Document:

SMART ABS Series 2015-1US Trust Agency Agreement

 Exhibit 10.2 

EXECUTION VERSION 
 SMART ABS SERIES
2015-1US TRUST 
 AGENCY AGREEMENT 

PERPETUAL TRUSTEE COMPANY LIMITED 

ABN 42 000 001 007 

MACQUARIE SECURITIES MANAGEMENT PTY LIMITED 

ABN 26 003 435 443 
 THE
BANK OF NEW YORK MELLON 
  
  
 

 

 CONTENTS 
  

							
	Clause	 	 	  	Page	 
	 1.
	 	Definitions and Interpretation	  	 	1	  
	 2.
	 	Appointment of Paying Agents	  	 	6	  
	 3.
	 	Payments	  	 	6	  
	 4.
	 	Appointment and Duties of the Agent Bank	  	 	10	  
	 5.
	 	Appointment and Duties of the US$ Note Registrar	  	 	11	  
	 6.
	 	US$ Note Trustee’s Requirements Regarding Agents	  	 	14	  
	 7.
	 	Early Redemption of US$ Notes	  	 	15	  
	 8.
	 	General Paying Agent Matters	  	 	16	  
	 9.
	 	Indemnity by Issuer	  	 	17	  
	 10.
	 	Indemnity by Principal Paying Agent	  	 	17	  
	 11.
	 	Changes in Agents	  	 	17	  
	 12.
	 	Miscellaneous Duties and Protection	  	 	21	  
	 13.
	 	Expenses	  	 	24	  
	 14.
	 	Notices	  	 	24	  
	 15.
	 	Issuer’s Limitation of Liability	  	 	27	  
	 16.
	 	General	  	 	28	  
		
	 Signatories
	  	 	34	  
		
	Schedule	  			
			
	 1.
	 	Assertion of Compliance with Applicable Servicing Criteria	  	 	36	  

 THIS AGENCY AGREEMENT made in Sydney on 10 March 2015 

PARTIES: 
  

	(1)	PERPETUAL TRUSTEE COMPANY LIMITED, ABN 42 000 001 007, a company incorporated in Australia and having its registered office at Level 12, Angel Place, 123 Pitt Street, Sydney, New South Wales 2000, Australia, in
its capacity as trustee of the Series Trust (as hereinafter defined) (hereinafter included in the expression the Issuer). 

  

	(2)	MACQUARIE SECURITIES MANAGEMENT PTY LIMITED, ABN 26 003 435 443, a company incorporated in Australia and having its office at Level 1, 50 Martin Place, Sydney, New South Wales 2000, Australia (hereinafter
included in the expression the Manager). 

  

	(3)	THE BANK OF NEW YORK MELLON, having its office at 101 Barclay Street, Floor 7-East, New York, New York 10286 (BNY and hereinafter included in the expressions the US$ Note Trustee, the Principal
Paying Agent, the US$ Note Registrar and the Agent Bank). 

 BACKGROUND: 

 

	(A)	The Issuer, in its capacity as trustee of the Series Trust, proposes to issue various Classes or Sub-Classes of asset backed US$ Notes. 

 

	(B)	The US$ Notes will be constituted pursuant to the US$ Note Trust Deed. 

  

	(C)	The Issuer wishes to appoint BNY as the initial Principal Paying Agent, the initial US$ Note Registrar and the initial Agent Bank in respect of the US$ Notes and BNY has accepted these appointments on the terms and
conditions of this Agreement. 

 Operative provisions 
  

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement, unless the contrary intention appears: 

Agent means a several reference to each Paying Agent, the US$ Note Registrar and the Agent Bank. 

Agent Bank means initially BNY or, if BNY resigns or its appointment is terminated as the Issuer’s reference agent in respect of
the US$ Notes, the person from time to time appointed in its place to perform the functions of such reference agent under this Agreement. 

Authorised Officer in relation to: 
  

	 	(a)	the Manager, has the same meaning as in the Master Trust Deed; 

  

	 	(b)	the US$ Note Trustee, has the same meaning as the term “Authorised Officer” in relation to the US$ Note Trustee has in the US$ Note Trust Deed; 

 

	 	(c)	the Agent Bank, US$ Note Registrar and the Principal Paying Agent has the same meaning as the term “Authorised Officer” in relation to the US$ Note Trustee in the US$ Note Trust Deed except that for this
purpose references in that definition to the “US$ Note Trustee” will be taken to be references to the “Principal Paying Agent”, “US$ Note Registrar” or “Agent Bank”, as applicable; 

  
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	 	(d)	the Issuer, has the same meaning as the term “Authorised Officer” in relation to the Trustee in the Series Supplement; and 

 

	 	(e)	any other Agent, means the persons appointed from time to time by that Agent to act as its Authorised Officers for the purposes of this Agreement as certified in writing by 2 directors or a director and secretary of
that Agent to the other parties to this Agreement. 

 Book-Entry Note has the same meaning as in the US$ Note Trust
Deed. 
 Definitive Note has the same meaning as in the US$ Note Trust Deed. 

Exchange Act means the United States Exchange Act of 1934 as amended. 

Interest Amount means, in relation to a Class or Sub-Class of US$ Notes, the “Interest Amount” specified for that Class or
Sub-Class of US$ Notes in the relevant US$ Note Conditions. 
 Interest Rate has the same meaning as in the US$ Note Conditions. 

Issuer means initially Perpetual Trustee Company Limited ABN 42 000 001 007 in its capacity as trustee of the Series Trust or, if
Perpetual Trustee Company Limited ABN 42 000 001 007 retires or is removed as trustee of the Series Trusts (as defined in the Master Trust Deed), the then Substitute Trustee. 

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 the Issuer pursuant to the Deed of Assumption, as amended and supplemented from time to time. 

MLPL means Macquarie Leasing Pty Limited ABN 38 002 674 982. 

Paying Agent means each person from time to time appointed hereunder to perform the functions of a paying agent and, except where the
context otherwise requires, includes the Principal Paying Agent. 
 Principal Paying Agent means BNY or, if BNY resigns or its
appointment is terminated as principal paying agent, the person from time to time appointed in its place to perform the functions of the principal paying agent under this Agreement. 

Regulation AB means Subpart 229.1100—Asset Backed Securities (Regulation AB), 17 C.F.R. Sections 229.1100-229.1123, as such
regulation may be amended from time to time, and subject to such clarification and interpretation as have been provided by the SEC in the adopting release (Asset-Backed Securities, Securities Act Release No. 33-8518, 70 Fed. Reg. 1,506, 1,531
(Jan. 7, 2005)) or by the staff of the SEC, or as may be provided by the SEC or its staff from time to time. 
 SEC means the
Securities and Exchange Commission of the United States of America, as from time to time constituted, created under the United States Securities Exchange Act of 1934, as amended. 

Securities Act means the Securities Act of 1933 of the United States of America, as amended. 

Series Supplement means the Series Supplement dated on or about the date of this Agreement between MLPL, Macquarie Bank Limited ABN 46
008 583 542, the Manager and the Issuer, as amended and supplemented from time to time. 
 Series Trust means the SMART ABS Series
2015-1US Trust. 
 Servicing Criteria means the “servicing criteria” set forth in Item 1122(d) of Regulation AB. 

  
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 Specified Office in relation to: 

 

	 	(a)	the US$ Note Registrar, means the offices of the US$ Note Registrar as specified in the US$ Note Conditions or otherwise under this Agreement as the offices of the US$ Note Registrar where surrenders of US$ Notes for
transfer, exchange, replacement or redemption will occur and where, in respect of one of such offices, the US$ Note Register will be kept as varied from time to time in accordance with this Agreement; 

 

	 	(b)	a Paying Agent, means the office of the Paying Agent specified in the US$ Note Conditions as the office at which payments in respect of the US$ Notes will be made, as varied from time to time in accordance with this
Agreement; and 

  

	 	(c)	the Agent Bank, means the office of the Agent Bank specified in the US$ Note Conditions as the office at which the Agent Bank will carry out its duties under this Agreement, as varied from time to time in accordance
with this Agreement. 

 STAMP means the Securities Transfer Agents Medallion Program. 

UCC means the Uniform Commercial Code of New York or any other applicable jurisdiction as the context may require. 

US$ Class A-1 Interest Amount has the same meaning as in the US$ Note Conditions. 

US$ Class A-2a Interest Amount has the same meaning as in the US$ Note Conditions. 

US$ Class A-2b Interest Amount has the same meaning as in the US$ Note Conditions. 

US$ Class A-3a Interest Amount has the same meaning as in the US$ Note Conditions. 

US$ Class A-3b Interest Amount has the same meaning as in the US$ Note Conditions. 

US$ Note has the same meaning as in the US$ Note Trust Deed. 

US$ Noteholders has the same meaning as in the US$ Note Trust Deed. 

US$ Note Register means the register established by the US$ Note Registrar in respect of the Class A-1, the Class A-2a Notes,
the Class A-2b Notes, the Class A-3a Notes and the Class A-3b Notes in accordance with Clause 5.2. 
 US$ Note
Registrar means BNY or if BNY resigns or its appointment as note registrar in respect of the US$ Notes is terminated, the person from time to time appointed in its place to perform the functions of such note registrar under this Agreement. 

US$ Note Trust Deed means the US$ Note Trust Deed dated 10 March 2015 between the Issuer, the Manager, MLPL and BNY, as amended and
supplemented from time to time. 
  

	1.2	Master Trust Deed, Master Sale and Servicing Deed and Series Supplement definitions 

Subject to Clause 1.6, unless otherwise defined in this Agreement or unless otherwise indicated in this Agreement, words and phrases defined
(including by incorporation from, or by reference to, another document) in either or each of the Master Trust Deed, the Master Sale and Servicing Deed and the Series Supplement have the same meaning in this Agreement. Where there is any
inconsistency in a definition between this Agreement (on the one hand) and the Master Trust Deed, the 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 

  
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Master Sale and Servicing Deed (on one hand) and the Series Supplement (on the other hand), the Series Supplement prevails over the Master Trust Deed and the Master Sale and Servicing Deed in
respect of this Agreement. Where there is any inconsistency in a definition between the Master Trust Deed (on one hand) or the Master Sale and Servicing Deed (on the other hand), the Master Sale and Servicing Deed prevails over the Master Trust Deed
in respect of this Agreement. Subject to Clause 1.6, where words or phrases used but not defined in this Agreement are defined in the Master Trust Deed or the Master Sale and Servicing Deed in relation to a 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 this Agreement). 
  

	1.3	Interpretation 

 In this Agreement, unless the contrary intention appears: 

 

	 	(a)	headings are for convenience only and do not affect the interpretation of this Agreement; 

  

	 	(b)	a reference to this Agreement includes the Background; 

  

	 	(c)	the expression person includes an individual, the estate of an individual, a body politic, a corporation and a statutory or other authority or association (incorporated or unincorporated); 

 

	 	(d)	a reference to a person includes that person’s executors, administrators, successors, substitutes and assigns, including any person taking by way of novation; 

 

	 	(e)	subject to Clause 1.6, a reference to any document or agreement is to such document or agreement as amended, novated, supplemented, varied or replaced from time to time; 

 

	 	(f)	a reference to any legislation or to any section or provision of any legislation includes any statutory modification or re-enactment or any statutory provision substituted for that legislation and all ordinances,
by-laws, regulations and other statutory instruments issued under that legislation, section or provision; 

  

	 	(g)	words importing the singular include the plural (and vice versa) and words denoting a given gender include all other genders; 

  

	 	(h)	a reference to a Clause is a reference to a Clause of this Agreement; 

  

	 	(i)	a reference to wilful default in relation to a party means, subject to Clause 1.3(j), any wilful failure by that party to comply with, or wilful breach by that party of, any of its obligations under any
Transaction Document, other than a failure to comply or breach which: 

  

	 	

					
	(i)		(A)		arises as a result of a breach of a Transaction Document by a person other than:
			
					 I.       that party; or

			
					 II.     any other person referred to in Clause 1.3(j); and

			
			(B)		the performance of the action (the non-performance of which gave rise to such breach) is a pre-condition to that party performing the said obligation; or
		
	(ii)		is in accordance with a lawful court order or direction or is required by law; or

  
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	 	(iii)	is in accordance with a proper instruction or direction of: 

  

	 	(A)	the Voting Secured Creditors given at a meeting or deemed meeting of Voting Secured Creditors convened pursuant to the Master Security Trust Deed and the General Security Deed; or 

 

	 	(B)	the Investors given at a meeting or deemed meeting convened under any Transaction Document; 

  

	 	(j)	a reference to the fraud, negligence or wilful default of a party means the fraud, negligence or wilful default of that party and of its officers or employees or any of its agents, delegates or any other
person for whom that party is liable under the terms of any Transaction Document; 

  

	 	(k)	where any word or phrase is given a defined meaning, any other part of speech or other grammatical form in respect of such word or phrase has a corresponding meaning; 

 

	 	(l)	where any day on which a payment is due to be made or a thing is due to be done under this Agreement is not a Business Day, that payment must be made or that thing must be done on the immediately succeeding Business
Day; 

  

	 	(m)	a reference to the close of business on any day is a reference to 5.30 p.m. on that day; 

  

	 	(n)	a reference to time is to local time in Sydney; 

  

	 	(o)	the expressions includes and including are not words of limitation; 

  

	 	(p)	subject to Clause 14.2 and unless otherwise specified, 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) having 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 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); and 

 

	 	(q)	a reference to the enforcement of the Security means that the Security Trustee appoints (or the Voting Secured Creditors as contemplated by clause 8.2 of the Master Security Trust Deed appoint) a Receiver over any
Secured Property, or takes possession of any Secured Property, pursuant to the Master Security Trust Deed (expressions used in this Clause have the same meanings as in the Master Security Trust Deed). 

 

	1.4	Issuer capacity 

 In this Agreement, except where provided to the contrary: 

 

	 	(a)	(References to Issuer): a reference to the Issuer is a reference to the Issuer in its capacity as trustee of the Series Trust only, and in no other capacity; and 

 

	 	(b)	(References to assets of the Issuer): a reference to the undertaking, assets, business or money of the Issuer is a reference to the undertaking, assets, business or money of the Issuer in the capacity referred to
in paragraph (a). 

  
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	1.5	Transaction Document 

 For the purposes of the Master Trust Deed and the Series
Supplement, this Agreement is a Transaction Document. 
  

	1.6	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. 

 

	2.	APPOINTMENT OF PAYING AGENTS 

  

	2.1	Appointment 

 The Issuer, at the direction of the Manager, hereby appoints the Principal
Paying Agent as its initial principal paying agent and each other Paying Agent from time to time (if any) as its paying agent, for making payments in respect of the US$ Notes pursuant to the Transaction Documents at their respective Specified
Offices in accordance with the terms and conditions of this Agreement and subject to Clause 6.1. The Principal Paying Agent, and each other Paying Agent, hereby accepts that appointment. 

 

	2.2	Several obligations of Paying Agents 

 While there is more than one Paying Agent, the
obligations of the Paying Agents under this Agreement are several and not joint. 
  

	3.	PAYMENTS 

  

	3.1	Payment by Issuer 

  

	 	(a)	(Payment by Issuer): Subject to Clause 3.8, the Issuer must on each Distribution Date, pay to or to the order of, or procure the payment to or to the order of, the Principal Paying Agent to an account specified
by the Principal Paying Agent in identifiable, freely available same day funds, no later than 10.00 a.m. London time the amount in US$ as may be required (after taking account of any money then held by the Principal Paying Agent and available for
the purpose) to be paid on that Distribution Date in respect of each Class or Sub-Class of US$ Notes under the US$ Note Conditions and the Series Supplement. 

  

	 	(b)	(Payment by Currency Swap Provider): The Issuer shall, or shall procure that the Currency Swap Provider in relation to each Class of US$ Notes shall, no later than 10.00 a.m. London time on each Distribution
Date, make the payment under Clause 3.1(a) to the Principal Paying Agent and confirm the making of such payment by facsimile or email to the Principal Paying Agent. 

 

	3.2	Payments by Paying Agents 

 Subject to full payments being duly made and received by the
Principal Paying Agent as provided in Clause 3.1 (or the Principal Paying Agent otherwise being satisfied that the payments will be duly made and received by it on the due date), and subject to Clause 6, the Paying Agents will pay or cause to be
paid to the US$ Noteholders on behalf of the Issuer on each Distribution Date the 

  
 6 

 
relevant amounts of principal and interest due in respect of each Class of US$ Notes in accordance with the Series Supplement, this Agreement and the US$ Note Conditions. 

 

	3.3	Non-Payment 

  

	 	(a)	(No obligation on Paying Agents): If the Issuer fails to make or procure any payment pursuant to Clause 3.1, unless and until the full amount of the payment has been made under the terms of this Agreement and
received by the Principal Paying Agent in accordance with Clause 3.1 (except as to the time of making the payment) or other arrangements satisfactory to the Principal Paying Agent have been made, none of the Principal Paying Agent nor any of the
other Paying Agents is bound to make any payment in accordance with this Clause 3 (but may, in its sole discretion, make any such payment). 

  

	 	(b)	(Notice of non-receipt): The Principal Paying Agent will promptly notify by facsimile or email the Currency Swap Provider in relation to each Class or Sub-Class of US$ Notes, the other Paying Agents, the US$ Note
Trustee, the Issuer, the Security Trustee and the Manager if the full amount of any payment of principal or interest in respect of the US$ Notes required to be made pursuant to the US$ Note Conditions is not unconditionally received by it or to its
order in accordance with this Agreement. 

  

	 	(c)	(Shortfalls): If a Paying Agent pays any amounts to the US$ Noteholders at a time when it has not received payment in full in respect of the relevant US$ Notes in accordance with Clause 3.1 (the excess of the
amounts so paid over the amounts so received being the Shortfall), the Issuer will, at the direction of the Manager (and the Manager agrees that it will give such written direction), in addition to paying amounts due under Clause 3.1, pay (as
an expense of the Series Trust) to the Paying Agent on demand interest (at a rate which represents the Paying Agent’s reasonable cost of funding the Shortfall) on the Shortfall (or the unreimbursed portion thereof) until the receipt in full by
the Paying Agent of the Shortfall. 

  

	3.4	Late payment 

  

	 	(a)	(Late payments to be paid in accordance with this Agreement): If: 

  

	 	(i)	any payment under Clause 3.1 is received by a Paying Agent late but otherwise on the Distribution Date on which it was required to be received and in accordance with the provisions of this Agreement, that Paying Agent
will, on that Distribution Date, make the payments required to be made by it in respect of the US$ Notes as provided in this Clause 3 (other than Clause 3.4(a)(ii)), unless such payment is not received by the Paying Agent in sufficient time to
permit it to do so (as determined by the Paying Agent (acting reasonably)), in which case the Paying Agent will, make the payments required to be made by it in respect of the US$ Notes as provided in this Clause 3 (other than Clause 3.4(a)(ii)) as
soon as possible after receipt; and 

  

	 	(ii)	any payment under Clause 3.1 is received by a Paying Agent late and not on the Distribution Date on which it was required to be received, but otherwise in accordance with the provisions of this Agreement, that Paying
Agent will make the payments required to be made by it in respect of the US$ Notes as provided in this Clause 3 (other than Clause 3.4(a)(i)) as soon as possible after receipt. 

 

	 	(b)	(Notice): If the Principal Paying Agent does not receive on a Distribution Date the full amount of principal and interest then payable on any US$ Note in accordance with the US$ Note Conditions, but receives the
full amount later, it will: 

  
 7 

	 	(i)	forthwith upon receipt of the full amount notify the other Paying Agents, the Issuer, the US$ Note Trustee, the Security Trustee and the Manager; and 

 

	 	(ii)	at the expense of the Issuer (as directed by the Manager), as soon as practicable after receipt of the full amount give notice, in accordance with Condition 11.1 of the US$ Note Conditions, to the US$ Noteholders that
it has received the full amount. 

  

	3.5	Payments not made in full 

 If on presentation of a US$ Note the amount payable in
respect of the US$ Note is not paid in full (otherwise than as a result of withholding or deduction for or on account of any taxes, duties or charges in accordance with the US$ Note Conditions) the Paying Agent to whom the US$ Note is presented must
ensure that the US$ Note is annotated with the amount paid and the date of payment. 
  

	3.6	Notification of payments 

 The Principal Paying Agent must notify the Issuer and the
Manager of all payments of interest and principal made by it under the US$ Notes on each Distribution Date as soon as practicable after that Distribution Date. 
  

	3.7	Reimbursement 

 The Principal Paying Agent will (provided that it has been placed in
funds by the Issuer) on demand promptly reimburse each other Paying Agent for payments of principal and interest properly made by that Paying Agent in accordance with the US$ Note Conditions and this Agreement. The Issuer will not be responsible for
the apportionment of any moneys between the Principal Paying Agent and the other Paying Agents and a payment to the Principal Paying Agent of any moneys due to the Paying Agents will operate as a good discharge to the Issuer in respect of such
moneys. 
  

	3.8	Payment under Currency Swap 

 The payment by the Issuer of its Australian dollar payment
obligations under the Series Supplement on each Distribution Date to the Currency Swap Provider in relation to a Class or Sub-Class of US$ Notes will be a good discharge of its US$ obligations under Clause 3.1 for that Class or Sub-Class of US$
Notes (but will not relieve the Issuer of any liability in respect of any default in payment in respect of a US$ Note under any other Transaction Document). The Principal Paying Agent must notify the Issuer and the Currency Swap Provider in writing
of the account to which payments by the Currency Swap Provider to the Principal Paying Agent should be made. 
  

	3.9	Principal Paying Agent may deal with funds 

 The Principal Paying Agent is entitled to
retain for its own account any interest earned on moneys paid to it under this Agreement, except as required by law. 
  

	3.10	No set-off 

 No Paying Agent is entitled to exercise any right of set-off, withholding,
counterclaim or lien against, or make any deduction in any payment to, any person entitled to receive amounts of principal or interest on the US$ Notes in respect of moneys payable by it under this Agreement. 

 

	3.11	Holders of US$ Notes 

 Except as ordered by a court of competent jurisdiction or as
required by law, each Paying Agent is entitled to treat the person: 

  
 8 

	 	(a)	(Book-Entry Notes): who is, while a Book-Entry Note remains outstanding, the registered owner of that Book-Entry Note as recorded in the US$ Note Register as the absolute owner of that Book-Entry Note and as the
person entitled to receive payments of principal or interest (as applicable) and each person shown in the records of the applicable Depository as the holder of any US$ Note represented by that Book-Entry Note will be entitled to receive from the
registered owner of that Book-Entry Note any payment so made only in accordance with the respective rules and procedures of that Depository; 

  

	 	(b)	(Definitive Notes): who is the registered owner of any Definitive Note as recorded in the US$ Note Register as the absolute owner or owners of that Definitive Note (whether or not that Definitive Note is overdue
and despite any notice of ownership or writing on it or any notice of previous loss or theft or of any trust or other interest in it); and 

  

	 	(c)	(US$ Note Trustee): who, when a Book-Entry Note in respect of any US$ Note is no longer outstanding but Definitive Notes in respect of that US$ Note have not been issued, is for the time being the US$ Note
Trustee, as the person entrusted with the receipt of principal or interest, as applicable, on behalf of the relevant US$ Noteholders, 

in all cases and for all purposes, despite any notice to the contrary, and will not be liable for so doing. 

 

	3.12	Repayment of moneys 

  

	 	(a)	(Prescription): Immediately on any entitlement to receive principal or interest under any US$ Note becoming void under the US$ Note Conditions, the Principal Paying Agent will repay to the Issuer the amount
received by it which has not already been paid and which would have been due in respect of that principal or interest if it had been paid before the entitlement became void, together with any fees applicable to that payment or entitlement (pro rated
as to the amount and time) to the extent already paid under Clause 13. 

  

	 	(b)	(No Repayment while outstanding amounts due): Notwithstanding Clause 3.12(a) the Principal Paying Agent is not obliged to make any repayment to the Issuer while any fees and expenses which should have been paid
to or to the order of the Principal Paying Agent or, if applicable, the US$ Note Trustee, by the Issuer remain unpaid. 

  

	3.13	Paying Agent holds funds on trust 

 Each Paying Agent will hold on trust for the US$ Note
Trustee and the US$ Noteholders all amounts held by such Paying Agent for the payment of principal and interest with respect to US$ Notes until such amounts are paid to the US$ Note Trustee or the applicable US$ Noteholders in accordance with the
US$ Note Trust Deed or the US$ Note Conditions or repaid under Clause 3.12. For so long as a Paying Agent holds any such amounts, those amounts must not be commingled with the relevant Paying Agent’s own funds or any other funds held by the
relevant Paying Agent and all such amounts must be held by the relevant Paying Agent in a segregated account. Such segregated account shall be established at the Principal Paying Agent by the Manager in the name of the Series Trust. The Manager on
behalf of the Series Trust shall provide the applicable IRS Form(s) to the Principal Paying Agent to permit the Principal Paying Agent to make payments hereunder without deduction or withholding of United States federal income or similar taxes. 

 

	3.14	Paying Agents to record, notify payments and deliver surrendered Notes 

 Each Paying
Agent must: 

  
 9 

	 	(a)	(Notify US$ Note Registrar): promptly notify the US$ Note Registrar of each payment made by it, or at its direction, to US$ Noteholders in respect of the US$ Notes; 

 

	 	(b)	(Records): maintain a full and complete record of each payment made by it, or at its direction, to US$ Noteholders and provide copies of such records to the Issuer, the Manager, the US$ Note Trustee or the
applicable US$ Note Registrar upon request; and 

  

	 	(c)	(Deliver): promptly deliver to the US$ Note Registrar any US$ Notes surrendered to it pursuant to Condition 8.2 of the US$ Note Conditions. 

A record by a Paying Agent under this Clause 3.14 is sufficient evidence, unless the contrary is proved, of the relevant payments having been
made or not made. 
  

	4.	APPOINTMENT AND DUTIES OF THE AGENT BANK 

  

	4.1	Appointment 

 The Issuer, at the direction of the Manager, hereby appoints the Agent Bank
as its initial reference agent in respect of the US$ Notes upon the terms and conditions contained in this Agreement and the Agent Bank hereby accepts that appointment. 
  

	4.2	Determinations by Agent Bank 

 The Agent Bank must perform such duties, and make such
calculations, determinations, notifications and publications as are set forth in the Series Supplement, the US$ Note Conditions and the Currency Swap to be performed or made by it until all the US$ Notes are redeemed (or deemed to be redeemed) in
full in accordance with the US$ Note Conditions and must perform any other duties as requested by the Issuer, the Manager or the Principal Paying Agent which are reasonably incidental to those duties. 

 

	4.3	Notification by Agent Bank 

 If the Agent Bank fails to perform any duty or to make any
calculation, determination, notification or publication as provided in Clause 4.2, it must forthwith notify the Issuer, the Manager, the US$ Note Trustee, the Principal Paying Agent and the Currency Swap Provider thereof. 

 

	4.4	US$ Note Trustee to perform Agent Bank’s function 

 If the Agent Bank for any reason
does not calculate the US$ Class A-1 Interest Amount, the US$ Class A-2a Interest Amount, US$ Class A-2b Interest Amount, US$ Class A-3a Interest Amount or the US$ Class A-3b Interest Amount, in accordance with the US$ Note
Conditions, then the US$ Note Trustee must do so and each such determination or calculation will be as if made by the Agent Bank for the purposes of the US$ Note Conditions. In doing so, the US$ Note Trustee will, at the expense of the Issuer (as an
expense of the Series Trust) (as directed by the Manager), apply the provisions of Condition 6 of the US$ Note Conditions, with any necessary consequential amendments, to the extent that, in its sole opinion, it can and, in all other respects it
will do so in such a manner as it considers fair and reasonable in all the circumstances. 
  

	4.5	Documents to Agent Bank 

 The Issuer will promptly provide to the Agent Bank such
documents and other information as the Agent Bank reasonably requires in order for the Agent Bank to properly fulfil its duties in respect of the US$ Notes and the Currency Swap. The Manager will promptly provide to the Issuer such documents and
other information as the Issuer reasonably requires to fulfil its obligations to the 

  
 10 

 
Agent Bank under this Clause 4.5 and failing the provision of any such documents or information to the Agent Bank by the Issuer, the Agent Bank may request the Manager and the Manager will
promptly provide such documents or other information reasonably required under this Clause 4.5. 
  

	5.	APPOINTMENT AND DUTIES OF THE US$ NOTE REGISTRAR 

  

	5.1	US$ Note Registrar 

 The Issuer, at the direction of the Manager, hereby appoints the US$
Note Registrar as its initial note registrar in respect of the US$ Notes upon the terms and conditions contained in this Agreement and the US$ Note Registrar hereby accepts that appointment. 

 

	5.2	US$ Note Registers to be kept 

 The US$ Note Registrar must, in respect of the US$ Notes,
keep a register at one of its Specified Offices in New York, in which, subject to such reasonable regulations as the US$ Note Registrar may prescribe, the US$ Note Registrar must keep a full and complete record of: 

 

	 	(a)	(US$ Noteholder details): the name, address and, where applicable and provided to it, taxation, social security or other identifying number of each US$ Noteholder, the details of the US$ Notes held by that US$
Noteholder and the details of the account to which any payments due to the US$ Noteholder are to be made in each case as notified by that US$ Noteholder from time to time; 

 

	 	(b)	(Exchange etc. of US$ Notes): the issue and any exchange, transfer, replacement, redemption (in whole or part) or cancellation of a US$ Note; 

 

	 	(c)	(Payments): all payments made in respect of the US$ Notes (as notified to it by each Paying Agent pursuant to Clause 3.14(a)); 

 

	 	(d)	(Invested Amount and Collateralised Amount): the Invested Amount and the Collateralised Amount of each US$ Note from time to time (as notified to it by the Manager pursuant to Clause 7.1); and 

 

	 	(e)	(Other information): such other information as the Manager reasonably requires or the applicable US$ Note Registrar considers appropriate or desirable. 

 

	5.3	Transfer or exchange of US$ Notes 

 US$ Notes held by a US$ Noteholder may be transferred
or may be exchanged for other US$ Notes of the same class in any authorised denominations and a like Invested Amount and Collateralised Amount, provided in each case that the requirements of Section 8-401(a) of the UCC are met, by that US$
Noteholder upon the compliance by that US$ Noteholder with the requirements as applicable to such US$ Note in clauses 3.7 to 3.10 of the US$ Note Trust Deed and: 
  

	 	(a)	(Surrender and instrument of transfer or exchange): the surrender of the US$ Notes to be transferred or exchanged duly endorsed with, or accompanied by, a written instrument of transfer or exchange in the form,
in the case of a transfer, annexed to such US$ Notes or otherwise in a form satisfactory to the applicable US$ Note Registrar duly executed by the US$ Noteholder, or its attorney duly authorised in writing, with such signature guaranteed by an
“eligible guarantor institution” meeting the requirements of the US$ Note Registrar which requirements include membership of, or participation in, STAMP or such other “signature guarantee program” as may be determined by that US$
Note Registrar in addition to, or in substitution for, STAMP, all in accordance with the Exchange Act; and 

  
 11 

	 	(b)	(Other documents): the provision of such other documents as the US$ Note Registrar may reasonably require, 

to the US$ Note Registrar at its Specified Office. The US$ Note Registrar must observe and perform the applicable duties and obligations of
that US$ Note Registrar set forth in clauses 3.7 and 3.8 of the US$ Note Trust Deed. 
  

	5.4	Replacement of lost or mutilated US$ Notes 

 If any US$ Note is lost, stolen, mutilated,
defaced or destroyed it may, provided that the requirements of Section 8-405 of the UCC are met, be replaced with other US$ Notes of the same class in any authorised denomination, and a like Invested Amount and Collateralised Amount, upon
surrender to the US$ Note Registrar of the US$ Notes to be replaced (where the US$ Note has been mutilated or defaced) at its Specified Office, the provision of such evidence and indemnities as the US$ Note Registrar or the Issuer may reasonably
require and payment of that US$ Note Registrar’s and the Issuer’s expenses incurred, and any tax or governmental charge that may be imposed, in connection with such replacement. 

 

	5.5	Obligations upon transfer, exchange or replacement of US$ Notes 

 Subject to this
Agreement, upon compliance by the relevant US$ Noteholder with the provisions of Clauses 5.3 or 5.4, as applicable, in relation to the transfer, exchange or replacement of any US$ Notes: 

 

	 	(a)	(Advise Issuer): the US$ Note Registrar must within three Business Days so advise the Issuer and the US$ Note Trustee (if it is not the US$ Note Registrar) in writing and provide details of the new US$ Notes to
be issued in place of those US$ Notes; 

  

	 	(b)	(Execution and authentication): the Issuer must, within three Business Days of such advice, execute and deliver to the US$ Note Trustee for authentication in the name of the relevant US$ Noteholder or the
designated transferee or transferees, as the case may be, one or more new US$ Notes of the same class in any authorised denominations, and a like Invested Amount and Collateralised Amount as those US$ Notes (in each case as specified by the US$ Note
Registrar) and the US$ Note Trustee must within three Business Days of receipt of such executed US$ Notes authenticate them and (if it is not the US$ Note Registrar) deliver those US$ Notes to the US$ Note Registrar; and 

 

	 	(c)	(Delivery to US$ Noteholder): the US$ Note Registrar must, within three Business Days of receipt of such new US$ Notes (or authentication of such US$ Notes if the US$ Note Registrar is the US$ Note Trustee),
forward to the relevant US$ Noteholder (being the transferee in the case of a transfer of a US$ Note) such new US$ Notes. 

  

	5.6	No charge for transfer or exchange 

 No service charge may be made to a US$ Noteholder
for any transfer or exchange of US$ Notes, but the US$ Note Registrar may require payment by the US$ Noteholder of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any transfer or exchange of US$
Notes. 
  

	5.7	Restricted period 

 Notwithstanding the preceding provisions of this Clause 5, the US$
Note Registrar need not register transfers or exchanges of US$ Notes, and the Issuer is not required to execute nor the US$ Note Trustee to authenticate any US$ Notes, for a period of two Business Days, in the case of a

  
 12 

 
Book-Entry Note, or 20 days, in the case of a Definitive Note, preceding the due date for any payment with respect to the US$ Notes or for such period, not
exceeding 20 days, as is specified by the US$ Note Trustee prior to any meeting of US$ Noteholders under the US$ Note Trust Deed or prior to any meeting of Voting Secured Creditors (as defined in the General Security Deed), which includes US$
Noteholders, under the Master Security Trust Deed. 
  

	5.8	Cancellation of US$ Notes 

 The US$ Note Registrar must cancel or destroy all US$ Notes
that have been surrendered to it for transfer, exchange or replacement (including any Book-Entry Notes surrendered pursuant to clauses 3.4 and 3.6 of the US$ Note Trust Deed) or surrendered to a Paying Agent for redemption and delivered to that US$
Note Registrar and must, upon request, provide a certificate to the Issuer, the US$ Note Trustee or the Manager with the details of all such US$ Notes so cancelled or destroyed. 

 

	5.9	Provision of information and inspection of register 

 The US$ Note Registrar must: 

 

	 	(a)	(Information): provide to the Issuer, the Manager, the US$ Note Trustee and each other Agent such information as is contained in the US$ Note Register maintained by it and is required by them in order to perform
any obligation pursuant to the Transaction Documents; 

  

	 	(b)	(Provision of information to Issuer): without limiting Clause 5.9(a), if the US$ Note Registrar is not the US$ Note Trustee, provide or procure the provision to the Manager (on behalf of the Issuer) at intervals
of not more than six months (commencing as from the Closing Date), and at such other times as the Manager (on behalf of the Issuer) may request in writing, all information in the possession or control of the US$ Note Registrar as to the names and
addresses of the US$ Noteholders, provided that the US$ Note Registrar will not have any obligations pursuant to this Clause 5.9(b) while the US$ Notes are all Book-Entry Notes. The US$ Registrar acknowledges and agrees that the Manager (on behalf
of the Issuer) may provide any information which it receives from the US$ Registrar pursuant to this Clause 5.9(b) to the US$ Note Trustee as contemplated by clause 4.2(a) of the US$ Note Trust Deed; and 

 

	 	(c)	(Inspection): make the US$ Note Register maintained by it: 

  

	 	(i)	available for inspection or copying by the Issuer, the Manager, the US$ Note Trustee and each other Agent or their agents or delegates; and 

 

	 	(ii)	available for inspection by each US$ Noteholder but only in respect of information relating to that US$ Noteholder, 

at one of its Specified Offices upon reasonable prior notice and during local business hours. 

 

	5.10	Correctness of register and information 

 The Issuer, the US$ Note Trustee, the Manager
and each Agent (other than the US$ Note Registrar) may accept the correctness of the US$ Note Register and any information provided to it by the US$ Note Registrar and is not required to enquire into its authenticity. None of the Issuer, the US$
Note Trustee, the Manager or any Agent (including the US$ Note Registrar) is liable for any mistake in the US$ Note Register or in any purported copy except to the extent that the mistake is attributable to its own fraud, negligence or wilful
default. 

  
 13 

	5.11	Non-recognition of equitable interests 

 Except as required by law or as ordered by a
court of competent jurisdiction, no notice of any trust, whether express, implied or constructive, is to be entered in the US$ Note Register and except as otherwise provided in any Transaction Document, or required by law or ordered by a court of
competent jurisdiction, none of the US$ Note Registrar, the US$ Note Trustee, the Issuer, the Manager or any other Agent is to be affected by or compelled to recognise (even when having notice of it) any right or interest in any US$ Notes other than
the registered US$ Noteholder’s absolute right to the entirety of them and the receipt of a registered US$ Noteholder is a good discharge to the Issuer, the Manager, the US$ Note Trustee and each Agent. 

 

	5.12	Rectification of US$ Note Register 

 If: 

 

	 	(a)	(Entry omitted): an entry is omitted from the US$ Note Register; 

  

	 	(b)	(Entry made otherwise than in accordance with this Deed): an entry is made in the US$ Note Register otherwise than in accordance with this Agreement; 

 

	 	(c)	(Wrong entry exists): an entry wrongly exists in the US$ Note Register; 

  

	 	(d)	(Error or defect exists in Register): there is an error or defect in any entry in the US$ Note Register; or 

  

	 	(e)	(Default made): default is made or unnecessary delay takes place in entering in the US$ Note Register that any person has ceased to be the holder of US$ Notes, 

then the US$ Note Registrar may rectify the same. 
  

	6.	US$ NOTE TRUSTEE’S REQUIREMENTS REGARDING AGENTS 

  

	6.1	Following enforcement of the Security or issue of Definitive Notes 

 At any time after
either an Event of Default (as defined in the Master Security Trust Deed) (unless waived by the Security Trustee pursuant to clause 9.5 of the Master Security Trust Deed) or the enforcement of the Security or at any time after Definitive Notes in
relation to a Class or Sub-Class of US$ Notes have not been issued when required in accordance with the US$ Note Conditions, the US$ Note Trustee may: 
  

	 	(a)	(Require Agents): by notice in writing to the Issuer, the Manager and each Agent require any one or more of the Agents either: 

 

					
	(i)		(A)		to act as the Agent of the US$ Note Trustee on the terms and conditions of this Agreement in relation to payments to be made by or on behalf of the US$ Note Trustee under the terms of the US$ Note Trust Deed, except that the US$
Note Trustee’s liability under any provision of this Agreement for the indemnification of the Principal Paying Agent, the Paying Agents and the Agent Bank will be limited to any amount for the time being held by the US$ Note Trustee on the
trust of the US$ Note Trust Deed and which is available to be applied by the US$ Note Trustee for that purpose; and
			
			(B)		hold all US$ Notes, and all amounts, documents and records held by them in respect of the US$ Notes, on behalf of the US$ Note Trustee; or

  
 14 

	 	(ii)	to deliver up all US$ Notes and all amounts, documents and records held by them in respect of the US$ Notes, to the US$ Note Trustee or as the US$ Note Trustee directs in that notice, other than any documents or records
which an Agent is obliged not to release by any law; and 

  

	 	(b)	(Require Issuer): by notice in writing to the Issuer require it to make (or arrange to be made) all subsequent payments in respect of the US$ Notes to the order of the US$ Note Trustee and not to the Principal
Paying Agent and, with effect from the issue of that notice to the Issuer and until that notice is withdrawn, clause 6.1(b) of the US$ Note Trust Deed will not apply. 

 

	6.2	Good discharge to Issuer 

 The payment by or on behalf of the Issuer of its payment
obligations on each Distribution Date under the Series Supplement and the US$ Note Conditions to the US$ Note Trustee in accordance with Clause 6.1 is a good discharge to the Issuer and the Issuer will not be liable for any act or omission or
default of the US$ Note Trustee during the period it is required to make payments to the US$ Note Trustee under Clause 6.1. 
  

	6.3	Change of Authorised Officers 

 The US$ Note Trustee will forthwith give notice to the
Manager, the Issuer, the Security Trustee and each Agent of any change in the Authorised Officers of the US$ Note Trustee. 
  

	7.	EARLY REDEMPTION OF US$ NOTES 

  

	7.1	Part redemption of US$ Notes on Distribution Dates 

  

	 	(a)	(Manager to make determinations etc): On the Determination Date immediately preceding each Distribution Date, the Manager will make the determinations referred to in Condition 7.11 of the US$ Note Conditions in
relation to that Distribution Date and will give to the Issuer, the US$ Note Trustee, the Principal Paying Agent, the Agent Bank and the US$ Note Registrar the notifications, and will cause to be made to the US$ Noteholders the publication, required
by Condition 7.11(b) of the US$ Note Conditions. If the Manager does not at any time for any reason make the determinations referred to in Condition 7.11(a) of the US$ Note Conditions it must forthwith advise the US$ Note Trustee and the Agent Bank
and such determinations must be made by the Agent Bank, or failing the Agent Bank, by the US$ Note Trustee in accordance with such Condition 7.11(c) of the US$ Note Conditions (but based on the information in its possession) and each such
determination will be deemed to have been made by the Manager. Neither the US$ Note Trustee nor the Agent Bank is liable for a failure to make any determinations under this Clause 7.1(a) or Clause 4.2 if such failure arises as a result of the US$
Note Trustee or Agent Bank having insufficient information to do so. 

  

	 	(b)	(Notify Depositories): If any Book-Entry Notes are outstanding, on receipt of a notification under Condition 7.11(b) of the US$ Note Conditions, the Principal Paying Agent must notify the Depository of any
proposed redemption in accordance with the Depository’s applicable procedures, specifying the principal amount of each Book-Entry Note to be redeemed and the date on which the redemption is to occur and must provide a copy to the Depository of
the notification received under Condition 7.11(b) of the US$ Note Conditions. 

  
 15 

	7.2	Early redemption 

  

	 	(a)	(Notice to Paying Agent etc): If the Issuer intends to redeem all (but not some only) of the US$ Notes prior to the Maturity Date (as defined in the Series Supplement) pursuant to Conditions 7.3 or 7.4 of the US$
Note Conditions, the Manager will direct the Issuer to give the requisite notice to the Seller, the US$ Note Trustee, the Principal Paying Agent, the US$ Note Registrar, the Agent Bank and the US$ Noteholders in accordance with Conditions 7.3 or 7.4
(as the case may be) of the US$ Note Conditions and stating the date on which such US$ Notes are to be redeemed. 

  

	 	(b)	(Notice to Depository): The Principal Paying Agent will, on receipt of a notice under Clause 7.2(a), and if any Book-Entry Notes are outstanding, notify the Depository of the proposed redemption in accordance
with the Depository’s applicable procedures, specifying the Invested Amount of each Book-Entry Note to be redeemed, the amount of principal to be repaid in relation to each Book-Entry Note and the date on which the Book-Entry Notes are to be
redeemed. 

  

	8.	GENERAL PAYING AGENT MATTERS 

  

	8.1	Notices to US$ Noteholders 

  

	 	(a)	(Notices to be given by US$ Note Registrar): At the request of the Issuer, the US$ Note Trustee, the Manager, the Security Trustee or any other Agent, and at the expense of the Issuer, the US$ Note Registrar will
arrange for the delivery of all notices received by it relating to the Series Trust to the relevant US$ Noteholders in accordance with the US$ Note Conditions. 

  

	 	(b)	(Copy to US$ Note Trustee): The US$ Note Registrar will promptly send to the US$ Note Trustee one copy of the form of every notice given to the applicable US$ Noteholders in accordance with the US$ Note
Conditions (unless such notice is given at the request of the US$ Note Trustee). 

 The US$ Note Registrar will not be
responsible for, or liable to any person in respect of, the contents of any notices or reports delivered by it at the request of the Issuer, the US$ Note Trustee, the Manager, the Security Trustee or any other Agent pursuant to this Clause 8.1. 

 

	8.2	Copies of documents for inspection 

 The Manager will provide to the US$ Note Registrar
sufficient copies of: 
  

	 	(a)	(Documents for inspection): all documents required by the US$ Note Conditions or the US$ Note Trust Deed to be available to the applicable US$ Noteholders for issue or inspection; and 

 

	 	(b)	(Other documents): all other documents which this Agreement requires the US$ Note Registrar to deliver to any person. 

  

	8.3	Notice of any withholding or deduction 

 If the Issuer or any Paying Agent is, in respect
of any payment in respect of the US$ Notes, compelled to withhold or deduct any amount for or on account of any taxes, duties or charges as contemplated by Condition 8.4 of the US$ Note Conditions, the Issuer or the Paying Agent (as the case may be)
must give notice to the Principal Paying Agent, the US$ Note Trustee and the US$ Noteholders in accordance with Condition 11.1 of the US$ Note Conditions immediately after 

  
 16 

 
becoming aware of the requirement to make the withholding or deduction and must give to the Principal Paying Agent and the US$ Note Trustee such information as they require to enable each of them
to comply with the requirement. 
  

	9.	INDEMNITY BY ISSUER 

  

	9.1	Indemnity by Issuer 

 Subject to Clause 15, the Issuer indemnifies each Agent and its
directors, officers, employees and controlling persons against all losses, liabilities, costs, claims, actions, damages, expenses or demands which any of them may incur or which may be made against any of them as a result of or in connection with
the appointment of or the exercise of the powers and duties by the Agent under this Agreement, the US$ Note Trust Deed or the US$ Note Conditions except to the extent any losses, liabilities, costs, claims, actions, damages, expenses or demands
result from any fraud, negligence or wilful default of the Agent or its directors, officers, employees or controlling persons or any of them, or breach by it of the terms of this Agreement, the US$ Note Trust Deed or the US$ Note Conditions and
notwithstanding the resignation or removal of that Agent pursuant to Clause 11 or termination of this Agreement, the Currency Swap, the US$ Note Conditions or the US$ Note Trust Deed. 

 

	9.2	Agent’s liability for consequential loss 

 Notwithstanding any provision of this
Agreement to the contrary, no Agent shall in any event be liable for special, indirect, punitive or consequential loss (being loss of business, goodwill, opportunity or profit) or damage of any kind whatsoever (including, but not limited to, lost
profits) whether or not foreseeable, even if the Agent has been advised of the likelihood of such loss or damage. 
  

	10.	INDEMNITY BY PRINCIPAL PAYING AGENT 

 Subject to Clause 12.11, the Principal Paying Agent
will indemnify and hold harmless the Issuer, its respective directors and officers and each person who controls the Issuer within the meaning of Section 15 of the Securities Act (each a Relevant Party) against any losses, claims,
damages, liabilities, taxes, interest, fines and penalties (joint or several) (altogether referred to as Losses) which the Relevant Parties may incur, in so far as such Losses are incurred as a result of the fraud, negligence or wilful
default of the Principal Paying Agent which directly causes the Issuer to fail to issue on the agreed Closing Date any Notes which the underwriters have agreed to purchase under the terms of the Underwriting Agreement and will on demand from time to
time reimburse each Relevant Party for any legal or other expenses reasonably incurred by such Relevant Party in connection with investigating or defending any such action or claim. 

 

	11.	CHANGES IN AGENTS 

  

	11.1	Appointment and removal 

 The Issuer (on the direction of the Manager) may: 

 

	 	(a)	(Appoint new Agents): appoint: 

  

	 	(i)	additional or alternative Paying Agents (other than the Principal Paying Agent); or 

  

	 	(ii)	an alternative Agent Bank, US$ Note Registrar or Principal Paying Agent; and 

  

	 	(b)	 (Terminate appointment of Agents): subject to this Clause 11, terminate the appointment of any Agent by giving written notice to that effect to
the Agent whose appointment is to be 

  
 17 

	 	
terminated with a copy to each Rating Agency, the US$ Note Trustee and (if it is not the Agent whose appointment is to be terminated) the Principal Paying Agent: 

 

	 	(i)	with effect immediately on the giving of that notice, if any of the following occurs in relation to the Agent (as the case may be): 

  

	 	(A)	an Insolvency Event; 

  

	 	(B)	it ceases to conduct business or proposes to cease conduct of its business or a substantial part of that business; or 

  

	 	(C)	it fails to remedy within seven Business Days after prior written notice by the Issuer or Manager any material breach of this Agreement on the part of the Agent (as the case may be); and 

 

	 	(ii)	otherwise, with effect on a date not less than 60 days’ from that notice (which date must be not less than 15 days before any due date for payment on any US$ Notes). 

 

	11.2	Resignation 

 Subject to this Clause 11, an Agent may resign its appointment under this
Agreement at any time by giving to the Issuer, the Manager, each Rating Agency and (where the Agent resigning is not the Principal Paying Agent) the Principal Paying Agent not less than 90 days’ written notice to that effect (which notice must
expire not less than 15 days before, any due date for payment on any US$ Notes). 
  

	11.3	Limitation of appointment and termination 

 Notwithstanding Clauses 11.1 and 11.2: 

 

	 	(a)	(Principal Paying Agent and US$ Note Registrar): the resignation by, or the termination of, the appointment of the Principal Paying Agent or a US$ Note Registrar will not take effect until the appointment
of a new Principal Paying Agent or US$ Note Registrar, as the case may be, has been acknowledged in writing by the US$ Note Trustee (in each case, the acknowledgement is not to be unreasonably withheld or delayed) and, in the case of the appointment
of a new US$ Note Registrar, until that new US$ Note Registrar has nominated a Specified Office in New York; 

  

	 	(b)	(Appointment by retiring Agent): if any Agent resigns in accordance with Clause 11.2 but, by the day falling 15 days before the expiry of any notice under Clause 11.2 the Issuer has not appointed a new
Agent, then the relevant Agent may appoint in its place any reputable bank or trust company of good standing approved in writing by the US$ Note Trustee and appointed on terms previously approved in writing by the US$ Note Trustee (in each case, the
approval not to be unreasonably withheld or delayed); 

  

	 	(c)	(Specified Office of Paying Agent in New York): no resignation by, or termination or revocation of the appointment of, any Paying Agent will take effect until a successor has been duly appointed in
accordance with Clauses 11.3(a) or (b) and notice of such appointment has been given to the US$ Noteholders if as a result of such resignation, termination or revocation there would cease to be a Paying Agent which has a Specified Office in New
York; 

  
 18 

	 	(d)	(Specified Office of Agent Bank): the resignation by, or the termination of the appointment of the Agent Bank will not take effect until a new Agent Bank having its Specified Office in New York has been
appointed; and 

  

	 	(e)	(Terms of appointment of additional Paying Agents): the appointment of any additional Paying Agent will be on the terms and the conditions of this Agreement and each of the parties to this Agreement must
co-operate fully to do all further acts and things and execute any further documents as may be necessary or desirable to give effect to the appointment of the Paying Agent (which will not, except in the case of an appointment under Clause 11.1(a) or
a termination under Clause 11.1(b)(ii), be at the cost of the Issuer or Manager). The Manager must promptly advise each Rating Agency of the appointment of any additional Paying Agent under this Agreement. 

All costs and expenses incurred by any party associated with the removal and the appointment of an Agent as a result of Clauses 11.1 or 11.2
will be borne by the Issuer as costs and expenses of the Series Trust. 
  

	11.4	Payment of amounts held by the Principal Paying Agent 

 If the appointment of the
Principal Paying Agent is terminated, the Principal Paying Agent must, on the date on which that termination takes effect, pay to the successor Principal Paying Agent any amount held by it for payment of principal or interest in respect of any US$
Note as at that date and must deliver to the successor Principal Paying Agent all records maintained by it and all documents (including any US$ Notes) held by it pursuant to this Agreement. 

 

	11.5	Records held by a US$ Note Registrar 

 If the appointment of a US$ Note Registrar is
terminated, that US$ Note Registrar must, on the date on which that termination takes effect, deliver to the successor US$ Note Registrar the US$ Note Register and all records maintained by it and all documents (including any US$ Notes) held by it
pursuant to this Agreement. 
  

	11.6	Successor to Principal Paying Agent, Agent Bank and US$ Note Registrar 

  

	 	(a)	(Appointment and release): On the execution by the Issuer, the Manager and any successor Principal Paying Agent, US$ Note Registrar or Agent Bank of an instrument effecting the appointment of that
successor Principal Paying Agent, US$ Note Registrar or Agent Bank that successor Principal Paying Agent, US$ Note Registrar or Agent Bank, as the case may be, will, without any further act, deed or conveyance, become vested with all the authority,
rights, powers, trusts, immunities, duties and obligations of its predecessor as if originally named as Principal Paying Agent, US$ Note Registrar or Agent Bank, as the case may be, in this Agreement and that predecessor, on payment to it of the pro
rata proportion of its administration fee and disbursements then unpaid (if any), will have no further liabilities under this Agreement, except for any accrued liabilities arising from or relating to any act or omission occurring prior to the date
on which the successor Principal Paying Agent, US$ Note Registrar or Agent Bank was appointed. 

  

	 	(b)	(Merger): Any entity: 

  

	 	(i)	into which the Principal Paying Agent, US$ Note Registrar or Agent Bank is merged; 

  

	 	(ii)	with which the Principal Paying Agent, US$ Note Registrar or Agent Bank is consolidated; 

  
 19 

	 	(iii)	resulting from any merger or consolidation to which the Principal Paying Agent, US$ Note Registrar or Agent Bank is a party; or 

  

	 	(iv)	to which the Principal Paying Agent, US$ Note Registrar or Agent Bank sells or otherwise transfers all or substantially all the assets of its corporate trust business, 

must, on the date when that merger, conversion, consolidation, sale or transfer becomes effective and to the extent permitted by applicable
law, become the successor Principal Paying Agent, US$ Note Registrar or Agent Bank under this Agreement without the execution or filing of any agreement or document or any further act on the part of the parties to this Agreement, unless otherwise
required by the Issuer or the Manager, and after that effective date all references in this Agreement to the Principal Paying Agent, US$ Note Registrar or Agent Bank will be references to that entity (as notified to the Issuer and the Manager). The
Principal Paying Agent, Agent Bank or US$ Note Registrar, as the case may be, must pay for any costs or expenses associated with such merger, conversion, consolidation, sale or transfer. 

 

	11.7	Notice to US$ Noteholders 

 The Manager on behalf of the Issuer will, within five days
of: 
  

	 	(a)	(Termination): the termination of the appointment of any Agent; 

  

	 	(b)	(Resignation): the resignation of any Agent; or 

  

	 	(c)	(Appointment): the appointment of a new Agent, 

 give to the US$ Noteholders
notice of the termination, appointment or resignation in accordance with Condition 11.1 of the US$ Note Conditions (in the case of a termination under Clause 11.1(b)(i) or 11.2 at the cost of the outgoing Agent). Notwithstanding Clauses 11.1 and
11.2, neither the termination of the appointment of an Agent, nor the resignation of an Agent, will take effect until notice thereof is given to the US$ Noteholders in accordance with this Clause 11.7. If the Manager fails to give a notice to the
US$ Noteholders in accordance with this Clause 11.7, the relevant Agent may, but is not obliged to, give such notice in a form approved by the Manager (whose approval will not be unreasonably withheld). 

 

	11.8	Change in Specified Office 

  

	 	(a)	(Agents change): If any Agent proposes to change its Specified Office (which must be within the same city as its previous Specified Office), it must give to the Issuer, the Manager, the US$ Note Trustee
and the other Agents not less than 30 days’ prior written notice of that change, giving the address of the new Specified Office and stating the date on which the change is to take effect. No change of a Specified Office may occur in the period
15 days before any due date for payment on any US$ Notes. 

  

	 	(b)	(Notice to US$ Noteholders): The Manager must, within 14 days of receipt of a notice under Clause 11.8(a) (unless the appointment is to terminate pursuant to Clause 11.1(b) or 11.2 on or prior to the
date of that change) give to the US$ Noteholders notice in accordance with Condition 11.1 of the US$ Note Conditions of that change and of the address of the new Specified Office, but the cost of giving that notice must be borne by the Agent which
is changing its Specified Office and not by the Issuer or the Manager. 

  
 20 

	12.	MISCELLANEOUS DUTIES AND PROTECTION 

  

	12.1	Agents are agents of the Issuer 

  

	 	(a)	(Agent of the Series Trust): Subject to Clause 6.1, each Agent is the agent of the Issuer in its capacity as trustee of the Series Trust only. 

 

	 	(b)	(Issuer not responsible for Agents): Notwithstanding any other provision contained in this Agreement, any other Transaction Document or at law, the Issuer in its personal capacity is not responsible for
any act or omission of any Agent. 

  

	12.2	Agency 

 Subject to any other provision of this Agreement, each Agent acts solely for and
as agent of the Issuer and does not have any obligations towards or relationship of agency or trust with any person entitled to receive payments of principal and/or interest on the US$ Notes and is responsible only for the performance of the duties
and obligations imposed on it pursuant to this Agreement. 
  

	12.3	Reliance 

 Each Agent is protected from and will incur no liability for or in respect of
any action taken, omitted or suffered by it in reliance upon any instruction, request or order from the Issuer or the Manager or in reliance upon any US$ Note or upon any notice, resolution, direction, consent, certificate, affidavit, statement or
other paper or document reasonably believed by it to be genuine and to have been delivered, signed or sent by the proper party or parties. 
  

	12.4	Entitled to deal 

 An Agent is not precluded from acquiring, holding or dealing in any
US$ Notes or from engaging or being interested in any contract or other financial or other transaction with the Issuer or the Manager as freely as if it were not an agent of the Issuer under this Agreement and in no event whatsoever (other than
fraud, wilful default or negligence) will any Agent be liable to account to the Issuer or any person entitled to receive amounts of principal or interest on the US$ Notes for any profit made or fees or commissions received in connection with this
agreement or any US$ Notes. 
  

	12.5	Consultation and delegation 

  

	 	(a)	(Consultation): Each Agent may, if reasonably necessary or prudent, consult with lawyers or other professional advisers selected by it, who may be employees of or lawyers or advisers to the Issuer, the
Manager or the relevant Agent and it will not be responsible to any person for any action taken, omitted or suffered by it in reliance upon the advice of such adviser or for any acts, omissions, fraud, misconduct, or default on the part of any
person consulted by it under this Clause 12.5(a), provided that it has exercised good faith and due care in ensuring that the person consulted by it is appropriately qualified to give such advice. 

 

	 	(b)	(Delegation): An Agent may whenever it thinks it expedient in the interests of the US$ Noteholders, delegate: 

  

	 	(i)	to a Related Body Corporate of that Agent, all or any of the duties, powers, authorities, trusts and discretions vested in that Agent by this Agreement or any other Transaction Documents; and 

  
 21 

	 	(ii)	to any person agreed to by the Manager, any non-material part of the duties, powers, authorities, trusts and discretions vested in that Agent by this Agreement or any other Transaction Documents. 

Any such delegation may be by power of attorney or in such other manner as the Agent may think fit and may be made upon such terms and
conditions (including power to subdelegate) and subject to such regulations as the Agent may think fit. Provided that the Agent has exercised good faith and due care in the selection of such delegate, and subject to Clause 12.5(c), it will not be
under any obligation to any person to supervise the proceedings or be in any way responsible for any loss incurred by reason of any acts, omissions, fraud, misconduct or default on the part of any such delegate or subdelegate. 

 

	 	(c)	(Related Body Corporate): Where, pursuant to Clause 12.5(b), an Agent delegates any of its trusts, duties, powers, authorities and discretions to any person who is a Related Body Corporate of it, that
Agent at all times remains liable for the acts or omissions of such Related Body Corporate if that act or omission would be a breach of this Agreement had it been an act or omission of that Agent and it is caused by the fraud, negligence or wilful
default of such Related Body Corporate and for the payment of fees of that Related Body Corporate when acting as delegate. 

  

	12.6	Duties and obligations 

 Each Agent will perform the duties and obligations, and only the
duties and obligations, contained in or reasonably incidental to this Agreement and the US$ Note Conditions and no implied duties or obligations (other than general laws as to agency) will be read into this Agreement or the US$ Note Conditions
against any Agent. An Agent is not required to take any action under this Agreement which would require it to incur any expense or liability for which (in its reasonable opinion) either it would not be reimbursed within a reasonable time or in
respect of which it has not been indemnified to its satisfaction. 
  

	12.7	Income tax returns 

 Subject to having received all documents which it is entitled to
receive under Clause 12.9, the Principal Paying Agent will, on request by a US$ Noteholder, deliver to that US$ Noteholder such information as may be reasonably required to enable such US$ Noteholder to prepare its income tax returns. 

 

	12.8	Representation by each Agent 

 Each Agent represents and warrants that: 

 

	 	(a)	(Qualified): it is duly qualified to assume its obligations under this Agreement and has obtained all necessary approvals required to execute, deliver and perform its obligations under this Agreement; and

  

	 	(b)	(Legal proceedings): there are no actions, suits or proceedings pending, or to the best of the knowledge of an Authorised Officer of the Agent, threatened against the Agent before any court or any
governmental authority which, if determined adversely to it, would materially and adversely, affect its ability, either in its individual capacity or as the Agent, as the case may be, to perform its obligations under this Agreement.

  
 22 

	12.9	Information and forms 

 The Issuer and the Manager each severally covenants in favour of
each Agent that it will, following a request by an Agent, promptly provide to that Agent, as that Agent may reasonably require to enable it to perform its duties and functions under this Agreement, such information, forms and other documents that
are in the possession of the Issuer or the Manager, as the case may be, or which it is otherwise entitled to obtain from any person. 
  

	12.10	Notices 

 A copy of all communications relating to the subject matter of this Agreement
between the Issuer, the Manager, the US$ Note Trustee or the US$ Noteholders and any of the Paying Agents (other than the Principal Paying Agent) shall be sent to the Principal Paying Agent by the relevant Paying Agent. 

 

	12.11	Liability of Principal Paying Agent or Paying Agent 

 Neither the Principal Paying Agent
nor any other Paying Agent will be liable if it is unable to carry out its duties and obligations due to any breach of any person (other than that Principal Paying Agent or Paying Agent) of its obligations under this Agreement or any other
Transaction Document or any failure of receipt of any necessary instructions, notices, documents or information from any party or any situation not within its control. Notwithstanding any other provision of this Agreement, each Agent will only be
liable to the Issuer for the Issuer’s direct damage when caused by that Agent’s fraud, negligence or wilful misconduct. 
  

	12.12	Confidentiality 

 Each Agent will treat information relating to the Issuer as
confidential, but (unless consent is prohibited by law) the Issuer consents to the transfer and disclosure by the Agent of any information relating to the Issuer to and between branches, subsidiaries, representative offices, affiliates and agents of
each Agent and third party auditors or legal counsel selected by any of them, to the extent that such recipients need to know the information, wherever situated, for confidential use (including in connection with the provision of any service and for
data processing, statistical and risk analysis purposes) provided that any of such recipients of the information also agree to be subject to the same duty of confidentiality as provided herein. Each Agent and any branch, subsidiary, representative
office, affiliate, agent or third party may transfer and disclose any such information as required by any law, court regulator or legal process. 
  

	12.13	Conflicts of interest 

 The Issuer hereby irrevocably waives, in favour of the Agents,
any conflict of interest which may arise by virtue of each Agent acting under this Agreement or for other customers of such Agent. The Issuer acknowledges that the Agents and their respective affiliates may have interests in, or may be providing or
may in the future provide financial or other services to other parties with interests which the Issuer may regard as conflicting with its interests and may possess information (whether or not material to the Issuer), other than as a result of the
Agents acting hereunder, that such Agent may not be entitled to share with the Issuer. None of the Agents will use (without the Issuer’s consent) confidential information obtained from the Issuer to any of the Agents’ other customers nor
will any Agent use confidential information to the Issuer which such Agent has obtained from any of its other customers. Without prejudice to the foregoing, the Issuer agrees that the Agents and their respective affiliates may deal in (whether for
their own or their respective customers’ accounts) or advise on securities of any party and that such dealing or advising, will not constitute a conflict of interest for the purposes of this Agreement. 

  
 23 

	13.	EXPENSES 

  

	13.1	Payment of expenses 

 The Issuer (as directed by the Manager) must pay or reimburse to
each Agent all reasonable costs, expenses, charges, stamp duties and other Taxes and liabilities reasonably and properly incurred by that Agent in the performance of the obligations of that Agent under this Agreement including all costs and expenses
(including legal costs and expenses) incurred by that Agent in the enforcement of any obligations under this Agreement. Nothing in this Clause 13.1 entitles or permits an Agent to be reimbursed or indemnified for general overhead costs and expenses
(including rents and any amounts payable by that Agent to its employees in connection with their employment) incurred directly or indirectly in connection with the business activities of that Agent or in the exercise of its rights, powers and
discretions or the performance of its duties and obligations under this Agreement. For the purposes of clause 13.1(b) of the Master Security Trust Deed, any moneys payable to an Agent under this Clause 13.1 are to be considered as that Agent’s
“remuneration”. 
 The Issuer will also pay to each Agent the fees as agreed, on or before the Closing Date, in writing between the
Issuer, the Manager and that Agent. The Manager must notify each Rating Agency of each such fee. 
  

	13.2	No other fees 

 Except as provided in Clause 13.1, or as expressly provided elsewhere in
this Agreement, neither the Issuer nor the Manager has any liability in respect of any fees or expenses of any Agent in connection with this Agreement. 
  

	13.3	Payment of fees 

 The above payments and expenses will be paid in Australian dollars. The
Issuer will in addition pay any value added tax which may be applicable. 
  

	13.4	No commission 

 Subject to this Clause 13, no Paying Agent may charge any commission or
fee in relation to any payment by it under this Agreement. 
  

	13.5	Timing of payments 

 All payments by the Issuer to an Agent under this Clause 13 are
payable on the first Distribution Date following demand by that Agent from funds available for this purpose in accordance with the Series Supplement. 
  

	14.	NOTICES 

  

	14.1	Method of delivery 

 Subject to Clauses 14.3 and 14.4, any notice, request, certificate,
approval, demand, consent or other communication to be given under this Agreement (other than notices to the US$ Noteholders) must: 
  

	 	(a)	(Execution): be in writing and, except in the case of a communication by email, signed by an Authorised Officer of the party giving the same; and 

 

	 	(b)	(Delivery): be: 

  

	 	(i)	left at the address of the addressee; 

  
 24 

	 	(ii)	sent by prepaid ordinary post to the address of the addressee; 

  

	 	(iii)	sent by facsimile to the facsimile number of the addressee; or 

  

	 	(iv)	sent by email by an Authorised Officer of the party giving the same to the addressee’s email address, 

in each case, as specified in Clause 14.5 or as otherwise notified in writing by the relevant addressee from time to time to the other parties
to this Agreement as its address for service pursuant to this Agreement. 
  

	14.2	Deemed receipt 

 A notice, request, certificate, demand, consent or other communication
under this Agreement is deemed to have been received: 
  

	 	(a)	(Delivery): where delivered in person, upon receipt; 

  

	 	(b)	(Post): where sent by post, on the 3rd (7th if outside Australia) day after posting; 

  

	 	(c)	(Fax): where sent by facsimile, on production by the dispatching facsimile machine of a transmission report which indicates that the facsimile was sent in its entirety to the facsimile number of the
recipient; and 

  

	 	(d)	(Email): where sent by email, on the date that the email is received. 

 However,
if the time of deemed receipt of any notice is not before 5.30 p.m. local time on a Business Day at the address of the recipient it is deemed to have been received at the commencement of business on the next Business Day. 

 

	14.3	Email 

 A notice, request, certificate, approval, demand, consent or other communication
to be given under this Agreement may only be given by email where the recipient has agreed in writing that that communication, or communications of that type, may be given by email. For the avoidance of doubt, any such agreement of the US$ Note
Trustee, Principal Paying Agent and Agent Bank must be in writing and refer specifically to this Clause 14.3, and no such agreement may be implied, inferred or deemed to arise as a result of any other conduct or dealing, including the use by
employees or representatives of email as a means of communication with other parties for the purposes of the administration of this Agreement. 
  

	14.4	Communications through Principal Paying Agent 

 All communications relating to this
Agreement between the Issuer and the Agent Bank and any of the other Paying Agents or between the Paying Agents themselves will, except as otherwise provided in this Agreement, be made through the Principal Paying Agent. 

 

	14.5	Contact information 

 The initial address, facsimile number and email address of the
parties to this Agreement and each other Transaction Document are: 
  

	 	(a)	US$ Note Trustee, Principal Paying Agent, US$ Note Registrar and Agent Bank: 

 The Bank of New
York Mellon 

  
 25 

 101 Barclay Street, Floor 7-East 

New York N.Y. 10286 
 Attention:
Corporate Trust Office, International Corporate Trust Global Americas 
 Telephone: (212) 815 8164 

Fax: (724) 540 6315 / (615) 779 7515 
  

	 	(b)	Issuer: 

 Perpetual Trustee Company Limited as trustee for the SMART ABS Series 2015-1US Trust

 Level 12, Angel Place 
 123
Pitt Street 
 Sydney NSW 2000 

AUSTRALIA 
 Attention: Manager,
Transaction Management, Capital Markets Fiduciary Services 
 Telephone: +612 9229 9000 

Email: SecuritisationOps@perpetual.com.au 
  

	 	(c)	Security Trustee: 

 P.T. Limited 

Level 12, Angel Place 
 123 Pitt
Street 
 Sydney NSW 2000 

AUSTRALIA 
 Attention: Manager,
Transaction Management, Capital Markets Fiduciary Services 
 Telephone: +612 9229 9000 

Email: SecuritisationOps@perpetual.com.au 
  

	 	(d)	MLPL, Servicer and Seller: 

 Macquarie Leasing Pty Limited 

Level 1, 50 Martin Place 
 Sydney
NSW 2000 
 AUSTRALIA 

Attention: Karleen Munns 

Telephone: +612 8232 8072 
 Fax:
+612 8232 9929 
 Email: Karleen.munns@macquarie.com 
  

	 	(e)	MBL: 

 Macquarie Bank Limited 

50 Martin Place 
 Sydney NSW 2000

 AUSTRALIA 
 Attention:
Manager, Securitisation 
 Telephone: +612 8232 3333 

Fax: +612 8232 8344 
 Email:
ficcdebtmarkets@macquarie.com 
  

	 	(f)	Manager: 

 Macquarie Securities Management Pty Limited 

50 Martin Place 
 Sydney NSW 2000

 AUSTRALIA 

  
 26 

 Attention: Manager, Securitisation 

Telephone: +612 8232 3333 
 Fax:
+612 8232 8344 
 Email: ficcdebtmarkets@macquarie.com 
  

	 	(g)	Currency Swap Provider: 

 Australia and New Zealand Banking Group Limited 

ANZ Market Operations 
 Level 15,
100 Queen Street 
 Melbourne, Victoria, 3000 

AUSTRALIA 
 Attention: Manager,
Derivative Operations 
 Telephone: +613 8655 3254 

Fax: +613 9273 3444 
 Email:
globalconfirmations@anz.com 
  

	 	(h)	Fixed Rate Swap Provider: 

 Macquarie Bank Limited 

50 Martin Place 
 Sydney NSW 2000

 AUSTRALIA 
 Attention:
Manager, Securitisation 
 Telephone: +612 8232 3333 

Fax: +612 8232 8344 
 Email:
ficcdebtmarkets@macquarie.com 
  

	15.	ISSUER’S LIMITATION OF LIABILITY 

  

	15.1	Limitation on Issuer’s liability 

 This Agreement applies to the Issuer only in its
capacity as trustee of the Series Trust and in no other capacity. A liability incurred by the Issuer 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
the Issuer only to the extent to which it can be satisfied out of the Assets of the Series Trust out of which the Issuer is actually indemnified for the liability. This limitation of the Issuer’s liability applies despite any other provision of
this Agreement (other than Clause 15.3) and extends to all liabilities and obligations of the Issuer in any way connected with any representation, warranty, conduct, omission, agreement or transaction related to this Agreement. 

 

	15.2	Claims against Issuer 

 The parties other than the Issuer may not sue the Issuer in
respect of any liabilities incurred by the Issuer 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 the Issuer or prove in any liquidation, administration or similar arrangements of or affecting the Issuer (except in relation to the Assets of the Series Trust). 

 

	15.3	Fraud, negligence or wilful default 

 The provisions of this Clause 15 will not apply to
any obligation or liability of the Issuer to the extent that it is not satisfied because under the Master Trust Deed, the Series Supplement or any other Transaction Document in relation to the Series Trust or by operation of law there is a reduction
in the extent of the Issuer’s indemnification out of the Assets of the Series Trust as a result of the 

  
 27 

 
Issuer’s fraud, negligence or wilful default and will not apply to any obligation or liability of the Issuer to pay amounts from its personal funds. 

 

	15.4	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 the Issuer (including any related failure to satisfy its obligations or any breach of representations or warranties under this
Agreement) will be considered fraudulent, negligent or a wilful default for the purposes of Clause 15.3 to the extent to which the act or omission was caused or contributed to by any failure by any Relevant Party or any other person appointed by the
Issuer under any Transaction Document (other than a person whose acts or omissions the Issuer is liable for in accordance with any Transaction Document) to fulfil its obligations relating to the Series Trust or by any other act or omission of a
Relevant Party or any other such person. 
  

	15.5	No authority 

 No Agent appointed in accordance with this Agreement has authority to act
on behalf of the Issuer in a way which exposes the Issuer to any personal liability and no act or omission of any such person will be considered fraudulent, negligent or wilful default of the Issuer for the purposes of Clause 15.3. 

 

	15.6	No obligation 

 The Issuer is not obliged to enter into any commitment or obligation
under or in relation to this Agreement or any Transaction Document (including incur any further liability) unless the Issuer’s liability is limited in a manner which is consistent with this Clause 15 or otherwise in a manner satisfactory to the
Issuer in its absolute discretion. 
  

	16.	GENERAL 

  

	16.1	Waiver 

 A failure to exercise or enforce or a delay in exercising or enforcing or the
partial exercise or enforcement of any right, remedy, power or privilege under this Agreement by a party will not in any way preclude or operate as a waiver of any further exercise or enforcement of such right, remedy, power or privilege of the
exercise or enforcement of any other right, remedy, power or privilege under this Agreement or provided by law. 
  

	16.2	Written waiver, consent and approval and specimen signatures 

  

	 	(a)	(Waiver, consent and approval): Any waiver, consent or approval given by a party under this Agreement will only be effective and will only bind that party if it is given in writing, or given verbally and
subsequently confirmed in writing, and executed by that party or on its behalf by two Authorised Officers of that party. 

  

	 	(b)	(Specimen signatures): On or prior to the date of this Agreement, the Issuer must provide to the Principal Paying Agent a certified copy of a list setting out in full the name and specimen signature of
each Authorised Officer of the Issuer. 

  
 28 

	16.3	Severability 

 Any provision of this Agreement which is illegal, void or unenforceable in
any jurisdiction is ineffective in such jurisdiction to the extent only of such illegality, voidness or unenforceability without invalidating the remaining provisions of this Agreement. 

 

	16.4	Survival of indemnities 

 The indemnities contained in this Agreement are continuing, and
survive the termination of this Agreement. 
  

	16.5	Assignments 

 No party may assign or transfer any of its rights or obligations under this
Agreement without the prior written consent of the other parties and without the Manager first issuing a Rating Notification in relation to the proposed assignment or transfer. 

 

	16.6	Successors and assigns 

 This Agreement is binding upon and enures to the benefit of the
parties to this Agreement and their respective successors and permitted assigns. 
  

	16.7	Moratorium legislation 

 To the fullest extent permitted by law, the provisions of all
statutes whether existing now or in the future operating directly or indirectly: 
  

	 	(a)	(To affect obligations): to lessen or otherwise to vary or affect in favour of any party any obligation under this Agreement; or 

 

	 	(b)	(To affect rights): to delay or otherwise prevent or prejudicially affect the exercise of any rights or remedies conferred on a party under this Agreement, 

are hereby expressly waived, negatived and excluded. 
  

	16.8	Amendments 

 This Agreement may be amended only by written agreement between all parties
to this Agreement, provided that the Manager and the Trustee 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. 
  

	16.9	Governing law 

 This Agreement is governed by and must be construed in accordance with
the laws applying in the Australian Capital Territory. 
  

	16.10	Jurisdiction 

 Each party irrevocably and unconditionally: 

 

	 	(a)	(Submissions to jurisdiction): submits to the non-exclusive jurisdiction of the courts of the Australian Capital Territory; 

  
 29 

	 	(b)	(Waiver of inconvenient forum): waives any objection it may now or in the future have to the bringing of proceedings in those courts and any claim that any proceedings have been brought in an inconvenient
forum; and 

  

	 	(c)	(Service of notice): agrees, without preventing any other mode of service permitted by law, that any document required to be served in any proceedings may be served in the manner in which notices and other
written communications may be given under Clause 14. 

  

	16.11	Counterparts 

 This Agreement may be executed in a number of counterparts and all such
counterparts taken together will constitute one and the same instrument. 
  

	16.12	Limitation of US$ Note Trustee’s liability 

 Clause 8.3 of the US$ Note Trust Deed
is incorporated into this Agreement as if set out in full and for this purpose references in that clause to “this Deed” and “Clause 8.3” will be taken to be references to “this Agreement” and “Clause 16.12”
respectively. 
  

	16.13	Contra proferentem 

 Each provision of this Agreement will be interpreted without
disadvantage to the party who (or whose representative) drafted that provision. 
  

	16.14	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 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 release 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 16.14 or any similar clause in any
other Transaction Document. 
  

	16.15	Compliance with Regulation AB 

  

	 	(a)	 In relation to each fiscal year of the Series Trust (which commences on 1 April of each calendar year) for which MLPL is required under the
Exchange Act to file an annual report on Form 10-K with respect to the Series Trust, the Principal Paying Agent, the US$ Note 

  
 30 

	 	
Registrar and the Agent Bank (the Assessing Party) must prepare and deliver to each of the Issuer, MLPL, the Manager, the US$ Note Trustee and the Rating Agencies, each of the following items no
later than 90 days after the end of that fiscal year: 

  

	 	(i)	(Assessment of compliance): as required under Rules 13a-18 and 15d-18 of the Exchange Act and Item 1122 of Regulation AB, a report regarding the Assessing Party’s assessment of compliance with
the Servicing Criteria, including disclosure of any material instance of non-compliance identified by the Assessing Party. Such report must be signed by an Authorised Officer of the Assessing Party, and must be substantially in the form of Schedule
1 and address (A) each of the Servicing Criteria marked in Appendix A to Schedule 1 as “Applicable Servicing Criteria” and (B) any unmarked Servicing Criteria in Appendix A to Schedule 1, to the extent that the Assessing Party is
involved in servicing activities relating to such Servicing Criteria, as mutually agreed upon by MLPL and such Assessing Party from time to time; 

  

	 	(ii)	(Accounting attestation report): a report of a registered public accounting firm that attests to, and reports on, the assessment of compliance report made by the Assessing Party and delivered pursuant to,
Clause 16.15(a)(i). Such attestation must be in accordance with Rules 1-02(a)(3) and 2-02(g) of Regulation S-X under the Securities Act and the Exchange Act; and 

  

	 	(iii)	(Delegate information): a written description of the role and function of each delegate appointed by the Assessing Party that performs one or more discrete functions identified in Item 1122(d) of
Regulation AB with respect to the SMART Receivables, specifying: (A) the identity of each such delegate and which (if any) of such delegates are “participating in the servicing function” within the meaning of Item 1122 of
Regulation AB; and (B) which elements of the Servicing Criteria will be addressed in assessments of compliance provided by each delegate identified pursuant to paragraph (A) of this Clause 16.15(a)(iii). 

 

	 	(b)	As a condition to the utilisation of any delegate determined to be “participating in the servicing function” within the meaning of Item 1122 of Regulation AB, the Assessing Party shall cause each such
delegate, if any, to comply with Clause 16.15(a)(i) and Clause 16.15(a)(ii) as if references to the Assessing Party in those Clauses were references to such delegate, except that any assessment of compliance or accounting reports delivered by a
delegate of the Assessing Party under Clause 16.15(a)(i) or Clause 16.15(a)(ii) need not address any elements of the Servicing Criteria other than those specified by the Assessing Party to such delegate pursuant to Clause 16.15(a)(iii)(B).

  

	 	(c)	Each Assessing Party represents, warrants and agrees that each report required pursuant to this Clause 16.15 to be provided by the Assessing Party or any of its delegates will be accurate in all material respects and
will not contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading.

  

	 	(d)	Any failure by the Assessing Party or any delegate of the Assessing Party to deliver any information, report, certification, accountant’s letter or other material when and as required under this Clause 16.15, shall
immediately and automatically, without notice or grace period, entitle the Manager, in its sole discretion: 

  

	 	(i)	 to remove the Assessing Party or direct the Assessing Party to remove such delegate from the performance of any activities which MLPL reasonably
determines to 

  
 31 

	 	
constitute “participating in the servicing function” in relation to the Issuer within the meaning of Item 1122 of Regulation AB; and 

 

	 	(ii)	to replace the Assessing Party or such delegate with respect to such activities; 

 provided
that, if directed by MLPL, the Manager shall so remove and replace the Assessing Party or such delegate, as applicable; and provided, further, that to the extent that any provision of the Transaction Documents expressly provides for the
survival of certain rights or obligations following termination of such party, such provision shall be given effect. 
  

	16.16	FATCA – provision of information to US$ Note Trustee, Principal Paying Agent and Paying Agent and withholding 

  

	 	(a)	The Manager agrees to direct the Trustee to and, upon such direction the Trustee agrees to within a reasonable period of time, provide to the US$ Note Trustee, Principal Paying Agent and Paying Agent (as applicable)
such sufficient information as may be requested in writing by any of US$ Note Trustee, the Principal Paying Agent or the Paying Agent for the purpose of determining whether or not the US$ Note Trustee, Principal Paying Agent and Paying Agent (as
applicable) is obliged, in respect of any payments to be made by it pursuant to any Transaction Document to make any withholding or deduction pursuant to an agreement described in Section 1471(b) of the US Internal Revenue Code of 1986, as
amended (the Code) or otherwise imposed pursuant to Sections 1471 through 1474 of the Code and any regulations, or agreements thereunder or official interpretations thereof or any intergovernmental agreement between the United States and
another jurisdiction facilitating the implementation thereof (or any law implementing such an intergovernmental agreement). The obligations imposed on the Trustee under this Clause 16.16(a) are limited to the extent that the Trustee has the relevant
information in its possession or control and that provision of the information to the US$ Note Trustee, Principal Paying Agent and Paying Agent (as applicable) will not result in any breach of the Transaction Documents or any applicable law.

  

	 	(b)	If and to the extent that the US$ Note Trustee, the Principal Paying Agent or the Paying Agent is required under applicable law to deduct FATCA Withholding Tax from any payment to be made by it pursuant to any
Transaction Document, the US$ Note Trustee, the Principal Paying Agent or the Paying Agent, as the case may be, shall be entitled to deduct such FATCA Withholding Tax, and shall have no obligation to gross-up any payment under any Transaction
Document or to pay any additional amount as a result of such FATCA Withholding Tax. 

  

	 	(c)	For the purposes of this Clause 16.16, FATCA Withholding Tax means any withholding or deduction pursuant to an agreement described in Section 1471(b) of the Code or otherwise imposed pursuant to Sections
1471 through 1474 of the Code (or any regulations or agreements thereunder or official interpretations thereof) or any intergovernmental agreement between the United States and another jurisdiction facilitating the implementation thereof (or any law
implementing such an intergovernmental agreement). 

  

	16.17	FATCA – provision of information by the US$ Note Trustee 

  

	 	(a)	 Subject to Clause (c), the US$ Note Trustee agrees to, at the Manager’s written request, provide to the Manager on a timely basis such
information as may be reasonably required by any of the Trustee, the Series Trust, Macquarie Group Limited or any of Macquarie Group Limited’s Related Bodies Corporate (each, a Potential Reporting Entity) in order to comply with any
reporting obligations imposed on the relevant Potential Reporting Entity pursuant to any intergovernmental agreement between the Government of the United States 

  
 32 

	 	
of America (or any agency thereof) and the Government of the Commonwealth of Australia (or any agency thereof) with respect to the U.S. Foreign Account Tax Compliance Act (such agreement being
the IGA) or any legislation enacted pursuant to the IGA. 

  

	 	(b)	The US$ Note Trustee acknowledges and agrees that any of the information referred to above provided by it to the Manager in accordance with Clause (a) may be provided by the Manager to the relevant Potential
Reporting Entity and used by that relevant Potential Reporting Entity only for the purpose of satisfying the reporting obligations of that relevant Potential Reporting Entity under the IGA. None of the US$ Note Trustee, the Principal Paying Agent,
the US$ Note Registrar nor any Paying Agent shall have a duty to monitor, nor liability or responsibility with respect to the Manager’s providing the information to the Potential Reporting Entities, nor with respect to their compliance with
their respective reporting obligations, if any. 

  

	 	(c)	The obligation imposed upon the US$ Note Trustee under Clause 16.17(a) applies only to the extent that any requested information: 

  

	 	(i)	relates to payments on the US$ Notes or payments to US$ Noteholders; and 

  

	 	(ii)	is actually known by BNY in its capacity as US$ Note Trustee, US$ Note Registrar, Principal Paying Agent or Paying Agent; and 

  

	 	(iii)	is not subject to a confidentiality agreement or otherwise confidential, proprietary or otherwise restricted information pursuant to applicable law or regulation or otherwise; and 

 

	 	(iv)	is not otherwise available to the Manager and/or the Potential Reporting Entities. 

  
 33 

 SIGNATORIES 

Executed as an agreement. 
  

					
	SIGNED for and on behalf of PERPETUAL TRUSTEE
COMPANY LIMITED ABN 42 000 001 007 by		 		 /s/ Eugene Tee

Eugene Tee
 Manager

			
	and				Signature of Attorney
	 its Attorneys under a Power of Attorney
 dated
16/9/14
 and each Attorney declares that the Attorney has not received any notice of the revocation of such Power of Attorney in the presence of:
				
			
	/s/ Jamie Taylor				 /s/ Hagbarth Strom

Hagbarth Strom
 Senior Transaction Manager

			
	Signature of Witness				Signature of Attorney
			
	Jamie Taylor				
			
	Name of Witness in full				

  

					
	 SIGNED for and on behalf of MACQUARIE SECURITIES MANAGEMENT PTY LIMITED ABN

26 003 435 443 by             (Signed in Sydney,

and
                                    POA Ref: #42 dated

its Attorneys under a Power of Attorney 8th July 2013)
				 /s/ Kevin Lee

Kevin Lee
 Division Director

				Signature of Attorney
	 dated
 and each Attorney declares that the
Attorney has not
 received any notice of the revocation of such Power of

Attorney in the presence of:
				 /s/ Kristen Adler
 Kristen
Adler

			
	 /s/ Peter Fogarty
				Associate Director
			
	 Signature of Witness
				Signature of Attorney
	 Peter Fogarty
				
	 Lawyer
				
			
	 Name of Witness in full
				

  
 34 

			
	SIGNED for and on behalf of THE BANK OF NEW YORK MELLON by its Authorised Signatory:		
		
	/s/ Jaime Nielsen		/s/ Catherine F. Donohue
		
	Authorised Signatory		Signature of Witness
	
                          
  JAIME NIELSEN

                          
VICE PRESIDENT
		
                  CATHERINE F. DONOHUE

                          
VICE PRESIDENT

		
	Name of Authorised Signatory in full		Name of Witness in full

  
 35 

 SCHEDULE 1 

ASSERTION OF COMPLIANCE WITH APPLICABLE SERVICING CRITERIA 

SMART ABS SERIES 2015-1US TRUST (the Series Trust): ASSERTION OF COMPLIANCE WITH APPLICABLE SERVICING CRITERIA 

Reference is made to the Agency Agreement dated 10 March 2015 in relation to the Series Trust (the Agency Agreement). Pursuant to clause
16.15 of the Agency Agreement, [•] (the Company) provides this platform-level assessment of compliance with the servicing criteria specified in Item 1122(d) of Regulation AB promulgated by the Securities and Exchange Commission.
Words and phrases used but not otherwise defined in this assessment have the meanings given to them in the Agency Agreement. 
 Management has
determined that the following servicing criteria are applicable in regards to the following servicing platform for the following period: 
 Platform:
Publicly-issued (i.e., transaction-level reporting initially required under the Securities Exchange Act of 1934, as amended) asset-backed securities issued on or after January 1, 2006 (and like-kind transactions issued prior to January 1,
2006) that comply with Regulation AB for which the Company provides trustee, securities administration, paying agent or custodial services, as defined and to the extent applicable in the transaction agreements, other than residential mortgage-backed
securities and other mortgage-related asset-backed securities. 
 Applicable Servicing Criteria: All servicing criteria set forth in
Item 1122(d), to the extent required by the related transaction agreements as to any transaction, which are identified below in Appendix A (the checked items) as “Applicable Servicing Criteria”. 

[With respect to servicing criteria 1122(d)[•] management has engaged a vendor to perform the activities required by these servicing criteria. Management
has determined that this vendor is not considered a “servicer” as defined in Item 1101(j) of Regulation AB, and management has elected to take responsibility for assessing compliance with the servicing criteria applicable to this
vendor as permitted by Interpretation 17.06 of the SEC Division of Corporation Finance Manual of Publicly Available Telephone Interpretations (“Interpretation 17.06”). Management has policies and procedures in place designed to provide
reasonable assurance that the vendor’s activities comply in all material respects with the servicing criteria applicable to the vendor. Management is solely responsible for determining that it meets the SEC requirements to apply Interpretation
17.06 for the vendor and related criteria.] 
 Reporting Period: Twelve months ended March 31, 20[•]. 

With respect to the Platform and the Reporting Period, the Company provides the following assessment of compliance in respect of the Applicable Servicing
Criteria: 
  

	 	•	 	The Company is responsible for assessing its compliance with the Applicable Servicing Criteria. 

  

	 	•	 	The Company has assessed compliance with the Applicable Servicing Criteria. 

  

	 	•	 	As of March 31, 20[•] and for the Reporting Period, the Company was in material compliance with the Applicable Servicing Criteria. 

[•], a registered public accounting firm, has issued an attestation report on the Company’s assessment of compliance with the Applicable Servicing
Criteria for the Reporting Period. 

  
 36 

 [Date] 
  

			
	[•]
		
	By:		 
	Name:		 
	Title:		 

  
 37 

 APPENDIX A—SERVICING CRITERIA 

 

					
	 SERVICING CRITERIA
	  	 APPLICABLE
SERVICING CRITERIA*

			
	 Reference
	  	 Criteria
	  	 
			
		  	General Servicing Considerations	  	
			
	 1122(d)(1)(i)
	  	Policies and procedures are instituted to monitor any performance or other triggers and events of default in accordance with the transaction agreements.	  	
			
	 1122(d)(1)(ii)
	  	If any material servicing activities are outsourced to third parties, policies and procedures are instituted to monitor the third party’s performance and compliance with such servicing activities.	  	
			
	 1122(d)(1)(iii)
	  	Any requirements in the transaction agreements to maintain a back-up servicer for the pool assets are maintained.	  	
			
	 1122(d)(1)(iv)
	  	A fidelity bond and errors and omissions policy is in effect on the party participating in the servicing function throughout the reporting period in the amount of coverage required by and otherwise in accordance with the terms of
the transaction agreements.	  	
			
	 1122(d)(1)(v)**
	  	Aggregation of information, as applicable, is mathematically accurate and the information conveyed accurately reflects the information.	  	x
			
		  	Cash Collection and Administration	  	
			
	 1122(d)(2)(i)
	  	Payments on pool assets are deposited into the appropriate custodial bank accounts and related bank clearing accounts no more than two business days following receipt, or such other number of days specified in the transaction
agreements.	  	
			
	 1122(d)(2)(ii)
	  	Disbursements made via wire transfer on behalf of an obligor or to an investor are made only by authorized personnel.	  	x
			
	 1122(d)(2)(iii)
	  	Advances of funds or guarantees regarding collections, cash flows or distributions, and any interest or other fees charged for such advances, are made, reviewed and approved as specified in the transaction agreements.	  	
			
	 1122(d)(2)(iv)
	  	The related accounts for the transaction, such as cash reserve accounts or accounts established as a form of overcollateralization, are separately maintained (e.g., with respect to commingling of cash) as set forth in the
transaction agreements.	  	x
			
	 1122(d)(2)(v)
	  	Each custodial account is maintained at a federally insured depository institution as set forth in the transaction agreements. For purposes of this criterion, “federally insured depository institution” with respect to a
foreign financial institution means a foreign financial institution that meets the requirements of Rule 13k-1(b)(1) of the Securities Exchange Act.	  	x
			
	 1122(d)(2)(vi)
	  	Unissued checks are safeguarded so as to prevent unauthorized access.	  	x
			
	 1122(d)(2)(vii)
	  	Reconciliations are prepared on a monthly basis for all asset-backed securities related bank accounts, including custodial accounts and related bank clearing accounts. These reconciliations are (A) mathematically accurate; (B)
prepared within 30 calendar days after the bank statement cutoff date, or such other number of days specified in the transaction agreements; (C) reviewed and approved by someone other than the person who prepared the reconciliation; and (D) contain
explanations for reconciling items. These reconciling items are resolved within 90 calendar days of their original identification, or such other number of days specified in the transaction agreements.	  	x
			
		  	Investor Remittances and Reporting	  	
			
	 1122(d)(3)(i)
	  	Reports to investors, including those to be filed with the Commission, are maintained in accordance with the transaction agreements and applicable Commission requirements. Specifically, such reports (A) are prepared in accordance
with timeframes and other terms set forth in the transaction 	  	

  

	*	The assessment of compliance to be delivered by the US$ Note Trustee shall address at a minimum the criteria identified below in Appendix A (the checked items) as “Applicable Servicing Criteria.”

	**	The criterion to be included on and after 23 November 2015. 

  
 38 

					
	 SERVICING CRITERIA
	  	 APPLICABLE
SERVICING CRITERIA*

			
	 Reference
	  	 Criteria
	  	 
			
		  	agreements; (B) provide information calculated in accordance with the terms specified in the transaction agreements; (C) are filed with the Commission as required by its rules and regulations; and (D) agree with investors’
or the trustee’s records as to the total unpaid principal balance and number of pool assets serviced by the Servicer.	  	
			
	 1122(d)(3)(ii)
	  	Amounts due to investors are allocated and remitted in accordance with timeframes, distribution priority and other terms set forth in the transaction agreements.	  	x (solely with respect to remittance)
			
	 1122(d)(3)(iii)
	  	Disbursements made to an investor are posted within two business days to the Servicer’s investor records, or such other number of days specified in the transaction agreements.	  	x
			
	 1122(d)(3)(iv)
	  	Amounts remitted to investors per the investor reports agree with cancelled checks, or other form of payment, or custodial bank statements.	  	x
			
		  	Pool Asset Administration	  	
			
	 1122(d)(4)(i)
	  	Collateral or security on pool assets is maintained as required by the transaction agreements or related pool asset documents.	  	
			
	 1122(d)(4)(ii)
	  	Pool assets and related documents are safeguarded as required by the transaction agreements	  	
			
	 1122(d)(4)(iii)
	  	Any additions, removals or substitutions to the asset pool are made, reviewed and approved in accordance with any conditions or requirements in the transaction agreements.	  	
			
	 1122(d)(4)(iv)
	  	Payments on pool assets, including any payoffs, made in accordance with the related pool asset documents are posted to the Servicer’s obligor records maintained no more than two business days after receipt, or such other
number of days specified in the transaction agreements, and allocated to principal, interest or other items (e.g., escrow) in accordance with the related pool asset documents.	  	
			
	 1122(d)(4)(v)
	  	The Servicer’s records regarding the accounts agree with the Servicer’s records with respect to an obligor’s unpaid principal balance.	  	
			
	 1122(d)(4)(vi)
	  	Changes with respect to the terms or status of an obligor’s account (e.g., loan modifications or re-aging) are made, reviewed and approved by authorized personnel in accordance with the transaction agreements and related
pool asset documents.	  	
			
	 1122(d)(4)(vii)
	  	Loss mitigation or recovery actions (e.g., forbearance plans, modifications and deeds in lieu of foreclosure, foreclosures and repossessions, as applicable) are initiated, conducted and concluded in accordance with the timeframes
or other requirements established by the transaction agreements.	  	
			
	 1122(d)(4)(viii)
	  	Records documenting collection efforts are maintained during the period an account is delinquent in accordance with the transaction agreements. Such records are maintained on at least a monthly basis, or such other period
specified in the transaction agreements, and describe the entity’s activities in monitoring delinquent pool assets including, for example, phone calls, letters and payment rescheduling plans in cases where delinquency is deemed temporary (e.g.,
illness or unemployment).	  	
			
	 1122(d)(4)(ix)
	  	Adjustments to interest rates or rates of return for accounts with variable rates are computed based on the related account documents.	  	
			
	 1122(d)(4)(x)
	  	Regarding any funds held in trust for an obligor (such as escrow accounts): (A) such funds are analyzed, in accordance with the obligor’s pool asset documents, on at least an annual basis, or such other period specified in
the transaction agreements; (B) interest on such funds is paid, or credited, to obligors in accordance with applicable pool asset documents and state laws; and (C) such funds are returned to the obligor within 30 calendar days of full repayment of
the related pool assets, or such other number of days specified in the transaction agreements.	  	
			
	 1122(d)(4)(xi)
	  	Payments made on behalf of an obligor (such as tax or insurance payments) are made on or before the related penalty or expiration dates, as indicated on the appropriate bills or notices for such payments, provided that such
support has been received by the Servicer at least 30 calendar days prior to these dates, or such other number of days specified in the transaction agreements.	  	

  
 39 

					
	 SERVICING CRITERIA
	  	 APPLICABLE
SERVICING CRITERIA*

			
	 Reference
	  	 Criteria
	  	 
	 1122(d)(4)(xii)
	  	Any late payment penalties in connection with any payment to be made on behalf of an obligor are paid from the Servicer’s funds and not charged to the obligor, unless the late payment was due to the obligor’s error or
omission.	  	
			
	 1122(d)(4)(xiii)
	  	Disbursements made on behalf of an obligor are posted within two business days to the obligor’s records maintained by the Servicer, or such other number of days specified in the transaction agreements.	  	
			
	 1122(d)(4)(xiv)
	  	Delinquencies, charge-offs and uncollectible accounts are recognized and recorded in accordance with the transaction agreements.	  	
			
	 1122(d)(4)(xv)
	  	Any external enhancement or other support, identified in Item 1114(a)(1) through (3) or Item 1115 of Regulation AB, is maintained as set forth in the transaction agreements.	  	

  
 40SMART ABS Series 2015-1US Trust Currency Swap Agreement

 Exhibit 10.3 
 EXECUTION VERSION 
 SMART ABS SERIES 2015-1US TRUST 

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

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

 ABN 26 003 435 443 
  

 
  
  

 

 (Multicurrency — Cross Border) 

ISDA® 

International Swap Dealers Association, Inc. 
  

MASTER AGREEMENT 
 dated as of 
 ...... 10 March 2015............. 

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

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

 

	1.	 Interpretation 

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

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

 

	2.	 Obligations 

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

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

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

Copyright © 1992 by International Swap Dealers Association, Inc. 

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

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

(d)      Deduction or Withholding for Tax. 

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

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

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

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

  

					
		  	2	  	ISDA®  1992

 (ii)    Liability. If: — 

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

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

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

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

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

  

	3.       Representations	 

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

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

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

  

					
		  	3	  	ISDA®  1992

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

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

	4.	 Agreements 

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

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

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

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

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

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

  

					
		  	4	  	ISDA®  1992

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

	5.	 Events of Default and Termination Events 

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

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

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

(iii)   Credit Support Default. 

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

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

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

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

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

  

					
		  	5	  	ISDA®  1992

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

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

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

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

  

					
		  	6	  	ISDA®  1992

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

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

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

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

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

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

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

  

					
		  	7	  	ISDA®  1992

	6.	 Early Termination 

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

 (b)       Right to Terminate Following Termination Event. 

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

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

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

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

  

					
		  	8	  	ISDA®  1992

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

(c)       Effect of Designation. 

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

(d)       Calculations. 

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

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

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

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

  

					
		  	9	  	ISDA®  1992

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

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

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

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

  

					
		  	10	  	ISDA®  1992

	7.	 Transfer 

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

	8.	 Contractual Currency 

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

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

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

  

					
		  	11	  	ISDA®  1992

	9.	 Miscellaneous 

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

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

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

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

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

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

	10.	 Offices; Multibranch Parties 

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

	11.	 Expenses 

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

  

					
		  	12	  	ISDA®  1992

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

 

	12.	 Notices 

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

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

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

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

	13.	 Governing Law and Jurisdiction 

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

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

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

  

					
		  	13	  	ISDA®  1992

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

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

 

	14.	 Definitions 

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

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

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

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

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

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

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

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

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

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

  

					
		  	14	  	ISDA®  1992

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

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

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

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

  

					
		  	15	  	ISDA®  1992

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

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

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

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

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

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

  

					
		  	16	  	ISDA®  1992

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

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

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

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

  

					
		  	17	  	ISDA®  1992

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

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

 

													
	 Australia and New Zealand Banking Group Limited
 ABN 11 005 357 522
	 		 	    Perpetual Trustee Company Limited
    ABN 42 000 001 007

							
	By: 	 	/s/ Carmela Tripodi	 	 	 		 	   By: 	 	 /s/ Eugene Tee	 	    /s/ Hagbarth Strom

													
							
	Name: 	 	Carmela Tripodi	 	 	 		 	Name: 	 	 Eugene Tee 
	 	 Hagbarth Strom

	 Title:
	 	 Senior Lawyer
 Institutional Legal Group
	 		 	 Title:
	 	Manager	 	Senior Transaction Manager
						
	 Date:
	 	10-3-2015	 		 	 Date:
	 	10/03/15	 	 
				
	 Macquarie Securities Management Pty Limited

ABN 26 003 435 443
	 		 		 	

													
							
	By:	 	/s/ Kevin Lee	 	           /s/ Kristen Adler	 		 		 		 	

													
							
	Name:	 	Kevin Lee	 	 Kristen Adler
	 		 		 		 	
							
	 Title:
	 	Division Director 	 	 Associate Director
	 		 		 		 	
							
	 Date:
	 	11/3/15	 	 	 		 		 		 	

 (Signed in Sydney, 
 POA Ref: # 42 dated 
 8th July 2013) 

  

					
		  	18	  	ISDA®  1992

 SCHEDULE 
 to the 
 ISDA MASTER AGREEMENT 

dated as of 10 March 2015 between 
 Macquarie Securities Management Pty Limited 
 ABN 26 003 435 443

 (“Manager”) 
 and 
  

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

and 

Perpetual Trustee Company Limited 
 ABN 42 000 001 007 
 as trustee of the SMART ABS Series 2015-1US Trust

 (“Party B”) 
  

	Part 1.	Termination Provisions. 

 In this
Agreement: 
  

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

 

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

 

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

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

Section 5(b)(iv) 
  

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

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

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

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

Section 5(b)(iv) 
  

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

  
 19 

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

 

	 	(i)	Market Quotation will apply; and 

  

	 	(ii)	the Second Method will apply. 

  

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

  

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

 

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

 

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

  

	Part 2.	Tax Representations 

  

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

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

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

 

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

  

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

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

  
 20 

	(b)	Payee Tax Representations. 

 For the purpose of Section 3(f) of this Agreement, each of Party A and Party B makes the following representation: 
 It is an Australian resident and does not derive payments under this Agreement in part or whole in carrying on a business in a country outside Australia or through a permanent establishment of itself in
that country. 
  

	Part 3.	Agreement to Deliver Documents 

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

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

  

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

  

	(b)	Other documents to be delivered are: 

  

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

  
 21 

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

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

	Part 4.	Miscellaneous 

  

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

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

  
 22 

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

  

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

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

 

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

 

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

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

Party B is not a Multibranch Party. 

  
 23 

	(e)	Calculation Agent. 

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

 

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

  

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

  

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

 

	(g)	Credit Support Provider. 

  

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

 

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

  

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

  

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

  

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

  

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

  

	Part 5.	Other Provisions 

  

	(1)	Payments:  

  

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

 

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

  

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

 

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

  

	 	(1)	the Party B Payment; or 

  
 24 

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

  

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

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

 

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

  

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

  

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

 “in respect of which X would not be required to pay an additional amount to Y under Section 2(d)(i)(4)”, 
 provided that, notwithstanding the foregoing, Section 2(d)(i)(4) and Section 2(d)(ii) will apply without any amendment with respect to any payment by Party B to Party A of interest on any amount
calculated as being due by Party B in respect of any Early Termination Date in respect of the Transaction under Section 6(e) to the extent that payment of such amount is delayed by the operation of Part 5(6)(d). 

 

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

 

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

  

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

  

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

 

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

 

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

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

	(4)	Representations:  In Section 3: 

  

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

  
 25 

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

 

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

  

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

  

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

 

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

 

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

  

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

 

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

  

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

  

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

  

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

  
 26 

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

  

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

  

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

 

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

  

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

  

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

 

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

  

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

  

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

  

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

 

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

  
 27 

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

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

  

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

 

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

  

	(6)	Termination: 

  

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

  

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

 

	 	(c)	Transfers to avoid Termination: 

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

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

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

 

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

  
 28 

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

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

  

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

  

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

  

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

 

	(8)	Transfer: 

Section 7 of this Agreement is amended as follows: 
  

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

 

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

  

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

  

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

  

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

  

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

  
 29 

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

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

 

	(9)	Facsimile Transmission:  In Section 12: 

  

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

  

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

  

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

 

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

 

	(10)	Definitions 

 In this
Agreement, unless the contrary intention appears: 
  

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

  
 30 

	 	(b)	Trustee Capacity: 

  

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

 

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

  

	 	(c)	Definitions: in Section 14: 

  

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

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

  

	 	(ii)	insert the following new definitions: 

 “Adverse Rating Effect” means, in respect of the Notes of the Series Trust, an effect which results in downgrading, withdrawal or qualification of the rating of any of those Notes by a
Rating Agency (as defined in the Security Trust Deed) in respect of the Series Trust. 
 “Cash Collateral
Account” has the meaning given to it in Section 18 of this Agreement. 
 “Collateral Account”
means each of the Cash Collateral Account and the Securities Collateral Account. 
 “Commission” means the
United States Securities and Exchange Commission. 
 “Credit Support Annex” means the Fitch Credit Support
Annex or the Moody’s Credit Support Annex (as applicable). 
 “Currency Swap” means a Transaction entered
into between Party A, Party B and the Manager on substantially the terms specified in the Confirmation set out in Annexure 1 or Annexure 2 (or as otherwise agreed between Party A, Party B and the Manager). 

“Deed of Assumption” means the Deed of Assumption dated 27 February 2007 between Macquarie Securities Management
Pty Limited ABN 26 003 435 443 and Perpetual Trustee Company Limited ACN 000 001 007. 
 “Determination Time”
in relation to an Interim Exchange Date, the Final Exchange Date or a Distribution Date means on or about 4.00 pm Sydney time 3 Business Days prior to the relevant Interim Exchange Date, Final Exchange Date or Distribution Date, as applicable.

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

“Eligible Bank” means an internationally recognised bank whose credit rating assigned: 

  
 31 

	 	(a)	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)	by Moody’s is “A3” or above. 

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

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

  

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

  

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

“Eligible Replacement” means: 
  

	 	(a)	a Fitch Eligible Replacement; or 

  

	 	(b)	a Moody’s Eligible Replacement, 

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

“Final Prospectus” means the Prospectus Supplement dated on or about 12 March 2015 (the “Prospectus
Supplement”) together with the Prospectus dated on or about 2 March 2015 (the “Prospectus”). 

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

  
 32 

 “Fitch Credit Support Annex” means the credit support annex annexed to
this Agreement which is expressed to be the Fitch Credit Support Annex for the purposes of this Agreement. 
 “Fitch
Eligible Replacement” means an entity which holds a credit rating of at least the Fitch Prescribed Ratings during a Fitch Ratings Period. 
 “Fitch Prescribed Ratings” means, during a Fitch Ratings Period, a short-term credit rating from Fitch Ratings of at least F1 and a long-term credit rating from Fitch Ratings of at least
A. 
 “Fitch Ratings” means Fitch Ratings Australia Pty Limited and its respective successors and assigns.

 “Fitch Ratings Period” means any period when any Notes of the Series Trust are outstanding and those Notes
are the subject of a rating from Fitch Ratings of AA (long-term) or higher. 
 “Initial Fitch Rating Event”
means Party A (or, if applicable, the highest rated of Party A and any guarantor or co-obligor of Party A) does not have a long-term credit rating from Fitch Ratings higher than A- and a short-term credit rating from Fitch Ratings higher than F2.

 “Master Trust Deed” means the Master Trust Deed dated 11 March 2002 between the Manager and Permanent
Custodians Limited ACN 001 426 384, the rights and obligations of which were assumed by Perpetual Trustee Company Limited ACN 000 001 007 pursuant to the Deed of Assumption, as amended and supplemented from time to time. 

“Moody’s” means Moody’s Investor Services Limited and its respective successors and assigns. 

“Moody’s Credit Support Annex” means the credit support annex annexed to this Agreement which is expressed to be
the Moody’s Credit Support Annex for the purposes of this Agreement. 
 “Moody’s Eligible
Replacement” means an entity with credit ratings higher than or equal to: 
  

	 	(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” where such 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

  
 33 

	 	 
or counterparty obligations are rated “A3” or above by Moody’s; and 

  

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

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

	 	(a)	is the subject of a Moody’s Short-term Rating, if 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 

  

	 	(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 “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 2 March 2015 (the “Preliminary Prospectus Supplement”) together with the
Prospectus. 
 “Rating Notification” means 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. 
 “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. 

  
 34 

 “Relevant Entities” means Party A and any guarantor under an Eligible
Guarantee in respect of all of Party A’s present and future obligations under this Agreement. 
 “Relevant
Noteholders” has the meaning given to that term in the Confirmation. 
 “Relevant Notes” has the
meaning given to that term in the Confirmation. 
 “Relevant Note Trustee” has the meaning given to that term
in the Confirmation. 
 “Relevant Note Trust Deed” has the meaning given to that term in the Confirmation.

 “Second Subsequent Fitch Rating Event” means Party A (or, if applicable, the highest rated of Party A and
any guarantor or co-obligor of Party A) does not have a long-term credit rating from Fitch Ratings higher than BBB- and a short-term rating from Fitch Ratings higher than F3. 
 “Securities Collateral Account” has the meaning given to it in Section 18 of this Agreement. 
 “Security Trust Deed” means the Master Security Trust Deed dated 27 February 2007 between the Manager, P.T. Limited ABN 67 004 454 666 and Perpetual Trustee Company Limited ACN 000
001 007, as amended and supplemented from time to time. 
 “Series Supplement” means the SMART ABS Series
2015-1US Trust Series Supplement relating to the Series Trust dated after the date of this Agreement between, among others, Party B and the Manager. 
 “Series Trust” means the SMART ABS Series 2015-1US 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 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). 

  
 35 

 “Swap Financial Disclosure Request” means a request by the Manager for
Party A to provide the Swap Financial Disclosure pursuant to Part 5(29)(c) of the Schedule to this Agreement. 
 “Trust
Creation Deed” means the SMART ABS Series 2015-1US Trust Creation Deed dated 23 February 2015 executed by Party B in accordance with the Master Trust Deed. 

 

	 	(d)	Interpretation: 

  

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

 

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

  

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

  

	 	(a)	Party B; or 

  

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

  

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

  

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

 

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

  

	 	(iii)	a reference to the “fraud”, “negligence” or “wilful default” of Party B means the fraud, negligence or
wilful default of Party B and of its officers, employees, agents and any other person where Party B is liable for the acts or omissions of such other person under the terms of any Transaction Document; 

 

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

 

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

 

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

  
 36 

	 	(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. 

  

	 	(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). 

  
 37 

	 	(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. 

 

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

  
 39 

	(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:

  

	 	“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: 

  
 40 

	 	(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. 

 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 

  
 41 

 
(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 a credit rating equal to or higher than the Moody’s First Trigger Required Ratings
(“Initial Moody’s Rating Event”), Party A will, at its cost and sole election within 30 Local Business Days of the occurrence of such Initial Moody’s Rating Event: 

 

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

  

	 	(ii)	deliver collateral to Party B in accordance with the Moody’s Credit Support Annex in favour of Party B based on the Moody’s Approach to Assessing Swap
Counterparties in Structured Finance Cash Flow Transactions published on 12 November 2013 (as amended from time to time) (“Moody’s Framework”); or 

 

	 	(iii)	take one of the following actions: 

  
 42 

	 	(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 a credit rating 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.

  

	 	(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: 

  
 43 

	 	(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 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; 

  
 44 

	 	(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:

  

	 	(i)	the credit rating of Party A or any Credit Support Provider of Party A was less than the Moody’s Second Trigger Required Ratings for a continuous period of 30
Local Business Days or more; and 

  
 45 

	 	(ii)	Party A has not procured an Eligible Guarantee by a guarantor with credit ratings 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; 

 

	 	(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); 

  
 46 

	 	(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 Date of the Transferor’s Credit Support Balance (without including the Value of any
Other Eligible Credit Support); and 

  
 47 

	 	(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. 

 

	 	(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. 

  
 48 

	(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. 

  

	(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

  
 49 

	 	 
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
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. 

  
 50 

	 	(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 

  

	 	(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 

  
 51 

	 	 
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 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. 

  
 52 

 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-[   ]
NOTESSMART ABS Series 2015-1US Trust 
 The purpose of this letter is to confirm the terms and conditions of the Transaction entered into
between us on the Trade Date specified below (the “Transaction”). This letter constitutes a “Confirmation” as referred to in the Master Agreement specified below. 

This Confirmation is entered into by Perpetual Trustee Company Limited ABN 42 000 001 007 as trustee of the SMART ABS Series 2015-1US 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 10 March 2015, as amended, novated or
supplemented from time to time (the “Agreement”), between Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (“Party A”), Perpetual Trustee Company Limited ABN 42 000 001 007 as trustee of the
Series Trust (“Party B”) and Macquarie Securities Management Pty Limited ABN 26 003 435 443 (the “Manager”). All provisions contained in the Agreement govern this Confirmation except as expressly modified below.

 This Confirmation incorporates: 
  

	(a)	the attached Definitions Schedule; and 

  

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

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

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

  
 53 

					
	4.	 	Termination Date:	  	 The earlier of:
  

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

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

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

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

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

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

  
 54 

					
		 		  	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
	  	Actual/365 (Fixed)

  
 55 

					
		
	 Fraction:
	  	
		
	 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

  
 56 

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

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

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

  
 57 

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

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

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

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

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

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

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

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

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

  
 58 

					
	 By:
	  		  	
		
	  
	  	
	 (Authorised Officer)
	  	
			
	 Name
	  		  	
		  	  
	  	
			
	 Title
	  		  	
		  	  
	  	

  

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

			
	 SIGNED for and on behalf of PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007 as trustee of the SMART ABS Series
2015-1US 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
	  	
		  	  
	  		  		  	  

  
 59 

 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 10 March 2015 between the Relevant Note Trustee, Party B,
the Manager and The Bank of New York Mellon. 
 “Relevant Noteholders” means the Class A-[1 / 2a / 3a] Noteholders as that
term is defined in the Relevant Note Trust Deed. 
 “Relevant Notes” means the Class A-[1 / 2a / 3a] Notes issued by Party
B under the Relevant Note Trust Deed and the Series Supplement. 
 “Relevant Note Trustee” means The Bank of New York Mellon,
in its capacity as US$ Note Trustee under the Relevant Note Trust Deed or, if The Bank of New York Mellon is removed or retires as the trustee for the Relevant Noteholders, any person appointed from time to time in its place in accordance with the
Relevant Note Trust Deed. 
 “Relevant Note Trust Deed” means the SMART ABS Series 2015-1US Trust US$ Note Trust Deed dated
10 March 2015 between Party B, Macquarie Leasing Pty Limited, the Manager and the Relevant Note Trustee. 

  
 60 

 “Security Trust Deed” means the Master Security Trust Deed dated 27 February 2007
between Party B, the Manager, the Security Trustee and the Relevant Note Trustee, as amended. 
 “Series Supplement” means the
SMART ABS Series 2015-1US Trust Series Supplement dated 10 March 2015 between Party B, the Manager, Macquarie Leasing Pty Limited and Macquarie Bank Limited. 
 “Unpaid Fixed Amount” in relation to a Monthly Fixed Rate Payer Payment Date means the aggregate amount of the Monthly Fixed Amounts calculated under paragraphs 5.1(A) and (B) with
respect to each preceding Monthly Fixed Rate Payer Payment Date which have not been paid by Party A on any Monthly Fixed Rate Payer Payment Date preceding that Monthly Fixed Rate Payer Payment Date in reliance on paragraph 5.3. 

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

  
 61 

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

 

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

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

			
		 	Attention: Manager, Securitisation Services	 	Attention: Manager, Securitisation

 CONFIRMATION - CURRENCY SWAP IN RELATION TO CLASS A-[    ]
NOTES 
 SMART ABS Series 2015-1US Trust 
 The purpose of this letter is to confirm the terms and conditions of the Transaction entered into between us on the Trade Date specified below (the “Transaction”). This letter constitutes
a “Confirmation” as referred to in the Master Agreement specified below. 
 This Confirmation is entered into by Perpetual
Trustee Company Limited ABN 42 000 001 007 as trustee of the SMART ABS Series 2015-1US 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 10 March 2015, as amended, novated or supplemented from time to time (the “Agreement”), between Australia and New Zealand Banking Group Limited ABN 11 005 357 522
(“Party A”), Perpetual Trustee Company Limited ABN 42 000 001 007 as trustee of the Series Trust (“Party B”) and Macquarie Securities Management Pty Limited ABN 26 003 435 443 (the “Manager”).
All provisions contained in the Agreement govern this Confirmation except as expressly modified below. 
 This Confirmation incorporates:

  

	(a)	the attached Definitions Schedule; and 

  

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

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

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

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

  
 62 

					
		 		 	
                  
accordance with the Note Conditions; and
  
 (b)             the Maturity Date in relation to the Relevant Notes, subject to adjustment in accordance with the Following Business Day
Convention.

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

  
 63 

					
	 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)

  
 64 

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

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

			
	6. 	 	Exchanges	 	
			
	6.1	 	Initial Exchange:	 	
			
		 	Initial Exchange Date:	 	Effective Date
			
		 	Party A Initial Exchange Amount:	 	The A$ Equivalent of the Party B Initial Exchange Amount, being A$[ ]. To be paid by Party A to Party B.
			
		 	Party B Initial Exchange Amount:	 	 The total Invested Amount of the Relevant Notes on the Issue Date, being US$[ ]. To be paid by Party B to Party A.

 
 Notwithstanding Section 2(a)(ii) of the Agreement, Party A must pay the Party A
Initial Exchange Amount to Party B by 4.00 pm (Sydney time) on the Initial Exchange Date and Party B must pay Party A the Party B Initial Exchange Amount by 4.00 pm (New York time) on the Initial Exchange Date. Section 2(a)(v) does not apply to the
payment of the Party A Initial Exchange Amount.

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

  
 65 

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

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

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

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

  
 66 

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

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

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

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

“Payments under this Agreement by:

 

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

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

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

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

					
	 By:
	 		 	
	  
	 	
	 (Authorised Officer)
	 	
			
	 Name
	 		 	
		 	  
	 	

  
 67 

					
	 Title
	 		 	
		 	  
	 	

  

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

			
	 SIGNED for and on behalf of PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007 as trustee of the SMART ABS Series 2015-1US
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
	 	
		 	  
	 		 		 	  

  
 68 

 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 10 March 2015 between the Relevant Note Trustee, Party B, the Manager and The Bank of New York Mellon. 
 “Relevant Noteholders” means the Class A-[2b / 3b] Noteholders as that term is defined in the Relevant Note Trust Deed. 
 “Relevant Notes” means the Class A-[2b / 3b] Notes issued by Party B under the Relevant Note Trust Deed and the Series Supplement. 

“Relevant Note Trustee” means The Bank of New York Mellon, in its capacity as US$ Note Trustee under the Relevant Note Trust Deed or, if
The Bank of New York Mellon is removed or retires as the trustee for the Relevant Noteholders, any person appointed from time to time in its place in accordance with the Relevant Note Trust Deed. 

  
 69 

 “Relevant Note Trust Deed” means the SMART ABS Series 2015-1US Trust US$ Note Trust Deed
dated 10 March 2015 between Party B, Macquarie Leasing Pty Limited, the Manager and the Relevant Note Trustee. 
 “Security Trust
Deed” means the Master Security Trust Deed dated 27 February 2007 between Party B, the Manager, the Security Trustee and the Relevant Note Trustee, as amended. 
 “Series Supplement” means the SMART ABS Series 2015-1US Trust Series Supplement dated 10 March 2015 between Party B, the Manager, Macquarie Leasing Pty Limited and Macquarie Bank
Limited. 
 “Unpaid Floating Amount” in relation to a Monthly Floating Rate Payer Payment Date means the aggregate amount of
the Monthly Floating Amounts calculated under paragraphs 5.1(A) and (B) with respect to each preceding Monthly Floating Rate Payer Payment Date which have not been paid by Party A on any Monthly Floating Rate Payer Payment Date preceding that
Monthly Floating Rate Payer Payment Date in reliance on paragraph 5.3. 
 “USD-LIBOR-ICE” for an Interest Period will be
calculated by the Agent Bank in accordance with paragraphs (a) and (b), as applicable, below. 
  

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

  

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

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

  
 70 

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

 ISDA® 
 International Swaps and Derivatives Association, Inc.

 CREDIT SUPPORT ANNEX 
 to the Schedule to the 
 ISDA Master Agreement 

 

							
		 	dated as of	 	
        10 March 2015      
      
	 	

 between 
  

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

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

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

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

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

(i)       the Credit Support Amount 

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

exceeds 
 (ii)      the Credit Support Amount. 

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

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

  

					
		 	2	  	ISDA ® 1995

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

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

  

					
		 	3	  	ISDA ® 1995

 Paragraph 4. Dispute Resolution 

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

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

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

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

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

  

					
		 	4	  	ISDA ® 1995

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

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

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

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

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

  

					
		 	5	  	ISDA ® 1995

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

Paragraph 8. Expenses 

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

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

  

					
		 	6	  	ISDA ® 1995

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

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

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

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

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

  

					
		 	7	  	ISDA ® 1995

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

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

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

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

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

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

  

					
		 	8	  	ISDA ® 1995

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

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

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

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

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

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

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

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

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

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

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

  

					
		 	9	  	ISDA ® 1995

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

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

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

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

  

					
		 	10	  	ISDA ® 1995

 Elections and Variables to the Credit Support Annex dated as of 10 March 2015

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

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

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

(ABN 26 003 435 443) 
 (“Manager”) 
 in relation to the ISDA Master Agreement and the
Schedule to it dated 10 March 2015 
 between Party A, Party B and the Manager 

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

 

	(a)	 Base Currency and Eligible Currency. 

  

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

 

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

  

	(b)	 Credit Support Obligations. 

  

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

 

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

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

	 	A =	 the Credit Support Amount for such Valuation Date. 

 

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

  
 11 

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

  

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

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

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

 

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

  

	 	B =	 the Credit Support Amount for such Valuation Date. 

 

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

  

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

 

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

 

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

  

	 	(ii)	 Zero; and 

  

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

  

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

  

	 	(ii)	 Zero; and 

  

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

  

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

  

	 	(ii)	 Zero, 

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

  
 12 

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

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

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

  

	 	(A)	 Cash in: 

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

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

 

	 	(iii)	 Thresholds. 

  

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

 

	 	(B)	 “Threshold” means for: 

  

	 	(i)	 Party A: not applicable; and 

  

	 	(ii)	 Party B: not applicable. 

  

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

 

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

  
 13 

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

  

	 	(3)	 if: 

  

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

  

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

 

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

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

 

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

 

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

  

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

  

	(c)	 Valuation and Timing. 

  

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

 

	 	(ii)	 “Valuation Date” means: 

  

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

 

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

 

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

 

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

  

	 	(v)	 “Relevant Market” means: 

  

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

  

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

  
 14 

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

 

	(e)	 Dispute Resolution. 

  

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

  

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

 

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

 

	(f)	 Interest Amount. 

  

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

  

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

  

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

 

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

  

	(g)	 Account Details. 

 Party A: 
  

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

the Manager
	  	
				
		 	Account No:	  	 As advised to Party B and

the Manager
	  	
				
		 	Reference:	  	 As advised to Party B and

the Manager
	  	

  
 15 

							
				
		 	Austraclear Code:	  	 As advised to Party B and

the Manager
	  	

 Party B: A segregated account designated as the “Collateral Account” to be
opened by Party B (at the direction of the Manager) in the name of “Perpetual Trustee Company Limited as trustee for the SMART ABS Series 2015-1US Trust” and advised to Party A (including details of the account bank, the BSB number, the
Account Number, any reference details and any Austraclear Code). 
  

	(h)	 Other Provisions. 

  

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

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

	 	(ii)	 Early Termination. 

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

	 	(iii)	 Costs of Transfer on Exchange. 

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

	 	(iv)	 Single Transferor and Single Transferee. 

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

 

	 	(v)	 Calculations. 

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

  
 16 

	 	(vi)	 Demands and Notices. 

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

 

	 	(vii)	 Definitions. 

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

 

	 	(viii)	 Fitch Credit Support Annex. 

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

  
 17 

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

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

							
		 	    dated as of	 	
            10 March 2015    
    
	 	

 between 
  

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

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

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

 
  

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

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

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

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

(i)        the Credit Support Amount 

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

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

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

  

					
		 	2	  	ISDA ® 1995

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

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

  

					
		 	3	  	ISDA ® 1995

 Paragraph 4. Dispute Resolution 

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

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

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

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

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

  

					
		 	4	  	ISDA ® 1995

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

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

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

(c)        Distributions and Interest Amount. 

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

 

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

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

  

					
		 	5	  	ISDA ® 1995

 Paragraph 7. Representation 

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

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

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

  

					
		 	6	  	ISDA ® 1995

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

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

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

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

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

  

					
		 	7	  	ISDA ® 1995

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

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

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

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

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

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

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

  

					
		 	8	  	ISDA ® 1995

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

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

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

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

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

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

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

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

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

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

  

					
		 	9	  	ISDA ® 1995

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

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

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

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

  

					
		 	10	  	ISDA ® 1995

 Elections and Variables to the Credit Support Annex dated as of 10 March 2015

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

 (“Party A”) 
  

and 

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

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

 
 in relation to the ISDA Master Agreement and the Schedule to it
dated 10 March 2015 
 between Party A, Party B and the Manager 

Paragraph 11. Elections and Variables (Moody’s Credit Support Annex) 

 

	(a)	 Base Currency and Eligible Currency. 

 

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

 

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

  

	(b)	 Credit Support Obligations. 

  

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

 

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

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

	 	A =	 the Credit Support Amount for such Valuation Date. 

  

11         

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

  

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

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

 

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

  

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

 

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

 

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

  

	 	(i)	 zero; and 

  

	 	(ii)	 the sum of: 

  

	 	(A)	 the Transferee’s Exposure; and 

  

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

  

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

  

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

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

 

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

  

	 	(i)	 the sum of: 

  
 12 

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

  

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

  

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

  

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

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

 

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

  
 13 

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

 

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

  

	 	(iii)	 Thresholds. 

  

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

 

	 	(B)	 “Threshold” means for: 

  

	 	(i)	 Party A: not applicable; and 

  

	 	(ii)	 Party B: not applicable. 

  

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

 

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

  

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

  

	 	(3)	 if: 

  

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

  

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

 

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

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

 

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

 

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

  
 14 

	(c)	 Valuation and Timing. 

  

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

 

	 	(ii)	 “Valuation Date” means 

  

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

 

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

 

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

 

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

  

	 	(v)	 “Relevant Market” means: 

  

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

  

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

  

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

 

	(e)	 Dispute Resolution. 

  

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

  

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

 

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

 

	(f)	 Interest Amount. 

  

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

  

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

  
 15 

					
			
		 		  	 applicable bank taxes and charges.

  

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

 

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

  

	(g)	 Account Details. 

 Party A: 
  

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

the Manager
	  	
				
		 	Account No:	  	 As advised to Party B and

the Manager
	  	
				
		 	Reference:	  	 As advised to Party B and

the Manager
	  	
				
		 	Austraclear Code:	  	 As advised to Party B and

the Manager
	  	

 Party B: A segregated account designated as the “Collateral Account” to be
opened by Party B (at the direction of the Manager) in the name of “Perpetual Trustee Company Limited as trustee for the SMART ABS Series 2015-1US Trust” and advised to Party A (including details of the account bank, the BSB number, the
Account Number, any reference details and any Austraclear Code). 
  

	(h)	   Other Provisions. 

  

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

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

 

	 	(ii)	 Early Termination. 

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

  
 16 

	 	(iii)	 Costs of Transfer on Exchange. 

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

	 	(iv)	 Single Transferor and Single Transferee. 

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

 

	 	(v)	 Calculations. 

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

	 	(vi)	 Demands and Notices. 

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

 

	 	(vii)	 Definitions. 

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

 

	 	(viii)	 Moody’s Credit Support Annex 

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

  

17         

 Annexure I 

 
  

			
	  
 Original Collateral Formulas – Swaps without Optionality
  

	  

 
 Swap Tenor (years)*  

 
  
	  	 Moody’s Potential
Increase
  
  

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

  
 18 

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

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

  
 19 

 Annexure II 

			
	   Instrument

 
	  	  
 Valuation  
 Percentage  

 

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

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

  
 20 

			
	 	  	Australia and New Zealand Banking Group Limited
	

	  	 Level 15, 100 Queen Street
 Melbourne VIC 3000
 Telephone 61 3 8655 3420

Facsimile 61 3 8699 6951
 www.anz.com
 ABN 11 005 357 522

  

	
	 ACTION REQUIRED: PLEASE SIGN & FAX BACK
ALL
 PAGES TO +61 (0)3 8699 6951 WITHIN 5 BUSINESS DAYS

*IF YOU ARE AN EMATCHING CLIENT PLEASE REVIEW AND
 CONFIRM*

  

			
	Date: 12 March 2015	  	Our Ref: CS11392565

  

			
	 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-1 NOTES SMART ABS Series
2015-1US Trust 
 The purpose of this letter is to confirm the terms and conditions of the Transaction entered into between us on the Trade
Date specified below (the “Transaction”). This letter constitutes a “Confirmation” as referred to in the Master Agreement specified below. 
 This Confirmation is entered into by Perpetual Trustee Company Limited ABN 42 000 001 007 as trustee of the SMART ABS Series 2015-1US 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 10 March 2015, as amended, novated or supplemented from time to time (the
“Agreement”), between Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (“Party A”), Perpetual Trustee Company Limited ABN 42 000 001 007 as trustee of the Series Trust (“Party
B”) and Macquarie Securities Management Pty Limited ABN 26 003 435 443 (the “Manager”). All provisions contained in the Agreement govern this Confirmation except as expressly modified below. 

This Confirmation incorporates: 
  

	(a)	the attached Definitions Schedule; and 

  

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

 which form part of, and are subject to this Confirmation. In the event of any inconsistency between the definitions and the
provisions in the attached Definitions Schedule and those 

  
 Our Ref:
CS11392565 
 Page 1 of 9 

 
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:
	  	CS11392565
		
	 2.      Trade Date:
	  	11 March 2015
		
	 3.      Effective Date:
	  	Closing Date in respect of the Relevant Notes
		
	 4.      Termination Date:
	  	 The earlier of:
  

(a)     the date that the Relevant Notes are redeemed in full in accordance with the
Note
          Conditions; and

 
 (b)    the Maturity Date
in relation to the Relevant Notes,

		
	  

5.      Fixed and Floating Amounts

 

5.1    Monthly Fixed Amounts Payable by Party A:
	  	subject to adjustment in accordance with the Following Business Day Convention.
		
	 (A)   Monthly Fixed Rate Payer:
	  	Party A
		
	 Calculation Amount:
	  	For each Monthly Fixed Rate Payer Payment Date, the aggregate Invested Amount of the Relevant Notes on the Distribution Date immediately before that Monthly Fixed Rate Payer Payment
Date (after taking into account any reductions in the Invested Amount of the Relevant Notes on that day).
		
	 Monthly Fixed Rate Payer Payment Dates:
	  	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
		
	 Fixed Rate:
	  	0.4% per annum.
		
	 Fixed Rate Day Count Fraction:
	  	Actual/360
		
	 (B)   Monthly Fixed Rate Payer:
	  	Party A
		
	 Calculation Amount
	  	An amount equal to the Unpaid Fixed Amount in relation to that Monthly Fixed Rate Payer Payment Date
		
	 Monthly Fixed Rate
	  	Each Distribution Date and the Termination Date, subject

  
 Our Ref:
CS11392565 
 Page 2 of 9 

			
		
	 Payer Payment Dates:
	  	to adjustment in accordance with the Following Business Day Convention.
		
	 Rate:
	  	0.4% per annum
		
	 Fixed Rate Day Count Fraction:
	  	Actual/360
		
	 (C)   Unpaid Fixed Amount
	  	On each Monthly Fixed Rate Payer Payment Date Party A will pay to Party B an amount equal to the Unpaid Fixed Amount, if any, in relation to that Monthly Fixed Rate Payer Payment
Date.
		
	 5.2    Monthly Floating Amounts Payable by Party B:
	  	
		
	 (A)   Monthly Floating Rate Payer:
	  	Party B
		
	 Calculation Amount:
	  	For each Monthly Floating Rate Payer Payment Date, the A$ Equivalent of the aggregate Invested Amount of the Relevant Notes on the Distribution Date immediately before that
Monthly Floating Rate Payer Payment Date (after taking into account any reductions in the Invested Amount of the Relevant Notes on that day).
		
	 Monthly Floating Rate Payer Payment Dates:
	  	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
		
	 Floating Rate Option:
	  	AUD-BBR-BBSW
		
	 Designated Maturity:
	  	One month.
		
	 Spread:
	  	Plus 0.3725% 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.

  
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	 Spread:
	  	Plus 0.3725% per annum for each Calculation Period.
		
	 Floating Rate Day Count Fraction:
	  	Actual/365 (Fixed)
		
	 Reset Dates
	  	The first day of each Calculation Period
		
	 Compounding:
	  	Inapplicable
		
	 (C)   A$ Unpaid Floating Amount
	  	On each Monthly Floating Rate Payer Payment Date Party B will pay to Party A an amount equal to the A$ Unpaid Floating Amount, if any, in relation to that Monthly Floating Rate
Payer Payment Date.
		
	 5.3    Limit to Rights
	  	 If the A$ Floating Payment in relation to a Distribution Date will be less than the Monthly Floating Amount payable by Party B to
Party A on that Distribution Date (including, in each case, any A$ Unpaid Floating Amount), Party A may, in its absolute discretion, elect, by notice in writing to Party B and the Manager (such notice to be received by both such parties prior
to that Distribution Date), to pay to Party B on that Distribution Date (in return for payment by Party B of the A$ Floating Payment in relation to that Distribution Date and in lieu of the Monthly Floating Amounts that would otherwise be payable by
Party B to Party A on that Distribution Date) a proportion of the Monthly Fixed Amounts that would otherwise be payable by Party A to Party B on that Distribution Date (including any Unpaid Fixed Amounts) being the same proportion as the
A$ Floating Payment in relation to that Distribution Date bears to the Monthly Floating Amounts payable by Party B to Party A on that Distribution Date.
  

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

		
	 6.      Exchanges
	  	
		
	 6.1    Initial Exchange:
	  	
		
	 Initial Exchange Date:
	  	Effective Date
		
	 Party A Initial Exchange Amount:
	  	The A$ Equivalent of the Party B Initial Exchange Amount, being A$136,572,554.17. 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$104,000,000. To be paid by Party B to Party A.

 
 Notwithstanding Section 2(a)(ii) of the Agreement, Party A must pay the Party A
Initial Exchange Amount to Party B by 4.00 pm (Sydney time) on the Initial Exchange Date

  
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		  	and Party B must pay Party A the Party B Initial Exchange Amount by 4.00 pm (New York time) on the Initial Exchange Date. Section 2(a)(v) does not apply to the payment of the
Party A Initial Exchange Amount.
		
	 6.2    Interim Exchange:
	  	
		
	 Interim Exchange Date:
	  	In respect of Party A and Party B means each Distribution Date (other than the Final Exchange Date).
		
	 Party A Interim Exchange Amount:
	  	In respect of an Interim Exchange Date means the US$ Equivalent of the A$ Principal Entitlement in relation to that Interim Exchange Date. To be paid by Party A to Party
B.
		
	 Party B Interim Exchange Amount:
	  	In respect of an Interim Exchange Date means the A$ Principal Entitlement in relation to that Interim Exchange Date. To be paid by Party B to Party A.
		
	 6.3    Final Exchange:
	  	
		
	 Final Exchange Date:
	  	In respect of Party A and Party B means the date which is the Termination Date.
		
	 Party A Final Exchange Amount:
	  	In respect of the Final Exchange Date means the US$ Equivalent of the A$ Principal Entitlement in relation to that Final Exchange Date. To be paid by Party A to Party
B.
		
	 Party B Final Exchange Amount:
	  	In respect of the Final Exchange Date means the A$ Principal Entitlement in relation to that Final Exchange Date. To be paid by Party B to Party A.
		
	 7.      Exchange Rates

 
 For the purpose of the definitions of “A$
Equivalent”, and “US$ Equivalent”:
	  	
		
	 US$ Exchange Rate:
	  	Means, with respect to each A$1.00, US$0.7615
		
	 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.

  
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	 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 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;
  
 (b)     the A$ Class A-1 Floating Amount (as defined in the Series Supplement) in relation to that Distribution Date;

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

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

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

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

  
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		  	 Date.”.

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

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

Bruce Frederick 
 Senior Operations Manager

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

							
	SIGNED for and on behalf of PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007 as trustee of the SMART ABS Series 2015-1US Trust	 		 	SIGNED for and on behalf of MACQUARIE SECURITIES MANAGEMENT PTY LIMITED ABN 26 003 435 443
				
	By: /s/ Hagbarth Strom                       /s/ Manish
Saraf	 		 	By: /s/ Kevin Lee	 	/s/ Kristen Adler
	  
	 		 	  

	(Authorised Officer)	 		 	(Authorised Officer)	 	
	Name Hagbarth Strom                       Manish
Saraf	 		 	Name Kevin Lee	 	Kristen Adler
	Title Senior Transaction Manager     Manager	 		 	Title   Division Director	 	Associate Director
		 		 	 (Signed in Sydney,
	 	
		 		 	 POA Ref: #42 dated
	 	
		 		 	 8th July 2013)
	 	

  
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CS11392565 
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 Definitions Schedule for Confirmation in relation to Class A-1 Notes 

In this Confirmation and in the Agreement unless the context otherwise requires, 
 “A$ Equivalent” has the meaning given to that term in the Series Supplement. 

“A$ Floating Payment” in relation to a Distribution Date means the amounts paid or available to be paid on that Distribution Date with
respect to the A$ Class A-1 Floating Amount (as defined in the Series Supplement) and any A$ Unpaid Floating Amount in relation to the Class A-1 Notes from Available Income (as defined in the Series Supplement) under clause 10.1(d)(i)(A)
of the Series Supplement. 
 “A$ Principal Entitlement” in relation to an Interim Exchange Date or the Final Exchange Date
means the amounts to be distributed to Party A in accordance with clauses 9.4(a) and 9.4(f) of the Series Supplement on that Interim Exchange Date or the Final Exchange Date, as applicable. 
 “A$ Unpaid Floating Amount” in relation to a Monthly Floating Rate Payer Payment Date means the aggregate amount of the Monthly Floating Amounts calculated under paragraph 5.2(A) and
(B) with respect to each preceding Monthly Floating Rate Payer Payment Date which have not been paid by Party B on any Monthly Floating Rate Payer Payment Date preceding that Monthly Floating Rate Payer Payment Date in reliance on paragraph
5.3. 
 “Business Day” means (except where expressly provided otherwise) any day on which the banks are open for business in
Melbourne, Sydney, London and New York, other than a Saturday, a Sunday or a public holiday in Melbourne, Sydney, London or New York. 

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

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

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

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

“Relevant Agency Agreement” means the Agency Agreement dated on or about 10 March 2015 between the Relevant Note Trustee, Party B,
the Manager and The Bank of New York Mellon. 
 “Relevant Noteholders” means the Class A-1 Noteholders as that term is
defined in the Relevant Note Trust Deed. 
 “Relevant Notes” means the Class A-1 Notes issued by Party B under the
Relevant Note Trust Deed and the Series Supplement. 
 “Relevant Note Trustee” means The Bank of New York Mellon, in its
capacity as US$ Note Trustee under the Relevant Note Trust Deed or, if The Bank of New York Mellon is removed or retires as the trustee for the Relevant Noteholders, any person appointed from time to time in its place in accordance with the Relevant
Note Trust Deed. 
 “Relevant Note Trust Deed” means the SMART ABS Series 2015-1US Trust US$ Note Trust Deed dated
10 March 2015 between Party B, Macquarie Leasing Pty Limited, the Manager and the Relevant Note Trustee. 

  
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 “Security Trust Deed” means the Master Security Trust Deed dated 27 February 2007
between Party B, the Manager, the Security Trustee and the Relevant Note Trustee, as amended. 
 “Series Supplement” means the
SMART ABS Series 2015-1US Trust Series Supplement dated 10 March 2015 between Party B, the Manager, Macquarie Leasing Pty Limited and Macquarie Bank Limited. 
 “Unpaid Fixed Amount” in relation to a Monthly Fixed Rate Payer Payment Date means the aggregate amount of the Monthly Fixed Amounts calculated under paragraphs 5.1(A) and (B) with
respect to each preceding Monthly Fixed Rate Payer Payment Date which have not been paid by Party A on any Monthly Fixed Rate Payer Payment Date preceding that Monthly Fixed Rate Payer Payment Date in reliance on paragraph 5.3. 

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

  
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	  	 Australia and New Zealand Banking Group Limited

Level 15, 100 Queen Street
 Melbourne VIC 3000
 Telephone 61 3 8655 3420

Facsimile 61 3 8699 6951
 www.anz.com
 ABN 11 005 357 522

 

	
	 ACTION REQUIRED: PLEASE SIGN & FAX BACK
ALL
 PAGES TO +61 (0)3 8699 6951 WITHIN 5 BUSINESS DAYS

*IF YOU ARE AN EMATCHING CLIENT PLEASE REVIEW AND
 CONFIRM*

  

			
	Date: 12 March 2015	  	Our Ref: CS11392625

  

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

Sydney NSW 2000
  
 Attention: Manager, Securitisation Services
	  	 Macquarie Securities Management Pty Limited
 Level 1, 50 Martin Place
 Sydney NSW 2000

 
 Attention: Manager, Securitisation

 CONFIRMATION - CURRENCY SWAP IN RELATION TO CLASS A-2a NOTES SMART ABS Series
2015-1US Trust 
 The purpose of this letter is to confirm the terms and conditions of the Transaction entered into between us on the Trade
Date specified below (the “Transaction”). This letter constitutes a “Confirmation” as referred to in the Master Agreement specified below. 
 This Confirmation is entered into by Perpetual Trustee Company Limited ABN 42 000 001 007 as trustee of the SMART ABS Series 2015-1US 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 10 March 2015, as amended, novated or supplemented from time to time (the
“Agreement”), between Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (“Party A”), Perpetual Trustee Company Limited ABN 42 000 001 007 as trustee of the Series Trust (“Party
B”) and Macquarie Securities Management Pty Limited ABN 26 003 435 443 (the “Manager”). All provisions contained in the Agreement govern this Confirmation except as expressly modified below. 

This Confirmation incorporates: 
  

	(a)	the attached Definitions Schedule; and 

  

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

 which form part of, and are subject to this Confirmation. In the event of any inconsistency between the definitions and the
provisions in the attached Definitions Schedule and those contained in the 2006 ISDA Definitions, those contained in the attached Definitions Schedule will govern. 

  
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CS11392625 
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 The terms of the particular Transaction to which this Confirmation relates are as follows: 

 

			
	 1.      Our Reference:
	  	CS11392625
		
	 2.      Trade Date:
	  	11 March 2015
		
	 3.      Effective Date:
	  	Closing Date in respect of the Relevant Notes
		
	 4.      Termination Date:
	  	 The earlier of:
  

(a)     the date that the Relevant Notes are redeemed in full in accordance with the
Note Conditions; and
  

(b)    the Maturity Date in relation to the Relevant Notes,

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

		
	 5.      Fixed and Floating Amounts
	  	
		
	 5.1    Monthly Fixed Amounts Payable by Party A:
	  	
		
	 (A)   Monthly Fixed Rate Payer:
	  	Party A
		
	 Calculation Amount:
	  	For each Monthly Fixed Rate Payer Payment Date, the aggregate Invested Amount of the Relevant Notes on the Distribution Date immediately before that Monthly Fixed Rate Payer Payment
Date (after taking into account any reductions in the Invested Amount of the Relevant Notes on that day).
		
	 Monthly Fixed Rate Payer Payment Dates:
	  	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
		
	 Fixed Rate:
	  	0.99% per annum.
		
	 Fixed Rate Day Count Fraction:
	  	30/360 (as a numerical fraction, not as a Day Count Fraction defined in the 2006 ISDA Definitions), except in relation to the first Calculation Period and the last Calculation
Period, if the last Calculation Period does not end on (but exclude) a Distribution Date, the Fixed Rate Day Count Fraction applicable will be 30/360 (as a Day Count Fraction defined in the 2006 ISDA Definitions)
		
	 (B)   Monthly Fixed Rate Payer:
	  	Party A
		
	 Calculation Amount
	  	An amount equal to the Unpaid Fixed Amount in relation to that Monthly Fixed Rate Payer Payment Date
		
	 Monthly Fixed Rate
	  	Each Distribution Date and the Termination Date, subject

  
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	 Payer Payment Dates:
	  	to adjustment in accordance with the Following Business Day Convention.
		
	 Rate:
	  	0.99% per annum
		
	 Fixed Rate Day Count Fraction:
	  	30/360 (as a numerical fraction, not as a Day Count Fraction defined in the 2006 ISDA Definitions), except in relation to the first Calculation Period and the last Calculation
Period, if the last Calculation Period does not end on (but exclude) a Distribution Date, the Fixed Rate Day Count Fraction applicable will be 30/360 (as a Day Count Fraction defined in the 2006 ISDA Definitions)
		
	 (C)   Unpaid Fixed Amount
	  	On each Monthly Fixed Rate Payer Payment Date Party A will pay to Party B an amount equal to the Unpaid Fixed Amount, if any, in relation to that Monthly Fixed Rate Payer Payment
Date.
		
	 5.2    Monthly Floating Amounts Payable by Party B:
	  	
		
	 (A)   Monthly Floating Rate Payer:
	  	Party B
		
	 Calculation Amount:
	  	For each Monthly Floating Rate Payer Payment Date, the A$ Equivalent of the aggregate Invested Amount of the Relevant Notes on the Distribution Date immediately before that Monthly
Floating Rate Payer Payment Date (after taking into account any reductions in the Invested Amount of the Relevant Notes on that day).
		
	 Monthly Floating Rate Payer Payment Dates:
	  	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
		
	 Floating Rate Option:
	  	AUD-BBR-BBSW
		
	 Designated Maturity:
	  	One month.
		
	 Spread:
	  	Plus 0.8875% 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

  
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		  	Day Convention.
		
	 Floating Rate Option:
	  	AUD-BBR-BBSW
		
	 Designated Maturity:
	  	One month.
		
	 Spread:
	  	Plus 0.8875% per annum for each Calculation Period.
		
	 Floating Rate Day Count Fraction:
	  	Actual/365 (Fixed)
		
	 Reset Dates
	  	The first day of each Calculation Period
		
	 Compounding:
	  	Inapplicable
		
	 (C)   A$ Unpaid Floating Amount
	  	On each Monthly Floating Rate Payer Payment Date Party B will pay to Party A an amount equal to the A$ Unpaid Floating Amount, if any, in relation to that Monthly Floating Rate
Payer Payment Date.
		
	 5.3    Limit to Rights
	  	 If the A$ Floating Payment in relation to a Distribution Date will be less than the Monthly Floating Amount payable by Party B to Party
A on that Distribution Date (including, in each case, any A$ Unpaid Floating Amount), Party A may, in its absolute discretion, elect, by notice in writing to Party B and the Manager (such notice to be received by both such parties prior to that
Distribution Date), to pay to Party B on that Distribution Date (in return for payment by Party B of the A$ Floating Payment in relation to that Distribution Date and in lieu of the Monthly Floating Amounts that would otherwise be payable by Party B
to Party A on that Distribution Date) a proportion of the Monthly Fixed Amounts that would otherwise be payable by Party A to Party B on that Distribution Date (including any Unpaid Fixed Amounts) being the same proportion as the A$ Floating
Payment in relation to that Distribution Date bears to the Monthly Floating Amounts payable by Party B to Party A on that Distribution Date.
  

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

		
	 6.      Exchanges
	  	
		
	 6.1    Initial Exchange:
	  	
		
	 Initial Exchange Date:
	  	Effective Date
		
	 Party A Initial Exchange Amount:
	  	The A$ Equivalent of the Party B Initial Exchange Amount, being A$81,413,938.28. To be paid by Party A to Party B.
		
	 Party B Initial Exchange
	  	The total Invested Amount of the Relevant Notes on the Issue Date, being US$61,996,714. To be paid by Party B

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

 
 For the purpose of the definitions of “A$
Equivalent”, and “US$ Equivalent”:
	  	
		
	 US$ Exchange Rate:
	  	Means, with respect to each A$1.00, US$0.7615
		
	 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
	  	The account notified in writing by Party A to Party B in

  
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	 A$
	  	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 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;
  
 (b)     the A$ Class A-2a 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

  
 Our Ref:
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 Page 6 of 9 

			
		  	 the Initial Exchange Date and Party B must pay Party A the Party B Initial Exchange Amount by 4.00 p.m. (New York time) on the Initial Exchange
Date.”.

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

Yours sincerely 
  

	
	SIGNED for and on behalf of Australia and New Zealand Banking Group Limited ABN 11 005 357 522
	
	 /s/ Bruce Frederick
  

	 Bruce Frederick

Senior Operations Manager

External Validation

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

 

											
	 SIGNED for and on behalf of PERPETUAL
 TRUSTEE COMPANY LIMITED ABN 42
 000 001 007 as trustee of the SMART ABS Series
2015-1US Trust
	 		 	 SIGNED for and on behalf of MACQUARIE
 SECURITIES MANAGEMENT PTY
 LIMITED ABN 26 003 435 443

						
	 By:
	 	/s/ Hagbarth Strom                       /s/ Manish
Saraf	 		 	By:	 	/s/ Kevin Lee	 	/s/ Kristen Adler
	  
	 		 	  

	 (Authorised Officer)
	 		 	(Authorised Officer)
	Name	 	Hagbarth Strom                          Manish
Saraf	 		 	Name	 	Kevin Lee	 	Kristen Adler
	Title	 	Senior Transaction Manager      Manager	 		 	Title	 	Division Director	 	Associate Director
		 		 		 		 	(Signed in Sydney,	 	
		 		 		 		 	POA Ref: #42 dated	 	
		 		 		 		 	8th July 2013)	 	

  
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 Page 7 of 9 

 Definitions Schedule for Confirmation in relation to Class A-2a 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-2a Floating Amount (as defined in the Series Supplement) and any A$ Unpaid Floating Amount in relation to the Class A-2a Notes from Available Income (as defined in the Series Supplement) under clause
10.1(d)(ii)(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(b) 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 10 March 2015 between the Relevant Note Trustee, Party B,
the Manager and The Bank of New York Mellon. 
 “Relevant Noteholders” means the Class A-2a Noteholders as that term is
defined in the Relevant Note Trust Deed. 
 “Relevant Notes” means the Class A-2a Notes issued by Party B under the
Relevant Note Trust Deed and the Series Supplement. 
 “Relevant Note Trustee” means The Bank of New York Mellon, in its
capacity as US$ Note Trustee under the Relevant Note Trust Deed or, if The Bank of New York Mellon is removed or retires as the trustee for the Relevant Noteholders, any person appointed from time to time in its place in accordance with the Relevant
Note Trust Deed. 
 “Relevant Note Trust Deed” means the SMART ABS Series 2015-1US Trust US$ Note Trust Deed dated
10 March 2015 between Party B, Macquarie Leasing Pty Limited, the Manager and the Relevant Note Trustee. 

  
 Our Ref:
CS11392625 
 Page 8 of 9 

 “Security Trust Deed” means the Master Security Trust Deed dated 27 February 2007
between Party B, the Manager, the Security Trustee and the Relevant Note Trustee, as amended. 
 “Series Supplement” means the
SMART ABS Series 2015-1US Trust Series Supplement dated 10 March 2015 between Party B, the Manager, Macquarie Leasing Pty Limited and Macquarie Bank Limited. 
 “Unpaid Fixed Amount” in relation to a Monthly Fixed Rate Payer Payment Date means the aggregate amount of the Monthly Fixed Amounts calculated under paragraphs 5.1(A) and (B) with
respect to each preceding Monthly Fixed Rate Payer Payment Date which have not been paid by Party A on any Monthly Fixed Rate Payer Payment Date preceding that Monthly Fixed Rate Payer Payment Date in reliance on paragraph 5.3. 

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

  
 Our Ref:
CS11392625 
 Page 9 of 9 

			
		  	Australia and New Zealand Banking Group Limited
	

	  	 Level 15, 100 Queen Street
 Melbourne VIC 3000
 Telephone 61 3 8655 3420

Facsimile 61 3 8699 6951
 www.anz.com
 ABN 11 005 357 522

  

	
	 ACTION REQUIRED: PLEASE SIGN & FAX BACK
ALL
 PAGES TO +61 (0)3 8699 6951 WITHIN 5 BUSINESS DAYS

*IF YOU ARE AN EMATCHING CLIENT PLEASE REVIEW AND
 CONFIRM*

  

					
	Date: 12 March 2015	  	Our Ref: CS11392650	  	

  

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

Sydney NSW 2000
  
 Attention: Manager, Securitisation Services
	  	 Macquarie Securities Management Pty Limited
 Level 1, 50 Martin Place
 Sydney NSW 2000

 
 Attention: Manager, Securitisation

 CONFIRMATION - CURRENCY SWAP IN RELATION TO CLASS A-2b NOTES SMART ABS Series
2015-1US Trust 
 The purpose of this letter is to confirm the terms and conditions of the Transaction entered into between us on the Trade
Date specified below (the “Transaction”). This letter constitutes a “Confirmation” as referred to in the Master Agreement specified below. 
 This Confirmation is entered into by Perpetual Trustee Company Limited ABN 42 000 001 007 as trustee of the SMART ABS Series 2015-1US 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 10 March 2015, as amended, novated or supplemented from time to time (the
“Agreement”), between Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (“Party A”), Perpetual Trustee Company Limited ABN 42 000 001 007 as trustee of the Series Trust (“Party
B”) and Macquarie Securities Management Pty Limited ABN 26 003 435 443 (the “Manager”). All provisions contained in the Agreement govern this Confirmation except as expressly modified below. 

This Confirmation incorporates: 
  

	(a)	the attached Definitions Schedule; and 

  

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

 which form part of, and are subject to this Confirmation. In the event of any inconsistency between the definitions and the
provisions in the attached Definitions Schedule and those contained in the 2006 ISDA Definitions, those contained in the attached Definitions Schedule will govern. 

  
 Our Ref:
CS11392650 
 Page 1 of 9 

 The terms of the particular Transaction to which this Confirmation relates are as follows: 

 

			
	 1.      Our Reference:
	  	CS11392650
		
	 2.      Trade Date:
	  	11 March 2015
		
	 3.      Effective Date:
	  	Closing Date in respect of the Relevant Notes
	  

4.      Termination Date:
	  	  
 The earlier of:

 
 (a)     the date
that the Relevant Notes are redeemed in full in accordance with the Note Conditions; and
  

(b)     the Maturity Date in relation to the Relevant Notes,

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

	 5.      Floating Amounts
	  	
		
	 5.1    Monthly Floating Amounts Payable by Party A:
	  	
		
	 (A)   Monthly Floating Rate Payer:
	  	Party A
		
	 Calculation Amount:
	  	For each Monthly Floating Rate Payer Payment Date, the aggregate Invested Amount of the Relevant Notes on the Distribution Date immediately before that Monthly Floating Rate Payer
Payment Date (after taking into account any reductions in the Invested Amount of the Relevant Notes on that day).
		
	 Monthly Floating Rate Payer Payment Dates:
	  	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
		
	 Floating Rate Option:
	  	USD-LIBOR-ICE (as defined in this Confirmation)
		
	 Designated Maturity:
	  	One month.
		
	 Spread:
	  	Plus 0.42% 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

  
 Our Ref:
CS11392650 
 Page 2 of 9 

			
		
	 Monthly Floating Rate Payer Payment Dates:
	  	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
		
	 Floating Rate Option:
	  	USD-LIBOR-ICE (as defined in this Confirmation)
		
	 Designated Maturity:
	  	One month
		
	 Spread:
	  	Plus 0.42% per annum for each Calculation Period
		
	 Floating Rate Day Count Fraction:
	  	Actual/360
		
	 Reset Dates:
	  	The first day of each Calculation Period
		
	 Compounding:
	  	Inapplicable
		
	 (C)   Unpaid Floating Amount
	  	On each Monthly Floating Rate Payer Payment Date Party A will pay to Party B an amount equal to the Unpaid Floating Amount, if any, in relation to that Monthly Floating Rate Payer
Payment Date.
		
	 5.2    Monthly Floating Amounts Payable by Party B:
	  	
		
	 (A)   Monthly Floating Rate Payer:
	  	Party B
		
	 Calculation Amount:
	  	For each Monthly Floating Rate Payer Payment Date, the A$ Equivalent of the aggregate Invested Amount of the Relevant Notes on the Distribution Date immediately before that Monthly
Floating Rate Payer Payment Date (after taking into account any reductions in the Invested Amount of the Relevant Notes on that day).
		
	 Monthly Floating Rate Payer Payment Dates:
	  	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
		
	 Floating Rate Option:
	  	AUD-BBR-BBSW
		
	 Designated Maturity:
	  	One month.
		
	 Spread:
	  	Plus 0.81% 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

  
 Our Ref:
CS11392650 
 Page 3 of 9 

			
	 Monthly Floating Rate Payer Payment Dates:
	  	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
		
	 Floating Rate Option:
	  	AUD-BBR-BBSW
		
	 Designated Maturity:
	  	One month.
		
	 Spread:
	  	Plus 0.81% per annum for each Calculation Period.
		
	 Floating Rate Day Count Fraction:
	  	Actual/365 (Fixed)
		
	 Reset Dates
	  	The first day of each Calculation Period
		
	 Compounding:
	  	Inapplicable
		
	 (C)   A$ Unpaid Floating Amount
	  	On each Monthly Floating Rate Payer Payment Date Party B will pay to Party A an amount equal to the A$ Unpaid Floating Amount, if any, in relation to that Monthly Floating Rate
Payer Payment Date.
		
	 5.3    Limit to Rights
	  	 If the A$ Floating Payment in relation to a Distribution Date will be less than the Monthly Floating Amount payable by Party B to Party
A on that Distribution Date (including, in each case, any A$ Unpaid Floating Amount), Party A may, in its absolute discretion, elect, by notice in writing to Party B and the Manager (such notice to be received by both such parties prior to that
Distribution Date), to pay to Party B on that Distribution Date (in return for payment by Party B of the A$ Floating Payment in relation to that Distribution Date and in lieu of the Monthly Floating Amounts that would otherwise be payable by Party B
to Party A on that Distribution Date) a proportion of the Monthly Floating Amounts that would otherwise be payable by Party A to Party B on that Distribution Date (including any Unpaid Floating Amounts) being the same proportion as the
A$ Floating Payment in relation to that Distribution Date bears to the Monthly Floating Amounts payable by Party B to Party A on that Distribution Date.
  

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

		
	 6.      Exchanges
	  	
		
	 6.1    Initial Exchange:
	  	
		
	 Initial Exchange Date:
	  	Effective Date

  
 Our Ref:
CS11392650 
 Page 4 of 9 

			
		
	 Party A Initial Exchange Amount:
	  	The A$ Equivalent of the Party B Initial Exchange Amount, being A$85,357,846.36. 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$65,000,000. To be paid by Party B to Party A.

 
 Notwithstanding Section 2(a)(ii) of the Agreement, Party A must pay the Party A
Initial Exchange Amount to Party B by 4.00 pm (Sydney time) on the Initial Exchange Date and Party B must pay Party A the Party B Initial Exchange Amount by 4.00 pm (New York time) on the Initial Exchange Date. Section 2(a)(v) does not apply to the
payment of the Party A Initial Exchange Amount.

		
	 6.2    Interim Exchange:
	  	
		
	 Interim Exchange Date:
	  	In respect of Party A and Party B means each Distribution Date (other than the Final Exchange Date).
		
	 Party A Interim Exchange Amount:
	  	In respect of an Interim Exchange Date means the US$ Equivalent of the A$ Principal Entitlement in relation to that Interim Exchange Date. To be paid by Party A to Party
B.
		
	 Party B Interim Exchange Amount:
	  	In respect of an Interim Exchange Date means the A$ Principal Entitlement in relation to that Interim Exchange Date. To be paid by Party B to Party A.
		
	 6.3    Final Exchange:
	  	
		
	 Final Exchange Date:
	  	In respect of Party A and Party B means the Termination Date.
		
	 Party A Final Exchange Amount:
	  	In respect of the Final Exchange Date means the US$ Equivalent of the A$ Principal Entitlement in relation to that Final Exchange Date. To be paid by Party A to Party
B.
		
	 Party B Final Exchange Amount:
	  	In respect of the Final Exchange Date means the A$ Principal Entitlement in relation to that Final Exchange Date. To be paid by Party B to Party A.
		
	 7.      Exchange Rates
	  	
		
	 For the purpose of the
 definitions of “A$
 Equivalent”, and
“US$
 Equivalent”:
	  	
		
	 US$ Exchange Rate:
	  	Means, with respect to each A$1.00, US$0.7615
		
	 A$ Exchange Rate:
	  	1/US$ Exchange Rate
		
	 8.      Account Details
	  	
		
	 8.1    Payments to Party A
	  	

  
 Our Ref:
CS11392650 
 Page 5 of 9 

			
		
	 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 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;
  
 (b)     the A$ Class A-2b Floating Amount (as defined in the Series Supplement) in relation to that Distribution Date;

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

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

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

 
 (ii)    Party B, will be
made by 10.00 a.m. (Sydney time),
  
 on the due date for value on that date
in the place of the account specified in or pursuant to this Confirmation, in freely transferable funds, free of any set off, counterclaim, deduction or withholding

  
 Our Ref:
CS11392650 
 Page 6 of 9 

			
		  	(except as expressly provided in this Agreement) and in the manner customary for payment in the required currency. Notwithstanding the foregoing, Party A must pay the Party A
Initial Exchange Amount to Party B by 4.00 p.m. (Sydney time) on the Initial Exchange Date and Party B must pay Party A the Party B Initial Exchange Amount by 4.00 p.m. (New York time) on the Initial Exchange Date.”.

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

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

Bruce Frederick 

Senior Operations Manger 
 External Validation 
 Confirmed as at the date first written above: Confirmed as at the date
first written above: 
  

											
	 SIGNED for and on behalf of PERPETUAL
 TRUSTEE COMPANY LIMITED ABN 42
 000 001 007 as trustee of the SMART

ABS Series 2015-1US Trust
	 	 SIGNED for and on behalf of MACQUARIE
 SECURITIES MANAGEMENT PTY
 LIMITED ABN 26 003 435 443

						
	 By:
	 	/s/ Hagbarth Strom	 	/s/ Manish Saraf	 	By:	 	/s/ Kevin Lee	 	/s/ Kristen Adler
	  
 (Authorised Officer)
	 	  
 (Authorised
Officer)

	Name	 	Hagbarth Strom	 	Manish Saraf	 	Name	 	Kevin Lee	 	Kristen Adler
	Title	 	Senior Transaction Manager	 	Manager	 	Title	 	Division Director	 	Associate Director
		 		 		 		 	(Signed in Sydney,	 	
		 		 		 		 	POA Ref: #42 dated	 	
		 		 		 		 	8th July 2013)	 	

  
 Our Ref:
CS11392650 
 Page 7 of 9 

 Definitions Schedule for Confirmation in relation to Class A-2b Notes 

In this Confirmation and in the Agreement unless the context otherwise requires, 
 “A$ Equivalent” has the meaning given to that term in the Series Supplement. 

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

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

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

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

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

“Rate Page” means the Reuters Screen LIBOR01 Page or, if the Reuters Screen LIBOR01 Page ceases to quote the relevant rate, such other
screen, page, section or part of Reuters or Bloomberg as quotes the relevant rate and is selected by the Agent Bank. 
 “Relevant Agency
Agreement” means the Agency Agreement dated on or about 10 March 2015 between the Relevant Note Trustee, Party B, the Manager and The Bank of New York Mellon. 
 “Relevant Noteholders” means the Class A-2b Noteholders as that term is defined in the Relevant Note Trust Deed. 
 “Relevant Notes” means the Class A-2b Notes issued by Party B under the Relevant Note Trust Deed and the Series Supplement. 
 “Relevant Note Trustee” means The Bank of New York Mellon, in its capacity as US$ Note Trustee under the Relevant Note Trust Deed or, if The Bank of New York Mellon is removed or retires
as the trustee for the Relevant Noteholders, any person appointed from time to time in its place in accordance with the Relevant Note Trust Deed. 

  
 Our Ref:
CS11392650 
 Page 8 of 9 

 “Relevant Note Trust Deed” means the SMART ABS Series 2015-1US Trust US$ Note Trust Deed
dated 10 March 2015 between Party B, Macquarie Leasing Pty Limited, the Manager and the Relevant Note Trustee. 
 “Security Trust
Deed” means the Master Security Trust Deed dated 27 February 2007 between Party B, the Manager, the Security Trustee and the Relevant Note Trustee, as amended. 
 “Series Supplement” means the SMART ABS Series 2015-1US Trust Series Supplement dated 10 March 2015 between Party B, the Manager, Macquarie Leasing Pty Limited and Macquarie Bank
Limited. 
 “Unpaid Floating Amount” in relation to a Monthly Floating Rate Payer Payment Date means the aggregate amount of
the Monthly Floating Amounts calculated under paragraphs 5.1(A) and (B) with respect to each preceding Monthly Floating Rate Payer Payment Date which have not been paid by Party A on any Monthly Floating Rate Payer Payment Date preceding that
Monthly Floating Rate Payer Payment Date in reliance on paragraph 5.3. 
 “USD-LIBOR-ICE” for an Interest Period will be
calculated by the Agent Bank in accordance with paragraphs (a) and (b), as applicable, below. 
  

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

  

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

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

  
 Our Ref:
CS11392650 
 Page 9 of 9 

			
		  	Australia and New Zealand Banking Group Limited
	

	  	 Level 15, 100 Queen Street
 Melbourne VIC 3000
 Telephone 61 3 8655 3420

Facsimile 61 3 8699 6951
 www.anz.com
 ABN 11 005 357 522

  

	
	 ACTION REQUIRED: PLEASE SIGN & FAX BACK
ALL
 PAGES TO +61 (0)3 8699 6951 WITHIN 5 BUSINESS DAYS

*IF YOU ARE AN EMATCHING CLIENT PLEASE REVIEW AND
 CONFIRM*

  

			
	Date: 12 March 2015	  	Our Ref: CS11392667

  

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

Sydney NSW 2000
  
 Attention: Manager, Securitisation Services
	  	 Macquarie Securities Management Pty Limited
 Level 1, 50 Martin Place
 Sydney NSW 2000

 
 Attention: Manager, Securitisation

 CONFIRMATION - CURRENCY SWAP IN RELATION TO CLASS A-3a NOTES SMART ABS Series
2015-1US Trust 
 The purpose of this letter is to confirm the terms and conditions of the Transaction entered into between us on the Trade
Date specified below (the “Transaction”). This letter constitutes a “Confirmation” as referred to in the Master Agreement specified below. 
 This Confirmation is entered into by Perpetual Trustee Company Limited ABN 42 000 001 007 as trustee of the SMART ABS Series 2015-1US 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 10 March 2015, as amended, novated or supplemented from time to time (the
“Agreement”), between Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (“Party A”), Perpetual Trustee Company Limited ABN 42 000 001 007 as trustee of the Series Trust (“Party
B”) and Macquarie Securities Management Pty Limited ABN 26 003 435 443 (the “Manager”). All provisions contained in the Agreement govern this Confirmation except as expressly modified below. 

This Confirmation incorporates: 
  

	(a)	the attached Definitions Schedule; and 

  

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

 which form part of, and are subject to this Confirmation. In the event of any inconsistency between the definitions and the
provisions in the attached Definitions Schedule and those contained in the 2006 ISDA Definitions, those contained in the attached Definitions Schedule will govern. 

  
 Our Ref:
CS11392667 
 Page 1 of 9 

 The terms of the particular Transaction to which this Confirmation relates are as follows: 

 

			
	 1.      Our Reference:
	 	CS11392667
		
	 2.      Trade Date:
	 	11 March 2015
		
	 3.      Effective Date:
	 	Closing Date in respect of the Relevant Notes
		
	 4.      Termination Date:
	 	The earlier of:
		
		 	 (a)     the date that the Relevant Notes are redeemed in full in
accordance with the Note Conditions; and
  
 (b)    the Maturity Date in relation to the Relevant Notes,

		
		 	subject to adjustment in accordance with the Following Business Day Convention.
		
	 5.      Fixed and Floating Amounts

 
 5.1    Monthly Fixed
Amounts Payable by Party A:
	 	
		
	 (A)    Monthly Fixed Rate Payer:
	 	Party A
		
	 Calculation Amount:
	 	For each Monthly Fixed Rate Payer Payment Date, the aggregate Invested Amount of the Relevant Notes on the Distribution Date immediately before that Monthly Fixed Rate Payer Payment
Date (after taking into account any reductions in the Invested Amount of the Relevant Notes on that day).
		
	 Monthly Fixed Rate Payer Payment Dates:
	 	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
		
	 Fixed Rate:
	 	1.5% per annum.
		
	 Fixed Rate Day Count Fraction:
	 	30/360 (as a numerical fraction, not as a Day Count Fraction defined in the 2006 ISDA Definitions), except in relation to the first Calculation Period and the last Calculation
Period, if the last Calculation Period does not end on (but exclude) a Distribution Date, the Fixed Rate Day Count Fraction applicable will be 30/360 (as a Day Count Fraction defined in the 2006 ISDA Definitions)
		
	 (B)    Monthly Fixed Rate Payer:
	 	Party A
		
	 Calculation Amount
	 	An amount equal to the Unpaid Fixed Amount in relation to that Monthly Fixed Rate Payer Payment Date
		
	 Monthly Fixed Rate
	 	Each Distribution Date and the Termination Date, subject

  
 Our Ref:
CS11392667 
 Page 2 of 9 

			
	 Payer Payment Dates:
	 	to adjustment in accordance with the Following Business Day Convention.
		
	 Rate:
	 	1.5% per annum
		
	 Fixed Rate Day Count Fraction:
	 	30/360 (as a numerical fraction, not as a Day Count Fraction defined in the 2006 ISDA Definitions), except in relation to the first Calculation Period and the last Calculation
Period, if the last Calculation Period does not end on (but exclude) a Distribution Date, the Fixed Rate Day Count Fraction applicable will be 30/360 (as a Day Count Fraction defined in the 2006 ISDA Definitions)
		
	 (C)   Unpaid Fixed Amount
	 	On each Monthly Fixed Rate Payer Payment Date Party A will pay to Party B an amount equal to the Unpaid Fixed Amount, if any, in relation to that Monthly Fixed Rate Payer Payment
Date.
		
	 5.2    Monthly Floating Amounts Payable by Party B:
	 	
		
	 (A)   Monthly Floating Rate Payer:
	 	Party B
		
	 Calculation Amount:
	 	For each Monthly Floating Rate Payer Payment Date, the A$ Equivalent of the aggregate Invested Amount of the Relevant Notes on the Distribution Date immediately before that Monthly
Floating Rate Payer Payment Date (after taking into account any reductions in the Invested Amount of the Relevant Notes on that day).
		
	 Monthly Floating Rate Payer Payment Dates:
	 	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
		
	 Floating Rate Option:
	 	AUD-BBR-BBSW
		
	 Designated Maturity:
	 	One month.
		
	 Spread:
	 	Plus 1.165% 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

  
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		 	Day Convention.
		
	 Floating Rate Option:
	 	AUD-BBR-BBSW
		
	 Designated Maturity:
	 	One month.
		
	 Spread:
	 	Plus 1.165% per annum for each Calculation Period.
		
	 Floating Rate Day Count Fraction:
	 	Actual/365 (Fixed)
		
	 Reset Dates
	 	The first day of each Calculation Period
		
	 Compounding:
	 	Inapplicable
		
	 (C)   A$ Unpaid Floating Amount
	 	On each Monthly Floating Rate Payer Payment Date Party B will pay to Party A an amount equal to the A$ Unpaid Floating Amount, if any, in relation to that Monthly Floating Rate
Payer Payment Date.
		
	 5.3    Limit to Rights
	 	 If the A$ Floating Payment in relation to a Distribution Date will be less than the Monthly Floating Amount payable by Party B to Party
A on that Distribution Date (including, in each case, any A$ Unpaid Floating Amount), Party A may, in its absolute discretion, elect, by notice in writing to Party B and the Manager (such notice to be received by both such parties prior to that
Distribution Date), to pay to Party B on that Distribution Date (in return for payment by Party B of the A$ Floating Payment in relation to that Distribution Date and in lieu of the Monthly Floating Amounts that would otherwise be payable by Party B
to Party A on that Distribution Date) a proportion of the Monthly Fixed Amounts that would otherwise be payable by Party A to Party B on that Distribution Date (including any Unpaid Fixed Amounts) being the same proportion as the A$ Floating
Payment in relation to that Distribution Date bears to the Monthly Floating Amounts payable by Party B to Party A on that Distribution Date.
  

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

		
	 6.      Exchanges
	 	
		
	 6.1    Initial Exchange:
	 	
		
	 Initial Exchange Date:
	 	Effective Date
		
	 Party A Initial Exchange Amount:
	 	The A$ Equivalent of the Party B Initial Exchange Amount, being A$90,606,251.35. To be paid by Party A to Party B.
		
	 Party B Initial Exchange
	 	The total Invested Amount of the Relevant Notes on the Issue Date, being US$68,996,660.40. To be paid by Party

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

 
 For the purpose of the definitions of “A$
Equivalent”, and “US$ Equivalent”:
	 	
		
	 US$ Exchange Rate:
	 	Means, with respect to each A$1.00, US$0.7615
		
	 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
	 	The account notified in writing by Party A to Party B in

  
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	 A$
	 	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 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;
  
 (b)     the A$ Class A-3a 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

  
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		 	 the Initial Exchange Date and Party B must pay Party A the Party B Initial Exchange Amount by 4.00 p.m. (New York time) on the Initial Exchange
Date.”.

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

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

Bruce Frederick 
 Senior Operations Manager

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

													
	SIGNED for and on behalf of PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007 as trustee of the SMART ABS Series 2015-1US Trust	 		 	SIGNED for and on behalf of MACQUARIE SECURITIES MANAGEMENT PTY LIMITED ABN 26 003 435 443
							
	By:	 	/s/ Hagbarth Strom	 	/s/ Manish Saraf	 		 	By:	 	/s/ Kevin Lee	 	/s/ Kristen Adler
	 (Authorised Officer)
	 		 	(Authorised Officer)	 	
	Name	 	Hagbarth Strom	 	Manish Saraf	 		 	Name	 	Kevin Lee	 	Kristen Adler
	Title	 	Senior Transaction Manager	 	Manager	 		 	Title	 	Division Director	 	Associate Director
		 		 		 		 		 	(Signed in Sydney,	 	
		 		 		 		 		 	POA Ref: #42 dated	 	
		 		 		 		 		 	8th July 2013)	 	

  
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CS11392667 
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 Definitions Schedule for Confirmation in relation to Class A-3a Notes 

In this Confirmation and in the Agreement unless the context otherwise requires, 
 “A$ Equivalent” has the meaning given to that term in the Series Supplement. 

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

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

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

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

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

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

“Relevant Agency Agreement” means the Agency Agreement dated on or about 10 March 2015 between the Relevant Note Trustee, Party B,
the Manager and The Bank of New York Mellon. 
 “Relevant Noteholders” means the Class A-3a Noteholders as that term is
defined in the Relevant Note Trust Deed. 
 “Relevant Notes” means the Class A-3a Notes issued by Party B under the
Relevant Note Trust Deed and the Series Supplement. 
 “Relevant Note Trustee” means The Bank of New York Mellon, in its
capacity as US$ Note Trustee under the Relevant Note Trust Deed or, if The Bank of New York Mellon is removed or retires as the trustee for the Relevant Noteholders, any person appointed from time to time in its place in accordance with the Relevant
Note Trust Deed. 
 “Relevant Note Trust Deed” means the SMART ABS Series 2015-1US Trust US$ Note Trust Deed dated
10 March 2015 between Party B, Macquarie Leasing Pty Limited, the Manager and the Relevant Note Trustee. 

  
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 “Security Trust Deed” means the Master Security Trust Deed dated 27 February 2007
between Party B, the Manager, the Security Trustee and the Relevant Note Trustee, as amended. 
 “Series Supplement” means the
SMART ABS Series 2015-1US Trust Series Supplement dated 10 March 2015 between Party B, the Manager, Macquarie Leasing Pty Limited and Macquarie Bank Limited. 
 “Unpaid Fixed Amount” in relation to a Monthly Fixed Rate Payer Payment Date means the aggregate amount of the Monthly Fixed Amounts calculated under paragraphs 5.1(A) and (B) with
respect to each preceding Monthly Fixed Rate Payer Payment Date which have not been paid by Party A on any Monthly Fixed Rate Payer Payment Date preceding that Monthly Fixed Rate Payer Payment Date in reliance on paragraph 5.3. 

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

  
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	  	Australia and New Zealand Banking Group Limited
	  	 Level 15, 100 Queen Street
 Melbourne VIC 3000
 Telephone 61 3 8655 3420

Facsimile 61 3 8699 6951
 www.anz.com
 ABN 11 005 357 522

  

	
	 ACTION REQUIRED: PLEASE SIGN & FAX BACK
ALL
 PAGES TO +61 (0)3 8699 6951 WITHIN 5 BUSINESS DAYS

*IF YOU ARE AN EMATCHING CLIENT PLEASE REVIEW AND
 CONFIRM*

  

			
	Date: 12 March 2015	  	Our Ref: CS11392721

  

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

Sydney NSW 2000
  
 Attention: Manager, Securitisation Services
	  	 Macquarie Securities Management Pty Limited
 Level 1, 50 Martin Place
 Sydney NSW 2000

 
 Attention: Manager, Securitisation

 CONFIRMATION - CURRENCY SWAP IN RELATION TO CLASS A-3b NOTES SMART ABS Series
2015-1US Trust 
 The purpose of this letter is to confirm the terms and conditions of the Transaction entered into between us on the Trade
Date specified below (the “Transaction”). This letter constitutes a “Confirmation” as referred to in the Master Agreement specified below. 
 This Confirmation is entered into by Perpetual Trustee Company Limited ABN 42 000 001 007 as trustee of the SMART ABS Series 2015-1US 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 10 March 2015, as amended, novated or supplemented from time to time (the
“Agreement”), between Australia and New Zealand Banking Group Limited ABN 11 005 357 522 (“Party A”), Perpetual Trustee Company Limited ABN 42 000 001 007 as trustee of the Series Trust (“Party
B”) and Macquarie Securities Management Pty Limited ABN 26 003 435 443 (the “Manager”). All provisions contained in the Agreement govern this Confirmation except as expressly modified below. 

This Confirmation incorporates: 
  

	(a)	the attached Definitions Schedule; and 

  

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

 which form part of, and are subject to this Confirmation. In the event of any inconsistency between the definitions and the
provisions in the attached Definitions Schedule and those contained in the 2006 ISDA Definitions, those contained in the attached Definitions Schedule will govern. 

  
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 The terms of the particular Transaction to which this Confirmation relates are as follows: 

 

			
	 1.      Our Reference:
	  	CS11392721
		
	 2.      Trade Date:
	  	11 March 2015
		
	 3.      Effective Date:
	  	Closing Date in respect of the Relevant Notes
		
	 4.      Termination Date:
	  	 The earlier of:
  

(a)     the date that the Relevant Notes are redeemed in full in accordance with the
Note Conditions; and
  

(b)     the Maturity Date in relation to the Relevant Notes, subject to adjustment in
accordance with the Following Business Day Convention.

		
	 5.      Floating Amounts

 
 5.1    Monthly
Floating Amounts Payable by Party A:
	  	
		
	 (A)   Monthly Floating Rate Payer:
	  	Party A
		
	 Calculation Amount:
	  	For each Monthly Floating Rate Payer Payment Date, the aggregate Invested Amount of the Relevant Notes on the Distribution Date immediately before that Monthly Floating Rate Payer
Payment Date (after taking into account any reductions in the Invested Amount of the Relevant Notes on that day).
		
	 Monthly Floating Rate Payer Payment Dates:
	  	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
		
	 Floating Rate Option:
	  	USD-LIBOR-ICE (as defined in this Confirmation)
		
	 Designated Maturity:
	  	One month.
		
	 Spread:
	  	Plus 0.52% 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

  
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	 Monthly Floating Rate Payer Payment Dates:
	  	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
		
	 Floating Rate Option:
	  	USD-LIBOR-ICE (as defined in this Confirmation)
		
	 Designated Maturity:
	  	One month
		
	 Spread:
	  	Plus 0.52% per annum for each Calculation Period
		
	 Floating Rate Day Count Fraction:
	  	Actual/360
		
	 Reset Dates:
	  	The first day of each Calculation Period
		
	 Compounding:
	  	Inapplicable
		
	 (C)   Unpaid Floating Amount
	  	On each Monthly Floating Rate Payer Payment Date Party A will pay to Party B an amount equal to the Unpaid Floating Amount, if any, in relation to that Monthly Floating Rate Payer
Payment Date.
		
	 5.2    Monthly Floating Amounts Payable by Party B:
	  	
		
	 (A)   Monthly Floating Rate Payer:
	  	Party B
		
	 Calculation Amount:
	  	For each Monthly Floating Rate Payer Payment Date, the A$ Equivalent of the aggregate Invested Amount of the Relevant Notes on the Distribution Date immediately before that Monthly
Floating Rate Payer Payment Date (after taking into account any reductions in the Invested Amount of the Relevant Notes on that day).
		
	 Monthly Floating Rate Payer Payment Dates:
	  	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
		
	 Floating Rate Option:
	  	AUD-BBR-BBSW
		
	 Designated Maturity:
	  	One month.
		
	 Spread:
	  	Plus 1.085% 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

  
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	 Monthly Floating Rate Payer Payment Dates:
	  	Each Distribution Date and the Termination Date, subject to adjustment in accordance with the Following Business Day Convention.
		
	 Floating Rate Option:
	  	AUD-BBR-BBSW
		
	 Designated Maturity:
	  	One month.
		
	 Spread:
	  	Plus 1.085% per annum for each Calculation Period.
		
	 Floating Rate Day Count Fraction:
	  	Actual/365 (Fixed)
		
	 Reset Dates
	  	The first day of each Calculation Period
		
	 Compounding:
	  	Inapplicable
		
	 (C)   A$ Unpaid Floating Amount
	  	On each Monthly Floating Rate Payer Payment Date Party B will pay to Party A an amount equal to the A$ Unpaid Floating Amount, if any, in relation to that Monthly Floating Rate
Payer Payment Date.
		
	 5.3    Limit to Rights
	  	 If the A$ Floating Payment in relation to a Distribution Date will be less than the Monthly Floating Amount payable by Party B to Party
A on that Distribution Date (including, in each case, any A$ Unpaid Floating Amount), Party A may, in its absolute discretion, elect, by notice in writing to Party B and the Manager (such notice to be received by both such parties prior to that
Distribution Date), to pay to Party B on that Distribution Date (in return for payment by Party B of the A$ Floating Payment in relation to that Distribution Date and in lieu of the Monthly Floating Amounts that would otherwise be payable by Party B
to Party A on that Distribution Date) a proportion of the Monthly Floating Amounts that would otherwise be payable by Party A to Party B on that Distribution Date (including any Unpaid Floating Amounts) being the same proportion as the
A$ Floating Payment in relation to that Distribution Date bears to the Monthly Floating Amounts payable by Party B to Party A on that Distribution Date.
  

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

		
	 6.      Exchanges
	  	
		
	 6.1    Initial Exchange:
	  	
		
	 Initial Exchange Date:
	  	Effective Date

  
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	 Party A Initial Exchange Amount:
	  	The A$ Equivalent of the Party B Initial Exchange Amount, being A$65,659,881.81. 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$50,000,000. To be paid by Party B to Party A.

 
 Notwithstanding Section 2(a)(ii) of the Agreement, Party A must pay the Party A
Initial Exchange Amount to Party B by 4.00 pm (Sydney time) on the Initial Exchange Date and Party B must pay Party A the Party B Initial Exchange Amount by 4.00 pm (New York time) on the Initial Exchange Date. Section 2(a)(v) does not apply to the
payment of the Party A Initial Exchange Amount.

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

 
 For the purpose of the definitions of “A$
Equivalent”, and “US$ Equivalent”:
	  	
		
	 US$ Exchange Rate:
	  	Means, with respect to each A$1.00, US$0.7615
		
	 A$ Exchange Rate:
	  	1/US$ Exchange Rate
		
	 8.      Account Details
	  	
		
	 8.1    Payments to Party A
	  	

  
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	 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 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;
  
 (b)     the A$ Class A-3b Floating Amount (as defined in the Series Supplement) in relation to that Distribution Date;

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

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

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

 
 (ii)    Party B, will be
made by 10.00 a.m. (Sydney time),
  
 on the due date for
value on that date in the place of the account specified in or pursuant to this Confirmation, in freely transferable funds, free of any set off, counterclaim, deduction or
withholding

  
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		  	 (except as expressly provided in this Agreement) and in the manner customary for payment in the required currency. Notwithstanding the foregoing,
Party A must pay the Party A Initial Exchange Amount to Party B by 4.00 p.m. (Sydney time) on the Initial Exchange Date and Party B must pay Party A the Party B Initial Exchange Amount by 4.00 p.m. (New York time) on the Initial Exchange
Date.”.

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

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

Bruce Frederick 
 Senior Operations Manager

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

													
	 SIGNED for and on behalf of PERPETUAL
 TRUSTEE COMPANY LIMITED ABN 42
 000 001 007 as trustee of the SMART

ABS Series 2015-1US Trust
	 		 	 SIGNED for and on behalf of MACQUARIE
 SECURITIES MANAGEMENT PTY
 LIMITED ABN 26 003 435 443

							
	 By:
	 	/s/ Hagbarth Strom	 	/s/ Manish Saraf	 		 	By:	 	/s/ Kevin Lee	 	/s/ Kristen Adler
	  
 (Authorised Officer)
	 		 	  
 (Authorised
Officer)

	Name	 	Hagbarth Strom	 	Manish Saraf	 		 	Name	 	Kevin Lee	 	Kristen Adler
	Title	 	Senior Transaction Manager	 	Manager	 		 	Title	 	Division Director	 	Associate Director
		 		 		 		 		 	(Signed in Sydney,	 	
		 		 		 		 		 	POA Ref: #42 dated	 	
		 		 		 		 		 	8th July 2013)	 	

  
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 Definitions Schedule for Confirmation in relation to Class A-3b Notes 

In this Confirmation and in the Agreement unless the context otherwise requires, 
 “A$ Equivalent” has the meaning given to that term in the Series Supplement. 

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

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

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

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

“Rate Page” means the Reuters Screen LIBOR01 Page or, if the Reuters Screen LIBOR01 Page ceases to quote the relevant rate, such other
screen, page, section or part of Reuters or Bloomberg as quotes the relevant rate and is selected by the Agent Bank. 
 “Relevant Agency
Agreement” means the Agency Agreement dated on or about 10 March 2015 between the Relevant Note Trustee, Party B, the Manager and The Bank of New York Mellon. 
 “Relevant Noteholders” means the Class A-3b Noteholders as that term is defined in the Relevant Note Trust Deed. 
 “Relevant Notes” means the Class A-3b Notes issued by Party B under the Relevant Note Trust Deed and the Series Supplement. 
 “Relevant Note Trustee” means The Bank of New York Mellon, in its capacity as US$ Note Trustee under the Relevant Note Trust Deed or, if The Bank of New York Mellon is removed or retires
as the trustee for the Relevant Noteholders, any person appointed from time to time in its place in accordance with the Relevant Note Trust Deed. 

  
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CS11392721 
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 “Relevant Note Trust Deed” means the SMART ABS Series 2015-1US Trust US$ Note Trust Deed
dated 10 March 2015 between Party B, Macquarie Leasing Pty Limited, the Manager and the Relevant Note Trustee. 
 “Security Trust
Deed” means the Master Security Trust Deed dated 27 February 2007 between Party B, the Manager, the Security Trustee and the Relevant Note Trustee, as amended. 
 “Series Supplement” means the SMART ABS Series 2015-1US Trust Series Supplement dated 10 March 2015 between Party B, the Manager, Macquarie Leasing Pty Limited and Macquarie Bank
Limited. 
 “Unpaid Floating Amount” in relation to a Monthly Floating Rate Payer Payment Date means the aggregate amount of
the Monthly Floating Amounts calculated under paragraphs 5.1(A) and (B) with respect to each preceding Monthly Floating Rate Payer Payment Date which have not been paid by Party A on any Monthly Floating Rate Payer Payment Date preceding that
Monthly Floating Rate Payer Payment Date in reliance on paragraph 5.3. 
 “USD-LIBOR-ICE” for an Interest Period will be
calculated by the Agent Bank in accordance with paragraphs (a) and (b), as applicable, below. 
  

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

  

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

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

  
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CS11392721 
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