of New York Mellon, in
its capacity as US$ Note Trustee under the Relevant Note Trust Deed or, if The Bank of New York Mellon is removed or retires as the trustee for the Relevant Noteholders, any person appointed from time to time in its place in accordance with the
Relevant Note Trust Deed. 

  
 70 

 “Relevant Note Trust Deed” means the SMART ABS Series 2015-3US Trust US$ Note Trust Deed
dated [l] 2015 between Party B, Macquarie Leasing Pty Limited, the Manager and the Relevant Note Trustee. 

“Security Trust Deed” means the Master Security Trust Deed dated 27 February 2007 between Party B, the Manager, the Security
Trustee and the Relevant Note Trustee, as amended. 
 “Series Supplement” means the SMART ABS Series 2015-3US Trust Series
Supplement dated [l] 2015 between Party B, the Manager, Macquarie Leasing Pty Limited and Macquarie Bank Limited.

 “Unpaid Floating Amount” in relation to a Monthly Floating Rate Payer Payment Date means the aggregate amount of the Monthly
Floating Amounts calculated under paragraphs 5.1(A) and (B) with respect to each preceding Monthly Floating Rate Payer Payment Date which have not been paid by Party A on any Monthly Floating Rate Payer Payment Date preceding that Monthly
Floating Rate Payer Payment Date in reliance on paragraph 5.3. 
 “USD-LIBOR-ICE” for an Interest Period will be calculated by
the Agent Bank in accordance with paragraphs (a) and (b), as applicable, below. 
  

	(a)	on the second London/New York Business Day before the beginning of the Interest Period (a “US$ Floating Rate Set Date”) the Agent Bank will determine
the rate “USD-LIBOR-ICE”, as the applicable Floating Rate Option , as being the rate applicable to any Interest Period for one month deposits in US$ in the London inter bank market which appears on the Rate Page at approximately 11.45am
(London time) on the US$ Floating Rate Set Date; and 

  

	(b)	if the rate referred to in paragraph (a) does not appear on the Rate Page on the relevant US$ Floating Rate Set Date, the USD-LIBOR-ICE for that Interest Period
will be determined as if the Issuer Trustee and the Agent Bank had specified “USD-LIBOR-Reference Banks”, as the applicable Floating Rate Option. For this purpose “USD-LIBOR-Reference Banks” means that the rate for an
Interest Period will be determined on the basis of the rates at which deposits in US$ are offered by the Reference Banks (being four major banks in the London interbank market determined by the Agent Bank) at approximately 11.00am, London time, on
the US$ Floating Rate Set Date to prime banks in the London interbank market for a period of one month commencing on the first day of the Interest Period and in a Representative Amount (as defined in the 2006 ISDA Definitions of the International
Swaps and Derivatives Association, Inc.). The Agent Bank will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the USD-LIBOR-ICE for that Interest
Period will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the USD-LIBOR-ICE for that Interest Period will be the arithmetic mean of the rates quoted by not less than two major banks in New York
City, selected by the Agent Bank, at approximately 11.00am, New York City time, on that US$ Floating Rate Set Date for loans in US$ to leading European banks for a period of one month commencing on the first day of the Interest Period and in a
Representative Amount. If no such rates are available in New York City, then the USD-LIBOR-ICE for such Interest Period will be the most recently determined rate in accordance with paragraph (a). 

“US$ Equivalent” has the meaning given to that term in the Series Supplement. 
 Terms defined in the Note Conditions have the same meaning in this Confirmation unless otherwise defined in this Confirmation. 

  
 71 

			
	(Bilateral Form - Transfer)1	  	(ISDA Agreements Subject to English
Law)2        

 ISDA® 
 International Swaps and Derivatives Association, Inc.

 CREDIT SUPPORT ANNEX 
 to the Schedule to the 
 ISDA Master Agreement 

 

							
		 	dated as of	 	
        15 October 2015     
       
	 	

 between 
  

					
	Australia and New Zealand Banking Group Limited ABN 11 005 357 552 (“Party A”)	 		 	Perpetual Trustee Company Limited ABN 42 000 001 007 (“Party B”)
	Macquarie Securities Management Pty Limited ABN 26 003 435 443 (the “Manager”)	 		 	

 This Annex supplements, forms part of, and is subject to, the ISDA Master Agreement referred to above and
is part of its Schedule. For the purposes of this Agreement, including, without limitation, Sections 1(c), 2(a), 5 and 6, the credit support arrangements set out in this Annex constitute a Transaction (for which this Annex constitutes the
Confirmation). 
 Paragraph 1. Interpretation 
 Capitalised terms not otherwise defined in this Annex or elsewhere in this Agreement have the meanings specified pursuant to Paragraph 10, and all references in this Annex to Paragraphs are to Paragraphs
of this Annex. In the event of any inconsistency between this Annex and the other provisions of this Schedule, this Annex will prevail, and in the event of any inconsistency between Paragraph 11 and the other 

 
  
 1    This document is not intended to create a charge or other security interest over the assets transferred
under its terms. Persons intending to establish a collateral arrangement based on the creation of a charge or other security interest should consider using the ISDA Credit Support Deed (English law) or the ISDA Credit Support Annex (New York law),
as appropriate. 
 2    This
Credit Support Annex has been prepared for use with ISDA Master Agreements subject to English law. Users should consult their legal advisers as to the proper use and effect of this form and the arrangements it contemplates. In particular, users
should consult their legal advisers if they wish to have the Credit Support Annex made subject to a governing law other than English law or to have the Credit Support Annex subject to a different governing law than that governing the rest of the
ISDA Master Agreement (e.g., English law for the Credit Support Annex and New York law for the rest of the ISDA Master Agreement). 
 Copyright © 1995 by International Swaps and Derivatives Association, Inc. 

 provisions of this Annex, Paragraph 11 will prevail. For the avoidance of doubt, references
to “transfer” in this Annex mean, in relation to cash, payment and, in relation to other assets, delivery. 

Paragraph 2. Credit Support Obligations 
 (a)        Delivery Amount. Subject to Paragraphs 3 and 4, upon a demand made by the Transferee on or promptly following a Valuation Date, if the
Delivery Amount for that Valuation Date equals or exceeds the Transferor’s Minimum Transfer Amount, then the Transferor will transfer to the Transferee Eligible Credit Support having a Value as of the date of transfer at least equal to the
applicable Delivery Amount (rounded pursuant to Paragraph 11(b)(iii)(D)). Unless otherwise specified in Paragraph 11(b), the “Delivery Amount” applicable to the Transferor for any Valuation Date will equal the amount by which: 

(i)       the Credit Support Amount 

exceeds 
 (ii)      the Value as of that Valuation Date of the Transferor’s Credit Support Balance (adjusted to include any prior Delivery Amount and to exclude any prior Return
Amount, the transfer of which, in either case, has not yet been completed and for which the relevant Settlement Day falls on or after such Valuation Date). 
 (b)        Return Amount.    Subject to Paragraphs 3 and 4, upon a demand made by the Transferor on or promptly following a
Valuation Date, if the Return Amount for that Valuation Date equals or exceeds the Transferee’s Minimum Transfer Amount, then the Transferee will transfer to the Transferor Equivalent Credit Support specified by the Transferor in that demand
having a Value as of the date of transfer as close as practicable to the applicable Return Amount (rounded pursuant to Paragraph 11(b)(iii)(D)) and the Credit Support Balance will, upon such transfer, be reduced accordingly. Unless otherwise
specified in Paragraph 11(b), the “Return Amount” applicable to the Transferee for any Valuation Date will equal the amount by which: 
 (i)       the Value as of that Valuation Date of the Transferor’s Credit Support Balance (adjusted to include any prior Delivery Amount and to exclude any prior
Return Amount, the transfer of which, in either case, has not yet been completed and for which the relevant Settlement Day falls on or after such Valuation Date) 

exceeds 
 (ii)      the Credit Support Amount. 

Paragraph 3. Transfers, Calculations and Exchanges 
 (a)        Transfers.      All transfers under this Annex of any Eligible Credit Support, Equivalent Credit Support,
Interest Amount or Equivalent Distributions shall be made in accordance with the instructions of the Transferee or Transferor, as applicable, and shall be made: 

(i)       in the case of cash, by transfer into one or more bank accounts specified by
the recipient; 

  

					
		 	2	  	ISDA ® 1995

 (ii)       in the case of certificated
securities which cannot or which the parties have agreed will not be delivered by book-entry, by delivery in appropriate physical form to the recipient or its account accompanied by any duly executed instruments of transfer, transfer tax stamps and
any other documents necessary to constitute a legally valid transfer of the transferring party’s legal and beneficial title to the recipient; and 
 (iii)      in the case of securities which the parties have agreed will be delivered by book-entry, by the giving of written instructions (including, for the avoidance of
doubt, instructions given by telex, facsimile transmission or electronic messaging system) to the relevant depository institution or other entity specified by the recipient, together with a written copy of the instructions to the recipient,
sufficient, if complied with, to result in a legally effective transfer of the transferring party’s legal and beneficial title to the recipient. 
 Subject to Paragraph 4 and unless otherwise specified, if a demand for the transfer of Eligible Credit Support or Equivalent Credit Support is received by the Notification Time, then the relevant transfer
will be made not later than the close of business on the Settlement Day relating to the date such demand is received; if a demand is received after the Notification Time, then the relevant transfer will be made not later than the close of business
on the Settlement Day relating to the day after the date such demand is received. 

(b)        Calculations. All calculations of Value and Exposure for purposes of
Paragraphs 2 and 4(a) will be made by the relevant Valuation Agent as of the relevant Valuation Time. The Valuation Agent will notify each party (or the other party, if the Valuation Agent is a party) of its calculations not later than the
Notification Time on the Local Business Day following the applicable Valuation Date (or, in the case of Paragraph 4(a), following the date of calculation). 
 (c)        Exchanges. 
 (i)       Unless otherwise specified in Paragraph 11, the Transferor may on any Local Business Day by notice inform the Transferee that it wishes to transfer to the
Transferee Eligible Credit Support specified in that notice (the “New Credit Support”) in exchange for certain Eligible Credit Support (the “Original Credit Support”) specified in that notice comprised in the Transferor’s
Credit Support Balance. 
 (ii)      If the Transferee notifies the Transferor
that it has consented to the proposed exchange, (A) the Transferor will be obliged to transfer the New Credit Support to the Transferee on the first Settlement Day following the date on which it receives notice (which may be oral telephonic
notice) from the Transferee of its consent and (B) the Transferee will be obliged to transfer to the Transferor Equivalent Credit Support in respect of the Original Credit Support not later than the Settlement Day following the date on which
the Transferee receives the New Credit Support, unless otherwise specified in Paragraph 11(d) (the “Exchange Date”); provided that the Transferee will only be obliged to transfer Equivalent Credit Support with a Value as of the date
of transfer as close as practicable to, but in any event not more than, the Value of the New Credit Support as of that date. 

  

					
		 	3	  	ISDA ® 1995

 Paragraph 4. Dispute Resolution 

(a)        Disputed Calculations or Valuations. If a party (a “Disputing
Party”) reasonably disputes (I) the Valuation Agent’s calculation of a Delivery Amount or a Return Amount or (II) the Value of any transfer of Eligible Credit Support or Equivalent Credit Support, then: 

(1)        the Disputing Party will notify the other party and the Valuation
Agent (if the Valuation Agent is not the other party) not later than the close of business on the Local Business Day following, in the case of (I) above, the date that the demand is received under Paragraph 2 or, in the case of (II) above, the
date of transfer; 
 (2)        in the case of (I) above, the
appropriate party will transfer the undisputed amount to the other party not later than the close of business on the Settlement Day following the date that the demand is received under Paragraph 2; 

(3)        the parties will consult with each other in an attempt to resolve the
dispute; and 
 (4)        if they fail to resolve the dispute by the
Resolution Time, then: 
 (i)            in the
case of a dispute involving a Delivery Amount or Return Amount, unless otherwise specified in Paragraph 11(c), the Valuation Agent will recalculate the Exposure and the Value as of the Recalculation Date by: 

(A)       utilising any calculations of that part of the Exposure attributable to the
Transactions that the parties have agreed are not in dispute; 

(B)       calculating that part of the Exposure attributable to the Transactions in
dispute by seeking four actual quotations at mid-market from Reference Market-makers for purposes of calculating Market Quotation, and taking the arithmetic average of those obtained; provided that if
four quotations are not available for a particular Transaction, then fewer than four quotations may be used for that Transaction, and if no quotations are available for a particular Transaction, then the Valuation Agent’s original calculations
will be used for the Transaction; and 
 (C)       utilising the procedures
specified in Paragraph 11(e)(ii) for calculating the Value, if disputed, of the outstanding Credit Support Balance; 
 (ii)    in the case of a dispute involving the Value of any transfer of Eligible Credit Support or Equivalent Credit Support, the Valuation Agent will recalculate the Value as of the
date of transfer pursuant to Paragraph 11(e)(ii). 
 Following a recalculation pursuant to this Paragraph, the Valuation Agent
will notify each party (or the other party, if the Valuation Agent is a party) as soon as possible but in any event not later than the Notification Time on the Local Business Day following the Resolution Time. The appropriate party will, upon demand
following such notice given by the Valuation Agent or a resolution pursuant to (3) above and subject to Paragraph 3(a), make the appropriate transfer. 

  

					
		 	4	  	ISDA ® 1995

 (b)          No Event of
Default.   The failure by a party to make a transfer of any amount which is the subject of a dispute to which Paragraph 4(a) applies will not constitute an Event of Default for as long as the procedures set out in this
Paragraph 4 are being carried out. For the avoidance of doubt, upon completion of those procedures, Section 5(a)(i) of this Agreement will apply to any failure by a party to make a transfer required under the final sentence of Paragraph 4(a) on
the relevant due date. 
 Paragraph 5. Transfer of Title, No Security Interest, Distributions and Interest Amount 

(a)             Transfer of
Title.    Each party agrees that all right, title and interest in and to any Eligible Credit Support, Equivalent Credit Support, Equivalent Distributions or Interest Amount which it transfers to the other party under the
terms of this Annex shall vest in the recipient free and clear of any liens, claims, charges or encumbrances or any other interest of the transferring party or of any third person (other than a lien routinely imposed on all securities in a relevant
clearance system). 
 (b)          No Security
Interest.   Nothing in this Annex is intended to create or does create in favour of either party any mortgage, charge, lien, pledge, encumbrance or other security interest in any cash or other property transferred by one party
to the other party under the terms of this Annex. 
 (c)        Distributions and
Interest Amount. 

(i)       Distributions.   The Transferee will transfer
to the Transferor not later than the Settlement Day following each Distributions Date cash, securities or other property of the same type, nominal value, description and amount as the relevant Distributions (“Equivalent Distributions”) to
the extent that a Delivery Amount would not be created or increased by the transfer, as calculated by the Valuation Agent (and the date of calculation will be deemed a Valuation Date for this purpose). 

(ii)       Interest Amount.   Unless otherwise specified
in Paragraph 11(f)(iii), the Transferee will transfer to the Transferor at the times specified in Paragraph 11(f)(ii) the relevant Interest Amount to the extent that a Delivery Amount would not be created or increased by the transfer, as calculated
by the Valuation Agent (and the date of calculation will be deemed a Valuation Date for this purpose). 
 Paragraph 6. Default

 If an Early Termination Date is designated or deemed to occur as a result of an Event of Default in relation to a party,
an amount equal to the Value of the Credit Support Balance, determined as though the Early Termination Date were a Valuation Date, will be deemed to be an Unpaid Amount due to the Transferor (which may or may not be the Defaulting Party) for
purposes of Section 6(e). For the avoidance of doubt, if Market Quotation is the applicable payment measure for purposes of Section 6(e), then the Market Quotation determined under Section 6(e) in relation to the Transaction
constituted by this Annex will be deemed to be zero, and, if Loss is the applicable payment measure for purposes of Section 6(e), then the Loss determined under Section 6(e) in relation to the Transaction will be limited to the Unpaid
Amount representing the Value of the Credit Support Balance. 

  

					
		 	5	  	ISDA ® 1995

 Paragraph 7. Representation 
 Each party represents to the other party (which representation will be deemed to be repeated as of each date on which it transfers Eligible Credit Support, Equivalent Credit Support or Equivalent
Distributions) that it is the sole owner of or otherwise has the right to transfer all Eligible Credit Support, Equivalent Credit Support or Equivalent Distributions it transfers to the other party under this Annex, free and clear of any security
interest, lien, encumbrance or other restriction (other than a lien routinely imposed on all securities in a relevant clearance system). 

Paragraph 8. Expenses 

Each party will pay its own costs and expenses (including any stamp, transfer or similar transaction tax or duty payable on any transfer
it is required to make under this Annex) in connection with performing its obligations under this Annex, and neither party will be liable for any such costs and expenses incurred by the other party. 

Paragraph 9. Miscellaneous 
 (a)         Default Interest.     Other than in the case of an amount which is the subject of a dispute under
Paragraph 4(a), if a Transferee fails to make, when due, any transfer of Equivalent Credit Support, Equivalent Distributions or the Interest Amount, it will be obliged to pay the Transferor (to the extent permitted under applicable law) an amount
equal to interest at the Default Rate multiplied by the Value on the relevant Valuation Date of the items of property that were required to be transferred, from (and including) the date that the Equivalent Credit Support, Equivalent Distributions or
Interest Amount were required to be transferred to (but excluding) the date of transfer of the Equivalent Credit Support, Equivalent Distributions or Interest Amount. This interest will be calculated on the basis of daily compounding and the actual
number of days elapsed. 
 (b)         Good Faith and Commercially Reasonable
Manner.      Performance of all obligations under this Annex, including, but not limited to, all calculations, valuations and determinations made by either party, will be made in good faith and in a commercially
reasonable manner. 
 (c)         Demands and
Notices.      All demands and notices given by a party under this Annex will be given as specified in Section 12 of this Agreement. 
 (d)         Specifications of Certain Matters.       Anything referred to in this Annex as being specified in
Paragraph 11 also may be specified in one or more Confirmations or other documents and this Annex will be construed accordingly. 
 Paragraph
10. Definitions 
 As used in this Annex: 
 “Base Currency” means the currency specified as such in Paragraph 11(a)(i). 

  

					
		 	6	  	ISDA ® 1995

 “Base Currency Equivalent” means, with respect to an amount on a
Valuation Date, in the case of an amount denominated in the Base Currency, such Base Currency amount and, in the case of an amount denominated in a currency other than the Base Currency (the “Other Currency”), the amount of Base Currency
required to purchase such amount of the Other Currency at the spot exchange rate determined by the Valuation Agent for value on such Valuation Date. 
 “Credit Support Amount” means, with respect to a Transferor on a Valuation Date, (i) the Transferee’s Exposure plus (ii) all Independent Amounts applicable to the
Transferor, if any, minus (iii) all Independent Amounts applicable to the Transferee, if any, minus (iv) the Transferor’s Threshold; provided, however, that the Credit Support Amount will be deemed to be zero whenever the
calculation of Credit Support Amount yields a number less than zero. 
 “Credit Support Balance” means,
with respect to a Transferor on a Valuation Date, the aggregate of all Eligible Credit Support that has been transferred to or received by the Transferee under this Annex, together with any Distributions and all proceeds of any such Eligible Credit
Support or Distributions, as reduced pursuant to Paragraph 2(b), 3(c)(ii) or 6. Any Equivalent Distributions or Interest Amount (or portion of either) not transferred pursuant to Paragraph 5(c)(i) or (ii) will form part of the Credit Support
Balance. 
 “Delivery Amount” has the meaning specified in Paragraph 2(a). 

“Disputing Party” has the meaning specified in Paragraph 4. 

“Distributions” means, with respect to any Eligible Credit Support comprised in the Credit Support Balance
consisting of securities, all principal, interest and other payments and distributions of cash or other property to which a holder of securities of the same type, nominal value, description and amount as such Eligible Credit Support would be
entitled from time to time. 
 “Distributions Date” means, with respect to any Eligible Credit Support
comprised in the Credit Support Balance other than cash, each date on which a holder of such Eligible Credit Support is entitled to receive Distributions or, if that date is not a Local Business Day, the next following Local Business Day.

 “Eligible Credit Support” means, with respect to a party, the items, if any, specified as such for
that party in Paragraph 11(b)(ii) including, in relation to any securities, if applicable, the proceeds of any redemption in whole or in part of such securities by the relevant issuer. 

“Eligible Currency” means each currency specified as such in Paragraph 11(a)(ii), if such currency is freely
available. 
 “Equivalent Credit Support” means, in relation to any Eligible Credit Support comprised in
the Credit Support Balance, Eligible Credit Support of the same type, nominal value, description and amount as that Eligible Credit Support. 
 “Equivalent Distributions” has the meaning specified in Paragraph 5(c)(i). 
 “Exchange Date” has the meaning specified in Paragraph 11(d). 

  

					
		 	7	  	ISDA ® 1995

  “Exposure” means, with respect to a party on a Valuation Date
and subject to Paragraph 4 in the case of a dispute, the amount, if any, that would be payable to that party by the other party (expressed as a positive number) or by that party to the other party (expressed as a negative number) pursuant to
Section 6(e)(ii)(1) of this Agreement if all Transactions (other than the Transaction constituted by this Annex) were being terminated as of the relevant Valuation Time, on the basis that (i) that party is not the Affected Party and
(ii) the Base Currency is the Termination Currency; provided that Market Quotations will be determined by the Valuation Agent on behalf of that party using its estimates at mid-market of the
amounts that would be paid for Replacement Transactions (as that term is defined in the definition of “Market Quotation”). 
 “Independent Amount” means, with respect to a party, the Base Currency Equivalent of the amount specified as such for that party in Paragraph 11(b)(iii)(A); if no amount is
specified, zero. 
 “Interest Amount” means, with respect to an Interest Period, the aggregate sum of
the Base Currency Equivalents of the amounts of interest determined for each relevant currency and calculated for each day in that Interest Period on the principal amount of the portion of the Credit Support Balance comprised of cash in such
currency, determined by the Valuation Agent for each such day as follows: 

(x)     the amount of cash in such currency on that day; multiplied by 

(y)     the relevant Interest Rate in effect for that day; divided by 

(z)     360 (or, in the case of pounds sterling, 365). 

“Interest Period” means the period from (and including) the last Local Business Day on which an Interest Amount
was transferred (or, if no Interest Amount has yet been transferred, the Local Business Day on which Eligible Credit Support or Equivalent Credit Support in the form of cash was transferred to or received by the Transferee) to (but excluding) the
Local Business Day on which the current Interest Amount is transferred. 
 “Interest Rate” means, with
respect to an Eligible Currency, the rate specified in Paragraph 11(f)(i) for that currency. 
 “Local Business
Day”, unless otherwise specified in Paragraph 11(h), means: 

(i)      in relation to a transfer of cash or other property (other than securities) under
this Annex, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place where the relevant account is located and, if different, in the principal financial centre, if any,
of the currency of such payment; 
 (ii)     in relation to a transfer of securities
under this Annex, a day on which the clearance system agreed between the parties for delivery of the securities is open for the acceptance and execution of settlement instructions or, if delivery of the securities is contemplated by other means, a
day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place(s) agreed between the parties for this purpose; 

  

					
		 	8	  	ISDA ® 1995

 (iii)     in relation to a valuation under this
Annex, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place of location of the Valuation Agent and in the place(s) agreed between the parties for this purpose; and

 (iv)     in relation to any notice or other communication under this Annex, a day on
which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place specified in the address for notice most recently provided by the recipient. 

“Minimum Transfer Amount” means, with respect to a party, the amount specified as such for that party in
Paragraph 11(b)(iii)(C); if no amount is specified, zero. 
 “New Credit Support” has the meaning
specified in Paragraph 3(c)(i). 
 “Notification Time” has the meaning specified in Paragraph 11(c)(iv).

 “Recalculation Date” means the Valuation Date that gives rise to the dispute under Paragraph 4;
provided, however, that if a subsequent Valuation Date occurs under Paragraph 2 prior to the resolution of the dispute, then the “Recalculation Date” means the most recent Valuation Date under Paragraph 2.

 “Resolution Time” has the meaning specified in Paragraph 11(c)(i). 

“Return Amount” has the meaning specified in Paragraph 2(b). 

“Settlement Day” means, in relation to a date, (i) with respect to a transfer of cash or other property
(other than securities), the next Local Business Day and (ii) with respect to a transfer of securities, the first Local Business Day after such date on which settlement of a trade in the relevant securities, if effected on such date, would have
been settled in accordance with customary practice when settling through the clearance system agreed between the parties for delivery of such securities or, otherwise, on the market in which such securities are principally traded (or, in either
case, if there is no such customary practice, on the first Local Business Day after such date on which it is reasonably practicable to deliver such securities). 
 “Threshold” means, with respect to a party, the Base Currency Equivalent of the amount specified as such for that party in Paragraph 11(b)(iii)(B); if no amount is specified, zero.

 “Transferee” means, in relation to each Valuation Date, the party in respect of which Exposure is a
positive number and, in relation to a Credit Support Balance, the party which, subject to this Annex, owes such Credit Support Balance or, as the case may be, the Value of such Credit Support Balance to the other party. 

“Transferor” means, in relation to a Transferee, the other party. 

“Valuation Agent” has the meaning specified in Paragraph 11(c)(i). 

“Valuation Date” means each date specified in or otherwise determined pursuant to Paragraph 11(c)(ii).

  

					
		 	9	  	ISDA ® 1995

 “Valuation Percentage” means, for any item of Eligible Credit
Support, the percentage specified in Paragraph 11(b)(ii). 
 “Valuation Time” has the meaning specified
in Paragraph 11(c)(iii). 
 “Value” means, for any Valuation Date or other date for which Value is
calculated, and subject to Paragraph 4 in the case of a dispute, with respect to: 

(i)           Eligible Credit Support comprised in a Credit
Support Balance that is: 
 (A)      an amount of cash, the Base Currency
Equivalent of such amount multiplied by the applicable Valuation Percentage, if any; and 

(B)       a security, the Base Currency Equivalent of the bid price obtained by the
Valuation Agent multiplied by the applicable Valuation Percentage, if any; and 

(ii)          items that are comprised in a Credit Support Balance and
are not Eligible Credit Support, zero. 

  

					
		 	10	  	ISDA ® 1995

 Elections and Variables to the Credit Support Annex dated as of 15 October 2015

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

 (“Party A”) 
 and 
 Perpetual Trustee Company Limited (ABN 42 000 001 007)

 (“Party B”) 
 and 
 Macquarie Securities Management Pty Limited 

(ABN 26 003 435 443) 
 (“Manager”) 
 in relation to the ISDA Master Agreement and the
Schedule to it dated 15 October 2015 
 between Party A, Party B and the Manager 

Paragraph 11. Elections and Variables (Fitch Credit Support Annex) 

 

	(a)	 Base Currency and Eligible Currency. 

  

	 	(i)	 “Base Currency” means United States Dollars (“USD”). 

 

	 	(ii)	 “Eligible Currency” means the Base Currency, Euro, Great Britain Pounds (“Sterling”) and Japanese Yen
(“Yen”). 

  

	(b)	 Credit Support Obligations. 

  

	 	(i)	 Delivery Amount, Return Amount and Credit Support Amount. 

 

	 	(A)	 “Delivery Amount” has the meaning specified in Paragraph 2(a), as amended by deleting the words “upon a demand made by the
Transferee on or promptly following a Valuation Date” and deleting in its entirety the sentence beginning “Unless otherwise specified in Paragraph 11(b)” and inserting in lieu thereof the following: 

“The “Delivery Amount” applicable to the Transferor for any Valuation Date will equal the amount by which
A exceeds B, where: 
  

	 	A =	 the Credit Support Amount for such Valuation Date. 

 

	 	B =	 the Value (determined using the Valuation Percentage in Paragraph 11(b)(ii)) as of such Valuation Date of the Transferor’s Credit Support
Balance (adjusted 

  
 11 

	 	 
to include any prior Delivery Amount and to exclude any prior Return Amount, the transfer of which, in each case, has not yet been completed and for which the relevant Settlement Day falls on or
after such Valuation Date).”. 

  

	 	(B)	 “Return Amount” has the meaning as specified in Paragraph 2(b) except that the sentence beginning “Unless otherwise specified
in Paragraph 11(b)” shall be deleted in its entirety and shall be replaced by the following: 

 “The “Return Amount” applicable to the Transferee for any Valuation Date will equal: 
  

	 	(a)	 for any Valuation Date during any Fitch Ratings Period, the amount by which A exceeds B, where: 

 

	 	A =	 the Value (determined using the Valuation Percentage in Paragraph 11(b)(ii)) as of such Valuation Date of the Transferor’s Credit Support
Balance (adjusted to include any prior Delivery Amount and to exclude any prior Return Amount, the transfer of which, in each case, has not yet been completed and for which the relevant Settlement Day falls on or after such Valuation Date).

  

	 	B =	 the Credit Support Amount for such Valuation Date. 

 

	 	(b)	 for any Valuation Date which is not during any Fitch Ratings Period, the Value as of such Valuation Date of the Transferor’s Credit Support
Balance (adjusted to include any prior Delivery Amount and to exclude any prior Return Amount, the transfer of which, in each case, has not yet been completed and for which the relevant Settlement Day falls on or after such Valuation Date).”.

  

	 	(C)	“Credit Support Amount” shall mean with respect to the Transferor on a Valuation Date during any Fitch Ratings Period and: 

 

	 	(a)	 whilst an Initial Fitch Rating Event has occurred and is subsisting, an amount equal to the greater of the following: 

 

	 	(i)	 MtM + (VC x LA x N x 0.7); and 

  

	 	(ii)	 Zero; and 

  

	 	(b)	 whilst a Subsequent Fitch Rating Event has occurred and is subsisting, an amount equal to the greater of the following:

  

	 	(i)	 MtM + (VC x LA x N); and 

  

	 	(ii)	 Zero; and 

  

	 	(c)	 whilst a Second Subsequent Fitch Rating Event has occurred and is subsisting, an amount equal to the greater of the following:

  

	 	(i)	 MtM + (VC x LA x N x 1.25); and 

  

	 	(ii)	 Zero, 

 where, in the case of each of paragraphs (a), (b) and (c) above: 

  
 12 

 “MtM” means the mark-to-market value of the swap
transaction entered into pursuant to the Agreement on that Valuation Date; 
 “VC” means the
applicable volatility cushion at that time determined by reference to percentages set out in the relevant table in the Fitch Ratings Report entitled “Counterparty Criteria for Structured Finance and Covered Bonds: Derivative Addendum”
dated 14 May 2014 or other such percentages as updated and published by Fitch Ratings from time to time (and for such purpose calculating the relevant Weighted Average Life assuming a zero prepayment rate and zero default rate); 

“LA” means the applicable liquidity adjustment at that time determined by reference to percentages set
out in the relevant table in the Fitch Ratings Report entitled “Counterparty Criteria for Structured Finance and Covered Bonds: Derivative Addendum” dated 14 May 2014 or other such percentages as updated and published by Fitch Ratings
from time to time; and 
 “N” means the Notional Amount of the swap transaction entered into
pursuant to the Agreement as at that Valuation Date. 
  

	 	(ii)	 Eligible Credit Support. The following items will qualify as “Eligible Credit Support” for Party A: 

 

	 	(A)	 Cash in: 

 the Base Currency - Valuation Percentage is 100%; and 
 Euro,
Sterling or Yen - Valuation Percentage is 86%. 
  

	 	(B)	 Each instrument denominated in an Eligible Currency that is a “qualified investment” as determined by reference to the Fitch Ratings
Report entitled “Counterparty Criteria for Structured Finance and Covered Bonds: Derivative Addendum” dated 14 May 2014 or other such criteria for “qualified investments” as updated and published by Fitch Ratings from time
to time. Eligible Credit Support comprising such an instrument will have a Valuation Percentage equal to the “Advance Rate” given to that instrument by Fitch Ratings. 

 

	 	(iii)	 Thresholds. 

  

	 	(A)	 “Independent Amount” means, for Party A and Party B, with respect to each Transaction, zero. 

 

	 	(B)	 “Threshold” means for: 

  

	 	(i)	 Party A: not applicable; and 

  

	 	(ii)	 Party B: not applicable. 

  

	 	(C)	 “Minimum Transfer Amount” means, with respect to Party A and Party B, USD50,000, provided that: 

 

	 	(1)	 if an Event of Default has occurred and is continuing in respect of which Party A is the Defaulting Party, the Minimum Transfer Amount with respect
to Party A shall be zero; or 

  
 13 

	 	(2)	 if an Additional Termination Event has occurred in respect of which Party A is an Affected Party, the Minimum Transfer Amount with respect to Party
A shall be zero; or 

  

	 	(3)	 if: 

  

	 	(I)	 Party A has satisfied any of Section 16(a)(ii), Section 16(a)(iii) and Section 16(b)(ii) of the Agreement;

  

	 	(II)	 Party A has obtained the Fitch Prescribed Ratings; or 

 

	 	(III)	 the Valuation Date does not fall in a Fitch Ratings Period, 

the Minimum Transfer Amount with respect to Party B shall be zero. 

 

	 	(D)	 “Rounding” The Delivery Amount and the Return Amount will be: 

 

	 	(1)	 rounded up and down to the nearest integral multiple of USD10,000 respectively (with a number falling halfway between being rounded up), subject to
the maximum Return Amount being equal to the Credit Support Balance; or 

  

	 	(2)	 if calculated on a day that is not during a Fitch Ratings Period, rounded up or down to the nearest integral multiple of USD 0.05 respectively (with
a number falling halfway between being rounded up), subject to a maximum Return Amount being equal to the Credit Support Balance. 

  

	(c)	 Valuation and Timing. 

  

	 	(i)	 “Valuation Agent” means, Party A in all circumstances. 

 

	 	(ii)	 “Valuation Date” means: 

  

	 	(A)	 each Wednesday or if Wednesday is not a Local Business Day, the next following Local Business Day; or 

 

	 	(B)	 if so elected by Party A (from time to time by notice in writing to Party B and Manager), each Local Business Day. 

 

	 	(iii)	 “Valuation Time” means the close of business in the Relevant Market on the Local Business Day first preceding the Valuation Date or
date of calculation, as applicable, provided that the calculations of Value and Credit Support Amount will, as far as practicable, be made as of approximately the same time on the same date. 

 

	 	(iv)	 “Notification Time” means by 1:00 p.m., Sydney time, on the Local Business Day immediately following the applicable Valuation Date
or date of calculation as applicable. 

  

	 	(v)	 “Relevant Market” means: 

  

	 	(A)	 with respect to the calculation of Value, the principal market in which the relevant Eligible Credit Support is traded; and

  

	 	(B)	 with respect to the calculation of Exposure, the location most closely associated with the relevant Transaction, each as determined by the Valuation
Agent, or as otherwise agreed between the parties. 

  
 14 

	(d)	 Exchange Date. “Exchange Date” has the meaning specified in Paragraph 3(c)(ii). 

 

	(e)	 Dispute Resolution. 

  

	 	(i)	 “Resolution Time” means 1:00 p.m., Sydney time, on the first Local Business Day following the date on which notice is given that
gives rise to a dispute under Paragraph 4. 

  

	 	(ii)	 “Value” For the purpose of Paragraphs 4(a)(4)(i)(C) and 4(a)(4)(ii), the Value of the outstanding Credit Support Balance or of any
transfer of Eligible Credit Support or Equivalent Credit Support, as the case may be, will be calculated by the Valuation Agent as the Base Currency Equivalent of the face amount thereof. 

 

	 	(iii)	 “Alternative” The provisions of Paragraph 4 will apply. 

 

	(f)	 Interest Amount. 

  

	 	(i)	 “Interest Rate” The “Interest Rate” in relation to each Eligible Currency specified below will be:

  

					
	 	 	Eligible Currency	  	Interest Rate
			
		 	 USD, Euro, Sterling or Yen
	  	 the highest available “Interest Rate” that the Valuation Agent acting in good faith and using reasonable endeavours, is
able to obtain from a bank that has a short term rating from Fitch Ratings of F-1 or higher, net of applicable bank taxes and charges.

  

	 	(ii)	 “Transfer of Interest Amount” The transfer of the Interest Amount will be made on or within 5 Local Business Days after the last
Local Business Day of each calendar month and on any other Local Business Day as agreed between the parties thereafter, or if that date is not a Valuation Date, the following Valuation Date. 

 

	 	(iii)	 “Alternative to Interest Amount” The provisions of Paragraph 5(c)(ii) will apply. Party B shall not be obliged to transfer any
Interest Amount unless and until it has earned and received such Interest Amount. 

  

	(g)	 Account Details. 

 Party A: 
  

							
		 	CASH in USD , Euro, Sterling or Yen	  		  	
				
		 	Account With:	  	 Australia and New
 Zealand
Banking Group
 Limited
	  	
				
		 	BSB:	  	 As advised to Party B and

the Manager
	  	
				
		 	Account No:	  	 As advised to Party B and

the Manager
	  	
				
		 	Reference:	  	 As advised to Party B and

the Manager
	  	

  
 15 

							
				
		 	Austraclear Code:	  	 As advised to Party B and

the Manager
	  	

 Party B: A segregated account designated as the “Collateral Account” to be
opened by Party B (at the direction of the Manager) in the name of “Perpetual Trustee Company Limited as trustee for the SMART ABS Series 2015-3US Trust” and advised to Party A (including details of the account bank, the BSB number, the
Account Number, any reference details and any Austraclear Code). 
  

	(h)	 Other Provisions. 

  

	 	(i)	 The following words are inserted at the end of the final paragraph of Paragraph 3(a): 

“provided that any transfer of Eligible Credit Support by the Transferor pursuant to Paragraph 2(a) must be made not later than the
close of business on the first Local Business Day following the relevant Valuation Date, regardless of whether any demand for transfer is received.” 
  

	 	(ii)	 Early Termination. 

 The heading for Paragraph 6 shall be deleted and replaced with “Early Termination” and the following shall be added after the word “Default” in the first line of Paragraph 6: “or
a Termination Event in relation to all (but not less than all) Transactions”. 
  

	 	(iii)	 Costs of Transfer on Exchange. 

 Notwithstanding Paragraph 8, the Transferor will be responsible for, and will reimburse the Transferee for, all transfer and other taxes and other costs involved in the transfer of Eligible Credit Support
either from the Transferor to the Transferee or from the Transferee to the Transferor hereto. 
  

	 	(iv)	 Single Transferor and Single Transferee. 

 Party A and Party B agree that, notwithstanding anything to the contrary in this Annex, (including, without limitation, the recital hereto, Paragraph 2 or the definitions in Paragraph 10), (a) the
term “Transferee” as used in this Annex means only Party B; (b) the term “Transferor” as used in this Annex means only Party A; (c) only Party A will be required to make transfers of Eligible Credit Support under
Paragraph 2(a); and (d) in the calculation of any Credit Support Amount, where the Transferee’s Exposure would be expressed as a negative number, such Exposure shall be deemed to be zero. 

 

	 	(v)	 Calculations. 

 Paragraph 3(b) of this Annex shall be amended by inserting the words “and shall provide each party (or the other party, if the Valuation Agent is a party) with a description in reasonable detail of
how such calculations were made, upon request” after the word “calculations” in the third line thereof. 

  
 16 

	 	(vi)	 Demands and Notices. 

 Any demand, specification or notice under this Annex (each, a “Notice”), may be delivered orally, including by telephone. If such Notice is delivered orally, such oral Notice shall be confirmed
promptly in writing (a “Notice Confirmation”) by tested telex, facsimile, electronic mail or actual delivery. Failure to provide that Notice Confirmation will not affect the validity of that oral Notice or constitute an Event of Default or
Termination Event under the Agreement. All Notices shall be delivered to the addresses specified from time to time for the purposes of Section 12 of the Agreement. 

 

	 	(vii)	 Definitions. 

 As used in this Annex, the following terms shall mean: 

“Local Business Day” means a day on which commercial banks are open for business in Sydney, Melbourne,
London and New York, but does not include a Saturday, a Sunday or a public holiday in any of those cities. 
  

	 	(viii)	 Fitch Credit Support Annex. 

This Annex is the “Fitch Credit Support Annex” for the purposes of the Agreement. 

  
 17 

			
	(Bilateral Form - Transfer)1	  	(ISDA Agreements Subject to English
Law)2

 ISDA® 
 International Swaps and Derivatives Association, Inc. 
 CREDIT SUPPORT
ANNEX 
 to the Schedule to the 
 ISDA Master Agreement 
  

							
		 	    dated as of	 	
            15 October 2015    
    
	 	

 between 
  

			
	 Australia and New Zealand Banking Group Limited
 ABN 11 005 357 552 (“Party A”)
	  	 Perpetual Trustee Company Limited ABN 42 000 001
 007 (“Party B”)

	Macquarie Securities Management Pty Limited ABN 26 003 435 443 (the “Manager”)	  	

 This Annex supplements, forms part of, and is subject to, the ISDA Master Agreement referred to above and
is part of its Schedule. For the purposes of this Agreement, including, without limitation, Sections 1(c), 2(a), 5 and 6, the credit support arrangements set out in this Annex constitute a Transaction (for which this Annex constitutes the
Confirmation). 
 Paragraph 1. Interpretation 
 Capitalised terms not otherwise defined in this Annex or elsewhere in this Agreement have the meanings specified pursuant to Paragraph 10, and all references in this Annex to Paragraphs are to Paragraphs
of this Annex. In the event of any inconsistency between this Annex and the other provisions of this Schedule, this Annex will prevail, and in the event of any inconsistency between Paragraph 11 and the other 

 
  

1    This document is not intended to create a charge or other security interest over the assets transferred under its terms. Persons intending to establish a
collateral arrangement based on the creation of a charge or other security interest should consider using the ISDA Credit Support Deed (English law) or the ISDA Credit Support Annex (New York law), as appropriate. 

2    This Credit
Support Annex has been prepared for use with ISDA Master Agreements subject to English law. Users should consult their legal advisers as to the proper use and effect of this form and the arrangements it contemplates. In particular, users should
consult their legal advisers if they wish to have the Credit Support Annex made subject to a governing law other than English law or to have the Credit Support Annex subject to a different governing law than that governing the rest of the ISDA
Master Agreement (e.g., English law for the Credit Support Annex and New York law for the rest of the ISDA Master Agreement). 

  
 Copyright
© 1995 by International Swaps and Derivatives Association, Inc. 

 provisions of this Annex, Paragraph 11 will prevail. For the avoidance of doubt, references
to “transfer” in this Annex mean, in relation to cash, payment and, in relation to other assets, delivery. 
 Paragraph
2. Credit Support Obligations 
 (a)        Delivery Amount.
Subject to Paragraphs 3 and 4, upon a demand made by the Transferee on or promptly following a Valuation Date, if the Delivery Amount for that Valuation Date equals or exceeds the Transferor’s Minimum Transfer Amount, then the Transferor will
transfer to the Transferee Eligible Credit Support having a Value as of the date of transfer at least equal to the applicable Delivery Amount (rounded pursuant to Paragraph 11(b)(iii)(D)). Unless otherwise specified in Paragraph 11(b), the
“Delivery Amount” applicable to the Transferor for any Valuation Date will equal the amount by which: 

(i)        the Credit Support Amount 

exceeds 
 (ii)        the Value as of that Valuation Date of the Transferor’s Credit Support Balance (adjusted to include any prior Delivery Amount and to exclude any
prior Return Amount, the transfer of which, in either case, has not yet been completed and for which the relevant Settlement Day falls on or after such Valuation Date). 
 (b)       Return Amount.    Subject to Paragraphs 3 and 4, upon a demand made by the Transferor on or promptly following a Valuation
Date, if the Return Amount for that Valuation Date equals or exceeds the Transferee’s Minimum Transfer Amount, then the Transferee will transfer to the Transferor Equivalent Credit Support specified by the Transferor in that demand having a
Value as of the date of transfer as close as practicable to the applicable Return Amount (rounded pursuant to Paragraph 11(b)(iii)(D)) and the Credit Support Balance will, upon such transfer, be reduced accordingly. Unless otherwise specified in
Paragraph 11(b), the “Return Amount” applicable to the Transferee for any Valuation Date will equal the amount by which: 
 (i)        the Value as of that Valuation Date of the Transferor’s Credit Support Balance (adjusted to include any prior Delivery Amount and to exclude any
prior Return Amount, the transfer of which, in either case, has not yet been completed and for which the relevant Settlement Day falls on or after such Valuation Date) 
 exceeds 
 (ii)        the Credit Support
Amount. 
 Paragraph 3. Transfers, Calculations and Exchanges 

(a)        Transfers.        All transfers
under this Annex of any Eligible Credit Support, Equivalent Credit Support, Interest Amount or Equivalent Distributions shall be made in accordance with the instructions of the Transferee or Transferor, as applicable, and shall be made: 

(i)         in the case of cash, by transfer into one or more bank accounts specified by the
recipient; 

  

					
		 	2	  	ISDA ® 1995

 (ii)       in the case of certificated
securities which cannot or which the parties have agreed will not be delivered by book-entry, by delivery in appropriate physical form to the recipient or its account accompanied by any duly executed instruments of transfer, transfer tax stamps and
any other documents necessary to constitute a legally valid transfer of the transferring party’s legal and beneficial title to the recipient; and 
 (iii)      in the case of securities which the parties have agreed will be delivered by book-entry, by the giving of written instructions (including, for the avoidance of
doubt, instructions given by telex, facsimile transmission or electronic messaging system) to the relevant depository institution or other entity specified by the recipient, together with a written copy of the instructions to the recipient,
sufficient, if complied with, to result in a legally effective transfer of the transferring party’s legal and beneficial title to the recipient. 
 Subject to Paragraph 4 and unless otherwise specified, if a demand for the transfer of Eligible Credit Support or Equivalent Credit Support is received by the Notification Time, then the relevant transfer
will be made not later than the close of business on the Settlement Day relating to the date such demand is received; if a demand is received after the Notification Time, then the relevant transfer will be made not later than the close of business
on the Settlement Day relating to the day after the date such demand is received. 

(b)        Calculations. All calculations of Value and Exposure for purposes of
Paragraphs 2 and 4(a) will be made by the relevant Valuation Agent as of the relevant Valuation Time. The Valuation Agent will notify each party (or the other party, if the Valuation Agent is a party) of its calculations not later than the
Notification Time on the Local Business Day following the applicable Valuation Date (or, in the case of Paragraph 4(a), following the date of calculation). 
 (c)        Exchanges. 
 (i)        Unless otherwise specified in Paragraph 11, the Transferor may on any Local Business Day by notice inform the Transferee that it wishes to transfer to
the Transferee Eligible Credit Support specified in that notice (the “New Credit Support”) in exchange for certain Eligible Credit Support (the “Original Credit Support”) specified in that notice comprised in the
Transferor’s Credit Support Balance. 
 (ii)        If the
Transferee notifies the Transferor that it has consented to the proposed exchange, (A) the Transferor will be obliged to transfer the New Credit Support to the Transferee on the first Settlement Day following the date on which it receives
notice (which may be oral telephonic notice) from the Transferee of its consent and (B) the Transferee will be obliged to transfer to the Transferor Equivalent Credit Support in respect of the Original Credit Support not later than the
Settlement Day following the date on which the Transferee receives the New Credit Support, unless otherwise specified in Paragraph 11(d) (the “Exchange Date”); provided that the Transferee will only be obliged to transfer Equivalent
Credit Support with a Value as of the date of transfer as close as practicable to, but in any event not more than, the Value of the New Credit Support as of that date. 

  

					
		 	3	  	ISDA ® 1995

 Paragraph 4. Dispute Resolution 

(a)        Disputed Calculations or Valuations. If a party (a “Disputing
Party”) reasonably disputes (I) the Valuation Agent’s calculation of a Delivery Amount or a Return Amount or (II) the Value of any transfer of Eligible Credit Support or Equivalent Credit Support, then: 

(1)        the Disputing Party will notify the other party and the Valuation
Agent (if the Valuation Agent is not the other party) not later than the close of business on the Local Business Day following, in the case of (I) above, the date that the demand is received under Paragraph 2 or, in the case of (II) above, the
date of transfer; 
 (2)        in the case of (I) above, the
appropriate party will transfer the undisputed amount to the other party not later than the close of business on the Settlement Day following the date that the demand is received under Paragraph 2; 

(3)        the parties will consult with each other in an attempt to resolve the
dispute; and 
 (4)        if they fail to resolve the dispute by the
Resolution Time, then: 
 (i)            in the
case of a dispute involving a Delivery Amount or Return Amount, unless otherwise specified in Paragraph 11(c), the Valuation Agent will recalculate the Exposure and the Value as of the Recalculation Date by: 

(A)       utilising any calculations of that part of the Exposure attributable to the
Transactions that the parties have agreed are not in dispute; 

(B)       calculating that part of the Exposure attributable to the Transactions in
dispute by seeking four actual quotations at mid-market from Reference Market-makers for purposes of calculating Market Quotation, and taking the arithmetic average of those obtained; provided that if
four quotations are not available for a particular Transaction, then fewer than four quotations may be used for that Transaction, and if no quotations are available for a particular Transaction, then the Valuation Agent’s original calculations
will be used for the Transaction; and 
 (C)       utilising the procedures
specified in Paragraph 11(e)(ii) for calculating the Value, if disputed, of the outstanding Credit Support Balance; 
 (ii)     in the case of a dispute involving the Value of any transfer of Eligible Credit Support or Equivalent Credit Support, the Valuation Agent will recalculate the Value as of
the date of transfer pursuant to Paragraph 11(e)(ii). 
 Following a recalculation pursuant to this Paragraph, the Valuation
Agent will notify each party (or the other party, if the Valuation Agent is a party) as soon as possible but in any event not later than the Notification Time on the Local Business Day following the Resolution Time. The appropriate party will, upon
demand following such notice given by the Valuation Agent or a resolution pursuant to (3) above and subject to Paragraph 3(a), make the appropriate transfer. 

  

					
		 	4	  	ISDA ® 1995

 (b)        No Event of
Default.  The failure by a party to make a transfer of any amount which is the subject of a dispute to which Paragraph 4(a) applies will not constitute an Event of Default for as long as the procedures set out in this Paragraph 4
are being carried out. For the avoidance of doubt, upon completion of those procedures, Section 5(a)(i) of this Agreement will apply to any failure by a party to make a transfer required under the final sentence of Paragraph 4(a) on the
relevant due date. 
 Paragraph 5. Transfer of Title, No Security Interest, Distributions and Interest Amount 

(a)        Transfer of Title.    Each party agrees that all
right, title and interest in and to any Eligible Credit Support, Equivalent Credit Support, Equivalent Distributions or Interest Amount which it transfers to the other party under the terms of this Annex shall vest in the recipient free and clear of
any liens, claims, charges or encumbrances or any other interest of the transferring party or of any third person (other than a lien routinely imposed on all securities in a relevant clearance system). 

(b)        No Security Interest.  Nothing in this Annex is intended to
create or does create in favour of either party any mortgage, charge, lien, pledge, encumbrance or other security interest in any cash or other property transferred by one party to the other party under the terms of this Annex. 

(c)        Distributions and Interest Amount. 

(i)       Distributions.  The Transferee will transfer to the
Transferor not later than the Settlement Day following each Distributions Date cash, securities or other property of the same type, nominal value, description and amount as the relevant Distributions (“Equivalent Distributions”) to the
extent that a Delivery Amount would not be created or increased by the transfer, as calculated by the Valuation Agent (and the date of calculation will be deemed a Valuation Date for this purpose). 

 

(ii)       Interest Amount.  Unless otherwise specified in
Paragraph 11(f)(iii), the Transferee will transfer to the Transferor at the times specified in Paragraph 11(f)(ii) the relevant Interest Amount to the extent that a Delivery Amount would not be created or increased by the transfer, as calculated by
the Valuation Agent (and the date of calculation will be deemed a Valuation Date for this purpose). 
 Paragraph 6. Default

 If an Early Termination Date is designated or deemed to occur as a result of an Event of Default in relation to a party,
an amount equal to the Value of the Credit Support Balance, determined as though the Early Termination Date were a Valuation Date, will be deemed to be an Unpaid Amount due to the Transferor (which may or may not be the Defaulting Party) for
purposes of Section 6(e). For the avoidance of doubt, if Market Quotation is the applicable payment measure for purposes of Section 6(e), then the Market Quotation determined under Section 6(e) in relation to the Transaction
constituted by this Annex will be deemed to be zero, and, if Loss is the applicable payment measure for purposes of Section 6(e), then the Loss determined under Section 6(e) in relation to the Transaction will be limited to the Unpaid
Amount representing the Value of the Credit Support Balance. 

  

					
		 	5	  	ISDA ® 1995

 Paragraph 7. Representation 

Each party represents to the other party (which representation will be deemed to be repeated as of each date on which it transfers
Eligible Credit Support, Equivalent Credit Support or Equivalent Distributions) that it is the sole owner of or otherwise has the right to transfer all Eligible Credit Support, Equivalent Credit Support or Equivalent Distributions it transfers to
the other party under this Annex, free and clear of any security interest, lien, encumbrance or other restriction (other than a lien routinely imposed on all securities in a relevant clearance system). 

Paragraph 8. Expenses 
 Each party will pay its own costs and expenses (including any stamp, transfer or similar transaction tax or duty payable on any transfer it is required to make under this Annex) in connection with
performing its obligations under this Annex, and neither party will be liable for any such costs and expenses incurred by the other party. 

Paragraph 9. Miscellaneous 
 (a)        Default Interest.    Other than in the case of an amount which is the subject of a dispute under
Paragraph 4(a), if a Transferee fails to make, when due, any transfer of Equivalent Credit Support, Equivalent Distributions or the Interest Amount, it will be obliged to pay the Transferor (to the extent permitted under applicable law) an amount
equal to interest at the Default Rate multiplied by the Value on the relevant Valuation Date of the items of property that were required to be transferred, from (and including) the date that the Equivalent Credit Support, Equivalent Distributions or
Interest Amount were required to be transferred to (but excluding) the date of transfer of the Equivalent Credit Support, Equivalent Distributions or Interest Amount. This interest will be calculated on the basis of daily compounding and the actual
number of days elapsed. 
 (b)        Good Faith and Commercially Reasonable
Manner.      Performance of all obligations under this Annex, including, but not limited to, all calculations, valuations and determinations made by either party, will be made in good faith and in a commercially
reasonable manner. 
 (c)        Demands and
Notices.    All demands and notices given by a party under this Annex will be given as specified in Section 12 of this Agreement. 
 (d)        Specifications of Certain Matters.      Anything referred to in this Annex as being specified in Paragraph 11
also may be specified in one or more Confirmations or other documents and this Annex will be construed accordingly. 
 Paragraph
10. Definitions 
 As used in this Annex: 
 “Base Currency” means the currency specified as such in Paragraph 11(a)(i). 

  

					
		 	6	  	ISDA ® 1995

 “Base Currency Equivalent” means, with respect to an amount on a
Valuation Date, in the case of an amount denominated in the Base Currency, such Base Currency amount and, in the case of an amount denominated in a currency other than the Base Currency (the “Other Currency”), the amount of Base Currency
required to purchase such amount of the Other Currency at the spot exchange rate determined by the Valuation Agent for value on such Valuation Date. 
 “Credit Support Amount” means, with respect to a Transferor on a Valuation Date, (i) the Transferee’s Exposure plus (ii) all Independent Amounts applicable to the
Transferor, if any, minus (iii) all Independent Amounts applicable to the Transferee, if any, minus (iv) the Transferor’s Threshold; provided, however, that the Credit Support Amount will be deemed to be zero whenever the
calculation of Credit Support Amount yields a number less than zero. 
 “Credit Support Balance” means,
with respect to a Transferor on a Valuation Date, the aggregate of all Eligible Credit Support that has been transferred to or received by the Transferee under this Annex, together with any Distributions and all proceeds of any such Eligible Credit
Support or Distributions, as reduced pursuant to Paragraph 2(b), 3(c)(ii) or 6. Any Equivalent Distributions or Interest Amount (or portion of either) not transferred pursuant to Paragraph 5(c)(i) or (ii) will form part of the Credit Support
Balance. 
 “Delivery Amount” has the meaning specified in Paragraph 2(a). 

“Disputing Party” has the meaning specified in Paragraph 4. 

“Distributions” means, with respect to any Eligible Credit Support comprised in the Credit Support Balance
consisting of securities, all principal, interest and other payments and distributions of cash or other property to which a holder of securities of the same type, nominal value, description and amount as such Eligible Credit Support would be
entitled from time to time. 
 “Distributions Date” means, with respect to any Eligible Credit Support
comprised in the Credit Support Balance other than cash, each date on which a holder of such Eligible Credit Support is entitled to receive Distributions or, if that date is not a Local Business Day, the next following Local Business Day.

 “Eligible Credit Support” means, with respect to a party, the items, if any, specified as such for
that party in Paragraph 11(b)(ii) including, in relation to any securities, if applicable, the proceeds of any redemption in whole or in part of such securities by the relevant issuer. 

“Eligible Currency” means each currency specified as such in Paragraph 11(a)(ii), if such currency is freely
available. 
 “Equivalent Credit Support” means, in relation to any Eligible Credit Support comprised in
the Credit Support Balance, Eligible Credit Support of the same type, nominal value, description and amount as that Eligible Credit Support. 
 “Equivalent Distributions” has the meaning specified in Paragraph 5(c)(i). 
 “Exchange Date” has the meaning specified in Paragraph 11(d). 

  

					
		 	7	  	ISDA ® 1995

 “Exposure” means, with respect to a party on a Valuation Date and
subject to Paragraph 4 in the case of a dispute, the amount, if any, that would be payable to that party by the other party (expressed as a positive number) or by that party to the other party (expressed as a negative number) pursuant to
Section 6(e)(ii)(1) of this Agreement if all Transactions (other than the Transaction constituted by this Annex) were being terminated as of the relevant Valuation Time, on the basis that (i) that party is not the Affected Party and
(ii) the Base Currency is the Termination Currency; provided that Market Quotations will be determined by the Valuation Agent on behalf of that party using its estimates at mid-market of the
amounts that would be paid for Replacement Transactions (as that term is defined in the definition of “Market Quotation”). 
 “Independent Amount” means, with respect to a party, the Base Currency Equivalent of the amount specified as such for that party in Paragraph 11(b)(iii)(A); if no amount is
specified, zero. 
 “Interest Amount” means, with respect to an Interest Period, the aggregate sum of
the Base Currency Equivalents of the amounts of interest determined for each relevant currency and calculated for each day in that Interest Period on the principal amount of the portion of the Credit Support Balance comprised of cash in such
currency, determined by the Valuation Agent for each such day as follows: 

(x)        the amount of cash in such currency on that day; multiplied by

 (y)        the relevant Interest Rate in effect for that day; divided
by 
 (z)        360 (or, in the case of pounds sterling, 365).

 “Interest Period” means the period from (and including) the last Local Business Day on which an
Interest Amount was transferred (or, if no Interest Amount has yet been transferred, the Local Business Day on which Eligible Credit Support or Equivalent Credit Support in the form of cash was transferred to or received by the Transferee) to (but
excluding) the Local Business Day on which the current Interest Amount is transferred. 
 “Interest
Rate” means, with respect to an Eligible Currency, the rate specified in Paragraph 11(f)(i) for that currency. 

“Local Business Day”, unless otherwise specified in Paragraph 11(h), means: 

(i)         in relation to a transfer of cash or other property (other than
securities) under this Annex, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place where the relevant account is located and, if different, in the principal
financial centre, if any, of the currency of such payment; 

(ii)        in relation to a transfer of securities under this Annex, a day on
which the clearance system agreed between the parties for delivery of the securities is open for the acceptance and execution of settlement instructions or, if delivery of the securities is contemplated by other means, a day on which commercial
banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place(s) agreed between the parties for this purpose; 

  

					
		 	8	  	ISDA ® 1995

 (iii)     in relation to a valuation under this
Annex, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place of location of the Valuation Agent and in the place(s) agreed between the parties for this purpose; and

 (iv)     in relation to any notice or other communication under this Annex, a day on
which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place specified in the address for notice most recently provided by the recipient. 

“Minimum Transfer Amount” means, with respect to a party, the amount specified as such for that party in
Paragraph 11(b)(iii)(C); if no amount is specified, zero. 
 “New Credit Support” has the meaning
specified in Paragraph 3(c)(i). 
 “Notification Time” has the meaning specified in Paragraph 11(c)(iv).

 “Recalculation Date” means the Valuation Date that gives rise to the dispute under Paragraph 4;
provided however, that if a subsequent Valuation Date occurs under Paragraph 2 prior to the resolution of the dispute, then the “Recalculation Date” means the most recent Valuation Date under Paragraph 2. 

“Resolution Time” has the meaning specified in Paragraph 11(c)(i). 

“Return Amount” has the meaning specified in Paragraph 2(b). 

“Settlement Day” means, in relation to a date, (i) with respect to a transfer of cash or other property
(other than securities), the next Local Business Day and (ii) with respect to a transfer of securities, the first Local Business Day after such date on which settlement of a trade in the relevant securities, if effected on such date, would have
been settled in accordance with customary practice when settling through the clearance system agreed between the parties for delivery of such securities or, otherwise, on the market in which such securities are principally traded (or, in either
case, if there is no such customary practice, on the first Local Business Day after such date on which it is reasonably practicable to deliver such securities). 
 “Threshold” means, with respect to a party, the Base Currency Equivalent of the amount specified as such for that party in Paragraph 11(b)(iii)(B); if no amount is specified,
zero. 
 “Transferee” means, in relation to each Valuation Date, the party in respect of which Exposure
is a positive number and, in relation to a Credit Support Balance, the party which, subject to this Annex, owes such Credit Support Balance or, as the case may be, the Value of such Credit Support Balance to the other party. 

“Transferor” means, in relation to a Transferee, the other party. 

“Valuation Agent” has the meaning specified in Paragraph 11(c)(i). 

“Valuation Date” means each date specified in or otherwise determined pursuant to Paragraph 11(c)(ii).

  

					
		 	9	  	ISDA ® 1995

 “Valuation Percentage” means, for any item of Eligible Credit
Support, the percentage specified in Paragraph 11(b)(ii). 
 “Valuation Time” has the meaning specified
in Paragraph 11(c)(iii). 
 “Value” means, for any Valuation Date or other date for which Value is
calculated, and subject to Paragraph 4 in the case of a dispute, with respect to: 

(i)           Eligible Credit Support comprised in a Credit
Support Balance that is: 
 (A)      an amount of cash, the Base Currency
Equivalent of such amount multiplied by the applicable Valuation Percentage, if any; and 

(B)       a security, the Base Currency Equivalent of the bid price obtained by the
Valuation Agent multiplied by the applicable Valuation Percentage, if any; and 

(ii)          items that are comprised in a Credit Support Balance and
are not Eligible Credit Support, zero. 

  

					
		 	10	  	ISDA ® 1995

 Elections and Variables to the Credit Support Annex dated as of 15 October 2015

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

 (“Party A”) 
  

and 

Perpetual Trustee Company Limited (ABN 42 000 001 007) 
 (“Party B”) 
 and 

Macquarie Securities Management Pty Limited 
 (ABN 26 003 435 443) 
 (“Manager”) 

in relation to the ISDA Master Agreement and the Schedule to it dated 15 October 2015 

between Party A, Party B and the Manager 
 Paragraph 11. Elections and Variables (Moody’s Credit Support Annex) 
  

	(a)	 Base Currency and Eligible Currency. 

 

	 	(i)	 “Base Currency” means United States Dollars (“USD”). 

 

	 	(ii)	 “Eligible Currency” means the Base Currency, Euro, Great Britain Pounds (“Sterling”) and Japanese Yen
(“Yen”). 

  

	(b)	 Credit Support Obligations. 

  

	 	(i)	 Delivery Amount, Return Amount and Credit Support Amount. 

 

	 	(A)	 “Delivery Amount” has the meaning specified in Paragraph 2(a), as amended by deleting the words “upon a demand made by the
Transferee on or promptly following a Valuation Date” and deleting in its entirety the sentence beginning “Unless otherwise specified in Paragraph 11(b)” and inserting in lieu thereof the following: 

“The “Delivery Amount” applicable to the Transferor for any Valuation Date will equal the amount
by which A exceeds B, where: 
  

	 	A =	 the Credit Support Amount for such Valuation Date. 

  
 11 

	 	B =	 the Value (determined using the Valuation Percentage in Paragraph 11(b)(ii)) as of such Valuation Date of the Transferor’s Credit Support
Balance (adjusted to include any prior Delivery Amount and to exclude any prior Return Amount, the transfer of which, in each case, has not yet been completed and for which the relevant Settlement Day falls on or after such Valuation Date).”.

  

	 	(B)	 “Return Amount” has the meaning as specified in Paragraph 2(b) except that the sentence beginning “Unless otherwise specified
in Paragraph 11(b)” shall be deleted in its entirety and shall be replaced by the following: 

 “The “Return Amount” applicable to the Transferee for any Valuation Date will equal the amount by which A exceeds B, where: 

 

	 	A =	 the Value (determined using the Valuation Percentage in Paragraph 11(b)(ii)) as of such Valuation Date of the Transferor’s Credit Support
Balance (adjusted to include any prior Delivery Amount and to exclude any prior Return Amount, the transfer of which, in each case, has not yet been completed and for which the relevant Settlement Day falls on or after such Valuation Date).

  

	 	B =	 the Credit Support Amount for such Valuation Date.”. 

 

	 	(C)	 “Credit Support Amount” means, for any Valuation Date: 

 

	 	(a)	 if Party B is required under either or both of Section 17(a) or 17(b) of this Agreement to deliver collateral to Party B in accordance with
this Annex, the greater of: 

  

	 	(i)	 zero; and 

  

	 	(ii)	 the sum of: 

  

	 	(A)	 the Transferee’s Exposure; and 

  

	 	(B)	 the aggregate of the Moody’s Additional Amounts in respect of such Valuation Date for all Transactions (other than the Transaction constituted
by this Annex); or 

  

	 	(b)	 if Party B is not required under any of Section 17(a) or 17(b) of this Agreement to deliver collateral to Party B in accordance with this
Annex, zero. 

  

	 	(c)	 In this section the following terms have the meanings set out below: 

“Moody’s Additional Amount” means, for any Valuation Date, either: 

 

	 	(a)	 if Party A elects at that time to calculate the Moody’s Additional Amount in the manner described in this sub-paragraph (a), the lesser of:

  

	 	(i)	 the sum of: 

  
 12 

	 	(1)	 the product of the Moody’s Cross Currency DV01 Multiplier and the Transaction Cross Currency DV01 for such Transaction; and

  

	 	(2)	 the product of the Moody’s Cross Currency Notional Amount Lower Multiplier and the Transaction Notional Amount for such Transaction for the
Calculation Period which includes such Valuation Date; and 

  

	 	(ii)	 the product of the Moody’s Cross Currency Notional Amount Higher Multiplier and the Transaction Notional Amount for such Transaction for the
Calculation Period which includes such Valuation Date; or 

  

	 	(b)	 otherwise, the product of the Moody’s Potential Increase and the Transaction Notional Amount for such Transaction for the Calculation Period
which includes such Valuation Date. 

 “Moody’s Cross Currency DV01
Multiplier” means 15. 
 “Moody’s Cross Currency Notional Amount Higher
Multiplier” means 0.09. 
 “Moody’s Cross Currency Notional Amount Lower
Multiplier” means 0.06. 
 “Moody’s Potential Increase” means the
percentage determined for a Valuation Date and a Transaction in accordance with the table set out in Annexure I to this Annex. 
 “Transaction Cross Currency DV01” means, with respect to a Transaction and any date of determination, the greater of (i) the estimated absolute change in the Base Currency Equivalent
of the mid-market value with respect to such Transaction that would result from a one basis point change in the relevant swap curve (denominated in the currency of Party A’s payment obligations under such Transaction) on such date and
(ii) the estimated absolute change in the Base Currency Equivalent of the mid-market value with respect to such Transaction that would result from a one basis point change in the relevant swap curve (denominated in the currency of Party
B’s payment obligations under such Transaction) on such date, in each case as determined by the Valuation Agent in good faith and in a commercially reasonable manner in accordance with the relevant methodology customarily used by the Valuation
Agent. 
 “Transaction Notional Amount” means:  

 

	 	(a)	 in respect of any Transaction that is a cross currency hedge, the Base Currency Equivalent of the Currency Amount applicable to Party A’s
payment obligations; and 

  
 13 

	 	(b)	 in respect of any other Transaction, the Base Currency Equivalent of the Notional Amount. 

 

	 	(ii)	 Eligible Credit Support. Each item described in the table in Annexure II will qualify as “Eligible Credit Support” for Party A and
will have a Valuation Percentage equal to the “Moody’s Valuation Percentage” (as defined in Annexure II). 

  

	 	(iii)	 Thresholds. 

  

	 	(A)	 “Independent Amount” means, for Party A and Party B, with respect to each Transaction, zero. 

 

	 	(B)	 “Threshold” means for: 

  

	 	(i)	 Party A: not applicable; and 

  

	 	(ii)	 Party B: not applicable. 

  

	 	(C)	 “Minimum Transfer Amount” means, with respect to Party A and Party B, USD100,000, provided that: 

 

	 	(1)	 if an Event of Default has occurred and is continuing in respect of which Party A is the Defaulting Party, the Minimum Transfer Amount with respect
to Party A shall be zero; or 

  

	 	(2)	 if an Additional Termination Event has occurred in respect of which Party A is an Affected Party, the Minimum Transfer Amount with respect to Party
A shall be zero; or 

  

	 	(3)	 if: 

  

	 	(I)	 Party A has satisfied Section 17(a)(ii), Section 17(a)(iii), Section 17(b)(ii) or Section 17(b)(iii) of the Agreement;

  

	 	(II)	 Party A has obtained the Moody’s First Trigger Required Ratings; or 

 

	 	(III)	 the Notes of the Series Trust have a rating from Moody’s that is below A3, 

the Minimum Transfer Amount with respect to Party B shall be zero. 

 

	 	(D)	 “Rounding” The Delivery Amount and the Return Amount will be rounded up and down to the nearest integral multiple of USD10,000
respectively (with a number falling halfway between being rounded up), subject to the maximum Return Amount being equal to the Credit Support Balance. 

 

	 	(iv)	 “Exposure” has the meaning specified in Paragraph 10, except that (1) after the word “Agreement” the words
“(assuming, for this purpose only, that Section 17(d) (Close-Out Calculations) of this Agreement is deleted)” shall be inserted and (2) at the end of the definition of “Exposure”, the words “without assuming that
the terms of such Replacement Transaction are materially less beneficial for the Transferee than the terms of this Agreement” shall be added. 

  
 14 

	(c)	 Valuation and Timing. 

  

	 	(i)	 “Valuation Agent” means, Party A in all circumstances. 

 

	 	(ii)	 “Valuation Date” means 

  

	 	(A)	 each Wednesday or if Wednesday is not a Local Business Day, the next following Local Business Day; or 

 

	 	(B)	 if so elected by Party A (from time to time by notice in writing to Party B and Manager), each Local Business Day. 

 

	 	(iii)	 “Valuation Time” means the close of business in the Relevant Market on the Local Business Day first preceding the Valuation Date or
date of calculation, as applicable, provided that the calculations of Value and Credit Support Amount will, as far as practicable, be made as of approximately the same time on the same date. 

 

	 	(iv)	 “Notification Time” means by 1:00 p.m., Sydney time, on the Local Business Day immediately following the applicable Valuation Date
or date of calculation, as applicable. 

  

	 	(v)	 “Relevant Market” means: 

  

	 	(A)	 with respect to the calculation of Value, the principal market in which the relevant Eligible Credit Support is traded; and

  

	 	(B)	 with respect to the calculation of Exposure, the location most closely associated with the relevant Transaction, each as determined by the Valuation
Agent, or as otherwise agreed between the parties. 

  

	(d)	 Exchange Date. “Exchange Date” has the meaning specified in Paragraph 3(c)(ii). 

 

	(e)	 Dispute Resolution. 

  

	 	(i)	 “Resolution Time” means 1:00 p.m., Sydney time, on the first Local Business Day following the date on which notice is given that
gives rise to a dispute under Paragraph 4. 

  

	 	(ii)	 “Value” For the purpose of Paragraphs 4(a)(4)(i)(C) and 4(a)(4)(ii), the Value of the outstanding Credit Support Balance or of any
transfer of Eligible Credit Support or Equivalent Credit Support, as the case may be, will be calculated by the Valuation Agent as the Base Currency Equivalent of the face amount thereof. 

 

	 	(iii)	 “Alternative” The provisions of Paragraph 4 will apply. 

 

	(f)	 Interest Amount. 

  

	 	(i)	 “Interest Rate” The “Interest Rate” in relation to each Eligible Currency specified below will be:

  

					
	 	 	Eligible Currency	  	Interest Rate
			
		 	 USD, Euro, Sterling and Yen
	  	the highest available “Interest Rate” that the Valuation Agent acting in good faith and using reasonable endeavours, is able to obtain from a bank that has a short term
rating from Moody’s of P-1 or higher, net of

  
 15 

					
			
		 		  	 applicable bank taxes and charges.

  

	 	(ii)	 “Transfer of Interest Amount” The transfer of the Interest Amount will be made on or within 5 Local Business Days after the last
Local Business Day of each calendar month and on any other Local Business Day as agreed between the parties thereafter, or if that date is not a Valuation Date, the following Valuation Date. 

 

	 	(iii)	 “Alternative to Interest Amount” The provisions of Paragraph 5(c)(ii) will apply. Party B shall not be obliged to transfer any
Interest Amount unless and until it has earned and received such Interest Amount. 

  

	(g)	 Account Details. 

 Party A: 
  

							
		 	CASH in USD , Euro, Sterling or Yen	  		  	
				
		 	Account With:	  	 Australia and New
 Zealand
Banking Group
 Limited
	  	
				
		 	BSB:	  	 As advised to Party B and

the Manager
	  	
				
		 	Account No:	  	 As advised to Party B and

the Manager
	  	
				
		 	Reference:	  	 As advised to Party B and

the Manager
	  	
				
		 	Austraclear Code:	  	 As advised to Party B and

the Manager
	  	

 Party B: A segregated account designated as the “Collateral Account” to be
opened by Party B (at the direction of the Manager) in the name of “Perpetual Trustee Company Limited as trustee for the SMART ABS Series 2015-3US Trust” and advised to Party A (including details of the account bank, the BSB number, the
Account Number, any reference details and any Austraclear Code). 
  

	(h)	 Other Provisions. 

  

	 	(i)	 The following words are inserted at the end of the final paragraph of Paragraph 3(a): 

“provided that any transfer of Eligible Credit Support by the Transferor pursuant to Paragraph 2(a) must be made
not later than the close of business on the first Local Business Day following the relevant Valuation Date, regardless of whether any demand for transfer is received.” 

 

	 	(ii)	 Early Termination. 

 The heading for Paragraph 6 shall be deleted and replaced with “Early Termination” and the following shall be added after the word “Default” in the first line of Paragraph 6: “or
a Termination Event in relation to all (but not less than all) Transactions”. 

  
 16 

	 	(iii)	 Costs of Transfer on Exchange. 

 Notwithstanding Paragraph 8, the Transferor will be responsible for, and will reimburse the Transferee for, all transfer and other taxes and other costs involved in the transfer of Eligible Credit Support
either from the Transferor to the Transferee or from the Transferee to the Transferor hereto. 
  

	 	(iv)	 Single Transferor and Single Transferee. 

 Party A and Party B agree that, notwithstanding anything to the contrary in this Annex (including, without limitation, the recital hereto, Paragraph 2 or the definitions in Paragraph 10), (a) the
term “Transferee” as used in this Annex means only Party B; (b) the term “Transferor” as used in this Annex means only Party A; (c) only Party A will be required to make transfers of Eligible Credit Support under
Paragraph 2(a); and (d) in the calculation of any Credit Support Amount, where the Transferee’s Exposure would be expressed as a negative number, such Exposure shall be deemed to be zero. 

 

	 	(v)	 Calculations. 

 Paragraph 3(b) of this Annex shall be amended by inserting the words “and shall provide each party (or the other party, if the Valuation Agent is a party) with a description in reasonable detail of
how such calculations were made, upon request” after the word “calculations” in the third line thereof. 
  

	 	(vi)	 Demands and Notices. 

 Any demand, specification or notice under this Annex (each, a “Notice”), may be delivered orally, including by telephone. If such Notice is delivered orally, such oral Notice shall be confirmed
promptly in writing (a “Notice Confirmation”) by tested telex, facsimile, electronic mail or actual delivery. Failure to provide that Notice Confirmation will not affect the validity of that oral Notice or constitute an Event of Default or
Termination Event under the Agreement. All Notices shall be delivered to the addresses specified from time to time for the purposes of Section 12 of the Agreement. 

 

	 	(vii)	 Definitions. 

 As used in this Annex, the following terms shall mean: 
 “Local Business
Day” means a day on which commercial banks are open for business in London, New York, Sydney and Melbourne, but does not include a Saturday, a Sunday or a public holiday in London, New York, Sydney or Melbourne. 

 

	 	(viii)	 Moody’s Credit Support Annex 

 This Annex is the “Moody’s Credit Support Annex” for the purposes of the Agreement. 

  
 17 

 Annexure I 

 
  

			
	  
 Original Collateral Formulas – Swaps without Optionality
  

	  

 
 Swap Tenor (years)*  

 
  
	  	 Moody’s Potential
Increase
  
  

	 £ 1  
  
	  	6.10%
	 > 1 and £ 2  
  
	  	6.30%
	 > 2 and £ 3  
  
	  	6.40%
	 > 3 and £ 4  
  
	  	6.60%
	 > 4 and £ 5  
  
	  	6.70%
	 > 5 and £ 6  
  
	  	6.80%
	 > 6 and £ 7  
  
	  	7.00%
	 > 7 and £ 8  
  
	  	7.10%
	 > 8 and £ 9  
  
	  	7.20%
	 > 9 and £ 10  
  
	  	7.30%
	 > 10 and £ 11  
  
	  	7.40%
	 > 11 and £ 12  
  
	  	7.50%
	 > 12 and £ 13  
  
	  	7.60%
	 > 13 and £ 14  
  
	  	7.70%
	 > 14 and £ 15  
  
	  	7.80%
	 > 15 and £ 16  
  
	  	7.90%
	 > 16 and £ 17  
  
	  	8.00%
	 > 17 and £ 18  
  
	  	8.10%
	 > 18 and £ 19  
  
	  	8.20%
	 > 19 and £ 20  
	  	8.20%

  
 18 

			
	 	  	 
	 > 20 and £ 21  
  
	  	8.30%
	 > 21 and £ 22  
  
	  	8.40%
	 > 22 and £ 23  
  
	  	8.50%
	 > 23 and £ 24  
  
	  	8.60%
	 > 24 and £ 25  
  
	  	8.60%
	 > 25 and £ 26  
  
	  	8.70%
	 > 26 and £ 27  
  
	  	8.80%
	 > 27 and £ 28  
  
	  	8.80%
	 > 29 and £ 28  
  
	  	8.90%
	 > 29  
  
	  	9.00%

 * Swap “tenor” means the weighted average life of the Relevant Notes, taking account of prepayments and
applicable amortisation triggers. 

  
 19 

 Annexure II 

			
	   Instrument

 
	  	  
 Valuation  
 Percentage  

 

	   US Dollar Cash
	  	100%  
	   EURO Cash
	  	94%  
	   Sterling Cash
	  	95%  
	   Yen Cash
	  	95%  
	   US Dollar Denominated Fixed Rate Negotiable Debt issued by the US Treasury with Remaining Maturity
	  	
	   £1 year
	  	100%  
	   >1 and £2
	  	99%  
	   >2 and £3
	  	98%  
	   >3 and £5
	  	97%  
	   >5 and £7
	  	96%  
	   >7 and £10
	  	94%  
	   >10 and £20
	  	90%  
	   >20
	  	88%  
	   US Dollar Denominated Floating Rate Negotiable Debt issued by the US Treasury
	  	
	   All Maturities
	  	99%  
	   US Dollar Fixed Rate US Agency Debentures with Remaining Maturity
	  	
	   £1 year
	  	99%  
	   >1 and £2
	  	99%  
	   >2 and £3
	  	98%  
	   >3 and £5
	  	96%  
	   >5 and £7
	  	93%  
	   >7 and £10
	  	93%  
	   >10 and £20
	  	89%  
	   >20
	  	87%  
	   US Dollar Denominated Floating Rate US Agency Debentures
	  	
	   All Maturities
	  	98%  
	   EURO Denominated Fixed Rate Eurozone Government Bonds Rated Aa3 or Above by Moody’s with Remaining
Maturity
	  	
	   £1 year
	  	94%  
	   >1 and £2
	  	93%  
	   >2 and £3
	  	92%  
	   >3 and £5
	  	90%  
	   >5 and £7
	  	89%  
	   >7 and £10
	  	88%  
	   >10 and £20
	  	84%  
	   >20
	  	82%  
	   EURO Denominated Floating Rate Eurozone Government Bonds Rated Aa3 or Above by Moody’s
	  	
	   All Maturities
	  	93%  
	   Sterling Denominated Fixed Rated United Kingdom Gilts with Remaining Maturity with Remaining Maturity
	  	
	   £1 year
	  	94%  
	   >1 and £2
	  	93%  
	   >2 and £3
	  	92%  
	   >3 and £5
	  	91%  
	   >5 and £7
	  	90%  
	   >7 and £10
	  	89%  
	   >10 and £20
	  	86%  
	   >20
	  	84%  
	   Sterling Denominated Floating Rated United Kingdom Gilts
	  	
	   All Maturities
	  	94%  
	   Yen Denominated Fixed Rate Japanese Government Bonds with Remaining Maturity
	  	
	   £1 year
	  	96%  
	   >1 and £2
	  	95%  
	   >2 and £3
	  	94%  
	   >3 and £5
	  	93%  
	   >5 and £7
	  	92%  
	   >7 and £10
	  	91%  
	   >10 and £20
	  	87%  
	   >20
	  	86%  
	   Yen Denominated Floating Rate Japanese Government Bonds
	  	
	   All Maturities
	  	95%  

 “Moody’s Valuation Percentage” means, in respect of each instrument in the above table, the
corresponding valuation percentage. 

  
 20 

			
	  
 

	  	Australia and New Zealand Banking Group Limited
	  	Level 15, 100 Queen Street
	  	Melbourne VIC 3000
	  	Telephone 61 3 8655 3420
	  	Facsimile 61 3 8699 6951
	  	www.anz.com
	  	ABN 11 005 357 522

  
 23 October 2015 

 

									
	To:	  	    Perpetual Trustee Company Limited	  		  	Macquarie Securities Management Pty
		  	    as trustee of the Series Trust	  		  	Limited
		  	    Level 12, 123 Pitt Street	  		  	Level 1, 50 Martin Place
		  	    Sydney NSW 2000	  		  	Sydney NSW 2000
			
	Attention: Manager, Securitisation Services	  		  	Attention: Manager, Securitisation

 CONFIRMATION - CURRENCY SWAP IN RELATION TO CLASS A-1 NOTES
SMART ABS Series 2015-3US Trust 
 The purpose of this letter is to confirm the terms and conditions of the Transaction
entered into between us on the Trade Date specified below (the “Transaction”). This letter constitutes a “Confirmation” as referred to in the Master Agreement specified below. 

This Confirmation is entered into by Perpetual Trustee Company Limited ABN 42 000 001 007 as trustee of the SMART ABS Series 2015-3US
Trust (the “Series Trust”). This Confirmation supersedes any previous Confirmation or other communication with respect to the Transaction and evidences a complete and binding agreement between us as to the terms of the Transaction.

 This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA Master Agreement dated as of 15 October
2015, as amended, novated or supplemented from time to time (the “Agreement”), between Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (“Party A”), Perpetual Trustee Company Limited ABN 42
000 001 007 as trustee of the Series Trust (“Party B”) and Macquarie Securities Management Pty Limited ABN 26 003 435 443 (the “Manager”). All provisions contained in the Agreement govern this Confirmation except as
expressly modified below. 
 This Confirmation incorporates: 

 

	(a)	 the attached Definitions Schedule; and 

  

	(b)	 the definitions and provisions contained in the 2006 ISDA Definitions, as published by the International Swaps and Derivatives Association, Inc.,

 which form part of, and are subject to this Confirmation. In the event of any inconsistency between the
definitions and the provisions in the attached Definitions Schedule and those contained in the 2006 ISDA Definitions, those contained in the attached Definitions Schedule will govern. 
 The terms of the particular Transaction to which this Confirmation relates are as follows: 
  

							
	 1.
	  	 Our Reference:
	  	 12800026

  
 1 

							
			
	 2.
	  	 Trade Date:
	  	 23 October 2015

			
	 3.
	  	 Effective Date:
	  	 Closing Date in respect of the Relevant Notes

			
	 4.
	  	 Termination Date:
	  	 The earlier of:

				
		  		  	 (a)
	  	 the date that the Relevant Notes are redeemed in full in accordance with the Note Conditions; and

				
		  		  	 (b)
	  	 the Maturity Date in relation to the Relevant Notes,

			
		  		  	 subject to adjustment in accordance with the Following Business Day Convention.

			
	 5.
	  	 Fixed and Floating Amounts
	  	
			
	 5.1
	  	 Monthly Fixed Amounts Payable by Party A:
	  	
			
	 (A)
	  	 Monthly Fixed Rate Payer:
	  	 Party A

			
		  	 Calculation Amount:
	  	 For each Monthly Fixed Rate Payer Payment Date, the aggregate Invested Amount of the Relevant Notes on the Distribution Date immediately before that
Monthly Fixed Rate Payer Payment Date (after taking into account any reductions in the Invested Amount of the Relevant Notes on that day).

			
		  	 Monthly Fixed Rate Payer Payment Dates:
	  	 Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.

			
		  	 Fixed Rate:
	  	 0.52% per annum.

			
		  	 Fixed Rate Day Count Fraction:
	  	 Actual/360

			
	 (B)
	  	 Monthly Fixed Rate Payer:
	  	 Party A

			
		  	 Calculation Amount
	  	 An amount equal to the Unpaid Fixed Amount in relation to that Monthly Fixed Rate Payer Payment Date

			
		  	 Monthly Fixed Rate Payer Payment Dates:
	  	 Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.

			
		  	 Rate:
	  	 0.52% per annum

			
		  	 Fixed Rate Day Count Fraction:
	  	 Actual/360

			
	 (C)
	  	 Unpaid Fixed Amount
	  	 On each Monthly Fixed Rate Payer Payment Date Party A will pay

  
 2 

							
		  		  	 to Party B an amount equal to the Unpaid Fixed Amount, if any, in relation to that Monthly Fixed Rate Payer Payment Date.

			
	 5.2
	  	 Monthly Floating Amounts Payable by Party B:
	  	
			
	 (A)
	  	 Monthly Floating Rate Payer:
	  	 Party B

			
		  	 Calculation Amount:
	  	 For each Monthly Floating Rate Payer Payment Date, the A$ Equivalent of the aggregate Invested Amount of the Relevant Notes on the Distribution Date
immediately before that Monthly Floating Rate Payer Payment Date (after taking into account any reductions in the Invested Amount of the Relevant Notes on that day).

			
		  	 Monthly Floating Rate Payer Payment Dates:
	  	 Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.

			
		  	 Floating Rate Option:
	  	 AUD-BBR-BBSW

			
		  	 Designated Maturity:
	  	 One month.

			
		  	 Spread:
	  	 Plus 0.5670% per annum for each Calculation Period.

			
		  	 Floating Rate Day Count Fraction:
	  	 Actual/365 (Fixed)

			
		  	 Reset Dates
	  	 The first day of each Calculation Period

			
		  	 Compounding:
	  	 Inapplicable

			
	 (B)
	  	 Monthly Floating Rate Payer:
	  	 Party B

			
		  	 Calculation Amount
	  	 An amount equal to the A$ Unpaid Floating Amount in relation to that Monthly Floating Rate Payer Payment Date

			
		  	 Monthly Floating Rate Payer Payment Dates:
	  	 Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.

			
		  	 Floating Rate Option:
	  	 AUD-BBR-BBSW

			
		  	 Designated Maturity:
	  	 One month.

			
		  	 Spread:
	  	 Plus 0.5670% per annum for each Calculation Period.

			
		  	 Floating Rate Day Count Fraction:
	  	 Actual/365 (Fixed)

			
		  	 Reset Dates
	  	 The first day of each Calculation Period

			
		  	 Compounding:
	  	 Inapplicable

  
 3 

							
			
	 (C)
	  	 A$ Unpaid Floating Amount
	  	 On each Monthly Floating Rate Payer Payment Date Party B will pay to Party A an amount equal to the A$ Unpaid Floating Amount, if any, in relation to
that Monthly Floating Rate Payer Payment Date.

			
	 5.3
	  	 Limit to Rights
	  	 If the A$ Floating Payment in relation to a Distribution Date will be less than the Monthly Floating Amount
payable by Party B to Party A on that Distribution Date (including, in each case, any A$ Unpaid Floating Amount), Party A may, in its absolute discretion, elect, by notice in writing to Party B and the Manager (such notice to be received by
both such parties prior to that Distribution Date), to pay to Party B on that Distribution Date (in return for payment by Party B of the A$ Floating Payment in relation to that Distribution Date and in lieu of the Monthly Floating Amounts that would
otherwise be payable by Party B to Party A on that Distribution Date) a proportion of the Monthly Fixed Amounts that would otherwise be payable by Party A to Party B on that Distribution Date (including any Unpaid Fixed Amounts) being the same
proportion as the A$ Floating Payment in relation to that Distribution Date bears to the Monthly Floating Amounts payable by Party B to Party A on that Distribution Date.

 
 Notwithstanding any election by Party A pursuant to
this paragraph 5.3, a failure by Party B to pay or deliver to Party A the full amount of the Monthly Floating Amounts payable by Party B on a Distribution Date constitutes a failure to pay for the purposes of Section 5(a)(i) of the
Agreement.

			
	 6.
	  	 Exchanges
	  	
			
	 6.1
	  	 Initial Exchange:
	  	
		
	 Initial Exchange Date:
	  	 Effective Date

		
	 Party A Initial Exchange Amount:
	  	 The A$ Equivalent of the Party B Initial Exchange Amount, being A$174,951,402.39. To be paid by Party A to Party B.

		
	 Party B Initial Exchange Amount:
	  	 The total Invested Amount of the Relevant Notes on the Issue Date, being US$126,000,000. To be paid by Party
B to Party A.
  
 Notwithstanding Section
2(a)(ii) of the Agreement, Party A must pay the Party A Initial Exchange Amount to Party B by 4.00 pm (Sydney time) on the Initial Exchange Date and Party B must pay Party A the Party B Initial Exchange Amount by 4.00 pm (New York time) on the
Initial Exchange Date. Section 2(a)(v) does not apply to the payment of the Party A Initial Exchange Amount.

			
	 6.2
	  	 Interim Exchange:
	  	
			
		  	 Interim Exchange Date:
	  	 In respect of Party A and Party B means each Distribution Date (other than the Final Exchange
Date).

  
 4 

							
		  	 Party A Interim Exchange Amount:
	  	 In respect of an Interim Exchange Date means the US$ Equivalent of the A$ Principal Entitlement in relation to that Interim Exchange Date. To be paid
by Party A to Party B.

			
		  	 Party B Interim Exchange Amount:
	  	 In respect of an Interim Exchange Date means the A$ Principal Entitlement in relation to that Interim Exchange Date. To be paid by Party B to Party
A.

			
	 6.3
	  	 Final Exchange:
	  	
			
		  	 Final Exchange Date:
	  	 In respect of Party A and Party B means the date which is the Termination Date.

			
		  	 Party A Final Exchange Amount:
	  	 In respect of the Final Exchange Date means the US$ Equivalent of the A$ Principal Entitlement in relation to that Final Exchange Date. To be paid by
Party A to Party B.

			
		  	 Party B Final Exchange Amount:
	  	 In respect of the Final Exchange Date means the A$ Principal Entitlement in relation to that Final Exchange Date. To be paid by Party B to Party
A.

			
	 7.
	  	 Exchange Rates
  

For the purpose of the definitions of “A$ Equivalent”, and “US$ Equivalent”:
	  	
			
		  	 US$ Exchange Rate:
	  	 Means, with respect to each A$1.00, US$0.7202

			
		  	 A$ Exchange Rate:
	  	 1/ US$ Exchange Rate

			
	 8.
	  	 Account Details
	  	
			
	 8.1
	  	 Payments to Party A
	  	
			
		  	 Account for payments in US$
	  	 The account notified in writing by Party A to Party B in accordance with Part 5(3)(b) of the Schedule to the Agreement.

			
		  	 Account for payments in A$
	  	 The account notified in writing by Party A to Party B in accordance with Part 5(3)(a) of the Schedule to the Agreement.

			
	 8.2
	  	 Payments to Party B
	  	
			
		  	 Account for payments in US$
	  	 The account notified in writing by the Principal Paying Agent to Party A as contemplated by Part 5(2) of the Schedule to the
Agreement.

			
		  	 Account for payments in A$
	  	 The account notified in writing by Party B to Party A in accordance with Part 5(2)(i) of the Schedule to the Agreement.

			
	 9.
	  	 Offices
	  	 For the purpose of this Transaction:

  
 5 

							
				
		  		  	 (a)
	  	 Party A will be acting through its Melbourne Office; and

				
		  		  	 (b)
	  	 Party B will be acting through its Sydney Office.

			
	 10.
	  	 Notification of Invested Amount
	  	 On or before the Determination Date in respect of each Distribution Date the Manager must notify Party A in writing of:

				
		  		  	 (a)
	  	 the A$ Principal Entitlement in relation to that Distribution Date;

				
		  		  	 (b)
	  	 the A$ Class A-1 Floating Amount (as defined in the Series Supplement) in relation to that Distribution Date;

				
		  		  	 (c)
	  	 the Unpaid Fixed Amount (if any) in relation to that Distribution Date; and

				
		  		  	 (d)
	  	 the A$ Floating Payment in relation to that Distribution Date.

			
	 11.
	  	 Time for payment
	  	 For the purposes of this Transaction, in Section 2(a)(ii) of the Agreement the first sentence is deleted and
replaced with the following sentence:
 “Payments under this Agreement by:

				
		  		  	 (i)
	  	 Party A, will be made, by 5.00 p.m. (Sydney time); and

				
		  		  	 (ii)
	  	 Party B, will be made by 10.00 a.m. (Sydney time),

			
		  		  	 on the due date for value on that date in the place of the account specified in or pursuant to this Confirmation, in freely transferable funds, free
of any set off, counterclaim, deduction or withholding (except as expressly provided in this Agreement) and in the manner customary for payment in the required currency. Notwithstanding the foregoing, Party A must pay the Party A Initial Exchange
Amount to Party B by 4.00 p.m. (Sydney time) on the Initial Exchange Date and Party B must pay Party A the Party B Initial Exchange Amount by 4.00 p.m. (New York time) on the Initial Exchange Date.”.

  
 6 

 Please confirm that the above correctly sets out the terms of our agreement in respect of
each Transaction to which this Confirmation relates by signing and returning this Confirmation to us by facsimile today. 

Executed documents will follow by mail. 
 Yours sincerely 
  

					
	 SIGNED for and on behalf of Australia and New Zealand Banking Group Limited ABN 11 005 357
522

	
	 By: /s/ Bruce Frederick

	
	 (Authorised Officer)

	
	Bruce Frederick
	Senior Operations Manager
	External Validation
		
	 Name
	 	  

		
	 Title
	 	  

 Confirmed as at the date first written above: Confirmed as at the date first written above: 

 

									
	 SIGNED for and on behalf of PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007 as trustee of the SMART ABS Series
2015-3US Trust
	 		 	 SIGNED for and on behalf of MACQUARIE SECURITIES MANAGEMENT PTY LIMITED ABN 26 003 435 443

			
	 By: /s/ Manish Saraf
	 		 	 By: /s/ Kevin Lee

			
	 (Authorised Officer)
	 		 	 (Authorised Officer)

					
	 Name
	 	 Manish Saraf
	 		 	 Name
	 	 Kevin Lee

					
	 Title
	 	 Senior Transaction Manager
	 		 	 Title
	 	 Division Director

  
 7 

  
 8 

 Definitions Schedule for Confirmation in relation to Class A-1 Notes 

In this Confirmation and in the Agreement unless the context otherwise requires, 

“A$ Equivalent” has the meaning given to that term in the Series Supplement. 

“A$ Floating Payment” in relation to a Distribution Date means the amounts paid or available to be paid on that
Distribution Date with respect to the A$ Class A-1 Floating Amount (as defined in the Series Supplement) and any A$ Unpaid Floating Amount in relation to the Class A-1 Notes from Available Income (as defined in the Series Supplement) under
clause 10.1(d)(i)(A) of the Series Supplement. 
 “A$ Principal Entitlement” in relation to an Interim Exchange
Date or the Final Exchange Date means the amounts to be distributed to Party A in accordance with clauses 9.4(a) and 9.4(f) of the Series Supplement on that Interim Exchange Date or the Final Exchange Date, as applicable. 

“A$ Unpaid Floating Amount” in relation to a Monthly Floating Rate Payer Payment Date means the aggregate amount of
the Monthly Floating Amounts calculated under paragraph 5.2(A) and (B) with respect to each preceding Monthly Floating Rate Payer Payment Date which have not been paid by Party B on any Monthly Floating Rate Payer Payment Date preceding that
Monthly Floating Rate Payer Payment Date in reliance on paragraph 5.3. 
 “Business Day” means (except where
expressly provided otherwise) any day on which the banks are open for business in Melbourne, Sydney, London and New York, other than a Saturday, a Sunday or a public holiday in Melbourne, Sydney, London or New York. 

“Distribution Date” has the meaning given in the Series Supplement. 

“Invested Amount” has the meaning given to that term in the Series Supplement. 

“Monthly Fixed Amount” means the amount or amounts, as applicable, calculated in accordance with paragraph 5.1.

 “Monthly Floating Amount” means the amount or amounts, as applicable, calculated in accordance with
paragraph 5.2. 
 “Note Conditions” means the terms and conditions of the Relevant Notes annexed to the
Relevant Notes. 
 “Relevant Agency Agreement” means the Agency Agreement dated on or about 15 October
2015 between the Relevant Note Trustee, Party B, the Manager and The Bank of New York Mellon. 
 “Relevant
Noteholders” means the Class A-1 Noteholders as that term is defined in the Relevant Note Trust Deed. 

“Relevant Notes” means the Class A-1 Notes issued by Party B under the Relevant Note Trust Deed and the Series
Supplement. 
 “Relevant Note Trustee” means The Bank of New York Mellon, in its capacity as US$ Note Trustee
under the Relevant Note Trust Deed or, if The Bank of New York Mellon is removed or retires as the trustee for the Relevant Noteholders, any person appointed from time to time in its place in accordance with the Relevant Note Trust Deed. 

  
 9 

 “Relevant Note Trust Deed” means the SMART ABS Series 2015-3US Trust US$
Note Trust Deed dated 15 October 2015 between Party B, Macquarie Leasing Pty Limited, the Manager and the Relevant Note Trustee. 
 “Security Trust Deed” means the Master Security Trust Deed dated 27 February 2007 between Party B, the Manager, the Security Trustee and the Relevant Note Trustee, as amended.

 “Series Supplement” means the SMART ABS Series 2015-3US Trust Series Supplement dated 15 October 2015
between Party B, the Manager, Macquarie Leasing Pty Limited and Macquarie Bank Limited. 
 “Unpaid Fixed Amount”
in relation to a Monthly Fixed Rate Payer Payment Date means the aggregate amount of the Monthly Fixed Amounts calculated under paragraphs 5.1(A) and (B) with respect to each preceding Monthly Fixed Rate Payer Payment Date which have not
been paid by Party A on any Monthly Fixed Rate Payer Payment Date preceding that Monthly Fixed Rate Payer Payment Date in reliance on paragraph 5.3. 
 “US$ Equivalent” has the meaning given to that term in the Series Supplement. 
 Terms defined in the Note Conditions have the same meaning in this Confirmation unless otherwise defined in this Confirmation. 

  
 10 

			
	  
 

	  	Australia and New Zealand Banking Group Limited
	  	Level 15, 100 Queen Street
	  	Melbourne VIC 3000
	  	Telephone 61 3 8655 3420
	  	Facsimile 61 3 8699 6951
	  	www.anz.com
	  	ABN 11 005 357 522

 23 October 2015 
  

							
	To:	  	  Perpetual Trustee Company Limited	  		  	Macquarie Securities Management Pty
		  	  as trustee of the Series Trust	  		  	Limited
		  	  Level 12, 123 Pitt Street	  		  	Level 1, 50 Martin Place
		  	  Sydney NSW 2000	  		  	Sydney NSW 2000
				
		  	  Attention: Manager, Securitisation Services	  		  	Attention: Manager, Securitisation

 CONFIRMATION - CURRENCY SWAP IN RELATION TO CLASS A-2b NOTES SMART ABS Series
2015-3US Trust 
 The purpose of this letter is to confirm the terms and conditions of the Transaction entered into between us on the Trade
Date specified below (the “Transaction”). This letter constitutes a “Confirmation” as referred to in the Master Agreement specified below. 
 This Confirmation is entered into by Perpetual Trustee Company Limited ABN 42 000 001 007 as trustee of the SMART ABS Series 2015-3US Trust (the “Series Trust”). This Confirmation
supersedes any previous Confirmation or other communication with respect to the Transaction and evidences a complete and binding agreement between us as to the terms of the Transaction. 
 This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA Master Agreement dated as of 15 October 2015, as amended, novated or supplemented from time to time (the
“Agreement”), between Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (“Party A”), Perpetual Trustee Company Limited ABN 42 000 001 007 as trustee of the Series Trust (“Party
B”) and Macquarie Securities Management Pty Limited ABN 26 003 435 443 (the “Manager”). All provisions contained in the Agreement govern this Confirmation except as expressly modified below. 

This Confirmation incorporates: 
  

	(a)	 the attached Definitions Schedule; and 

  

	(b)	 the definitions and provisions contained in the 2006 ISDA Definitions, as published by the International Swaps and Derivatives Association, Inc.,

 which form part of, and are subject to this Confirmation. In the event of any inconsistency between the definitions and the
provisions in the attached Definitions Schedule and those contained in the 2006 ISDA Definitions, those contained in the attached Definitions Schedule will govern. 
 The terms of the particular Transaction to which this Confirmation relates are as follows: 
  

					
	1.	 	Our Reference:	 	12800032
			
	2.	 	Trade Date:	 	23 October 2015

  
 1 

									
	3.	 	Effective Date:	 	Closing Date in respect of the Relevant Notes
			
	4.	 	Termination Date:	 	The earlier of:
				
		 		 	(a)	 	the date that the Relevant Notes are redeemed in full in accordance with the Note Conditions; and
					
		 		 		 	(b)	 	the Maturity Date in relation to the Relevant Notes,
				
		 		 		 	subject to adjustment in accordance with the Following Business Day Convention.
				
	5.	 	 Floating Amounts
	 		 	
				
	5.1	 	 Monthly Floating Amounts Payable by Party A:
	 		 	
				
		 	(A)	 	Monthly Floating Rate Payer:	 	Party A
				
		 		 	Calculation Amount:	 	For each Monthly Floating Rate Payer Payment Date, the aggregate Invested Amount of the Relevant Notes on the Distribution Date immediately before that Monthly Floating
Rate Payer Payment Date (after taking into account any reductions in the Invested Amount of the Relevant Notes on that day).
				
		 		 	Monthly Floating Rate Payer Payment Dates:	 	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
				
		 		 	Floating Rate Option:	 	USD-LIBOR-ICE (as defined in this Confirmation)
				
		 		 	Designated Maturity:	 	One month.
				
		 		 	Spread:	 	Plus 0.75% per annum for each Calculation Period.
				
		 		 	Floating Rate Day Count Fraction:	 	Actual/360
				
		 		 	Reset Dates:	 	The first day of each Calculation Period
				
		 		 	Compounding:	 	Inapplicable
				
		 	(B)	 	Monthly Floating Rate Payer:	 	Party A
				
		 		 	Calculation Amount	 	An amount equal to the Unpaid Floating Amount in relation to that Monthly Floating Rate Payer Payment Date
				
		 		 	Monthly Floating Rate Payer Payment Dates:	 	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
				
		 		 	Floating Rate Option:	 	USD-LIBOR-ICE (as defined in this Confirmation)

  
 2 

							
		 		 	Designated Maturity:	 	One month
				
		 		 	Spread:	 	Plus 0.75% per annum for each Calculation Period
				
		 		 	Floating Rate Day Count Fraction:	 	Actual/360
				
		 		 	Reset Dates:	 	The first day of each Calculation Period
				
		 		 	Compounding:	 	Inapplicable
				
		 	(C)	 	Unpaid Floating Amount	 	On each Monthly Floating Rate Payer Payment Date Party A will pay to Party B an amount equal to the Unpaid Floating Amount, if any, in relation to that Monthly Floating Rate Payer
Payment Date.
			
	5.2	 	 Monthly Floating Amounts Payable by Party B:
	 	
				
		 	(A)	 	Monthly Floating Rate Payer:	 	Party B
				
		 		 	Calculation Amount:	 	For each Monthly Floating Rate Payer Payment Date, the A$ Equivalent of the aggregate Invested Amount of the Relevant Notes on the Distribution Date immediately before that Monthly
Floating Rate Payer Payment Date (after taking into account any reductions in the Invested Amount of the Relevant Notes on that day).
				
		 		 	Monthly Floating Rate Payer Payment Dates:	 	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
				
		 		 	Floating Rate Option:	 	AUD-BBR-BBSW
				
		 		 	Designated Maturity:	 	One month.
				
		 		 	Spread:	 	Plus 1.23% per annum for each Calculation Period.
				
		 		 	Floating Rate Day Count Fraction:	 	Actual/365 (Fixed)
				
		 		 	Reset Dates	 	The first day of each Calculation Period
				
		 		 	Compounding:	 	Inapplicable
				
		 	(B)	 	Monthly Floating Rate Payer:	 	Party B
				
		 		 	Calculation Amount	 	An amount equal to the A$ Unpaid Floating Amount in relation to that Monthly Floating Rate Payer Payment Date
				
		 		 	Monthly Floating Rate Payer Payment Dates:	 	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.

  
 3 

							
		 		 	Floating Rate Option:	 	AUD-BBR-BBSW
				
		 		 	Designated Maturity:	 	One month.
				
		 		 	Spread:	 	Plus 1.23% per annum for each Calculation Period.
				
		 		 	Floating Rate Day Count Fraction:	 	Actual/365 (Fixed)
				
		 		 	Reset Dates	 	The first day of each Calculation Period
				
		 		 	Compounding:	 	Inapplicable
				
		 	(C)	 	A$ Unpaid Floating Amount	 	On each Monthly Floating Rate Payer Payment Date Party B will pay to Party A an amount equal to the A$ Unpaid Floating Amount, if any, in relation to that Monthly Floating Rate
Payer Payment Date.
			
	5.3	 	 Limit to Rights
	 	 If the A$ Floating Payment in relation to a Distribution Date will be less than the Monthly Floating Amount payable by Party B to Party
A on that Distribution Date (including, in each case, any A$ Unpaid Floating Amount), Party A may, in its absolute discretion, elect, by notice in writing to Party B and the Manager (such notice to be received by both such parties prior to that
Distribution Date), to pay to Party B on that Distribution Date (in return for payment by Party B of the A$ Floating Payment in relation to that Distribution Date and in lieu of the Monthly Floating Amounts that would otherwise be payable by Party B
to Party A on that Distribution Date) a proportion of the Monthly Floating Amounts that would otherwise be payable by Party A to Party B on that Distribution Date (including any Unpaid Floating Amounts) being the same proportion as the
A$ Floating Payment in relation to that Distribution Date bears to the Monthly Floating Amounts payable by Party B to Party A on that Distribution Date.
  

Notwithstanding any election by Party A pursuant to this paragraph 5.3, a failure by Party B to pay or deliver to Party A the full amount of the Monthly
Floating Amounts payable by Party B on a Distribution Date constitutes a failure to pay for the purposes of Section 5(a)(i) of the Agreement.

			
	6.	 	Exchanges	 	
			
	6.1	 	Initial Exchange:	 	
			
		 	 Initial Exchange Date:
	 	Effective Date
			
		 	 Party A Initial Exchange Amount:
	 	The A$ Equivalent of the Party B Initial Exchange Amount, being A$172,174,396. To be paid by Party A to Party B.
			
		 	 Party B Initial Exchange Amount:
	 	 The total Invested Amount of the Relevant Notes on the Issue Date, being US$124,000,000. To be paid by Party B to Party A.

 
 Notwithstanding Section 2(a)(ii) of the Agreement, Party A must pay the Party A
Initial Exchange Amount to Party B by 4.00 pm (Sydney time) on the Initial Exchange Date and Party B must pay

  
 4 

							
		 		 		 	Party A the Party B Initial Exchange Amount by 4.00 pm (New York time) on the Initial Exchange Date. Section 2(a)(v) does not apply to the payment of the Party A Initial Exchange
Amount.
			
	6.2	 	Interim Exchange:	 	
			
		 	 Interim Exchange Date:
	 	In respect of Party A and Party B means each Distribution Date (other than the Final Exchange Date).
			
		 	 Party A Interim Exchange Amount:
	 	In respect of an Interim Exchange Date means the US$ Equivalent of the A$ Principal Entitlement in relation to that Interim Exchange Date. To be paid by Party A to
Party B.
			
		 	 Party B Interim Exchange Amount:
	 	In respect of an Interim Exchange Date means the A$ Principal Entitlement in relation to that Interim Exchange Date. To be paid by Party B to Party A.
			
	6.3	 	Final Exchange:	 	
			
		 	 Final Exchange Date:
	 	In respect of Party A and Party B means the Termination Date.
			
		 	 Party A Final Exchange Amount:
	 	In respect of the Final Exchange Date means the US$ Equivalent of the A$ Principal Entitlement in relation to that Final Exchange Date. To be paid by Party A to Party
B.
			
		 	 Party B Final Exchange Amount:
	 	In respect of the Final Exchange Date means the A$ Principal Entitlement in relation to that Final Exchange Date. To be paid by Party B to Party A.
			
	7.	 	 Exchange Rates
  

For the purpose of the definitions of “A$ Equivalent”, and “US$ Equivalent”:
	 	
			
		 	 US$ Exchange Rate:
	 	Means, with respect to each A$1.00, US$0.7202
			
		 	 A$ Exchange Rate:
	 	1/US$ Exchange Rate
			
	8.	 	Account Details	 	
			
	8.1	 	Payments to Party A	 	
			
		 	 Account for payments in US$
	 	The account notified in writing by Party A to Party B in accordance with Part 5(3)(b) of the Schedule to the Agreement.
			
		 	 Account for payments in A$
	 	The account notified in writing by Party A to Party B in accordance with Part 5(3)(a) of the Schedule to the Agreement.
			
	8.2	 	Payments to Party B	 	
			
		 	 Account for payments in US$
	 	The account notified in writing by the Principal Paying Agent to Party A as contemplated by Part 5(2) of the Schedule to the Agreement.

  
 5 

									
		 	 Account for payments in A$
	 	The account notified in writing by Party B to Party A in accordance with Part 5(2)(i) of the Schedule to the Agreement.
			
	9.	 	Offices	 	For the purpose of this Transaction:
				
		 		 	(a)	 	Party A will be acting through its Melbourne Office; and
				
		 		 	(b)	 	Party B will be acting through its Sydney Office.
	  
 10.
	 	  
 Notification of Invested
Amount
	 	  
 On or before the Determination Date in respect of each
Distribution Date the Manager must notify Party A in writing of:

				
		 		 	(a)	 	the A$ Principal Entitlement in relation to that Distribution Date;
				
		 		 	(b)	 	the A$ Class A-2b Floating Amount (as defined in the Series Supplement) in relation to that Distribution Date;
				
		 		 	(c)	 	the Unpaid Floating Amount (if any) in relation to that Distribution Date; and
				
		 		 	(d)	 	the A$ Floating Payment in relation to that Distribution Date.
			
	11.	 	 Time for payment
	 	For the purposes of this Transaction, in Section 2(a)(ii) of the Agreement the first sentence is deleted and replaced with the following sentence:
				
		 		 		 	“Payments under this Agreement by:
					
		 		 		 	(i)	 	Party A, will be made, by 5.00 p.m. (Sydney time); and
					
		 		 		 	(ii)	 	Party B, will be made by 10.00 a.m. (Sydney time),
				
		 		 		 	on the due date for value on that date in the place of the account specified in or pursuant to this Confirmation, in freely transferable funds, free of any set off,
counterclaim, deduction or withholding (except as expressly provided in this Agreement) and in the manner customary for payment in the required currency. Notwithstanding the foregoing, Party A must pay the Party A Initial Exchange Amount to Party B
by 4.00 p.m. (Sydney time) on the Initial Exchange Date and Party B must pay Party A the Party B Initial Exchange Amount by 4.00 p.m. (New York time) on the Initial Exchange Date.”.

  
 6 

 Please confirm that the above correctly sets out the terms of our agreement in respect of each Transaction
to which this Confirmation relates by signing and returning this Confirmation to us by facsimile today. 
 Executed documents will follow by
mail. 
 Yours sincerely 
  

					
	SIGNED for and on behalf of Australia and New Zealand Banking Group Limited ABN 11 005 357 522	  	
		
	 By: /s/ Bruce Frederick

 
	  	
	(Authorised Officer)	  	
	  
 Bruce Frederick
	  	
	Senior Operations Manager	  	
	External Validation	  	
			
	 Name
  
	 	  
	  	
	 Title
  
	 	  
	  	

 Confirmed as at the date first written above:   Confirmed as at the date first written above:

  

									
	SIGNED for and on behalf of PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007 as trustee of the SMART ABS Series 2015-3US Trust	 		 	SIGNED for and on behalf of MACQUARIE SECURITIES MANAGEMENT PTY LIMITED ABN 26 003 435 443
			
	 By: /s/ Manish Saraf
  
	 		 	 By: /s/ Kevin
Lee                    /s/ Kristen Adler
  

	(Authorised Officer)	 		 	(Authorised Officer)
					
	 Name
  
	 	 Manish Saraf
  
	 		 	Name	 	 Kevin Lee                Kristen Adler

 

					
	 Title
  
	 	 Senior Transaction Manager
  
	 		 	Title	 	 Division Director        Associate Director

 

					
		 		 		 		 	

  
 7 

 Definitions Schedule for Confirmation in relation to Class A-2b Notes 

In this Confirmation and in the Agreement unless the context otherwise requires, 

“A$ Equivalent” has the meaning given to that term in the Series Supplement. 

“A$ Floating Payment” in relation to a Distribution Date means the amounts paid or available to be paid on that
Distribution Date with respect to the A$ Class A-2b Floating Amount (as defined in the Series Supplement) and any A$ Unpaid Floating Amount in relation to the Class A-2b Notes from Available Income (as defined in the Series Supplement)
under clause 10.1(d)(iii)(A) of the Series Supplement. 
 “A$ Principal Entitlement” in relation to an Interim
Exchange Date or the Final Exchange Date means the amounts to be distributed to Party A in accordance with clauses 9.4(c) and 9.4(f) of the Series Supplement on that Interim Exchange Date or the Final Exchange Date, as applicable. 

“A$ Unpaid Floating Amount” in relation to a Monthly Floating Rate Payer Payment Date means the aggregate amount of
the Monthly Floating Amounts calculated under paragraphs 5.2(A) and (B) with respect to each preceding Monthly Floating Rate Payer Payment Date which have not been paid by Party B on any Monthly Floating Rate Payer Payment Date preceding that
Monthly Floating Rate Payer Payment Date in reliance on paragraph 5.3. 
 “Business Day” means (except where
expressly provided otherwise) any day on which the banks are open for business in Sydney, Melbourne, London and New York, other than a Saturday, a Sunday or a public holiday in Sydney, Melbourne, London or New York. 

“Distribution Date” has the meaning given in the Series Supplement. 

“Invested Amount” has the meaning given to that term in the Series Supplement. 

“London/New York Business Day” means any day on which banks are open for business in London and New York City, other
than a Saturday, a Sunday or a public holiday in London or New York City. 
 “Monthly Floating Amount” means
(i) in respect of Party A, the amount or amounts (as applicable) calculated in accordance with paragraph 5.1 , and (ii) in respect of Party B, the amount or amounts (as applicable) calculated in accordance with paragraph 5.2. 

“Note Conditions” means the terms and conditions of the Relevant Notes annexed to the Relevant Notes. 

“Rate Page” means the Reuters Screen LIBOR01 Page or, if the Reuters Screen LIBOR01 Page ceases to quote the relevant
rate, such other screen, page, section or part of Reuters or Bloomberg as quotes the relevant rate and is selected by the Agent Bank. 
 “Relevant Agency Agreement” means the Agency Agreement dated on or about 15 October 2015 between the Relevant Note Trustee, Party B, the Manager and The Bank of New York Mellon.

 “Relevant Noteholders” means the Class A-2b Noteholders as that term is defined in the Relevant Note
Trust Deed. 
 “Relevant Notes” means the Class A-2b Notes issued by Party B under the Relevant Note Trust
Deed and the Series Supplement. 
 “Relevant Note Trustee” means The Bank of New York Mellon, in its capacity
as US$ Note Trustee under the Relevant Note Trust Deed or, if The Bank of New York Mellon is removed or retires as the trustee for the Relevant Noteholders, any person appointed from time to time in its place in accordance with the Relevant Note
Trust Deed. 

  
 8 

 “Relevant Note Trust Deed” means the SMART ABS Series 2015-3US Trust US$
Note Trust Deed dated 15 October 2015 between Party B, Macquarie Leasing Pty Limited, the Manager and the Relevant Note Trustee. 
 “Security Trust Deed” means the Master Security Trust Deed dated 27 February 2007 between Party B, the Manager, the Security Trustee and the Relevant Note Trustee, as amended.

 “Series Supplement” means the SMART ABS Series 2015-3US Trust Series Supplement dated 15 October 2015
between Party B, the Manager, Macquarie Leasing Pty Limited and Macquarie Bank Limited. 
 “Unpaid Floating Amount”
in relation to a Monthly Floating Rate Payer Payment Date means the aggregate amount of the Monthly Floating Amounts calculated under paragraphs 5.1(A) and (B) with respect to each preceding Monthly Floating Rate Payer Payment Date which
have not been paid by Party A on any Monthly Floating Rate Payer Payment Date preceding that Monthly Floating Rate Payer Payment Date in reliance on paragraph 5.3. 
 “USD-LIBOR-ICE” for an Interest Period will be calculated by the Agent Bank in accordance with paragraphs (a) and (b), as applicable, below. 

 

	(a)	 on the second London/New York Business Day before the beginning of the Interest Period (a “US$ Floating Rate Set Date”) the Agent
Bank will determine the rate “USD-LIBOR-ICE”, as the applicable Floating Rate Option , as being the rate applicable to any Interest Period for one month deposits in US$ in the London inter bank market which appears on the Rate Page at
approximately 11.45am (London time) on the US$ Floating Rate Set Date; and 

  

	(b)	 if the rate referred to in paragraph (a) does not appear on the Rate Page on the relevant US$ Floating Rate Set Date, the USD-LIBOR-ICE for
that Interest Period will be determined as if the Issuer Trustee and the Agent Bank had specified “USD-LIBOR-Reference Banks”, as the applicable Floating Rate Option. For this purpose “USD-LIBOR-Reference Banks” means that
the rate for an Interest Period will be determined on the basis of the rates at which deposits in US$ are offered by the Reference Banks (being four major banks in the London interbank market determined by the Agent Bank) at approximately 11.00am,
London time, on the US$ Floating Rate Set Date to prime banks in the London interbank market for a period of one month commencing on the first day of the Interest Period and in a Representative Amount (as defined in the 2006 ISDA Definitions of the
International Swaps and Derivatives Association, Inc.). The Agent Bank will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the USD-LIBOR-ICE for
that Interest Period will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the USD-LIBOR-ICE for that Interest Period will be the arithmetic mean of the rates quoted by not less than two major banks
in New York City, selected by the Agent Bank, at approximately 11.00am, New York City time, on that US$ Floating Rate Set Date for loans in US$ to leading European banks for a period of one month commencing on the first day of the Interest Period
and in a Representative Amount. If no such rates are available in New York City, then the USD-LIBOR-ICE for such Interest Period will be the most recently determined rate in accordance with paragraph (a). 

“US$ Equivalent” has the meaning given to that term in the Series Supplement. 

Terms defined in the Note Conditions have the same meaning in this Confirmation unless otherwise defined in this Confirmation.

  
 9 

			
	 	  	Australia and New Zealand Banking Group Limited
	 

	  	Level 15, 100 Queen Street
	  	Melbourne VIC 3000
	  	Telephone 61 3 8655 3420
	  	Facsimile 61 3 8699 6951
		  	www.anz.com
		  	ABN 11 005 357 522

 23 October 2015 
  

									
	To:	    	  Perpetual Trustee Company Limited	  		  	Macquarie Securities Management Pty
		    	  as trustee of the Series Trust	  		  	Limited
		    	  Level 12, 123 Pitt Street	  		  	Level 1, 50 Martin Place
		    	  Sydney NSW 2000	  		  	Sydney NSW 2000
			
	Attention: Manager, Securitisation Services	  		  	Attention: Manager, Securitisation

  
 CONFIRMATION - CURRENCY SWAP IN RELATION TO CLASS A-3a NOTES SMART ABS Series 2015-3US Trust 
 The
purpose of this letter is to confirm the terms and conditions of the Transaction entered into between us on the Trade Date specified below (the “Transaction”). This letter constitutes a “Confirmation” as referred to
in the Master Agreement specified below. 
 This Confirmation is entered into by Perpetual Trustee Company Limited ABN 42 000
001 007 as trustee of the SMART ABS Series 2015-3US Trust (the “Series Trust”). This Confirmation supersedes any previous Confirmation or other communication with respect to the Transaction and evidences a complete and binding
agreement between us as to the terms of the Transaction. 
 This Confirmation supplements, forms part of, and is subject to, the
1992 ISDA Master Agreement dated as of 15 October 2015, as amended, novated or supplemented from time to time (the “Agreement”), between Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (“Party
A”), Perpetual Trustee Company Limited ABN 42 000 001 007 as trustee of the Series Trust (“Party B”) and Macquarie Securities Management Pty Limited ABN 26 003 435 443 (the “Manager”). All provisions
contained in the Agreement govern this Confirmation except as expressly modified below. 
 This Confirmation incorporates:

  

	(a)	 the attached Definitions Schedule; and 

  

	(b)	 the definitions and provisions contained in the 2006 ISDA Definitions, as published by the International Swaps and Derivatives Association, Inc.,

 which form part of, and are subject to this Confirmation. In the event of any inconsistency between the
definitions and the provisions in the attached Definitions Schedule and those contained in the 2006 ISDA Definitions, those contained in the attached Definitions Schedule will govern. 

The terms of the particular Transaction to which this Confirmation relates are as follows: 

  
 1 

							
			
	 1.
	  	 Our Reference:
	  	 12800036

			
	 2.
	  	 Trade Date:
	  	 23 October 2015

			
	 3.
	  	 Effective Date:
	  	 Closing Date in respect of the Relevant Notes

			
	 4.
	  	 Termination Date:
	  	 The earlier of:

				
		  		  	 (a)
	    	 the date that the Relevant Notes are redeemed in full in accordance with the Note Conditions; and

				
		  		  	 (b)
	    	 the Maturity Date in relation to the Relevant Notes,

			
		  		  	 subject to adjustment in accordance with the Following Business Day Convention.

			
	 5.
	  	 Fixed and Floating Amounts
	  	
			
	 5.1
	  	 Monthly Fixed Amounts Payable by Party A:
	  	
			
	 (A)
	  	 Monthly Fixed Rate Payer:
	  	 Party A

			
		  	 Calculation Amount:
	  	 For each Monthly Fixed Rate Payer Payment Date, the aggregate Invested Amount of the Relevant Notes on the Distribution Date immediately before that
Monthly Fixed Rate Payer Payment Date (after taking into account any reductions in the Invested Amount of the Relevant Notes on that day).

			
		  	 Monthly Fixed Rate Payer Payment Dates:
	  	 Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.

			
		  	 Fixed Rate:
	  	 1.66% per annum.

			
		  	 Fixed Rate Day Count Fraction:
	  	 30/360 (as a numerical fraction, not as a Day Count Fraction defined in the 2006 ISDA Definitions), except in relation to the first Calculation
Period and the last Calculation Period, if the last Calculation Period does not end on (but exclude) a Distribution Date, the Fixed Rate Day Count Fraction applicable will be 30/360 (as a Day Count Fraction defined in the 2006 ISDA
Definitions)

			
	 (B)
	  	 Monthly Fixed Rate Payer:
	  	 Party A

			
		  	 Calculation Amount
	  	 An amount equal to the Unpaid Fixed Amount in relation to that Monthly Fixed Rate Payer Payment Date

			
		  	 Monthly Fixed Rate Payer Payment Dates:
	  	 Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day
Convention.

  
 2 

							
			
		  	 Rate:
	  	 1.66% per annum

			
		  	 Fixed Rate Day Count Fraction:
	  	 30/360 (as a numerical fraction, not as a Day Count Fraction defined in the 2006 ISDA Definitions), except in relation to the first Calculation
Period and the last Calculation Period, if the last Calculation Period does not end on (but exclude) a Distribution Date, the Fixed Rate Day Count Fraction applicable will be 30/360 (as a Day Count Fraction defined in the 2006 ISDA
Definitions)

			
	 (C)
	  	 Unpaid Fixed Amount
	  	 On each Monthly Fixed Rate Payer Payment Date Party A will pay to Party B an amount equal to the Unpaid Fixed Amount, if any, in relation to that
Monthly Fixed Rate Payer Payment Date.

			
	 5.2
	  	 Monthly Floating Amounts Payable by Party B:
	  	
			
	 (A)
	  	 Monthly Floating Rate Payer:
	  	 Party B

			
		  	 Calculation Amount:
	  	 For each Monthly Floating Rate Payer Payment Date, the A$ Equivalent of the aggregate Invested Amount of the Relevant Notes on the Distribution Date
immediately before that Monthly Floating Rate Payer Payment Date (after taking into account any reductions in the Invested Amount of the Relevant Notes on that day).

			
		  	 Monthly Floating Rate Payer Payment Dates:
	  	 Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.

			
		  	 Floating Rate Option:
	  	 AUD-BBR-BBSW

			
		  	 Designated Maturity:
	  	 One month.

			
		  	 Spread:
	  	 Plus 1.6490% per annum for each Calculation Period.

			
		  	 Floating Rate Day Count Fraction:
	  	 Actual/365 (Fixed)

			
		  	 Reset Dates
	  	 The first day of each Calculation Period

			
		  	 Compounding:
	  	 Inapplicable

			
	 (B)
	  	 Monthly Floating Rate Payer:
	  	 Party B

			
		  	 Calculation Amount
	  	 An amount equal to the A$ Unpaid Floating Amount in relation to that Monthly Floating Rate Payer Payment Date

			
		  	 Monthly Floating Rate Payer Payment Dates:
	  	 Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.

			
		  	 Floating Rate Option:
	  	
AUD-BBR-BBSW

  
 3 

							
			
		  	 Designated Maturity:
	  	 One month.

			
		  	 Spread:
	  	 Plus 1.6490% per annum for each Calculation Period.

			
		  	 Floating Rate Day Count Fraction:
	  	 Actual/365 (Fixed)

			
		  	 Reset Dates
	  	 The first day of each Calculation Period

			
		  	 Compounding:
	  	 Inapplicable

			
	 (C)
	  	 A$ Unpaid Floating Amount
	  	 On each Monthly Floating Rate Payer Payment Date Party B will pay to Party A an amount equal to the A$ Unpaid Floating Amount, if any, in relation to
that Monthly Floating Rate Payer Payment Date.

			
	 5.3
	  	 Limit to Rights
	  	 If the A$ Floating Payment in relation to a Distribution Date will be less than the Monthly Floating Amount
payable by Party B to Party A on that Distribution Date (including, in each case, any A$ Unpaid Floating Amount), Party A may, in its absolute discretion, elect, by notice in writing to Party B and the Manager (such notice to be received by
both such parties prior to that Distribution Date), to pay to Party B on that Distribution Date (in return for payment by Party B of the A$ Floating Payment in relation to that Distribution Date and in lieu of the Monthly Floating Amounts that would
otherwise be payable by Party B to Party A on that Distribution Date) a proportion of the Monthly Fixed Amounts that would otherwise be payable by Party A to Party B on that Distribution Date (including any Unpaid Fixed Amounts) being the same
proportion as the A$ Floating Payment in relation to that Distribution Date bears to the Monthly Floating Amounts payable by Party B to Party A on that Distribution Date.

 
 Notwithstanding any election by Party A pursuant to
this paragraph 5.3, a failure by Party B to pay or deliver to Party A the full amount of the Monthly Floating Amounts payable by Party B on a Distribution Date constitutes a failure to pay for the purposes of Section 5(a)(i) of the
Agreement.

			
	 6.
	  	 Exchanges
	  	
			
	 6.1
	  	 Initial Exchange:
	  	
			
		  	 Initial Exchange Date:
	  	 Effective Date

			
		  	 Party A Initial Exchange Amount:
	  	 The A$ Equivalent of the Party B Initial Exchange Amount, being A$131,898,345.60. To be paid by Party A to Party B.

			
		  	 Party B Initial Exchange Amount:
	  	 The total Invested Amount of the Relevant Notes on the Issue Date, being US$94,993,188.50. To be paid by
Party B to Party A.
  
 Notwithstanding Section
2(a)(ii) of the Agreement, Party A must

  
 4 

							
		  		  	 pay the Party A Initial Exchange Amount to Party B by 4.00 pm (Sydney time) on the Initial Exchange Date and Party B must pay Party A the Party B
Initial Exchange Amount by 4.00 pm (New York time) on the Initial Exchange Date. Section 2(a)(v) does not apply to the payment of the Party A Initial Exchange Amount.

			
	 6.2
	  	 Interim Exchange:
	  	
			
		  	 Interim Exchange Date:
	  	 In respect of Party A and Party B means each Distribution Date (other than the Final Exchange Date).

			
		  	 Party A Interim Exchange Amount:
	  	 In respect of an Interim Exchange Date means the US$ Equivalent of the A$ Principal Entitlement in relation to that Interim Exchange Date. To be paid
by Party A to Party B.

			
		  	 Party B Interim Exchange Amount:
	  	 In respect of an Interim Exchange Date means the A$ Principal Entitlement in relation to that Interim Exchange Date. To be paid by Party B to Party
A.

			
	 6.3
	  	 Final Exchange:
	  	
			
		  	 Final Exchange Date:
	  	 In respect of Party A and Party B means the date which is the Termination Date.

			
		  	 Party A Final Exchange Amount:
	  	 In respect of the Final Exchange Date means the US$ Equivalent of the A$ Principal Entitlement in relation to that Final Exchange Date. To be paid by
Party A to Party B.

			
		  	 Party B Final Exchange Amount:
	  	 In respect of the Final Exchange Date means the A$ Principal Entitlement in relation to that Final Exchange
Date. To be paid by Party B to Party A.

			
	 7.
	  	 Exchange Rates
	  	
			
		  	 For the purpose of the definitions of “A$ Equivalent”, and “US$
Equivalent”:
	  	
			
		  	 US$ Exchange Rate:
	  	 Means, with respect to each A$1.00, US$0.7202

			
		  	 A$ Exchange Rate:
	  	 1/ US$ Exchange Rate

			
	 8.
	  	 Account Details
	  	
			
	 8.1
	  	 Payments to Party A
	  	
			
		  	 Account for payments in US$
	  	 The account notified in writing by Party A to Party B in accordance with Part 5(3)(b) of the Schedule to the Agreement.

			
		  	 Account for payments in A$
	  	 The account notified in writing by Party A to Party B in accordance with Part 5(3)(a) of the Schedule to the
Agreement.

  
 5 

							
			
	 8.2
	  	 Payments to Party B
	  	
			
		  	 Account for payments in US$
	  	 The account notified in writing by the Principal Paying Agent to Party A as contemplated by Part 5(2) of the Schedule to the
Agreement.

			
		  	 Account for payments in A$
	  	 The account notified in writing by Party B to Party A in accordance with Part 5(2)(i) of the Schedule to the Agreement.

			
	 9.
	  	 Offices
	  	 For the purpose of this Transaction: 

				
		  		  	 (a)
	  	 Party A will be acting through its Melbourne Office; and

				
		  		  	 (b)
	  	 Party B will be acting through its Sydney Office.

		
	10.      Notification of Invested Amount	  	 On or before the Determination Date in respect of each Distribution Date the Manager must notify Party A in
writing of: 

				
		  		  	 (a)
	  	 the A$ Principal Entitlement in relation to that Distribution Date;

				
		  		  	 (b)
	  	 the A$ Class A-A3a Floating Amount (as defined in the Series Supplement) in relation to that Distribution Date;

				
		  		  	 (c)
	  	 the Unpaid Fixed Amount (if any) in relation to that Distribution Date; and

				
		  		  	 (d)
	  	 the A$ Floating Payment in relation to that Distribution Date.

			
	 11.
	  	 Time for payment
	  	 For the purposes of this Transaction, in Section 2(a)(ii) of the Agreement the first sentence is deleted and
replaced with the following sentence:

			
		  		  	 “Payments under this Agreement by:

				
		  		  	 (i)
	  	 Party A, will be made, by 5.00 p.m. (Sydney time); and

				
		  		  	 (ii)
	  	 Party B, will be made by 10.00 a.m. (Sydney time),

			
		  		  	 on the due date for value on that date in the place of the account specified in or pursuant to this Confirmation, in freely transferable funds, free
of any set off, counterclaim, deduction or withholding (except as expressly provided in this Agreement) and in the manner customary for payment in the required currency. Notwithstanding the foregoing, Party A must pay the Party A Initial Exchange
Amount to Party B by 4.00 p.m. (Sydney time) on the Initial Exchange Date and Party B must pay Party A the Party B Initial Exchange Amount by 4.00 p.m. (New York time) on the Initial Exchange Date.”.

  
 6 

 Please confirm that the above correctly sets out the terms of our agreement in respect of each Transaction
to which this Confirmation relates by signing and returning this Confirmation to us by facsimile today. 
 Executed documents will follow by
mail. 
 Yours sincerely 
  

			
	 SIGNED for and on behalf of Australia and New Zealand Banking Group Limited ABN 11 005

357 522

	
	 By: /s/ Bruce Frederick

		
	(Authorised 	 	Officer)  

  

			
	
	Bruce Frederick
	Senior Operations Manager
	External Validation
		
	Name    	 	  

		
	Title	 	  

 Confirmed as at the date first written above: Confirmed as at the date first written above: 

 

											
	 SIGNED for and on behalf of PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007 as trustee of the SMART ABS Series 2015-3US
Trust
	 		 	 SIGNED for and on behalf of MACQUARIE SECURITIES MANAGEMENT PTY LIMITED ABN 26 003 435
443

													
							
	   By:
	 	 /s/ Hagbarth Strom
	 	 /s/ Manish Saraf
	 		 	 By:
	 	 /s/ Kevin Lee
	 	 /s/ Kristen Adler

	   (Authorised Officer)
	 		 	 (Authorised Officer)

	   Name
	 	 Hagbarth Strom
	 	 Manish Saraf
	 		 	 Name
	 	 Kevin Lee
	 	 Kristen Adler

  
 7 

													
		 		 		 		 		 	 	 	 
							
	   Title
	 	Senior Transaction Manager	 	Senior Transaction Manager	 		 	 Title
	 	 Division Director
	 	 Associate Director

											
						
		 		 		 		 		 	 

  
 8 

 Definitions Schedule for Confirmation in relation to Class A-3a Notes 

In this Confirmation and in the Agreement unless the context otherwise requires, 

“A$ Equivalent” has the meaning given to that term in the Series Supplement. 

“A$ Floating Payment” in relation to a Distribution Date means the amounts paid or available to be paid on that
Distribution Date with respect to the A$ Class A-3a Floating Amount (as defined in the Series Supplement) and any A$ Unpaid Floating Amount in relation to the Class A-3a Notes from Available Income (as defined in the Series Supplement)
under clause 10.1(d)(iv)(A) of the Series Supplement. 
 “A$ Principal Entitlement” in relation to an Interim
Exchange Date or the Final Exchange Date means the amounts to be distributed to Party A in accordance with clauses 9.4(d) and 9.4(f) of the Series Supplement on that Interim Exchange Date or the Final Exchange Date, as applicable. 

“A$ Unpaid Floating Amount” in relation to a Monthly Floating Rate Payer Payment Date means the aggregate amount of
the Monthly Floating Amounts calculated under paragraph 5.2(A) and (B) with respect to each preceding Monthly Floating Rate Payer Payment Date which have not been paid by Party B on any Monthly Floating Rate Payer Payment Date preceding that
Monthly Floating Rate Payer Payment Date in reliance on paragraph 5.3. 
 “Business Day” means (except where
expressly provided otherwise) any day on which the banks are open for business in Melbourne, Sydney, London and New York, other than a Saturday, a Sunday or a public holiday in Melbourne, Sydney, London or New York. 

“Distribution Date” has the meaning given in the Series Supplement. 

“Invested Amount” has the meaning given to that term in the Series Supplement. 

“Monthly Fixed Amount” means the amount or amounts, as applicable, calculated in accordance with paragraph 5.1.

 “Monthly Floating Amount” means the amount or amounts, as applicable, calculated in accordance with
paragraph 5.2. 
 “Note Conditions” means the terms and conditions of the Relevant Notes annexed to the
Relevant Notes. 
 “Relevant Agency Agreement” means the Agency Agreement dated on or about 15 October
2015 between the Relevant Note Trustee, Party B, the Manager and The Bank of New York Mellon. 
 “Relevant
Noteholders” means the Class A-3a Noteholders as that term is defined in the Relevant Note Trust Deed. 

“Relevant Notes” means the Class A-3a Notes issued by Party B under the Relevant Note Trust Deed and the Series
Supplement. 
 “Relevant Note Trustee” means The Bank of New York Mellon, in its capacity as US$ Note Trustee
under the Relevant Note Trust Deed or, if The Bank of New York Mellon is removed or retires as the trustee for the Relevant Noteholders, any person appointed from time to time in its place in accordance with the Relevant Note Trust Deed. 

  
 9 

 “Relevant Note Trust Deed” means the SMART ABS Series 2015-3US Trust US$
Note Trust Deed dated 15 October 2015 between Party B, Macquarie Leasing Pty Limited, the Manager and the Relevant Note Trustee. 
 “Security Trust Deed” means the Master Security Trust Deed dated 27 February 2007 between Party B, the Manager, the Security Trustee and the Relevant Note Trustee, as amended.

 “Series Supplement” means the SMART ABS Series 2015-3US Trust Series Supplement dated 15 October 2015
between Party B, the Manager, Macquarie Leasing Pty Limited and Macquarie Bank Limited. 
 “Unpaid Fixed Amount”
in relation to a Monthly Fixed Rate Payer Payment Date means the aggregate amount of the Monthly Fixed Amounts calculated under paragraphs 5.1(A) and (B) with respect to each preceding Monthly Fixed Rate Payer Payment Date which have not
been paid by Party A on any Monthly Fixed Rate Payer Payment Date preceding that Monthly Fixed Rate Payer Payment Date in reliance on paragraph 5.3. 
 “US$ Equivalent” has the meaning given to that term in the Series Supplement. 
 Terms defined in the Note Conditions have the same meaning in this Confirmation unless otherwise defined in this Confirmation. 

  
 10 

			
		  	Australia and New Zealand Banking Group Limited
	 

	  	Level 15, 100 Queen Street
	  	Melbourne VIC 3000
	  	Telephone 61 3 8655 3420
	  	Facsimile 61 3 8699 6951
	  	www.anz.com
	  	ABN 11 005 357 522

 23 October 2015 
  

					
	To:	 	Perpetual Trustee Company Limited	  	Macquarie Securities Management Pty
		 	as trustee of the Series Trust	  	Limited
		 	Level 12, 123 Pitt Street	  	Level 1, 50 Martin Place
		 	Sydney NSW 2000	  	Sydney NSW 2000
			
		 	Attention: Manager, Securitisation Services	  	Attention: Manager, Securitisation

 CONFIRMATION - CURRENCY SWAP IN RELATION TO CLASS A-3b NOTES SMART ABS Series
2015-3US Trust 
 The purpose of this letter is to confirm the terms and conditions of the Transaction entered into between us on the Trade
Date specified below (the “Transaction”). This letter constitutes a “Confirmation” as referred to in the Master Agreement specified below. 
 This Confirmation is entered into by Perpetual Trustee Company Limited ABN 42 000 001 007 as trustee of the SMART ABS Series 2015-3US Trust (the “Series Trust”). This Confirmation
supersedes any previous Confirmation or other communication with respect to the Transaction and evidences a complete and binding agreement between us as to the terms of the Transaction. 
 This Confirmation supplements, forms part of, and is subject to, the 1992 ISDA Master Agreement dated as of 15 October 2015, as amended, novated or supplemented from time to time (the
“Agreement”), between Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (“Party A”), Perpetual Trustee Company Limited ABN 42 000 001 007 as trustee of the Series Trust (“Party
B”) and Macquarie Securities Management Pty Limited ABN 26 003 435 443 (the “Manager”). All provisions contained in the Agreement govern this Confirmation except as expressly modified below. 

This Confirmation incorporates: 
  

	(a)	 the attached Definitions Schedule; and 

  

	(b)	 the definitions and provisions contained in the 2006 ISDA Definitions, as published by the International Swaps and Derivatives Association, Inc.,

 which form part of, and are subject to this Confirmation. In the event of any inconsistency between the definitions and the
provisions in the attached Definitions Schedule and those contained in the 2006 ISDA Definitions, those contained in the attached Definitions Schedule will govern. 
 The terms of the particular Transaction to which this Confirmation relates are as follows: 
  

					
	1.	 	Our Reference:	 	12800045
			
	2.	 	Trade Date:	 	23 October 2015

  
 1 

									
	3.	 	Effective Date:	  	Closing Date in respect of the Relevant Notes
			
	4.	 	Termination Date:	  	 The earlier of:

					
		 		 		  	(a)	 	 the date that the Relevant Notes are redeemed in full in accordance with the Note Conditions; and

					
		 		 		  	(b)	 	the Maturity Date in relation to the Relevant Notes,
				
		 		 		  	subject to adjustment in accordance with the Following Business Day Convention.
	5.	 	    Floating Amounts	  		 	
				
	5.1	 	     Monthly Floating
     Amounts Payable by
     Party
A:
	  		 	
				
		 	(A) 	 	Monthly Floating Rate Payer:	  	Party A
				
		 		 	Calculation Amount:	  	For each Monthly Floating Rate Payer Payment Date, the aggregate Invested Amount of the Relevant Notes on the Distribution Date immediately before that Monthly Floating
Rate Payer Payment Date (after taking into account any reductions in the Invested Amount of the Relevant Notes on that day).
				
		 		 	Monthly Floating Rate Payer Payment Dates:	  	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
				
		 		 	Floating Rate Option:	  	USD-LIBOR-ICE (as defined in this Confirmation)
				
		 		 	Designated Maturity:	  	One month.
				
		 		 	Spread:	  	Plus 0.9% per annum for each Calculation Period.
				
		 		 	Floating Rate Day Count Fraction:	  	Actual/360
				
		 		 	Reset Dates:	  	The first day of each Calculation Period
				
		 		 	Compounding:	  	Inapplicable
				
		 	(B)	 	Monthly Floating Rate Payer:	  	Party A
				
		 		 	Calculation Amount	  	An amount equal to the Unpaid Floating Amount in relation to that Monthly Floating Rate Payer Payment Date
				
		 		 	Monthly Floating Rate Payer Payment Dates:	  	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
				
		 		 	Floating Rate Option:	  	USD-LIBOR-ICE (as defined in this Confirmation)

  
 2 

									
		 		 	Designated Maturity:	  	One month
				
		 		 	Spread:	  	Plus 0.9% per annum for each Calculation Period
				
		 		 	Floating Rate Day Count Fraction:	  	Actual/360
				
		 		 	Reset Dates:	  	The first day of each Calculation Period
				
		 		 	Compounding:	  	Inapplicable
				
		 	(C)	 	Unpaid Floating Amount	  	On each Monthly Floating Rate Payer Payment Date Party A will pay to Party B an amount equal to the Unpaid Floating Amount, if any, in relation to that Monthly Floating
Rate Payer Payment Date.
				
	5.2	 	     Monthly Floating
     Amounts Payable by
     Party
B:
	  		 	
				
		 	(A)	 	Monthly Floating Rate Payer:	  	Party B
				
		 		 	Calculation Amount:	  	For each Monthly Floating Rate Payer Payment Date, the A$ Equivalent of the aggregate Invested Amount of the Relevant Notes on the Distribution Date immediately before
that Monthly Floating Rate Payer Payment Date (after taking into account any reductions in the Invested Amount of the Relevant Notes on that day).
				
		 		 	Monthly Floating Rate Payer Payment Dates:	  	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
				
		 		 	Floating Rate Option:	  	AUD-BBR-BBSW
				
		 		 	Designated Maturity:	  	One month.
				
		 		 	Spread:	  	Plus 1.571% per annum for each Calculation Period.
				
		 		 	Floating Rate Day Count Fraction:	  	Actual/365 (Fixed)
				
		 		 	Reset Dates	  	The first day of each Calculation Period
				
		 		 	Compounding:	  	Inapplicable
				
		 	(B)	 	Monthly Floating Rate Payer:	  	Party B
				
		 		 	Calculation Amount	  	An amount equal to the A$ Unpaid Floating Amount in relation to that Monthly Floating Rate Payer Payment Date
				
		 		 	Monthly Floating Rate Payer Payment Dates:	  	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day
Convention.

  
 3 

									
				
		 		 	Floating Rate Option:	  	AUD-BBR-BBSW
				
		 		 	Designated Maturity:	  	One month.
				
		 		 	Spread:	  	Plus 1.571% per annum for each Calculation Period.
				
		 		 	Floating Rate Day Count Fraction:	  	Actual/365 (Fixed)
				
		 		 	Reset Dates	  	The first day of each Calculation Period
				
		 		 	Compounding:	  	Inapplicable
				
		 	(C)	 	A$ Unpaid Floating Amount	  	On each Monthly Floating Rate Payer Payment Date Party B will pay to Party A an amount equal to the A$ Unpaid Floating Amount, if any, in relation to that Monthly
Floating Rate Payer Payment Date.
			
	5.3	 	    Limit to Rights	  	If the A$ Floating Payment in relation to a Distribution Date will be less than the Monthly Floating Amount payable by Party B to Party A on that Distribution Date
(including, in each case, any A$ Unpaid Floating Amount), Party A may, in its absolute discretion, elect, by notice in writing to Party B and the Manager (such notice to be received by both such parties prior to that Distribution Date), to pay to
Party B on that Distribution Date (in return for payment by Party B of the A$ Floating Payment in relation to that Distribution Date and in lieu of the Monthly Floating Amounts that would otherwise be payable by Party B to Party A on that
Distribution Date) a proportion of the Monthly Floating Amounts that would otherwise be payable by Party A to Party B on that Distribution Date (including any Unpaid Floating Amounts) being the same proportion as the A$ Floating Payment in
relation to that Distribution Date bears to the Monthly Floating Amounts payable by Party B to Party A on that Distribution Date.
				
		 		 		  	Notwithstanding any election by Party A pursuant to this paragraph 5.3, a failure by Party B to pay or deliver to Party A the full amount of the Monthly Floating Amounts
payable by Party B on a Distribution Date constitutes a failure to pay for the purposes of Section 5(a)(i) of the Agreement.
				
	6.	 	Exchanges	  		 	
				
	6.1	 	Initial Exchange:	  		 	
				
		 		 	Initial Exchange Date:	  	Effective Date
				
		 		 	Party A Initial Exchange Amount:	  	The A$ Equivalent of the Party B Initial Exchange Amount, being A$34,712,579.84. To be paid by Party A to Party B.
				
		 		 	Party B Initial Exchange Amount:	  	The total Invested Amount of the Relevant Notes on the Issue Date, being US$25,000,000. To be paid by Party B to Party A.
				
		 		 		  	Notwithstanding Section 2(a)(ii) of the Agreement, Party A must pay the Party A Initial Exchange Amount to Party B by 4.00 pm (Sydney time) on the Initial Exchange Date
and Party B must pay

  
 4 

									
				
		 		 		  	Party A the Party B Initial Exchange Amount by 4.00 pm (New York time) on the Initial Exchange Date. Section 2(a)(v) does not apply to the payment of the Party A Initial
Exchange Amount.
				
	6.2	 	Interim Exchange:	  		 	
				
		 		 	Interim Exchange Date:	  	In respect of Party A and Party B means each Distribution Date (other than the Final Exchange Date).
				
		 		 	Party A Interim Exchange Amount:	  	In respect of an Interim Exchange Date means the US$ Equivalent of the A$ Principal Entitlement in relation to that Interim Exchange Date. To be paid by Party A to Party
B.
				
		 		 	Party B Interim Exchange Amount:	  	In respect of an Interim Exchange Date means the A$ Principal Entitlement in relation to that Interim Exchange Date. To be paid by Party B to Party A.
				
	6.3	 	Final Exchange:	  		 	
				
		 		 	Final Exchange Date:	  	In respect of Party A and Party B means the Termination Date.
				
		 		 	Party A Final Exchange Amount:	  	In respect of the Final Exchange Date means the US$ Equivalent of the A$ Principal Entitlement in relation to that Final Exchange Date. To be paid by Party A to Party
B.
				
		 		 	Party B Final Exchange Amount:	  	In respect of the Final Exchange Date means the A$ Principal Entitlement in relation to that Final Exchange Date. To be paid by Party B to Party A.
				
	7.	 	 Exchange Rates
	  		 	
					
		 		 	For the purpose of the definitions of “A$ Equivalent”, and “US$ Equivalent”:	  		 	
				
		 		 	US$ Exchange Rate:	  	Means, with respect to each A$1.00, US$0.7202
				
		 		 	A$ Exchange Rate:	  	1/US$ Exchange Rate
				
	8.	 	Account Details	  		 	
				
	8.1	 	Payments to Party A	  		 	
				
		 		 	Account for payments in US$	  	The account notified in writing by Party A to Party B in accordance with Part 5(3)(b) of the Schedule to the Agreement.
				
		 		 	Account for payments in A$	  	The account notified in writing by Party A to Party B in accordance with Part 5(3)(a) of the Schedule to the Agreement.
				
	8.2	 	Payments to Party B	  		 	
				
		 		 	Account for payments in US$	  	The account notified in writing by the Principal Paying Agent to Party A as contemplated by Part 5(2) of the Schedule to the
Agreement.

  
 5 

									
				
		 		 	Account for payments in A$	  	The account notified in writing by Party B to Party A in accordance with Part 5(2)(i) of the Schedule to the Agreement.
			
	9.	 	Offices	  	 For the purpose of this Transaction:

					
		 		 		  	(a)	 	Party A will be acting through its Melbourne Office; and
					
		 		 		  	(b)	 	Party B will be acting through its Sydney Office.
				
	10.	 		 	Notification of Invested Amount	  	 On or before the Determination Date in respect of each Distribution Date the Manager must notify Party A in writing
of:

					
		 		 		  	(a)	 	 the A$ Principal Entitlement in relation to that Distribution Date; 

					
		 		 		  	(b)	 	 the A$ Class A-3b Floating Amount (as defined in the Series Supplement) in relation to that Distribution Date;

					
		 		 		  	(c)	 	the Unpaid Floating Amount (if any) in relation to that Distribution Date; and
					
		 		 		  	(d)	 	the A$ Floating Payment in relation to that Distribution Date.
				
	11.	 		 	Time for payment	  	 For the purposes of this Transaction, in Section 2(a)(ii) of the Agreement the first sentence is deleted and replaced with
the following sentence:

											
					
		 		 		  		 	 “Payments under this Agreement by: 

						
		 		 		  		 	 (i)
	 	 Party A, will be made, by 5.00 p.m. (Sydney time); and

						
		 		 		  		 	 (ii)
	 	 Party B, will be made by 10.00 a.m. (Sydney time),

					
		 		 		  		 	 on the due date for value on that date in the place of the account specified in or pursuant to this Confirmation, in freely transferable funds, free
of any set off, counterclaim, deduction or withholding (except as expressly provided in this Agreement) and in the manner customary for payment in the required currency. Notwithstanding the foregoing, Party A must pay the Party A Initial Exchange
Amount to Party B by 4.00 p.m. (Sydney time) on the Initial Exchange Date and Party B must pay Party A the Party B Initial Exchange Amount by 4.00 p.m. (New York time) on the Initial Exchange Date.”.

  
 6 

 Please confirm that the above correctly sets out the terms of our agreement in respect of
each Transaction to which this Confirmation relates by signing and returning this Confirmation to us by facsimile today. 
 Executed documents
will follow by mail. 
 Yours sincerely 
  

			
	SIGNED for and on behalf of Australia and New Zealand Banking Group Limited ABN 11 005 357 522
	
	/s/ Bruce Frederick
	
	 By:
  

	 
	(Authorised Officer)
	
	Bruce Frederick
	Senior Operations Manager
	External Validation
		
	Name 	 	
		 	  

	Title	 	
		 	  

 Confirmed as at the date first written above:   Confirmed as at the date first written above:

  

									
	SIGNED for and on behalf of PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007 as trustee of the SMART ABS Series 2015-3US Trust	 		 	SIGNED for and on behalf of MACQUARIE SECURITIES MANAGEMENT PTY LIMITED ABN 26 003 435 443
					
	By:	 	/s/ Hagbarth Strom            /s/ Manish Saraf	 		 	By:	 	/s/ Kevin Lee                    /s/ Kristen Adler
	  
	 		 	  

	(Authorised Officer)	 		 	(Authorised Officer)
					
	Name  	 	Hagbarth Strom                Manish Saraf	 		 	Name            	 	Kevin Lee                Kristen Adler
		 	  
	 		 		 	  

													
							
	 Title    
	 	Senior Transaction Manager	 	Senior Transaction Manager	 		 	 Title
	 	 Division Director
	 	 Associate Director

									
		 	  
	 		 		 	  

					
		 		 		 		 	

  
 7 

 Definitions Schedule for Confirmation in relation to Class A-3b Notes 

In this Confirmation and in the Agreement unless the context otherwise requires, 
 “A$ Equivalent” has the meaning given to that term in the Series Supplement. 

“A$ Floating Payment” in relation to a Distribution Date means the amounts paid or available to be paid on that Distribution Date with
respect to the A$ Class A-3b Floating Amount (as defined in the Series Supplement) and any A$ Unpaid Floating Amount in relation to the Class A-3b Notes from Available Income (as defined in the Series Supplement) under clause 10.1(d)(v)(A)
of the Series Supplement. 
 “A$ Principal Entitlement” in relation to an Interim Exchange Date or the Final Exchange Date
means the amounts to be distributed to Party A in accordance with clauses 9.4(e) and 9.4(f) of the Series Supplement on that Interim Exchange Date or the Final Exchange Date, as applicable. 

“A$ Unpaid Floating Amount” in relation to a Monthly Floating Rate Payer Payment Date means the aggregate amount of
the Monthly Floating Amounts calculated under paragraphs 5.2(A) and (B) with respect to each preceding Monthly Floating Rate Payer Payment Date which have not been paid by Party B on any Monthly Floating Rate Payer Payment Date preceding that
Monthly Floating Rate Payer Payment Date in reliance on paragraph 5.3. 
 “Business Day” means (except where
expressly provided otherwise) any day on which the banks are open for business in Sydney, Melbourne, London and New York, other than a Saturday, a Sunday or a public holiday in Sydney, Melbourne, London or New York. 

“Distribution Date” has the meaning given in the Series Supplement. 

“Invested Amount” has the meaning given to that term in the Series Supplement. 

“London/New York Business Day” means any day on which banks are open for business in London and New York City, other
than a Saturday, a Sunday or a public holiday in London or New York City. 
 “Monthly Floating Amount” means
(i) in respect of Party A, the amount or amounts (as applicable) calculated in accordance with paragraph 5.1, and (ii) in respect of Party B, the amount or amounts (as applicable) calculated in accordance with paragraph 5.2. 

“Note Conditions” means the terms and conditions of the Relevant Notes annexed to the Relevant Notes. 

“Rate Page” means the Reuters Screen LIBOR01 Page or, if the Reuters Screen LIBOR01 Page ceases to quote the relevant
rate, such other screen, page, section or part of Reuters or Bloomberg as quotes the relevant rate and is selected by the Agent Bank. 
 “Relevant Agency Agreement” means the Agency Agreement dated on or about 15 October 2015 between the Relevant Note Trustee, Party B, the Manager and The Bank of New York Mellon.

 “Relevant Noteholders” means the Class A-3b Noteholders as that term is defined in the Relevant Note
Trust Deed. 
 “Relevant Notes” means the Class A-3b Notes issued by Party B under the Relevant Note Trust
Deed and the Series Supplement. 
 “Relevant Note Trustee” means The Bank of New York Mellon, in its capacity
as US$ Note Trustee under the Relevant Note Trust Deed or, if The Bank of New York Mellon is removed or retires as the trustee for the Relevant Noteholders, any person appointed from time to time in its place in accordance with the Relevant Note
Trust Deed. 

  
 8 

 “Relevant Note Trust Deed” means the SMART ABS Series 2015-3US Trust US$
Note Trust Deed dated 15 October 2015 between Party B, Macquarie Leasing Pty Limited, the Manager and the Relevant Note Trustee. 
 “Security Trust Deed” means the Master Security Trust Deed dated 27 February 2007 between Party B, the Manager, the Security Trustee and the Relevant Note Trustee, as amended.

 “Series Supplement” means the SMART ABS Series 2015-3US Trust Series Supplement dated 15 October 2015
between Party B, the Manager, Macquarie Leasing Pty Limited and Macquarie Bank Limited. 
 “Unpaid Floating Amount”
in relation to a Monthly Floating Rate Payer Payment Date means the aggregate amount of the Monthly Floating Amounts calculated under paragraphs 5.1(A) and (B) with respect to each preceding Monthly Floating Rate Payer Payment Date which
have not been paid by Party A on any Monthly Floating Rate Payer Payment Date preceding that Monthly Floating Rate Payer Payment Date in reliance on paragraph 5.3. 
 “USD-LIBOR-ICE” for an Interest Period will be calculated by the Agent Bank in accordance with paragraphs (a) and (b), as applicable, below. 

 

	(a)	on the second London/New York Business Day before the beginning of the Interest Period (a “US$ Floating Rate Set Date”) the Agent Bank will determine
the rate “USD-LIBOR-ICE”, as the applicable Floating Rate Option, as being the rate applicable to any Interest Period for one month deposits in US$ in the London inter bank market which appears on the Rate Page at approximately 11.45am
(London time) on the US$ Floating Rate Set Date; and 

  

	(b)	if the rate referred to in paragraph (a) does not appear on the Rate Page on the relevant US$ Floating Rate Set Date, the USD-LIBOR-ICE for that Interest Period
will be determined as if the Issuer Trustee and the Agent Bank had specified “USD-LIBOR-Reference Banks”, as the applicable Floating Rate Option. For this purpose “USD-LIBOR-Reference Banks” means that the rate for an
Interest Period will be determined on the basis of the rates at which deposits in US$ are offered by the Reference Banks (being four major banks in the London interbank market determined by the Agent Bank) at approximately 11.00am, London time, on
the US$ Floating Rate Set Date to prime banks in the London interbank market for a period of one month commencing on the first day of the Interest Period and in a Representative Amount (as defined in the 2006 ISDA Definitions of the International
Swaps and Derivatives Association, Inc.). The Agent Bank will request the principal London office of each of the Reference Banks to provide a quotation of its rate. If at least two such quotations are provided, the USD-LIBOR-ICE for that Interest
Period will be the arithmetic mean of the quotations. If fewer than two quotations are provided as requested, the USD-LIBOR-ICE for that Interest Period will be the arithmetic mean of the rates quoted by not less than two major banks in New York
City, selected by the Agent Bank, at approximately 11.00am, New York City time, on that US$ Floating Rate Set Date for loans in US$ to leading European banks for a period of one month commencing on the first day of the Interest Period and in a
Representative Amount. If no such rates are available in New York City, then the USD-LIBOR-ICE for such Interest Period will be the most recently determined rate in accordance with paragraph (a). 

“US$ Equivalent” has the meaning given to that term in the Series Supplement. 
 Terms defined in the Note Conditions have the same meaning in this Confirmation unless otherwise defined in this Confirmation. 

  
 9EX-10.4

 Exhibit 10.4 
 EXECUTION VERSION 
 SMART ABS SERIES 2015-3US TRUST 

FIXED RATE SWAP AGREEMENT 
 PERPETUAL TRUSTEE COMPANY LIMITED 
 ABN 42 000 001 007 

MACQUARIE SECURITIES MANAGEMENT PTY LIMITED 
 ABN 26 003 435 443 
 MACQUARIE BANK LIMITED 

ABN 46 008 583 542 
  

 

 (Multicurrency — Cross Border) 

 
 

 
 MASTER AGREEMENT 
 dated as of         
 .........15 October
2015............... 

			
	 Macquarie Bank Limited ABN 46 008 583 542
 (“MBL” and hereinafter included in the expression
 “Party
A”)
 Macquarie Securities Management Pty Limited ABN
 26 003 435 443 (the “Manager”)
	  	 Perpetual Trustee Company Limited ABN 42 000 001 007 in its capacity as trustee of the SMART ABS Series 2015-3US Trust (“Party
B”)

 have entered and/or anticipate entering into one or more transactions (each a “Transaction”) that are or will be
governed by this Master Agreement, which includes the schedule (the “Schedule”), and the documents and other confirming evidence (each a “Confirmation”) exchanged between the parties confirming those Transactions. 

Accordingly, the parties agree as follows: — 
  

	1.	 Interpretation 

 (a)      Definitions. The terms defined in Section 14 and in the Schedule will have the meanings therein specified for the purpose of
this Master Agreement. 
 (b)      Inconsistency. In the event of any
inconsistency between the provisions of the Schedule and the other provisions of this Master Agreement, the Schedule will prevail. In the event of any inconsistency between the provisions of any Confirmation and this Master Agreement (including the
Schedule), such Confirmation will prevail for the purpose of the relevant Transaction. 

(c)      Single Agreement. All Transactions are entered into in reliance on the fact
that this Master Agreement and all Confirmations form a single agreement between the parties (collectively referred to as this “Agreement”), and the parties would not otherwise enter into any Transactions. 

 

	2.	 Obligations 

 (a)      General Conditions. 
 (i) Each party will make each payment or delivery specified in each Confirmation to be made by it, subject to the other provisions of this Agreement. 

(ii) Payments under this Agreement will be made on the due date for value on that date in the place of the account
specified in the relevant Confirmation or otherwise pursuant to this Agreement, in freely transferable funds and in the manner customary for payments in the required currency. Where settlement is by delivery (that is, other than by payment), such
delivery will be made for receipt on the due date in the manner customary for the relevant obligation unless otherwise specified in the relevant Confirmation or elsewhere in this Agreement. 

(iii) Each obligation of each party under Section 2(a)(i) is subject to (1) the condition precedent that no
Event of Default or Potential Event of Default with respect to the other party has occurred and is continuing, (2) the condition precedent that no Early Termination Date in respect of the relevant Transaction has occurred or been effectively
designated and (3) each other applicable condition precedent specified in this Agreement. 
 Copyright © 1992 by
International Swap Dealers Association, Inc. 

 (b)      Change of Account. Either party may
change its account for receiving a payment or delivery by giving notice to the other party at least five Local Business Days prior to the scheduled date for the payment or delivery to which such change applies unless such other party gives timely
notice of a reasonable objection to such change. 
 (c)      Netting. If on any date
amounts would otherwise be payable:— 
 (i)     in the same currency; and

 (ii)    in respect of the same Transaction, 

by each party to the other, then, on such date, each party’s obligation to make payment of any such amount will be automatically
satisfied and discharged and, if the aggregate amount that would otherwise have been payable by one party exceeds the aggregate amount that would otherwise have been payable by the other party, replaced by an obligation upon the party by whom the
larger aggregate amount would have been payable to pay to the other party the excess of the larger aggregate amount over the smaller aggregate amount. 
 The parties may elect in respect of two or more Transactions that a net amount will be determined in respect of all amounts payable on the same date in the same currency in respect of such Transactions,
regardless of whether such amounts are payable in respect of the same Transaction. The election may be made in the Schedule or a Confirmation by specifying that subparagraph (ii) above will not apply to the Transactions identified as being
subject to the election, together with the starting date (in which case subparagraph (ii) above will not, or will cease to, apply to such Transactions from such date). This election may be made separately for different groups of Transactions
and will apply separately to each pairing of Offices through which the parties make and receive payments or deliveries. 
  

	(d)	 Deduction or Withholding for Tax. 

(i)    Gross-Up. All payments under this
Agreement will be made without any deduction or withholding for or on account of any Tax unless such deduction or withholding is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, then in
effect. If a party is so required to deduct or withhold, then that party (“X”) will:— 

(1)    promptly notify the other party (“Y”) of such requirement; 

(2)    pay to the relevant authorities the full amount required to be deducted or withheld (including
the full amount required to be deducted or withheld from any additional amount paid by X to Y under this Section 2(d)) promptly upon the earlier of determining that such deduction or withholding is required or receiving notice that such amount
has been assessed against Y; 
 (3)    promptly forward to Y an official receipt (or a
certified copy), or other documentation reasonably acceptable to Y, evidencing such payment to such authorities; and 
 (4)    if such Tax is an Indemnifiable Tax, pay to Y, in addition to the payment to which Y is otherwise entitled under this Agreement, such additional amount as is necessary to ensure
that the net amount actually received by Y (free and clear of Indemnifiable Taxes, whether assessed against X or Y) will equal the full amount Y would have received had no such deduction or withholding been required. However, X will not be required
to pay any additional amount to Y to the extent that it would not be required to be paid but for:— 

(A)    the failure by Y to comply with or perform any agreement contained in Section 4(a)(i),
4(a)(iii) or 4(d); or 
 (B)    the failure of a representation made by Y pursuant to
Section 3(f) to be accurate and true unless such failure would not have occurred but for (I) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered
into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (II) a Change in Tax Law. 

  

					
		 	2	 	ISDA® 1992

 (ii)    Liability. If: — 

(1)    X is required by any applicable law, as modified by the practice of any relevant governmental
revenue authority, to make any deduction or withholding in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4); 

(2)    X does not so deduct or withhold; and 

(3)    a liability resulting from such Tax is assessed directly against X, 

then, except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to
X the amount of such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)).

 (e)      Default Interest, Other Amounts. Prior to the occurrence or effective
designation of an Early Termination Date in respect of the relevant Transaction, a party that defaults in the performance of any payment obligation will, to the extent permitted by law and subject to Section 6(c), be required to pay interest
(before as well as after judgment) on the overdue amount to the other party on demand in the same currency as such overdue amount, for the period from (and including) the original due date for payment to (but excluding) the date of actual payment,
at the Default Rate. Such interest will be calculated on the basis of daily compounding and the actual number of days elapsed. If, prior to the occurrence or effective designation of an Early Termination Date in respect of the relevant Transaction,
a party defaults in the performance of any obligation required to be settled by delivery, it will compensate the other party on demand if and to the extent provided for in the relevant Confirmation or elsewhere in this Agreement. 

 

	3.	 Representations 

 Each party represents to the other party (which representations will be deemed to be repeated by each party on each date on which a Transaction is entered into and, in the case of the
representations in Section 3(f), at all times until the termination of this Agreement) that:— 
  

	(a)	 Basic Representations. 

 (i)    Status. It is duly organised and validly existing under the laws of the jurisdiction of its organisation or incorporation and, if relevant under such laws, in good
standing; 
 (ii)    Powers. It has the power to execute this Agreement and any
other documentation relating to this Agreement to which it is a party, to deliver this Agreement and any other documentation relating to this Agreement that it is required by this Agreement to deliver and to perform its obligations under this
Agreement and any obligations it has under any Credit Support Document to which it is a party and has taken all necessary action to authorise such execution, delivery and performance; 

(iii)    No Violation or Conflict. Such execution, delivery and performance do not
violate or conflict with any law applicable to it, any provision of its constitutional documents, any order or judgment of any court or other agency of government applicable to it or any of its assets or any contractual restriction binding on or
affecting it or any of its assets; 
 (iv)    Consents. All governmental and
other consents that are required to have been obtained by it with respect to this Agreement or any Credit Support Document to which it is a party have been obtained and are in full force and effect and all conditions of any such consents have been
complied with; and 
 (v)    Obligations Binding. Its obligations under this
Agreement and any Credit Support Document to which it is a party constitute its legal, valid and binding obligations, enforceable in accordance with their respective terms (subject to applicable bankruptcy, reorganisation, insolvency, moratorium or
similar laws affecting creditors’ rights generally and subject, as to enforceability, to equitable principles of general application (regardless of whether enforcement is sought in a proceeding in equity or at law)). 

  

					
		 	3	 	ISDA® 1992

 (b)      Absence of Certain Events. No Event of
Default or Potential Event of Default or, to its knowledge, Termination Event with respect to it has occurred and is continuing and no such event or circumstance would occur as a result of its entering into or performing its obligations under this
Agreement or any Credit Support Document to which it is a party. 
 (c)      Absence of
Litigation. There is not pending or, to its knowledge, threatened against it or any of its Affiliates any action, suit or proceeding at law or in equity or before any court, tribunal, governmental body, agency or official or any arbitrator
that is likely to affect the legality, validity or enforceability against it of this Agreement or any Credit Support Document to which it is a party or its ability to perform its obligations under this Agreement or such Credit Support Document.

 (d)      Accuracy of Specified Information. All applicable information that is
furnished in writing by or on behalf of it to the other party and is identified for the purpose of this Section 3(d) in the Schedule is, as of the date of the information, true, accurate and complete in every material respect. 

(e)      Payer Tax Representation. Each representation specified in the Schedule as being made
by it for the purpose of this Section 3(e) is accurate and true. 
 (f)      Payee Tax
Representations. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(f) is accurate and true. 
  

	4.	 Agreements 

 Each party agrees with the other that, so long as either party has or may have any obligation under this Agreement or under any Credit Support Document to which it is a party:— 

(a)      Furnish Specified Information. It will deliver to the other party or, in certain
cases under subparagraph (iii) below, to such government or taxing authority as the other party reasonably directs:— 
 (i)      any forms, documents or certificates relating to taxation specified in the Schedule or any Confirmation; 

(ii)     any other documents specified in the Schedule or any Confirmation; and 

(iii)    upon reasonable demand by such other party, any form or document that may be required or
reasonably requested in writing in order to allow such other party or its Credit Support Provider to make a payment under this Agreement or any applicable Credit Support Document without any deduction or withholding for or on account of any Tax or
with such deduction or withholding at a reduced rate (so long as the completion, execution or submission of such form or document would not materially prejudice the legal or commercial position of the party in receipt of such demand), with any such
form or document to be accurate and completed in a manner reasonably satisfactory to such other party and to be executed and to be delivered with any reasonably required certification, 

in each case by the date specified in the Schedule or such Confirmation or, if none is specified, as soon as reasonably practicable.

 (b)      Maintain Authorisations. It will use all reasonable efforts to maintain
in full force and effect all consents of any governmental or other authority that are required to be obtained by it with respect to this Agreement or any Credit Support Document to which it is a party and will use all reasonable efforts to obtain
any that may become necessary in the future. 
 (c)      Comply with Laws. It will
comply in all material respects with all applicable laws and orders to which it may be subject if failure so to comply would materially impair its ability to perform its obligations under this Agreement or any Credit Support Document to which it is
a party. 
 (d)      Tax Agreement. It will give notice of any failure of a
representation made by it under Section 3(f) to be accurate and true promptly upon learning of such failure. 

(e)      Payment of Stamp Tax. Subject to Section 11, it will pay any Stamp Tax levied or
imposed upon it or in respect of its execution or performance of this Agreement by a jurisdiction in which it is incorporated, 

  

					
		 	4	 	ISDA® 1992

 
organised, managed and controlled, or considered to have its seat, or in which a branch or office through which it is acting for the purpose of this Agreement is located (“Stamp Tax
Jurisdiction”) and will indemnify the other party against any Stamp Tax levied or imposed upon the other party or in respect of the other party’s execution or performance of this Agreement by any such Stamp Tax Jurisdiction which is not
also a Stamp Tax Jurisdiction with respect to the other party. 
  

	5.	 Events of Default and Termination Events 

 (a)       Events of Default. The occurrence at any time with respect to a party or, if applicable, any Credit Support Provider of such party or
any Specified Entity of such party of any of the following events constitutes an event of default (an “Event of Default”) with respect to such party:— 

(i)    Failure to Pay or Deliver. Failure by the party to make, when due, any payment
under this Agreement or delivery under Section 2(a)(i) or 2(e) required to be made by it if such failure is not remedied on or before the third Local Business Day after notice of such failure is given to the party; 

(ii)    Breach of Agreement. Failure by the party to comply with or perform any
agreement or obligation (other than an obligation to make any payment under this Agreement or delivery under Section 2(a)(i) or 2(e) or to give notice of a Termination Event or any agreement or obligation under Section 4(a)(i), 4(a)(iii)
or 4(d)) to be complied with or performed by the party in accordance with this Agreement if such failure is not remedied on or before the thirtieth day after notice of such failure is given to the party; 

(iii)    Credit Support Default. 

(1)   Failure by the party or any Credit Support Provider of such party to comply with or perform any agreement
or obligation to be complied with or performed by it in accordance with any Credit Support Document if such failure is continuing after any applicable grace period has elapsed; 

(2)   the expiration or termination of such Credit Support Document or the failing or ceasing of such
Credit Support Document to be in full force and effect for the purpose of this Agreement (in either case other than in accordance with its terms) prior to the satisfaction of all obligations of such party under each Transaction to which such Credit
Support Document relates without the written consent of the other party; or 
 (3)   the party or
such Credit Support Provider disaffirms, disclaims, repudiates or rejects, in whole or in part, or challenges the validity of, such Credit Support Document; 
 (iv)     Misrepresentation. A representation (other than a representation under Section 3(e) or (f)) made or repeated or deemed to have been made or repeated by
the party or any Credit Support Provider of such party in this Agreement or any Credit Support Document proves to have been incorrect or misleading in any material respect when made or repeated or deemed to have been made or repeated; 

(v)     Default under Specified Transaction. The party, any Credit Support Provider
of such party or any applicable Specified Entity of such party (1) defaults under a Specified Transaction and, after giving effect to any applicable notice requirement or grace period, there occurs a liquidation of, an acceleration of
obligations under, or an early termination of, that Specified Transaction, (2) defaults, after giving effect to any applicable notice requirement or grace period, in making any payment or delivery due on the last payment, delivery or exchange
date of, or any payment on early termination of, a Specified Transaction (or such default continues for at least three Local Business Days if there is no applicable notice requirement or grace period) or (3) disaffirms, disclaims, repudiates or
rejects, in whole or in part, a Specified Transaction (or such action is taken by any person or entity appointed or empowered to operate it or act on its behalf); 

(vi)     Cross Default. If “Cross Default” is specified in the Schedule
as applying to the party, the occurrence or existence of (1) a default, event of default or other similar condition or event (however 

  

					
		 	5	 	ISDA® 1992

 described) in respect of such party, any Credit Support Provider of such
party or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) in an aggregate amount of not less than the applicable Threshold
Amount (as specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments, before it would otherwise have been due and
payable or (2) a default by such party, such Credit Support Provider or such Specified Entity (individually or collectively) in making one or more payments on the due date thereof in an aggregate amount of not less than the applicable Threshold
Amount under such agreements or instruments (after giving effect to any applicable notice requirement or grace period); 
 (vii)    Bankruptcy. The party, any Credit Support Provider of such party or any applicable Specified Entity of such party: — 

(1)   is dissolved (other than pursuant to a consolidation, amalgamation or merger); (2) becomes insolvent
or is unable to pay its debts or fails or admits in writing its inability generally to pay its debts as they become due; (3) makes a general assignment, arrangement or composition with or for the benefit of its creditors; (4) institutes or
has instituted against it a proceeding seeking a judgment of insolvency or bankruptcy or any other relief under any bankruptcy or insolvency law or other similar law affecting creditors’ rights, or a petition is presented for its winding-up or liquidation, and, in the case of any such proceeding or petition instituted or presented against it, such proceeding or petition (A) results in a judgment of insolvency or bankruptcy or the entry
of an order for relief or the making of an order for its winding-up or liquidation or (B) is not dismissed, discharged, stayed or restrained in each case within 30 days of the institution or presentation
thereof; (5) has a resolution passed for its winding-up, official management or liquidation (other than pursuant to a consolidation, amalgamation or merger); (6) seeks or becomes subject to the
appointment of an administrator, provisional liquidator, conservator, receiver, trustee, custodian or other similar official for it or for all or substantially all its assets; (7) has a secured party take possession of all or substantially all
its assets or has a distress, execution, attachment, sequestration or other legal process levied, enforced or sued on or against all or substantially all its assets and such secured party maintains possession, or any such process is not dismissed,
discharged, stayed or restrained, in each case within 30 days thereafter; (8) causes or is subject to any event with respect to it which, under the applicable laws of any jurisdiction, has an analogous effect to any of the events specified in
clauses (1) to (7) (inclusive); or (9) takes any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any of the foregoing acts; or 

(viii)    Merger Without Assumption. The party or any Credit Support Provider of such
party consolidates or amalgamates with, or merges with or into, or transfers all or substantially all its assets to, another entity and, at the time of such consolidation, amalgamation, merger or transfer: — 

(1)   the resulting, surviving or transferee entity fails to assume all the obligations of such party or such
Credit Support Provider under this Agreement or any Credit Support Document to which it or its predecessor was a party by operation of law or pursuant to an agreement reasonably satisfactory to the other party to this Agreement; or 

(2)   the benefits of any Credit Support Document fail to extend (without the consent of the other party)
to the performance by such resulting, surviving or transferee entity of its obligations under this Agreement. 

(b)       Termination Events. The occurrence at any time with respect to a party or, if
applicable, any Credit Support Provider of such party or any Specified Entity of such party of any event specified below constitutes an Illegality if the event is specified in (i) below, a Tax Event if the event is specified in (ii) below
or a Tax Event Upon Merger if the event is specified in (iii) below, and, if specified to be applicable, a Credit Event 

  

					
		 	6	 	ISDA® 1992

 
Upon Merger if the event is specified pursuant to (iv) below or an Additional Termination Event if the event is specified pursuant to (v) below:— 

(i)     Illegality. Due to the adoption of, or any change in, any applicable law after
the date on which a Transaction is entered into, or due to the promulgation of, or any change in, the interpretation by any court, tribunal or regulatory authority with competent jurisdiction of any applicable law after such date, it becomes
unlawful (other than as a result of a breach by the party of Section 4(b)) for such party (which will be the Affected Party): — 
 (1)   to perform any absolute or contingent obligation to make a payment or delivery or to receive a payment or delivery in respect of such Transaction or to comply with any other material
provision of this Agreement relating to such Transaction; or 
 (2)   to perform, or for any
Credit Support Provider of such party to perform, any contingent or other obligation which the party (or such Credit Support Provider) has under any Credit Support Document relating to such Transaction; 

(ii)     Tax Event. Due to (x) any action taken by a taxing authority, or
brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (y) a Change in Tax Law, the party
(which will be the Affected Party) will, or there is a substantial likelihood that it will, on the next succeeding Scheduled Payment Date (1) be required to pay to the other party an additional amount in respect of an Indemnifiable Tax under
Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or (2) receive a payment from which an amount is required to be deducted or withheld for or on account of a Tax (except in respect of interest
under Section 2(e), 6(d)(ii) or 6(e)) and no additional amount is required to be paid in respect of such Tax under Section 2(d)(i)(4) (other than by reason of Section 2(d)(i)(4)(A) or (B)); 

(iii)     Tax Event Upon Merger. The party (the “Burdened Party”) on the
next succeeding Scheduled Payment Date will either (1) be required to pay an additional amount in respect of an Indemnifiable Tax under Section 2(d)(i)(4) (except in respect of interest under Section 2(e), 6(d)(ii) or 6(e)) or
(2) receive a payment from which an amount has been deducted or withheld for or on account of any Indemnifiable Tax in respect of which the other party is not required to pay an additional amount (other than by reason of
Section 2(d)(i)(4)(A) or (B)), in either case as a result of a party consolidating or amalgamating with, or merging with or into, or transferring all or substantially all its assets to, another entity (which will be the Affected Party) where
such action does not constitute an event described in Section 5(a)(viii); 

(iv)     Credit Event Upon Merger. If “Credit Event Upon Merger” is
specified in the Schedule as applying to the party, such party (“X”), any Credit Support Provider of X or any applicable Specified Entity of X consolidates or amalgamates with, or merges with or into, or transfers all or substantially all
its assets to, another entity and such action does not constitute an event described in Section 5(a)(viii) but the creditworthiness of the resulting, surviving or transferee entity is materially weaker than that of X, such Credit Support
Provider or such Specified Entity, as the case may be, immediately prior to such action (and, in such event, X or its successor or transferee, as appropriate, will be the Affected Party); or 

(v)     Additional Termination Event. If any “Additional Termination
Event” is specified in the Schedule or any Confirmation as applying, the occurrence of such event (and, in such event, the Affected Party or Affected Parties shall be as specified for such Additional Termination Event in the Schedule or such
Confirmation). 
 (c)       Event of Default and Illegality. If an event or
circumstance which would otherwise constitute or give rise to an Event of Default also constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default. 

  

					
		 	7	 	ISDA® 1992

	6.	 Early Termination 

 (a)       Right to Terminate Following Event of Default. If at any time an Event of Default with respect to a party (the “Defaulting Party”) has
occurred and is then continuing, the other party (the “Non-defaulting Party”) may, by not more than 20 days notice to the Defaulting Party specifying the relevant Event of Default, designate a day not earlier than the day such notice is
effective as an Early Termination Date in respect of all outstanding Transactions. If, however, “Automatic Early Termination” is specified in the Schedule as applying to a party, then an Early Termination Date in respect of all outstanding
Transactions will occur immediately upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(1), (3), (5), (6) or, to the extent analogous thereto, (8), and as of the time immediately preceding
the institution of the relevant proceeding or the presentation of the relevant petition upon the occurrence with respect to such party of an Event of Default specified in Section 5(a)(vii)(4) or, to the extent analogous thereto, (8).

 (b)       Right to Terminate Following Termination Event. 

(i)     Notice. If a Termination Event occurs, an Affected Party will, promptly upon
becoming aware of it, notify the other party, specifying the nature of that Termination Event and each Affected Transaction and will also give such other information about that Termination Event as the other party may reasonably require. 

(ii)     Transfer to Avoid Termination Event. If either an Illegality under
Section 5(b)(i)(1) or a Tax Event occurs and there is only one Affected Party, or if a Tax Event Upon Merger occurs and the Burdened Party is the Affected Party, the Affected Party will, as a condition to its right to designate an Early
Termination Date under Section 6(b)(iv), use all reasonable efforts (which will not require such party to incur a loss, excluding immaterial, incidental expenses) to transfer within 20 days after it gives notice under Section 6(b)(i) all
its rights and obligations under this Agreement in respect of the Affected Transactions to another of its Offices or Affiliates so that such Termination Event ceases to exist. 

If the Affected Party is not able to make such a transfer it will give notice to the other party to that effect within
such 20 day period, whereupon the other party may effect such a transfer within 30 days after the notice is given under Section 6(b)(i). 
 Any such transfer by a party under this Section 6(b)(ii) will be subject to and conditional upon the prior written consent of the other party, which consent will not be withheld if such other
party’s policies in effect at such time would permit it to enter into transactions with the transferee on the terms proposed. 
 (iii)     Two Affected Parties. If an Illegality under Section 5(b)(i)(1) or a Tax Event occurs and there are two Affected Parties, each party will use all
reasonable efforts to reach agreement within 30 days after notice thereof is given under Section 6(b)(i) on action to avoid that Termination Event. 
 (iv)     Right to Terminate. If: — 
 (1)   a transfer under Section 6(b)(ii) or an agreement under Section 6(b)(iii), as the case may be, has not been effected with respect to all Affected Transactions within 30 days
after an Affected Party gives notice under Section 6(b)(i); or 
 (2)   an Illegality under
Section 5(b)(i)(2), a Credit Event Upon Merger or an Additional Termination Event occurs, or a Tax Event Upon Merger occurs and the Burdened Party is not the Affected Party, 

either party in the case of an Illegality, the Burdened Party in the case of a Tax Event Upon Merger, any Affected Party
in the case of a Tax Event or an Additional Termination Event if there is more than one Affected Party, or the party which is not the Affected Party in the case of a Credit Event Upon Merger or an Additional Termination Event if there is only one
Affected Party may, by not more than 20 days notice to the other party and provided that the relevant Termination Event is then 

  

					
		 	8	 	ISDA® 1992

 
continuing, designate a day not earlier than the day such notice is effective as an Early Termination Date in respect of all Affected Transactions. 

 

	(c)	 Effect of Designation. 

(i)     If notice designating an Early Termination Date is given under Section 6(a) or (b), the
Early Termination Date will occur on the date so designated, whether or not the relevant Event of Default or Termination Event is then continuing. 
 (ii)     Upon the occurrence or effective designation of an Early Termination Date, no further payments or deliveries under Section 2(a)(i) or 2(e) in respect of the Terminated
Transactions will be required to be made, but without prejudice to the other provisions of this Agreement. The amount, if any, payable in respect of an Early Termination Date shall be determined pursuant to Section 6(e). 

 

	(d)	 Calculations. 

 (i)     Statement. On or as soon as reasonably practicable following the occurrence of an Early Termination Date, each party will make the calculations on its part, if
any, contemplated by Section 6(e) and will provide to the other party a statement (1) showing, in reasonable detail, such calculations (including all relevant quotations and specifying any amount payable under Section 6(e)) and
(2) giving details of the relevant account to which any amount payable to it is to be paid. In the absence of written confirmation from the source of a quotation obtained in determining a Market Quotation, the records of the party obtaining
such quotation will be conclusive evidence of the existence and accuracy of such quotation. 

(ii)     Payment Date. An amount calculated as being due in respect of any Early
Termination Date under Section 6(e) will be payable on the day that notice of the amount payable is effective (in the case of an Early Termination Date which is designated or occurs as a result of an Event of Default) and on the day which is
two Local Business Days after the day on which notice of the amount payable is effective (in the case of an Early Termination Date which is designated as a result of a Termination Event). Such amount will be paid together with (to the extent
permitted under applicable law) interest thereon (before as well as after judgment) in the Termination Currency, from (and including) the relevant Early Termination Date to (but excluding) the date such amount is paid, at the Applicable Rate. Such
interest will be calculated on the basis of daily compounding and the actual number of days elapsed. 

(e)       Payments on Early Termination. If an Early Termination Date occurs, the following
provisions shall apply based on the parties’ election in the Schedule of a payment measure, either “Market Quotation” or “Loss”, and a payment method, either the “First Method” or the “Second Method”. If
the parties fail to designate a payment measure or payment method in the Schedule, it will be deemed that “Market Quotation” or the “Second Method”, as the case may be, shall apply. The amount, if any, payable in respect of an
Early Termination Date and determined pursuant to this Section will be subject to any Set-off. 
 (i)     Events of Default. If the Early Termination Date results from an Event of Default: — 

(1) First Method and Market Quotation. If the First Method and Market Quotation apply, the Defaulting Party will
pay to the Non-defaulting Party the excess, if a positive number, of (A) the sum of the Settlement Amount (determined by the Non-defaulting Party) in respect of the
Terminated Transactions and the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party over (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the
Defaulting Party. 
 (2)   First Method and Loss. If the First Method and Loss apply, the
Defaulting Party will pay to the Non-defaulting Party, if a positive number, the Non-defaulting Party’s Loss in respect of this Agreement. 

(3)   Second Method and Market Quotation. If the Second Method and Market Quotation apply, an amount will
be payable equal to (A) the sum of the Settlement Amount (determined by the 

  

					
		 	9	 	ISDA® 1992

 Non-defaulting Party) in respect of
the Terminated Transactions and the Termination Currency Equivalent of the Unpaid Amounts owing to the Non-defaulting Party less (B) the Termination Currency Equivalent of the Unpaid Amounts owing to the
Defaulting Party. If that amount is a positive number, the Defaulting Party will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party
will pay the absolute value of that amount to the Defaulting Party. 
 (4)   Second Method and
Loss. If the Second Method and Loss apply, an amount will be payable equal to the Non-defaulting Party’s Loss in respect of this Agreement. If that amount is a positive number, the Defaulting Party
will pay it to the Non-defaulting Party; if it is a negative number, the Non-defaulting Party will pay the absolute value of that amount to the Defaulting Party.

 (ii)     Termination Events. If the Early Termination Date results from a
Termination Event: — 
 (1)    One Affected Party. If there is one Affected Party, the
amount payable will be determined in accordance with Section 6(e)(i)(3), if Market Quotation applies, or Section 6(e)(i)(4), if Loss applies, except that, in either case, references to the Defaulting Party and to the Non-defaulting Party will be deemed to be references to the Affected Party and the party which is not the Affected Party, respectively, and, if Loss applies and fewer than all the Transactions are being terminated,
Loss shall be calculated in respect of all Terminated Transactions. 
 (2)    Two Affected
Parties. If there are two Affected Parties: — 
 (A) if Market Quotation applies, each party will
determine a Settlement Amount in respect of the Terminated Transactions, and an amount will be payable equal to (I) the sum of (a) one-half of the difference between the Settlement Amount of the
party with the higher Settlement Amount (“X”) and the Settlement Amount of the party with the lower Settlement Amount (“Y”) and (b) the Termination Currency Equivalent of the Unpaid Amounts owing to X less (II) the
Termination Currency Equivalent of the Unpaid Amounts owing to Y; and 
 (B) if Loss applies, each party
will determine its Loss in respect of this Agreement (or, if fewer than all the Transactions are being terminated, in respect of all Terminated Transactions) and an amount will be payable equal to one-half of
the difference between the Loss of the party with the higher Loss (“X”) and the Loss of the party with the lower Loss (“Y”). 
 If the amount payable is a positive number, Y will pay it to X; if it is a negative number, X will pay the absolute value of that amount to Y. 

(iii)     Adjustment for Bankruptcy. In circumstances where an Early Termination Date
occurs because “Automatic Early Termination” applies in respect of a party, the amount determined under this Section 6(e) will be subject to such adjustments as are appropriate and permitted by law to reflect any payments or
deliveries made by one party to the other under this Agreement (and retained by such other party) during the period from the relevant Early Termination Date to the date for payment determined under Section 6(d)(ii). 

(iv)    Pre-Estimate. The parties agree that if
Market Quotation applies an amount recoverable under this Section 6(e) is a reasonable pre-estimate of loss and not a penalty. Such amount is payable for the loss of bargain and the loss of protection
against future risks and except as otherwise provided in this Agreement neither party will be entitled to recover any additional damages as a consequence of such losses. 

  

					
		 	10	 	ISDA® 1992

	7.	 Transfer 

 Subject to Section 6(b)(ii), neither this Agreement nor any interest or obligation in or under this Agreement may be transferred (whether by way of security or otherwise) by either party without the
prior written consent of the other party, except that: — 
 (a)       a party may make such a
transfer of this Agreement pursuant to a consolidation or amalgamation with, or merger with or into, or transfer of all or substantially all its assets to, another entity (but without prejudice to any other right or remedy under this Agreement); and

 (b)       a party may make such a transfer of all or any part of its interest in any amount
payable to it from a Defaulting Party under Section 6(e). 
 Any purported transfer that is not in compliance with this
Section will be void. 
  

	8.	 Contractual Currency 

 (a)       Payment in the Contractual Currency. Each payment under this Agreement will be made in the relevant currency specified in this Agreement for that
payment (the “Contractual Currency”). To the extent permitted by applicable law, any obligation to make payments under this Agreement in the Contractual Currency will not be discharged or satisfied by any tender in any currency other than
the Contractual Currency, except to the extent such tender results in the actual receipt by the party to which payment is owed, acting in a reasonable manner and in good faith in converting the currency so tendered into the Contractual Currency, of
the full amount in the Contractual Currency of all amounts payable in respect of this Agreement. If for any reason the amount in the Contractual Currency so received falls short of the amount in the Contractual Currency payable in respect of this
Agreement, the party required to make the payment will, to the extent permitted by applicable law, immediately pay such additional amount in the Contractual Currency as may be necessary to compensate for the shortfall. If for any reason the amount
in the Contractual Currency so received exceeds the amount in the Contractual Currency payable in respect of this Agreement, the party receiving the payment will refund promptly the amount of such excess. 

(b)      Judgments. To the extent permitted by applicable law, if any judgment or order
expressed in a currency other than the Contractual Currency is rendered (i) for the payment of any amount owing in respect of this Agreement, (ii) for the payment of any amount relating to any early termination in respect of this Agreement
or (iii) in respect of a judgment or order of another court for the payment of any amount described in (i) or (ii) above, the party seeking recovery, after recovery in full of the aggregate amount to which such party is entitled
pursuant to the judgment or order, will be entitled to receive immediately from the other party the amount of any shortfall of the Contractual Currency received by such party as a consequence of sums paid in such other currency and will refund
promptly to the other party any excess of the Contractual Currency received by such party as a consequence of sums paid in such other currency if such shortfall or such excess arises or results from any variation between the rate of exchange at
which the Contractual Currency is converted into the currency of the judgment or order for the purposes of such judgment or order and the rate of exchange at which such party is able, acting in a reasonable manner and in good faith in converting the
currency received into the Contractual Currency, to purchase the Contractual Currency with the amount of the currency of the judgment or order actually received by such party. The term “rate of exchange” includes, without limitation, any
premiums and costs of exchange payable in connection with the purchase of or conversion into the Contractual Currency. 

(c)       Separate Indemnities. To the extent permitted by applicable law, these indemnities
constitute separate and independent obligations from the other obligations in this Agreement, will be enforceable as separate and independent causes of action, will apply notwithstanding any indulgence granted by the party to which any payment is
owed and will not be affected by judgment being obtained or claim or proof being made for any other sums payable in respect of this Agreement. 
 (d)       Evidence of Loss. For the purpose of this Section 8, it will be sufficient for a party to demonstrate that it would have suffered a loss had an
actual exchange or purchase been made. 

  

					
		 	11	 	ISDA® 1992

	9.	 Miscellaneous 

 (a)       Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter and supersedes
all oral communication and prior writings with respect thereto. 
 (b)      
Amendments. No amendment, modification or waiver in respect of this Agreement will be effective unless in writing (including a writing evidenced by a facsimile transmission) and executed by each of the parties or confirmed by an
exchange of telexes or electronic messages on an electronic messaging system. 

(c)       Survival of Obligations. Without prejudice to Sections 2(a)(iii) and 6(c)(ii),
the obligations of the parties under this Agreement will survive the termination of any Transaction. 

(d)       Remedies Cumulative. Except as provided in this Agreement, the rights, powers,
remedies and privileges provided in this Agreement are cumulative and not exclusive of any rights, powers, remedies and privileges provided by law. 
  

	(e)      	 Counterparts and Confirmations. 

(i) This Agreement (and each amendment, modification and waiver in respect of it) may be executed and delivered in
counterparts (including by facsimile transmission), each of which will be deemed an original. 
 (ii) The parties
intend that they are legally bound by the terms of each Transaction from the moment they agree to those terms (whether orally or otherwise). A Confirmation shall be entered into as soon as practicable and may be executed and delivered in
counterparts (including by facsimile transmission) or be created by an exchange of telexes or by an exchange of electronic messages on an electronic messaging system, which in each case will be sufficient for all purposes to evidence a binding
supplement to this Agreement. The parties will specify therein or through another effective means that any such counterpart, telex or electronic message constitutes a Confirmation. 

(f)       No Waiver of Rights. A failure or delay in exercising any right, power or privilege
in respect of this Agreement will not be presumed to operate as a waiver, and a single or partial exercise of any right, power or privilege will not be presumed to preclude any subsequent or further exercise, of that right, power or privilege or the
exercise of any other right, power or privilege. 
 (g)       Headings. The headings
used in this Agreement are for convenience of reference only and are not to affect the construction of or to be taken into consideration in interpreting this Agreement. 
  

	10.	 Offices; Multibranch Parties 

 (a)       If Section 10(a) is specified in the Schedule as applying, each party that enters into a Transaction through an Office other than its head or home office
represents to the other party that, notwithstanding the place of booking office or jurisdiction of incorporation or organisation of such party, the obligations of such party are the same as if it had entered into the Transaction through its head or
home office. This representation will be deemed to be repeated by such party on each date on which a Transaction is entered into. 
 (b)       Neither party may change the Office through which it makes and receives payments or deliveries for the purpose of a Transaction without the prior written consent of
the other party. 
 (c)       If a party is specified as a Multibranch Party in the Schedule, such
Multibranch Party may make and receive payments or deliveries under any Transaction through any Office listed in the Schedule, and the Office through which it makes and receives payments or deliveries with respect to a Transaction will be specified
in the relevant Confirmation. 
  

	11.	 Expenses 

 A Defaulting Party will, on demand, indemnify and hold harmless the other party for and against all reasonable out-of-pocket
expenses, including legal fees and Stamp Tax, incurred by such other party by reason of the enforcement and protection of its rights under this Agreement or any Credit Support Document 

  

					
		 	12	 	ISDA® 1992

 
to which the Defaulting Party is a party or by reason of the early termination of any Transaction, including, but not limited to, costs of collection. 

 

	12.	 Notices 

 (a)       Effectiveness. Any notice or other communication in respect of this Agreement may be given in any manner set forth below (except that a notice or
other communication under Section 5 or 6 may not be given by facsimile transmission or electronic messaging system) to the address or number or in accordance with the electronic messaging system details provided (see the Schedule) and will be
deemed effective as indicated:— 
 (i)     if in writing and delivered in person or by
courier, on the date it is delivered; 
 (ii)     if sent by telex, on the date the
recipient’s answerback is received; 
 (iii)     if sent by facsimile transmission,
on the date that transmission is received by a responsible employee of the recipient in legible form (it being agreed that the burden of proving receipt will be on the sender and will not be met by a transmission report generated by the
sender’s facsimile machine); 
 (iv)     if sent by certified or registered mail
(airmail, if overseas) or the equivalent (return receipt requested), on the date that mail is delivered or its delivery is attempted; or 
 (v)     if sent by electronic messaging system, on the date that electronic message is received, 
 unless the date of that delivery (or attempted delivery) or that receipt, as applicable, is not a Local Business Day or that communication is delivered (or attempted) or received, as applicable, after the
close of business on a Local Business Day, in which case that communication shall be deemed given and effective on the first following day that is a Local Business Day. 
 (b)       Change of Addresses. Either party may by notice to the other change the address, telex or facsimile number or electronic messaging system details at
which notices or other communications are to be given to it. 
  

	13.	 Governing Law and Jurisdiction 

 (a)       Governing Law. This Agreement will be governed by and construed in accordance with the law specified in the Schedule. 

(b)       Jurisdiction. With respect to any suit, action or proceedings relating to this
Agreement (“Proceedings”), each party irrevocably:— 
 (i)     submits to the
jurisdiction of the English courts, if this Agreement is expressed to be governed by English law, or to the non-exclusive jurisdiction of the courts of the State of New York and the United States District
Court located in the Borough of Manhattan in New York City, if this Agreement is expressed to be governed by the laws of the State of New York; and 
 (ii)     waives any objection which it may have at any time to the laying of venue of any Proceedings brought in any such court, waives any claim that such Proceedings have been
brought in an inconvenient forum and further waives the right to object, with respect to such Proceedings, that such court does not have any jurisdiction over such party. 
 Nothing in this Agreement precludes either party from bringing Proceedings in any other jurisdiction (outside, if this Agreement is expressed to be governed by English law, the Contracting States, as
defined in Section 1(3) of the Civil Jurisdiction and Judgments Act 1982 or any modification, extension or re-enactment thereof for the time being in force) nor will the bringing of Proceedings in any one
or more jurisdictions preclude the bringing of Proceedings in any other jurisdiction. 
 (c)      
Service of Process. Each party irrevocably appoints the Process Agent (if any) specified opposite its name in the Schedule to receive, for it and on its behalf, service of process in any Proceedings. If for any

  

					
		 	13	 	ISDA® 1992

 
reason any party’s Process Agent is unable to act as such, such party will promptly notify the other party and within 30 days appoint a substitute process agent acceptable to the other
party. The parties irrevocably consent to service of process given in the manner provided for notices in Section 12. Nothing in this Agreement will affect the right of either party to serve process in any other manner permitted by law.

 (d)       Waiver of Immunities. Each party irrevocably waives, to the fullest
extent permitted by applicable law, with respect to itself and its revenues and assets (irrespective of their use or intended use), all immunity on the grounds of sovereignty or other similar grounds from (i) suit, (ii) jurisdiction of any
court, (iii) relief by way of injunction, order for specific performance or for recovery of property, (iv) attachment of its assets (whether before or after judgment) and (v) execution or enforcement of any judgment to which it or its
revenues or assets might otherwise be entitled in any Proceedings in the courts of any jurisdiction and irrevocably agrees, to the extent permitted by applicable law, that it will not claim any such immunity in any Proceedings. 

 

	14.	 Definitions 

 As used in this Agreement:— 
 “Additional Termination
Event” has the meaning specified in Section 5(b).  
 “Affected Party”
has the meaning specified in Section 5(b). 
 “Affected Transactions” means (a) with respect to
any Termination Event consisting of an Illegality, Tax Event or Tax Event Upon Merger, all Transactions affected by the occurrence of such Termination Event and (b) with respect to any other Termination Event, all Transactions. 

“Affiliate” means, subject to the Schedule, in relation to any person, any entity controlled, directly or
indirectly, by the person, any entity that controls, directly or indirectly, the person or any entity directly or indirectly under common control with the person. For this purpose, “control” of any entity or person means ownership of a
majority of the voting power of the entity or person. 
 “Applicable Rate” means:— 

(a)       in respect of obligations payable or deliverable (or which would have been but for
Section 2(a)(iii)) by a Defaulting Party, the Default Rate; 
 (b)       in respect of an
obligation to pay an amount under Section 6(e) of either party from and after the date (determined in accordance with Section 6(d)(ii)) on which that amount is payable, the Default Rate; 

(c)       in respect of all other obligations payable or deliverable (or which would have been but for
Section 2(a)(iii)) by a Non-defaulting Party, the Non-default Rate; and 
 (d)       in all other cases, the Termination Rate. 
 “Burdened Party” has the meaning specified in Section 5(b). 
 “Change in Tax Law” means the enactment, promulgation, execution or ratification of, or any change in or amendment to, any law (or in the application or official interpretation of
any law) that occurs on or after the date on which the relevant Transaction is entered into. 
 “consent”
includes a consent, approval, action, authorisation, exemption, notice, filing, registration or exchange control consent. 

“Credit Event Upon Merger” has the meaning specified in Section 5(b). 

“Credit Support Document” means any agreement or instrument that is specified as such in this Agreement.

 “Credit Support Provider” has the meaning specified in the Schedule. 

“Default Rate” means a rate per annum equal to the cost (without proof or evidence of any actual cost) to the
relevant payee (as certified by it) if it were to fund or of funding the relevant amount plus 1% per annum. 

  

					
		 	14	 	ISDA® 1992

 “Defaulting Party” has the meaning specified in Section 6(a).

 “Early Termination Date” means the date determined in accordance with Section 6(a) or 6(b)(iv).

 “Event of Default” has the meaning specified in Section 5(a) and, if applicable, in the Schedule.
 
 “Illegality” has the meaning specified in Section 5(b). 

“Indemnifiable Tax” means any Tax other than a Tax that would not be imposed in respect of a payment under this
Agreement but for a present or former connection between the jurisdiction of the government or taxation authority imposing such Tax and the recipient of such payment or a person related to such recipient (including, without limitation, a connection
arising from such recipient or related person being or having been a citizen or resident of such jurisdiction, or being or having been organised, present or engaged in a trade or business in such jurisdiction, or having or having had a permanent
establishment or fixed place of business in such jurisdiction, but excluding a connection arising solely from such recipient or related person having executed, delivered, performed its obligations or received a payment under, or enforced, this
Agreement or a Credit Support Document). 
 “law” includes any treaty, law, rule or regulation (as
modified, in the case of tax matters, by the practice of any relevant governmental revenue authority) and “lawful” and “unlawful” will be construed accordingly. 

“Local Business Day” means, subject to the Schedule, a day on which commercial banks are open for business
(including dealings in foreign exchange and foreign currency deposits) (a) in relation to any obligation under Section 2(a)(i), in the place(s) specified in the relevant Confirmation or, if not so specified, as otherwise agreed by the
parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) in relation to any other payment, in the place where the relevant account is located and, if different, in the principal
financial centre, if any, of the currency of such payment, (c) in relation to any notice or other communication, including notice contemplated under Section 5(a)(i), in the city specified in the address for notice provided by the recipient
and, in the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (d) in relation to Section 5(a)(v)(2), in the relevant locations for performance with respect to such
Specified Transaction. 
 “Loss” means, with respect to this Agreement or one or more Terminated
Transactions, as the case may be, and a party, the Termination Currency Equivalent of an amount that party reasonably determines in good faith to be its total losses and costs (or gain, in which case expressed as a negative number) in connection
with this Agreement or that Terminated Transaction or group of Terminated Transactions, as the case may be, including any loss of bargain, cost of funding or, at the election of such party but without duplication, loss or cost incurred as a result
of its terminating, liquidating, obtaining or reestablishing any hedge or related trading position (or any gain resulting from any of them). Loss includes losses and costs (or gains) in respect of any payment or delivery required to have been made
(assuming satisfaction of each applicable condition precedent) on or before the relevant Early Termination Date and not made, except, so as to avoid duplication, if Section 6(e)(i)(1) or (3) or 6(e)(ii)(2)(A) applies. Loss does not include
a party’s legal fees and out-of-pocket expenses referred to under Section 11. A party will determine its Loss as of the relevant Early Termination Date, or, if
that is not reasonably practicable, as of the earliest date thereafter as is reasonably practicable. A party may (but need not) determine its Loss by reference to quotations of relevant rates or prices from one or more leading dealers in the
relevant markets. 
 “Market Quotation” means, with respect to one or more Terminated Transactions and a
party making the determination, an amount determined on the basis of quotations from Reference Market-makers. Each quotation will be for an amount, if any, that would be paid to such party (expressed as a negative number) or by such party (expressed
as a positive number) in consideration of an agreement between such party (taking into account any existing Credit Support Document with respect to the obligations of such party) and the quoting Reference Market-maker to enter into a transaction
(the “Replacement Transaction”) that would have the effect of preserving for such party the economic equivalent of any payment or delivery (whether the underlying obligation was absolute or contingent and assuming the satisfaction of each
applicable condition precedent) by the parties under Section 2(a)(i) in respect of such Terminated Transaction or group of Terminated Transactions that would, but for the occurrence of the relevant Early Termination Date, have

  

					
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been required after that date. For this purpose, Unpaid Amounts in respect of the Terminated Transaction or group of Terminated Transactions are to be excluded but, without limitation, any
payment or delivery that would, but for the relevant Early Termination Date, have been required (assuming satisfaction of each applicable condition precedent) after that Early Termination Date is to be included. The Replacement Transaction would be
subject to such documentation as such party and the Reference Market-maker may, in good faith, agree. The party making the determination (or its agent) will request each Reference Market-maker to provide its quotation to the extent reasonably
practicable as of the same day and time (without regard to different time zones) on or as soon as reasonably practicable after the relevant Early Termination Date. The day and time as of which those quotations are to be obtained will be selected in
good faith by the party obliged to make a determination under Section 6(e), and, if each party is so obliged, after consultation with the other. If more than three quotations are provided, the Market Quotation will be the arithmetic mean of the
quotations, without regard to the quotations having the highest and lowest values. If exactly three such quotations are provided, the Market Quotation will be the quotation remaining after disregarding the highest and lowest quotations. For this
purpose, if more than one quotation has the same highest value or lowest value, then one of such quotations shall be disregarded. If fewer than three quotations are provided, it will be deemed that the Market Quotation in respect of such Terminated
Transaction or group of Terminated Transactions cannot be determined. 
 “Non-default Rate” means a rate
per annum equal to the cost (without proof or evidence of any actual cost) to the Non-defaulting Party (as certified by it) if it were to fund the relevant amount. 

“Non-defaulting Party” has the meaning specified in Section 6(a). 
 “Office” means a branch or office of a party, which may be such party’s head or home office. 
 “Potential Event of Default” means any event which, with the giving of notice or the lapse of time or both, would constitute an Event of Default. 

“Reference Market-makers” means four leading dealers in the relevant market selected by the party determining a
Market Quotation in good faith (a) from among dealers of the highest credit standing which satisfy all the criteria that such party applies generally at the time in deciding whether to offer or to make an extension of credit and (b) to the
extent practicable, from among such dealers having an office in the same city. 
 “Relevant Jurisdiction”
means, with respect to a party, the jurisdictions (a) in which the party is incorporated, organised, managed and controlled or considered to have its seat, (b) where an Office through which the party is acting for purposes of this
Agreement is located, (c) in which the party executes this Agreement and (d) in relation to any payment, from or through which such payment is made. 
 “Scheduled Payment Date” means a date on which a payment or delivery is to be made under Section 2(a)(i) with respect to a Transaction. 

“Set-off” means set-off, offset, combination of accounts, right of
retention or withholding or similar right or requirement to which the payer of an amount under Section 6 is entitled or subject (whether arising under this Agreement, another contract, applicable law or otherwise) that is exercised by, or
imposed on, such payer. 
 “Settlement Amount” means, with respect to a party and any Early Termination
Date, the sum of: — 
 (a)    the Termination Currency Equivalent of the Market Quotations (whether
positive or negative) for each Terminated Transaction or group of Terminated Transactions for which a Market Quotation is determined; and 
 (b)    such party’s Loss (whether positive or negative and without reference to any Unpaid Amounts) for each Terminated Transaction or group of Terminated Transactions for which a
Market Quotation cannot be determined or would not (in the reasonable belief of the party making the determination) produce a commercially reasonable result. 
 “Specified Entity” has the meanings specified in the Schedule. 

  

					
		 	16	 	ISDA® 1992

 “Specified Indebtedness” means, subject to the Schedule, any
obligation (whether present or future, contingent or otherwise, as principal or surety or otherwise) in respect of borrowed money. 
 “Specified Transaction” means, subject to the Schedule, (a) any transaction (including an agreement with respect thereto) now existing or hereafter entered into between one
party to this Agreement (or any Credit Support Provider of such party or any applicable Specified Entity of such party) and the other party to this Agreement (or any Credit Support Provider of such other party or any applicable Specified Entity of
such other party) which is a rate swap transaction, basis swap, forward rate transaction, commodity swap, commodity option, equity or equity index swap, equity or equity index option, bond option, interest rate option, foreign exchange transaction,
cap transaction, floor transaction, collar transaction, currency swap transaction, cross-currency rate swap transaction, currency option or any other similar transaction (including any option with respect to any of these transactions), (b) any
combination of these transactions and (c) any other transaction identified as a Specified Transaction in this Agreement or the relevant confirmation. 
 “Stamp Tax” means any stamp, registration, documentation or similar tax. 
 “Tax” means any present or future tax, levy, impost, duty, charge, assessment or fee of any nature (including interest, penalties and additions thereto) that is imposed by any
government or other taxing authority in respect of any payment under this Agreement other than a stamp, registration, documentation or similar tax. 
 “Tax Event” has the meaning specified in Section 5(b). 

“Tax Event Upon Merger” has the meaning specified in Section 5(b). 

“Terminated Transactions” means with respect to any Early Termination Date (a) if resulting from a
Termination Event, all Affected Transactions and (b) if resulting from an Event of Default, all Transactions (in either case) in effect immediately before the effectiveness of the notice designating that Early Termination Date (or, if
“Automatic Early Termination” applies, immediately before that Early Termination Date). 
 “Termination
Currency” has the meaning specified in the Schedule. 
 “Termination Currency Equivalent”
means, in respect of any amount denominated in the Termination Currency, such Termination Currency amount and, in respect of any amount denominated in a currency other than the Termination Currency (the “Other Currency”), the amount in the
Termination Currency determined by the party making the relevant determination as being required to purchase such amount of such Other Currency as at the relevant Early Termination Date, or, if the relevant Market Quotation or Loss (as the case may
be), is determined as of a later date, that later date, with the Termination Currency at the rate equal to the spot exchange rate of the foreign exchange agent (selected as provided below) for the purchase of such Other Currency with the Termination
Currency at or about 11:00 a.m. (in the city in which such foreign exchange agent is located) on such date as would be customary for the determination of such a rate for the purchase of such Other Currency for value on the relevant Early Termination
Date or that later date. The foreign exchange agent will, if only one party is obliged to make a determination under Section 6(e), be selected in good faith by that party and otherwise will be agreed by the parties. 

“Termination Event” means an Illegality, a Tax Event or a Tax Event Upon Merger or, if specified to be applicable,
a Credit Event Upon Merger or an Additional Termination Event. 
 “Termination Rate” means a rate per
annum equal to the arithmetic mean of the cost (without proof or evidence of any actual cost) to each party (as certified by such party) if it were to fund or of funding such amounts. 

“Unpaid Amounts” owing to any party means, with respect to an Early Termination Date, the aggregate of (a) in
respect of all Terminated Transactions, the amounts that became payable (or that would have become payable but for Section 2(a)(iii)) to such party under Section 2(a)(i) on or prior to such Early Termination Date and which remain unpaid as
at such Early Termination Date and (b) in respect of each Terminated Transaction, for each obligation under Section 2(a)(i) which was (or would have been but for Section 2(a)(iii)) required to be settled by delivery to such party on
or prior to such Early Termination Date and which has not been so settled as at such Early Termination Date, an amount equal to the fair market 

  

					
		 	17	 	ISDA® 1992

 
value of that which was (or would have been) required to be delivered as of the originally scheduled date for delivery, in each case together with (to the extent permitted under applicable law)
interest, in the currency of such amounts, from (and including) the date such amounts or obligations were or would have been required to have been paid or performed to (but excluding) such Early Termination Date, at the Applicable Rate. Such amounts
of interest will be calculated on the basis of daily compounding and the actual number of days elapsed. The fair market value of any obligation referred to in clause (b) above shall be reasonably determined by the party obliged to make the
determination under Section 6(e) or, if each party is so obliged, it shall be the average of the Termination Currency Equivalents of the fair market values reasonably determined by both parties. 

IN WITNESS WHEREOF the parties have executed this document on the respective dates specified below with effect from the date specified on
the first page of this document. 
  
  

									
	 Macquarie Bank Limited
 ABN 46 008 583 542
	  		  	 Perpetual Trustee Company Limited
 ABN 42 000 001 007

					
	 By:
	 	 /s/ Kevin Lee
	  		  	 By:
	  	 /s/ Hagbarth Strom

	 Name:
	 	 Kevin Lee
	  		  	 Name:
	  	 Hagbarth Strom

	 Title:
	 	 Division Director
	  		  	 Title:
	  	 Senior Transaction Manager

					
	 By:
	 	 /s/ Kristen Adler
	  		  	 By:
	  	 /s/ Eugene Tee

	 Name:
	 	 Kristen Adler
	  		  	 Name:
	  	 Eugene Tee

	 Title:
	 	 Associate Director
	  		  	 Title:
	  	 Manager

	 Date:
	 	 16/10/15
	  		  	 Date:
	  	 15/10/15

  

			
	 Macquarie Securities Management Pty Limited

ABN 26 003 435 443

		
	 By:
	 	 /s/ Kevin Lee

	 Name:
	 	 Kevin Lee

	 Title:
	 	 Division Director

		
	 By:
	 	 /s/ Kristen Adler

	 Name:
	 	 Kristen Adler

	 Title:
	 	 Associate Director

	 Date:
	 	 16/10/15

  

					
		 	18	 	ISDA® 1992

 SCHEDULE 
 to the 
 ISDA MASTER AGREEMENT 

dated as of 15 October 2015 between 
 Macquarie Bank Limited 
 ABN 46 008 583 542 (“MBL”
and hereinafter 
 included in the expression “Party A”) 

and 

Perpetual Trustee Company Limited 
 ABN 42 000 001 007 
 in its capacity as trustee of the SMART ABS Series
2015-3US Trust 
 (“Party B”) 

and 

Macquarie Securities Management Pty Limited 
 ABN 26 003 435 443 
 (the “Manager”)

 Part 1. Termination Provisions 
  

	(a)	 “Specified Entity” in relation to 

  

	 	(i)	 Party A, is not applicable; and 

  

	 	(ii)	 Party B, is not applicable. 

  

	(b)	 “Specified Transaction” means - not applicable. 

 

									
	 (c)
	 	 (i)
	  	 The following provisions of Section 5 will not apply to Party A:

			
		 		  	 Section 5(a)(v)

			
		 	 (ii)
	  	 The following provisions of Section 5 will not apply to Party B:

					
		 		  	 Section 5(a)(ii)
	 	 Section 5(a)(vi)
	 	 Section 5(b)(ii)

		 		  	 Section 5(a)(iii)
	 	 Section 5(a)(vii)
	 	 Section 5(b)(iii)

		 		  	 Section 5(a)(iv)
	 	 Section 5(a)(viii)
	 	 Section 5(b)(iv)

		 		  	 Section 5(a)(v)
	 		 	

  

	(d)	 The “Automatic Early Termination” provisions of Section 6(a) will not apply. 

 

	(e)	 “Payments on Early Termination.” For the purpose of Section 6(e) of this Agreement: 

 

	 	(i)	 Market Quotation will apply; and 

  

	 	(ii)	 the Second Method will apply. 

  
 19 

	(f)	 “Termination Currency” means, unless otherwise specified in the Confirmation in relation to the Transaction, Australian dollars.

  

	(g)	 “Additional Termination Event” will apply. An Additional Termination Event will occur if the Master Security Trust Deed is enforced
pursuant to clause 9 of the Master Security Trust Deed in relation to a Transaction in relation to the Series Trust. Party A and Party B are each Affected Parties in relation to this Additional Termination Event provided that for the purposes of
calculating the amount of a payment under Section 6(e) where an Early Termination Date has resulted from that Additional Termination Event, Party B is the only Affected Party. 

Part 2. Tax Representations 
  

	(a)	 Payer Representations. For the purpose of Section 3(e) of this Agreement, Party A and Party B each make the following
representation in respect of itself: 

 It is not required by any applicable law, as modified
by the practice of any relevant governmental revenue authority, of any Relevant Jurisdiction to make any deduction or withholding for or on account of any Tax from any payment (other than interest under Section 2(e), 6(d)(ii) or 6(e) of this
Agreement) to be made by it to any other party under this Agreement. In making this representation, it may rely on: 
  

	 	(i)	 the accuracy of any representations made by the other party pursuant to Section 3(f) of this Agreement; 

 

	 	(ii)	 the satisfaction of the agreement contained in Section 4(a)(i) or 4(a)(iii) of this Agreement and the accuracy and effectiveness of any
document provided by the other party pursuant to Section 4(a)(i) or 4(a)(iii) of this Agreement; and 

  

	 	(iii)	 the satisfaction of the agreement of the other party contained in Section 4(d) of this Agreement, 

provided that it shall not be a breach of this representation where reliance is placed on clause (ii) and the other
party does not deliver a form or document under Section 4(a)(iii) by reason of material prejudice to its legal or commercial position. 
  

	(b)	 Payee Representations. For the purpose of Section 3(f) of this Agreement, Party A and Party B will each make the following
representation in respect of itself: 

 It is an Australian resident and does not derive the
payments under this Agreement in part or whole in carrying on business in a country outside Australia at or through a permanent establishment of itself in that country. 
 Part 3. Agreement to Deliver Documents 
 For the purpose of
Sections 4(a)(i) and (ii) of this Agreement, each party agrees to deliver to each other party the following documents, as applicable: 

  
 20 

	(a)	 Tax forms, documents or certificates to be delivered are: 

 

							
		 	 Party required to deliver document
	  	 Form/Document/Certificate
	  	 Date by which to be delivered

				
		 	 Party A and Party B
	  	 Any document or certificate reasonably required or reasonably requested by a Party in connection with its obligations to make a payment under this Agreement
which would enable that Party to make the payment free from any deduction or withholding for or on account of Tax or which would reduce the rate at which deduction or withholding for or on account of Tax is applied to that payment.
	  	 On the earlier of (a) learning that such document or certificate is required and (b) as soon as reasonably practicable following a request by a
party.

  

	(b)	 Other documents to be delivered are: 

  

							
		 	 Party required to deliver document
	  	 Form/Document/Certificate
	  	 Date by which to be delivered

				
		 	 The Manager on behalf of Party B
	  	 A legal opinion as to the validity and enforceability of that party’s obligations under this Agreement and the Transaction Documents and as to the due
incorporation of Party B in form and substance (and issued by legal counsel) reasonably acceptable to Party A.
	  	 On, or at any time prior to, the first Closing Date after the execution of this Agreement.

				
		 	 Party A, Party B and the Manager
	  	 A copy of a list of authorised signatories for that party and evidence satisfactory in form and substance to the other parties of the authority of the authorised
signatories of that party to execute this Agreement and any Confirmation on behalf of that party or, if this Agreement or any Confirmation is to be executed by way of a power of attorney, a copy of that power of attorney.
	  	 On the execution of this Agreement, and if requested by the other parties, on the execution of any Confirmation.

  
 21 

							
				
		 	 Party A
	  	 The information relating to Party A required, in the Manager’s reasonable judgment, to be disclosed pursuant to Item 1115(a) of Regulation
AB.
	  	 Prior to printing the Preliminary Prospectus, and thereafter, in accordance with Part 5.B(13).

				
		 	 The Manager on behalf of Party B
	  	 A copy to Party A of each Transaction Document in relation to the Series Trust and (without limiting any obligation Party B may have under the terms of such
Transaction Document, as the case may be, to notify Party A of amendments) a copy of any document that amends in any way the terms of that Transaction Document.
	  	 Before the Effective Date of the first occurring Transaction and in the case of any amending documents entered into subsequent to that date, promptly after each
amending document (if any) has been entered into.

				
		 	 The Manager on behalf of Party B
	  	 A copy of the annual audited financial statements for the Series Trust to Party A.
	  	 Within 120 days after the close of the financial year for the Series Trust.

				
		 	 The Manager
	  	 A copy of all monthly management reports for the Series Trust.
	  	 On request from Party A.

 Other than the legal opinions referred to in this Part 3(b), all documents delivered
under this Part 3(b) are covered by the Section 3(d) representation. 
 Part 4. Miscellaneous 

 

	(a)	 Addresses for Notices. For the purpose of Section 12(a) of this Agreement:— 

Address for notices or communications to Party A: 

 

									
		 	 Address:
	 	 50 Martin Place, Sydney NSW 2000
	 	
					
		 	 Attention:
	 	 Manager, Securitisation
	  		 	
					
		 	 Facsimile No:
	 	 +612 8232 8344
	  	 Telephone No:
	 	 +612 8232 3333

 Address for notices or communications to Party B: 

 

									
		 	 Address:
	 	 Level 12, Angel Place, 123 Pitt Street, Sydney NSW 2000

			
		 	 Attention:
	 	 Manager, Transaction Management, Capital Markets Fiduciary Services

					
		 	 Email:
	 	 SecuritisationOps@perpetual.com.au
	  		 	
					
		 	 Telephone No:
	 	 +612 9229 9000
	  		 	

  
 22 

 Address for notices or communications to the Manager: 

 

									
		 	 Address:
	 	 50 Martin Place, Sydney NSW 2000
	 	
					
		 	 Attention:
	 	 Manager, Securitisation
	  		 	
					
		 	 Facsimile No:
	 	 +612 8232 8344
	  	 Telephone No:
	 	 +612 8232 3333

  

	(b)	 Process Agent. For the purpose of Section 13(c) of this Agreement: 

Party A appoints as its Process Agent - Not Applicable 

Party B appoints as its Process Agent - Not Applicable 

 

	(c)	 Offices. The provisions of Section 10(a) will not apply to this Agreement. 

 

	(d)	 Multibranch Party. For the purpose of Section 10(c) of this Agreement: 

Party A is not a Multibranch Party. 

Party B is not a Multibranch Party. 
  

	(e)	 Calculation Agent. The Calculation Agent is Party A, unless otherwise specified in a Confirmation in relation to the relevant Transaction. If
at any time an Event of Default is continuing with respect to Party A, then the Manager or independent third party selected by the Manager will act as Calculation Agent. 

 

	(f)	 Credit Support Document. Details of any Credit Support Document: 

 

	 	(i)	 In relation to Party A: any guarantee provided by an Eligible Replacement in respect of the obligations of Party A under the Transaction pursuant to
Part 5.B(2)(a)(i). 

  

	 	(ii)	 In relation to Party B: the Master Security Trust Deed and the General Security Deed. 

 

	(g)	 Credit Support Provider. 

  

	 	(i)	 In relation to Party A: Not Applicable. 

  

	 	(ii)	 In relation to Party B: Not Applicable. 

  

	(h)	 Governing Law. This Agreement will be governed by and construed in accordance with the law of New South Wales and Section 13(b)(i) is
deleted and replaced by the following: 

  

	 	“(i)	 submits to the non-exclusive jurisdiction of the courts of New South Wales and courts of appeal from them.”. 

 

	(i)	 Netting of Payments. Subparagraph (ii) of Section 2(c) of this Agreement will apply in respect of all Transactions of the same
product type (entered into by Party B as trustee of the Series Trust). 

  

	(j)	 “Affiliate” will have the meaning specified in Section 14 of this Agreement. For the purposes of Section 3(c), each of Party A
and Party B is deemed not to have any Affiliates. 

  
 23 

 Part 5. Other Provisions. 

 

	A.	 AMENDMENTS TO SECTIONS OF MASTER AGREEMENT 

 

	(1)	 Section 2 Obligations: In Section 2: 

 

	 	(a)	 (General Conditions): In Section 2(a): 

 

	 	(i)	 Add the following sentence to Section 2(a)(i): 

“Each payment will be by way of exchange for the corresponding payment or payments payable by the other
party.”. 
  

	 	(ii)	 Delete and replace the first sentence in Section 2(a)(ii) with the following: 

“Unless specified otherwise in this Agreement, payments under this Agreement will be made by 2.00 pm on the due
date for value on that date in the place of the account specified in the relevant Confirmation or otherwise pursuant to this Agreement, in freely transferable funds, free of any set-off, counterclaim, deduction or withholding (except as expressly
provided in this Agreement) and in the manner customary for payment in the required currency.”. 
  

	 	(iii)	 Insert the following new paragraph (iv) immediately after Section 2(a)(iii): 

“(iv) The condition precedent in Section 2(a)(iii)(1) does not apply to a payment due to be made to a Party if
it has satisfied all its payment obligations under Section 2(a)(i) of this Agreement and has no future payment obligations, whether absolute or contingent under Section 2(a)(i).”. 

 

	 	(b)	 (Change of Account): Add the following new sentence to Section 2(b): 

“Each new account so designated shall be in the same tax jurisdiction as the original account.”. 

 

	(2)	 Section 3 Representations: In Section 3: 

 

	 	(a)	 (Repetition): After “Section 3(f)” in line 2, insert “, 3(g), 3(h), 3(i), 3(j), 3(k) and 3(l)”.

  

	 	(b)	 (Consents): Section 3(a)(v) is amended by adding immediately after the words “creditors’ rights generally” the following:

 “(including in the case of a Party being an ADI (as that term is defined in the
Banking Act 1959 (Cth)), section 86 of the Reserve Bank Act, 1959 (Cth) and Section 13A(3) of the Banking Act, 1959 (Cth) or any other analogous provision under any law applicable to a party).”. 

 

	 	(c)	 (Extra Representations): Insert the following new paragraphs (g), (h), (i), (j), (k) and (l) immediately after Section 3(f):

  

	 	“(g)	 Relationship Between Parties. Each Party will be deemed to represent to the other parties on the date on which it enters into a
Transaction that (absent a written agreement between the parties that expressly imposes affirmative obligations to the contrary for that Transaction): 

  
 24 

	 	(i)	 Non-Reliance. It is acting for its own account (in the case of Party B, as trustee of the Series Trust), and it has made its own
independent decisions to enter into that Transaction and as to whether that Transaction is appropriate or proper for it based upon its own judgment (and in the case of Party B, also on the judgment of the Manager) and upon advice from such advisers
as it has deemed necessary. It is not relying on any communication (written or oral) of any other party as investment advice or as a recommendation to enter into that Transaction; it being understood that information and explanations related to the
terms and conditions of a Transaction will not be considered investment advice or a recommendation to enter into that Transaction. No communication (written or oral) received from any other party will be deemed to be an assurance or guarantee as to
the expected results of that Transaction; 

  

	 	(ii)	 Evaluation and Understanding.  It is capable of evaluating and understanding (on its own behalf or through independent
professional advice), and understands and accepts, the terms, conditions and risks of that Transaction. It is also capable of assuming, and assumes, the risks of that Transaction; and 

 

	 	(iii)	 Status of Parties.  No other party is acting as a fiduciary or an adviser to it in respect of that Transaction.

  

	 	(h)	 Series Trust.  By Party B, in respect of Party B only in its capacity as trustee of the Series Trust in respect of such
Transaction: 

  

	 	(i)	 Trust Validly Created. The Series Trust has been validly created and is in existence at the date of this Agreement and at the date of
any Transaction entered into in relation to the Series Trust; 

  

	 	(ii)	 Sole Trustee. It has been validly appointed as trustee of the Series Trust and is presently the sole trustee of the Series Trust;

  

	 	(iii)	 No Proceedings to Remove. No notice has been given to it and to its knowledge no resolution has been passed, or direction or notice
has been given, removing it as trustee of the Series Trust; 

  

	 	(iv)	 Power. It has power under the Master Trust Deed to enter into this Agreement and the Credit Support Documents in its capacity as
trustee of the Series Trust; and 

  

	 	(v)	 Good Title. To its knowledge, it has the equitable title to the Assets of the Series Trust and has power under the Master Trust Deed and the
Series Supplement to mortgage, charge or grant a Security Interest in respect of them in the manner provided in the Credit Support Documents in relation to Party B and, subject only to the Credit Support Documents in relation to Party B and any
Security Interest permitted under the Credit Support Documents in relation to Party B, and to the best of its knowledge without due enquiry, it has not taken any steps to create any Security Interests over the Assets of the Series Trust (except for
Party B’s right of indemnity out of the Assets of the Series Trust). 

  
 25 

	 	(vi)	 No Restrictions.  There is no restriction on its right of recourse or indemnity to or out of the assets for the time being of the
Series Trust and nothing has happened which could impair its right of indemnity out of the assets of the Series Trust. 

  

	 	(vii)	 Benefit.  Its entry into this Agreement is for the benefit of and in the interests of the beneficiaries of the Series Trust.

  

	 	(viii)	 No Breach.  It is not in breach of any provision of the Master Trust Deed or Series Supplement nor has it committed any
breach of duty or trust in respect of the Series Trust. 

  

	 	(i)	 Non-assignment.  It has not assigned (whether absolutely, in equity, by way of security or otherwise), declared any trust
over or granted any Security Interest in respect of any of its rights under this Agreement or any Transaction except, in the case of Party B, for the Security Interests created under any Credit Support Document in respect of the Series Trust
specified in relation to Party B. 

  

	 	(j)	 Contracting as principal.  Each existing Transaction has been entered into by that Party as principal and not otherwise.

  

	 	(k)	 Legal proceedings.  By Party A, in respect of Party A only, (i) it is not as at the date of the Preliminary Prospectus
or the Final Prospectus (each a “Relevant Date”), and has not been in the twelve months preceding each Relevant Date, involved in any legal or arbitration proceedings that Party A reasonably expects would be likely to have, or that
have had, a significant effect on its financial position that in the opinion of Party A require disclosure by it under a disclosure obligation of any securities exchange on which its securities are listed (“Significant Proceedings”
and “Relevant Securities Exchange”, respectively) and (ii) nor, so far as Party A is aware as at the Relevant Date, are any Significant Proceedings pending or threatened, except, in the case of each of (i) and (ii), any
legal or arbitration proceedings as it may have previously disclosed to Party B. 

  

	 	(l)	 Description and Financial Data.  By Party A, in respect of Party A only, the information contained in the first through
ninth (inclusive) paragraphs under the heading “The Currency Swaps and the Fixed Rate Swap—The Fixed Rate Swap—The Fixed Rate Swap Provider” in the Preliminary Prospectus and the Final Prospectus and each Swap Financial
Disclosure provided by Party A under Part 3(b) and Part 5(13) of the Schedule: 

  

	 	(i)	 are true and accurate in all material respects; 

  

	 	(ii)	 do not contain any untrue statement of a material fact; and 

 

	 	(iii)	 do not omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading, 

 in each case, as of the date of
the Preliminary Prospectus, the date of the Final Prospectus or the date such Swap Financial Disclosure is provided, as applicable; provided, however, that for the avoidance of doubt, with respect to any information included in any Swap Financial
Disclosure that indicates that such information in any Swap Financial Disclosure is as of an earlier specified date, or 

  
 26 

 
any similar earlier date notation or restriction, the representation contained in this Section 3(l) with respect to such information included in any Swap Financial Disclosure shall be as of
the earlier specified date of such information in any Swap Financial Disclosure and not as of the date of the Preliminary Prospectus, the date of the Final Prospectus or the date such Swap Financial Disclosure is provided, as applicable; provided
further that Party A acknowledges that if Party A subsequently revises, amends or restates any Swap Financial Disclosure previously provided to Party B or the Manager, Party A shall provide such revised, amended or restated Swap Financial Disclosure
to Party B and the Manager within four (4) Local Business Days.”. 
  

	 	(d)	 (Notification):  Insert the following at the end of Section 3: 

“Party B must notify Party A of any circumstance which may arise from time to time of which it becomes aware which
would constitute a breach of any representation or warranty contained in this Section 3.”. 
  

	(3)	 Section 5 Events of Default and Termination Events: In Section 5: 

 

	 	(a)	 (Failure to Pay or Deliver): Delete Section 5(a)(i) and replace it with the following: 

 

	 	“(i)	 Failure to Pay or Deliver. Failure by that party to make, when due, any payment under this Agreement or delivery under
Section 2(a)(i) or 2(e) required to be made by it if such failure is not remedied at or before the tenth day after notice of such failure is given that party.”. 

 

	 	(b)	 (Tax event). Section 5(b)(ii) is amended by deleting the words, “or there is a substantial likelihood that it will,” where
they appear in that clause. 

  

	(4)	 Section 6 Early Termination: In Section 6: 

 

	 	(a)	 (Notice to Avoid Termination Event): In Section 6(b) add the following sentence at the end of the second paragraph of Section 6(b)(ii):

 “However, if Party A is that other party it must, if so requested by the Manager, use
reasonable efforts to make such a transfer to an Affiliate (as that expression is defined in Section 14 disregarding any modification made by this Agreement) or another of its Offices, provided the Manager has issued a Rating Notification in
relation to such a transfer.”. 
  

	 	(b)	 (Set-Off and Expenses): 

  

	 	(i)	 All payments under this Agreement shall be made without set-off or counterclaim except as expressly provided for in Section 2(c) or 6.

  

	 	(ii)	 The last sentence of the first paragraph of Section 6(e) shall be deleted and replaced with the following: 

“Notwithstanding any other provision of this Section, if a Party (the “Paying Party”) would, but
for this sentence, be required to pay an amount pursuant to this Section, it may, by giving written notice to the other Party, cause the amount so payable to be reduced by the lesser of (i) such amount and (ii) the aggregate amount payable
to the Paying Party pursuant to any demands made under Section 11 on or before the Early Termination Date.”. 

  
 27 

	 	(iii)	 Section 11 shall be deleted in its entirety and replaced with the following: 

“A Defaulting Party or an Affected Party (if such Affected Party is Party A) will, on demand, indemnify and hold
harmless the other party for and against the Termination Currency Equivalent of all reasonable out-of-pocket expenses, including legal fees and Stamp Tax, incurred by such other party by reason of the enforcement and protection of its rights under
this Agreement or any Credit Support Document to which such Defaulting Party or Affected Party is a party or by reason of the early termination of any Transaction, including, but not limited to, costs of collection and costs incurred in connection
with procuring a replacement for this Agreement (other than any amount paid or payable to a replacement counterparty). If, following the making of one or more demands under this Section 11, a reduction is effected pursuant to the last sentence
of the first paragraph in Section 6(e), the aggregate amount payable in respect of such demands shall be deemed to be discharged to the extent of the amount of such reduction.”. 

 

	(5)	 Section 7 Transfer: Section 7 is deleted and replaced with: 

 

	 	“7.	 Essential term: Transfer 

  

	 	(a)	 Neither the interests nor the obligations of any Party in or under this Agreement (including any Transaction) are capable of being assigned or
transferred (whether at law, in equity or otherwise) or the subject of any Security Interest, trust or other fiduciary obligation (other than any Security Interests, the Series Trust or the trusts or other fiduciary obligations created pursuant to
any Credit Support Document in relation to Party B). Any action by a Party which purports to do any of these things is void. 

  

	 	(b)	 Nothing in this Section 7: 

  

	 	(i)	 restricts a transfer by a Party after the other party has agreed to the variation of this Agreement to the extent necessary to permit such transfer;

  

	 	(ii)	 restricts a novation of the interests and obligations of a Party in or under this Agreement (including any Transaction) including, but not limited
to, for the purposes of giving effect to a transfer under Section 6(b)(ii) or Part 5.B(2) of this Schedule; 

  

	 	(iii)	 restricts a transfer by a Party of all or any part of its interest in any amount payable to it from a Defaulting Party under Section 6;

  

	 	(iv)	 restricts Party B from granting security over a Transaction or this Agreement pursuant to any Credit Support Document in relation to Party B; or

  

	 	(v)	 restricts a transfer by Party A in accordance with the Transaction Documents. 

 

	 	(c)	 Each party acknowledges that the other party enters into this Agreement and each Transaction on the basis that this Section 7 must be strictly
observed and is essential to the terms of this Agreement (including each Transaction).”. 

  
 28 

	(6)	 Section 12 Notices: In Section 12 delete and replace Section 12(a)(iii) with: 

 

	 	“(iii)	 if sent by facsimile transmission, on production of a transmission report by the machine from which the facsimile was sent which indicates that the
facsimile was sent in its entirety to the facsimile number of the recipient notified for the purpose of this Section unless the recipient notifies the sender within one Business Day of the facsimile being sent that the facsimile was not received in
its entirety in legible form;”. 

  

	(7)	 Section 14 Definitions: In Section 14: 

 

	 	(a)	 (Replaced Definitions): replace the definitions of “Affected Transactions” and “Local Business Day” with the
following: 

 “Affected Transactions” means, with respect to a Termination
Event, all Transactions in relation to the Series Trust. 
 ““Local Business Day” has the same
meaning as “Business Day”.” 
  

	 	(b)	 (New Definitions): insert the following new definitions: 

“Authorised Officer” means: 
  

	 	(a)	 in relation to Party B, a director, secretary or any person whose title contains the word or words “manager” or “counsel” or a
person performing the functions of any of them; 

  

	 	(b)	 in relation to Party A, any person appointed by MBL to act as an Authorised Officer of MBL for the purposes of the Transaction Documents; and

  

	 	(c)	 in relation to the Manager, any person appointed by the Manager to act as an Authorised Officer of the Manager for the purposes of the Transaction
Documents. 

 “Commission” means the United States Securities and Exchange
Commission. 
 “Deed of Assumption” means the Deed of Assumption dated 27 February 2007 between
Macquarie Securities Management Pty Limited ABN 26 003 435 443 and Perpetual Trustee Company Limited ABN 42 000 001 007. 
 “EDGAR” means the Commission’s Electronic Data Gathering, Analysis and Retrieval system. 
 “Exchange Act” means the United States Securities Exchange Act of 1934, as amended. 
 “Exchange Act Reports” means all Distribution Reports on Form 10-D, Current Reports on Form 8-K and Annual Reports on Form 10-K that are to be filed by Macquarie Leasing Pty Limited with respect
to the Series Trust pursuant to the Exchange Act. 
 “Final Prospectus” means the Prospectus
Supplement dated on or about 22 October 2015 (the “Prospectus Supplement”) together with the Prospectus dated on or about 14 October 2015 (the “Prospectus”). 

  
 29 

 “General Security Deed” means the General Security Deed dated on
or about 14 October 2015 and entered into between Party B, the Manager, P.T. Limited ABN 67 004 454 666 and The Bank of New York Mellon. 
 “Master Sale and Servicing Deed” means the Master Sale and Servicing Deed dated 27 February 2007 between Party B, the Manager and Macquarie Leasing Pty Limited ABN 38 002 674 982, as
amended and supplemented from time to time. 
 “Master Security Trust Deed” means the Master Security
Trust Deed dated 27 February 2007 between P.T. Limited ABN 67 004 454 666, Party B and the Manager, as amended and supplemented from time to time. 
 “Master Trust Deed” means the Master Trust Deed dated 11 March 2002 between the Manager and Permanent Custodians Limited ACN 001 426 384, the rights and obligations of which were assumed by
Perpetual Trustee Company Limited ABN 42 000 001 007 pursuant to the Deed of Assumption, as amended and supplemented from time to time. 
 “MBL Cash Collateral” has the meaning given in Part 5.B(2) of this Schedule. 
 “Preliminary Prospectus” means the Preliminary Prospectus Supplement dated on or about 14 October 2015 (the “Preliminary Prospectus Supplement”) together with the
Prospectus. 
 “Regulation AB” means Subpart 229.1100 - Asset Backed Securities (Regulation AB), 17
C.F.R. §§ 229.1100-229.1124 as such regulation may be amended from time to time and subject to such clarification and interpretation as have been provided by the Commission in the adopting release (Asset Backed Securities, Securities Act
Release No. 33-8518, 70 Fed. Reg. 1,506 (Jan. 7, 2005)), or in the amending release (Asset-Backed Securities Disclosure and Regulation, Securities Act Release No. 33-9638, 79 Fed. Reg. 57,184 (Sept. 24, 2014)) or by the staff of the
Commission or as may be provided by the Commission or its staff from time to time. 
 “Series
Supplement” means the SMART ABS Series 2015-3US Trust Series Supplement dated on or about 15 October 2015 between Party B, the Manager, Macquarie Leasing Pty Limited ABN 38 002 674 982 and Macquarie Bank Limited. 

“Series Trust” means the SMART ABS Series 2015-3US Trust constituted by the Master Trust Deed and the Trust
Creation Deed. 
 “significance percentage” has the meaning given to it in Item 1115 of
Regulation AB. 
 “Swap Financial Disclosure” means, the financial information required by
Item 1115 (b)(2) or Item 1115(b)(1) of Regulation AB (as indicated by the Manager to Party A) in EDGAR-compatible format (it being understood that Microsoft Word and PDF are EDGAR-compatible formats), it being understood that the Manager
shall be solely responsible for determining whether Party A is required to provide financial data required by Item 1115(b)(2), and if not required by Item 1115(b)(2), whether such financial information is required to be provided pursuant
to Item 1115(b)(1). Party A shall, if applicable, cause its independent outside accountants (the “Auditor”) to issue their consent (the “Auditor’s Consent”) to the filing of or the incorporation by
reference of such Swap Financial Disclosure in the registration statement of Macquarie Leasing Pty Limited; provided however, that Macquarie Leasing Pty Limited and the Manager shall cooperate with the Auditor in the preparation of the
Auditor’s Consent and provide the  

  
 30 

 
Auditor with any information it may reasonably request in connection with the Auditor’s Consent. 
 “Swap Financial Disclosure Request” means a request by the Manager or Party B for Party A to provide the Swap Financial Disclosure pursuant to Part 5.B(13)(c) of the Schedule to this Agreement.

 “Trust Creation Deed” means the SMART ABS Series 2015-3US Trust Creation Deed dated 8 October 2015 executed
by Party B in accordance with the Master Trust Deed. 
  

	(8)	 Section 15 Limitation of Liability: Insert the following Section 15, after Section 14: 

 

	 	“15.	 Party B’s Limitation of Liability 

  

	 	(a)	 (Limitation on Party B’s liability): Party B enters into this Agreement only in its capacity as trustee of the Series Trust and in no
other capacity. A liability incurred by Party B acting in its capacity as trustee of the Series Trust arising under or in connection with this Agreement is limited to and can be enforced against Party B only to the extent to which it can be
satisfied out of the Assets of the Series Trust out of which Party B is actually indemnified for the liability. This limitation of Party B’s liability applies despite any other provision of this Agreement (other than Section 15(c)) and
extends to all liabilities and obligations of Party B in any way connected with any representation, warranty, conduct, omission, agreement or transaction related to this Agreement. 

 

	 	(b)	 (Claims against Party B): The parties other than Party B may not sue Party B in respect of liabilities incurred by Party B acting in its
capacity as trustee of the Series Trust in any other capacity other than as trustee of the Series Trust, including seeking the appointment of a receiver (except in relation to Assets of the Series Trust), a liquidator, an administrator, or any
similar person to Party B or prove in any liquidation, administration or arrangements of or affecting Party B (except in relation to the Assets of the Series Trust). 

 

	 	(c)	 (Breach of trust): The provisions of this Section 15 will not apply to any obligation or liability of Party B to the extent that it is
not satisfied because under this Agreement, the Master Trust Deed, the Series Supplement or any other Transaction Document or by operation of law there is a reduction in the extent of Party B’s indemnification out of the Assets of the Series
Trust, as a result of Party B’s fraud, negligence or wilful default. 

  

	 	(d)	 (Acts or omissions): It is acknowledged that the Relevant Parties are responsible under the Transaction Documents for performing a variety of
obligations relating to the Series Trust. No act or omission of Party B (including any related failure to satisfy its obligations or any breach of representation or warranty under this Agreement) will be considered fraudulent, negligent or a wilful
default of Party B for the purpose of paragraph (c) of this Section 15 to the extent to which the act or omission was caused or contributed to by any failure by any such Relevant Party or any other person appointed by Party B under such a
Transaction Document (other than a person whose acts or omissions Party B is liable for in accordance with any such Transaction Document) to fulfil its obligations relating to the Series Trust or by any other act or omission of such Relevant Party
or any other such person. 

  
 31 

	 	(e)	 (No Authority): No attorney, agent, receiver or receiver and manager appointed in accordance with this Agreement or any Transaction Document
has authority to act on behalf of Party B in a way which exposes Party B to any personal liability and no act or omission of any such person will be considered fraud, negligence or wilful default of Party B for the purposes of Section 15(c).

  

	 	(f)	 (No obligation): Party B is not obliged to enter into any further commitment or obligation under this Agreement or any Transaction Document
(including incur further liability) unless Party B’s liability is limited in a manner which is consistent with this Section 15 or otherwise in a manner satisfactory to Party B in its absolute discretion. 

 

	 	(g)	 (Trustee undertakings): Party B undertakes that it will: 

 

	 	(i)	 exercise its right of indemnity out of the Assets of the Series Trust; 

 

	 	(ii)	 observe its obligations under the Master Trust Deed and Series Supplement and otherwise as trustee of the Series Trust; and

  

	 	(iii)	 not do anything which could impair its right of indemnity out of the assets of the Trust.”. 

 

	B.	 MISCELLANEOUS PROVISIONS 

  

	(1)	 Definitions and Interpretation: In this Agreement, unless the contrary intention appears: 

 

	 	(a)	 (Master Trust Deed, Master Sale and Servicing Deed and Series Supplement): subject to Part 5.B(1)(f) of this Schedule, unless defined in this
Agreement words and phrases defined (including by incorporation from, or by reference to, another document) in the Master Trust Deed, Master Sale and Servicing Deed and the Series Supplement have the same meaning in this Agreement. Subject to Part
5.B(1)(f) of this Schedule, where there is any inconsistency in a definition between this Agreement (on the one hand) and the Master Trust Deed, Master Sale and Servicing Deed or the Series Supplement (on the other hand), this Agreement prevails.
Where there is any inconsistency in a definition between the Master Trust Deed or the Master Sale and Servicing Deed and the Series Supplement, the Series Supplement prevails over the Master Trust Deed and Master Sale and Servicing Deed in respect
of the Series Trust. Where words or phrases used but not defined in this Agreement are defined in the Master Trust Deed or Master Sale and Servicing Deed in relation to the Series Trust (as defined in the Master Trust Deed) such words or phrases are
to be construed in this Agreement, where necessary, as being used only in relation to the Series Trust (as defined in the Series Supplement); 

  

	 	(b)	 (Trustee Capacity): 

  

	 	(i)	 a reference to Party B is a reference to Party B in its capacity as trustee of the Series Trust only, and in no other capacity; and

  

	 	(ii)	 a reference to the undertaking, assets, business or money of Party B is a reference to the undertaking, assets, business or money of Party B in the
capacity referred to in paragraph (i) only; 

  

	 	(c)	 (Interpretation): 

  
 32 

	 	(i)	 references to time are references to Sydney time; 

 

	 	(ii)	 a reference to “wilful default” in relation to Party B means, subject to Part 5.B(1)(c)(iii) of this Schedule, any wilful failure by Party
B to comply with, or wilful breach by Party B of, any of its obligations under any Transaction Document, other than a failure or breach which: 

 

					
	 A.
	 	 (1)
	  	 arises as a result of a breach of a Transaction Document by a person other than:

  

	 	(a)	 Party B; or 

  

	 	(b)	 any other person referred to in Part 5.B(1)(c)(iii) of this Schedule; and 

 

	 	(2)	 the performance of the action (the non-performance of which gave rise to such breach) is a precondition to Party B performing the said obligation;

  

	 	B.	 is in accordance with a lawful court order or direction or required by law; or 

 

	 	C.	 is in accordance with any proper instruction or direction of the Investors given at a meeting convened under the Master Trust Deed;

  

	 	(iii)	 a reference to the “fraud”, “negligence” or “wilful default” of Party B means the fraud, negligence or wilful default
of Party B and of its officers, employees, agents and any other person where Party B is liable for the acts or omissions of such other person under the terms of any Transaction Document; 

 

	 	(iv)	 a reference to “neither party” will be construed as a reference to “no party”; and 

 

	 	(v)	 a reference to “other party” will be construed as a reference to “other parties”. 

 

	 	(d)	 (ISDA Definitions): Unless otherwise specified in a Confirmation, this Agreement and each Transaction between the parties are subject to any
set of ISDA Definitions in existence from time to time which are specifically relevant to the Transaction (the “Definitions”) each as published by either the International Swaps & Derivatives Association, Inc., or the
International Swap Dealers Association, Inc., as the case may be. Any amendment to such definition subsequent to their initial publication will only be effective as to Transactions entered into on or after the date of amendment;

  

	 	(e)	 (Inconsistency): subject to Part 5.B(1)(a), unless specified otherwise, in the event of any inconsistency between any two or more of the
following documents in respect of a Transaction they will take precedence over each other in the following order in respect of that Transaction: 

  

	 	(i)	 any Confirmation; 

  

	 	(ii)	 the Series Supplement; 

  

	 	(iii)	 the Master Sale and Servicing Deed; 

  

	 	(iv)	 the Master Trust Deed; 

  
 33 

	 	(v)	 this Agreement; and 

  

	 	(vi)	 the ISDA Definitions; 

  

	 	(f)	 (Incorporated Definitions and other Transaction Documents and provisions): where in this Agreement a word or expression is defined by
reference to its meaning in another Transaction Document or there is a reference to another Transaction Document or to a provision of another Transaction Document, any amendment to the meaning of that word or expression or to that other Transaction
Document or provision (as the case may be) will be of no effect for the purposes of this Agreement unless and until the amendment is consented to by the parties to this Agreement; and 

 

	 	(g)	 (Ratings): a reference to a credit rating of any person by a Rating Agency includes, where the Rating Agency does not have a public rating of
that person, the equivalent internal private credit rating of that person as notified by each Rating Agency to Party B, MBL and the Manager. 

  

	(2)	 Collateralisation of MBL’s Obligations under the Fixed Rate Swap: 

 

					
	    (a)
	 	  (i)
	  	 (Additional Termination Events): Each of the following will constitute an Additional Termination Event with Party A as the Affected
Party:

  

	 	(A)	 Where any of the Notes (other than Seller Notes) are outstanding, a Moody’s First Rating Trigger Event, Fitch First Rating Downgrade Event or
Fitch Second Rating Downgrade Event has occurred and is continuing and Party A has failed to either: 

  

	 	(1)	 post collateral in accordance with the Credit Support Annex; or 

 

	 	(2)	 at its own cost, transfer all of its rights and obligations under the Transaction, on substantially the same terms, to an Eligible Replacement; or

  

	 	(3)	 at its own cost, procure another entity (which meets the criteria of an Eligible Replacement) to become guarantor in respect of the obligations of
Party A under the Transaction; 

  

	 	    	 by the Required Date; or 

  

	 	(B)	 Where any of the Notes (other than Seller Notes) are outstanding, a Replacement Event has occurred and at least one Eligible Replacement has made a
Qualifying Offer and Party A has not transferred its rights and obligations under the Transaction (at its own cost) to that Eligible Replacement by the Required Date. 

 

	 	(ii)	 (Obligation to seek a replacement during occurrence of Replacement Event): Where one or more Replacement Events has occurred, and whilst the
relevant Replacement Event continues, Party A must continue (at its own cost) to use commercially reasonable efforts to, as soon as reasonably practicable, procure either another entity (which meets the criteria of an Eligible Replacement) to become
guarantor in respect of the obligations of Party A under the Transaction or obtain a Qualifying Offer. 

  
 34 

	 	(iii)	 (Party B may seek replacement during occurrence of Replacement Event): If a Replacement Event has occurred and is continuing and Party A is
unable to procure either another entity (which meets the criteria of an Eligible Replacement) to become guarantor in respect of the obligations of Party A under the Transaction or a Qualifying Offer by the Required Date, then, Party B may seek to
obtain a Qualifying Offer. 

  

	 	(iv)	 (Inability to obtain Qualifying Offer): 

  

	 	(A)	 Notwithstanding any other provision of the Transaction, the parties agree that if both Party A or Party B are unable at any time to obtain a
Qualifying Offer following the occurrence of a Replacement Event and whilst a Replacement Event is continuing, or if a Firm Offer is obtained which is not a Qualifying Offer, then the Transaction will continue (subject to the continued posting of
the collateral amount referred to above) and this will not constitute an Event of Default, Termination Event or Additional Termination Event with respect to either party. 

 

	 	(B)	 If, following a Replacement Event and whilst that Replacement Event is continuing, Party A or Party B procures a Qualifying Offer, the other party
must agree to a transfer of Party A’s rights and obligations in respect of the Transaction to the relevant third party. 

  

	 	(v)	 (Surplus collateral not available to creditors): For the avoidance of doubt, the parties agree that any collateral provided by Party A in
accordance with the provisions of the Credit Support Annex and any amount standing to the credit of the MBL Collateral Account (as defined in the Agreement) will not be available for distribution in accordance with clause 4 of the General Security
Deed. Any such collateral or amount (as the case may be) shall (subject to the operation of any netting provisions in the Agreement) be returned to Party A except to the extent that the relevant Agreement requires it to be applied to satisfy any
obligation owed to Party B by Party A. 

  

	 	(b)	 (Part 5.B(2)(a) Definitions):    For the purposes of Part 5.B(2)(a), the following definitions apply:

 Credit Support Annex means the Credit Support Annex to the Master Agreement entered
into by Party A, the Manager and Party B. 
 Collateral Event means any or all of a Moody’s First
Rating Trigger Event, Moody’s Second Rating Trigger Event, Fitch First Rating Downgrade Event, Fitch Second Rating Downgrade Event or a Fitch Third Rating Downgrade Event (as applicable). 

Eligible Replacement means a replacement third party having the Required Ratings and with whom Party A is
permitted to contract in accordance with Party A’s applicable policies and procedures. 
 Firm
Offer means an offer which when made was capable of being legally binding on acceptance. 
 Fitch
Ratings means Fitch Australia Pty Limited ABN 93 081 339 184. 
 Fitch First Rating Downgrade Event
means (where any of the Notes (other than Seller Notes) are outstanding) the unsubordinated and unsecured short-term or long-

  
 35 

 
term debt obligations of Party A cease to be rated by Fitch Ratings at least as high as set out in the definition of Required Ratings. 

Fitch Second Rating Downgrade Event means (where any of the Notes (other than Seller Notes) are outstanding) the
unsubordinated and unsecured short-term or long-term debt obligations of Party A are downgraded to below “F2” or “BBB+” by Fitch Ratings. 
 Fitch Third Rating Downgrade Event means (where any of the Notes (other than Seller Notes) are outstanding) the unsubordinated and unsecured short-term or long-term debt obligations of Party A are
downgraded to below “F3” or “BBB-” by Fitch Ratings. 
 Moody’s means
Moody’s Investors Services Ltd. ABN 61 003 399 657. 
 Moody’s First Rating Trigger Event
means (where any of the Notes (other than Seller Notes) are outstanding) Party A ceases to have assigned to it by Moody’s a short-term counterparty risk assessment and/or long-term counterparty risk assessment at least as high as set out in the
definition of Required Ratings (or if a Moody’s short-term counterparty risk assessment and/or long-term counterparty risk assessment is not available in respect of Party A, the unsubordinated and unsecured short-term or long-term debt
obligations of Party A cease to be rated by Moody’s at least as high as set out in the definition of Required Ratings). 
 Moody’s Second Rating Trigger Event means (where any of the Notes (other than Seller Notes) are outstanding) either: 

 

	 	(i)	 a counterparty risk assessment is available from Moody’s in respect of Party A and Party A’s counterparty risk assessment ceases to be at
least “A3(cr)”; or 

  

	 	(ii)	 a counterparty risk assessment is not available from Moody’s in respect of Party A and Party A’s unsubordinated and unsecured debt
obligations cease to be rated as high as: 

  

	 	(A)	 where both the short-term and the long-term debt obligations are rated by Moody’s: 

 

	 	(x)	 “P-2” short-term; and 

  

	 	(y)	 “A3” long-term; or 

  

	 	(B)	 where only the long-term debt obligations are rated by Moody’s, “A3”, long-term. 

Qualifying Offer means a Firm Offer to accept an assignment/novation of Party A’s rights and obligations in
respect of the Transaction (which in the case of a Moody’s Second Rating Trigger Event meets the criteria set out in the definition of Market Quotation in Part 5.B(2)(b)(A) as if the Replacement Event was an “Additional Termination
Event”, the Transaction was a “Terminated Transaction” and the Swap Transfer Date was an “Early Termination Date”). 
 Replacement Event means any or all of a Moody’s Second Rating Trigger Event or a Fitch Third Rating Downgrade Event (as applicable). 

Required Date means (as applicable): 

  
 36 

	 	(i)	 14 calendar days, in respect of a Fitch First Rating Downgrade Event or Fitch Second Rating Downgrade Event; 

 

	 	(ii)	 30 calendar days in respect of a Fitch Third Rating Downgrade Event (other than the requirement to post collateral); and

  

	 	(iii)	 30 Local Business Days, in respect of a Moody’s First Rating Trigger Event or Moody’s Second Rating Trigger Event.

 Required Ratings means (as applicable), in respect of an entity: 

 

	 	(i)	 where: 

  

	 	(A)	 that entity is subject to a counterparty risk assessment from Moody’s, its short-term counterparty risk assessment is at least as high as
“P-1(cr)” and its long-term counterparty risk assessment is at least as high as “A2(cr)”; or 

  

	 	(B)	 a counterparty risk assessment is not available from Moody’s for that entity: 

 

	 	(1)	 where both the short-term and the long-term debt obligations of that entity are rated by Moody’s, its unsubordinated and unsecured:

  

	 	(x)	 short-term debt obligations are rated at least as high as “P-1” by Moody’s; and 

 

	 	(y)	 long-term debt obligations are rated at least as high as “A2” by Moody’s; 

 

	 	(2)	 where only the long-term debt obligations of that entity are rated by Moody’s, its unsubordinated and unsecured long-term debt obligations are
rated at least as high as A1 by Moody’s; and 

  

	 	(ii)	 its unsubordinated and unsecured debt obligations are rated at least as high as “F1” short term and at least A long-term by Fitch Ratings,

 or, in each case, such other counterparty risk assessments or credit ratings (as
applicable) as may be notified by Moody’s and/or Fitch Ratings respectively from time to time, as required to maintain the ratings on the Notes. 
 Swap Transfer Date means the date upon which a transfer of Party A’s rights and obligations under a Transaction takes effect or is due to take effect, following the occurrence of a Replacement
Event. 
  

	 	(c)	 (Conditions for maintaining cash collateral): Any cash collateral provided by MBL pursuant to Part 5.B(2)(a)(i) (the “MBL Cash
Collateral”) must be deposited into an interest bearing account reasonably acceptable to Party A in the name of Party B (the “MBL Collateral Account”) held with an entity with counterparty risk assessments and credit
ratings (as applicable) at least equal to the Required Ratings (unless the Manager issues a Rating Notification) and which must be separate to the Collections Account and any other bank accounts forming part of the assets of the Series Trust. Apart
from collateral provided by MBL pursuant to Part 5.B(2)(a)(i) and interest 

  
 37 

	 	 
credited pursuant to paragraph (e) below, no other moneys are to be paid into the MBL Collateral Account. If Party B becomes aware that the MBL Collateral Account is not held with an entity
with the necessary counterparty risk assessments and credit ratings (as applicable), Party B must, at the written direction of the Manager, immediately transfer the moneys standing to the credit of that account to a new interest bearing account
reasonably acceptable to Party A, with an entity having the necessary counterparty risk assessments and credit ratings (as applicable) (unless the Manager issues a Rating Notification). 

 

	 	(d)	 (Application of amount of cash collateral): Party B may only make withdrawals from any MBL Collateral Account (or may only make withdrawals
of MBL Cash Collateral in the Collections Account, as applicable) if directed to do so by the Manager, and the Manager may only give such a direction to Party B for the purpose of Party B: 

 

	 	(i)	 novating the rights and obligations of MBL under this Agreement in accordance with Part 5.B(2)(a)(i) (including the costs of obtaining a replacement
counterparty); 

  

	 	(ii)	 refunding to MBL any excess in the amount of any MBL Cash Collateral deposited to the MBL Collateral Account over the amount MBL is required to
maintain under any collateral agreement entered into in accordance with Part 5.B(2)(a)(i); 

  

	 	(iii)	 withdrawing any amount which has been incorrectly deposited into the MBL Collateral Account as part of the MBL Cash Collateral;

  

	 	(iv)	 paying bank accounts debit tax or other equivalent Taxes payable in respect of the MBL Cash Collateral; or 

 

	 	(v)	 funding the amount of any payment due to be made by MBL under this Agreement following the failure by MBL to make that payment.

 The Manager must direct Party B to, and Party B must, refund or pay to MBL the amount of
any payment which may be made to MBL under paragraphs (d)(ii) or (iii) above as soon as such refund or payment is possible. 
  

	 	(e)	 (Interest on collateral): Any interest earned on the MBL Cash Collateral will accrue and be payable monthly to MBL provided the amount
deposited as the MBL Cash Collateral is not less than the amount MBL is required to maintain under the collateral agreement under Part 5.B(2)(a)(i) (and, otherwise, shall be added to the MBL Cash Collateral). 

 

	 	(f)	 (Repayment to MBL): If at any time: 

  

	 	(i)	 MBL is assigned the counterparty risk assessments and credit ratings by each Rating Agency at least equal to the Required Ratings;

  

	 	(ii)	 MBL’s obligations under the Fixed Rate Swap are novated to a replacement counterparty in accordance with Part 5.B(2)(a)(i); or

  

	 	(iii)	 no amounts are or thereafter may become payable by MBL to Party B with respect to the Fixed Rate Swap, 

  
 38 

 Party B must, at the written direction of the Manager, immediately repay to
MBL the amount then standing to the credit of the MBL Collateral Account (or the amount of the MBL Cash Collateral then held in the Collections Account, as applicable). 

 

	 	(g)	 (Not a Security Interest): The provision of collateral by Party A under this Agreement is not intended to create a Security Interest in that
collateral. 

  

	(3)	 (Amendments required by Moody’s): Where Notes (other than Seller Notes) are outstanding and Party A is: 

 

	 	(a)	 the Affected Party in respect of an Additional Termination Event or Tax Event Upon Merger; or 

 

	 	(b)	 the Defaulting Party in respect of any Event of Default, 

 

	 	paragraphs	 (i) to (v) below shall apply: 

  

	 	(i)	 The definition of “Market Quotation” shall be deleted in its entirety and replaced with the following:

  

	 	  	 “Market Quotation” means, with respect to one or more transactions, a Firm Offer which is: 

 

	 	(A)	 made by a Reference Market-maker that is an Eligible Replacement; 

 

	 	(B)	 for an amount that would be paid to Party B (expressed as a negative number) or by Party B (expressed as a positive number) in consideration of an
agreement between Party B and that Reference Market-maker to enter into a transaction (the “Replacement Transaction”) that would have the effect of preserving for Party B the economic equivalent of any payment or delivery (whether
the underlying obligation was absolute or contingent and assuming the satisfaction of each applicable condition precedent) by the parties under the Agreement in respect of the Terminated Transaction or group of Transactions that would, but for the
occurrence of the relevant Early Termination Date or Swap Transfer Date (as the case shall be), have been required after that date; 

  

	 	(C)	 made on the basis that Unpaid Amounts in respect of the Terminated Transaction or group of Transactions are to be excluded but, without limitation,
any payment or delivery that would, but for the relevant Early Termination Date, have been required (assuming satisfaction of each applicable condition precedent) after that Early Termination Date is to be included; and 

 

	 	(D)	 made in respect of a Replacement Transaction with terms that are, in all material respects, no less beneficial for Party B than those of this
Agreement (save for the exclusion of provisions relating to Transactions that are not Terminated Transactions or group of Terminated Transactions to be transferred following a Replacement Event (as the case shall be)), as determined by Party
B.”. 

  

	 	(ii)	 In determining whether or not a Firm Offer satisfies the condition in sub-paragraph (D) of Market Quotation, Party B shall act in a
commercially reasonable manner. 

  
 39 

	 	(iii)	 The definition of “Settlement Amount” shall be deleted in its entirety and replaced with the following: 

 

	 	  	 ““Settlement Amount” means, with respect to any Early Termination Date: 

 

	 	(A)	 if, on or prior to such Early Termination Date a Market Quotation for the relevant Terminated Transaction or group of Terminated Transactions (in
the case of a transfer, as if the Transaction was a Terminated Transaction) is accepted by Party B so as to become legally binding, the Termination Currency Equivalent of the amount (whether positive or negative) of such Market Quotation;

  

	 	(B)	 if, on such Early Termination Date, no Market Quotation for the relevant Terminated Transaction or group of Terminated Transactions has been
accepted by Party B so as to become legally binding and one or more Market Quotations have been communicated to Party B and remain capable of becoming legally binding upon acceptance by Party B, the Termination Currency Equivalent of the amount
(whether positive or negative) of the lowest of such Market Quotations (for the avoidance of doubt, (1) a Market Quotation expressed as a negative number is lower than a Market Quotation expressed as a positive number and (2) the lower of
two Market Quotations expressed as negative numbers is the one with the largest absolute value); or 

  

	 	(C)	 if, on such Early Termination Date, no Market Quotation for the relevant Transaction or group of Terminated Transactions is accepted by Party B so
as to become legally binding and no Market Quotations have been communicated to Party B and remain capable of becoming legally binding upon acceptance by Party B, Party B’s Loss (whether positive or negative and without reference to any Unpaid
amounts) for the relevant Transaction or group of Terminated Transactions.”. 

  

	 	(iv)	 At any time on or before the Early Termination Date at which two or more Market Quotations have been communicated to Party B and remain capable of
becoming legally binding upon acceptance by Party B, Party B shall be entitled to accept only the lowest of such Market Quotations (for the avoidance of doubt, (i) a Market Quotation expressed as a negative number is lower than a Market
Quotation expressed as a positive number and (ii) the lower of two Market Quotations expressed as negative numbers is the one with the largest absolute value). 

 

	 	(v)	 If Party B requests Party A in writing to obtain Market Quotations, Party A shall use reasonable efforts to do so before the Early Termination Date.

  

	(4)	 Hedge Provider and Prepayments: The parties acknowledge and agree that for the purposes of the Transaction Documents in relation to
the Series Trust: 

  

	 	(a)	 this Agreement is a Hedge Agreement in relation to the Series Trust; and 

 

	 	(b)	 Party A is a Hedge Provider. 

  

	(5)	 Procedures for Entering into Transactions 

  
 40 

	 	(a)	 With respect to each Transaction entered into pursuant to this Agreement and for the purposes of Section 9(e)(ii), Party A will, by or promptly
after the relevant Trade Date, send Party B and the Manager a Confirmation substantially in the form set out in Annexure 1 (or in such other form as may be agreed between Party A, Party B and the Manager) and Party B and the Manager must promptly
then confirm the accuracy of and sign and return, or request the correction of, such Confirmation. In the absence of manifest error where Party B or the Manager fails to confirm the accuracy of or request the correction of a Confirmation within
three Business Days after it was sent, the terms of a Confirmation will be binding on and conclusive against Party B. Delivery of a Confirmation is effected whether a party uses facsimile, an electronic messaging system or telex and irrespective of
the form of delivery used by the other party to confirm the terms of the relevant Transaction. The requirement of this Agreement that the parties exchange Confirmations shall for all purposes be satisfied by following the procedure set out in this
paragraph. Where a Transaction is confirmed by means of a facsimile, an electronic messaging system or telex, such message will constitute a Confirmation even where not so specified in that Confirmation. 

 

	 	(b)	 Party B will enter into each Transaction in its capacity as trustee of the Series Trust and not as trustee of any other Series Trust (as defined in
the Master Trust Deed). 

  

	(6)	 Authorised Officer: Each Party will be entitled to assume, in the absence of any knowledge to the contrary, that any person signing
any Confirmation, notice or other written communication issued in respect of this Agreement on behalf of a Party is an Authorised Officer of that party. 

 

	(7)	 Recorded Conversations: Each party: 

 

	 	(a)	 consents to the electronic recording of its telephone conversations with the other party (or any of its associated persons) with or without the use
of an automatic tone warning device; 

  

	 	(b)	 acknowledges that such recordings and transcripts can be used as evidence by either Party in any dispute between them; and

  

	 	(c)	 acknowledges that neither is obligated to maintain copies of such recordings and transcripts for the benefit of the other party.

  

	(8)	 Knowledge or Awareness: Subject to Section 12(a), each party will only be considered to have knowledge or awareness of, or notice
of, a thing or grounds to believe anything by virtue of the officers of that Party or any Related Body Corporate of that Party which have the day to day responsibility for the administration or management of that party’s (or a Related Body
Corporate of that party’s) obligations in relation to the Series Trust or the Transaction entered into under this Agreement having actual knowledge, actual awareness or actual notice of that thing, or grounds or reason to believe that thing
(and similar references will be interpreted in this way). 

  

	(9)	 Disclosure to Related Bodies Corporate: In relation to information Party B in its capacity as trustee of the Series Trust (the
“Recipient”) receives from any of the Manager or Party A (the “Discloser”) in relation to the Series Trust, the Seller Trust or the trust established under the Master Security Trust Deed (the “Information”), each
Discloser hereby severally authorises and consents to the Recipient making available such Information, except to the extent that the making available of such Information is prohibited by law (including, without limitation, the Privacy Act), to:

  

	 	(a)	 any Related Body Corporate of the Recipient which acts as custodian or Security Trustee of the Assets of the Series Trust, of the Seller Trust or of
the trust established 

  
 41 

	 	 
under the Master Security Trust Deed or which otherwise has responsibility for the management or administration of the Series Trust, the Seller Trust or the trust established under the Master
Security Trust Deed, including their respective Assets; and 

  

	 	(b)	 the Recipient acting in its capacity as Manager, custodian or Servicer (as applicable) of the Series Trust, the Seller Trust or the trust
established under the Master Security Trust Deed. 

  

	  	 Notwithstanding any other provision of this Agreement, the Recipient will not have any liability to the Discloser or any other person for the use,
non-use, communication or non-communication of the Information in the above manner, except to the extent to which the Recipient has an express contractual obligation to disclose or not to disclose or to use or not to use certain information received
by it and fails to do so. 

  

	(10)	 Amendments to this Agreement:  

  

	 	(a)	 The Manager must give 5 Business Days notice in writing to each Rating Agency of any amendments to this Agreement. 

 

	 	(b)	 This Agreement may be amended only by written agreement between all parties to this Agreement, provided that the Manager and Party B may only agree
to such amendment in accordance with the provisions of clause 25 of the Master Trust Deed and for this purpose references in that clause to a Series Supplement will be taken to be references to this Agreement. 

 

	(11)	 Notification of Principal Balance: On each Determination Date, the Manager must advise Party A of the aggregate of the Principal Balances of
all SMART Receivables expected as at the first day of the Interest Period following that Determination Date. 

  

	(12)	 Anti-money laundering: Each party (the Information Provider) agrees to provide any information and documents reasonably required by
any other party (the Information Recipient) to comply with any applicable anti-money laundering or counter-terrorism financing laws including, without limitation, any applicable laws imposing “know your customer” or other
identification checks or procedures that the Information Recipient is required to comply with in respect of this Agreement (AML/CTF Laws), but the foregoing obligation applies only to the extent that such information and such documents are in
the possession of the Information Provider or may be obtained by it after having undertaken reasonable steps and subject to any confidentiality, privacy or general law obligations owed by the Information Provider to any person in relation to whom
the information or documents requested relate (except to the extent that the foregoing may be overridden by the relevant AML/CTF Laws). Each party must comply with any AML/CTF Laws applicable to it, to the extent required to comply with its
obligations under the Transaction Documents. Any party may decline to perform any obligation under the Transaction Documents to the extent that it forms the view, in its reasonable opinion, that notwithstanding that it has taken all action to comply
with any applicable AML/CTF Laws, it is required to decline to perform those obligations under any such AML/CTF Laws. To the maximum extent permitted by law, each party and the Noteholders and Unitholders releases each other party (a Released
Party) from any confidentiality, privacy or general law obligations that a Released Party would otherwise owe to it in respect of this Agreement and to the extent to which it is able, any applicable confidentiality and privacy laws, but only to
the extent that the existence of these obligations or laws would otherwise prevent a Released Party from providing any information or documents requested in accordance with this clause or any similar clause in any other Transaction Document.

  
 42 

	(13)	 Regulation AB Financial Disclosure 

  

	 	(a)	 Party A acknowledges that for so long as Macquarie Leasing Pty Limited is required to file Exchange Act Reports, Macquarie Leasing Pty Limited is
required under Regulation AB to disclose certain information set forth in Regulation AB regarding Party A or its group of affiliated entities, if applicable, depending on the aggregate significance percentage of this Agreement and any other
derivative contracts between Party A or its group of affiliated entities, if applicable, and Party B, as calculated from time to time in accordance with Item 1115 of Regulation AB. 

 

	 	(b)	 If the Manager determines on any date of determination at any time during which Macquarie Leasing Pty Limited is required to file Exchange Act
Reports, reasonably and in good faith, that the significance percentage of this Agreement calculated in accordance with Item 1115 of Regulation AB is or has become: (A) 10% or more, but less than 20%, or (B) 20% or more, then on any
Local Business Day after the date of such determination, the Manager may request Party A to provide the relevant Swap Financial Disclosure by making a Swap Financial Disclosure Request. Thereafter, the Manager shall inform Party A no later than ten
(10) Local Business Days following such time as (i) the Manager has determined that Exchange Act Reports are no longer required to be filed in respect of the Relevant Notes pursuant to Section 15(d) of the Securities Act or
(ii) Swap Financial Disclosure is no longer required to be included or incorporated by reference in such Exchange Act Reports. 

  

	 	(c)	 So long as the Exchange Act Reports are required to be filed by Macquarie Leasing Pty Limited under the Exchange Act and Swap Financial Disclosure
is required to be included or incorporated by reference in the Exchange Act Reports pursuant to Item 1115(b)(2) or Item 1115(b)(1), as applicable, of Regulation AB, Party A, at its own expense, shall within four (4) Local Business
Days after receipt of a Swap Financial Disclosure Request, provide Party B and the Manager with the relevant Swap Financial Disclosure described in Part 5.B(13)(b) of this Schedule. 

 

	 	(d)	 If Party A is not able to provide the relevant Swap Financial Disclosure in accordance with Part 5.B(13)(c) of this Schedule, then Party A, at its
own expense, shall secure another entity to replace Party A as party to this Agreement on terms substantially similar to this Agreement which entity is able to and will provide the Swap Financial Disclosure for such entity within the time period
specified in Part 5.B(13)(c) of this Schedule (subject to the issuance of a Rating Notification by the Manager). 

  

	 	(e)	 The parties agree that, if permitted by Regulation AB, any required Swap Financial Disclosure may be provided by Party A by incorporation by
reference from reports filed by Party A pursuant to the Exchange Act. The parties agree that, if Swap Financial Disclosure is provided by Party A as set forth in the first sentence of this Part 5.B(13)(e), each relevant person (including without
limitation any affiliate of the Manager) is authorised to incorporate by reference into the Preliminary Prospectus or Final Prospectus any such reports filed by Party A with the Commission pursuant to section 13(a) or 15(d) of the Exchange Act which
contain any required Swap Financial Disclosure. The parties also agree that, if Swap Financial Disclosure is provided by Party A as set forth in the first sentence of this Part 5.B(13)(e), each relevant person (including without limitation any
affiliate of the Manager) is authorised to incorporate by reference into the Preliminary Prospectus or Final Prospectus any documents filed by Party A with the Commission pursuant to section 13(a) or 15(d) of the Exchange Act after the date of this
Agreement and prior to the termination of the offering described in the prospectus of the Series Trust relating to the offer and sale of the Relevant Notes. 

  
 43 

	 	(f)	 Party A shall indemnify Party B, the Manager and Macquarie Leasing Pty Limited, the respective present and former directors, officers, employees and
agents of each of the foregoing and each person, if any, who controls Party B, the Manager or Macquarie Leasing Pty Limited within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act (collectively, the
“Party A Indemnified Persons”) and shall hold each of them harmless from and against any and all losses, claims, damages or liabilities (including legal fees and reasonable expenses) to which any of them may become subject, under
the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof) arise out of or are based upon: 

 

	 	(i)	 any untrue statement or alleged untrue statement of any material fact contained in the Swap Financial Disclosure provided by Party A;

  

	 	(ii)	 any omission or alleged omission to state in the Swap Financial Disclosure provided by Party A a material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading; or 

  

	 	(iii)	 any failure by Party A to provide Party B or the Manager with the relevant Swap Financial Disclosure when and as required under this Part 5.B(13);
provided, however, that, if Party A secures another entity to replace Party A as party to this Agreement pursuant to Part 5.B(13)(d) of this Schedule, Party A shall not be liable for any losses, claims, damages or liabilities (including reasonable
legal fees and expenses) to which any of the Party A Indemnified Persons may become subject arising out of or based upon a failure by Party A to provide Party B or the Manager with the relevant Swap Financial Disclosure following the provision of
the relevant Swap Financial Disclosure by the other entity to Party B or the Manager. 

  

	 	  	 The provisions of this Part 5.B(13)(f) shall not limit whatever rights Party B or the Manager may have under other provisions of this Agreement, the
other Transaction Documents or otherwise, whether in equity or at law, such as an action for damages, specific performance or injunctive relief. 

  

	 	(g)	 Party B and Macquarie Leasing Pty Limited shall, jointly and severally, indemnify Party A, the present and former directors, officers, employees and
agents of Party A and each person, if any, who controls Party A within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and shall hold each of them harmless from and against any and all losses, claims,
damages or liabilities (including legal fees and reasonable expenses) to which any of them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon: 

  

	 	(i)	 any untrue statement or alleged untrue statement of any material fact contained in the Preliminary Prospectus or Final Prospectus, other than any
Swap Financial Disclosure provided by Party A; or 

  

	 	(ii)	 any omission or alleged omission to state in the Preliminary Prospectus or Final Prospectus, other than the Swap Financial Disclosure provided by
Party A, a material fact required to be stated in the Preliminary Prospectus or Final Prospectus, other than the Swap Financial Disclosure provided by Party A, or necessary to make the statements in the Preliminary Prospectus or Final

  
 44 

	 	 
Prospectus, other than the Swap Financial Disclosure provided by Party A, in the light of the circumstances under which they were made, not misleading. 

 

	 	  	 The provisions of this Part 5.B(13)(g) shall not limit whatever rights Party A may have under other provisions of this Agreement, the other
Transaction Documents or otherwise, whether in equity or at law, such as an action for damages, specific performance or injunctive relief. 

  

	 	(h)	 Each of Party B, the Manager and Macquarie Leasing Pty Limited shall indemnify Party A, the present and former directors, officers, employees and
agents of Party A and each person, if any, who controls Party A within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act and shall hold each of them harmless from and against any and all losses, claims,
damages or liabilities (including legal fees and reasonable expenses) to which any of them may become subject, under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect
thereof) arise out of or are based upon any failure by such party to deliver or otherwise distribute any Swap Financial Disclosure in the substantively identical form provided to any of them by Party A or as modified with Party A’s written
consent. 

  

	 	  	 The provisions of this Part 5.B(13)(h) shall not limit whatever rights Party A may have under other provisions of this Agreement, the other
Transaction Documents or otherwise, whether in equity or at law, such as an action for damages, specific performance or injunctive relief. 

  

	 	(i)	 The parties agree that under no circumstances shall any untrue statement or alleged untrue statement referred to in Part 5.B(13)(g)(i), any omission
or alleged omission referred to in Part 5.B(13)(g)(ii) or any failure to deliver or distribute referred to in Part 5.B(13)(h) constitute the fraud, negligence or wilful default of Party B for the purposes of this Agreement, including without
limitation Section 15(c) of this Agreement. 

  

	(14)	 Reporting 

 Where Party A has an obligation to report any Transaction entered into under this Agreement pursuant to Section 2(h)(5) of the United States Commodity Exchange Act and rules corresponding to such
section (together the “Reporting Rules”), it will: (i) report the Transaction on a timely basis and as required by the Reporting Rules; and (ii) otherwise act as the reporting party under the Reporting Rules. 

  
 45 

 ANNEXURE 1 
 FORM OF CONFIRMATION FOR FIXED RATE SWAP 
 [PARTY A LETTERHEAD] 

Perpetual Trustee Company Limited in its capacity as trustee of the SMART ABS Series 2015-3US Trust 

Level 12 
 123
Pitt Street 
 Sydney NSW 2000 
 Attention: Manager – Transaction Management 
 Facsimile No: [l] 
 Deal no: [l] 

CONFIRMATION – FIXED RATE SWAP IN RELATION TO SMART ABS SERIES 2015-3US TRUST 

The purpose of this letter is to set out the terms and conditions of the transaction between us effective from the Effective Date (the
“Transaction”). 
 This letter (the “Confirmation”) constitutes a “Confirmation” as
referred to in, and supplements, forms part of and is subject to, the ISDA Master Agreement (“Master Agreement”) dated [l] 2015 between Macquarie Securities Management Pty Limited (ABN 26 003 435 443) (the “Manager”), Perpetual Trustee Company Limited (ABN 42 000 001 007) (“Party B”) in its
capacity as trustee of the SMART ABS Series 2015-3US Trust (the “Series Trust”) established under the Master Trust Deed and Trust Creation Deed and Macquarie Bank Limited (ABN 46 008 583 542) (“Party A”) as amended
and supplemented from time to time. All provisions contained in the Master Agreement govern this Confirmation except as expressly modified below. 
 The definitions and provisions contained in the 2006 ISDA Definitions (as published by the International Swap Dealers Association, Inc.) are incorporated into this Confirmation. In the event of any
inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern. 
 This Transaction
constitutes a “Relevant Transaction” for the purposes of the Credit Support Annex. 
 The terms of the Transaction are
as follows: 
 NOTIONAL AMOUNT 
  

							
	     Notional Amount:
	 	 For the first Calculation Period, AUD [l], and thereafter in respect of a Calculation Period either:
	  	
				
		 	 (a)
	  	 the amount in Australian Dollars notified to Party A by or on behalf of Party B, on or prior to the date falling three Business Days prior to the first day of
such Calculation Period, as being the total Principal Balance of all SMART Receivables as at the first day of such Calculation Period; or
	  	
				
		 	 (b)
	  	 if Party A has not received the notification referred to in, and in accordance with, paragraph (a), for the Payment Date in respect of such Calculation
Period,
	  	

  
 46 

					
			
		  	 the amount for such date specified in the Annexure to this letter.
	  	
			
	     Effective Date:
	  	 [l] 2015
	  	
			
	     Trade Date:
	  	 [l] 2015
	  	
			
	     Termination Date:
	  	 The earlier of the Distribution Date in October 2023 and the Distribution Date on which the total Invested Amount of all Notes is or will be reduced to
zero.
	  	

 FLOATING AMOUNTS 
  

					
	     Floating Rate Payer:
	  	Party A	  	
			
	     Floating Rate Option:
	  	[AUD-BBR-BBSW]	  	
			
	    Floating Rate Payer Payment Dates:	  	Each Distribution Date	  	
			
	     Spread:
	  	[l]% per annum for each Calculation
Period	  	
			
	     Designated Maturity:
	  	[1 Month]	  	
			
	     Reset Dates:
	  	The first day of each Calculation Period.	  	
			
	     Floating Rate Day Count Fraction:
	  	Actual/365 (Fixed)	  	

  
 FIXED AMOUNTS 

 

					
	     Fixed Rate Payer:
	  	Party B	  	
			
	     Fixed Rate Payer Payment Dates:
	  	Each Floating Rate Payer Payment Date	  	
			
	     Fixed Rate:
	  	[    ] per annum	  	
			
	     Fixed Rate Day Count Fraction:
	  	Actual/365 (Fixed)	  	
			
	    Calculation Agent:	  	Party A	  	
			
	     Business Days:
	  	Sydney, Melbourne, New York City, London	  	

 GENERAL 
  

					
	     Payments on Early Termination:
	  	 If an Early Termination Date occurs, any amounts payable pursuant to section 6(e) of the Master Agreement will be based on the amounts specified in the Annexure
to this letter for each Payment Date that would otherwise have fallen on or after that Early Termination Date.
	  	
			
	     Rate Set Notices:
	  	 On each Reset Date, Party A will prepare and send to the Manager (on behalf of Party B) a rate set notice (the “Rate Set Notice”) which will set
out the applicable AUD-BBR-BBSW rate for the Calculation Period commencing on that Reset Date and the payments to be made by each Party on the following Payment Date and the parties intend that the
	  	

  
 47 

					
		  	 Manager will promptly then confirm the accuracy of and sign and return, or request the correction of, such Rate Set Notice. In the absence of manifest error
where the Manager (on behalf of Party B) fails to sign and return or request the correction of a Rate Set Notice within three Business Days after it was sent, the terms of the Rate Set Notice will be binding on and conclusive against Party
B.
	  	
			
	 Negative Interest Rate Method does not apply:
	  	 Negative Interest Rate Method does not apply to this Transaction (including without limitation for the purpose of Section 6.4 of the 2006 ISDA Definitions (as
published by the International Swap Dealers Association, Inc.)).
	  	
			
	 Zero Interest Rate Method does apply:
	  	 Zero Interest Rate Method applies to this Transaction (including without limitation for the purpose of Section 6.4 of the 2006 ISDA Definitions (as published by
the International Swap Dealers Association, Inc.)).
	  	

 DEFINITIONS 
 Unless otherwise defined in this letter, words and phrases defined in the Master Agreement (including by incorporation or reference to another document) have the same meanings when used in this letter,
and in this letter: 
 “Business Day” means (except where expressly provided otherwise) any day on which the
banks are open for business in Melbourne, Sydney, London and New York, other than a Saturday, a Sunday or a public holiday in Melbourne, Sydney, London or New York. 
 “Principal Balance” has the meaning given in the Master Sale and Servicing Deed. 
  

 

					
	ACCOUNT DETAILS	  		  	
			
	Account details for payments to Party A:	  	 [l]
	  	
			
	Account details for payments to Party B:	  	 [As per Standard Settlement Instructions previously sent to us. If you have not sent your Standard Settlement Instructions to us, or, if these instructions do
not apply to this Transaction, please advise.]
	  	
			
	OFFICES AND ADDRESS FOR NOTICES	  		  	
			
	The Office of Party A for this Transaction is:	  	 Macquarie Bank Limited
 50
Martin Place
 Sydney NSW 2000

AUSTRALIA
 Fax
      +612 8232 8344
 Attention: Manager, Securitisation
	  	
			
	The Office of Party B for this Transaction is:	  	 Perpetual Trustee Company Limited as trustee of the SMART
ABS Series 2015-3US Trust

Level 12, Angel Place
 123 Pitt Street

Sydney NSW 2000
 AUSTRALIA
	  	

  
 48 

					
		  	 Email: SecuritisationOps@perpetual.com.au
 Attention: Manager, Transaction Management, Capital
Markets Fiduciary Services
	  	
			
		  	 Manager:
 Macquarie Securities
Management Pty Limited
 50 Martin Place

Sydney NSW 2000
 AUSTRALIA

Fax        +612 8232 8344
 Attention: Manager, Securitisation
	  	

 Please confirm that the foregoing correctly sets forth the terms of our agreement in respect of the Transaction by
executing the copy of this Confirmation enclosed for that purpose and returning it to us. 
 Yours Faithfully 

 

					
	 SIGNED for and on behalf of MACQUARIE
 BANK LIMITED ABN 46 008 583 542
	  	
		
	 By:
	  	
	(Authorised Officer)	  	
	Name	  	  
	  	
	Title	  	  
	  	

  
  

									
	Confirmed as at the date first written above:	 		 	Confirmed as at the date first written above:
			
	SIGNED for and on behalf of PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007 as trustee of the SMART ABS Series 2015-3US Trust	 		 	SIGNED for and on behalf of MACQUARIE SECURITIES MANAGEMENT PTY LIMITED ABN 26 003 435 443
			
	 By:
	 		 	 By:

	(Authorised Officer)	 		 	(Authorised Officer)
	Name	 	  
	 		 	Name	 	  

	Title	 	  
	 		 	Title	 	  

  
 49 

 ANNEXURE 
 Distribution Dates are provided as an indicative guide only, and do not affect the definitions of “Fixed Rate Payer Payment Date” and “Floating Rate Payer Payment Date” in the
Confirmation. 
  

							
	Start Date	  	End Date	  	Currency	  	Notional Amounts
	 [l]
	  	[l]	  	[AUD]	  	[l]

  
 50 

			
	(Bilateral Form-Transfer)1	 	(ISDA Agreements Subject to
English Law)2        

  
 

 
 CREDIT SUPPORT ANNEX 
 to the Schedule to the 
 ISDA Master Agreement 

 

							
		  	    dated as of	  	
            15 October 2015    
    
	  	

 between 
  

			
	Macquarie Bank Limited ABN 46 008 583 542 (“MBL” and hereinafter included in the expression “Party A”) Macquarie Securities Management Pty Limited ABN 26 003
435 443 (the “Manager”)	  	Perpetual Trustee Company Limited ABN (42 000 001 007) in its capacity as trustee of the SMART ABS Series 2015-3US Trust (“Party B”)

 This Annex supplements, forms part of, and is subject to, the ISDA Master Agreement referred to above and
is part of its Schedule. For the purposes of this Agreement, including, without limitation, Sections 1(c), 2(a), 5 and 6, the credit support arrangements set out in this Annex constitute a Transaction (for which this Annex constitutes the
Confirmation). 
 Paragraph 1. Interpretation 
 Capitalised terms not otherwise defined in this Annex or elsewhere in this Agreement have the meanings specified pursuant to Paragraph 10, and all references in this Annex to Paragraphs are to Paragraphs
of this Annex. In the event of any inconsistency between this Annex and the other provisions of this Schedule, this Annex will prevail, and in the event of any inconsistency between Paragraph 11 and the other 

 
  

1    This document is
not intended to create a charge or other security interest over the assets transferred under its terms. Persons intending to establish a collateral arrangement based on the creation of a charge or other security interest should consider using the
ISDA Credit Support Deed (English law) or the ISDA Credit Support Annex (New York law), as appropriate. 
 2    This Credit Support Annex has been prepared for use with ISDA Master Agreements subject to English law. Users should consult their legal advisers as to
the proper use and effect of this form and the arrangements it contemplates. In particular, users should consult their legal advisers if they wish to have the Credit Support Annex made subject to a governing law other than English law or to have the
Credit Support Annex subject to a different governing law than that governing the rest of the ISDA Master Agreement (e.g., English law for the Credit Support Annex and New York law for the rest of the ISDA Master Agreement). 

Copyright © 1995 by International
Swaps and Derivatives Association, Inc. 

 provisions of this Annex, Paragraph 11 will prevail. For the avoidance of doubt, references to
“transfer” in this Annex mean, in relation to cash, payment and, in relation to other assets, delivery. 
 Paragraph 2. Credit
Support Obligations 
 (a)      Delivery Amount. Subject to Paragraphs 3 and 4,
upon a demand made by the Transferee on or promptly following a Valuation Date, if the Delivery Amount for that Valuation Date equals or exceeds the Transferor’s Minimum Transfer Amount, then the Transferor will transfer to the Transferee
Eligible Credit Support having a Value as of the date of transfer at least equal to the applicable Delivery Amount (rounded pursuant to Paragraph 11(b)(iii)(D)). Unless otherwise specified in Paragraph 11(b), the “Delivery Amount”
applicable to the Transferor for any Valuation Date will equal the amount by which: 

(i)      the Credit Support Amount 

exceeds 
 (ii)      the Value as of that Valuation Date of the Transferor’s Credit Support Balance (adjusted to include any prior Delivery Amount and to exclude any prior Return
Amount, the transfer of which, in either case, has not yet been completed and for which the relevant Settlement Day falls on or after such Valuation Date). 
 (b)      Return Amount. Subject to Paragraphs 3 and 4, upon a demand made by the Transferor on or promptly following a Valuation Date, if the Return Amount for
that Valuation Date equals or exceeds the Transferee’s Minimum Transfer Amount, then the Transferee will transfer to the Transferor Equivalent Credit Support specified by the Transferor in that demand having a Value as of the date of transfer
as close as practicable to the applicable Return Amount (rounded pursuant to Paragraph 11(b)(iii)(D)) and the Credit Support Balance will, upon such transfer, be reduced accordingly. Unless otherwise specified in Paragraph 11(b), the “Return
Amount” applicable to the Transferee for any Valuation Date will equal the amount by which: 

(i)      the Value as of that Valuation Date of the Transferor’s Credit Support
Balance (adjusted to include any prior Delivery Amount and to exclude any prior Return Amount, the transfer of which, in either case, has not yet been completed and for which the relevant Settlement Day falls on or after such Valuation Date)

 exceeds 
 (ii)      the Credit Support Amount. 
 Paragraph 3. Transfers,
Calculations and Exchanges 
 (a)      Transfers. All transfers under this Annex
of any Eligible Credit Support, Equivalent Credit Support, Interest Amount or Equivalent Distributions shall be made in accordance with the instructions of the Transferee or Transferor, as applicable, and shall be made: 

(i)      in the case of cash, by transfer into one or more bank accounts specified by the
recipient; 

  
 ISDA®
1995 
 2 

 (ii)      in the case of certificated
securities which cannot or which the parties have agreed will not be delivered by book-entry, by delivery in appropriate physical form to the recipient or its account accompanied by any duly executed instruments of transfer, transfer tax stamps and
any other documents necessary to constitute a legally valid transfer of the transferring party’s legal and beneficial title to the recipient; and 
 (iii)      in the case of securities which the parties have agreed will be delivered by book-entry, by the giving of written instructions (including, for the avoidance of
doubt, instructions given by telex, facsimile transmission or electronic messaging system) to the relevant depository institution or other entity specified by the recipient, together with a written copy of the instructions to the recipient,
sufficient, if complied with, to result in a legally effective transfer of the transferring party’s legal and beneficial title to the recipient. 
 Subject to Paragraph 4 and unless otherwise specified, if a demand for the transfer of Eligible Credit Support or Equivalent Credit Support is received by the Notification Time, then the relevant transfer
will be made not later than the close of business on the Settlement Day relating to the date such demand is received; if a demand is received after the Notification Time, then the relevant transfer will be made not later than the close of business
on the Settlement Day relating to the day after the date such demand is received. 

(b)      Calculations. All calculations of Value and Exposure for purposes of Paragraphs 2
and 4(a) will be made by the relevant Valuation Agent as of the relevant Valuation Time. The Valuation Agent will notify each party (or the other party, if the Valuation Agent is a party) of its calculations not later than the Notification Time on
the Local Business Day following the applicable Valuation Date (or, in the case of Paragraph 4(a), following the date of calculation). 
 (c)      Exchanges. 

(i)      Unless otherwise specified in Paragraph 11, the Transferor may on any Local
Business Day by notice inform the Transferee that it wishes to transfer to the Transferee Eligible Credit Support specified in that notice (the “New Credit Support”) in exchange for certain Eligible Credit Support (the “Original
Credit Support”) specified in that notice comprised in the Transferor’s Credit Support Balance. 

(ii)      If the Transferee notifies the Transferor that it has consented to the proposed
exchange, (A) the Transferor will be obliged to transfer the New Credit Support to the Transferee on the first Settlement Day following the date on which it receives notice (which may be oral telephonic notice) from the Transferee of its
consent and (B) the Transferee will be obliged to transfer to the Transferor Equivalent Credit Support in respect of the Original Credit Support not later than the Settlement Day following the date on which the Transferee receives the New
Credit Support, unless otherwise specified in Paragraph 11(d) (the “Exchange Date”); provided that the Transferee will only be obliged to transfer Equivalent Credit Support with a Value as of the date of transfer as close as
practicable to, but in any event not more than, the Value of the New Credit Support as of that date. 

  
 ISDA®
1995 
 3 

 Paragraph 4. Dispute Resolution 

(a)      Disputed Calculations or Valuations. If a party (a “Disputing Party”)
reasonably disputes (I) the Valuation Agent’s calculation of a Delivery Amount or a Return Amount or (II) the Value of any transfer of Eligible Credit Support or Equivalent Credit Support, then: 

(1)      the Disputing Party will notify the other party and the Valuation Agent (if the
Valuation Agent is not the other party) not later than the close of business on the Local Business Day following, in the case of (I) above, the date that the demand is received under Paragraph 2 or, in the case of (II) above, the date of
transfer; 
 (2)      in the case of (I) above, the appropriate party will
transfer the undisputed amount to the other party not later than the close of business on the Settlement Day following the date that the demand is received under Paragraph 2; 

(3)      the parties will consult with each other in an attempt to resolve the dispute; and

 (4)      if they fail to resolve the dispute by the Resolution Time, then:

 (i)      in the case of a dispute involving a Delivery Amount or Return
Amount, unless otherwise specified in Paragraph 11(c), the Valuation Agent will recalculate the Exposure and the Value as of the Recalculation Date by: 
 (A)      utilising any calculations of that part of the Exposure attributable to the Transactions that the parties have agreed are not in dispute; 

(B)      calculating that part of the Exposure attributable to the Transactions in dispute
by seeking four actual quotations at mid-market from Reference Market-makers for purposes of calculating Market Quotation, and taking the arithmetic average of those obtained; provided that if four
quotations are not available for a particular Transaction, then fewer than four quotations may be used for that Transaction, and if no quotations are available for a particular Transaction, then the Valuation Agent’s original calculations will
be used for the Transaction; and 
 (C)      utilising the procedures specified
in Paragraph 11(e)(ii) for calculating the Value, if disputed, of the outstanding Credit Support Balance; 

(ii)      in the case of a dispute involving the Value of any transfer of Eligible Credit
Support or Equivalent Credit Support, the Valuation Agent will recalculate the Value as of the date of transfer pursuant to Paragraph 11(e)(ii). 
 Following a recalculation pursuant to this Paragraph, the Valuation Agent will notify each party (or the other party, if the Valuation Agent is a party) as soon as possible but in any event not later than
the Notification Time on the Local Business Day following the Resolution Time. The appropriate party will, upon demand following such notice given by the Valuation Agent or a resolution pursuant to (3) above and subject to Paragraph 3(a), make
the appropriate transfer. 

  
 ISDA®
1995 
 4 

 (b)      No Event of Default. The failure by a
party to make a transfer of any amount which is the subject of a dispute to which Paragraph 4(a) applies will not constitute an Event of Default for as long as the procedures set out in this Paragraph 4 are being carried out. For the avoidance of
doubt, upon completion of those procedures, Section 5(a)(i) of this Agreement will apply to any failure by a party to make a transfer required under the final sentence of Paragraph 4(a) on the relevant due date. 

Paragraph 5. Transfer of Title, No Security Interest, Distributions and Interest Amount 

(a)      Transfer of Title. Each party agrees that all right, title and interest in and to
any Eligible Credit Support, Equivalent Credit Support, Equivalent Distributions or Interest Amount which it transfers to the other party under the terms of this Annex shall vest in the recipient free and clear of any liens, claims, charges or
encumbrances or any other interest of the transferring party or of any third person (other than a lien routinely imposed on all securities in a relevant clearance system). 
 (b)      No Security Interest. Nothing in this Annex is intended to create or does create in favour of either party any mortgage, charge, lien, pledge,
encumbrance or other security interest in any cash or other property transferred by one party to the other party under the terms of this Annex. 
 (c)      Distributions and Interest Amount. 
 (i)      Distributions. The Transferee will transfer to the Transferor not later than the Settlement Day following each Distributions Date cash, securities or
other property of the same type, nominal value, description and amount as the relevant Distributions (“Equivalent Distributions”) to the extent that a Delivery Amount would not be created or increased by the transfer, as calculated by the
Valuation Agent (and the date of calculation will be deemed a Valuation Date for this purpose). 

(ii)      Interest Amount. Unless otherwise specified in Paragraph
11(f)(iii), the Transferee will transfer to the Transferor at the times specified in Paragraph 11(f)(ii) the relevant Interest Amount to the extent that a Delivery Amount would not be created or increased by the transfer, as calculated by the
Valuation Agent (and the date of calculation will be deemed a Valuation Date for this purpose). 
 Paragraph 6. Default 

If an Early Termination Date is designated or deemed to occur as a result of an Event of Default in relation to a party, an amount equal
to the Value of the Credit Support Balance, determined as though the Early Termination Date were a Valuation Date, will be deemed to be an Unpaid Amount due to the Transferor (which may or may not be the Defaulting Party) for purposes of
Section 6(e). For the avoidance of doubt, if Market Quotation is the applicable payment measure for purposes of Section 6(e), then the Market Quotation determined under Section 6(e) in relation to the Transaction constituted by this
Annex will be deemed to be zero, and, if Loss is the applicable payment measure for purposes of Section 6(e), then the Loss determined under Section 6(e) in relation to the Transaction will be limited to the Unpaid Amount representing the
Value of the Credit Support Balance. 

  
 ISDA®
1995 
 5 

 Paragraph 7. Representation 
 Each party represents to the other party (which representation will be deemed to be repeated as of each date on which it transfers Eligible Credit Support, Equivalent Credit Support or Equivalent
Distributions) that it is the sole owner of or otherwise has the right to transfer all Eligible Credit Support, Equivalent Credit Support or Equivalent Distributions it transfers to the other party under this Annex, free and clear of any security
interest, lien, encumbrance or other restriction (other than a lien routinely imposed on all securities in a relevant clearance system). 

Paragraph 8. Expenses 

Each party will pay its own costs and expenses (including any stamp, transfer or similar transaction tax or duty payable on any transfer
it is required to make under this Annex) in connection with performing its obligations under this Annex, and neither party will be liable for any such costs and expenses incurred by the other party. 

Paragraph 9. Miscellaneous 
 (a)      Default Interest. Other than in the case of an amount which is the subject of a dispute under Paragraph 4(a), if a Transferee fails to make, when due,
any transfer of Equivalent Credit Support, Equivalent Distributions or the Interest Amount, it will be obliged to pay the Transferor (to the extent permitted under applicable law) an amount equal to interest at the Default Rate multiplied by the
Value on the relevant Valuation Date of the items of property that were required to be transferred, from (and including) the date that the Equivalent Credit Support, Equivalent Distributions or Interest Amount were required to be transferred to (but
excluding) the date of transfer of the Equivalent Credit Support, Equivalent Distributions or Interest Amount. This interest will be calculated on the basis of daily compounding and the actual number of days elapsed. 

(b)      Good Faith and Commercially Reasonable Manner. Performance of all obligations under
this Annex, including, but not limited to, all calculations, valuations and determinations made by either party, will be made in good faith and in a commercially reasonable manner. 

(c)      Demands and Notices. All demands and notices given by a party under this Annex will
be given as specified in Section 12 of this Agreement. 
 (d)      Specifications of
Certain Matters. Anything referred to in this Annex as being specified in Paragraph 11 also may be specified in one or more Confirmations or other documents and this Annex will be construed accordingly. 

Paragraph 10. Definitions 
 As used in this Annex: 
 “Base Currency” means the
currency specified as such in Paragraph 11(a)(i). 

  
 ISDA®
1995 
 6 

 “Base Currency Equivalent” means, with respect to an amount on a
Valuation Date, in the case of an amount denominated in the Base Currency, such Base Currency amount and, in the case of an amount denominated in a currency other than the Base Currency (the “Other Currency”), the amount of Base Currency
required to purchase such amount of the Other Currency at the spot exchange rate determined by the Valuation Agent for value on such Valuation Date. 
 “Credit Support Amount” means, with respect to a Transferor on a Valuation Date, (i) the Transferee’s Exposure plus (ii) all Independent Amounts applicable to the
Transferor, if any, minus (iii) all Independent Amounts applicable to the Transferee, if any, minus (iv) the Transferor’s Threshold; provided, however, that the Credit Support Amount will be deemed to be zero whenever the
calculation of Credit Support Amount yields a number less than zero. 
 “Credit Support Balance” means,
with respect to a Transferor on a Valuation Date, the aggregate of all Eligible Credit Support that has been transferred to or received by the Transferee under this Annex, together with any Distributions and all proceeds of any such Eligible Credit
Support or Distributions, as reduced pursuant to Paragraph 2(b), 3(c)(ii) or 6. Any Equivalent Distributions or Interest Amount (or portion of either) not transferred pursuant to Paragraph 5(c)(i) or (ii) will form part of the Credit Support
Balance. 
 “Delivery Amount” has the meaning specified in Paragraph 2(a). 

“Disputing Party” has the meaning specified in Paragraph 4. 

“Distributions” means, with respect to any Eligible Credit Support comprised in the Credit Support Balance
consisting of securities, all principal, interest and other payments and distributions of cash or other property to which a holder of securities of the same type, nominal value, description and amount as such Eligible Credit Support would be
entitled from time to time. 
 “Distributions Date” means, with respect to any Eligible Credit Support
comprised in the Credit Support Balance other than cash, each date on which a holder of such Eligible Credit Support is entitled to receive Distributions or, if that date is not a Local Business Day, the next following Local Business Day.

 “Eligible Credit Support” means, with respect to a party, the items, if any, specified as such for
that party in Paragraph 11(b)(ii) including, in relation to any securities, if applicable, the proceeds of any redemption in whole or in part of such securities by the relevant issuer. 

“Eligible Currency” means each currency specified as such in Paragraph 11(a)(ii), if such currency is freely
available. 
 “Equivalent Credit Support” means, in relation to any Eligible Credit Support comprised in
the Credit Support Balance, Eligible Credit Support of the same type, nominal value, description and amount as that Eligible Credit Support. 
 “Equivalent Distributions” has the meaning specified in Paragraph 5(c)(i). 
 “Exchange Date” has the meaning specified in Paragraph 11(d). 

  
 ISDA®
1995 
 7 

 “Exposure” means, with respect to a party on a Valuation Date and
subject to Paragraph 4 in the case of a dispute, the amount, if any, that would be payable to that party by the other party (expressed as a positive number) or by that party to the other party (expressed as a negative number) pursuant to
Section 6(e)(ii)(1) of this Agreement if all Transactions (other than the Transaction constituted by this Annex) were being terminated as of the relevant Valuation Time, on the basis that (i) that party is not the Affected Party and
(ii) the Base Currency is the Termination Currency; provided that Market Quotations will be determined by the Valuation Agent on behalf of that party using its estimates at mid-market of the
amounts that would be paid for Replacement Transactions (as that term is defined in the definition of “Market Quotation”). 
 “Independent Amount” means, with respect to a party, the Base Currency Equivalent of the amount specified as such for that party in Paragraph 11(b)(iii)(A); if no amount is
specified, zero. 
 “Interest Amount” means, with respect to an Interest Period, the aggregate sum of
the Base Currency Equivalents of the amounts of interest determined for each relevant currency and calculated for each day in that Interest Period on the principal amount of the portion of the Credit Support Balance comprised of cash in such
currency, determined by the Valuation Agent for each such day as follows: 

(x)       the amount of cash in such currency on that day; multiplied by 

(y)       the relevant Interest Rate in effect for that day; divided by 

(z)       360 (or, in the case of pounds sterling, 365). 

“Interest Period” means the period from (and including) the last Local Business Day on which an Interest Amount
was transferred (or, if no Interest Amount has yet been transferred, the Local Business Day on which Eligible Credit Support or Equivalent Credit Support in the form of cash was transferred to or received by the Transferee) to (but excluding) the
Local Business Day on which the current Interest Amount is transferred. 
 “Interest Rate” means with
respect to an Eligible Currency, the rate specified in Paragraph 11(f)(i) for that currency. 
 “Local Business
Day”, unless otherwise specified in Paragraph 11(h), means: 

(i)       in relation to a transfer of cash or other property (other than securities) under
this Annex, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place where the relevant account is located and, if different, in the principal financial centre, if any,
of the currency of such payment; 
 (ii)       in relation to a transfer of
securities under this Annex, a day on which the clearance system agreed between the parties for delivery of the securities is open for the acceptance and execution of settlement instructions or, if delivery of the securities is contemplated by other
means, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place(s) agreed between the parties for this purpose; 

  
 ISDA®
1995 
 8 

 (iii)       in relation to a valuation under
this Annex, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place of location of the Valuation Agent and in the place(s) agreed between the parties for this purpose;
and 
 (iv)       in relation to any notice or other communication under this
Annex, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place specified in the address for notice most recently provided by the recipient. 

“Minimum Transfer Amount” means, with respect to a party, the amount specified as such for that party in
Paragraph 11(b)(iii)(C); if no amount is specified, zero. 
 “New Credit Support” has the meaning
specified in Paragraph 3(c)(i). 
 “Notification Time” has the meaning specified in Paragraph 11(c)(iv).

 “Recalculation Date” means the Valuation Date that gives rise to the dispute under Paragraph 4;
provided however, that if a subsequent Valuation Date occurs under Paragraph 2 prior to the resolution of the dispute, then the “Recalculation Date” means the most recent Valuation Date under Paragraph 2. 

“Resolution Time” has the meaning specified in Paragraph 11(c)(i). 

“Return Amount” has the meaning specified in Paragraph 2(b). 

“Settlement Day” means, in relation to a date, (i) with respect to a transfer of cash or other property
(other than securities), the next Local Business Day and (ii) with respect to a transfer of securities, the first Local Business Day after such date on which settlement of a trade in the relevant securities, if effected on such date, would have
been settled in accordance with customary practice when settling through the clearance system agreed between the parties for delivery of such securities or, otherwise, on the market in which such securities are principally traded (or, in either
case, if there is no such customary practice, on the first Local Business Day after such date on which it is reasonably practicable to deliver such securities). 
 “Threshold” means, with respect to a party, the Base Currency Equivalent of the amount specified as such for that party in Paragraph 11(b)(iii)(B); if no amount is specified, zero.

 “Transferee” means, in relation to each Valuation Date, the party in respect of which Exposure is a
positive number and, in relation to a Credit Support Balance, the party which, subject to this Annex, owes such Credit Support Balance or, as the case may be, the Value of such Credit Support Balance to the other party. 

“Transferor” means, in relation to a Transferee, the other party. 

“Valuation Agent” has the meaning specified in Paragraph 11(c)(i). 

“Valuation Date” means each date specified in or otherwise determined pursuant to Paragraph 11(c)(ii).

  
 ISDA®
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 9 

 “Valuation Percentage” means, for any item of Eligible Credit
Support, the percentage specified in Paragraph 11(b)(ii). 
 “Valuation Time” has the meaning specified
in Paragraph 11(c)(iii). 
 “Value” means, for any Valuation Date or other date for which Value is
calculated, and subject to Paragraph 4 in the case of a dispute, with respect to: 

(i)       Eligible Credit Support comprised in a Credit Support Balance that is:

 (A)     an amount of cash, the Base Currency Equivalent of such amount multiplied by the
applicable Valuation Percentage, if any; and 
 (B)     a security, the Base Currency
Equivalent of the bid price obtained by the Valuation Agent multiplied by the applicable Valuation Percentage, if any; and 
 (ii)       items that are comprised in a Credit Support Balance and are not Eligible Credit Support, zero. 

  
 ISDA®
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 10 

 Elections and Variables to the Credit Support Annex dated as of 15 October 2015

 Between 
 Macquarie Bank Limited (ABN 46 008 583 542) 
 (“Party A”)

 and 
 Perpetual Trustee Company Limited (ABN 42 000 001 007) 
 (“Party
B”) 
 and 
 Macquarie Securities Management Pty Limited 
 (ABN 26 003 435 443)

 (“Manager”) 
 in relation to the ISDA Master Agreement and the Schedule to it dated 15 October 2015 
 between Party A, Party B and the Manager 
 Paragraph 11. Elections and
Variables 
  

	(a)	 Base Currency and Eligible Currency. 

 

	 	(i)	 “Base Currency” means AUD. 

  

	 	(ii)	 “Eligible Currency” means the Base Currency, and any other currency from time to time as agreed between both parties for the
purposes of this Annex. 

  

	(b)	 Credit Support Obligations 

 

	 	(i)	 Delivery Amount, Return Amount and Credit Support Amount 

 

	 	(a)	 “Delivery Amount” has the meaning specified in Paragraph 2(a), except that the words “upon a demand made by the Transferee on
or promptly following a Valuation Date” shall be deleted and replaced by the words “on each Valuation Date”. 

  

	 	(b)	 “Return Amount” has the meaning specified in Paragraph 2(b). 

 

	 	(c)	 “Credit Support Amount” has the meaning specified under the relevant definition of Ratings Criteria. In circumstances where more
than one of the Ratings Criteria apply, the Credit Support Amount shall be calculated by reference to the Ratings Criteria which would result in Party A transferring the greatest amount of Eligible Credit Support. 

 

	 	(ii)	 Eligible Credit Support. The following items will qualify as “Eligible Credit Support” for the party specified, with
the Valuation Percentage being as set out below. 

  
 11 

 
							
	Eligible Credit Support	  	Party A	  	Party B	  	Valuation Percentage
				
	 Cash in AUD
	  	Yes	  	Not applicable	  	100%
				
	 Cash in an Eligible Currency other than AUD
	  	Yes	  	Not applicable	  	As agreed between Party A and Party B and in accordance with Fitch Ratings and Moody’s current criteria

  

	 	(iii)	 Thresholds 

  

	 	(a)	 “Independent Amount” means with respect to Party A: zero 

“Independent Amount” means with respect to Party B: zero 

 

	 	(b)	 “Threshold” means with respect to Party A, infinity provided that for so long as Party A does not have the relevant Required Rating
by a Rating Agency and it is the Required Date or the Required Date has passed, the Threshold with respect to party A shall be zero, until such time as Party A has the relevant Required Rating by all Rating Agencies. Notwithstanding the foregoing,
if at any time a Guarantee is in place, the Threshold for Party A shall be infinity. 

“Threshold” means with respect to Party B: infinity. 

 

	 	(c)	 “Minimum Transfer Amount” means with respect to Party A: 

 

	 	(1)	 where a Credit Support Amount is to be calculated pursuant to the Moody’s Criteria, AUD 100,000; and 

 

	 	(2)	 where a Credit Support Amount is to be calculated pursuant to the Fitch Criteria, AUD 100,000. 

“Minimum Transfer Amount” means with respect to Party B: zero. 

 

	 	(d)	 “Rounding”. The Delivery Amount will be rounded up to the nearest integral multiple of AUD 10,000, and the Return Amount will be
rounded down to the nearest integral multiple of AUD 10,000. 

  

	 	(iv)	 “Exposure” has the meaning specified in Paragraph 10, except that (1) after the word “Agreement” the words
“(assuming, for this purpose only, that Part 5.B(3) (Amendments required by Moody’s) of the Schedule is deleted)” shall be inserted and (2) at the end of the definition of Exposure, the words “without assuming that the terms
of such Replacement Transaction are materially less beneficial for the Transferee than the terms of this Agreement” shall be added, and (3) in the fourth line the words “all Transactions” shall be replaced with the words
“the Relevant Transaction”. 

  

	(c)	 Valuation and Timing 

  

	 	(i)	 “Valuation Agent” means Party A in all circumstances. 

  
 12 

	 	(ii)	 “Valuation Date” means each Local Business Day. 

 

	 	(iii)	 “Valuation Time” means the close of business in the city of the Valuation Agent on the Local Business Day immediately preceding the
Valuation Date or date of calculation, as applicable, provided that the calculations of Value and Credit Support Amount will, as far as practicable, be made as of approximately the same time on the same date. 

 

	 	(iv)	 “Notification Time” means 4:00 pm Sydney time on a Local Business day. 

 

	(d)	 Exchange Date. “Exchange Date” has the meaning specified in Paragraph 3(c)(ii). 

 

	(e)	 Dispute Resolution. 

  

	 	(i)	 “Resolution Time” means 4:00 p.m. Sydney time on the Local Business Day following the date on which the notice is given that gives
rise to a dispute under Paragraph 4. 

  

	 	(ii)	 Value. For the purpose of Paragraphs 4(a)(4)(i)(C) and 4(a)(4)(ii), on any date the Value of the outstanding Credit Support Balance or of any
transfer of Eligible Credit Support or Equivalent Credit Support (as the case may be), will be the Base Currency Equivalent of such Cash amount, multiplied by the applicable Valuation Percentage. 

 

	 	(iii)	 Alternative. The provisions of Paragraph 4 will apply. 

 

	(f)	 Distributions and Interest Amount 

  

	 	(i)	 Interest Rate. The “Interest Rate” will be the weighted average rate of interest earned by the Transferee in respect of the
portion of the Credit Support Balance comprised of cash. 

  

	 	(ii)	 Transfer of Interest Amount. The transfer of the Interest Amount will be made on the second Local Business Day following the end of each
calendar month and on any other Local Business Day on which Equivalent Credit Support in the form of cash is transferred to the Transferor pursuant to Paragraph 2(b), in each case to the extent that a Delivery Amount would not be created or
increased by that transfer, provided that Party B shall not be obliged to so transfer any Interest Amount unless and until it has earned and received such interest. 

 

	 	(iii)	 Alternative to Interest Amount. The provisions of Paragraph 5(c)(ii) will apply. 

 

	(g)	 Addresses for Transfers 

 To Party A: To be notified to Party B by Party A at the time of the request for the transfer. 
 Party B: To be notified to Party A by Party B upon request by Party A. 
  

	(h)	 Other Provisions. 

  

	 	(i)	 Amendment to Paragraph 6. Paragraph 6 shall be amended by the insertion of (1) in the first line after the words “Event of
Default”, the words “or a Termination Event resulting in the termination of all (but not less than all) Transactions”; and (2) in the fourth line after the words “Defaulting Party” the words “or, where
relevant, the party that is not the Affected Party”. 

  
 13 

	 	(ii)	 Costs of Transfer on Exchange. Notwithstanding Paragraph 8, the Transferor will be responsible for, and will reimburse the Transferee
for, all transfer and other taxes and other costs involved in the transfer of Eligible Credit Support either from the Transferor to the Transferee or from the Transferee to the Transferor pursuant to Paragraph 3(c).

  

	 	(iii)	 Cumulative Rights. The rights, powers and remedies of the Transferee under this Annex shall be in addition to all rights, powers and
remedies given to the Transferee by the Agreement or by virtue of any statute or rule of law, all of which rights, powers and remedies shall be cumulative and may be exercised successively or concurrently without impairing the rights of the
Transferee in the Credit Support Balance created pursuant to this Annex. 

  

	 	(iv)	 Demands and Notices. All demands, specifications and notices under this Annex will be made pursuant to the Notices section of this
Agreement, save that any demand, specification or notice: 

  

	 	(a)	 shall be given to or made at the following addresses: 

If to Party A: 
 Macquarie Bank Limited 
 50 Martin Place 

Sydney NSW 2000 
 AUSTRALIA 
 Contacts: Manager, Securitisation 

Phone: +612 8232 3333 
 Fax: +612 8232 8344 
 Email: ficcdebtmarkets@macquarie.com

 If to Party B: 
 Perpetual Trustee Company Limited 
 Level 12, Angel Place

 123 Pitt Street 
 Sydney NSW 2000 
 AUSTRALIA 

Contacts: Manager, Transaction Management, Capital 

Markets Fiduciary Services 
 Phone: +612 9229 9000 
 Email: SecuritisationOps@perpetual.com.au

 or at such other address as the relevant party may from time to time designate by giving notice (in
accordance with the terms of this subparagraph) to the other party; 
  

	 	(b)	 shall be deemed to be effective at the time such notice is actually received unless such notice is received on a day which is not a Local Business
Day or after the Notification Time on any Local Business Day in which event such notice shall be deemed to be effective on the next succeeding Local Business Day. 

 

	 	(v)	 Single Transferor and Single Transferee. For the avoidance of doubt Party A shall always be the Transferor and Party B shall always be the
Transferee. 

  
 14 

	 	(vi)	 Delivery. The final paragraph of Paragraph 3(a) shall be deleted and replaced with the following: 

“Subject to Paragraph 4, and unless otherwise specified, any transfer of Eligible Credit Support or Equivalent
Credit Support (whether by the Transferor pursuant to Paragraph 2(a) or by the Transferee pursuant to Paragraph 2(b)) shall be made not later than the close of business on the Settlement Day, provided that, in the case of any transfer of Equivalent
Credit Support by the Transferee pursuant to Paragraph 2(b), if the demand for the transfer of Equivalent Credit Support is received by the Transferee after the Notification Time, then such transfer will be made not later than the close of
business on the Settlement Day relating to the day after such demand is received.” 
  

	 	(vii)	 Fitch Monitoring Requirement. Where a Credit Support Amount is to be calculated pursuant to the Fitch Criteria, then the Transferor
must arrange for an independent third party to monitor compliance by Party A with its requirements to transfer any Delivery Amounts under this Annex. 

  

	(i)	 Definitions 

 Words defined elsewhere in this Agreement shall have the same meaning when used in this Annex and in addition the following definitions shall apply in this Annex: 

 

	 	(i)	 “Fitch Criteria” has the meaning given in the Appendix to this Annex. 

 

	 	(ii)	 “Guarantee” means a guarantee of Party A’s obligations under the Relevant Transaction by a guarantor that has at least the relevant
Required Rating by all Rating Agencies. 

  

	 	(iii)	 “Moody’s Criteria” has the meaning given in the Appendix to this Annex. 

 

	 	(iv)	 “Ratings Criteria” means a change to or insertion into the definition of “Credit Support Amount” by application of the:

  

	 	(a)	 Moody’s Criteria; or 

  

	 	(b)	 Fitch Criteria. 

  

	 	(v)	 “Relevant Transaction” means any Transaction specified as a “Relevant Transaction” for the purpose of this Credit Support Annex
in a Confirmation for that Transaction and the Series Trust. 

  

	 	(vi)	 “Required Rating” has the meaning set out in Part 5.B(2)(b) of this Agreement. 

  
 15 

 APPENDIX 
 MOODY’S CRITERIA 
 “Moody’s Criteria”,
shall result in the change to the definition of Credit Support Amount set out in this Appendix. 
  

	(1)	 “Credit Support Amount” shall be calculated in accordance with paragraph 10, provided however that: 

 

	 	(a)	 such amount will be zero for so long as Party A’s counterparty risk assessment and/or unsubordinated and unsecured debt obligations (as
applicable) are rated at least as high as “Required Rating” by Moody’s; and 

  

	 	(b)	 the words “plus the Additional Collateral Amount” shall be added after the words “Transferee’s Exposure” in the second line
thereof. 

  

	(2)	 For such purposes of this Appendix: 

  

	 	(a)	 “Additional Collateral Amount” shall mean: 

 

	 	(i)	 for so long as Party A’s counterparty risk assessment and/or unsubordinated and unsecured debt obligations (as applicable) are rated at least
as high as “Required Rating” by Moody’s, zero; and 

  

	 	(ii)	 for so long as Party A’s counterparty risk assessment and/or unsubordinated and unsecured debt obligations are rated lower than the
“Required Rating” by Moody’s, the lesser of: 

  

	 	(I)	 the product of 50 and the DV01; and 

  

	 	(II)	 the product of 0.08 and the Notional. 

  

	 	(b)	 “DV01” means with respect to a Transaction and any date of determination, the estimated absolute change in the Base Currency Equivalent of
the mid-market value with respect to such Transaction that would result from a one basis point change in the relevant swap curve on such date, as determined by the Valuation Agent in good faith and in a commercially reasonable manner in accordance
with the relevant customary methodology used by the Valuation Agent. 

  

	 	(c)	 “Notional” means the Notional Amount of the Relevant Transaction. 

  
 16 

 FITCH CRITERIA 

“Fitch Criteria”, shall result in the change to the definition of Credit Support Amount set out in this Appendix. Where any of
the Notes are rated by Fitch Ratings and where the unsubordinated and unsecured long-term and short-term debt obligations of Party A (or, if applicable, the highest rated of Party A and any guarantor or co-obligor of Party A) are respectively rated:

  
  

	(1)	 at or above A and F1 by Fitch Ratings, Credit Support Amount shall mean zero; 

 
  

	(2)	 subject to paragraphs (3) and (4) below, at or below A- and F2 by Fitch Ratings, the Credit Support Amount shall mean the amount
calculated in accordance with the following formula: 

 CA = max[MtM + (VC x LA x 70% x N);0]

  

	(3)	 subject to paragraph (4) below, at or below BBB+ and F2 by Fitch Ratings, the Credit Support Amount shall mean the amount calculated in
accordance with the following formula: 

 CA = max[MtM + (VC x LA x N);0] 

 

	(4)	 at BBB- and F3 by Fitch Ratings, Credit Support Amount shall mean the amount calculated in accordance with the following formula:

 CA = max[MtM + (VC x LA x 125% x N);0] 

Where, in the case of each of paragraphs (2), (3) and (4) above: 

max = maximum; 

MtM = means the mark-to-market value of the Transaction as verified by an independent third party; 

LA = means the applicable liquidity adjustment at that time determined by reference to percentages set out in the relevant table in the
Fitch Ratings Report entitled “Counterparty Criteria for Structured Finance and Covered Bonds: Derivative Addendum” dated 14 May 2014 or other such percentages as updated and published by Fitch Ratings from time to time; 

VC = means the applicable volatility cushion at that time determined by reference to percentages set out in the relevant table in the
Fitch Ratings Report entitled “Counterparty Criteria for Structured Finance and Covered Bonds: Derivative Addendum” dated 14 May 2014 or other such percentages as updated and published by Fitch Ratings from time to time (and for such
purpose calculating the relevant Weighted Average Life assuming a zero prepayment rate and zero default rate); and 
 N = means
the applicable Notional Amount of the Transaction at the time of valuation. 

  
 17 

 MACQUARIE BANK LIMITED 
 A.B.N. 46 008 583 542 
 1 MARTIN PLACE 
 SYDNEY NSW 2000 
  

					
	 Date:
	 	 23 October 2015
	  	 

		 		  

  

					
	 To:
	 	 PERPETUAL TRUSTEE COMPANY LIMITED ATF SMART
	  	
		 	 ABS SERIES 2015-3 TRUST
	  	
		 	 LEVEL 12, ANGEL PLACE, 123 PITT
	  	
		 	 STREET
	  	
		 	 SYDNEY NSW 2000
	  	
			
		 	 Email: MCAFMacLeasingWarehouseAdmin@macquarie.com
	  	
			
	 From:
	 	 Market Operations Division - Trade Support
	  	

 Please find attached our Confirmation for Transaction Reference HH_2278098 

If you have any queries regarding this document please contact us on: 

 

					
	Telephone	 	Fax number	 	Email address
	 +65 6601 0038
	 	 +65 6601 0660
	 	 MODConfirmsSingapore@macquarie.com

	 +65 6601 0041
	 		 	
	 +65 6601 0931
	 		 	
	 +65 6601 0911
	 		 	

 CONFIRMATION – FIXED RATE SWAP IN RELATION TO SMART ABS SERIES 2015-3US TRUST 

Transaction Reference: HH_2278098 
 UTI1: 000000452AMARKITWIRE54565481

 The purpose of this letter is to set out the terms and conditions of the transaction between us effective from the Effective Date (the
“Transaction”). 
 This letter (the “Confirmation”) constitutes a “Confirmation” as referred
to in, and supplements, forms part of and is subject to, the ISDA Master Agreement (“Master Agreement”) dated 15 October 2015 between Macquarie Securities Management Pty Limited (ABN 26 003 435 443) (the
“Manager”), Perpetual Trustee Company Limited (ABN 42 000 001 007) (“Party B”) in its capacity as trustee of the SMART ABS Series 2015-3US Trust (the “Series Trust”) established under the Master
Trust Deed and Trust Creation Deed and Macquarie Bank Limited (ABN 46 008 583 542) (“Party A”) as amended and supplemented from time to time. All provisions contained in the Master Agreement govern this Confirmation except as
expressly modified below. 

  
  

Page 1 of 7         

 The definitions and provisions contained in the 2006 ISDA Definitions (as published by the
International Swap Dealers Association, Inc.) are incorporated into this Confirmation. In the event of any inconsistency between those definitions and provisions and this Confirmation, this Confirmation will govern. 

This Transaction constitutes a “Relevant Transaction” for the purposes of the Credit Support Annex. 

The terms of the Transaction are as follows: 

NOTIONAL AMOUNT 
  

							
	 Notional Amount:
	 		 	 For the first Calculation Period, AUD 798,557,934.25, and thereafter in respect of a Calculation Period either:

				
		 		 	 (a)
	 	 the amount in Australian Dollars notified to Party A by or on behalf of Party B, on or prior to the date falling three Business Days prior to the first day of such
Calculation Period, as being the total Principal Balance of all SMART Receivables as at the first day of such Calculation Period; or

				
		 		 	 (b)
	 	 if Party A has not received the notification referred to in, and in accordance with, paragraph (a), for the Payment Date in respect of such Calculation Period, the amount
for such date specified in the Annexure to this letter.

			
	 Effective Date:
	 		 	 29 October 2015

			
	 Trade Date:
	 		 	 23 October 2015

			
	 Termination Date:
	 		 	 The earlier of the Distribution Date in October 2023 and the Distribution Date on which the total Invested Amount of all Notes is or will be reduced to
zero.

	
	FLOATING AMOUNTS
			
	 Floating Rate Payer:
	 		 	 Party A

			
	 Floating Rate Option:
	 		 	 AUD-BBR-BBSW

			
	 Floating Rate Payer Payment Dates:
	 		 	 Each Distribution Date

			
	 Spread:
	 		 	 0% per annum for each Calculation Period

			
	 Designated Maturity:
	 		 	 1 Month

			
	 Reset Dates:
	 		 	 The first day of each Calculation Period.

			
	 Floating Rate Day Count Fraction:
	 		 	 Actual/365 (Fixed)

  
  

Page 2 of 7         

							
	FIXED AMOUNTS
			
	 Fixed Rate Payer:
	 		 	 Party B

			
	 Fixed Rate Payer Payment Dates:
	 		 	 Each Floating Rate Payer Payment Date

			
	 Fixed Rate:
	 		 	 2.5% per annum

			
	 Fixed Rate Day Count Fraction:
	 		 	 Actual/365 (Fixed)

			
	 Calculation Agent:
	 		 	 Party A

			
	 Business Days:
	 		 	 Sydney, Melbourne, New York City, London

	
	GENERAL
			
	 Payments on Early Termination:
	 		 	 If an Early Termination Date occurs, any amounts payable pursuant to section 6(e) of the Master Agreement will be based on the amounts specified in the
Annexure to this letter for each Payment Date that would otherwise have fallen on or after that Early Termination Date.

			
	 Rate Set Notices:
	 		 	 On each Reset Date, Party A will prepare and send to the Manager (on behalf of Party B) a rate set notice (the “Rate Set Notice”) which will set out
the applicable AUD-BBR-BBSW rate for the Calculation Period commencing on that Reset Date and the payments to be made by each Party on the following Payment Date and the parties intend that the Manager will promptly then confirm the accuracy of and
sign and return, or request the correction of, such Rate Set Notice. In the absence of manifest error where the Manager (on behalf of Party B) fails to sign and return or request the correction of a Rate Set Notice within three Business Days after
it was sent, the terms of the Rate Set Notice will be binding on and conclusive against Party B.

			
	 Negative Interest Rate Method does not apply:
	 		 	 Negative Interest Rate Method does not apply to this Transaction (including without limitation for the purpose of Section 6.4 of the 2006 ISDA Definitions (as
published by the International Swap Dealers Association, Inc.)).

			
	 Zero Interest Rate Method does apply:
	 		 	 Zero Interest Rate Method applies to this Transaction (including without limitation for the purpose of Section 6.4 of the 2006 ISDA Definitions (as published
by the International Swap Dealers Association, Inc.)).

 DEFINITIONS 
 Unless otherwise defined in this letter, words and phrases defined in the Master Agreement (including by incorporation or reference to another document) have the same meanings when used in this letter, and in this
letter: 
 “Business Day” means (except where expressly provided otherwise) any day on which the banks are open for
business in Melbourne, Sydney, London and New York, other than a Saturday, a Sunday or a public holiday in Melbourne, Sydney, London or New York. 
 “Principal Balance” has the meaning given in the Master Sale and Servicing Deed. 

  
  

Page 3 of 7         

							
	ACCOUNT DETAILS	 		 		 	
			
	Account details for payments to Party A:	 		 	 As per our Standard Settlement Instructions previously sent to you. If you have not received our Standard Settlement Instructions, please
advise.

			
	Account details for payments to Party B:	 		 	 As per Standard Settlement Instructions previously sent to us. If you have not sent your Standard Settlement Instructions to us, or, if these instructions do
not apply to this Transaction, please advise.

				
	Offices and Address for Notices	 		 		 	
			
	The Office of Party A for this Transaction is:	 		 	 Macquarie Bank Limited
 50 Martin Place
 Sydney NSW 2000

AUSTRALIA

Fax      +612 8232 8344
 Attention: Manager, Securitisation

			
	The Office of Party B for this Transaction is:	 		 	 Perpetual Trustee Company Limited as trustee of the SMART

ABS Series 2015-3US Trust
 Level 12,
Angel Place
 123 Pitt Street

Sydney NSW 2000
 AUSTRALIA

Email: SecuritisationOps@perpetual.com.au
 Attention: Manager, Transaction Management, Capital Markets
 Fiduciary Services

			
		 		 	 Manager:

Macquarie Securities Management Pty Limited
 50 Martin Place
 Sydney NSW 2000

AUSTRALIA

Fax      +612 8232 8344
 Attention: Manager, Securitisation

  
  

Page 4 of 7         

 Please confirm that the foregoing correctly sets forth the terms of our Agreement by executing the
copy of this Confirmation enclosed for that purpose and returning it to us. 
 1“UTI” means Unique Trade Identifier. This is
a transaction identifier. 
 Yours Faithfully 
  

													
	   SIGNED for and on behalf of MACQUARIE BANK
   LIMITED ABN 46 008 583 542
  

 
	 		 		 	

													
	  By:	 	 /s/ Kevin Lee
	 	/s/ Irene Goh	 	 	 	 	 	 /s/ Kristen Adler

	   (Authorised Officer)
	 	 Kristen Adler

	   Name
	 	 Kevin Lee
	 	 Irene Goh (682)
	 	 	 	 	 	 Associate Director

	   Title
	 	 Division Director
	 	 Manager
	 	 	 	 	 	 	 	 
			
	Confirmed as at the date first written above:	 		 	Confirmed as at the date first written above:
			
	 SIGNED for and on behalf of PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007 as trustee of the SMART ABS Series
2015-3US Trust
  
  
	 		 	SIGNED for and on behalf of MACQUARIE SECURITIES MANAGEMENT PTY LIMITED ABN 26 003 435 443

													
	   By:
	 	 /s/ Hagbarth Strom
	 	 /s/ Manish Saraf
	 		 	 By:
	 	 /s/ Kevin Lee
	 	 /s/ Kristen Adler

	   (Authorised Officer)
	 		 	 (Authorised Officer)

	   Name
	 	 Hagbarth Strom
	 	 Manish Saraf
	 		 	 Name
	 	 Kevin Lee
	 	 Kristen Adler

	   Title
	 	Senior Transaction Manager	 	Senior Transaction Manager	 		 	 Title
	 	 Division Director
	 	 Associate Director

  
  
 Notice: Macquarie Bank Limited (“MBL”) is authorised and regulated in Australia by the Australian Securities and Investments Commission and the Australian Prudential Regulation Authority. In the UK MBL is
authorised by the Prudential Regulation Authority. Subject to regulation by the Financial Conduct Authority (“FCA”) and limited regulation by the Prudential Regulation Authority (“PRA”). Details about the extent to MBL’s
regulation by the Prudential Regulation Authority are available from us on request. Macquarie Bank International Limited (“MBIL”) is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the
Prudential Regulation Authority. Where Transactions are entered into with non-UK firms in the EEA, the Transaction has been introduced to MBL by MBIL. MBIL is not an authorised deposit taking institution for the purposes of the Banking Act 1959
(Commonwealth of Australia) and its obligations do not represent deposits or other liabilities of MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of MBIL unless expressly noted otherwise. 

  
  

Page 5 of 7         

 ANNEXURE 
 Distribution Dates are provided as an indicative guide only, and do not affect the definitions of “Fixed Rate Payer Payment Date” and “Floating Rate Payer Payment Date” in the Confirmation.

  

							
	Start Date	  	End Date	 	Currency	  	Notional Amount
	 29 October 2015
	  	 14 December 2015
	 	AUD	  	798,557,934.25
	 14 December 2015
	  	 14 January 2016
	 	AUD	  	764,812,066.99
	 14 January 2016
	  	 16 February 2016
	 	AUD	  	745,563,365.61
	 16 February 2016
	  	 15 March 2016
	 	AUD	  	726,585,899.11
	 15 March 2016
	  	 14 April 2016
	 	AUD	  	705,757,416.75
	 14 April 2016
	  	 16 May 2016
	 	AUD	  	683,460,603.93
	 16 May 2016
	  	 14 June 2016
	 	AUD	  	662,874,970.22
	 14 June 2016
	  	 14 July 2016
	 	AUD	  	642,967,980.46
	 14 July 2016
	  	 15 August 2016
	 	AUD	  	623,162,426.40
	 15 August 2016
	  	 14 September 2016
	 	AUD	  	606,579,395.73
	 14 September 2016
	  	 14 October 2016
	 	AUD	  	592,976,464.40
	 14 October 2016
	  	 14 November 2016
	 	AUD	  	579,965,224.41
	 14 November 2016
	  	 14 December 2016
	 	AUD	  	568,252,658.57
	 14 December 2016
	  	 17 January 2017
	 	AUD	  	556,291,315.88
	 17 January 2017
	  	 14 February 2017
	 	AUD	  	544,216,864.89
	 14 February 2017
	  	 14 March 2017
	 	AUD	  	531,975,314.93
	 14 March 2017
	  	 18 April 2017
	 	AUD	  	518,491,616.48
	 18 April 2017
	  	 15 May 2017
	 	AUD	  	504,251,297.85
	 15 May 2017
	  	 14 June 2017
	 	AUD	  	490,947,578.84
	 14 June 2017
	  	 14 July 2017
	 	AUD	  	477,356,449.60
	 14 July 2017
	  	 14 August 2017
	 	AUD	  	464,106,562.48
	 14 August 2017
	  	 14 September 2017
	 	AUD	  	451,774,389.06
	 14 September 2017
	  	 16 October 2017
	 	AUD	  	439,934,940.81
	 16 October 2017
	  	 14 November 2017
	 	AUD	  	428,208,297.42
	 14 November 2017
	  	 14 December 2017
	 	AUD	  	416,443,836.95
	 14 December 2017
	  	 16 January 2018
	 	AUD	  	404,509,274.81
	 16 January 2018
	  	 14 February 2018
	 	AUD	  	392,544,590.06
	 14 February 2018
	  	 14 March 2018
	 	AUD	  	379,619,616.47
	 14 March 2018
	  	 16 April 2018
	 	AUD	  	361,913,886.34
	 16 April 2018
	  	 14 May 2018
	 	AUD	  	341,824,676.86
	 14 May 2018
	  	 14 June 2018
	 	AUD	  	325,465,426.78
	 14 June 2018
	  	 16 July 2018
	 	AUD	  	309,711,471.49
	 16 July 2018
	  	 14 August 2018
	 	AUD	  	292,715,642.84
	 14 August 2018
	  	 14 September 2018
	 	AUD	  	281,330,212.02
	 14 September 2018
	  	 15 October 2018
	 	AUD	  	271,299,354.52
	 15 October 2018
	  	 14 November 2018
	 	AUD	  	261,715,449.21
	 14 November 2018
	  	 14 December 2018
	 	AUD	  	252,451,554.41
	 14 December 2018
	  	 14 January 2019
	 	AUD	  	242,994,686.56
	 14 January 2019
	  	 14 February 2019
	 	AUD	  	233,390,514.61
	 14 February 2019
	  	 14 March 2019
	 	AUD	  	223,457,558.53
	 14 March 2019
	  	 15 April 2019
	 	AUD	  	211,136,775.72
	 15 April 2019
	  	 14 May 2019
	 	AUD	  	197,012,564.56
	 14 May 2019
	  	 14 June 2019
	 	AUD	  	185,190,048.67
	 14 June 2019
	  	 15 July 2019
	 	AUD	  	172,974,114.84
	 15 July 2019
	  	 14 August 2019
	 	AUD	  	161,011,256.19
	 14 August 2019
	  	 16 September 2019
	 	AUD	  	151,285,953.51
	 16 September 2019
	  	 15 October 2019
	 	AUD	  	142,279,557.11
	 15 October 2019
	  	 14 November 2019
	 	AUD	  	133,487,452.22
	 14 November 2019
	  	 16 December 2019
	 	AUD	  	125,581,509.35
	 16 December 2019
	  	 14 January 2020
	 	AUD	  	117,161,734.28

  
  

Page 6 of 7         

							
	 14 January 2020
	  	 14 February 2020
	 	AUD	  	108,719,678.77
	 14 February 2020
	  	 16 March 2020
	 	AUD	  	99,412,924.92
	 16 March 2020
	  	 14 April 2020
	 	AUD	  	85,615,100.20
	 14 April 2020
	  	 14 May 2020
	 	AUD	  	66,870,503.72
	 14 May 2020
	  	 15 June 2020
	 	AUD	  	52,791,232.58
	 15 June 2020
	  	 14 July 2020
	 	AUD	  	38,411,946.03
	 14 July 2020
	  	 14 August 2020
	 	AUD	  	23,293,576.05
	 14 August 2020
	  	 14 September 2020
	 	AUD	  	15,371,572.25
	 14 September 2020
	  	 14 October 2020
	 	AUD	  	10,374,767.05
	 14 October 2020
	  	 16 November 2020
	 	AUD	  	7,414,852.23
	 16 November 2020
	  	 14 December 2020
	 	AUD	  	6,966,869.16
	 14 December 2020
	  	 14 January 2021
	 	AUD	  	6,512,834.32
	 14 January 2021
	  	 16 February 2021
	 	AUD	  	6,072,482.87
	 16 February 2021
	  	 15 March 2021
	 	AUD	  	5,636,048.59
	 15 March 2021
	  	 14 April 2021
	 	AUD	  	5,203,086.49
	 14 April 2021
	  	 14 May 2021
	 	AUD	  	4,775,973.38
	 14 May 2021
	  	 15 June 2021
	 	AUD	  	4,352,789.32
	 15 June 2021
	  	 14 July 2021
	 	AUD	  	3,932,026.55
	 14 July 2021
	  	 16 August 2021
	 	AUD	  	3,516,145.44
	 16 August 2021
	  	 14 September 2021
	 	AUD	  	3,109,990.67
	 14 September 2021
	  	 14 October 2021
	 	AUD	  	2,713,851.52
	 14 October 2021
	  	 15 November 2021
	 	AUD	  	2,323,042.07
	 15 November 2021
	  	 14 December 2021
	 	AUD	  	1,955,538.83
	 14 December 2021
	  	 14 January 2022
	 	AUD	  	1,613,787.90
	 14 January 2022
	  	 14 February 2022
	 	AUD	  	1,299,895.54
	 14 February 2022
	  	 15 March 2022
	 	AUD	  	1,011,130.82
	 15 March 2022
	  	 14 April 2022
	 	AUD	  	743,441.15
	 14 April 2022
	  	 16 May 2022
	 	AUD	  	492,225.90
	 16 May 2022
	  	 14 June 2022
	 	AUD	  	304,121.92
	 14 June 2022
	  	 14 July 2022
	 	AUD	  	147,136.65
	 14 July 2022
	  	 15 August 2022
	 	AUD	  	39,455.68
	 15 August 2022
	  	 14 September 2022
	 	AUD	  	594.41
	 14 September 2022
	  	 14 October 2022
	 	AUD	  	0.01
	 14 October 2022
	  	 14 November 2022
	 	AUD	  	0.01
	 14 November 2022
	  	 14 December 2022
	 	AUD	  	0.01
	 14 December 2022
	  	 17 January 2023
	 	AUD	  	0.01
	 17 January 2023
	  	 14 February 2023
	 	AUD	  	0.01
	 14 February 2023
	  	 14 March 2023
	 	AUD	  	0.01
	 14 March 2023
	  	 14 April 2023
	 	AUD	  	0.01
	 14 April 2023
	  	 15 May 2023
	 	AUD	  	0.01
	 15 May 2023
	  	 14 June 2023
	 	AUD	  	0.01
	 14 June 2023
	  	 14 July 2023
	 	AUD	  	0.01
	 14 July 2023
	  	 14 August 2023
	 	AUD	  	0.01
	 14 August 2023
	  	 14 September 2023
	 	AUD	  	0.01
	 14 September 2023
	  	 16 October 2023
	 	AUD	  	0.01

  
  

Page 7 of 7

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