Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 
 SMART ABS SERIES
20[●]-[●]US TRUST 
 CURRENCY SWAP AGREEMENT 

PERPETUAL TRUSTEE COMPANY LIMITED 

ABN 42 000 001 007 

[●] 

ABN [●] 

MACQUARIE SECURITIES MANAGEMENT PTY LIMITED 

ABN 26 003 435 443 
  

 

 SCHEDULE 

to the 
 ISDA MASTER
AGREEMENT 
 dated as of [●] 20[●] between 

Macquarie Securities Management Pty Limited 

ABN 26 003 435 443 

(“Manager”) 

and 

[●] 

ABN [●] 

(“Party A”) 

and 
 Perpetual Trustee
Company Limited 
 ABN 42 000 001 007 

as trustee of the SMART ABS Series 20[●]-[●]US 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. 

  
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	(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. 

  
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	(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

  
 21 

					
	 Party required to
 deliver
document
	  	Form/Document/Certificate	  	 Date by which to be

delivered in respect of the

Series Trust

	Party A	  	The Swap Financial Disclosure and, to the extent 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 Auditor with any information it may reasonably request in connection with the Auditor’s Consent.	  	Prior to printing the Preliminary Prospectus, and thereafter, in accordance with 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: 

  
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	Address:	  	[●]
		
	Attention:	  	[●]
		
	Telex No.:	  	[●]
		
	Answerback:	  	[●]
		
	SWIFT Code	  	[●]
		
	Facsimile No.:	  	[●]
		
	Telephone No.:	  	[●]
		
	Email:	  	[●]
	
	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.:	  	[●]

  

	(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. 

 

	(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. 

  
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	(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 

  

	 	(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.” 

  
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	 	(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)”; 

  

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

  
 25 

	 	“(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 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). 

  
 26 

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

  
 27 

	 	
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: 

 “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: 

  
 28 

	 	(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). 

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 

  
 29 

 
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); 

  

	 	(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. 

  
 30 

	 	(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: 

 

	 	(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. 

  
 31 

 “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 [●] 20[●] (the “Prospectus Supplement”) together with the Prospectus dated on or about [●] 20[●] (the “Prospectus”).

 “Firm Offer” means an offer which, when made, was capable of becoming legally binding upon acceptance. 

“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. 

  
 32 

 “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
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 

  
 33 

	 	(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 [●] 20[●] (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. 

“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. 

  
 34 

 “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 20[●]-[●]US 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 20[●]-[●]US 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. 

“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 

  
 35 

 
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
20[●]-[●]US Trust Creation Deed dated [●] 20[●] 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 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 

  
 36 

	 	(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 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.

  
 37 

	 	(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. 

 

	(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. 

  
 38 

	(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. 

 

	 	(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. 

  
 39 

	 	(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 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: 

  
 40 

	 	“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: 

 

	 	(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. 

  
 41 

 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: 

 

	 	“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

  
 42 

	 	
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 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. 

  
 43 

	 	(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).” 

  

	 	(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

  
 44 

	 	
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: 

  

	 	(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: 

  
 45 

	 	(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 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; 

  
 46 

	 	(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 

  

	 	(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 

  
 47 

	 	
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 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. 

  
 48 

	 	(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 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. 

  
 49 

	(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). 

  

	 	(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 

  
 50 

	 	
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 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 

  
 51 

	 	(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
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 

  
 52 

	 	
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 20[●]-[●]US 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 20[●]-[●]US 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 [●] 20[●], as amended, novated or supplemented from time to time (the “Agreement”), between [●]ABN [●]
(“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:	  	[                    ] 20[●]
			
	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.
  

5.1
	  	 Fixed and Floating Amounts
  

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 (other than the Final Exchange Date).

  
 57 

					
		 	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 [●]
	
	By:
	  

	(Authorised Officer)
		
	Name	 	
		 	  

		
	Title	 	
		 	  

  
 59 

			
	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 20[●]-[●]US 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 [●] 20[●] between the Relevant Note Trustee,
Party B, the Manager and [●]. 
 “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 [●], in its capacity as
US$ Note Trustee under the Relevant Note Trust Deed or, if [●] 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 20[●]-[●]US Trust US$ Note Trust Deed dated [●] 20[●] 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. 

  
 61 

 “Series Supplement” means the SMART ABS Series
20[●]-[●]US Trust Series Supplement dated [●] 20[●] 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 20[●]-[●]US 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 20[●]-[●]US 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 [●] 20[●], as amended, novated or supplemented from time to time (the “Agreement”), between [●] ABN
[●](“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:	  	[                    ] 20[●]
			
	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

  
 63 

					
		 		 	 (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 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.

  
 66 

					
		 	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:

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

  
 67 

					
		 		 	 (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 [●] ABN [●]
	
	By:
	  

	(Authorised Officer)
		
	Name	 	
		 	  

		
	Title	 	
		 	  

  
 68 

			
	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 20[●]-[●]US 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 [●] 20[●] between the Relevant Note Trustee, Party B, the Manager and [●]. 

“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 [●], in its capacity as US$ Note Trustee under the Relevant Note Trust Deed or, if [●] 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 20[●]-[●]US Trust US$ Note
Trust Deed dated [●] 20[●] 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 20[●]-[●]US Trust Series Supplement dated [●] 20[●] 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 

 Elections and Variables to the Credit Support Annex dated as of [●]
20[●] 
 Between 

[●] 

(ABN [●]) 

(“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 [●] 

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:	  	[●]
		
	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

  
 15 

 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 20[●]-[●]US 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 

 Elections and Variables to the Credit Support Annex dated as of [●]
20[●] 
 Between 

[●] 

(ABN [●]) 

(“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 [●] 

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
applicable bank taxes and charges.

  
 15 

	 	(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:	  	[●]	  	
			
	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 20[●]-[●]US 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 

					
	 Original Collateral Formulas – Swaps without
Optionality
	 
	 Swap Tenor (years)*
	  	Moody’s Potential Increase	 
	 > 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. 

  
 20EX-10.4

 Exhibit 10.4 

SMART ABS SERIES 20[●]-[●]US TRUST 

FIXED RATE SWAP AGREEMENT 

PERPETUAL TRUSTEE COMPANY LIMITED 

ABN 42 000 001 007 

MACQUARIE SECURITIES MANAGEMENT PTY LIMITED 

ABN 26 003 435 443 

[●] 

ABN [●] 
  

 

 SCHEDULE 

to the 
 ISDA MASTER
AGREEMENT 
 dated as of [●] 20[●] between 

[●] 

ABN [●] 

(“[●]” 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 20[●]-[●]US 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. 

  
 20 

	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
			
	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:	  	[●]
		
	Attention:	  	[●]
		
	Telephone No:	  	[●]
		
	Facsimile No:	  	[●]
	
	Address for notices or communications to Party B:
		
	Address:	  	[●]
		
	Attention:	  	[●]
		
	Email:	  	[●]
		
	Telephone No:	  	[●]

  
 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).”. 

  
 24 

	 	(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): 

  

	 	(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 [●] to act as an Authorised Officer of [●] 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 [●] 20[●] (the “Prospectus
Supplement”) together with the Prospectus dated on or about [●] 20[●] (the “Prospectus”). 

  
 29 

 “General Security Deed” means the General Security Deed dated on or about [●]
20[●] and entered into between Party B, the Manager, P.T. Limited ABN 67 004 454 666 and [●]. 
 “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. 
 “[●] 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 [●] 20[●] (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 20[●]-[●]US Trust Series Supplement dated on or about [●]
20[●] 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 20[●]-[●]US 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 Auditor with any information it may
reasonably request in connection with the Auditor’s Consent. 

  
 30 

 “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 20[●]-[●]US Trust Creation Deed dated [●] 20[●] 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; 

  
 32 

	 	(c)	(Interpretation): 

  

	 	(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, [●] and the Manager. 

  

	(2)	Collateralisation of [●]’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 [●] 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-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. 

  
 35 

 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). 

  
 36 

 Required Date means (as applicable): 

 

	 	(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 [●] pursuant to Part 5.B(2)(a)(i) (the
“[●] Cash Collateral”) must be deposited into an interest bearing account reasonably acceptable to Party A in the name of Party B (the “[●] 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 [●] pursuant to Part 5.B(2)(a)(i) and interest credited pursuant to 

  
 37 

	 	
paragraph (e) below, no other moneys are to be paid into the [●] Collateral Account. If Party B becomes aware that the [●] 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 [●] Collateral Account (or may only make withdrawals of [●] 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 [●] under this Agreement in accordance with Part 5.B(2)(a)(i) (including the costs of obtaining a replacement counterparty); 

 

	 	(ii)	refunding to [●] any excess in the amount of any [●] Cash Collateral deposited to the [●] Collateral Account over the amount [●] 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 [●] Collateral Account as part of the [●] Cash Collateral; 

 

	 	(iv)	paying bank accounts debit tax or other equivalent Taxes payable in respect of the [●] Cash Collateral; or 

  

	 	(v)	funding the amount of any payment due to be made by [●] under this Agreement following the failure by [●] to make that payment. 

The Manager must direct Party B to, and Party B must, refund or pay to [●] the amount of any payment which may be made to [●] 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 [●] Cash Collateral will accrue and be payable monthly to [●] provided the amount deposited as the [●] Cash Collateral is not less than the
amount [●] is required to maintain under the collateral agreement under Part 5.B(2)(a)(i) (and, otherwise, shall be added to the [●] Cash Collateral). 

 

	 	(f)	(Repayment to [●]): If at any time: 

  

	 	(i)	[●] is assigned the counterparty risk assessments and credit ratings by each Rating Agency at least equal to the Required Ratings; 

 

	 	(ii)	[●]’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 [●] to Party B with respect to the Fixed Rate Swap, 

Party B must, at the written direction of the Manager, immediately repay to [●] the amount then standing to the credit of the [●]
Collateral Account (or the amount of the [●] 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. 

  
 38 

	(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 

  

	 	(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 

  
 40 

	 	
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 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. 

  
 41 

 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. 

 

	(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 

  
 42 

	 	
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. 

  

	 	(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 

  
 43 

	 	
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 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. 

  
 44 

	 	(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 20[●]-[●]US Trust 
 Level 12 

123 Pitt Street 
 Sydney NSW 2000 

Attention: Manager – Transaction Management 
 Facsimile No:
[●] 
 Deal no: [●] 
 CONFIRMATION – FIXED
RATE SWAP IN RELATION TO SMART ABS SERIES 20[●]-[●]US 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 [●] 20[●] 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
20[●]-[●]US Trust (the “Series Trust”) established under the Master Trust Deed and Trust Creation Deed and [●] (ABN [●]) (“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 [●], 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

  
 46 

					
		 		  	Payment Date in respect of such Calculation Period, the amount for such date specified in the Annexure to this letter.
			
	Effective Date:	 	[●]	  	
			
	Trade Date:	 	[●]	  	
		
	Termination Date:	 	The earlier of the Distribution Date in [●] 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:	  	[●]% 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

  
 47 

					
		  	 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. 

 

			
	ACCOUNT DETAILS	  	
		
	Account details for payments to Party A:	  	[●]
		
	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:	  	 [●]
 [●]Fax [●]

Attention: [●]

		
	The Office of Party B for this Transaction is:	  	 Perpetual Trustee Company Limited as trustee of the SMART ABS Series 20[●]-[●]US Trust

[●]
 Email: [●]

Attention: [●]

		
		  	 Manager:
 [●]

[●]Fax [●]
 Attention: [●]

  
 48 

 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 [●]
		
	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 20[●]-[●]US 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
	[●]	 	[●]	 	[AUD]	 	[●]

  
 50 

 Elections and Variables to the Credit Support Annex dated as of [●]

 Between 

[●] (ABN [●]) 

(“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 [●] 

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. 

  
 11 

	 	(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. 

 

							
	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: 

[●] 
 [●] 

Contacts: [●] 
 Phone:
[●] 
 Fax: [●] 

Email: [●] 
 If to Party
B: 
 Perpetual Trustee Company Limited 

[●]Contacts: [●] 

Phone: [●] 
 Email:
[●] 
 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. 

 

	 	(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 

  
 14 

 
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

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